5,243 views
Multilateral Foreign Policy > Published by Guest, February 21st 2012 at 10:29 am

Greece is a smokescreen to hide the mother of all bank bailouts

Print Friendly

 

By Nick Dearden of the Jubilee Debt Campaign

Eurozone finance ministers who sat in Brussels and decide Greece’s future last night should have attended yesterday’s well-timed University of London conference on learning lessons from Latin America.

The central lesson is of urgent importance: that the economic policies pushed on Latin America in the early 1980s were an excellent way of helping US banks out of crisis, but an appalling way of resolving Latin America’s debt crisis, instead creating two decades of more debt, poverty and inequality.

Of course, this was the precise purpose of these policies – to shift the burden of financial crisis from the financial system and onto developing nations.

Greek-anti-austerity-protests
The International Monetary Fund and World Bank lent money to dozens of countries which would otherwise have defaulted, in order to keep the debt repayments flowing back to the banks of the rich world who had created the crisis by their own reckless strategies.

Then, those countries, which benefited not at all from these ‘bail-out’ funds, were told to implement structural adjustment policies which saw industry privatised, money freed from government control and markets ripped open to competition with well-subsidised companies from the US and Europe. Poverty boomed, inequality soared and finance was proclaimed king.

The same logic lies barely concealed behind the Greece ’bail-out’ being agreed by European finance ministers today. There is not even a pretence that Greece’s people will benefit from these funds.

It is recognised that what Greek unions call the ‘barbaric’ additional austerity measures Greece has to implement in order to receive these funds will lead to stagnation and unemployment detrimental to repaying debt. By 2020 Greece’s debts will still represent an unsustainable 120 per cent of the country’s GDP – and that’s if things go very very well.

The slashing of pensions by another 13 per cent and the minimum wage by 22 per cent, and the large reduction in spending with concomitant public sector job losses, can only make the depression longer and deeper. Even the Credit Ratings Agencies have recognised the futility of forcing countries into ongoing stagnation.

So what’s the point of the ‘bail-out’? To keep the money flowing into the European financial system. Indeed the likely creation of an escrow account will mean that Greece’s people are by-passed entirely – money will be lent from European institutions, ultimately tax payers money – and flow out into the coffers of European banks. It is a bank bail-out on a gigantic scale.

But the good news for the banks doesn’t end there. By forcing Greece to speed up its €50 billion privatisation programme, all sorts of goodies – from airports, ports and motorways to water and sewerage systems – will come up for sale to be snatched up by the financiers of the countries imposing the policies.

The ‘bail-outs’, the severe public spending cuts, the onslaught on public ownership – all reflect the experience of the developing world in the 1980s and ’90s. The result was two lost decades of development.

Up until this point it was unusual for countries to go backwards in terms of their income levels. But during the 1990s 54 countries went backwards in terms of per capita income and the number of extreme poverty increased by 100 million – not because of war or natural disaster but debt and structural adjustment.

Human welfare was sacrificed to the diktats of the financial system. The increased rates of murder, suicide and HIV in Greece today paint a similar picture.

There are alternatives which Europe could learn from.

After the Second World War Germany received massive debt cancellation and its repayments on the remaining debt were explicitly linked to the country’s growth.

But the Greek people have to wait on European largesse. While there is no pain-free answer to a debt crisis, when governments stand up to the power of their creditors by defaulting, by auditing their debts or by insisting on their own terms for repayment – from Argentina to Ecuador to Iceland – they have fared markedly better.

Moreover, they have made some attempts at regaining their sovereignty from the whims of an unstable financial system.

These solutions seem beyond the vision or courage of European governments, but they are solutions increasingly being looked to by the people of Europe.

No wonder that Germany’s finance minister has put forward the idea both that a ‘Commissar’ is appointed to oversee the Euro protectorate of Greece or, failing that, that democracy be indefinitely suspended. This is the logical conclusion of viewing people primarily as an obstacle to the repayment of your banks.

We propose a different logic: when debt cannot be paid we need to stop punishing the people least responsible and start looking at changing the rules governing those who are responsible.

See also:

• ‘What Hague had to say was absolute crap’: A masterclass in economic communication - Alex Hern, February 20th 2012

• Osborne’s austerity obsession is betraying a generation of young people - William Bain MP, February 16th 2012

• The UK isn’t Greece, it’s Iceland - Alex Hern, December 21st 2011

• What happens when Greece defaults? - George Irvin, November 25th 2011

• Time to move beyond the eurozone - Barry Gardiner MP, September 21st 2011

  • http://twitter.com/politicalplanet/status/171906258532696065 Political Planet

    Greece is a smokescreen to hide the mother of all bank bailouts: Nick Dearden argues that the very last group wh… http://t.co/iCVHo1cf

  • http://twitter.com/britishroses1/status/171907308517998592 BevR

    #Greece is a smokescreen to hide the mother of all bank bailouts, writes @dropthedebt's Nick Dearden: http://t.co/AXE3It2R

  • http://twitter.com/daflyingbanana/status/171908803288252416 NO flying MONKEYzzz!

    RT @leftfootfwd: Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/M145yQSL

  • http://twitter.com/wlate17/status/171909632950943744 Marverde

    #Greece is a smokescreen to hide the mother of all bank bailouts, writes @dropthedebt's Nick Dearden: http://t.co/AXE3It2R

  • http://twitter.com/blake3987/status/171909724529360896 Brad M

    #Greece is a smokescreen to hide the mother of all bank bailouts, writes @dropthedebt's Nick Dearden: http://t.co/AXE3It2R

  • http://twitter.com/beckonstruth/status/171910190248103936 TruthBeckons

    The EU is 'loaning' money to Greece that will never even touch their coffers.

    Greece is a smokescreen to hide… http://t.co/qgsppEfi

  • http://twitter.com/leftlinks/status/171910198724800512 leftlinks

    Left Foot Forward – Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/Cs8JGzDR

  • http://twitter.com/pulpark/status/171911638918774784 Pulp Ark

    Greece is a smokescreen to hide the mother of all bank… http://t.co/mR5wtvfH #Multilateral_Foreign_Policy #austerity #muslim #tcot #sioa

  • http://twitter.com/paulemetz/status/171912574345035777 Paul Metz

    #Greece is a smokescreen to hide the mother of all bank bailouts, writes @dropthedebt's Nick Dearden: http://t.co/AXE3It2R

  • http://twitter.com/hens4freedom/status/171912698337034241 Hens4Freedom

    RT @leftfootfwd: #Greece is a smokescreen to hide the mother of all bank bailouts, writes @dropthedebt's Nick Dearden: http://t.co/aXz5l6DP

  • http://twitter.com/annakotzia/status/171914608007852032 anna kotzia

    Greece is a smokescreen to hide the mother of all bank bailouts
    http://t.co/401N7vLa

  • http://twitter.com/evdoxial/status/171915163673427968 Evdoxia Lymperi

    So much 2read 2day“@leftfootfwd: #Greece is a smokescreen to hide the mother of all bank bailouts, writes @dropthedebt http://t.co/sEuc3JlF”

  • http://twitter.com/all_thats_left_ All Thats Left

    I feel so sorry for the Greeks – the good honest working people of Greece are now effectively locked into a feudal existence in which everything they earn is being paid to shore up bankers and a failed economic system. Truly shocking.
    I expand my theory about our own new age of feudalism in the following article: http://www.allthatsleft.co.uk/2012/02/are-we-entering-a-new-age-of-feudalism/

  • Anonymous

    Give your tag, you must think third world debt forgiveness is a good thing.

    What about debt forgiveness for the children in the UK?

    Why should they be forced to pay for the 7,000 bn of UK government debt?

  • Anonymous

    Same is true in the UK, but you need to break down the causes of the debts.

    70 bn on bank bailouts.

    7,000 bn of government debt.

    It’s government feudalism or slavery. They even run a breeding book for the population, just like the slave owners stud book.

  • Curious

    How were the democratically chosen officials of Greece and Italy simply told to step aside so that technocrats from Goldman Sachs could step in? The head of ECB is also former Goldman Sachs.

  • Anonymous

    We propose a different logic: when debt cannot be paid we need to stop punishing the people least responsible and start looking at changing the rules governing those who are responsible.

    ==============

    Why not start with jailing those responsible? Governments.

  • http://twitter.com/twitt_odg/status/171976121204752385 Observatori Deute

    ¿Rescate a Grecia o más bien el mayor rescate bancario? + como aprender d las crisis d deuda en el Sur http://t.co/hcJs6C2C via @dropthedebt

  • http://twitter.com/_interferencies/status/171976125243854850 Interferències

    ¿Rescate a Grecia o más bien el mayor rescate bancario? + como aprender d las crisis d deuda en el Sur http://t.co/NhoJP3Uh via @dropthedebt

  • http://twitter.com/tomasldb/status/171983508095512576 Tomas

    ¿Rescate a Grecia o más bien el mayor rescate bancario? + como aprender d las crisis d deuda en el Sur http://t.co/NhoJP3Uh via @dropthedebt

  • http://twitter.com/stevegpreston/status/171996108250296320 Steve Preston

    RT @leftfootfwd: Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/FAYjvFQx

  • http://twitter.com/jubileeusa/status/171998943432024064 Jubilee USA Network

    "Not even a pretense that #Greece’s people will benefit from these funds." http://t.co/tlvhDztm

  • http://twitter.com/msee/status/172025039015784449 msee

    Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/4Z05QBrJ via @zite

  • http://twitter.com/makiwa/status/172073269015486464 Neil

    RT @leftfootfwd: Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/YgvosHgV

  • http://twitter.com/luismorago/status/172074142965833728 Luis Morago

    JDC article: #Greece is a smokescreen to hide the mother of all bank bailouts #eurocrisis http://t.co/Y8xe0vVi

  • http://twitter.com/charliemuppet/status/172095735586766849 simonp
  • http://twitter.com/h4364r/status/172203833148194816 h4364r

    #Greece is a smokescreen to hide the mother of all bank bailouts | http://t.co/4uty2D6N | #EU #Eurocrisis

  • http://twitter.com/copwatcher/status/172275907791302656 Kevin Blowe

    Greece is a smokescreen to hide the mother of all bank bailouts | @nick_dearden75 http://t.co/jBzK1eqo

  • http://twitter.com/a6ruled/status/172276908887781377 Richard

    not good RT @copwatcher: Greece is a smokescreen to hide the mother of all bank bailouts | @nick_dearden75 http://t.co/trsUo71p

  • http://twitter.com/adpucci/status/172278122589335553 Pucci D

    RT @leftfootfwd #Greece is a smokescreen to hide the mother of all bank bailouts, writes @dropthedebt Nick Dearden: http://t.co/A6rOP3Id #fb

  • http://twitter.com/freebesieged/status/172279959535095808 Maggie Aitch

    Greece is a smokescreen to hide the mother of all bank bailouts | @nick_dearden75 http://t.co/jBzK1eqo

  • http://twitter.com/comhlamh/status/172338992447111168 Comhlámh

    Learning lessons from Latin America about how NOT to deal with debt crisis #notourdebt http://t.co/LwoMhwlR

  • http://twitter.com/soundmigration/status/172350674154172418 Mark Malone

    RT @Comhlamh: Learning lessons from Latin America about how NOT to deal with debt crisis #notourdebt http://t.co/6lUpXSHw

  • http://twitter.com/notourdebt/status/172350713844858881 Debt Justice Action

    Learning lessons from Latin America about how NOT to deal with debt crisis #notourdebt http://t.co/cZUG4e8w

  • http://twitter.com/abiepb/status/172351026182094848 Abie Philbin Bowman

    RT @NotOurDebt: Learning lessons from Latin America about how NOT to deal with debt crisis #notourdebt http://t.co/BMImAFFp

  • http://www.leftfootforward.org/2012/02/greece-bailout-austerity-armageddon/ Greece’s Armageddon: Could the military seize power to ‘restore order’? | Left Foot Forward

    [...] also: • Greece is a smokescreen to hide the mother of all bank bailouts – Nick Dearden, February 21st [...]

  • http://twitter.com/gilliali/status/172421555182252035 Alison Gilliland

    A MUST Read!!!“@AbiePB: RT @NotOurDebt: Learning lessons from Latin America about how NOT to deal with debt crisis http://t.co/4KdYz5yc”

  • http://twitter.com/achilleasz/status/172426277704310785 Achilleas Zapranis

    Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/VJpVFuft via @zite

  • http://twitter.com/dimitrakhs9 Dimitris Dafalias

    Do not worry for their time to pay is coming soon…

  • Rollandmiller

    I am a retired financier and question how it can be good for Greese to take this so called bailout. They are better to leave the EU and take no bailout. Their $ will fall but Greese will become a great place to do business again. /All this bailout will do is a fire sale on Greek assets.

  • http://twitter.com/edwinijsman/status/172943782155792384 Edw!n IJsman

    The Garbage they sell us for democratic solutions: #Greece is a smokescreen to hide the mother of all bank #bailouts: http://t.co/aOfKaZm1

  • http://twitter.com/chicah81/status/172944593942347776 Hijke Schennink

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/paularodmod/status/172946066172420097 Paula Rodríguez

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/ikarosm/status/172947805760000003 ikaros

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/stopthatsound/status/172948449858301952 Stop That Sound

    Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/KtXpDIUT

  • http://twitter.com/klarrka/status/172949156833402880 Klara Svejdova

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/anapetrovna/status/172949635424456704 Ana Petrovna

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/dropthedebt/status/172950152892526592 JubileeDebtCampaign

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/top_tw_news/status/172951387443957760 top_tw_news

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/charles_tan77/status/172952387462496257 Charles Tan

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/vasssilis/status/172958295399743488 vasssilis

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/thatarcher/status/172959961876398081 Price-Anderson Act

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/apneac/status/172960036434350080 Jurgen

    MT @NaomiAKlein: Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/VhBx3eWe | #EU #Austerity #Banksters #GIABO

  • http://twitter.com/osmanrk/status/172960055816237056 Osman-Raza Khan

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/occupydenhaag/status/172960146304151552 OccupyDenHaag

    The Garbage they sell us for democratic solutions: #Greece is a smokescreen to hide the mother of all bank #bailouts: http://t.co/aOfKaZm1

  • http://twitter.com/ioannaspil/status/172960599330922496 Ioanna Spiliopoulou

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/bernat_e/status/172960788728913920 Bernat Escoda

    La historia es repeteix: “@NaomiAKlein: Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/XpNAHCDk”

  • http://twitter.com/freiligrad/status/172961052886179840 Dr. Witch

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/crowesamuel/status/172961133836251137 Samuel Crowe

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/jimrhiz/status/172962056704770048 Jim Richardson

    Greece is a smokescreen to hide the mother of all bank bailouts: Nick Dearden http://t.co/DtHOrwTg v @NaomiAKlein @andrewmurphie

  • http://twitter.com/nicolamoirart/status/172962754024583168 Nicola Moir

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/madinmelbourne/status/172964043840176129 Dale Dickins

    Greece is a smokescreen to hide the mother of all bank bailouts: Nick Dearden http://t.co/DtHOrwTg v @NaomiAKlein @andrewmurphie

  • http://twitter.com/nickchatzinick/status/172968961082802176 Nick Chatzinikolaou

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/thestoist/status/172970374936530944 Ben Carew

    Greece is a smokescreen to hide the mother of all bank bailouts: Nick Dearden http://t.co/DtHOrwTg v @NaomiAKlein @andrewmurphie

  • http://twitter.com/metacode/status/172971055839846400 metacode

    "By 2020 Greece’s debts will still represent an unsustainable 120% of the country’s GDP… if things go very very well" http://t.co/9n5dFD8E

  • http://twitter.com/ietsist/status/172975047403782144 ietsist

    @ietsist Naomi Klein wees gisteren op dit artikel: situatie in Griekenland vergeleken met Midden-Amerika, jaren '80: http://t.co/tm3Gtsgg

  • http://twitter.com/psycharisn/status/172976001419186176 Nektarios Psycharis

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/tomgilltweets/status/172976020188696576 tom gill

    Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/lpD0L1zM @leftfootfwd #Troika #IMF #EU #Eurozone #WorldBank

  • http://twitter.com/er_pashi/status/172976851063537664 Pashi

    It is not a rescue of Greece. It is a massive bail-out of European banks. http://t.co/9auUP9nl #tomatubanco

  • http://twitter.com/sunotissima/status/172976984803119104 Francisco Jurado

    It is not a rescue of Greece. It is a massive bail-out of European banks. http://t.co/9auUP9nl #tomatubanco

  • http://twitter.com/sjvandaalen/status/172977732303593472 Sergey J. van Daalen

    @ietsist Naomi Klein wees gisteren op dit artikel: situatie in Griekenland vergeleken met Midden-Amerika, jaren '80: http://t.co/tm3Gtsgg

  • http://twitter.com/firemanfrittata/status/172977783021125632 Firemanfritter

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/t0rst/status/172978237503315969 Torsten Louland

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/t0rst/status/172979067732246529 Torsten Louland

    The real reason for the Greek bailout is nothing to do with Greek interests: http://t.co/AxbWrMeE (via @NaomiAKlein )

  • http://twitter.com/funkage/status/172979620864462848 Martin

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/amanda_j_w/status/172980525785554945 Amanda Wilkinson

    “@NaomiAKlein: Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/oPOQ6Hxj” #Occupy Where is the humanity in this?

  • http://twitter.com/arnoudkulk/status/172981277304160256 ArnoudK

    @ietsist Naomi Klein wees gisteren op dit artikel: situatie in Griekenland vergeleken met Midden-Amerika, jaren '80: http://t.co/tm3Gtsgg

  • http://twitter.com/makessensetomee/status/172998544674926592 Colin

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/tweetcmw/status/172999332063227905 Charlie Wheeler

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/linksverdreher/status/173002658720907265 Gnaeus Flavius III

    when debt cannot be paid we need to stop punishing the people least responsible http://t.co/8rvMoWhs.

  • http://twitter.com/blueflake/status/173004885330112512 blueflake

    RT @leftfootfwd: Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/Hxs9vkPO

  • http://twitter.com/stewi80/status/173157441545060353 Stephen Wilson

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/bossito/status/173167691044102144 bossito

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/cascarelo/status/173171126598516738 Cascarelo

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/karinwalters/status/173172090197909506 Karin Walters

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/nlrevolution/status/173190782134648833 NLRevolution

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/faaz71/status/173190898664996866 Sander Faas

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/fatdba/status/173192492315967488 Fat DBA

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/livvleigh/status/173192676483661824 Liv Leigh

    #Steal from the poor to feed the rich… RT @NaomiAKlein: Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/fKEm7VZy

  • http://twitter.com/sachakahn/status/173253589005897728 Sacha Kahn

    What solidarity in the #EU is worth RT @NaomiAKlein: Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/PE7eSsBF

  • http://twitter.com/arlenehache/status/173284714197692416 Hache Arlene

    RT @leftfootfwd: Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/xyK8kMMi

  • http://twitter.com/riprap007/status/173327234499739648 Nicholas Ripley

    Greece is a smokescreen to hide the mother of all bank bailouts | Left Foot Forward http://t.co/raQAzME7 via @feedly

  • http://twitter.com/crtivcornercafe/status/173345663671742464 Creative Corner Cafe

    Greece is a smokescreen to hide the mother of all bank bailouts | Left Foot Forward http://t.co/raQAzME7 via @feedly

  • http://twitter.com/legendarylynn1/status/173364477012623360 Lynn

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/scichem_/status/173379625832034304 Jérémy

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/calliope_greece/status/173827719660978177 Calliope

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://twitter.com/zuzamed/status/173876907744575488 Donato Perretta

    RT @leftfootfwd: Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/Cn9blkdH

  • http://twitter.com/mvkouw/status/174132753464438785 Matthijs Kouw

    Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/6q0uLtoD

  • http://twitter.com/maryikon/status/174240174522384384 Mary Ikon

    RT @leftfootfwd: Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/k4n6uYrL

  • http://twitter.com/mor_ile/status/174408053251248128 Ileana Moroni

    Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/Y9Ah1noO (via @ArhsX)

  • http://greeceandtheimf.wordpress.com/ Keepquestioning

    This is an excellent article. Couldn’t agree more. It’s banks and markets versus people and societies, with the consent of governing elites. And it is also developed versus less developed and developing countries. Nobody would even think of imposing similar terms to the UK, US or German societies.

  • http://twitter.com/intina7/status/175287939377537025 Maria J.M.

    Greece's so-called rescue: a bank bailout on a gigantic scale http://t.co/sw0cPgEZ

  • http://www.leftfootforward.org/2012/03/revealed-the-vulture-capitalists-willing-to-destroy-a-nation-for-a-good-return/ Revealed: The vulture capitalists willing to destroy a nation for a good return | Left Foot Forward

    [...] Greece is a smokescreen to hide the mother of all bank bailouts – Nick Dearden, February 21st [...]

  • http://twitter.com/russpress/status/175592180897955840 russpress.net

    Greece is a smokescreen to hide the mother of all bank bailouts http://t.co/lpD0L1zM @leftfootfwd #Troika #IMF #EU #Eurozone #WorldBank

  • http://twitter.com/abiyooooo/status/175636378103713792 abi ramanan

    RT @leftfootfwd: Greece is a smokescreen to hide the mother of all bank bailouts – ARGH http://t.co/1ZZNUO7R

  • http://twitter.com/mishupishu/status/176014730543112193 MishuPishu

    The first world is the new third world. http://t.co/xNjtW6Gb

  • http://twitter.com/xtimu/status/176191535598153728 chrisna munlick

    The first world is the new third world. http://t.co/xNjtW6Gb

  • http://twitter.com/drielsma/status/187156970439057409 Paul HD

    Greece is a smokescreen to hide the mother of all bank bailouts | Left Foot Forward http://t.co/7npK1EAn (via Instapaper)

  • http://twitter.com/markopeterlin/status/187303462185336832 Marko Peterlin

    @ZigaTurk @kattebel Ideja, da so glavni problem Grki, utegne razbiti Evropo. Za protiutež pogled z druge strani: http://t.co/Inv5mtl5