Ignorer la navigation
Greek Bail-Out
Article

Greek Bail-Out

77% Went into the Financial Sector

Attac, 2013

résumé audio créé automatiquement
résumé audio créé automatiquement

Editorial Rating

6

Qualities

  • Controversial
  • Innovative
  • Overview

Recommendation

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.

Summary

Between March 2010 and June 2013, Greece received 23 installments of crisis funds amounting to €206.9 billion [$276 billion] from the European Union and the International Monetary Fund. But who benefited from the cash infusion?

  • “Directly or indirectly,” more than “77% went into the financial sector” – Of the €206.9 billion, 48.98% (€101.3 billion) paid off creditors of the Greek state, mainly sovereign-debt bondholders. Greece also compensated creditors to entice them to agree to the “so-called ‘haircut’ in March 2012...

About the Author

ATTAC is an international organization that campaigns for global justice.


Comment on this summary

More on this topic