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Easy Solution to Greek Woes: Repudiate Its Unpayable Debt


By Peter Papaherakles

As Greece is being led into financial enslavement by a corrupt government in bed with the global banking cartels, increasing numbers of economists are saying that rather than sinking deeper into debt it can never repay, Greece should take control of its destiny and repudiate the unconstitutional debt that it has been saddled with.

Although writers in the alternative press have been floating this suggestion
for months, mainstream economists are also starting to say the same thing lately. On June 16, even Allen Mattich of the Wall Street Journal wrote an article entitled “Greece May View Euro Exit; Debt Default as Best Option in Financial Crisis.” Mattich stated, “Greeks are growing fed up with austerity and seem unwilling to take on the still stricter conditions being demanded of them. Were the Greeks to decide that a euro-exit was not only possible, but desirable, the core EU, led by Germany, would almost certainly make huge concessions, including debt forgiveness. A Greek default and departure from the euro would risk a systemic crisis across Europe’s financial sector.”

Economic analyst Max Keiser calls the bankers criminals and suggests that Greece bring back the drachma. He sees what is going on in Greece as part of a worldwide problem of unscrupulous bankers conquering the world through debt.


Debtocracy, a new documentary film by Costas Lapavitsas, an economist and professor in London, makes the best case for repudiating the debt.According to reports, over a million Greeks have seen it on the Internet. A very well-made film, it introduces the concept of “odious debt,” established in the 1920s by Russian economist Alexander Sack. Several countries have used this concept to repudiate unconstitutional debts throughout history, including Ecuador, which only paid 20 cents on the dollar to cover its debt a few years ago. When the U.S. occupied Iraq in 2003, they inherited a $120 billion debt that Iraq owed to France and Russia. The debt was declared odious, and the U.S. did not have to repay a dime.

An odious debt conforms to three qualifications: a) The government received the loan without the people’s approval; b) The loan was spent for activities not beneficial to the people; and c) The lender was aware of the above yet lent the money anyway, thus committing a hostile act against the people of the target country.

In Greece’s case, the whole financial crisis was created by fraud between Wall Street, the IMF, European bankers and corrupt Greek politicians over the past decade. The Greek people clearly do not benefit from these loans as they merely service interest on previous loans. As a matter of fact, no real money was ever loaned. Rather, ledger entries were made marking interest payments as paid. Not a penny of the $150 billion has actually gone to help the people of Greece. Finally, the lenders were well aware of what was being done because they were complicit in defrauding the people of Greece.

The entire financial crisis was manufactured and sold to the public through hype created by the banker-owned international media, with politicians playing scripted roles. The whole thing is a Hollywood production, with the people of Greece serving as hapless victims. If the U.S. government doesn’t dramatically curb its spending, we’ll be the victims in a future episode.

The banker-owned media places the blame on a bloated bureaucracy and crippled tax system. The clever PIIGS acronym (Portugal, Ireland, Italy, Greece, Spain) was crafted to convey the misconception that Greece and other countries are lazy gluttons that squandered mountains of cash. Debtocracy documents how bankers and politicians engaged in wasteful projects in which they benefited while bringing Greece to bankruptcy.

These included bribes and kickbacks from German conglomerate Siemens to build the Athens subway system, in addition to huge spending for the 2004 Olympics. Even worse was many billions for high-priced weapons like airplanes and submarines bought from European manufacturers owned by the same bankers. This type of fiscal manipulation is textbook Economic Hitman material as described by John Perkins.

Greece is the canary in the mine in a bankers’ end game. If Greece goes down, it won’t be long before our turn comes.

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(Issue # 28, July 11, 2011)

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