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Mon Jun 29, 2015, 08:00 PM

'No to Austerity': Tens of Thousands Back Syriza at Rally in Athens

Published on
Monday, June 29, 2015
byCommon Dreams

'We believe that this ultimatum to the Greek people and democracy should be rejected,' write international academics

byDeirdre Fulton, staff writer


Protesters participate in a demonstration calling for a "No" vote in the referendum on bailout conditions set by the country's creditors, in front of the Greek parliament in Athens on June 29, 2015. (Photo: AFP)

Tens of thousands gathered in Athens on Monday night, adding their voices to the ranks of the Syriza government officials and international observers who are urging Greek citizens to act boldly and reject the terms of an aid deal offered by Greece's austerity-loving international creditors.

While numerous governments and financial institutions warned Monday that the referendum vote could determine whether or not Greece stays in the Eurozone, other critical implications loom.

A 'No' vote would be a clear rejection of austerity measures as well as other regressive and punitive policies being foisted on Greece by the so-called Troika.

On the other hand, notes Reuters, "a 'Yes' vote would pile pressure on Prime Minister Alexis Tsipras to resign—given his adamant resistance to opening the door to new elections and possibly a return to the negotiating table with creditors."

In fact, getting Tsipras out of the way appears to be a major goal of the European leaders and lenders, economist Joseph Stiglitz wrote on Monday:


Full article: http://www.commondreams.org/news/2015/06/29/no-austerity-tens-thousands-back-syriza-rally-athens

BBM

That is it exactly. We've seen it time after time after time - democratically elected leaders who are passionate about improving the lives of their people so damaged by the IMF, EU and World Bank's devastating austerity programs, are gotten rid of, one way or the other. The powers that be - the 1% of the world who run these brutal programs, cannot have a nation so indebted to them (or as in the case with Libya - not yet indebted to) by their predatory loans - breakaway nations, able to run their own economies and social programs and being successful at it. They want to own completely these indebted nations. My heart is with Greece. They need to do whatever it takes to end the brutal austerity and function free from the demands of their financial overlords as a genuine democratic nation.

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Reply 'No to Austerity': Tens of Thousands Back Syriza at Rally in Athens (Original post)
polly7 Jun 2015 OP
daleanime Jun 2015 #1
4139 Jun 2015 #2
asiliveandbreathe Jun 2015 #3
Igel Jun 2015 #4

Response to polly7 (Original post)

Mon Jun 29, 2015, 08:05 PM

1. And of course the idea that we would help in any fashion....

is out of the question.

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Response to polly7 (Original post)

Mon Jun 29, 2015, 08:18 PM

2. [12, September 2004] Greek debt spirals after Olympics

The expected 7bn euro ($8.6bn; £4.8bn) burden means the national deficit is set to hit 5.3% in 2004, said Prime Minister Costas Karamanlis.

He said the previous government was to blame, for concealing the extent of Greece's economic troubles.

"A large part of Olympic, social and other spending was not written up in the budget," he said.

"The real deficit was not recorded... The public debt exceeds even the most pessimistic of estimations." ...
http://news.bbc.co.uk/2/hi/business/3649268.stm

I'm going to have to readup on what happened to Greece ...

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Response to polly7 (Original post)

Mon Jun 29, 2015, 11:26 PM

3. Been reading up on all this - commentary from Stiglitz

at the Guardian....

We should be clear: almost none of the huge amount of money loaned to Greece has actually gone there.

It has gone to pay out private-sector creditors – including German and French banks. Greece has gotten but a pittance, but it has paid a high price to preserve these countries’ banking systems.

The IMF and the other “official” creditors do not need the money that is being demanded. Under a business-as-usual scenario, the money received would most likely just be lent out again to Greece.

Greece - just say OXI!

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Response to asiliveandbreathe (Reply #3)

Tue Jun 30, 2015, 07:42 AM

4. Yes, and no.

The "bail out" was to repay creditors. Think of it as "refinancing", and they refinanced not just the principal but also accrued interest.

The creditors had to be repaid because they'd originally loaned Greece money. That money did, for the most part, go to Greece--either paying off interest that Greece had incurred or helping Greece by providing money that it said it needed for other things. Banking liquidity, covering deficits, etc. Some of that previous set of loans also went for refinancing. (Just assume that "refinancing" is always part of the picture. That debt can be paid and a new loan taken out or the new loan can just be applied to the old.)

If you don't remember that there's already a loan, then the IMF "deal" sounds rotten all the way through because, well, "Greece didn't get that money."

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