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Αfter six years of orchestrated destruction of the
Greek economy through the IMF recipe, a new report came to confirm
without any doubt what many already knew: that the bailout packages
for Greece were directed exclusively to the banksters to save them
from the economic Armageddon that came from the US in 2008 to hit
eurozone.
From
handelsblatt.com
:
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After six
years of ongoing bailouts amounting to more than €220 billion,
or $253 billion in loans, Greece just cannot get out of crisis
mode. It is tempting to blame those who refused to reform the
country’s pensions and labor markets for the latest calamity.
But a
study by the European School of Management and Technology, a copy
of which Handelsblatt has obtained exclusively, gives another
perspective. The aid programs were badly designed by Greece’s
lenders, the European Central Bank, the Europe Union and the
International Monetary Fund. Their priority, the report says, was
to save not the Greek people, but its banks and private creditors.
This accusation has been around for
a long time. But now, for the first time, the Berlin-based ESMT
has compiled a detailed calculation over 24 pages. Their
economists looked at every individual loan instalment and examined
where the money from the first two aid packages, amounting to
€215.9 billion, actually went. Researchers found that only €9.7
billion, or less than 5 percent of the total, ended up in the
Greek state budget, where it could benefit citizens directly. The
rest was used to service old debts and interest payments.
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The report
under the title "Where did the Greek bailout money go?" can
be accessed here:
As Zoe
Konstantopoulou, former Speaker of the Hellenic Parliament (Greek)
had mentioned: “Germany
and France demand Greece’s submission and the repayment of a
contested debt. However, they hide the fact that the so-called
bailout program didn’t save the Greek people, but French and German
banks - and this is one of the indisputable facts which were revealed
and documented as part of the preliminary results of the commission
[Truth Commission to Audit the Greek
Debt].”
This is not the first time that the Western financial mafia
mobilized its mechanisms to save banksters and investors, bringing
absolute destruction to national economies.
The large
laboratory, chosen by the gurus of the free market to conduct their
new experiment, was South-East Asia of 90s. Under the American
pressure, countries like South Korea and Thailand, withdrew all their
restrictions allowing the inflow of capital from the West. This
helped for the so-called “Asian miracle” in the economy.
But a group
of economists in the White House, headed by Joseph Stiglitz, worried
that, the flood of money from the West, would fund a massive
speculative bubble in property, and when the boom collapsed, the
money would flee, leaving countries like Thailand and South Korea
decimated. According to Stiglitz, all this flow of money was not for
the interest of Korea or US, but for the interest of a very small
group of people making money from these medium-term capital flows,
i.e. some bankers and hedge funds.
But the
group faced the opposition of Robert Rubin, which was the Secretary
of Treasury at that time, and former co-chairman in Goldman Sachs.
Rubin was preventing the warnings of the group to reach the
president.
The Asian
crisis began in Thailand. Hundreds of thousands of offices and
apartments were built, but nobody wanted them, and brokers went
bankrupt under the weight of loans. Investors from the West panicked
and rushed to get their money out of the country. The panic began to
spread first in South Korea. Housewives formed queues to give their
surplus to the government to save country, but this was not enough.
Then, groups
of technocrats of IMF arrived and offered billions of dollars in
loans to stabilize the economies. The IMF argued that the reason of
the crisis was that Asian economies were not westernized enough. In
exchange for loans, they should turn to free market models. This
meant cuts in government spending and elimination of the corruption
and nepotism of the power elites. The crisis worsened and spread to
Indonesia, whose president Suharto was an “emperor” enclosed by a
corrupt clique of advisors and family members. At first, he refused
to do what the IMF wanted, so the IMF turned to Rubin.
Rubin and
the Treasury were determined to press Suharto to do what they wanted.
In January 1998, Suharto retreated and signed an agreement with IMF.
Indonesia received a huge loan to stabilize the economy which worked
for a while. But later, the Indonesian currency collapsed, loosing
80% of its value and destroying the economy. The exchange rate of the
country collapsed and the economy went into free fall. Indonesia was
not the only one. In every country which received loans from IMF,
such as Thailand and South Korea, the economy was stable for a while
and then the exchange rate collapsed. Billions of dollars were given
to Asian banks from the IMF, but many of them were used immediately
to rescue western investors who wanted to take their money out of the
country.
Providing
billions of dollars in loans, the IMF rescued western investors and
pushed the taxpayers of the countries deeper into debt because they
had to repay the IMF. The result of the cuts was the destruction of
the area. In Indonesia, the government subsidies were removed as
instructed by the western bankers. Prices soared and within a few
months, in a country of more than 200 million, 15% of the male
workforce lost their jobs. Economic output fell by 14%. The economy
collapsed and ethnic and religious strife began. The same happened in
Thailand and South Korea. Millions of people went back into poverty
from which they thought they had escaped forever. By the mid 1998,
the Asian economies collapsed. It was the biggest disaster for
countries since the big recession of the 30s.
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