Scanlyze

The Online Journal of Insight, Satire, Desire, Wit and Observation

What the EU’s “austerity” for Greece has really meant

Let’s talk about what the EU’s “austerity” for Greece has really meant.

There have been a series of loans from international and national institutions to cover liabilities of those who would be hurt by a default on Greek bonds. It hasn’t reduced Greece’s debt or improved its balance of payments. Coupled with the imposed cuts in benefits and increase in taxes in Greece, rather than encouraging growth, the German Empire, oh excuse me, rather, EU, has forced the collapse of the Greek economy as a way of imposing collective punishment on the people of Greece, while shifting the burden of a Greek default from private investors to EU taxpayers.

Copyright © 2015 Henry Edward Hardy

7 July, 2015 - Posted by | capitalism, EU, Germany, Greece, politics, scanlyze | , , , , , ,

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