OK this is not just about the debt crisis but…
Professor Noam Chomsky talks about Europe’s refugee crisis and the Greek debt drama in an exclusive interview.
Europe is torn apart as there is no end to the arrival of ever greater number of refugees and migrants, while many European countries, especially in the south, continue facing severe economic problems such as unacceptable unemployment levels, high debt-to-GDP ratios, and increasing poverty and exclusion for their youths.
What does the world’s leading public intellectual, renowned MIT linguist, philosopher and social critic Noam Chomsky, author of over 100 books and thousands of articles, think about current developments in Europe?
Source: Noam Chomsky on Europe’s Refugee Crisis and the Endless Greek Debt Drama | GreekReporter.com
Have a look at this article from the Jubilee Debt campaign.
In simple terms, banks and others lent money to the Greek government. They should perhaps have known better but they took the risk.
The “bailout” of the government means that these banks and others have been paid off and instead the Greek government now owes other countries. And Germany (and others) are saying that these international debts will have to be paid.
So instead of banks and other lenders suffering because they took a risk lending to Greece, many have been paid off in full with no risk. And some banks which were not paid in full have gone bust and the Greek government has had to pick up the pieces by borrowing more money.
And the debt has not gone away but will have to be paid off by the Greek people.
So who has benefited from the “bailout” given to Greece?