The fight there is against massive trans-national corporate banks and the rights of the citizens of Greece.
The story to date is a feckless Greece who selfishly screwed their accounts and now wants to be bailed out. The truth is a slightly bit more complex.
What few realise is that the Greeks were aided in their meltdown by Goldman Sachs who helped Greece deceive the rest of the world…
Goldman Helped Greece Hide Catastrophic Debt
(Newser) – Greece’s budget problems were allowed to grow to their current monstrous size with the help of a Goldman Sachs deal worthy of an Oscar for creative accounting. Greek government officials—no strangers to number-juggling themselves—used the US bank to concoct a derivatives deal that allowed the country to circumvent EU rules requiring member nations not to run deficits exceeding 3% of GDP, Der Speigel reports. The deal, agreed in early 2002, circumvented EU rules with a credit swap in which government-issued bonds in dollars and yen were traded for debt in euros. Such transactions don’t need to be reported to EU authorities. The Goldman-Greece deal exploited this loophole by inventing a fictional exchange rate, allowing Greece to borrow billions more and mask the true size of its debt. Greece’s deficit problem will become even greater when the Goldman bonds mature over the next 10 to 15 years. Greece’s exploding debt is now threatening to bring down the euro.
…not only did Goldman Sachs help the Greeks commit these deceptions, using their inside knowledge of how perilous the Greek situation was, they bet against the Greek economy!
Hiding billions of dollars worth of Greek debt, all the while betting that the Greek economy would collapse is like buying fire insurance for a house, leaving the gas on and inviting the owners around for a cigar evening.
The financialization of the global economy has created corporate gangsters and where better to symbolically crucify democratic states than in the home of democracy?
This bail out is to save German bankers bacon, not the people of Greece. If corrupt leaders have conspired with corporate gangsters, they are the ones who should pay for Greece’s crisis, the people trying to live their lives are not collateral damage for the IMF.
This fight is about democracy vs corporate banks, we shouldn’t be on the side of the banks.