Week 27: Villain – Greece’s Creditors (The Troika)

by Ray_North on July 7, 2015

villain_icon_v2This Week’s Villains are the Troika of creditors who have plunged Greece into more chaos, the IMF, the ECB and the EU.

I listened to a young Greek teacher talking on the radio last week – she was explaining how, in the last five austere years, her journey to work has been so regularly disrupted by the suicides that have become commonplace in Athens, that she has had to factor in an extra half an hour onto her journey time. Half an hour to pick up the remains of another life, hideously ended by the stress of trying to survive in a country that has been destroyed by a mix of economic and political incompetence, ruthlessness and stubbornness.

In the last few months, and perhaps particularly in the last couple of weeks as various deadlines for repayments have loomed, Greece’s creditors, namely the Troika of the IMF, the ECB and EU, have acted in a shameless and callous way.

It was clear in January that they were unhappy that the Greek people democratically elected a left-wing coalition, and, since then, they have punished them, by demanding that the original bailout plan put in place by the last Greek government is enforced – even though this plan has been roundly rejected by the Greeks and even though the plan, which included a brutal austerity has caused the Greek economy to shrink – which, surely to goodness is the last thing that any economist with an ounce of common sense would want, and any politician with an ounce of compassion would accept.

For us, on these pages, the final straw, has come in the last week when, first, effectively, Greece’s creditors have turn the financial tap off leading to the closure of the banks and a limit of €60 per person on cash withdrawals from ATMs. Clearly, this is a move that would obviously cause maximum hardship to the Greek people and destabilize their government.

Then, if this wasn’t enough the Troika, led, it has to be said, by a coterie of diplomats and politicians like the German Wolfang Schauble had the audacity to tell the Greek people how to vote in the referendum called by Tspiras, who was desperately trying to gauge how much of a mandate he had from the Greek people.

It is totally undemocratic move, it stinks of the type of authoritarianism that has been pursued by the worst type of bullies for centuries. Truly, truly villainous.

{ 3 comments… read them below or add one }

Mike Killingworth July 8, 2015 at 8:19 am

More than that, Ray, they said they wouldn’t negotiate with Syriza at all, and wanted Greece to install a “government of technocrats”.

The concentration of capital is reaching the point where parliamentary democracy no longer serves its interests.


Ray_North July 8, 2015 at 8:22 am

Completely agree mike. Really troubling.


John Stone July 8, 2015 at 7:23 pm

Indeed, I increasingly feel myself questioning Europe.


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