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Troika loans to Greece: a gift for creditors, not for people

Konstantinos Todoulos

26 Jun 2013 09:11:37

A new briefing by Attac Austria analyses who is benefiting from the crisis loans to Greece. At least 77% of the €206.9 billion loans by the Troika of the International Monetary Fund (IMF), European Union and European Central Bank (ECB) were used to bail out creditors and recapitalise banks. At the same time, the Greek economy collapsed and poverty is rising dramatically because the government lacks the financial resources to stimulate growth and fulfil its human rights obligations. The analysis confirms that Troika involvement in Greece is not benefiting the people but the creditors, repeating a history of debt crisis management we have seen in many developing countries in the past.   Crisis lending to Greece: who profited? The Troika’s crisis loans, of which €206.9 billion ...