More on the Crisis in Greece

The “bailout” package that the Greek government is negotiating with the European Union, International Monetary Fund and European Central Bank will require, as Costas Lapavitsas explains, more “wage and pension cuts, perhaps 150,000 lost jobs in the civil service, more taxes, and sweeping privatisation. And what is likely to happen if the country accepts this? By the calculations of the troika, in 2015 sovereign debt will be 160% of GDP, servicing the debt will cost 10% of GDP, and the government deficit will be 8% of GDP. In short, Greece will still be bankrupt.What, then, is the point of the fresh bailout ? The answer is rescuing international bondholders and buying time for banks.” Read his article here.

Alex Callinicos looks at the divisions in the European ruling classes about the terms of the loan to Greece here.

This documentary has been a hit in Greece: Debtocracy.