HUDSON: The IMF says it will not reduce Greece's debt by a single penny. It will keep the debt in place. The problem is the way that the European central banks keep their balance sheets, if it breaks down Greece's debt owed to the IMF then the countries Germany, France, and other countries whose banks are bailed out will have to take a loss and they refuse to lose a single penny. So the IMF has not made a creative proposal. It has repeated what it said a year ago without changing a single word. It says okay, we're going to keep every penny of debt in place but we're going to give you a fudging number.…
There's only one kicker. You're going to have to cancel your pensions, write them down, impose austerity, privatize your government, and you're going to have to shrink your economy so that it will shrink by about 1, 2, 3% a year so that the 1.5% interest that we're charging as little as it is, is going to absorb all the income growth you have. Every penny of growth of have from the next 25 years you'll have to end up paying the German banks. Now we know you can't do it. We know that when you cancel the pensions you're going to shrink. We know your labor's on strike. We know they're going to immigrate.Neoliberalism taken to its logical conclusion — we own everything.
But there's a way out. You can sell your ports, your land, your public utilities, your railroads, your airports, anything you have you can sell to the Germans and at the end of this time you won't have a single thing and all we ask is that all you Greeks get out of our country, now that we own you. That's what the IMF is saying. It's not creative, it's absolutely brutal. That's why the Greeks are out on strike.…
There is a war going on in Europe but it's not a military war anymore. They're now using finance instead of war and they're using finance to say, we can grab your country.…Real News Network
The Financial Invasion of Greece
Sharmini Peries interviews Michael Hudson
2 comments:
Feel the love, Europhiles.
Being able to have Euro is well worth writing down pensions, impose austerity, sell ports, the land, public utilities, railroads, airports.
Imagine Euro in your pocket, where you're able to go abroad without having to do the tedious exchange procedure where you might have to much or to little of the local currency. And you don't have to use math to know what you paying for the drink. It's heavenly like.
Therefore I'm all for writing down pensions, impose austerity, sell ports, the land, public utilities, railroads, airports.
Perhaps Germans can introduce mini jobs so the people to get their fair share of Euro. If not that's fair too. Balance…
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