by Scott Creighton
The new IMF Managing Director Christine Lagarde announced the IMF’s approval of a 3.2 billion euro ($4.6 billion) loan payment for Greece. This latest payment is part of a 12 billion euro bailout package which is being doled out bit by bit as Greece hammers her population with draconian austerity measures and record setting privatization plans. Lagarde said of the “progress” being made in Greece that they are “delivering important results”. Let’s take a look at some of those “important results” she’s referring to.
First of all, the $4.6 billion dollars is not going to the government of Greece to help them run the country or to make things better for the people of Greece. Oh no. That money, as was pointed out by Tyler Durden over at Zero Hedge, is going straight to hedge funds and the global financial institutions who caused this debt crisis in the first place. The people of Greece won’t actually see a dime of that money while they have to suffer with less wages, more taxes, and a government that is set on selling off their publicly owned assets for pennies on the dollar.
“Well, as explained a few weeks ago, in Greek Math: €12 Billion In, €18.2 Billion Out the entire amount will be promptly recycled by global financial institutions in the form of debt maturities and interest payments, which amount to €18.2 billion in the months of July and August. Simply said ECB, EU and IMF money in, money owed to bankers out.” Zero Hedge
Keep in mind that this money, borrowed from various nations like ours ($780 million worth by Tyler’s accounting) by the IMF at a quarter point interest, is being LOANED, at gun point, to the people of Greece (who don’t want it), at 3% interest, creating a nifty little profit margin for the IMF and further enslaving the people of Greece to the banker’s favorite trick, the endless cycle of debt servitude. The people are on the hook for even more money and the bankers and their hedge fund manager drinking buddies get the cash.
Sweet deal, huh? Sweet deal for the bankers and the hedge fund managers. Sweet deal for the billionaires, shitty deal for the people of Greece. But Christine Lagarde seemed very pleased to make the announcement. She’s just her being true to her nature. You see, Christine Lagarde has been looking out for billionaires at the expense of the people for a very long time.
Filed under: Banking Heist, class warfare, Economic Crisis ie. Disaster Capitalism, economic terrorism, Globalization, Neoliberalizing Greece, Protests in Greece, Scott Creighton | 8 Comments »