Banks Bailed Out as Greece Pushed into Recession

Posted: July 2, 2015 in Economics
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teleSUR spoke with UK anti-poverty activist John Hilary, who criticized the behavior of Greece’s creditors who have demanded more austerity.

The International Monetary Fund made over US$1.5 billion as a result of the interest charged to Greece through its bailout loans, according to John Hilary, executive director of the War on Want, who spoke to teleSUR in an exclusive interview Tuesday.

The leftist Syriza government led by Prime Minister Alexis Tsipras will conduct a referendum Sunday to consult with the Greek people and determine whether they approve or reject the terms set out by creditors, which include tax increases and cuts to pensions.

Tsipras opted to call for the referendum after negotiations broke down between the government and its creditors, who insisted on more of the same policies that have pushed the Greek economy into a severe economic recession.

“The only people who are benefiting from keeping the debt going are the bankers, they’re the ones who made a killing out of Greece’s debt,” Hilary told teleSUR. “Of the money that has been handed out in the so-called bailouts, 10 percent has gone into the Greek economy and 90 percent has gone straight back to the bankers and the other financiers who are holding that credit,” said Hilary.

Source: [TeleSur]


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