Home | About | Donate

Grexit or Jubilee? How Greek Debt Can Be Annulled


Grexit or Jubilee? How Greek Debt Can Be Annulled

Ellen Brown

Greece’s creditors have finally brought the country to its knees, forcing President Alexis Tsipras to agree to austerity and privatization measures more severe than those overwhelmingly rejected by popular vote a week earlier. No write-down of Greece’s debt was included in the deal, although the IMF has warned that the current debt is unsustainable.


Greece must abandon the Euro, replace it with Drachmas, leave NATO, cozy up to BRICS and embrace their socialist government. But the backlash will be severe. Greece relies on imports for everything from food to fuel. All of these products will demand payment in either Euros or dollars giving Greeks the impression that their own currency is useless. The few dollars and Euros that the Greeks manage to secure through tourism, and some minor exports will force the 99% to do without many of the basic necessities in the immediate future. But to make matters worse, Greece will have to combat corporate terrorism as the 1% will try to exact as much revenge as possible including "regime change", travel restrictions, demonization by Western media and of course false links between the Greek government and all of the enemies of investor capitalism. Just look at America's former allies Iran and Cuba and how the U.S. responded to their calls for independence from corporate fundamentalism. If Greece can't weather the assault on them from the 1%, it may very well spell imminent doom for all of us.


This is an interview done with Varoufakis after he left. In this interview he gives the reason Schauble, is pushing so hard to push Greece out of the EU. Varoufakis says that what he is telling us, he got directly from Schauble.

Yanis Varoufakis on Greek Crisis : Information Clearing House - ICH


Wonderful insights and article, Ms. Brown. I wonder if YOU could instruct the Greek leaders on these dynamics. They sound simple, yet the test lies in HOW to implement them.

If the Greek leaders understood what this new system consisted of, they wouldn't feel like deer caught in the headlights.

One explanation for why Greek's leaders caved was that they were not prepared for a system that suddenly shut the money valves off.

For the purposes of analogy, if I were driving along and ran out of fuel I would be at a total loss and dependent on someone else driving along to provide me with that fuel. If, in contrast, I had knowledge of how to turn something easily accessible into a fuel that could get me from point A to point B, I would not feel stranded, impotent, or dependent on an outside source.

While Argentina showed one way to break away, as did Iceland, if the Greek leadership had a viable blueprint (since this is alien turf for them)... they might gain the confidence to use the current money infusion while taking steps to set up the alternative nationalized banking system that you (Ms. Brown) detail.

Since printed money is a farce and a fiction, and since the E.U. is printing $ as is China as is the U.S. FED, the idea that only banks deserve these "out of thin air" funds, but not real people is the ultimate homage to the 1%.

Can a group of economists including Ellen Brown go to Greece and sit down with the leaders showing them the blueprint for how this alternative system could work?


Go Ellen. Always love reading you here. I second SR--get thee to Greece! :O)


"Brussels has been instructed by President Obama, no doubt instructed by Wall Street, to hold the euro together at all costs."
Part of the reason Greece is in this present condition is because of Goldman Sachs, so naturally, Lloyd Blankfuch is whispering in Bush-dark's ear ... it is so beyond time to guillotine all of Wall Street; and then put up a parking lot!


This post was flagged by the community and is temporarily hidden.


This post was flagged by the community and is temporarily hidden.


Bernie/Ellen 2016!... ?


This post was flagged by the community and is temporarily hidden.


The treaty of Versailles, written by the Dulles brothers while at Sullivan and Cromwell. Possibly the very beginning of All this madness.


Thanks! I agree the problem is that they've had the tap turned off. Over half the economy is imports, including food and pharmaceuticals. What are they going to pay for them with if they can't get euros? It's an object lesson in the evils of globalization: economies should be local and self-sufficient.

I'm hoping the Greek leaders have been secretly getting all that complicated IT set up to switch suddenly to drachmas. I wonder if it would work to have a fixed peg to the euro, the way China did for many years. There's the problem of the black market in euros, but that might be avoided by going all digital within the country; i.e., you have to trade your physical euros in on your way in and collect them on the way out. A fixed peg would keep the value of purchases and sales on a par with the rest of Europe.


This post was flagged by the community and is temporarily hidden.


This post was flagged by the community and is temporarily hidden.


This post was flagged by the community and is temporarily hidden.