Greece: The “Third Memorandum” will Result in a Further Process of Economic and Financial Devastation
Zoo Animals May Starve…
By Stephen Lendman
Global Research
July 28, 2015
Economist Joseph Stiglitz says Troika demands for more bailout funds “make no sense either for Greece or its creditors.” The so-called “third memorandum” will devastate economic and financial conditions more than already.
The entire scheme is misguided, Stiglitz explains. Structural adjustment programs loot countries instead of helping them – “turning downturns into recessions, recessions into depressions,” wherever they’re imposed, says Stiglitz.
Greece’s future includes increasingly unrepayable debt peonage, greater unemployment and poverty with diminishing resources for vital public services.
“Austerity is largely to blame for Greece’s current depression” – deepening as more demands are imposed. Conditions are “like a 19th century debtors’ prison, Stiglitz stresses. “Just as imprisoned debtors could not make the income to repay, the deepening depression in Greece will make it less and less able to repay.”
Troika mandated demands won’t work. Greece’s third bailout will fail like both previous ones. Expect “depression without end, unacceptable levels of unemployment (and poverty, as well as) ever growing inequality,” Stiglitz maintains.
Instead of helping Greece recover through economically sound policies, Troika bandits will keep “(b)lam(ing) the victim” like they always do.
Things are so bad Athens zoo animals may starve. On the one hand, scarce resources can’t provide for human needs.
On the other, capital controls impede supplying imported dietary supplements (not available domestically) for about 2,200 animals.
Attica Zoological Park founder Jean-Jacques Lesueur says lives of dolphins, seals, penguins and numerous other species are “endangered.” With capital controls in place prohibiting money transfers into or out of the country, suppliers demand full pre-payment before filling orders.
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