Daily Archives: June 16, 2011

Debtocracy – Immoral Debt vs Greece Bailout


Debtocracy International Version door BitsnBytes

A film (90minutes) on the financial game being played between the IMF&EU with Greece, from Greece perspective. Major point of the movie is that immoral debt by bad/corrupt governments cannot be expected to be paid. When people start dying and lack education, lenders pay for it. They should have known better. Something of interest for all EU PIGS countries? The movie also strongly highlights that international interests often bypass the people. Banks play the game and the institutions don’t seem to actually help in the solution.

The film however fails to acknowledge the larger moral question which is runs through the PIGS countries: Isn’t it also immoral to run your country 30 years in a corrupt and non-sustainable matter (this is highlighted in the movie) and let EU citizens pay for it eventually? The film points to possible solutions for the short term crisis, like audits on debt made and more balanced government cuts. For the long-term however, it is cynical seeing no solution and accepts debtocracy as a fact, “We will keep lending”. That’s a pity and probably one of the reasons why Greece is not winning the public moral higher ground in the Bail-out events at the moment. There’s enough up for debate. (via)

See here for more crisis posts.

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