The Atlantic

The Greece Bailout’s Legacy of Immiseration

The cynicism and brutality of what happened there is for the whole world to see.
Source: Louisa Gouliamaki / AFP / Getty Images

2010 to 2018 will go down in Greek history as an epic period of colonization; of asset stripping and privatization; of unfunded health and education; of bankruptcies, foreclosures, homelessness, and impoverishment; of unemployment, emigration, and suicide. These were the years of the three memoranda, or “financial-assistance programs” accompanied by “structural reforms,” enacted supposedly to promote Greek “recovery” from the slump and credit crunch of 2010. They were, in fact, a fraud perpetrated on Greece and Europe, a jumble of bad policies based on crude morality tales that catered to right-wing politics to cover up unpayable debts.

This was a bailout? The word reeks of indulgence and implied disapproval. As it was

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