Public Event: 7th May, 8pm, Athens

The more we pay the more we owe!

3 May 2014

The recent statistics brought to light by Eurostat (April 23 2014) regarding the debt and deficit trends, lay bare the government’s and Troika Troika Troika: IMF, European Commission and European Central Bank, which together impose austerity measures through the conditions tied to loans to countries in difficulty.

’s policies. The escalation of sovereign debt Sovereign debt Government debts or debts guaranteed by the government. as a proportion of GDP GDP
Gross Domestic Product
Gross Domestic Product is an aggregate measure of total production within a given territory equal to the sum of the gross values added. The measure is notoriously incomplete; for example it does not take into account any activity that does not enter into a commercial exchange. The GDP takes into account both the production of goods and the production of services. Economic growth is defined as the variation of the GDP from one period to another.
from 148.3% (329.5 billion euros) in 2010 to 175.1% of GDP (318.7 billion euros) in 2013, and of the deficit from 10.9% in 2010 to 12.7% of GDP in 2013, reveal the utter failure of the quest to rectify fiscal matters by attempting to tame public debt through ruthless austerity policies.

On the contrary, the policies implemented by the Troika and the governments’ of Papandreou, Papademos and Samaras have succeeded in: shrinking wages by driving them down to 480 euros a month; breaking the European unemployment record by ballooning it to 28%; imposing the greatest recession observed in times of peace (21%); extraditing thousands of young people forced onto the road of migration; leading 6000 of us to suicide, and turning Greece into a creditor’s colony.

Up against an unsparing reality and nullifying the governmental applaud about a primary surplus, remains the dire necessity to create an international debt audit commission to substantiate the need for full cancellation of the majority of sovereign debt. This should begin, first of all, with the Troika’s loans, which constitute over 66% of sovereign debt, and should include establishing the legal and political framework that can facilitate unilateral actions.

The Greek Debt Audit Campaign opens this discussion with a public event on the eve of the euro talks, on Wednesday 7th May at 7pm, where we will discuss the political, economic, legal, historical and international dimensions of this urgently needed alternative.

Speakers: S. Sakorafa (MP Syriza), L. Vatikiotis (Journalist, University of Cyprus) , G. Katrougalos (Lawyer), S. Marchetos (Aristotle University) and E. Toussaint (CADTM International)
Moderator: A. Chatzistefanou (Director of Debtocracy, Catastroika, Fascism Inc.)

Wednesday 7th May, 8pm
Athens Bar Association,
Akadimias str. 60, 1st floor



8 rue Jonfosse
4000 - Liège- Belgique

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