We in the Asian Peoples Movement on Debt and Development stand in solidarity with the Greek people as they struggle against the harsh loan conditions recently imposed by the European Union in exchange for a new debt deal.
The EU’s decision, pushed largely by Germany, came in the wake of the Greek people’s resounding referendum vote of “no!” to more austerity measures that in the past further exacerbated their poverty and deprivation and plunged them deeper in the abyss of debt. Widely scored as ruthless and vindictive, the new conditions consist of even more stringent measures that include additional VAT hikes, pension cuts, liberalization of the labor market, swift, far-reaching legislative changes and a massive selloff of valuable Greek assets amounting to $55 billion.
Two previous loan injections brought relief indeed -- not to Greece, but to the European Central Bank, the International Monetary Fund, the vulture funds and bondholders and other financial institutions. Offered as “bailouts” for the Greek people, they bailed out instead the very entities whose actions caused this crisis, from irresponsibly and aggressively peddling loans, to imposing onerous and enslaving loan conditionalities.