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wstrahan

Greece is standing up to EU neocolonialism | Costas Douzinas and Petros Papaconstantino... - 0 views

www.theguardian.com/...eece-bailout-eu-neocolonialism

#neocolonialism greece

shared by wstrahan on 25 Jun 14 - No Cached
  • The bailout of Greece is not a gift or grant but a loan bearing high interest.
  • According to IMF estimates, Greece will pay €131bn in refinancing and interest payments between 2009 and 2014, far more than the initial bailout loan of €110bn.
  • The European governments now propose to offer a second loan, if Greece accepts an even more odious set of measures and sells off the family silver.
  • ...5 more annotations...
  • The privatisation plan includes the sale of 17% of the public power corporation, the engineroom of growth, which will remove the state's controlling interest.
  • Under the new plan, foreign emissaries will be assigned to the main ministries and the company set up to privatise public wealth.
  • The market value of this stake is just €400m, because of the stock exchange decline. But the corporation owns 15 power plants and the budget for a new plant about to be built is €1.3bn.
  • The loss of economic sovereignty is accompanied by unprecedented attacks on the political and legal integrity of the country.
  • Under the new plan, foreign emissaries will be assigned to the main ministries and will run the companies that will privatise the public wealth.
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