As
economists, we note that the historical evidence demonstrates the
futility and dangers of imposing unsustainable debt and repayment
conditions on debtor countries; the negative impact of austerity
policies on weakening economies; and the particularly severe effects
that flow on to the poorest households.
We therefore
urge the troika (EU, European Centra Bank and IMF) to negotiate in
good faith with the Greek government so that there is a cancellation
of a large part of the debt and new terms of payment which support
the rebuilding of a sustainable economy. This settlement should mark
the beginning of a new EU-wide policy framework favouring pro-growth
rather than deflationary policies (Report, 14 January).
We urge the
Greek government to abandon the austerity programme that is crushing
economic activity and adopt a more expansive fiscal policy setting,
targeting immediate relief from poverty and stimulating further
domestic demand; to launch a fully independent investigation into the
historic and systemic failure of the Greek public financial
management processes (including any evidence of corruption) that led
to the accumulation of debt, the disguising of the size and nature of
the debt and the inefficient/ineffective use of public funds; and to
consider the establishment of a judicial body or alternative
mechanism that is independent of government and charged with a future
responsibility of investigating corruption from the highest to lowest
levels of government.
We urge
other national governments to exercise their votes within official
sector finance agencies and to pursue other diplomatic activities
that will support a cancellation of a large part of the Greek
sovereign debt and new terms of payment for the rebuilding of a
sustainable Greek national economy.
Malcolm
Sawyer Emeritus prof, University of Leeds
Danny Lang
Associate prof, University of Paris
Prof Yu Bin
Professor and deputy director, Chinese Academy of Social Sciences
Prof Ozlem
Onaran University of Greenwich
Prof Mario
Seccareccia University of Ottawa
Hugo Radice
Life fellow, University of Leeds
John Weeks
Professor emeritus, Soas, University of London
Prof Howard
Stein University of Michigan, Ann Arbor
Anitra
Nelson Associate professor, RMIT University, Melbourne
Prof George
Irvin University of London, Soas
Dr John
Simister Manchester Metropolitan University
Mogens Ove
Madsen Associate professor, Aalborg University
Wang
Zhongbao Associate professor, editorial director, World Review of
Political Economy
Dr Susan
Pashkoff Economist
Andrea
Fumagalli University of Pavia
Pat Devine
University of Manchester
Professor
Ray Kinsella University College Dublin
Alan Freeman
Co-director, Geopolitical Economy Research and Education Trust
Eugénia
Pires Economist, member, Portuguese Citizens Debt Audit
Dr Jo
Michell University of the West of England, Bristol
Michael
Burke Economist, Socialist Economic Bulletin
Paul Hudson
Formerly Universität Wissemburg-Halle
Dr Alan B
Cibils Universidad Nacional de General Sarmiento, Buenos Aires,
Argentina
Guglielmo
Forges Davanzati Associate prof, University of Salento
Prof Sergio
Rossi University of Fribourg
Faruk Ulgen
Associate prof, University of Grenoble
Tim Delap
Positive Money
Eleni
Paliginis Middlesex University
Grazia
Ietto-Gillies Emeritus professor, London South Bank University
Professor
Radhika Desai University of Manitoba
Michael
Roberts Economist, ‘The next recession’
Michael Taft
Unite the Union, Ireland region
Dr Andy
Denis City University London
Peter Kenyon
Chartist
Professor
Emeritus Geoffrey Colin Harcourt UNSW Business School
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