Lessons from the Greek Tragedy, M. Frindéthié (From our archives, Nov. 4, 2011)

If anything, the latest Greek tragedy must now expose to those who still believe in the eumeneis elenkoi (the good will, the openness) of the Bretton Woods institutions the actual blackmail that Third World countries have been suffering under the gambit of the World Bank and the IMF from the very first. The arm twisting, the moral torture, and the blackmailing exercised by Sarkozy and Merkel on Papandreou for him to accept the rotten deal that ultimately saves a small number of countries, and especially agonizing France, by mortgaging the future of the Greek people are illustrative of a sheer bit of the routine terrorization that Third World countries have been enduring in their relationship with Western countries.

While Germany and France are seeking to pass for the saviors of the Greek people in the eyes of the world, the untold story, the real tragedy, is that very little is being said about the European credit rating machinery that has conspired to keep Greece and other marginal countries indebted ad infinitum; a financial mechanism that makes it impossible for Greece to pay off its debts to the European Central bank, but rather forces Greece to defer its bereavement and to keep fueling its resources in the French and German economic systems by eternally servicing a perennial debt. Indeed, while each euro borrowed from the Central Bank by its counterparts is reimbursed at a 3% interest rate, Greece has been paying back its debt to the European Central Bank at an unreasonable 25% interest rate. This is highly rapacious and must not be rationalize by any financial rhetoric. Greece is just an appendage of France and Germany in the Euro zone. By entering the EU, Greece has shifted from being an agricultural nation to a subsidized importer of agricultural goods from Germany and France in order keep these two so-called “core” economies alive. Even garlic, which is known as an essential in Greek cuisine, hitherto abundantly available in Greece, is today being shipped into Greece from other countries, using German trucks as conveyers, keeping Germans working while Greeks are losing their jobs at a soaring rate.

Papandreou was right to seek a way out of the Euro zone. His timing was not right, though. He attempted his exit at a moment when Greece, by its own fault, but mostly by the fault of its greedy “partners” did not have enough liquidity to survive even the next three months and was therefore forced to accept the tyranny of France and Germany and the usury of their surrogate financial ally—the IMF. Were Papandreou an African prime minister attempting such an exit, jeopardizing the re-elections of such ego-filled leaders as Sarkozy and Merkel, bombs would have been dropped on his countrymen to teach him a good lesson.

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