Economists say IMF bailed out Greece for Europe, US bank profits

Posted Oct 28, 2010 by Andrew Moran
An economist and a journalist recently stated in an interview that the United States government bailed out the nation of Greece in order to make sure that they pay the profits of European and U.S. financial institutions.
File photo: Nationwide protests in Greece.
File photo: Nationwide protests in Greece.
Screen capture from Reuters video
Since April, the government of Greece has implemented austerity measures that would significantly cut back social programs, state workers’ employment benefits and all around spending cuts.
This has resulted in numerous protests across the nation, including a recent protest that saw dozens of state employees barricade themselves inside the Akropolis and demanded payment from the last 12 months and the cancellation of planned layoffs.
Leonidis Vatikiotis, a journalist and economist, and Nicholas Apergas, economics professor at the University of Piraeus, told Press TV in a recent interview that the 110 billon euro International Monetary Fund bailouts to Greece instead benefitted European and United States banks.
“If we want to see the role of IMF, we can see what the IMF did in Argentina, in Bolivia, in Russia, in East Asia, in many many countries like Pakistan and like many African countries,” said Vatikiotis. “The result of the IMF involvement was the destruction of the country. All this in benefit of the American banks.”
Apergis explained that the social and economic status of Greece will continue to “tremendously deteriorate.” When asked if anyone will benefit from the crisis in Greece, Apergis responded: “Not for the majority of people in Greece. Maybe for a minority like the bankers, international bankers, or a group of people who have control of the international liquidity.”
Vatikiotis further added that the Greek government is having all of these austerity measures because “government wants money to pay to foreign banks. Greek debts belong to French and German banks like Deutsche Bank and Societe Generale, etc.”
When President Barack Obama urged all European Union heads of state to approve the bailout, this was done in order to show that the banks wanted their money back, claims Vatikiotis: “Because they wanted their money back, they bailed out Greece in the name of this profit.”