Saturday, April 18, 2015

Greece's Debt Should Be Written Off Like Germany's in 1953 – Noam Chomsky

Noam Chomsky

© REUTERS/ Alkis Konstantinidis
The massive debt of Greece should be written off, political thinker Noam Chomsky told the Euronews television.
MOSCOW (Sputnik) — Chomsky said that the left-wing Syriza party in Greece came to power on the wave of opinions, according to which Greece should not subject itself to Brussels and German banks' policies anymore, because these policies were destroying the country. Answering a question on whether Greece's debt should be written off, he said Friday:
"Yes, just like Germany's was. In 1953, when Europe wrote off most of Germany's debt. Just like that, so that Germany would be able to reconstruct from wartime damage."
"The effect of these policies has been actually to increase Greece's debt relative to its wealth production; probably a half of young people are unemployed, probably 40% of the population is living under the poverty line, Greece is being destroyed," Chomsky was quoted as saying by Euronews.
He said that Greece's debt had been incurred by the fascist dictatorship, supported by the United States, and German and French banks.
Greece owes the troika of international creditors, that includes the International Monetary Fund (IMF), the European Union and the European Central Bank (ECB), an estimated sum of some $270 billion. In February, Greek authorities and Eurozone finance ministers agreed to extend the country's bailout for four months. Under the agreement, Greece promised to implement a range of economic reforms to revive its economy.
Athens needs to work out a reform plan before the next meeting with the EU finance ministers on April 24 to receive the next financial aid package

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