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Greece parliamentary audit shows debt is illegitimate

Commenting on the release of the Executive Summary of the Greek Debt Truth Committee, established by the Greek parliament, Sarah-Jayne Clifton, Director of the Jubilee Debt Campaign, said:

“The initial outcomes from the Greek debt audit show that Greece’s debt comes primarily from bailing out European banks, rather than helping the Greek people. The austerity imposed in the name of paying the illegitimate debt has contravened human rights. There is no reason why it should be paid. Instead, the costs of cancelling debt should be recovered from the banks which were the real beneficiaries of the bailout.”

The Jubilee Debt Campaign has previously shown that 90% of the bailout loans to Greece have paid off reckless lenders, with less than 10% of it  reaching the Greek people.


  • jd

    Greece was captured by the same basic security games that threw millions out of their homes in the US. Detroit, Oakland and many other cities, counties and public institutions and school districts were trapped by ingenious “creative instrument” investments, the outcomes which are controlled by the dealer.

    It was so easy for the criminal banks, ECB, IMF and criminal EU & Greek politicians to help take the money lent, giving less than 5% to Greece itself and the rest to bail out speculating banks.

    Goldman bought Greek debt and sold it to Cyprus, then shorted the market while insisting that the Greeks had to lower their bond rate or not get any money! Just one story. But these criminals are never reported. Instead we hear about flaky Greeks. We are never told that they were forced to spend money on the military nor are we told that Greece was not carrying serious debt prior to their “restructuring”.

  • Daniel Donaldson

    If the banks don’t have liquidity, then people don’t have access to their cash. People will suffer. Don’t present just one sided arguments, you have to explain the whole picture.

    • Catweasel321

      Not strictly speaking so. The banks may make fewer profits and the shareholders fewer returns in turn but depositers funds are usually protect by govt guarantees.

  • Misha Carder

    Thank you for the informative background to this Greek Tragedy. Now I can join in/ instigate, discussions with the facts, as a lot of Fox News-type distortions are in circulation. I have been told that every Greek, in effect – owes £30.000. Big deal! How much do we in the UK owe to credit cards and mortgage companies? Southern Europe has never until recently -had a culture of borrowing.They have been savers. When someone needed a house the family rallied around with donated money/labour, and they built one story at a time; completing it as and when they had the money for the materials/builders. No wonder the poor devils fell for the lure of low interest rates to buy cars and re-vamp their cafes and hotels. (A rate set to inject cash into the German economy) and borrowed beyond their means. Just like the Irish Bonanza. For loan-sharks read: IMF. Talk about borrowing from greedy Peter to pay grasping Paul. A resounding NO is called for. Usury sucks!

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