The Troika’s Policy in Greece: Rob the Greek people and give the money to private banks, the ECB, the IMF and the dominant States of the Eurozone
On
20 August 2018, the Greek government of Alexis Tsipras, the IMF and
the European leaders celebrated the end of the Third Memorandum.
On
this occasion, the major media and those in power spread the
following message: Greece has regained its freedom, its economy is
improving, unemployment is on the decline, Europe has lent Greece 300
billion and the Greeks will have to start repaying that debt in 2022
or in 2032.
The
main claims are completely unfounded as Greece remains under the
control of its creditors. In compliance with the accords that the
Alexis Tsipras government signed, the country must imperatively
achieve a primary budgetary surplus of 3.5% which will force it to
continue brutal policies of reduction of public spending in the
social sector and in investment. Contrary to the dominant message
that Greece will not begin to repay its debt until some time in the
future, it should be clearly understood that Greece has been repaying
considerable amounts constantly all along to the ECB, the IMF and to
private creditors, and this prevents it from responding to the needs
of its population.
by
Eric Toussaint
Part
13 - Let’s return to the film of events as they took place in
Europe
The ECB
bought up the Greek securities for a total of approximately €56.5
billion, which in fact constituted another bailout of the banks.
But some
will say that the Greeks actually benefited from the purchases. That
is false, for the simple reason that the ECB purchased the Greek
bonds from private banks, and not a single euro returned to the
coffers of the Greek State.
In
reality, given the use the ECB made of the securities, the Greeks are
truly its victims, and that situation will last until at least
2037 since a part of the securities the ECB a purchased will reach
maturity between 2018 and 2037 (see the calendar of repayments on
the Wall Street Journal Web site: “Greece’s Debt Due: What Greece
Owes When,” http://graphics.wsj.com/greece-debt-timeline/)
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