Greece was never bailed out. They bailed out German & French banks, who held Greek debt. This stabilized Germany & Frances economies post crisis, while the Greek ppl were punished w severe cuts and forced to run a fiscal surplus. They never saw the money.
The bailout allowed Germany & French Govts 2 keep political face in their countries (They had lost control of banks lending in the run up to the crisis), While presenting Greece as lazy & irresponsible.
They also promoted the narrative that they were “saving” Greece.
They also promoted the narrative that they were “saving” Greece.
The Greek were forced to accept the terms of the bailout with threats of closure of banks, immediate cut of subsidies,etc. When ElectedGovts didn’t comply, They replaced them.
Hundreds/thousands have died & Greece’s public assets have been pillaged by profit hungry corporations
Hundreds/thousands have died & Greece’s public assets have been pillaged by profit hungry corporations
And the cause of the crisis is the make up of the Eurozone itself. Which was designed to generate these conditions and imbalances of trade.
And rules out using fiscal policy as a means to bring a country back from recession.
It’s market fundamentalism on steroids.
And rules out using fiscal policy as a means to bring a country back from recession.
It’s market fundamentalism on steroids.
