Unsustainable life with sustainable debts? No thanks! – Announcement by the Greek Debt Audit campaign

24/01/2014 By the Greek Debt Audit Campaign, The utter failure of political management of public debt by the governments of George Papandreou up to the current one of Samaras in agreement with the lenders has led to a reinvigorated debate about what next on the public debt issue. The failure is confirmed by the explosion…

2nd newsletter of TroikaWatch

Enjoy the 2nd newsletter of #TroikaWatch: In this newsletter you can read about: Overall situation European level Greece Ireland Portugal Cyprus Spain Italy Slovenia Who we are and why we write this newsletter Overall situation While the general outlook remains broadly unchanged, with the Troika still pushing for severe austerity and national governments continuing their…

The Dictionary of Debt (IV): First Greek Bailout Package (€110 bln from EU and IMF)

In April 2010, when the Greek bond spreads exploded to new heights, rendering impossible Greece’s funding from the capital markets, the Prime Minister requested, from the remote island of Castelorizo, a bailout package for the country. It is basically a 3-year loan worth €110 bln, with an original interest rate of 5%; €80 bln are…

The Dictionary of Debt (III): Public Debt, Public Deficit, Eurobond, Extending Loan Maturity

Debt (Public): The total loan obligations of the state. It may refer to the debt of the central government (the ministries and the decentralised governance bodies), or the general government (central government plus hospitals, pension funds, public companies, and local authorities). Depending on its origin, debt is divided into internal and external. As for debt…

The Dictionary of Debt (II): CDS, Credit Rating Agencies, Debt Audit Commission, Debt Negotiations / Restructuring of Debt

Credit Default Swaps (CDS): Insurance contracts which cover the buyer (e.g. a bank that buys a bond) against the occurrence that the bond issuer (e.g. a country) defaults; they are a ‘fruit’ of the 1990s. A bank which purchases government bonds may insure its bond purchases with another bank, which undertakes to pay the insurance…

Criminalising solidarity, persecuting anti-racist actions: the arrest of Spyros Marketos and Babis Kouroundis

Announcement Greek Debt Audit Campaign The Greek Debt Audit Campaign (ELE) condemns the latest autocratic attack of the government, as indicated with the arrest of the professor and lawyer Spyros Marketos and the lawyer Babis Kouroundis by the police of Thessaloniki airport on Monday 15th July. They were arrested because the authorities claimed they violated…

ERT belongs to us, not to the oligarchy!

The government of the memorandum is falling apart, trapped in the consequences of its own austerity policies. Its panic became apparent when the Prime Minister circumvented the parliament and then bypassed even the cabinet. Unconstitutionally, the signature of one and only minister shut the public broadcaster, paving the way for this same method to be…