Grexit or Jubilee? How Greek Debt Can Be Annulled

Again, the point is that if Greece was a bank it would be saved.

WEB OF DEBT BLOG

The crushing Greek debt could be canceled the way it was made – by sleight of hand. But saving the Greek people and their economy is evidently not in the game plan of the Eurocrats.

Greece’s creditors have finally brought the country to its knees, forcing President Alexis Tsipras to agree to austerity and privatization measures more severe than those overwhelmingly rejected by popular vote a week earlier. No write-down of Greece’s debt was included in the deal, although the IMF has warned that the current debt is unsustainable.

Former Greek finance minister Yanis Varoufakis calls the deal “a new Versailles Treaty” and “the politics of humiliation.” Greek defense minister Panos Kammenos calls it a “coup d’état” done by “blackmailing the Greek prime minister with collapse of the banks and a complete haircut on deposits.”

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One thought on “Grexit or Jubilee? How Greek Debt Can Be Annulled

  1. Mick says:

    Greece have been forced to accept this austerity, Austerity is only for the poor. Give it six months, a year at most and there will be another crisis and more austerity for the poor Greek people. Should have dug their heels in now and took the hit. The Germans in particular were terrified of that happening.

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