These “bail-outs” are in fact a high finance form of loan-sharking, which “structurally adjust” an entire country’s economy in order to strip the country of its assets. The debt in Greece incurred by last year’s bail-out is enormous and exponentially growing already–meaning that another “bail-out” would simply add more fuel to the fire–and it is this, and not austerity cuts themselves–that the agnaktismenoi (“outraged”) are resisting.
via Tiger Beatdown › Loan-sharking Greece.
For real. The damage of the IMF loans should be evident to every living citizen of the planet at this point. And as Vijay Prashad made fairly clear to me, the rich nations who lend the money use the trumped up interest rates to anchor their own out-of-control debt. Loan sharking is right. More at the ol ‘beatdown.