Greek debt crises: The European Stability Mechanism money started flowing – to creditors, not to Greece

Greek debt crises: The European Stability Mechanism money started flowing – to creditors, not to Greece 8 September by Bodo Ellmers The Greek bailout saga entered a new round as the first tranches of the new loan package were disbursed. The €86 billion programme will be funded by the European Stability Mechanism (ESM). The International…

Decentralized actions Blockupy central banks !

Around the (successful) mobilization of Blockupy in Frankfurt, several decentralized actions took place in central national banks (that are part of ECB) –> Italy Autonomous activists from north-east social centers close with barricades the Venetian headquarters of the Bank of Italy. Video: https://www.youtube.com/watch?v=DC6-QFhzRsg France Gatherings in front of “Banque de France” have been organized by…

The new European Banking Liquidation Fund, another mechanism for transferring bank losses to the taxpayers.

The Ecofin (European Council for Economic and Financial Business) has agreed to create the fund for liquidating banks in Europe or, in other words, to insure depositors’ money, which will be called Single Resolution Mechanism (SRM). In this new pact there is, as there has been lately, a clear winner. Germany has assured itself that the…

Ireland: Freeze the Anglo Bonds

www.notourdebt.ie Freeze the Anglo Bonds We are launching our campaign to freeze the remaining €25 billion of ‘Anglo bonds’. The campaign is launched in the wake of the so called ‘Anglo tapes’, which reveal how Anglo executives misled the government before the issuing of the 2008 bank guarantee. The people of Ireland must not be…

Chypre : La troïka persiste et signe

20 avril par Jérome Duval Le premier « corralito » |1| européen Comme en Espagne, le modèle de développement avec le taux de croissance élevé des années 2000 en large partie dû au secteur de construction et du tourisme semble avoir atteint ses limites. Chypre est secouée par les politiques d’austérité qui traversent la Grèce, les attaques spéculatives…

Cyprus – whose crisis?

The economic crisis in Cyprus erupted during the second cycle of the European recession of 2011 as a result of harsh austerity policies imposed since 2010 in Europe. It is a new crisis born out of a failed response to the original European crisis. These policies were (and still are) a basis for the divergence…

The decision by Eurogroup is nothing short of economic plundering and destruction for Cyprus. It must be rejected!

The Eurogroup’s decision to confiscate 6.75% of deposits in accounts up to 100,000 euros and 9.99% for sums over 100,000 is a decision destructive to Cyprus’ future and manifests an attack on the current situation of thousands of Cypriots. It is a decision which: •    Is harmful to small depositors •   Aims to wipe Cyprus…

The future is emerging

Nick Dearden, Jubilee Debt Campaign UK In the centre of Athens, the depth of the crisis can now be measured by the number of homeless people sitting and sleeping on every block. These are the victims of the financiers and politicians of Europe; the ‘collateral damage’, as they are undoubtedly seen, of the policies of austerity.…

Ski slopes of debt in Spain

Nick Dearden, Jubilee Debt Campaign UK  Last week a former businessman told me with great conviction that the Spanish people had ‘lived beyond their means’. Tonight’s meeting showed just who has lived beyond their means. Iolanda Fresnillo from the Spanish Debt Audit Platform (PACD) told us some incredible stories about her country’s Public Private Partnerships –…

Bailing out the Oligarchs

Nick Dearden, Jubilee Debt Campaign UK We are on a fact-finding mission to Greece with people from Spain, Italy, Belgium, Cyprus, Macedonia, Ireland, Portugal and Germany. We want to examine the depth of the debt crisis on the people of Greece and to learn more about the means people are using to rebuild their communities…