Frederick Douglass

"Power concedes nothing without a demand. It never did, and it never will. Find out just what people will submit to, and you have found out the exact amount of injustice and wrong which will be imposed upon them..." Frederick Douglass

Saturday, March 10, 2012

The Greek agony

What is publicly presented as the financial markets’ “sacrifice,” a “waiver” by private creditors, giving up over half of the value of their Greek bonds, is in fact a financial gift to the banks.

The debt swap agreed Thursday night by nearly 86 percent of the creditors will not prevent the bankruptcy of the Greek state. It merely postpones it by shifting the cost of such a bankruptcy from the private to the public sector, on which about three-quarters of the Greek debt will fall.