Sofia Sakorafa, a Member of the European Parliament from the Greek ruling Syriza party breaks down what “help” from the troika really amounted to. Hint…it had nothing to do with helping the people of Greece and everything to do with saving the banks and the money held by the 1%.
The European Union is a throw back to the Kings and serfs feudal system that has dominated European history for centuries…only this time instead of emblems and coats of arms we have a nice looking blue flag and shiny yellow stars.
Sputnik News Reports…
According to her [Sofia Sakorafa] calculations, of the 252 billion euro (about $286 billion) loaned to the country by the International Monetary Fund (IMF), the European Union and the European Central Bank (ECB), 149.2 billion euro was used to repay old debts.
Another 48 billion euro was allocated to the recapitalization of Greek banks and some 34 billion euro was given to private bondholders, to convince them to participate in the restructuring.
“92 percent of the money borrowed by Greece to, supposedly, be saved, has led the country to over-indebtedness,” Sakorafa said.
“At this hour, Greece needs to replace the model of ‘debt colony,” deliberately imposed on the country, with a national development plan.”
Greece was hit by the global financial crisis of 2008-2009, that left the country heavily reliant on foreign loans.See Also
The country’s debt currently stands at about $360 billion. Last week, Greece transferred an installment of 750 million euros to the IMF. The payment reportedly left Athens without money to service other loans or to pay salaries and social benefits.