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Memorandum between Greece and the Troika: from democracy to external diktat

Tiago Stichelmans

19 Aug 2015 16:59:48

The third programme between Greece and its creditors fails to promote local ownership. It is therefore difficult to see how it will succeed where its predecessors have failed.   On Friday, 14 August, Eurozone finance ministers approved the  Memorandum of Understanding (MoU) between Greece and the European Stability Mechanism (ESM). This MoU shapes a three-year long bailout of 86 billion euros for Greece. In exchange for this bailout, Greek authorities have to comply with a set of extraordinarily detailed conditions.  The Memorandum states that “success requires ownership of the reform agenda programme by the Greek authorities”. The document asks Greece to develop a growth strategy that is “Greek-owned and Greek-led”. This is astonishing considering that the conditions ...

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Why it would be good for the IMF if Greece stopped repaying the IMF loans

Bodo Ellmers

26 May 2015 17:14:35

By Bodo Ellmers   The creditor community has another shock and awe moment this week, as more and more influential actors argue that Greece should stop repaying the International Monetary Fund (IMF) loans and instead use scarce public resources to tackle its economic and humanitarian crisis. While Prime Minister Tsipras still tries to ease the creditors, the idea is here to stay. And it is a good one: Greece should not just postpone loan repayments but default on them – stopping payments to the IMF for good. This would help to finally reform the IMF from the political puppet that it is now into a real and effective crisis response instrument. Risk-free lending can quickly become irresponsible lending Whoever loses in a debt crisis – and usually there are many losers – the IMF is always ...

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Citizens standing up against unfair debt

Alex Marriage

05 Apr 2012 14:59:22

By Carlos Villota, 05-04-2012 Two years after the Greek debt crisis first appeared in headlines across the globe, policy makers in Europe are still failing to deal soundly with the crisis. Inspired by the Jubilee movement that has long fought for debt justice in the South; a wave of mobilisation has taken place with, debt campaigners standing up across Europe. Campaigners demand transparency, justice and protection of citizens’ rights against the consequences of financial market failures. The debt problems in Greece, Ireland, Portugal, Spain and Italy are of different nature, but the remedies are largely the same: Cuts are imposed on the most basic of the State's social functions, justified with the need to finance public debt service and not lose further trust from financial markets. ...