The Troika Blackmails Greece � Counterpunch: Tells the Facts, Names the Names

11.2.12

The Troika Blackmails Greece � Counterpunch: Tells the Facts, Names the Names: While EU banks have borrowed more than $600 billion at rock bottom rates (1 percent) for up to 3 years with no-strings-attached, eurozone finance ministers are threatening to push member-state Greece into default over a paltry 325 million euros. A German-led coalition within the Eurogroup has set a 6-day deadline for Greece to agree to additional budget cuts or the struggling country will be denied 130 billion euro loan. Absent the bailout, the Greek government will run out of money sometime in late March and default. This appears to be what many in Berlin secretly seek.

Aside from the 325 million euros of cuts, Greek coalition party leaders will also be forced to make a written commitment that the terms of the agreement will be followed whether general elections are held or not. The troika (The European Commission, the IMF, and the ECB) wants to be sure that it is repaid regardless of a change in government.