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Why Eurozone countries’ debt to the ECB must be cancelled

7 December 2021 - by Eric Toussaint, Sonia Mitralias, CADTM Europe, Paul Murphy, Miguel Urbán Crespo, Andrej Hunko, Cristina Quintavalla, Manon Aubry, Leïla Chaibi

Since the beginning of the coronavirus pandemic public debt in the eurozone has increased by an average of 20%. The reason for such an increase is straightforward: instead of finding the necessary new resources by taxing the wealthiest 1% and (...)
[Video] Should debts held by the ECB be cancelled?

24 September 2021 - by Eric Toussaint, Renaud Lambert, Aline Fares, Benjamin Lemoine

CADTM Summer University 2021: Global Crisis, Debt Cancellation for Social Justice! Thursday 23 September, 6.30-8.30 p.m. – Should debts held by the ECB be cancelled? With Renaud Lambert (Le Monde Diplomatique), Benjamin Lemoine (researcher (...)
Lessons in what not to do

30 July 2020 - by Costas Lapavitsas

In 2017, Yanis Varoufakis published “Adults in the room”, a thick volume that became a huge global success and was even turned into a film by Costas Gavras two years later. The author was one of the protagonists of the Greek events of that decade (...)
The Greek people are tax hostages to the Troika and the bankers

15 January 2019 - by Louv Coukoutsi

Louv Coukoutsi, CADTM correspondent in Greece In Greece, an Autonomous Authority over Public Resources (Anexartiti Archi Dimosion Esodon, AADE), that has two sitting representatives of the European Commission, has replaced the Greek Exchequer (...)
The politics of quantitative easing and the increasingly negative consequences they have on developing countries

20 August 2018 - by Myriam Vander Stichele

QE programs were implemented by the central banks to stimulate the Western economies after the financial crisis of 2008. Central banks bought bonds with newly created money that was earmarked for circulation among the banks and financial (...)
How Greece lost billions out of an obscure ECB programme

27 July 2018 - by Stan Jourdan

Through its peculiar “Securities Market Programme”, the European Central Bank generated billions of profits for creditor Member States such as France and Germany. Our research shows that nearly €8 billion have been lost for Greece – leading to (...)
Open doors for forces of finance

25 October 2017 - by Corporate Europe Observatory

ECB advisory groups are used as lobby platforms by the financial industry, as our new report shows. ’Open door for forces of finance at the ECB’ reveals that the advisory groups counselling the European Central Bank are dominated by (...)
ECB’s odious profits on the backs of the Greek people

17 October 2017 - by Eric Toussaint

Mario Draghi recently acknowledged that euro zone central banks had accumulated €7.8 bn in profits thanks to the Greek bonds the ECB (European Central Bank) bought in 2010-2012 as part of the SMP (Securities Markets Programme). To this must be (...)
Stop the ECB subsidising climate disaster

8 March 2017 - by Corporate Europe Observatory

Economic policy should contribute to the fight against social injustice and climate change, not support polluters and speculators. Since June 2016, the European Central Bank (ECB) has injected around 67 billion euro into the Eurozone economy (...)
Vulture Funds: Lessons from Greece

23 February 2017 - by Daniel Munevar

The experience of the Greek debt restructuring of 2012 serves as a good example to show how vulture funds operate and the costs they can impose in a country and its population. The Greek case is quite interesting as not only involved the first (...)
Ten Proposals to Beat the European Union

21 February 2017 - by Eric Toussaint, Costas Lapavitsas, Stathis Kouvelakis, Olivier Besancenot, Zoe Konstantopoulou, Miguel Urbán Crespo, Marina Albiol, Teresa Rodríguez, Rommy Arce, Angela Klein

This collective text (full list of signatories here) initiated by Eric Toussaint, of the CADTM campaign for the abolition of the debt of the global South has been collectively discussed and co-signed by personalities and activists from more than (...)
Greece: The PSI and the process of bank recapitalization (2012-2016)

24 January 2017 - by Daniel Munevar

This section analyzes the impact of the debt restructuring of 2012 on Greek banks and the measures taken to ensure their proper recapitalization. It describes the role of the Hellenic Financial Stability Fund (HFSF) in this process and the (...)
An analysis of the recapitalization of Greek banks in the context of the third Memorandum of Understanding

19 February 2016 - by Daniel Munevar

At the core of the ongoing economic crisis in Greece is the link between the insolvency of the Greek Government and the banks of the country. Behind this lies a story of financial recklessness, protection of vested interests and adoption of (...)
Greece falls prey to ECB diktats and blackmail

21 January 2016 - by Eric Toussaint

There follows the summary of a talk given at the European Parliament in Brussels by Eric Toussaint on 14 January 2016 on the occasion of the international meeting organized by the left-wing European Parliamentary Group GUE/NGL (European United (...)
Greek public debt by creditors in 2015

5 August 2015 - by Truth Committee on the Greek Public Debt

Chapter 3, Greek public debt by creditor in 2015, presents the contentious nature of Greece’s current debt, delineating the loans’ key characteristics, which are further analysed in Chapter 8. The institutions that created the Troika are the (...)
To the Bankers, He’s “Super Mario 2.0” Draghi

8 September 2014 - by Eric Toussaint

The ECB announced on Thursday 4 September, 2014 that it would maintain and extend the measures adopted at the meeting of 5 June, 2014. This is being done at a time when it is clear that the policies the central bank has been applying since the (...)
Banks versus the People: The Underside of a Rigged Game!

12 January 2013 - by Eric Toussaint

The first three parts of the series ’Banks versus the People: the Underside of a Rigged Game!’ published in 2012, have been collected together in this one document. This series is to be continued during January 2013. Part 1 : 2007-2012: Six years (...)
Series: Banks versus the People: The Underside of a Rigged Game! (Part 2)

The ECB and the Fed at the service of the major private banks

10 December 2012 - by Eric Toussaint

Part One of this series “2007-2012: Six years that shook the banking world” was published on 2nd December, 2012. The actions of the European Central Bank and the “Fed” Beginning in June 2011, the European banks entered a highly critical phase. (...)
In the eye of the storm: the debt crisis in the European Union

14 June 2012 - by Eric Toussaint

In July-September 2011 the stock markets were again shaken at international level. The crisis has become deeper in the EU, particularly with respect to debts. The CADTM interviewed Eric Toussaint about various facets of this new stage in the (...)
In the eye of the storm: the debt crisis in the European Union (3/7)

The ECB, ever loyal to private interests

16 September 2011 - by Eric Toussaint

In July-September 2011 the stock markets were again shaken at international level. The crisis has become deeper in the EU, particularly with respect to debts. The CADTM interviewed Eric Toussaint about various facets of this new stage in the (...)