Since 2010 Greece has been immersed in a debt crisis that has rocked Europe. After six years of austerity, Greece’s economic situation is getting worse, not better.
Greece’s €317 billion debt can’t possibly be repaid. Yet the endless austerity programme has crippled Greece’s economy, while the major beneficiaries of bailout loans have been European banks. In July 2015, the Greek people voted by an overwhelming majority for a change of course in a referendum on austerity. Yet the European Union, the European Central Bank, and the International Monetary Fund (the Troika) have refused to budge.
Greece is on the frontline of Europe’s debt crisis, itself part of the global crisis of unjust debt. Our vision of a jubilee has always been that when debts become chains tying people to poverty and injustice, collective action is needed to demand they are cancelled. It’s happened throughout history, and it needs to happen in the Eurozone today. That’s why around the world, people who stand for debt justice are standing with Greece.
Photo: Projection onto the German Embassy in London, July 2015. More >>