imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
latest news
best of news




A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List


IMC Network:

Original Cities africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Greece must deny to pay an odious debt

by Can't Pay Wont Pay! Wednesday, Jun. 08, 2011 at 9:05 AM

In times of harsh neoliberal austerity and limited national sovereingty, the denial to pay an odious and illegitimate debt is a moral, political and social need. (by Nicolas Mottas/American Chronicle)

Today is the 11th consequent day of mass demonstrations in front of the Greek Parliament in Athens, as well as in other cities of the country. One year after the signing of the notorious bailout deal between the Greek government, the IMF and the EU, the fiscal situation is dissapointing. But even more than that, the living standards of the Greeks have been enormously affected by the unprecedented neoliberal austerity policies imposed by the deal.

The whole situation seems to be a vicious circle: Greece borrows money in order to pay off her mounting debt ( 262 billion) by creating a new future debt - the one of the IMF-EU bailout deal. On the same time the country's financial and political sovereignty is bound hand and foot by an agreement which, although signed by the government, is not endorsed by the vast majority of the people. The future generations of Greeks will have to carry in their backs the results of an unholy alliance made by international bankers, foreign creditors and European governments. This is neither moral nor rightful.

Ecuador was in a similar position four years ago - it was then when President Rafael Correa had bravely decided to default of the latin American country's .8 billion debt by unilateraly eliminating it as "illegitimate". That should be the example for Greece, as well as for other countries which have been victims of financial speculations and neoliberal austerity. It is a historical need for the European governments which feel the loop of debt around their necks to take generous decisions contrary to the demands of the technocratic elites in Brussels, Berlin or Washington. Greece has the opportunity do the beginning of a revolutionary action against the global capitalist establishment.

1. The IMF-EU bailout deal for Greece is in fact an anti-constitutional agreement. Constitutional Law Professor at Athens University, Georgios Kasimatis, has pointed out that "the provisions included in the loan contract and the bailout deal violate all principles of the Greek constitution, the European and International Law" . Therefore, the Greeks have every legal and moral right to defend their constitution against policies which tend to eliminate the country's very sovereignty.

2. The debt crisis in many countries of the eurozone (Greece, Ireland, Portugal etc) is nothing but part of the severe crisis which modern capitalism is passing by. The neoliberal experiments in the European Union have been proved a total failure for the working and middle-classes while it has created profit-addicted economic elites. The denial to pay off the debt would be a blow to this anti-social liberal madness and would send a strong message to international loan sharks.

3. The case of Ecuador can be used as an example. Although the Greek debt is much higher and the economies of the two countries are generally different, Eric Toussaint (Campaign for the Cancellation of Third World Debt CADTM) argues that there are some similarities: "First, Greece is financing a part of debt in the form of bonds by the Government authorities ("securitization of public debt"), a technique used by Ecuador. Second, another large part of the Greek debt is in the form of bank loans, which is also the case for developing countries. [...] "Ecuador s debt was mainly owed to the banks in the U.S. In 200 Ecuador abandoned its national currency and adopted the U.S. Dollar, the currency of its lender. Similarly Greece has the same currency with its lenders, such as France and Germany, the Euro". (Ethnos, 9 January 2011).

4. The cancellation of the vast majority of the Greek debt is definitely a prerequisite for the recovery of the country's economy and the relief of the population from the harsh austerity policies. The same applies to the cases of Ireland and Portugal. By challenging the overcharging debt, the Europeans can directly challenge the E.U. economic establishment itself thus rejecting the neoliberal practices of the last decades. A new policy is needed which will take into consideration the real needs of the masses, the vested rights of the working class and the strengthening of social solidarity within the Union.

5. The theory of the "odious debt" is not a general or newly-founded concept. It is based on the principles of international law (U.N. Charter) and can be legally used when the debt "has been incurred, not in the interests of people, but against its interests and/or in the personal interest of the rulers or persons close to the regime". According to Law Professor at University of Michigan Robert Howse "the international law obligation to repay debt has never been accepted as absolute". (U.N. Conference on Trade and Development, July 2007). But, furthermore, institutions like the World Bank and the IMF must be checked for their policies towards lending money, advocating exhausting austerity mechanisms and, moreover, co-operating with corrupt and dictatorial regimes.

6. The cancellation of the debts for third-world countries as well as for states which has been severely hitted by the recent financial crisis is, in the end of the day, a demand for a fairer world - an international environment where people will be above profits and where elected governments, not bankers, multinational companies or rate agencies, will manage the fate of a country's economy.

When these lines were written, more than 100,000 Greeks were demonstrating outside the Parliament in central Athens - public anger and desperation becomes bigger day by day and the concequences cannot be predicted. The "indignants" are asking for jobs, social policies, fair distribution of wealth, justice and that those who are responsible for the crisis to pay for it. They are asking for hope, without the nightmare of austerity and misery imposed by a corrupted political system. The Greek government along with the EU have the moral responsibility to stand in solidarity with the people and relieve them from the unbearable weight of an illegitimate and "dirty" debt.


Born in Salonika, Greece in 1984, Nicolas Mottas is a graduate of Political Science and Diplomatic Studies (MA), a political research student and a freelance article-writer. He has been a collaborator for the Greek newspaper 'Macedonia' and is a (more...)

Report this post as:

Local News

Change Links September 2018 posted S02 10:22PM

More Scandals Rock Southern California Nuke Plant San Onofre A30 11:09PM

Site Outage Friday A30 3:49PM

Change Links August 2018 A14 1:56AM

Setback for Developer of SC Farm Land A12 11:09PM

More problems at Shutdown San Onofre Nuke J29 10:40PM

Change Links 2018 July posted J09 8:27PM

More Pix: "Families Belong Together," Pasadena J02 7:16PM

"Families Belong Together" March, Pasadena J02 7:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 11:26PM

Summer 2018 National Immigrant Solidarity Network News Alert! J11 6:58AM

Watch the Debate: Excluded Candidates for Governor of California M31 5:20AM

Change Links June 2018 posted M28 7:41AM

The Montrose Peace Vigil at 12 Years M22 8:01PM

Unity Archive Project M21 9:42AM

Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi M17 10:22PM

CA Senate Bill 1303 would require an independent coroner rather than being part of police M10 9:08PM

Three years after OC snitch scandal, no charges filed against sheriffs deputies M10 8:57PM

California police agencies violate Brown Act (open meetings) M02 8:31PM

Insane Company Wants To Send Nuke Plant Waste To New Mexico A29 11:47PM

Change Links May 2018 A27 8:40AM

Worker-Owned Car Wash on Vermont Closed A27 5:37AM


lausd whistle blower A11 6:58AM

Website Upgrade A10 10:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 8:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 6:58PM

Change Links April 2018 A01 6:27PM

More Local News...

Other/Breaking News

Paraphysique de psychosomatique S22 6:58AM

Chuck Grassley: Women Abusing, Animal Murdering, Illegal War Supporting Criminal S22 2:58AM

Finance Capitalism and the Digital Economy S21 4:45PM

Muselières syndicales, muselières patronales S21 7:19AM

Jeff Bezos, Amazon, The Washington Post, Whole Foods, Etc S21 2:50AM

Why Choose Nut Milk Over Cows' Milk S21 1:01AM

Antrhopocène, le grand effondrement S19 9:53AM

Abolir l'économie S18 11:18AM

The Dictatorship of Corporations S17 5:26PM

18 Lethal Consequences Of Hunting S17 3:13PM

Paraphysique de l'outplacement déontologue S15 6:51AM

Shopping du bashing S14 8:42AM

After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again S13 8:28PM

“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen S12 9:30PM

Probabilités de fin d'humanité S12 6:49AM

Florida Area of Migrant Farmworkers Denied Right to Construct Health Clinic near NaplesCIW S11 2:57AM

Steer clear of work morality! S09 12:10PM

The Shortwave Report 09/07/18 Listen Globally! S06 11:23PM

August 2018 Honduras Coup update S06 12:28PM

Brett Kavanaugh Filled The 5th Circuit With Execution Judges S06 6:14AM

Augusta Georgia Woman Gets 5 Year Prison Sentence for Writing About Russians Crime Acts S05 8:29AM

Paraphysique de contextualité S05 8:29AM

Crisis Regulation in Global Capitalism S03 3:39PM

Ex-voto de réification S03 10:24AM

Please Oppose Warmonger, Execution and Torture Supporting Bush Operative Brett Kavanaugh A31 10:45PM

Paraphysique d'exploitation occultation A31 10:24PM

Ryan Zinke Is Charging Taxpayers For A Trophy Hunters' Council A31 2:10PM

Is the Financial Crash 2.0 Coming? A31 10:07AM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy