Brave ‘no’ to ruthless and oppressive IMF

2015-07-14 06:00

THE people of Greece have made a brave choice by voting “no” to the terms of a continued euro zone bailout plan.

The “no” vote is an extraordinary act of resistance and political will that will change the discussion in Europe.

By defying the upper middle class, the masses voted “no” to austerity and said “yes” to independence.

The European Central Bank (ECB) and International Monetary Fund (IMF) loans come with stringent strings attached.

These banks are ruthless and oppressive institutions. The IMF and ECB impose shameful policies and programmes on poor countries before lending them money.

They profess to help the poor countries but rob and rape their resources through dictatorial contracts and devastating economic policies.

For many decades, these vulture-type banks have been sucking the blood of many countries, especially in Africa and Latin America.

John Perkins, in his book Confessions of an Economic Hit Man, explains how huge global corporate companies, via the IMF, generate massive profits at the expense of Third World countries.

Furthermore, Michel Chossudovsky in his book The Globalization of Poverty and the New World Order, explains how the World Bank and IMF have contributed to poverty around the globe.

Loans and interest are problematic beasts. Greece’s current financial crisis is but one expression of the vast looting business that is at the centre of modern-day banking and financing.

MOHAMED SAEED

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