This year's coolest xmas party: Occupy London's thank you gig

Guests including Thom Yorke and 3D from Massive Attack took to the decks.

The Occupy London movement received a well deserved thank you last night (December 6) in the form of a secret gig with appearances on the decks from the likes of Thom Yorke, 3D from Massive Attack and Tim Goldsworthy from UNKLE.

The press gang met up a few hours before, most still unaware of exactly what was going to go down. The only information we all seemed to have was that something big was going to happen at the occupied UBS site, the 'Bank of Ideas'. Ironically as we left, spokesman Ronan McNern noted that our pub of choice was also hosting the 'real' UBS Christmas party, one of life's pleasurable little coincidences that really makes you think everything happens for a reason.

As we walked to the location, McNern explained that the gig was kept secret not because of any notion of elitism, as some critics have already accused, but driven by genuine security fears (the small east London basement where it was held could fit, at most, 100 people) after Yorke had to cancel an earlier appearance at Occupy New York when the news got out too soon.

The idea was that the night would be the protesters' very own 'UBS xmas party', a chance to relax and enjoy an evening of entertainment. 'This is not about making something wild', McNern stated, 'this is a thank you for all occupy has done'. Indeed, after almost two months of occupation in London, a much needed rest was welcomed by all those of have worked so hard for the movement. But the night was not all relaxation and fun, the gig also served as a platform for today's launch of record label Occupation Records.

One of the men behind the organisation of the label, Adam Fitzmaurice, explained to me that artists like Thom Yorke and Massive Attack initially reached out to occupy to find out what they could do to help, 'They didn't want to make this about them, they wanted a way they could contribute', he says. He goes on to reveal that several other bands have already got involved with the movement's radio station, Occupy Radio. Bands such as The Strokes and The Libertines are amongst those creating playlists to be aired.

Over the next few weeks, several albums will be digitally released in a 'pay what you want' format, championed by Radiohead with their In Rainbows album. Artists have come together to write and records songs supporting the worldwide protests, but little was revealed about exactly who was involved. The first album to be released will be a recording of the night, featuring the sets by Yorke, 3D and Goldsworthy as well as a DVD recording of the poetry and dance performances that went on throughout the night. Funds will help finance the movement, not only in London but also all over the UK.

As everyone danced and had a good time I had the chance to speak to some people, in general the feeling was one of excitement, however the nearing court case listed for a December 19 start was at the forefront of everyone's minds. One protester, who has been out at St Paul's since the first day of occupation (October 15), expressed his fears about fair representation and certain 'elasticity' in the laws that might favour local businesses over the right to peacefully protest. He will be representing himself in court.

Another occupier seemed to feel more optimistic; she said she knew it would be hard but that she was proud of what they had achieved so far. Also out since October 15, she often does long shifts at the UBS building, which is open during the day as a community centre. I asked her about the authorities and whether they had tried to evict them from the building, 'I don't think they can really, not whilst the court case is going on' she answered. 'They have been quite understanding, we tell them they're more than welcome to come off duty but we'd rather they not come in on duty, you know?'

The level of organisation throughout the night was outstanding. Security was tight and the technical capacity exceptional. As 3D began his set, the crowd got to its feet and rushed to the front and suddenly I was no longer in the basement of an occupied building, but at a gig, arms in the air and with a jig under my feet. Clichéd as it may sound, there was a genuine sense of community here, kitchens open to everyone for a chat and a coffee, smoking areas crammed with people huddled together for warmth sharing ideas, and quizzing each other. I was welcomed with ease and proudly taken around and introduced to people with many stories to tell.

The next month and a half will be extremely busy for the occupy movement in the UK. Four albums are set to be released in quick succession, the radio station will be launched in full vigor, Occupy Everywhere will be underway and the court case on the 19th will decide the fate of the protestors camped out at St Paul's. But whatever happens next, the movement is optimistic that they are making a difference and are determined to do whatever it takes to continue to do so. 'We are the 99%', they chant, 'and the 99% will be heard'.

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Leader: The unresolved Eurozone crisis

The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving.

The eurozone crisis was never resolved. It was merely conveniently forgotten. The vote for Brexit, the terrible war in Syria and Donald Trump’s election as US president all distracted from the single currency’s woes. Yet its contradictions endure, a permanent threat to continental European stability and the future cohesion of the European Union.

The resignation of the Italian prime minister Matteo Renzi, following defeat in a constitutional referendum on 4 December, was the moment at which some believed that Europe would be overwhelmed. Among the champions of the No campaign were the anti-euro Five Star Movement (which has led in some recent opinion polls) and the separatist Lega Nord. Opponents of the EU, such as Nigel Farage, hailed the result as a rejection of the single currency.

An Italian exit, if not unthinkable, is far from inevitable, however. The No campaign comprised not only Eurosceptics but pro-Europeans such as the former prime minister Mario Monti and members of Mr Renzi’s liberal-centrist Democratic Party. Few voters treated the referendum as a judgement on the monetary union.

To achieve withdrawal from the euro, the populist Five Star Movement would need first to form a government (no easy task under Italy’s complex multiparty system), then amend the constitution to allow a public vote on Italy’s membership of the currency. Opinion polls continue to show a majority opposed to the return of the lira.

But Europe faces far more immediate dangers. Italy’s fragile banking system has been imperilled by the referendum result and the accompanying fall in investor confidence. In the absence of state aid, the Banca Monte dei Paschi di Siena, the world’s oldest bank, could soon face ruin. Italy’s national debt stands at 132 per cent of GDP, severely limiting its firepower, and its financial sector has amassed $360bn of bad loans. The risk is of a new financial crisis that spreads across the eurozone.

EU leaders’ record to date does not encourage optimism. Seven years after the Greek crisis began, the German government is continuing to advocate the failed path of austerity. On 4 December, Germany’s finance minister, Wolfgang Schäuble, declared that Greece must choose between unpopular “structural reforms” (a euphemism for austerity) or withdrawal from the euro. He insisted that debt relief “would not help” the immiserated country.

Yet the argument that austerity is unsustainable is now heard far beyond the Syriza government. The International Monetary Fund is among those that have demanded “unconditional” debt relief. Under the current bailout terms, Greece’s interest payments on its debt (roughly €330bn) will continually rise, consuming 60 per cent of its budget by 2060. The IMF has rightly proposed an extended repayment period and a fixed interest rate of 1.5 per cent. Faced with German intransigence, it is refusing to provide further funding.

Ever since the European Central Bank president, Mario Draghi, declared in 2012 that he was prepared to do “whatever it takes” to preserve the single currency, EU member states have relied on monetary policy to contain the crisis. This complacent approach could unravel. From the euro’s inception, economists have warned of the dangers of a monetary union that is unmatched by fiscal and political union. The UK, partly for these reasons, wisely rejected membership, but other states have been condemned to stagnation. As Felix Martin writes on page 15, “Italy today is worse off than it was not just in 2007, but in 1997. National output per head has stagnated for 20 years – an astonishing . . . statistic.”

Germany’s refusal to support demand (having benefited from a fixed exchange rate) undermined the principles of European solidarity and shared prosperity. German unemployment has fallen to 4.1 per cent, the lowest level since 1981, but joblessness is at 23.4 per cent in Greece, 19 per cent in Spain and 11.6 per cent in Italy. The youngest have suffered most. Youth unemployment is 46.5 per cent in Greece, 42.6 per cent in Spain and 36.4 per cent in Italy. No social model should tolerate such waste.

“If the euro fails, then Europe fails,” the German chancellor, Angela Merkel, has often asserted. Yet it does not follow that Europe will succeed if the euro survives. The continent that once aspired to be a rival superpower to the US is now a byword for decline, and ethnic nationalism and right-wing populism are thriving. In these circumstances, the surprise has been not voters’ intemperance, but their patience.

This article first appeared in the 08 December 2016 issue of the New Statesman, Brexit to Trump