Posts Tagged ‘Greek debt’

Drop the Greek Debt

October 29, 2015

In 2010, Greece had a large debt, that was impossible to repay.

In 2010, Greece was lent more money, the largest debt in modern history.

The money did not go to Greeks, or on infrastructure. It was used to pay off the German banks.

At the same time, stringent conditions were imposed on Greece, conditions that destroyed the Greek economy.

It was a classic case of extend and pretend.

In January this year there was a hope. Syriza was elected to form a new government. Austerity which was destroying Greece driving its young people to see work overseas, was to be challenged.

Greek finance minister Yanis Varoufakis did his best to negotiate a just settlement, but got nowhere. The EU was interested in one thing, and one thing only, destroying Greece, setting an example for daring to challenge the EU.

Syriza, with who everyone had placed great hope, betrayed the Greek people and surrendered to the EU demand.

Now, there is no hope in Greece.

Global Justice Now are working together with Jubilee Debt Campaign to stand with Greece’s people against the brutal austerity policies that are being inflicted on them. In particular,  to support initiatives like the Greek Debt Audit, which provides hope for people across Europe and the world. By examining and making democratic decisions on debt, we can stop international economic policies being driven by the interests of financial elites, and help create a more humane and rational economic policy.

The people of Greece have suffered from some of the most brutal austerity policies carried out in modern Europe.

Over five years of austerity, the Greek economy has shrunk by 25%. To put that figure in context, during the Great Depression that followed the Wall Street Crash, economies shrunk by 20%. The level of economic collapse experienced by Greece, is akin to wartime.

This has not been ‘necessary pain’ designed to return the economy to balance. It has been designed to punish Greece.

Today Greece’s debt is far higher than it was at the start of the economic crisis. How can this be? Because Greece was lent money simply to repay the reckless and corrupt loans of European banks.

Like the people of Asia, Africa and Latin America before them, the Greek people have been sacrificed so the banks can continue to profit.

Alternative policies are possible. That’s why the current Greek government frightens European elites so much. It is why Greece had to be destroyed, they dared challenge the existing economic orthodoxy.

What has happened, is happening to Greece today, could be another European country tomorrow. Cyprus has already experienced what ‘help’ from the EU means

If we want the world to change, we have to support people who are proposing and trying to implement real alternatives. We have to support those who are on the front line in the fight against  the EU and the greedy banks.

The Greek debt, there is no realistic prospect of it ever being repaid. It must be written off, in whole or in part.

Please sign the petition calling for an end to austerity and debt to be written off.

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Yanis Varoufakis explaining Greek debt to German politician

July 23, 2015

Feckless German banks lent Greece money. It was their risk, they should have been burnt were the debt to be impossible to repay.

In 2010, Greece was bankrupt. There was no way it could repay the debt. The debt should have been written off. Instead more money was lent to Greece, the money used to pay off the German banks. A truth Germans should pay heed to.

The debt was used to impose conditions on Greece, austerity. Austerity has seen the Greek economy shrink by 25%, unemployment rise.

Greece put reasonable conditions on the table. These conditions were rejected.

Syriza sought the backing of the Greek people, a referendum was called. Greeks overwhelmingly rejected austerity.

Th Fourth Reich was not best pleased. ECB had turned off the cash flow to the Greek banks in an attempt to intimidate and destroy the Greek economy. Alexis Tsipras was given a choice, unconditional surrender, suicide or execution. It was  nothing short of a  coup by the Fourth Reich. Even worse conditions to be imposed on Greece.