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…
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…
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…
13 August by Jérome Duval (PACD Spain) Six years of recession, an impressive drop in GDP from €231 billion in 2009 to €193 billion in 2012, unemployment at 26.9% in April 2013 from 7.5% in 2008, 57% for the under 25s, and an explosion of suicide cases… This overview of Greece is catastrophic and alarming…
21 May 2013. New government faces crisis as debt payments increase rapidly. Rally against debt in Lahore, Pakistan. Photo: CADTM Pakistan Pakistan’s economy has been paralysed by an unpayable and largely unjust debt burden that is preventing the country reaching its poverty goals and hindering the development of democracy, says a new report from…
Tim Jones: The people of Cyprus needs to follow Iceland’s example, and make reckless lenders take a hit, whilst protecting deposits of ordinary Cypriots. Source: Jubilee Debt Campaign UK Cyprus’s banks are bust. As of 2011, banks based in Cyprus had lent over €150 billion; almost 900 per cent of GDP. Over €100 billion of…
Source: http://ilesxi.wordpress.com/2013/03/19/crisis-democracy-and-the-euro/ Τhree years after submitting to the Troika Memorandum, Greece is falling apart. GDP has contracted more than 21% according to IMF calculations, and it is expected to dive another 6% in 2013. Never in world economic history, since statistics began, was such a fall of production recorded without being preceded by a war…
Nick Dearden, Jubilee Debt Campaign UK Groups like Jubilee which have worked on ‘Third World Debt’ have campaigned against illegitimate debt for many years. Debt resulting from the sales of weapons to some of the late twentieth century’s most horrific regimes; from vanity projects built by dictators; and debt payments which impoverish millions of people…
