For years, throughout the severe economic crisis that has plagued Greece over much of the past decade, the international media and financial press have held Greece up as a striking example of financial folly and mismanagement. Greece’s debt, we have been told, is the product of fiscal irresponsibility, of “lazy” and “unproductive” Greeks living beyond their means and spending recklessly. Moreover, Greece has been chastised for not emerging out of its economic doldrums despite being the recipient of hundreds of billions of euros worth of “free bailout money.” In short, Greece has been presented as an example for other countries to avoid at all costs.
Éric Toussaint, the spokesman of the Brussels-based Committee for the Abolition of Illegitimate Debt (CADTM) and scientific director of the Greek Debt Truth Audit Commission, adopts a radically different view.
In an interview that initially aired on Dialogos Radio in December 2017, Toussaint describes the findings of the commission and describes the legal avenues available to Greece for the repudiation of a significant portion of its debt, which he describes as odious and illegitimate. He also criticizes claims made by economist and former Greek Finance Minister Yanis Varoufakis in his recent book regarding the supposed lack of options available to Greece in its negotiations with its lenders in 2015.
Toussaint illustrates the capitulation of Varoufakis and current Greek Prime Minister Alexis Tsipras, resulting in further harsh austerity measures and no solution for the issue of the Greek public debt.