The ancient Greek were the founding fathers of Western Civilization, they laid the foundation for modern day language, politics, educational systems, philosophy, art, architecture and religion. Greek mythology was a part of ancient religion and is used by modern scholars to interpret ancient religion, political institutes and civilization. One of the ancient Greek myths is the myth of Hydra, a serpent like water beast with a countless amount of heads. Hercules had to fight Hydra to fullfil one of his “twelve labours”. Whenever Hercules chopped of one of the heads the Hydra grew 2 more back, it seemed like an impossible mission till he invited his nephew to help. Together they conquered the Hydra, but not without consequential outflows that revealed itself later in time. The Greece crisis of today can be explained through the myth of Hydra, the different heads of the serpent attacking Greece from different angles.
As the founders of Western Civilization it looks like Greece will be the first to be confronted with the down side of democracy and capitalism. They lived the fact that a crisis free capitalism doesn’t exists. With a national debt of €350 billion, a €57 million French loan, €43 million German loan, a €4,5 million Dutch loan and an bailout of €108 million from the IMF and ECB, Greece had its first encounter with the Hydra serpent. The €108 bailout was a drop in the ocean for the Greek people and a welcome gift for banks and corporations. Greece is bankrupt and its government tries to convince the people that they all have a part in it. The government even pictures the Greek people in the international media as genetically undisciplined people, which makes them part of the problem and the reason why according to the government they have to pay the national debt through taxes.
After WWII till the seventies Greece had a flourishing economy. From the seventies on financialization spiralled Greece down and the national GDP as well as the wages didn’t grow anymore. The Greek government created a credit economy in order to keep the money flowing by tricking people into purchasing stuff while they didn’t had the real money for it. In 2007 the US housing bubble was a fact and caused the Greece economy to collapse. The government used tax money to try and get the economy running again, but this made the financial crisis fiscal. This way the Greek people helped the banks to survive and in return the banks gambled on the state’s bankruptcy, which had only effect on the people. Speculations made the situation even worse and there was no other option then letting the eurozone step in. The Eurozone as well as the IMF are big poisoned Hydra heads. They destroy the immune system of peripheral countries like Greece. The weak countries have no longer the ability to devaluate their currency and will weaken the country and it’s people even more. All countries who had aid from the IMF had a lifespan fell of 5-10 years.
Greece hasn’t been able to come up with a fair and effective tax system so far. Due to Greece’s social and class structure, the mass national borrowing and a deep engraved dept throughout history, led to a corrupt economy over the last decades. Only a small group of rich families, politicians and businessmen were able to profit within the Greek economy. This created an imbalance within the nation where only a few had it all and the majority was left with nothing. The IMF and the ECB didn’t balance the inequality out, their goal was not to save the people to get a dignified life again, no, instead they helped the banks and corporations to survive. A lot of Greek people are hungry, homeless, have the lack of healthcare and medication. It’s a peripheral country that almost resembles a third world country.
The riots in Greece are the last resort of a nation’s people to stand up and express their displeasure.They basically state that they do not agree upon the fact that they have to pay for the mistakes a few people in power made. They need to understand that accepting and allowing these practises till so far, has led to todays crisis and therefore they are part of the problem and part of the solution. More bailouts and more loans will not help Greece and will only bring more European nations into debt. A fascinating question for Greece right now is the question if the national debt is a odious debt or a legitimate debt?
An odious debt is a debt created by taking a loan as leader or government of a country and not informing the people about it. Then spending the loan on issues that do not benefit the people and letting the people pay for it through taxes. A precarious fact is that after the invasion of Iraq by the US the odious debt of Saddam’s regime was canceled. The US tried to sweep this under the carpet so other nations such as Congo, the Philippines and South Africa, who had all regimes that made odious debts, would not claim a cancellation of their odious debts. Greece also has odious debts after illegal practises with Siemens, Goldmann Sachs and the Olympics. Germany and France lend Greece money and forced them to buy in return military arms such as airplanes and submarines. This odious debt must be proven through Greek and international law by installing an auditing committee. That’s the only way to get rid of this immoral debt. The people or life in general must always come first before the lenders.
In Greece the democratic socialistic system is turning against its voters.The Greek political parties ND and PASOK will not support an auditing committee, they benefit from the creation of debt and they do not want to expose their lack of responsibility. The people of Greece have to unite and stop revolting and rioting. Unite and demand an audit committee that proves that they are not obliged to pay the odious debts. Greece can dismantle all basic needs as healthcare, education and transportation, but they will never be able to pay back €350 billion with interest. They have to liberate themselves from the IMF, ECB and the Eurozone and stand up to demand or propose real sustainable and practical solutions. The Greek were the first to step into Westen Civilization, so let them be the first Europeans to step into an Equal Money System.
Main source: debtocracy.