TRNN: US Hedge Funds Get Bailed Out if Greece Passes Referendum

[swilton]

Part ii of iii in the discussion of the Greek Financial crisis - Part i, 'Greek Pensioners Protest Against Inhumane Austerity Demands' was posted yesterday.

US Hedge Funds Get Bailed Out If Greece Passes Referendum


Economic Scholars Michael Hudson and Bill Black how US creditors got involved with the Greek debt....goes back to when Greece joined the Euro-zone in 2011. At that time the largest holders of Greek debts were French and German banks....The European Central Bank and the IMF agreed to assume the Greek debts and paid the bond-holders. Now the European Central Bank is calling in the debts. Thus the Greeks have a choice between imposed austerity or privatizing (i.e., selling to the banks) the Greek commons (i.e., Greek ports, islands, public services, etc.).

[JDPriestly]

1. So this explains why the US was wiretapping the French Finance minister.

This explains a lot. Wow!

This is the information I have wanted to know about Greece and its financial situation.

Basically, the oligarchs are raping Greece, its children, its women, its elderly and forcing its able-bodied working people to "work" for their money.

If Greece can be raped in this fashion, then so can any other country including our own. It's sort of like a relay race with one rapist passing the instrument of torture to the next until it's the IMF demanding payment.

This could happen to Germany. This could happen to us. This may well happen to Italy or Spain or even France itself.

We for example have a lot of debt. And our wealthy refuse to pay enough taxes to lower the extent of the wealth. The rest of us cannot pay enough to lower our debt adequately because we don't have that much even if we imposed higher taxes on ourselves.

So Greece -- who knows what countries will go the way of Greece?

I hope all DUers listen to this story. It is fascinating. You won't be bored.

And yes, commercial debt is very often written off. And yes, the attack on Greece is an attack on its sovereignty. Maybe just a practice run?

[swilton]

2. And it's not just Greece

It's happening all over the world - to countries that are weaker for any given number of reasons, especially colonialism. When the countries go into debt, they are forced by the IMF to accept structural adjustment programs (SAPs) - essentially austerity which, for urban areas, results in lower wages, higher prices for consumer goods and high unemployment. Local government expenses for health, education and infrastructure are curtailed.

According to Mike Davis, Planet of Slums, the cumulative effect on urban areas results in mega-slums where due to deregulation of agriculture there is, despite the above scenario(s), high migration into he urban areas....Urban areas grow exponentially and the results are catastrophic world-wide....mega slums of combined urban areas (each area containing millions of people) and affecting entire continents. This process is also a stimulant for emigration.

[KoKo]

3. Recommend!

Sorry...I didn't look carefully enough to see you had posted on this before I posted. So, giving it a kick.