Most of Greece’s bailout paid off the nation’s creditors and recapitalized its faltering banks.
ATTAC, an organization that campaigns for global justice, takes a dark view of official attempts to save Greece’s moribund economy. The group concludes that Greece didn’t receive a bailout – the nation’s failed banks and creditors did, reaping more than 77% of the crisis funding. Since the purpose of a rescue package is to stabilize an economy and eschew default, chiefly by allowing an economy to pay its debts, the expectation that average citizens would profit may be somewhat naive. Nevertheless, getAbstract, while always politically neutral, believes European policy makers and bankers may be interested in ATTAC’s calls for transparency and reforms.
In this summary, you will learn
- Where Greece’s bailout funding went,
- Why the nation’s economy and society continues to suffer from austerity, and
- How the financial sector and the rich benefited most from the bailout.
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