The Greek government failed to grab the line thrown to them. They were under pressure from the French and German authorities who were anxious to safeguard their weapons exports. In proportion to the size of its economy, Greece spends far more on armaments than the other EU countries. From Germany it bought six submarines for 5 billion euros. The loans granted as from to Greece by EU member countries and the IMF will not serve the interests of the Greek people - quite the opposite. Drastic cuts in subsidies to municipalities, leading to mass lay-offs of workers. Sacking of 10, workers under fixed term contracts in the public sector.
Public companies showing a loss to be closed down. Increased income tax for the middle brackets, but reduced corporate tax. Intention to privatize the ports, airports, railways, water and electricity supply, the financial sector and the lands owned by the State. Pension schemes. Pensions are to be cut and then frozen. For retired workers in the private sectors, the 13 th and 14 th month pension payments have been abolished.
Spending related to pension has been capped to a maximum level of 2.
Ooparts. Objetos imposibles
Public transport fares. This proposal attracted a great deak of attention. She proposed that Greece should follow the Ecuadorian example and asserted that there was an alternative to submitting to creditors, whether IMF or bankers. This stance was widely covered by the media. Trade unions, several political parties and many intellectuals support this proposal as a means of finding a solution to debt through cancellation on the one hand, and penalization of companies and people responsible for this illegitimate debt on the other. It should be noted that a Greek anti-debt committee was set up in For a decade, Ireland was heralded by the most ardent partisans of neo-liberal capitalism as a model to be imitated.
The Celtic Tiger boasted a higher growth rate than the European average. The tax rate on companies had been reduced to In this earthly paradise, everybody seemed to benefit. Workers had jobs though often highly precarious , their families were busy consuming, benefiting as they were from the prevailing abundance, and both local and foreign capitalists were enjoying inordinate returns. According to Colmant, Belgium needed to change the legal and institutional framework so as to become a platform for international capital, just like Ireland. A few short weeks later the Celtic Tiger was crying mercy.
Real estate and stock market bubbles started forming. The total amount of stockmarket capitalizations, bond Bond A bond is a stake in a debt issued by a company or governmental body. The holder of the bond, the creditor, is entitled to interest and reimbursement of the principal. If the company is listed, the holder can also sell the bond on a stock-exchange. What could not possibly happen in such a fairytale world then happened: in September-October the card castle collapsed and the real estate and financial bubbles burst. The number of families unable to repay their creditors swiftly increased too.
The whole Irish banking system teetered on the edge of bankruptcy and a panic-stricken government blindly guaranteed bank deposits for billion euros that is, about three times an Irish GDP of billion. It nationalized the Allied Irish Bank, the main source of financing for real estate loans, with a transfusion of Exports slowed down. State revenues declined. Toxic assets cannot be sold, as they are often guaranteed to lose money. At the end of the European bail-out plan with IMF participation amounted to 85 billion euros in loans including The rates for loans to Ireland are very high: 5.
Both in the streets and in parliament, opposition has been very determined. The Dail , or lower house of parliament, voted the 85 billion rescue plan by a mere 81 to In short, the economic and financial liberalization aimed at attracting foreign investments and transnational financial companies has utterly failed.
ISBN 13: 9788415747062
To add insult to the damage the population must bear as a result of such a policy, the IMF and the Irish government are persevering in the neo-liberal orientation of the past two decades and, under pressure from international finance, are subjecting the population to a structural adjustment Structural Adjustment Economic policies imposed by the IMF in exchange of new loans or the rescheduling of old loans. Structural Adjustments policies were enforced in the early to qualify countries for new loans or for debt rescheduling by the IMF and the World Bank. The requested kind of adjustment aims at ensuring that the country can again service its external debt.
These SAPs have not only substantially contributed to higher and higher levels of indebtedness in the affected countries ; they have simultaneously led to higher prices because of a high VAT rate and of the free market prices and to a dramatic fall in the income of local populations as a consequence of rising unemployment and of the dismantling of public services, among other factors. Yet these decades should show what must not be done, and why it is high time to enforce a radically different logic that benefits people and not private money.
Islandia. El país que no rescató a su banca (Spanish Edition)
Major media and governments claim that in the North, the issue is the burden of public debt while in fact in most countries, private debt is much heavier. Now a heavier public debt is used by current governments as an argument that would account for adopting new austerity plans primarily affecting social expenditure. Let us look at the case of Ireland. Note that the share Share A unit of ownership interest in a corporation or financial asset, representing one part of the total capital stock.
Its owner a shareholder is entitled to receive an equal distribution of any profits distributed a dividend and to attend shareholder meetings. Joseph Stiglitz and other economists support the position of those who argue for suspension of debt repayment. It financed public and private projects in Third World and East European countries.
It consists of several closely associated institutions, among which : 1. The International Finance Corporation IFC , which provides both loan and equity finance for business ventures in developing countries.
As the economy strengthens, government tax revenues are increased — again improving the fiscal position of the government. Joseph Stiglitz considers that those who believe that one of the central functions of the IMF is to impose the highest possible price on countries that wish to default are wrong. Joseph Stiglitz also clearly challenges the part played by bankers and other creditors who granted massive loans without checking the solvability of borrowing countries or, worse, who granted their loans while knowing full well that there was a high defaulting risk.
He adds that since creditors demand high rates from some countries to compensake for risk it is only right that they should accept losses due to debt cancellation. Those creditors should have used the high interests they received as a provision against possible losses. In short, Stiglitz argues that creditors should take responsibility for the risks they run p. He is in favour of the doctrine of odious debt and claims that such debt must be cancelled p.
Announce a unilateral moratorium without accrual of interest on overdue payments on debt repayments, while an audit of the public debt is carried out with citizen participation. On the basis of the results of this audit, debt identified as illegitimate will be cancelled. With its experience in analyzing the debt issue in the South, CADTM warns against making insufficient demands such as the mere suspension of debt repayment. There must be a moratorium on all repayments including overdue interest on sums not repaid.
The moratorium will be used to conduct a review of loans in order to identify illegitimate debts. Citizen participation is an essential requirement to ensure the objectivity and transparency of the audit. The audit commission should be composed of experts in auditing public finances, economists, trade unionists and social movement representatives among others. The audit will make it possible to identify the different responsibilities in the debt processs and demand that those responsible be held publicly accountable.
Debts identified as odious or illegitimate will be cancelled. Expropriate the banks without compensation and transfer them to the public sector under citizen control. There is no sustainable regulation possible with private financial institutions. States must recover their capacity to control and direct economic and financial activities. The cost of taking over virtually bankrupt private banks must be recovered from the general assets of the major shareholders. For the private companies that have shares in the banks and led them to the verge of ruin while making juicy profits have assets in other economic sectors.
The general assets of the big shareholders must therefore be tapped. Item specifics Condition: Brand New: A new, unread, unused book in perfect condition with no missing or damaged pages. See all condition definitions - opens in a new window or tab Read more about the condition. About this product. New Hard cover.
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Anti-austerity movement in Spain - Wikipedia
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- Konstanze oder wie viele Leben (German Edition).
- The Circle of Initiates (Kolo Vtaemnychenyh);
- Sedotta per contratto (Italian Edition).
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