Tassos Symeonides
(RIEAS Academic Advisor based in Seattle, USA)
Copyright: Research Institute for European and American Studies – Publication date on 6 February 2015
The facts of the situation are clear. The Greek debt cannot be repaid. When the bottom dropped out of the global economy, Greece, plagued by a corrupt and indebted government, was the most vulnerable of the European Union nations. The so-called "troika" — the EU, the European Central Bank and the IMF — stepped in to bail out reckless banks, assume most of the debt, and inflict harsh terms on the Greeks to repay it. The Greeks have sold off their assets, crushed workers, trampled labor laws and slashed vital public services to ensure that the private bankers be paid.
Katrina vanden Heuvel, Washington Post, February 3, 2015
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The electoral victory of the SYRIZA radical left party in the Greek general election of January 25, 2015 came as no surprise after five years of resoundingly inept and catastrophic "bailout policy choices" by the European Union and its current driving force, Germany. The Greek calamity was compounded by the eye-popping servility of consecutive Greek governments, beginning with the George Papandreou administration, which threw the Greek gates wide open to "salvation" by the IMF and the revanchist whims of the lenders.