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
A recent campaign by the Jubilee Debt Campaign highlighted a few issues including:
- The people with the money seem to think that the best way to help a country which is up to its neck in debt is – to lend it some money. For example back last summer there was a report on Ghana which had debt cancelled in 2004 and 2005 but looks as though its debt repayments will rise to the same amounts or more by the mid 2020s.
- The government seems to think that lending money is giving aid. Apparently as long as the interest rate charged is less than 7%, government loans can be classed as aid.
- Most lending to low-income countries comes from international lenders including the World Bank and the IMF
I know I am a simple soul, but this does not sound like the best way to help countries out of debt.