The Troika’s Policy in Greece: Rob the Greek people and give the money to private banks, the ECB, the IMF and the dominant States of the Eurozone
On
20 August 2018, the Greek government of Alexis Tsipras, the IMF and
the European leaders celebrated the end of the Third Memorandum.
On
this occasion, the major media and those in power spread the
following message: Greece has regained its freedom, its economy is
improving, unemployment is on the decline, Europe has lent Greece 300
billion and the Greeks will have to start repaying that debt in 2022
or in 2032.
The
main claims are completely unfounded as Greece remains under the
control of its creditors. In compliance with the accords that the
Alexis Tsipras government signed, the country must imperatively
achieve a primary budgetary surplus of 3.5% which will force it to
continue brutal policies of reduction of public spending in the
social sector and in investment. Contrary to the dominant message
that Greece will not begin to repay its debt until some time in the
future, it should be clearly understood that Greece has been repaying
considerable amounts constantly all along to the ECB, the IMF and to
private creditors, and this prevents it from responding to the needs
of its population.
by
Eric Toussaint
Part
15 - Lies put forward by the IMF German, French and Dutch Executive
Directors to persuade their colleagues to enforce a first Memorandum
of Agreement
During
the decisive meeting of the IMF board on 9 May 2010, the German
Executive Director stated: “I can inform Directors that German
banks are considering some support to Greece, but I also have to
stress that this is on a very voluntary or only a voluntary basis. It
is not a debt restructuring; it is a voluntary action. I have no firm
information yet, but what I know is that these banks basically want
to maintain a certain exposure to the Greek banks,
which means that they will not sell Greek bonds and they will
maintain credit lines to Greece.”
The
French Director made a declaration of similar tenor: “There was
a meeting earlier in the week between the major French banks and my
Minister, Ms. Lagarde. I would like to stress what was released at
the end of this meeting, which is a statement in which these French
banks commit to maintain their exposure to Greece over the lifetime
of the program. [...] So, it is clear that the French
banks, which are among the most exposed banks in Greece, are going to
do their job.”
Lastly,
the Dutch Director declared: “The Dutch banks, in consultation
with our Minister of Finance, have had discussions and have publicly
announced they will play their part in supporting the Greek
government and the Greek banks.”
In fact,
as several executive directors of the IMF had suspected and as the
Truth Committee on Greece’s Public Debt reported, the real
intention behind the agreement was to give the strongest banks of the
Euro Zone time to dispose of their Greek securities.
The
graph below shows clearly that French, German, Dutch, Belgian,
Austrian and Italian banks and more disengaged from Greek bonds
through 2010 and 2011.
Exposure
of foreign banks in Greece (in billions of euros) - (Source: BRI,
Consolidated Ultimate Risk Basis)
As
indicated above, the ECB with Jean-Claude Trichet at its head
directly helped them to get rid of Greek securities as it massively
bought them at a high price and thus protected them against the
consequences of their nefarious actions in Greece.
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