Surviving Capitalism (Not) : The CADTM condemns the disinformation campaign on the Greek debt and the rescue plan by private creditors

We’ve lived so long under the spell of hierarchy—from god-kings to feudal lords to party bosses—that only recently have we awakened to see not only that “regular” citizens have the capacity for self-governance, but that without their engagement our huge global crises cannot be addressed. The changes needed for human society simply to survive, let alone thrive, are so profound that the only way we will move toward them is if we ourselves, regular citizens, feel meaningful ownership of solutions through direct engagement. Our problems are too big, interrelated, and pervasive to yield to directives from on high.
—Frances Moore Lappé, excerpt from Time for Progressives to Grow Up

Monday, March 12, 2012

The CADTM condemns the disinformation campaign on the Greek debt and the rescue plan by private creditors

Click here to access article from the Committee for the Abolition of Third World Debt (CADTM).

On Thursday night (8 March 2012) more than 85% of private creditors (banks, insurance companies, pension funds, etc.) agreed to take part in the restructuring of the Greek debt by cancelling EUR 107 billion. On paper it looks as though they are forfeiting 53.5% of their claims. Yet actually this is a sweet deal for Greek and European (mainly German and French) banks, though not for the Greek people, who will have to face further deterioration in their living conditions.

They explain what this "sweet deal" really means for the Greek people.