Troika Intends Starving Greece Into Economic Submission
Eurozone, ECB and IMF officials’ treatment reveal the latest example of predatory capitalism.
Since Greece’s financial crisis erupted in 2009, imposed austerity diktats incrementally transferred its wealth, assets and enterprises to Western interests at the expense of a 25% GDP drop, mass impoverishment and unemployment (60% for youths), elimination of vital public services, and a brain drain of its best and brightest.
SYRIZA Prime Minister Alexis Tsipras promised austerity relief, caved to Troika demands, then refused further accommodation last week.
Greece is effectively bankrupt. Without bailout help, it’s unable to pay its bureaucrats and keep its economy from collapsing. At the same time, accepting greater debt peonage on Troika terms assures an endless downward cycle to oblivion.
Tsipras announced a July 5 national referendum to allow Greeks to decide up or down whether to accept or reject their demands.
Overnight Saturday, Greek parliamentarians approved holding a plebiscite. Tsipras’ motion easily passed despite opposition from pro-EU parties – notably New Democracy and Pasok.
“We exhausted every limit of concessions so there could be an agreement,” said Tsipras. “Perhaps some saw that as a weakness. The day of truth is coming for the creditors, the time when they will see that Greece will not surrender, that Greece is not a game that has ended.”
