greece meeting image

Greece: Cancelling the majority of sovereign debt is an overdue necessity

Announcement approved at public meeting, 7 May 2014. The debt crisis has acted as a lever to dismantle labour rights and transform Greece into a creditor’s colony. The increase of unemployment to 27%, the reduction of wages and pension by 40% on average, the explosion of over 6000 recorded suicides, and the migration of young…

FacebookTwitterGoogle+WordPressBlogger PostMeneameShare/Bookmark
international_monetary_fund_imf

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…

Debt-for-Canadians

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…

vultures-STOP-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…

ert_11

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…