Posts Tagged ‘Greece is insolvent’

Greece is insolvent

February 7, 2015
Break the Chains of Greece's Debt

Break the Chains of Greece’s Debt

If history shows anything, it is that there’s no better way to justify relations founded on violence, to make such relations seem moral, than by reframing them in the language of debt – above all, because it immediately makes it seem that it’s the victim who’s doing something wrong. — David Graeber

Greece is broke, the cupboard is bare.

Banks like to create a myth, the debtor is insolvent, but keep peddling money, and they can service the debt, only the debt gets bigger, until eventually the Emperor is seen to have no clothes, then the banks go bust, or they would were it not for the fact governments bail out the banks.

If you are broke, do you then go to loan sharks?

This is what has happened to Greece.

Money is being pumped into Greece, but it does not find its way into the pockets of hard working Greeks, or as now is the case, unemployed Greeks, it flows straight out to German banks, with a nice little cut to the corrupt political elites.

Greece was not bailed out, the banks were bailed out.

Austerity is being used as an excuse to loot Greece. to force sell off of state assets on the cheap.

Conditions imposed on Greece, has destroyed its economy.

The economy has shrunk by 25%, 25% unemployment (over 50% youth unemployment), high suicide rate. Debt as a percentage of GDP has risen from 13% to 175%.

Banks take a risk when they lend money. That is one of the factors in the interest they charge. When that risk fails, they have to take the hit. If it means German banks go bust, let then go bust.

Greeks were not party to any of the agreements,and they should not have to pay.

The BBC Newsnight interview was a joke, an incredibly stupid interviewer who clearly had not done her homework.

BBC is part of the media-political establishment, that presents no alternative to austerity, that argues no funds to pay for public services, welfare payments, when we have a huge public deficit due to tax dodging.

Syriza revolution in Greece three weeks ago, is showing that there is an alternative. Germany can huff and puff, but they will not snuff out the hope that has been kindled in Greece.

Today Greece, tomorrow Spain. Then, Portugal, Italy, Cyprus?

Top Story in EURO Social Media News (Sunday 8 February 2015).


%d bloggers like this: