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Georgios Papadopoulos:Dictator:
Yet once shall I attempt a comparison with doctors

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We have a patient;
we've placed him in a plaster cast.

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Dominique Strauss-Kahn: IMF Managing Director:

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As has been said before,
history has this wicked habit…

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of repeating itself «as farce».

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So, from a dictator/wannabe-doctor,

we moved on to the MDs of the IMF.

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Andreas Papandreou: PM of Greece, 1981-1990, 1993-1996: Everybody has to join in the struggle,
fully aware that…

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either the nation will obliterate its huge debt…
or the huge debt will obliterate the nation.

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Constantinos Mitsotakis: PM of Greece, 1990-1993:
This year's incomes policy will be strict and austere.

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No raises will be given whatsoever.

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Costas Simitis: Greece PM, 1996-2004:
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There is no more room for benefits or tax cuts.

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Costas Karamanlis - PM of Greece, 2004-2009
We have to cut public spending,
we have to tidy up our house.

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And this cannot be achieved
with your empty promises…

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of handing out money and privileges
at a time of such crisis.

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Giorgos Papandreou PM of Greece
Unfortunately, our country is in the ICU.
The nation's fiscal deadlock…

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17 00:03:37.170 threatens our sovereignty for the first time since 1974. 19 00:03:45. two political parties.160 After decades of continuous austerity. in order to save their lenders.120 --> 00:04:05.090 advertised Greece as .00:03:22. 3 families of politicians… 18 00:03:41.190 --> 00:03:40. the Czars of the economy… 21 00:04:02.000 --> 00:03:44. 20 00:03:57.160 --> 00:04:01.200 In the last 40 years.120 --> 00:03:28.100 They declared suspension of payments to the people.050 --> 00:03:49.090 along with certain businessmen. led the country to bankruptcy.

240 --> 00:04:25. 23 00:04:09.100 --> 00:04:13.the local financial superpower.Minister for Finance 1994-2001: The economy sprang forward and went… from second to first league.Minister for Finance 2001-2004: Once more.230 N.640 --> 00:04:20. 25 00:04:20. We were the first to solve the economic problems. 24 00:04:14. 22 00:04:05. Christodoulakis .060 Yannos Papantoniou .Minister for Finance 1994-2001: Our work is great.080 Yannos Papantoniou . those .170 --> 00:04:09.040 When their creation crumbled. our economy will prove to be our strongest asset.

. 28 00:04:44. . we were incapable of handling… 27 00:04:30.010 our economy without foreign aid.010 --> 00:04:52..050 And our ministers tried to convince us that all of us had a part in this.090 --> 00:04:29.010 --> 00:04:34. 29 00:04:49.people said behind our back… - 26 00:04:25. and our lenders «PIIGS».150 --> 00:04:47.040 --> 00:04:58. due to some genetic disorder.040 as was the case with all peripheral EU countries.990 that.200 Our government called us bums. 30 00:04:53.

«what did you do with the money?» is: 34 00:05:25. 2008-2011: 32 00:05:16.31 00:05:02.190 --> 00:05:25.220 So are we the prodigal children of a neat global economy… .160 Brian Lenihan .Vice-president of the Greek government: The answer to the denouncement of the country's politicians… 33 00:05:21.030 --> 00:05:21.120 We made you civil servants! We all had a part in this! 35 00:05:33.070 --> 00:05:07.Ireland's Minister for Finance.190 Theodoros Pangalos .240 --> 00:05:37.230 --> 00:05:31.230 that makes people ask us.

41 .Professor in Economics: In the first 25 years after World War II.030 Or has the system been ailing since its youth? 38 00:06:23.070 Costas Lapavitsas .180 Real income rose.36 00:05:37.120 Capitalist economy in the post-war period consists of two parts.220 --> 00:05:39. as did the consumption of goods.130 and an all-successful Europe? 37 00:05:39.130 --> 00:05:44. 40 00:06:38.120 --> 00:06:38. the growth rate was high.070 --> 00:06:45.070 --> 00:06:28. 39 00:06:28.

100 Those were novel circumstances in the history of capitalism. 46 00:07:32. . 42 00:07:03.100 --> 00:07:08.220 From then on. 45 00:07:24... if any.110 --> 00:07:19. we entered a period of low growth.Social scientist 43 00:07:15.180 --> 00:06:52.090 --> 00:07:24.240 --> 00:07:38.220 David Harvey . recurrent crises. 44 00:07:19.00:06:45.240 suppressed.090 This happy period ended in the mid-Seventies.240 Mature capitalist countries found it difficult.. rises in workers' income— and high unemployment.220 --> 00:07:32..

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to accrue wealth.

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This period was marked by a
huge growth in the financial system…

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which was termed financialisation.

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Financialisation brought on
and intensified the crises.

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When the US housing bubble burst…

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the financial system came close

to total collapse.

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As a result, it affected the real economy,
which had its own structural problems.

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States took rescue measures.
They used tax-payers' money…

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to save the banks and restore demand.

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Thus, the financial crisis went fiscal.

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And those same banks which
were saved by the tax-payers…

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decided to bite the hand that fed them,
by gambling on state bankruptcies.

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Speculation makes things worse
in Greece, too.

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Only, this time, the problem
is even deeper.

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It's time for the Eurozone
to pay.

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King Euro proves naked, mainly
because he's a king without a state.

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Samir Amin - Economist
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.180 Despite their weaknesses. 67 00:11:34.220 --> 00:11:41.020 --> 00:11:24. 64 00:11:21.100 --> 00:11:45. the advantage of the US dollar.180 --> 00:11:29. the Eurozone is not viable. is that there is a state called the USA.There cannot be a currency without a state.. 65 00:11:24. 68 00:11:41.220 Europe does not exist as a political entity. 66 00:11:29.160 In my opinion.180 among other things.180 --> 00:11:34.100 There's no legitimized political power connecting its states..

200 and the Federal Reserve System intervene to ameliorate inequalities… 71 00:11:55.060 --> 00:12:04. the Eurozone accentuates inequality.120 In contrast to the USA.120 --> 00:11:55.140 The Eurozone is divided distinctly into central and peripheral states.130 --> 00:12:11.040 --> 00:11:52. 72 00:11:59.220 This is how the PIIGS.69 00:11:49. 74 . the poor relatives of the EU. where the federal government… 70 00:11:52.200 --> 00:11:59. 73 00:12:07.060 among states. came into existence.

840 --> 00:12:18. 75 00:12:20.190 The central states. 76 00:12:31.180 --> 00:13:01.180 The crisis is most intense in the peripheral states.040 This was directly due to the Euro.190 --> 00:12:33.180 --> 00:12:29. 79 00:12:53.080 --> 00:12:38.00:12:13.060 --> 00:12:42.060 and the competitiveness of peripheral countries fell steadily and systematically behind. president of the Committee for the Abolition of Third World Debt . are winners because of the Euro.080 The competitiveness of EU states came to vary a lot… 77 00:12:33. 78 00:12:38.160 Éric Toussaint. especially Germany.

070 the World Heavyweight Champion.200 --> 00:13:26.The crisis in the EU was a result of the way Europe was integrated.190 Why are the peripheral countries lagging behind in competitiveness? 84 00:13:26.120 With Greece.120 --> 00:13:15.190 --> 00:13:30. it's like putting Muhammad Ali … 81 00:13:10. what causes . in the ring with a featherweight boxer… 82 00:13:15. 83 00:13:22. 80 00:13:05.160 --> 00:13:10.040 Most of all.220 and telling them: «Start fighting and let's see who wins».070 --> 00:13:19.

this divergence to keep increasing?

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The myth of the "lazy periphery"
and "industrious Germany"...

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with its "high productivity" is just that.
All the German governments managed…

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was to declare war
on their own work-force...

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and freeze their salaries
for a decade.

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Sahra Wagenknecht - Deputy Chairperson, Die Linke
In recent years, the nominal increase

in salaries was 7% (in Germany)…

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while in the Eurozone it was 27%.

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This gap logically results in loss
of competitiveness in other countries.

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When salaries go down in one country,
while they go up in all the others …

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it's only natural that the competitiveness
of the German economy is boosted…

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while the other countries
are unable to follow.

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The Eurozone countries are no longer
able to devaluate their currency.

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This resulted in the establishment
of a mechanism…

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which was bound to lead
to the results we have today.

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Costas Lapavitsas - Professor in Economics:
The loss of competitiveness
manifested itself in two ways…

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both of which played
a decisive part in the crisis.

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100 And Greece’s deficit is huge.060 Firstly. When you're unable to compete… 102 00:15:43.220 This phenomenon went hand-in-hand with the accruing of debt.160 --> 00:15:37.080 And Greece had the greatest deficit of all. great deficits occurred in current transactions. as well.060 --> 00:15:43. .00:15:32.150 --> 00:15:48.040 --> 00:15:57.100 --> 00:15:52. 103 00:15:46. 104 00:15:48.040 But this goes for the other peripheral countries.150 your transactions with the rest of the world result in a deficit. 105 00:15:52.080 --> 00:15:46. 101 00:15:37.

110 If you have such deficits.110 given the circumstances of its integration into European markets. 107 00:16:06.100 Greece belongs to the European Continent's semi-peripheral countries.230 . 108 00:16:10. 111 00:16:33.160 It's evident that Greece was bound to accrue national debt… 110 00:16:29. 109 00:16:22.090 --> 00:16:17.090 --> 00:16:10. Greece is the poor relative.220 --> 00:16:02.110 --> 00:16:37.090 In the EU.160 --> 00:16:33.106 00:15:57.100 --> 00:16:29. you must balance them somehow.

160 The Achilles' heel of those countries is deficit and debt.160 --> 00:17:03.170 --> 00:16:50. the debt is rooted… 117 .230 --> 00:16:39.160 In our case. 113 00:16:46.090 That's pure racism.100 --> 00:16:59.070 leaving them exposed to the global crisis.I won't even bother with the rumour that Greeks are lazy.050 The Eurozone destroys the immune system of peripheral countries… 114 00:16:50.050 --> 00:16:53. 115 00:16:55. 116 00:16:59. 112 00:16:37.

030 During an extraordinarily "happy" period.080 --> 00:17:31.080 --> 00:17:15.160 --> 00:17:06. 121 00:17:22. And it's been borrowing ever since.110 deep in the history of the Greek state.030 --> 00:17:34.210 --> 00:17:22.190 Manolis Glezos . our country… 119 00:17:15.080 With one exception. 118 00:17:09.00:17:03.210 started borrowing. . 122 00:17:31. 120 00:17:20.190 --> 00:17:20.historical figure of the Greek Left From the time of the Revolution of 1821.010 During the German Occupation. Greece managed to become a lender.

started to rise in the 1980s.080 --> 00:17:55.200 --> 00:17:49.000 And national debt as we know it.080 that of a borrower. 125 00:17:47.130 The Germans forced Greece to become a lender instead of a borrower.Greece lent to Germany.080 --> 00:17:47.020 The high levels of national borrowing in Greece… 128 . 126 00:17:49. 127 00:17:57. 123 00:17:34.200 After the German Occupation ended.220 --> 00:18:00.010 --> 00:17:38. the country resumed its traditional role. 124 00:17:43.

180 --> 00:18:22. 132 00:18:19.180 (History of Greek sovereign debt) 133 00:18:22.030 --> 00:18:12.230 relate to Greece's social and class structure… 129 00:18:03.900 Andreas Papandreou created the necessary welfare state .180 It has to do with the Greek state's systematic inability… 131 00:18:12.180 to implement an effective and fair system of taxation.030 and the form the Greek economy has assumed over the last few decades.230 --> 00:18:08.020 --> 00:18:03. 130 00:18:08.00:18:00.990 --> 00:18:26.180 --> 00:18:19.

990 --> 00:18:43. 139 00:18:45.990 --> 00:18:37.990 --> 00:18:34. he saved the companies' owners. 137 00:18:37. 135 00:18:30. 138 00:18:43.900 Public deficit and sovereign debt increased dramatically.990 --> 00:18:45.900 Mitsotakis’ government continued to borrow.990 --> 00:18:49.900 .134 00:18:26.900 without increasing corporate and high income taxes. 136 00:18:34.990 --> 00:18:30.900 Primarily though.900 He saved jobs by nationalizing loss-making private companies.

900 Kostas Simitis was luckier.900 and economic growth were on his side. 143 00:19:03.990 --> 00:19:09. 142 00:18:59.The Maastricht treaty imposed world markets as the only mechanism for deficit control.900 prohibiting other means of money creation.990 --> 00:19:03.990 --> 00:18:58. 140 00:18:49.990 --> 00:19:13.990 --> 00:19:06. 145 00:19:010.900 . the fall of European interest rates 144 00:19:07.900 «Creative accounting».900 Debt skyrocketed with the highest increase rate in Greek history.990 --> 00:18:52. 141 00:18:53.

990 --> 00:19:15. he was able to conceal the bomb 146 00:19:13.900 Kostas Karamanlis decreased capital taxation by 10%. 148 00:19:21.990 --> 00:19:19.900 that he placed on sovereign debt.990 --> 00:19:42. 151 00:19:35.This way. 147 00:19:16.the percentage of debt seemed to decrease slightly.990 --> 00:19:34.900 During his premiership. 149 00:19:26.900 and debt exploded once more.900 The economic free fall accelerated 150 00:19:31.900 .990 --> 00:19:30.990 --> 00:19:25.

154 00:20:04.900 Greece's mirror image on the other side of the Atlantic.900 But none paid as dearly as Argentina… 155 00:20:07.990 --> 00:21:04. . with the first British loans. 156 00:20:57.990 --> 00:19:50.900 Most countries in a similar situation were visited by the IMF.900 Argentina fell into the debt trap at the same time as Greece… 157 00:21:00.990 --> 00:20:03.152 00:19:42.990 --> 00:21:00.900 153 00:19:57.990 --> 00:20:07.990 --> 00:20:10.900 in 1824.

900 But the noose tightened towards the end of the 20th century. they were up against Washington DC.900 This made it impossible for them.158 00:21:04. 160 00:21:13.990 --> 00:21:16. instead of Berlin. 163 .900 Only.990 --> 00:21:07.990 --> 00:21:24. 162 00:21:20. 161 00:21:16.900 Argentina locked the rate of its peso against the US dollar. to exercise a monetary policy.990 --> 00:21:11.900 Argentina experienced its own Eurozone. 159 00:21:07.990 --> 00:21:19.

990 --> 00:22:23. 165 00:21:37.990 --> 00:21:53.IMF Managing Director..900 M.990 --> 00:21:45.Economist 169 00:22:45.900 Gerard Dumenil .00:21:25.900 yet another experimental laboratory for Neoliberalism.900 . the IMF turned the country into.990 --> 00:21:37.900 (Excerpt from the documentary film The Take) 167 00:21:48.990 --> 00:21:41.990 --> 00:21:31. Camdessus ..990 --> 00:22:48.900 At the same time. 1987-2000: 164 00:21:33. 166 00:21:42.900 Avi Lewis .Film-maker / Journalist: 168 00:22:19.

.. 170 00:22:48.990 --> 00:22:56..After Argentina's economic collapse in 2001.900 Greece will pay dearl for the intervention of the IMF. .990 --> 00:23:40. please help) 174 00:23:37.990 --> 00:22:59. 172 00:22:56.900 (I have 3 children and no job.990 --> 00:22:52.. 173 00:23:31.900 the IMF and its Neoliberal theories. 171 00:22:52.990 --> 00:23:34.900 became the laughing stock of economists all over the world.900 But some monsters never die.

990 --> 00:23:45.900 But Greece found herself serving two masters.990 --> 00:24:16. in some cases.900 Ben Bernanke Chairman of FED - 178 00:24:09.175 00:22:40. 179 00:24:13.900 And.900 Argentina was confronted by the IMF alone. 180 .990 --> 00:24:13. she will even pay for it in advance.990 --> 00:23:57.990 --> 00:24:04. 176 00:23:46.900 Ron Paul Republican Congressman - 177 00:23:57.

900 The measures applied in collaboration with the IMF. 184 00:24:50.900 by the European Central Bank.00:24:16.000 --> 00:24:54.990 --> 00:24:57.900 Because.010 Ironically enough.010 --> 00:24:43.990 --> 00:24:24. in the case of Greece… 183 00:24:39. the ECB and the EU… 185 00:24:54.900 are not only unfair and dangerous to the Greek people. Neoliberal theories were also being promoted… 181 00:24:21.990 --> 00:24:21. 182 00:24:33. 186 .900 the IMF was softer than the EU.210 --> 00:24:39. in Europe.

189 00:25:08.990 --> 00:25:08. 191 00:25:24.990 --> 00:25:05. the target was to save not the economy… .050 on the economy in general.900 Like in Argentina.990 --> 00:25:12. 187 00:25:00. and the management of national debt.170 --> 00:25:28.00:24:57.900 They're also doomed to fail right from the start.990 --> 00:25:16.900 and on their daily life even.900 And it's highly unlikely that they will have a positive effect… 190 00:25:12.990 --> 00:25:00.900 They have a tragic impact on the people's quality of life… 188 00:25:05.

990 --> 00:26:02. 193 00:25:54.900 .900 but rather the banks and the big enterprises. 196 00:26:05.900 to prevent Greece from proceeding to a cessation of due payments.900 The measures taken now are stabilization measures … 194 00:25:57.990 --> 00:26:10.990 --> 00:26:04.990 --> 00:26:14.900 They are not measures which will reduce the debt.192 00:25:28.990 --> 00:25:57.900 It is more than obvious that the debt will continue to increase quickly… 197 00:26:11. 195 00:26:02.990 --> 00:25:30.

990 --> 00:26:22. 198 00:26:14. as a result of them.990 --> 00:26:18.990 --> 00:26:29.990 --> 00:26:38.900 to protect the banks.900 Within a few months. and.990 --> 00:26:31. 203 .900 The measures aim clearly to protect the lenders… 199 00:26:18. indeed.900 which is almost the entire rescue package received from the IMF and the EU. 200 00:26:25. the Greek government gave the banks… 201 00:26:29.900 EUR 108 billion… 202 00:26:31.regardless of the measures.

206 00:26:48.990 --> 00:26:52.900 (Excerpt from the documentary film Social Genocide) 204 00:26:41.990 --> 00:26:45. 208 00:27:07.990 --> 00:26:48.900 The image of presidents leaving the presidential palace in choppers… 207 00:26:52.900 several of those responsible were punished.900 When Argentina faced a similar situation… 205 00:26:45.900 still haunts both the IMF and its collaborators.990 --> 00:26:41.900 One magical night.990 --> 00:27:11. just like in Argentina… .00:26:39.990 --> 00:26:57.

190 Greece has entered an intensive programme of "purging" procedures. 213 00:27:43.190 --> 00:27:36.060 Year #1 after the IMF intervention.990 --> 00:27:16.220 The delegates of the IMF. EUand ECB have taken up permanent residence in Athens… 214 00:27:45.030 --> 00:27:27.190 "rationalisation measures" and "tidying up". 211 00:27:30.180 and are dictating their policy through . "asset utilisation"… 212 00:27:34.220 --> 00:27:50.150 --> 00:27:34.209 00:27:11.900 we'll see who gets to hop into the chopper first! 210 00:27:25.180 --> 00:27:45.

230 Freedom is one thing.230 --> 00:28:32. 220 00:28:27.180 --> 00:28:15.160 --> 00:28:21.160 Are we a free country? Yes. 219 00:28:21.180 Dominique Strauss .an unconstitutional memorandum.140 --> 00:28:12. 218 00:28:15.150 Are we independent? No. we've been reduced to vassals.Kahn IMF Managing Director - 216 00:28:10. sovereignty quite another.220 --> 00:27:58.150 --> 00:28:27.180 What is Greece today? 217 00:28:12.030 Our country's problem is that . 215 00:27:52.

Kanakis : president .000 --> 00:29:20. All the distinctive features are there. 224 00:29:14. failed businessed.160 --> 00:28:45.050 --> 00:29:16.110 N.090 --> 00:28:49.090 In splendid collaboration with their foreign lenders… 222 00:28:45. 221 00:28:43. .Doctors of the World – Greece facing a humanitarian crisis.220 We consider the centre of Athens to be… 225 00:29:17.200 The result is poverty. and unemployment.090 --> 00:28:51.she has lost her sovereignty. 223 00:28:50.200 the government has turned against the people with harsh austerity measures.

000 .030 You have to remember that we deal with the poorest of the poor. who lack medication and healthcare. 228 00:29:29. 227 00:29:26.200 --> 00:29:29.020 There are people who still maintain some social security rights… 231 00:29:44.130 --> 00:29:34.200 people who are hungry or homeless.100 It's not much different from what we see in Third World countries.100 --> 00:29:40. 229 00:29:36.110 --> 00:29:26.020 --> 00:29:48.130 And they just wander around the squares.226 00:29:20. 230 00:29:40.030 --> 00:29:44.

They pose an immediate threat to their lives.070 . I can't afford both".but that is not enough.060 --> 00:29:59.000 She said: "I buy either food or medicine.080 The government's measures are not simply worsening… 234 00:29:59.170 --> 00:30:22.080 --> 00:30:03. as a poor woman-pensioner indicated. 232 00:29:48. 235 00:30:13.140 Panos Papanicolaou: Neurosurgeon In all of the countries "supported" by the IMF up to now… 236 00:30:22. 233 00:29:57.900 --> 00:30:26.20 the citizens' living conditions.000 --> 00:29:53.

there has been a dramatic drop in average life expectancy 237 00:30:26. . With the cuts we are facing now… 240 00:30:39.070 --> 00:30:29.180 It's what we usually refer to as the average lifespan.020 The citizens react.200 --> 00:30:39. 241 00:31:00.000 the average lifespan fell by 5-10 years.180 --> 00:30:33. after the IMF ordeal… 239 00:30:33.000 --> 00:30:42.200 There were countries where.110 it's clear that our life expectancy will be greatly reduced. 238 00:30:29.000 --> 00:31:01.

210 The government's response is in breach of even the basic principles of democracy… 244 00:31:19.020 --> 00:31:10.900 --> 00:31:27. 246 00:31:40.000 This liberality with tear-gas leaves us no money for free education 247 00:31:44.030 --> 00:31:23.170 --> 00:31:50. all border on the para-state.010 Alain Badiou Philosopher: Philosopher Crises are always solved through measures against society and against the people… .240 The penalisation of wearing a hood.020 --> 00:31:44. the unjustified arrests and… 245 00:31:23.243 00:31:01.140 the hood-wearing policemen.

000 --> 00:32:07.130 For that.050 In response to the "financial gale" alert… 253 00:32:12.050 --> 00:32:15. 249 00:31:53.090 --> 00:32:12.120 This is how capitalism controls the situation.000 The problem of capitalism is how to get these measures accepted.160 --> 00:31:58. 250 00:31:58.010 --> 00:31:53. . violence is deployed. 252 00:32:09.160 which may be particularly harsh. 251 00:32:04.180 Democracy makes way for Debtocracy.120 --> 00:32:04.248 00:31:50.

130 Poor people. the capitalists do not intend to pay for it. 259 . 256 00:32:37.170 --> 00:32:46.170 The value is lost through financial speculation.160 Somebody has to pay for this devaluation.160 --> 00:32:49.210 --> 00:32:42.060 --> 00:32:37. Eat the rich. they're plumper! 255 00:32:32. don't eat each other.200 However.000 --> 00:32:30. 258 00:32:46. 257 00:32:42.210 A crisis of capitalism causes extensive devaluation.254 00:32:28.

220 --> 00:33:15.120 of the international law. 260 00:32:55.050 --> 00:33:01.010 They're not at all altruistic.220 In the past.050 But if those who caused the crisis do not intend to pay for it… 261 00:32:59.070 why should we pay? 262 00:33:06.00:32:49.190 --> 00:32:59. such as the concept of odious debt.200 --> 00:32:54. .130 --> 00:33:20. dozens of countries have successfully repudiated debts… 263 00:33:10.130 not incurred by their citizens. in accordance with provisions… 264 00:33:15.230 --> 00:33:10.

269 00:33:42.990 --> 00:33:32.990 --> 00:33:49. he came up with a brilliant concept: 270 00:33:46.990 --> 00:33:42.190 The history of odious debt [animation] 266 00:33:27. 268 00:33:35. .990 --> 00:33:46. with Alexander Sack.900 Sack was a minister and law specialist in Czarist Russia.900 Our story starts in the 1920s.900 the concept of odious debt.265 00:33:22.900 In 1927. he taught in universities of Europe and the USA. 267 00:33:32.120 --> 00:33:25.990 --> 00:33:35.900 After the 1917 Revolution.

The loan is spent on activities not beneficial to the people. three prerequisites are needed.900 1. 274 00:34:02.900 without the knowledge and approval of the people.900 In order to define a debt as odious.990 --> 00:34:07.990 --> 00:33:58.900 2.271 00:33:50. The government of the country receives a loan… 273 00:33:58.900 3. 272 00:33:55.990 --> 00:34:14.990 --> 00:34:01.990 --> 00:33:54.900 . The lenders know of this situation… 276 00:34:11. 275 00:34:07.990 --> 00:34:11.

277 00:34:15.900 Sack's proposals sound progressive.900 The USA had found themselves in need of the "odious debt" concept in 1898… 281 00:34:34.900 when they won the Spanish-American war and annexed Cuba. .90 of a rising superpower: the United States of America.990 --> 00:34:24. 280 00:34:29.but play possum. at that time.900 Actually. they served the interests… 279 00:34:24.990 --> 00:34:38.990 --> 00:34:28.990 --> 00:34:19. 278 00:34:19.990 --> 00:34:33. even revolutionary.

900 that debt was quite heavy.990 --> 00:34:41. since Spanish colonialism had lasted four centuries… 285 00:34:50. the USA had no intention . 287 00:35:00.900 And.900 they acquired the debt incurred by the Spanish colonial regime.990 --> 00:34:50.990 --> 00:34:46.900 Of course.990 --> 00:35:04. when Columbus set foot in America. together with Cuba… 283 00:34:41.900 from 1492.282 00:34:39.990 --> 00:34:56. till 1898… 286 00:34:56. 284 00:34:46.900 Their problem was that.990 --> 00:34:59.

300 00:35:13.900 they decided that the debt he had incurred was odious. 288 00:35:04.990 --> 00:35:23.990 --> 00:35:08.900 The same had happened in Mexico a few decades earlier.900 and simply refused to pay it.of paying for the mistakes of past regimes.990 --> 00:35:10.990 --> 00:35:17.900 They decided that Cuba's debt was odious… 289 00:35:08.990 --> 00:35:26. 303 .900 When the Republicans overthrew emperor Maximilian I… 302 00:35:23. 301 00:35:17.

00:35:28. 305 00:35:36. most instances of odious debt… 308 00:35:52.990 --> 00:35:41.900 Maximilian had borrowed huge sums at excessively high interest rates… 304 00:35:32. 307 00:35:47.990 --> 00:35:35.990 --> 00:35:56.900 In the late 19th-early 20th century.900 he was sentenced to death and sent to the firing squad. mainly to the people of Mexico… 306 00:35:41.900 concerned underdeveloped countries .900 to deal with the uprising against him.900 And since he owed a lot.990 --> 00:35:32.990 --> 00:35:52.990 --> 00:35:44.

990 --> 00:36:05.990 --> 00:36:12.990 --> 00:36:00.000 December 2002: the White House is putting the finishing touches… 314 00:36:44.900 And this same superpower brought the concept of odious debt… 312 00:36:09. a rising superpower was involved in all those debt repudiations: 310 00:36:00.on the American continent. 309 00:35:56.110 .900 the United States of America.000 --> 00:36:47. 313 00:36:39.100 --> 00:36:44.900 Actually.990 --> 00:36:09. 311 00:36:06.900 into the 21st century.

315 00:36:51. American officials… 316 00:36:54.240 Iraq's huge national debt.240 --> 00:37:09. .000 that this debt is odious.040 are preparing for the day after Saddam Hussein's overthrowal.240 Before the attack starts.230 --> 00:37:07. however.040 --> 00:37:03.240 --> 00:36:59.060 --> 00:36:54. they are trying to prove… 319 00:37:07. Therefore. 317 00:37:01.to the planned invasion and occupation of Iraq.230 The State Department knows that they will have to deal with… 318 00:37:03.

010 the first provisional government of Iraq declare cessation of due payments… 322 00:37:23.090 on the pretext that the Iraqi people must not pay the odious debt incurred… 323 00:37:28. . 324 00:38:07.000 --> 00:37:19. and they propose that… 321 00:37:19.200 by the Iraqi regime. the USA and their allies invaded Iraq.090 --> 00:38:12.160 Éric Toussaint: President of CADTM In March 2003.030 --> 00:37:23.030 A secret task-force is formed.010 --> 00:37:28. All is now ready for the attack.090 --> 00:37:33.320 00:37:15.

325 00:38:12.090 He said: "Hussein's regime is dictatorial and its debt must be repudiated".1700 --> 00:39:11. the US Secretary for the Treasury called for a summit meeting… 326 00:38:19.100 . Bush instructed former Secretary of State. 328 00:38:40. and announced that Hussein's debt was odious.160 --> 00:39:07.230 Three weeks later. 329 00:39:03. James Baker… 330 00:39:07.090 --> 00:38:40.090 of G8 finance ministers in Washington.160 --> 00:38:19.170 George W.070 "The new government of Iraq must be free of Hussein's debt". 327 00:38:31.230 --> 00:38:31.090 --> 00:38:44.

333 00:39:23.100 --> 00:39:15.240 --> 00:39:18. American diplomats proved that Iraq owed… 334 00:39:25.240 --> 00:39:30.120 --> 00:39:34.240 And Baker claimed that Saddam Hussein wasted his people's money… 332 00:39:15.100 and fighter aircraft such as Mirage F1 and MiG.240 Among other things.000 --> 00:39:25.to convince the international community that Iraq's debt was odious.120 billions of dollars to France and Russia. for the purchase of Exocet missiles… 335 00:39:30. 331 00:39:11. .180 on building palaces and buying arms.

140 and the Iraqi people were .220 --> 00:40:05.000 from what many Western leaders do.220 The American diplomacy finally proved that Iraq's debt was odious… 341 00:40:01.190 --> 00:40:01. 340 00:39:58. palaces are… 338 00:39:47.000 --> 00:39:51. To the Arabs.336 00:39:38.110 and geopolitical dominance.040 Actually.020 what the Olympic Games are to the West: a demonstration of economic… 339 00:39:51.020 --> 00:39:53.040 --> 00:39:47. Hussein's way was not that different… 337 00:39:42.200 --> 00:39:42.

170 --> 00:40:33.040 --> 00:40:19.040 For the first time in the 21st century.140 --> 00:40:10. So.not obliged to pay it. 347 . the ultimate superpower had legitimised… 344 00:40:15. 343 00:40:10. 342 00:40:05. 346 00:40:26. Washington suddenly realised that they'd pried open a can of worms.000 --> 00:40:15.080 --> 00:40:22.080 the concept of odious debt.170 to sweep this case under the carpet. they chose… 345 00:40:19.170 The other countries said: "We'll cut 40% off Iraq's debt through the Paris Club".000 However.

160 --> 00:40:49.00:40:33.090 --> 00:41:14.040 --> 00:40:59.020 --> 00:40:54. 349 00:40:49.040 "For example.160 "But the concept of odious debt must not be used officially…" 348 00:40:41.230 "the Philippines will refuse to pay the debt of dictator Marcos…" 351 00:40:59.160 To prevent the extension of the concept . the DR Congo will repudiate Mobutu's debt…" 350 00:40:54. 352 00:41:04.170 --> 00:40:41.020 "because other countries may claim this right as well".230 --> 00:41:04.090 "and South Africa will refuse the debt of the apartheid regime".

140 --> 00:41:44.140 The USA continued to help Iraq to cancel old debts.120 they reached an ad hoc decision on Iraq.040 the expression "odious debt".of odious debt into the 21st century… 353 00:41:14.210 But nobody in Washington ever wanted to hear again… 357 00:41:44. 356 00:41:41. it is obvious to us that the odious debt doctrine was used.160 --> 00:41:20.110 --> 00:41:41.210 --> 00:41:47.220 However. 355 00:41:37. 358 . 354 00:41:20.120 --> 00:41:25.

140 --> 00:42:21. 363 00:42:19.140 was not only odious. but also illegitimate and unconstitutional.130 with the support of an empire. But another country resolved… 360 00:42:05.230 Welcome to Ecuador.110 --> 00:42:02.090 and its other big lenders. .00:41:58.130 --> 00:42:09.130 to stand on its own two feet and stand up against the IMF… 361 00:42:09.090 --> 00:42:18. They managed to prove that their debt… 362 00:42:14.010 --> 00:42:05.130 --> 00:42:14.010 Iraq managed to write off a big part of its debt… 359 00:42:02.

150 --> 00:42:59.020 Rafael Correa President of Ecuador We have national commitments. more urgent than international ones.240 --> 00:43:26. 362 00:43:23. .240 Ecuador could have been one of the richest countries in South America.170 --> 00:43:05.020 --> 00:43:02. repaying debts second. from the moment that oil was discovered. Life comes first. 361 00:43:19.170 We'll fulfill our international obligations as soon as we are able..230 But our priorities are clear.364 00:42:51.110 But.. 360 00:43:02. 365 00:42:59.040 --> 00:43:22.

364 00:43:36. Ecuador had been forced to borrow… 367 00:44:27. poverty. 368 00:44:34.090 .160 In 1982.240 John Perkins: Activist.230 representing the country's big lenders. former economic hit-man - 365 00:44:18.030 --> 00:44:40.110 --> 00:43:31.160 --> 00:44:27.363 00:43:26.240 all the country knew was dictators.230 --> 00:44:32.110 --> 00:43:40.060 more and more. debt and economic hit-men. Ecuador was visited by the IMF and a committee of wise men… 366 00:44:22. in order to fulfill past obligations.080 --> 00:44:22.

120 --> 00:45:04. 369 00:44:40. 371 00:44:56.100 Only 4% was for health care. from 1980-1990 up to 2005… 370 00:44:47. 373 00:45:10.190 Namely.050 For example.120 almost 50% of the government budget was used to repay debts.Hugo Arias: Head of Ecuador audit committee Ecuador was constantly being looted by the countries of the North. about 3-4 billion US dollars a year. 372 00:45:04.090 --> 00:44:47. .050 --> 00:44:56.160 Four billion for repaying debts.100 --> 00:45:12.190 --> 00:45:10.

378 00:45:44.160 --> 00:45:25.000 --> 00:45:50.000 --> 00:45:44.000 things appeared to be in control when Lucio Gutiérrez took over.240 --> 00:45:30.160 Gutiérrez promised social benefits.140 --> 00:45:41. 375 00:45:25.000 The people of Ecuador protested. 374 00:45:12. For a moment… 377 00:45:41. 800 million for education.060 We were killing our own people.400 million for health care. 376 00:45:37. He spoke like a socialist… 379 .24 Four billion for the debt.

130 and implemented measures of extreme austerity.100 favoured by Argentinian presidents: the chopper.210 --> 00:46:24. 381 00:45:60.00:45:50.170 --> 00:46:19. 384 00:46:19.050 The people decided that he should leave with the same means of transport… 382 00:46:07.130 --> 00:46:07. .050 --> 00:46:12.080 --> 00:45:59.150 He has good intentions. but soon succumbs to Washington.160 --> 00:45:56.080 but. 383 00:46:17. as soon as he took office. he made a new deal with the IMF… 380 00:45:56.210 Vice-president Palacio takes over.

389 00:46:37.385 00:46:24.060 Hope is triumphant. .070 Ecuador from the first round. 390 00:46:44.150 --> 00:46:29.030 So the people turn to the only politician who'd resisted international pressure.030 --> 00:46:31.020 Correa.060 Rafael Correa.210 --> 00:46:37.210 Song: una sola vuelta From the first round… 388 00:46:33. from the first round. 387 00:46:32.070 --> 00:46:47.050 --> 00:46:33. 386 00:46:29.020 --> 00:46:44.

110 --> 00:47:00.200 March on.190 .391 00:46:47. 392 00:46:50. 397 00:47:08.190 We are your united people. 396 00:47:03.110 March on. Correa. 394 00:46:55. for Ecuador. Ecuador Alliance. 395 00:47:00.230 March on for your rights.200 --> 00:47:12. 393 00:46:50.210 --> 00:46:55.080 --> 00:47:03.060 --> 00:46:50.190 --> 00:46:50.230 --> 00:47:08.080 March on for justice.210 We stand united.

000 Correa.220 Ecuador from the first round! 400 00:47:24.070 --> 00:47:27. .110 and knows very well how to handle the World Bank and the IMF… 402 00:47:31.190 --> 00:47:16.110 Correa studied economics in Europe and the USA… 401 00:47:27.170 as long as one has the political will. from the first round.000 --> 00:47:22. in 2005.230 --> 00:47:40.180 As Minister of Finance. 403 00:47:35.110 --> 00:47:34.From the first round… 398 00:47:12.110 --> 00:47:31. 399 00:47:16.

140 --> 00:48:13.240 to use oil revenues in order to pay back the debt. . 405 00:47:45.070 The World Bank said that they wouldn't lend to Ecuador if such a law passed.060 --> 00:48:01. education and the creation of jobs… 407 00:48:01.240 --> 00:47:55.080 --> 00:48:06.060 This was unfair to the people. He said that 80% of the revenues… 406 00:47:55.080 should be used for health benefits. 408 00:48:06.140 and only 20% should be channeled towards repayment of the debt.180 --> 00:47:45.Correa declared that it was unnatural… 404 00:47:40.

414 00:48:58.080 Correa declared that he would never follow such instructions from the WB.409 00:48:13.090 --> 00:48:37. 412 00:48:42.160 --> 00:48:52. 411 00:48:37.030 . 410 00:48:26.080 --> 00:48:42.040 The people said: "This man chose to resign from minister…" 413 00:48:52. This made him very popular.090 This was an obvious interference with Ecuador's internal policy.160 --> 00:49:03.070 --> 00:48:26.040 "in order to defend the dignity and the interests of the people".040 --> 00:48:57.160 He chose to resign rather than succumb.

230 Those callous.070 and ask the IMF delegation to leave the Central Bank's premises. 419 00:49:22.230 --> 00:49:21. who later came to Greece… 418 00:49:16.060 had already been dubbed "unwanted" by the people of Ecuador.090 --> 00:49:12.070 --> 00:49:16. 417 00:49:12.Correa was finally elected in 2006.020 --> 00:49:27.030 --> 00:49:06.230 Officials of the IMF such as Bob Traa. One of his first actions was… 415 00:49:03. .090 to deport the representative of the World Bank… 416 00:49:06. dishonest bureaucrats have to respect our country.

160 --> 00:49:50.230 --> 00:49:39. Correa went a step further. 423 00:49:50.240 --> 00:49:54.110 Six months later.090 --> 00:50:01.050 --> 00:49:44.110 --> 00:49:52.420 00:49:27. 422 00:49:46.050 This is why we deported the WB delegate. 425 00:49:55.200 for an Audit Committee.240 He fulfilled the demand of social organisations… 424 00:49:52. We maintain the right to restore… 421 00:49:39.130 the damage done to our country and declare our debt to the WB illegitimate.040 .

428 00:50:18. Japan and Germany.090 We examined the debt to countries such as France. 426 00:50:01. from 1956 to 2006.I was one of the people Correa chose for the Committee.050 18 individuals and 4 national organisations participated.020 --> 00:50:39.160 We were to examine all debt contracts.170 We worked for 14 months. We examined the bond debt … 429 00:50:24.160 --> 00:50:24.040 --> 00:50:08. 430 00:50:32.020 the debts to the IMF.050 --> 00:50:18. . 427 00:50:08. the World Bank and other international organisations.170 --> 00:50:32.

070 --> 00:50:57.040 and myself.200 The battle to access the data was tremendous. 433 00:50:57.040 --> 00:51:16. our associate Alejandro Olmos Jr… 434 00:51:03.090 --> 00:50:43.431 00:50:39. 432 00:50:52.020 --> 00:51:10. we examined Ecuador's internal national debt. were declared "personae non gratae".160 The officials in the Ministry of Finance wrote to the Minister… 436 .020 In the Ministry of Finance. 435 00:51:10.050 Finally.200 --> 00:51:03.

200 to complain and denounce both mine and Olmos' actions… 437 00:51:22.220 --> 00:51:43.00:51:16.180 in that procedure.130 --> 00:51:45.080 --> 00:51:49.190 Despite the setbacks.130 after we'd been accused of being the "bad guys"… 440 00:51:43. the Committee managed to complete its work… .160 --> 00:51:37.200 --> 00:51:28.160 claiming that we were inflicting harm on the Ministry's employees. 438 00:51:28.160 --> 00:51:22. but you imagine how difficult it was… 439 00:51:37. 440 00:51:46.220 We laughed it off.

120 They acknowledged their findings to the state.240 --> 00:51:58. who told the people.441 00:51:49. 444 00:52:03.240 and discovered that a big part of the debt was illegitimate.190 --> 00:51:53.180 The people of Ecuador now knew why the debt contracts of past regimes… 445 00:52:17. and this is very important. 443 00:51:59.200 especially those of the year 2000.100 The work of the Committee was made public. 446 . 442 00:51:53.180 --> 00:52:22.000 --> 00:52:03.100 --> 00:52:17. were illegitimate.

Your brother tells you so.210 --> 00:52:41.210 of the old politicians.040 the decadent Congress… 449 00:52:31.160 --> 00:52:31. Rafael Correa! 447 00:52:25.010 --> 00:52:25.040 --> 00:52:34.170 --> 00:52:28.000 --> 00:52:35.160 Our homeland is marching against… 448 00:52:28.06 Power belongs to the people.000 and the bureaucratic dictatorship… 450 00:52:34.00:52:23.170 Song: "Dale Correa Rafael" March on. 451 00:52:35. 452 .

strike against the "bosses" who devastated our homeland. 456 00:52:52. Rafael Correa.010 --> 00:53:00.230 March on.020 Based on the findings of the Committee. Correa.060 --> 00:52:54.230 Correa.060 March on.230 --> 00:52:52. the government proved that… 458 .210 The people of Ecuador want a new constitution.00:52:41.230 --> 00:52:49. 457 00:52:57. 455 00:52:49. 453 00:52:43.210 --> 00:52:45.060 --> 00:52:43. Correa. 454 00:52:45.080 March on.

460 00:53:07.130 They gave 800 million dollars and bought off 3 billion dollars of debt. 463 00:53:33.190 The government started to buy them secretly.130 --> 00:53:43.240 --> 00:53:11.180 for 70% of Ecuador's debt in bonds.190 --> 00:53:33.190 Those in possession of Ecuador's debt sold bonds at 20% of their value.100 This significant reduction allowed an improvement in living conditions.090 the debt was illegitimate and declared cessation of payments… 459 00:53:03. 461 00:53:11.020 --> 00:53:03.190 --> 00:53:11. .090 --> 00:53:06. 462 00:53:11.00:53:00.

which was great for the country.200 --> 00:54:13. economists and political analysts… 469 .150 --> 00:54:18.464 00:53:48.050 the creation of new jobs. 466 00:54:07.180 --> 00:54:50.110 --> 00:53:57.200 They saved at least 7 billion dollars. historians. 465 00:53:57.150 This allowed the government to increase expenditure on health. they rid themselves of the interest they would have had to pay till 2012 or 2030.180 Furthermore.000 In Greece. education… 467 00:54:13. 468 00:54:47.180 --> 00:54:07. and improvement in infrastructure.

130 --> 00:55:38.050 Yet.200 use up tons of ink daily to tell us how to handle our national debt.200 --> 00:55:02.130 Do the Greek people really owe as much as their creditors claim? 472 00:55:18.230 For example.180 --> 00:55:23.050 --> 00:55:05. there is one question very few pose. 470 00:54:58.230 --> 00:55:50. . the authorities received "gifts" from companies such as Siemens… 474 00:55:38.000 --> 00:54:54.240 who.00:54:50.130 The debt incurred by Greece recently bears evidence of illegitimacy. 473 00:55:23. 471 00:55:02. together with Siemens Hellas.

060 --> 00:56:19. To me. 479 00:56:25. 477 00:56:13. we have evidence of illegality and illegitimacy. this is evident.060 In this case.160 for at least a decade.090 --> 00:56:13.230 So.240 --> 00:55:56.070 Greek justice proved inadequate in the Siemens case.070 --> 00:56:28. this debt should be examined in court.150 --> 00:56:25.200 And it was too slow in other cases of deals… . 478 00:56:21. in order to gain contracts.bribed ministers and officials… 475 00:55:50. 476 00:56:08.

They made the Greek debt look lower… 483 00:57:01.040 --> 00:57:01.040 With the infamous swaps of 2001. which have increased the debt.070 --> 00:57:12.200 --> 00:56:33. 484 00:57:06.140 made behind the people's back. 481 00:56:51.030 --> 00:56:56. who made… 485 00:57:10.040 to present a false prosperous present.040 by changing a loan from JPY to EUR.070 They were assisted in this by Goldman Sachs.040 --> 00:57:06.160 . using outdated exchange rates.480 00:56:28.040 --> 00:57:10. the government mortgaged the future… 482 00:56:56.

140 --> 00:57:17.050 The trick worked for many years. And the Greek political elite… 488 00:57:38.190 Goldman Sachs as consultant and paid them with the people's money.050 --> 00:57:42.030 --> 00:57:46. 486 00:57:13. They re-hired… 489 00:57:42. Liberation Goldman Sachs consulted and attacked .170 --> 00:57:55. 490 00:57:48.millions out of this deal.130 Mark Kirk: US Senator - 487 00:57:34.050 --> 00:57:38.030 Jean Quatremer: Journalist.030 showed they could reward their allies amply.

the Greek government simultaneously.170 Hiring an employee of Goldman Sachs is like hiring a criminal.050 The scandal was revealed in 2010. 494 00:58:08. A few days earlier… 492 00:58:00.050 --> 00:58:02.120 --> 00:58:07. 496 .210 --> 00:58:14.140 --> 00:58:00.240 It's the same as hiring a bank robber to guard your house.120 a former employee of Goldman Sachs… 493 00:58:02. 495 00:58:14.170 --> 00:58:20.010 had been assigned leader of the Greek Public Debt Management Agency. 491 00:57:56.

100 Several countries blame Greece for her transactions with Goldman Sachs.030 You think that he knows how robbers think.180 Who can guarantee to me that this former Goldman Sachs man… 499 00:58:38.090 --> 00:58:38.240 --> 00:58:27.00:58:20.100 --> 00:58:52. so he'll be a better guard.020 will handle Greek affairs in the best possible way? 500 00:58:45.070 Only these are the same countries .180 --> 00:58:42.090 But there's great danger that one day he'll rob you and vanish. 501 00:58:48.030 --> 00:58:48. 498 00:58:34.030 --> 00:58:34. 497 00:58:27.

Germany was negotiating to support Greece… 505 00:59:04.170 one of the main terms was that Greece would continue to import German arms.230 Sahra Wagenknecht: Deputy Chairperson. 506 00:59:10.200 with Greek governments. to sell weapons to Greece… 503 00:58:55. .070 at a good price.210 Greece should cut down on pensions and social benefits.070 --> 00:58:55.230 --> 00:59:10.who exploit their liaisons… 502 00:58:52.220 --> 00:59:04. 504 00:59:00.200 --> 00:58:58. Die Linke When.170 --> 00:59:18. not on arms' imports. one year ago.

European Greens-European Free Alliance We're hypocrites! Last month.130 Also.210 --> 00:59:26. Germany protects… 508 00:59:26.070 Those people want to continue trading despite the crisis. and its export industry.000 Daniel Cohn-Bendit : president. 509 00:59:29. 510 00:59:40.080 --> 00:59:29.080 This is indicative of the interests involved.507 00:59:18.000 --> 00:59:55.5 billion. helicopters worth 400 million .030 --> 00:59:49.170 --> 00:59:33. 511 00:59:49.170 the interests of military equipment manufacturers. France sold 6 frigates to Greece for 2.

or 30.and Rafale aircraft at 100 million each. 513 01:00:03.130 --> 01:00:03.070 --> 01:01:25.160 --> 01:00:11. always for "Greece's own good"… . 20.160 We're such hypocrites! We give them money so they can buy our arms.020 hand-in-hand with criminal decisions.160 I don't know if we sold 10. The total cost is almost 3 billion.100 Germany sold 6 submarines to Greece. 515 01:01:16. 514 01:00:11. worth 1 billion.070 Before the hypocrisy of Europe.100 --> 01:00:16. 512 00:59:55.160 --> 01:01:20. criminal back-downs come… 516 01:01:20.

180 The loans for the Olympic Games were paid with tax-payers' money.220 --> 01:02:41.170 or to support a new Greek expansionism that will lead to economic devastation.180 --> 01:02:50. 520 01:02:28.020 --> 01:01:31. 2004-2006 519 01:02:22.210 It's only natural that the people demand to know why the budget exploded… . 518 01:01:35.100 --> 01:01:41.070 Giorgos Voulgarakis Minister of Public Order. 521 01:02:41.517 01:01:25.050 --> 01:02:28.220 Éric Toussaint: President of CADTMT here were huge expenses and the cost now burdens the people.

190 are but a small fraction of the shady deals made at the people's expense.120 --> 01:03:39. there are more important matters which concern… 526 01:03:21.020 Costas Lapavitsas: Professor of Economics . but all peripheral European countries. 523 01:03:07.190 --> 01:03:21.000 The Olympic Games and the corrupt transactions with Siemens or Goldman Sachs… 524 01:03:12.130 not only Greece. 525 01:03:17.120 --> 01:03:12.040 and where that money went.240 --> 01:03:26.210 --> 01:02:52.230 --> 01:03:17.240 However.522 01:02:50. 527 01:03:33.

190 Which banks took part? How were they reimbursed? 532 01:03:56.020 Also.060 either in the primary or the secondary market? 531 01:03:51.Have all the rules which govern the issuing of bonds been followed? 528 01:03:39.080 --> 01:03:51.060 --> 01:03:56.020 --> 01:03:47.020 --> 01:03:43. are there any questions of legitimacy… 529 01:03:43.190 --> 01:04:00.080 about the banks who played the main role for issuing bonds… 530 01:03:47.000 Under what terms and conditions .

180 --> 01:04:48. 535 01:04:33.160 --> 01:04:33.050 Ecuador demonstrated how all those illegitimate or odious contracts… 537 01:04:48.did they participate? 533 01:04:23.180 --> 01:04:37. Die Linke Part of the national debts incurred in Eurozone countries is illegitimate… 534 01:04:29.090 can come to light through… .180 because they resulted from policies against the people’s interests .160 Sahra Wagenknecht: Deputy Chairperson.050 --> 01:04:52.120 --> 01:04:29.160 So these debts must not be paid by the people. 536 01:04:44.

130 --> 01:05:12.210 exactly what this debt is about.538 01:04:52. An audit will define… 543 01:05:12.150 --> 01:04:59.020 --> 01:05:18.160 --> 01:05:05. .040 an Audit Committee. 539 01:04:54.130 To whom do we owe money? 542 01:05:05.020 This is why an audit is necessary.090 --> 01:04:54.240 --> 01:04:57.160 How much is it? How was it incurred? 541 01:04:59.150 Why don't they tell us what kind of debt this is? 540 01:04:57.

220 to parrot and praise the government.210 --> 01:05:23.110 who seize the Greek people's money.230 But who's going to set up the Audit Committee? 548 01:05:41.We have to know and denounce… 544 01:05:18.100 And most of all.230 --> 01:05:45.060 --> 01:05:41.110 --> 01:05:32. and all those who get amply paid… 546 01:05:29. how can we make sure that it won't be… 549 .180 all the lies told by the government and the corporations… 545 01:05:23.180 --> 01:05:29. 547 01:05:39.

even if ordinary citizens are included… 554 01:06:09.000 The Audit Committee's members should not be specialists.000 even if they are called from abroad.000 --> 01:06:00.000 --> 01:06:15. It's not necessary.100 the committee may prove to be the government's mouthpiece.050 --> 01:05:51.100 Because if the government forms a committee of specialists… 553 01:06:00.100 --> 01:05:49. consisting of the same people… 550 01:05:49.050 yet another parliament committee.210 that got us into this situation? 551 01:05:52. . 552 01:05:57.100 --> 01:06:09.01:05:45.150 --> 01:05:57.

150 --> 01:06:32.555 01:06:16.110 --> 01:06:24. who benefited from the creation of debt… 559 01:06:54. 560 .130 --> 01:06:54.150 Only the people have the authority and the right to request an audit… 556 01:06:24. All Greeks must become involved.160 The Greek political parties ND and PASOK.230 are very negative towards an audit. 558 01:06:41.000 --> 01:06:39. 557 01:06:32.160 --> 01:07:05.000 because they suffer the consequences. as their responsibility will be revealed.050 All social organisations must protest and demand an audit.

230 --> 01:07:17.180 of an Audit Committee in Greece.210 In March 2011. organisations.000 --> 01:07:53. 562 01:07:36.160 People.110 --> 01:07:39. unions. artists .030 They must express their views and exert pressure on political authority. 561 01:07:17. writers.160 --> 01:07:27. judges.01:07:05. artists.030 Academics. intellectuals. 565 01:07:49. union representatives from all over the world… .170 --> 01:07:45.210 --> 01:07:42.170 took the initiative to demand the formation… 564 01:07:42. a group of people from different backgrounds… 563 01:07:39.everybody must act.

240 --> 01:08:13.030 --> 01:07:55.030 The Audit Committee will find which parts of the debt… 568 01:08:04.240 --> 01:08:18. 567 01:08:01.090 --> 01:08:10. the decision is basically .090 --> 01:08:04.566 01:07:53. 571 01:08:14. as provided by Greek and International Law… 570 01:08:10.030 --> 01:08:06.030 However.240 and will prove that.090 are odious or illegitimate… 569 01:08:06.110 the Greek people are not obliged to pay such debt.110 supported this initiative willingly.

Greece can never pay back. 576 01:08:34.160 --> 01:08:34.050 It will have to be cancelled. no government has the right… 573 01:08:22.political.160 Even if the entire Greek national debt of 350 billion proves legitimate… 575 01:08:31.050 which is clearly not going to be the case.100 --> 01:08:37.040 Even if the debt was legitimate. 574 01:08:26.170 --> 01:08:31.000 to kill its people in order to satisfy its lenders. 572 01:08:18.040 --> 01:08:26.030 --> 01:08:22. 577 . not financial.

01:08:37. .180 dismantling the transport system.240 --> 01:08:47.180 dismantling health care. 580 01:09:29.030 --> 01:09:39. 582 01:09:39.010 since it was accrued because of corruption in the financial markets.030 Nobody is obliged to pay this debt… 581 01:09:32.120 It's immoral to pay an immoral debt.240 If honouring the debt and making it sustainable involves… 578 01:08:42.130 --> 01:09:43.050 --> 01:08:42. dismantling education… 579 01:08:47. then the debt is socially unsustainable.180 --> 01:09:32.180 --> 01:08:51.

070 --> 01:10:11.200 --> 01:10:08. even if we repudiate the debt repeatedly… 588 01:10:08.583 01:09:51.200 just a valuable weapon in a broader battle.090 --> 01:09:54.110 --> 01:09:57.110 The formation of an Audit Committee.070 Without this battle. 585 01:09:57.200 --> 01:10:01.200 battles have been fought for centuries. 587 01:10:04. is ultimately… 584 01:09:54.100 .030 This battle will follow the traditional rules by which… 586 01:10:01.030 --> 01:10:04.

020 Don't hesitate to stand up for your rights against the EU and the Greek government.020 Respect is gained through struggle.040 This means that a field for ideological.040 --> 01:10:18.020 --> 01:10:39. political… 590 01:10:16. 592 01:10:31. 591 01:10:23. The debt is a result of class struggle. 593 01:10:41.it will always rise from its ashes. not by obeying one's creditors.020 Look at Tunisia and Egypt.160 --> 01:10:31. 589 01:10:13.130 --> 01:10:16.110 and class struggle will form. .020 --> 01:10:45.

060 Only when the people take action can the situation really change. 598 01:11:21.120 We have to shake off submissiveness.120 --> 01:11:12.160 --> 01:11:18.594 01:10:45.200 Giorgos Papandreou Now is the crucial moment.010 --> 01:11:24.030 because all three mean the economic slavery of Greece.020 --> 01:10:49. 599 .160 liberate ourselves from the ECB. 595 01:10:55. and liberate ourselves from the EU… 597 01:11:12.060 --> 01:11:03. liberate ourselves from the IMF… 596 01:11:03.

200 600 01:11:31.000 --> 01:11:38.01:11:27.200 TRANSLATION .200 Let's go! 600 01:11:31.SUBTITLES ZOI SIAPANTA .010 --> 01:11:38.010 --> 01:11:29.