Suffocating Austerity: The West’s Folly in Greece Repeats Old Patterns By Evaggelos Vallianatos

Tuesday, 10 July 2012 15:05 By Evaggelos Vallianatos, Truthout | Op-Ed 

In 2012, the Greeks cannot pay back 245 billion euros they borrowed from European and American banks. But instead of extending a helping hand to member country Greece, the EU, and Germany in particular, act like taskmasters. The EU even invited the International Monetary Fund (IMF) to jointly deal with Greece. The IMF – whatever its putative mandate and formal structure – is an American institution designed to wreck economies that are interfering with capitalism’s business as usual – especially American business. Strictly speaking, the EU and IMF have been on a collision path with Greece in order to extract every penny the banks claim they lent that country.
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