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Greece was never bailed out – it remains locked in an EU debtor's prison
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Arrest after imitation firearm found in Burntwood. To pacify angry German parliamentarians, that gargantuan loan was given on condition of brutal austerity for the Greek people, placing them in a permanent great depression. To get a feel for the devastation that ensued, imagine what would have happened in the UK if RBS, Lloyds and the other City banks had been rescued without the help of the Bank of England and solely via foreign loans to the exchequer.
The UK would now be the wasteland of Europe , just as Greece is today. But did this nightmare not end last week?
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Not in the slightest. Technically speaking, the Greek bailouts had two components. The first entailed the EU and the IMF granting the Greek government some financial facility by which to pretend to be repaying its debts. Then there was the harsh austerity taking the form of ridiculously high tax rates and savage cuts in pensions, wages, public health and education.
Last week, the third bailout package did end, just as the second had ended in and the first in We now have a fourth such package that differs from the past three in two unimportant ways. Ridiculously high VAT and small business tax rates will, of course, continue, as will fresh pension cuts and new punitive income tax rates for the poorest that have been scheduled for The Greek government has also committed to maintaining a long-term budget surplus target, not counting debt repayments 3.
To quote Tacitus, they made a desert and called it peace. Topics Greece Opinion.
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