The Greeks have made their choice. Faced with two painful alternatives, they chose to stand with their elected leaders and to reject overwhelmingly the harsh, unending austerity that their creditors demanded. Now Europe’s leaders must make their choice. Will they come to their senses and open new negotiations with the Syriza government? Or will they remain unbending, force Greece into official bankruptcy and inexorably out of the euro?
The ever expanding economic model requires both smoke and mirrors. The austerity imposed only removed the smoke and with all the mirrors remaining, too many hidden financial tricks were exposed. Oops.
Thats not what happened. It more like you go to the restaurant and order a meal. The restaurant owner was borrowing against his days resceipts so as to leverage that money in a stock flip and earn 400 percent return. The Stock market crashes and he is now in the hole for 3,000.000 dollars. The waiter comes to you with the bill and a premium of 920000 dollars has been tacked in so as to help pay for his losses so he can stay in business.
You refuse to pay for your meal and are threatened with arrest.
8 percent of the money “loaned” by the IMF was spent bu the Greek Government on services. The rest went to bail out the banking system The banks were both Greek banks and foreign owned banks. These banks had invested in the get rich schemes that were being sold bythe fraudsters from Goldman Sachs and the US based banking systems.
Since Greece can not print money as a member of the Eurozone (like the US did to bailout its banks to the tunes of trillions) it had to borrow from the IMF and ECB.
One result that hopefully comes about from Greece’s experience is a turn from the left away from the paradigm of easy credit and resulting debt. We need to beat the Germans and neo-liberals at their own game, and show how they and their system are drug pushers – working to make the poor dependent on them, while turning co-dependent and self-criticising. This experience should wake us up both macro and microeconomically, so that they cannot put us under the vice-hold of debt again.
When, oh when, will the obvious answer arise - MAKE GERMANY REPAY the $$$$ stolen In WWII!!! Maybe not enuf to cover ALL the debt, but a good beginning-and a good slap in Germany’s face!
Oh nonsense. Your line is right out of Bloomberg.
The people were not helped by the bank bailout as is evident by rising poverty , unemployment and suicides. The people that were helped by the bank bailout just as in the United States of America were the bankers.
Sweden and Iceland both had a banking crisis and in both cases rather than throw billions at them to prop them up they were allowed to fail.
That you would defend the massive fraud that was committed by the banking system so as to suggest the blame for that fraud should rest on the labor of the hard working Greeks speaks volumes on who it is you are speaking for and it is not the working class.
Please acknowledge the correction in the above response about where the Greek debt came from. It is very important. Here is some more information about Goldman Sach’s culpability in the criminal FRAUD that was committed.
yes, Germany’s debt was paid for by other countries after WWII, as you say, and if they are going to continue this hard line, that’s a great idea. Pay up, Germany, with interest!