Cypriots Discover the Debt Jubilee

17 March 2013

By 

Depositors decimated by bail-in.

ATM Out of Service

Come again? Cyp­ri­ots dis­cover the debt jubilee? Well yes actu­ally, that is basic­ally how depos­it­ors at Cyp­riot banks have been treated by the Troika, even if the decision to grab up to 9.9% of cash depos­its to fin­ance a bail out of the fin­ance sec­tor is being presen­ted as a tax or levy. To under­stand this we have to view mat­ters from the banks’ per­spect­ive: every depos­itor is lend­ing money to the bank for a fee (paltry interest and illus­ory secur­ity) and this appears on the bal­ance sheet as a liab­il­ity which in toto in the case of Cyp­riot banks con­sid­er­ably exceeds assets. Treated as lenders, Cyp­riot deposit-​holders are being asked (ordered) to take a hair­cut on the debt so that the banks’ bal­ance sheets look a little better.

What we have is a kind of “bail-​in”, where indi­vidu­als already in a rick­ety credit struc­ture are being asked to take a hit (as opposed to a bail out where a third-​party injects fresh funds).

Tech­nic­ally, deposit hold­ers are not simply can­cel­ling up to 9.9% of their loans to the bank, rather they are being asked (ordered) to enter into a debt for equity swap. This means that whatever sums they wit­ness dis­ap­pear­ing from their bank accounts will be used to buy shares in a pro rata amount in the bank in ques­tion. Look­ing at the state of a bank like Laiki (Pop­u­lar) Bank, it is fairly safe to assume that these shares are hardly fair con­sid­er­a­tion. Junior bond­hold­ers are also going to take a hair­cut, but not the senior bond­hold­ers, because these lat­ter might get scared and/​or throw a tantrum.[UPDATE 18/​3/​13: there are sug­ges­tions that depos­its will now be swapped for bonds guar­an­teed by the pro­ceeds from gas extrac­tion in Cyp­riot waters. One won­ders why the gas futures, and so the risk, are not being snapped up by oth­ers.] Given the almost 10% cut in some cases, the attri­bu­tion of a fin­an­cial decim­a­tion, where a defeated Roman legion would have to slaughter 1/​10th of its con­tin­gent, would be appro­pri­ate were it not for the fact that in Roman decim­a­tion the par­ti­cipants got to elect who they put to the sword. Read the rest of this entry »


Europe’s south rises up against those who act as sadistic colonial masters

The more you obey the more you get punished – that’s the troika’s way. But a second spring of discontent is in the air

Cyprus protest

Demonstrators hold banners as they protest outside the European Union House in the Cypriot capital Nicosia. Photograph: Yiannis Kourtoglou/AFP/Getty Images

The “new world order” announced at the end of the 1980s was the shortest in history. Protest, riots and uprisings erupted all over the world after the 2008 crisis, leading to the Arab spring, the Indignados and Occupy. A former director of operations at MI6, quoted by Paul Mason, called it “a revolutionary wave, like 1848“. Mason agreed: “There are strong parallels – above all with 1848, and with the wave of discontent that preceded 1914.”

 

Many on the left have been more circumspect. The philosopher Alain Badiou welcomed the Arab spring but did not think it would lead to a “rebirth of history”. For Slavoj Žižek, 2011 was the “year of dreaming dangerously”. A melancholy of the left descended as the protest wave started receding. But on this occasion the pessimism was premature. Resistance against austerity and injustice is again in the air. In Bulgariaand Slovenia, protesters unseated the government. In Italy, the overwhelming anti-austerity vote has shaken the parties committed to the Berlin orthodoxy. Large marches and rallies in Portugal and Spain have undermined governments and policies and a new push for anti-austerity unity is emerging in Britain. In Greece, the parties that brought the country to its knees and are now administering policies causing the well-documented humanitarian catastrophe and rise of fascism are on the brink of exit. Read the rest of this entry »


Greece: The Crisis Behind the Crisis and the Challenges Facing the Left

Wednesday, 20 March 2013 12:06By CJ PolychroniouTruthout | News Analysis

Neoliberal policies created a disaster in the country now shredded by austerity measures. The Syriza party and the Greek left have much work ahead if they are to build a just and sustainable economic and social order.

When the global financial crisis of 2008 reached Europe’s shores sometime in late 2009, the eurozone, with its faulty design and distinct neoliberal policymaking framework, experienced its first major crisis since the introduction of the euro as a single currency; the danger of an imminent collapse was suddenly all too real. From the beginning, there were warnings about the dire consequences of introducing a single currency into a region with sharp economic and cultural differences, but the European political elite turned a deaf ear on the skeptics.(1) European business interests were too big to be compromised over concerns about future financial busts or speculations about the risk of adopting a foreign currency without the backing of a federal treasury and a central bank acting as lender of last resort. Indeed, like the owner of the Titanic who told the captain to go full speed although several warnings had been received about icebergs ahead, European policymakers at the time could not resist the temptation to launch euro as a cash currency in spite of the fact that the Eurosystem was built on a weak institutional foundation. And they compounded the error by allowing highly problematic candidates to join the union, thereby violating the principles of optimal currency areas.(2) Read the rest of this entry »


Initiative for Democracy in Greece: Threats to democracy in Greece

 

published at the The Guardian 19/3/13

The crisis in Greece is posing serious threats to democracy and human rights (Report, 15 March). We are particularly concerned about the rise of fascism and racism. The government continues to tolerate the violence and hate speech of the neo-Nazi party Golden Dawn. Golden Dawn MPs attack democracy and display symbols of the military junta of 1967-1974; the party recruits supporters unopposed by the authorities, including schoolchildren. Members of the Greek police engage in violence against immigrants and protesters but have not been brought to account, despite calls from Human Rights Watch, Amnesty International and UNHCR.

Refugees and migrants face attacks from supporters of far-right groups; the Council of Europe‘s commissioner for human rights recently called such violence “a real threat to democracy”. European and constitutional law is persistently violated. Legislation is introduced through presidential and ministerial decrees, abandoning parliamentary accountability. Independent journalists are censored. We are deeply concerned that fundamental rights and freedoms for which the Greek people have fought for decades are being undermined.
George Bizos, Jon Cruddas MP, Prof Costas Douzinas, Maria Margaronis, Prof Peter Mackridge, Prof Donald Sassoon, Gillian Slovo and 837 others. Full list atwww.thepetitionsite.com/375/381/293/initiative-for-democracy-in-greece/

• It was the Cypriot government – not the EU or the IMF – which insisted that small depositors be levied to save the banking system. Cyprus has been acting as the clearing house for Russian oligarchs for years. It was this group that the EU and IMF sought to target against fierce resistance from the Cypriot president. The real villains is the Cypriot government, which is hell-bent on protecting Russian tax cheats at the expense of their own citizens.
Andrew Byrne
Doctoral researcher in EU Politics, University of Edinburgh

http://www.thepetitionsite.com/375/381/293/initiative-for-democracy-in-greece/

  A small group of us in London, Greeks of varied affiliations and political persuasions, have come together because we are very concerned about the rise of fascism, racism and the erosion of democracy and civil rights in Greece. Our aim is to raise awareness of the problem internationally, in the hope that this might help to put pressure on Greek politicians to address these issues. We have drafted a statement which we plan to send as an open letter to selected publications, initially in Britain but later also in Greece and the United States. We hope to collect as many signatures as we can from people with a personal or professional interest in Greece and/or human rights and civil liberties. We would be very grateful if you would sign the statement, adding your position/affiliation in the comment box if you feel you can do so, and also forward it to others who might be interested.  Read the rest of this entry »


A public talk by Alexis Tsipras (SYRIZA) in London

http://backdoorbroadcasting.net/2013/03/a-public-talk-by-alexis-tsipras-syriza/

Academic Service - Archive 

         

Event Date 15 March 2013
Friends House
173 Euston Road
London NW1 2BJ

Public talk by Alexis Tsipras (head of the SYRIZA parliamentary group, and Leader of the Opposition) with a brief introduction by Tony Benn

The London branch of SYRIZA is putting on a public talk by Alexis Tsipras – the head of the SYRIZA parliamentary group, and Leader of the Opposition with a brief introduction by Tony Benn.

Unfortunately, Tony Benn could not attend due to ill health, so his statement was read out by Paul Mackney (Co-Chair Greek Solidarity Campaign)

 

PLAY

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Alexis Tsipras:

 

PLAY

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No Exit? Greece’s Ongoing Crisis

By Mark Mazower
March 13, 2013   |    This article appeared in the April 1, 2013 edition of The Nation.
Never mind the balance of payments, some may say, what about the endless personal catastrophes in Greece: the soaring suicide rate, the rising human toll of stress and despair brought on by humiliation, unemployment, sheer helplessness? The individual suffering caused by these mistaken policies can easily be overlooked by academic economists, but it is also grist for the literary mill—in fact, it is hard for Greek writers today not to reflect, in one way or another, on the despair and malaise.

A mordant account of the spreading unemployment and unrelenting weariness of living through the crisis at a daily level is provided by journalist Christoforos Kasdaglis in his Anonymoi chreokopimenoi (Anonymous Bankrupts), a collection of sketches published in 2012 that charts his response to the news and to his own lack of paid work. “Powered by” is a piece that enumerates the commodities he consumed during the production of the book: one Japanese laptop, seventy-seven Italian espresso capsules, 184 packets of English tobacco, Dutch rolling paper, an American-made jeep, a German TV, a Swedish radio, American clothes and a pair of Spanish-made shoes, plus pharmaceuticals from Britain, France, Germany and elsewhere. It’s as pithy an encapsulation of the Greek consumption problem as one could find (consumption soared between 2000 and 2008, in line with the rise in incomes fueled by capital inflows), and an instantaneous refutation to those observers—fewer now than a year ago—who are still calling for Greece to quit the euro and go it alone.

In an interview with himself, Kasdaglis stresses one of the key differences between the present circumstances and World War II. At least then, he reflects, there was enormous hope and pride to set alongside the suffering. Now all one can do is write in the hope of finding some way out of hopelessness—but looking at his country’s leaders, this is not easy. George Papandreou is “the boy with the PlayStation”—the toy in his case being Pasok, the party he inherited, and perhaps Greece itself. Kasdaglis asserts that Antonis Samaras of New Democracy—the opposition leader at the time he was writing—is a demagogue who, the author predicts, will backtrack on all his criticisms of the government the minute he is in power. (Since becoming prime minister in June, Samaras has done Kasdaglis the favor of confirming his predictions.) The interim prime minister, economist Lucas Papademos, is a decent technocrat who, on account of his former role shepherding Greece into the eurozone, must be considered one of the architects of the mess. At the same time, the author, in his mid-50s, is just old enough to remember the junta and wants to remind younger readers of what a genuine dictatorship is. The current political climate, for all its absurdities and problems, is not a dictatorship, and Greeks should not confuse it with the junta, even as the smell of tear gas wafting across central Athens takes Kasdaglis back to the days of the Polytechnic uprising at the end of 1973 and causes him to wonder whether the police have changed at all. Read the rest of this entry »


Petition : Save the Department of Balkan, Slavic, and Oriental Studies

Save the Department of Balkan, Slavic, and Oriental Studies, University of Macedonia, Thessaloniki, Greece

Our department is under threat of extinction leaving no trace of its flourishing international academic profile at the face of budget cut requirements. Established in 1998 with the vision of creating an area studies department with an emphasis on the social transformations in Eastern and SE Europe and the Middle East, it was the only Greek academic institution ever to launch the teaching of Slavic and Oriental languages integrated into its Social Sciences and Humanities curriculum. The same is true for its successful MA on Politics and Economics in Eastern & SE Europe, addressing market and business needs. Moreover, it is included in the Joint degree MA TEMPUS program, “History of SE Europe” coordinated by Uni Graz and its associates. It’s a shame that the only dynamic department in terms of faculty, publication record, and international conference organization should be sacrificed. We strongly believe that we still have a lot to offer. Please sign our petition and circulate it widely.

 http://www.avaaz.org/en/petition/Save_the_Department_of_Balkan_Slavic_and_Oriental_Studies_University_of_Macedonia_Thessaloniki_Greece/?fvMWAdb&pv=4

Austerity Land

Puppies and ice cream

 

dog_and_ice-cream

The Greek reality

 

by journalist and science writer Leigh Phillips

Phillips was a reporter and deputy editor with EUobserver until 2012 covering economic affairs, the environment and digital rights. He has also written for the Guardian, the Daily Telegraph, Nature, Scientific American, Red Pepper and Jacobin.

Let’s say you’re the prime minister of a country that’s being forced to impose some seriously strict-ass austerian shock therapy. Every day, it’s all puppies and ice cream, am I right?

Okay, not so much.

Now, if you’re lucky enough to have a population who are as demoralised as Marvin the Paranoid Android and they just emigrate like the Irish (highest emigration rate in 25 years last year) or the Latvians (13% drop in population since 2000, most of which since the crisis and 80% of whom are under 35), then you don’t have to worry about rolling general strikes, low-level terrorism and neo-Nazi MPs beating up women on TV.

Sure, with all those hyper-educated working-age kids skedaddling off to Australia or Brazil or, erm,Angola, you’ll have a bitch of a brain-drain on your hands, not to mention a wallop of a drop in economic demand, but hey, isn’t that better than having your office shot at?

But not every prime minister is as lucky as Ireland’s ol’ Blueshirt Enda Kenny. Much of the rest of the EU periphery is nowhere near as docile as his flock. At a conference I attended last summer, one German analyst placed the number of general strikes in Europe’s southern flank since the start of the crisis at over 30. Historically unheard of. Even the tumult between the World Wars didn’t see this number of general strikes.

And all that’s going to happen is your economy is going to tank, unemployment will rise to 30% (to almost 60% for young people), pensioners will shoot themselves in public squares and mothers and sons will jump off the roofs of their building while holding hands when they can’t pay the bills, and your people will despise you. You won’t even be able to go to your favourite restaurant without having eggs thrown at you.

Then come elections, the other guys are certain to get in. Of course, they’ll impose exactly the same measures, but come on, they’re the other tribe! They may be ideologically identical to you, but they’re still the other team, man!

So what are you to do? How the hell are you going to boost your popularity in such hairy times? It’s a stubborn pickled octopus of a quandary.

Now, I’m no James Carville, the infamously Machiavellian political strategist who delivered Bill Clinton’s long-shot Democratic nomination and presidential election victory in 1992, but I’ve nevertheless come up with a handy little playbook with some lessons taken from the remarkable – if very likely only temporary – turn-around in opinion-poll fortunes of Greek Prime Minister Antonis Samaras.

In many respects it does come down to a bit of a Hail-Mary pass – the last best hope of a democratic government before it turns into something else, so it’s not recommended in anything but the most extreme circumstances. Still, other European leaders should at least familiarise themselves with these tactics should the economic and political stability of their countries ever, Heaven forfend, take a similar turn to that of the Hellenic Republic.

 

Step One: Distract attention from the cuts

Screen Shot 2013-01-25 at 23.33.02

Greek tourism revenues declined 15%
in 2012 for some reason.

 

First, and most important, initiate something along the lines of Samaras’ Operation Target Darkie.

Okay, so the undertaking is not actually called Operation Target Darkie. It’s called Operation Xenios Zeus, which is still quite a bit of a chucklesome border-patrol in-joke.

You see, since the launch last August of Operation Xenios Zeus, 60,000 (yes that’s not a typo. There are five zeroes after that six) people who don’t look Greek enough have been rounded up and detained, and 4,200 arrested. But ‘Xenios Zeus’ was in fact one of the Greek god Zeus’s many titles, and it meant ‘patron of guests and hospitality’, quick to avenge any wrong done to a stranger.

Ha! Rib-tickling! Side-splitting! (Actually, quite literally side-splitting in some cases) Do you get it? Amnesty International, those po-faced goody-goodies, clearly didn’t. They issued a 12-page report last month denouncing the government’s attacks on migrants, the extended detention in filthy, appalling conditions and its routine breaking of international and EU law.

But what you have to understand is that it’s been tremendously successful in restoring Samaras’s fortunes after his party spent months in the wilderness, trailing well behind the radical left Syriza in polls since the election. The most recent polls out this week now puts his New Democracy party even-Steven (even-Stefanos?) with Syriza – perhaps even actually pipping their main opponents. And a slim majority believe Samaras to be a better prime minister than Syriza’s Alex Tsipras would be.

Now, I know what you’re gonna say. “Leigh, won’t this sort of strategy just normalise attacks on immigrants and open the door for the neo-nazi thugs who will be emboldened to assault or even murder anyone who doesn’t look or sound ‘Greek’?”

And I see where you’re coming from. That could indeed be a problem. Why, just last week, a young Pakistani man riding his bicycle in Athens was stabbed by two men on motorcycles, later dying of his wounds. In August, a 19-year-old Iraqi was fatally stabbed by a gang, also on motorcycles. The city’s mayor describes knife attacks happening on an almost daily basis.

There has been an increase in racist attacks since 2010, but human rights groups say that incidents of racially motivated violence last year just skyrocketed. Golden Dawn thugs break up market stalls with baseball bats while the police stand by and watch. They climb aboard buses and drag people out and beat them with crow bars and chains. They throw molotov cocktails at barbershops and when the police come and investigate, they arrest the barber.

But remember, we’re all in this together. We’ve all got to do our part. Sure, it’ll be a bit uneven. Some of these measures will fall unfairly on some people. I recognise that. But what other option does Samaras have? How else is going to be able to distract attention from his EU-ordered gutting of social protections and services? Sure, children are being kept in concentration camps with no clean bedding or warm water, but where’s the sympathy for poor old Sammy?

 

Step Two: Use arcane laws to break strikes

State-of-emergency

Remember to respect workers rights, or a committee of the
UN International Labour Organisation will write you a very stern letter indeed!

 

Next, you’ve got to figure out a way to deal with bolshy workers who saw household disposable income drop by 10.6% in the third quarter of 2012 compared with the previous year, as data released by the government stats agency last week showed.

One-day general strikes you can handle. It’s normal that unions should march on parliament. There’s the odd scuffle with riot police, then people go home. So what? As Swedish finance minister Anders Borg joked about Hungarian unions protesting austerity in 2011, “Isn’t that what unions always do?”

But indefinite strikes, particularly in strategic sectors that the rest of the economy depends upon, such as transport, ports, oil refineries and airports – that’s a real nuisance. People like to say that unionsaren’t as powerful as they once were. Many union leaders, particularly in the European Trades Union Congress, may even believe it themselves. But t’s remarkable how just a few strategically placed strikers can paralyse an entire economy.

The solution to this persnickety little problem here does require breaching international conventions against forced labour dating back to the 1930s, but don’t worry, you’re not going to get any trouble from Brussels on that front.

So when Athens Metro workers go on strike for eight days to oppose an EU-demanded 25% cut in wages – a demand being imposed in breach of contract with the workers – all you have to do is enact a ‘civil mobilisation’ order, enforced by riot cops armed with the threat of five-year prison sentences.

“What on earth is a ‘civil mobilisation’ order?” I hear you say. And indeed, it is an obscure power that governments have. There’s no Wikipedia entry for it, and if you Google the term, you’ll only find clippings from newspapers from the First and Second World Wars. It’s a tightly bounded form of martial law, restricted to a particular sector, that requisitions workers’ services for an indefinite duration and bans strikes. Essentially, it’s labour conscription or military labour.

But just like the return of avocado-green kitchen appliances, after a long time unconscionably démodé, civil mobilisation is deffo back in fashion.

In 2010, then-French-President Nicolas Sarkozy used ‘requisitioned labour’ to break strikes at occupied refineries and oil depots and defeat the widespread movement against his planned pension cuts. The requisition order declared that continuance of the strike could cause “serious disruptions of public order” including “riots”, and threatened the workers with six months’ imprisonment and a €10,000 fine. A judge may have subsequently declared the requisition order illegal, but the government just issued another, less general requisition.

The same year, Spain’s Zapatero militarised labour in the country’s airspace in order to break a strike by air traffic controllers over similar European orchestrated public sector cuts and privatisation. The Defence Ministry was put in charge, sending military police to disrupt a union meeting and force them back to work. Soldiers took over air traffic control towers across the country and army units were given the power to conscript air traffic controllers from their homes and order them to work under military authority. Workers faced prison sentences of up to six years for disobeying military orders. In effect, they had become military personnel.

So basically, everybody’s doing it, so why not Greece?

In keeping with the UN International Labour Organisation’s Forced Labour Convention (Convention No. 29) and according to Greek law, the requisition of labour is only permitted in cases of a “sudden situation requiring the taking of immediate measures to face the country’s defensive needs or a social emergency against any type of imminent natural disaster or emergency that might endanger the public health”.

After an investigation by the ILO’s Committee on Freedom of Association in 2009 into a controversial use that year of a 1974 decree (thus dating back to the last year of the Colonels’ junta) on ‘Civil Emergency Planning’ to issue a civil mobilisation order against striking seamen, the Greek government committed to ensuring that such use “will from now on only apply in times of war.”

But really, who cares about the ILO? It’s not like they’re international lenders who need a signal showing how tough you are at forcing through the cuts and privatisation they’re demanding. Political leaders across the EU periphery have desperately been trying to figure out a way to show the markets and European power-brokers they mean business. And now, Eureka, they have found a way! Is there any bigger big-cock manoeuvre than the militarisation of labour?

Samaras’s civil mobilisation was denounced by unions as authoritarian and “tantamount to dictatorship”. “Let them [the government] come and collect dead bodies. Let them send in the army,” bellowed transport union leader Antonis Stamatopoulos.

But after riot police stormed a train depot in the diddly tiny hours of Friday morning and served mobilisation notices to 2,500 employees, normal service was resumed by the afternoon.

There is of course the danger that the use of such unorthodox tactics will itself produce still an escalation in militant activity from furious citizens and unionists, shocked that you are using a mechanism normally reserved for times of war, but then all you have to do is escalate the repression! Simples!

 

Step Three: Accuse your opponents of terrorism

zizek-slavoj-syriza-greece-speech

Syriza leader Alexis Tsipras consorting with a vicious Slovenian terrorist.

Read the rest of this entry »


Greece Lost $261 Billion in Illicit Financial Outflows from 2003-2011, GFI’s Baker Tells Der Spiegel

Nearly US$200 Billion in Illicit Inflows to Greece from 2010-2011, fueling 2nd Largest Underground Economy in the OECD, GFI Director Tells German Magazine

 

From 2003-2011, Collective Illicit Financial Flows into and out of Greece Total US$509 Billion

 

September 4, 2012
Clark Gascoigne, +1 202 293 0740 x222

 

WASHINGTON, DC – The Greek economy lost US$261 billion to crime, corruption, and tax evasion from 2003-2011, Global Financial Integrity (GFI) Director Raymond Baker told Der Spiegel in an exclusive interview (English version here) published yesterday in the German news magazine.  Interestingly, while Greece experienced heavy illicit outflows for 6 of the first 7 years in that time series, Greece experienced massive inflows of illicit money in 2010 and 2011.

 

The research, compiled by Dr. Dev Kar, GFI’s lead economist, and Ms. Sarah Freitas, a GFI economist, revealed massive illicit inflows of US$90 billion in 2010 and US$109 billion in 2011.  On the whole, Greece was found to have suffered US$509 Billion in both illicit in-and-outflows over the time period.

 

“These are massive flows of illicit money for an economy the size of Greece,” said Mr. Baker, who also directs the Task Force on Financial Integrity and Economic Development.  “Clearly, the US$261 billion in illicit outflows through 2009 were unsustainable as the nation’s dire, current fiscal situation attests.”

 

“However, the roughly US$200 billion in illicit inflows over the past 2 years are likewise disturbing.  Illicit inflows fuel the underground economy—including crime and corruption—lead to a deterioration in economic governance, and cannot be taxed.”

 

Further, the massive illicit inflows of US$90 billion in 2010 and US$109 billion in 2011 are particularly unnerving as they have funneled directly into Greece’s domestic underground economy, which is already classified as the 2nd largest underground economy (as a percent of GDP) in the OECD (after Mexico). [1] Fascinatingly, the next largest underground economy in the OECD belongs to Italy, with Portugal and Spain having the 3rd and 4th largest European underground economies in the OECD.

 

“Given the massive illicit flows into and out of Greece, there is every reason to believe that Greece’s underground economy is likely to continue growing at an increasing rate,” said Dr. Kar, who worked as a former senior economist at the IMF before joining GFI.

 

Mr. Baker explained that these illicit financial flows are not isolated to Greece:

 

“This is a problem facilitated by a global shadow financial system comprised of tax havens, anonymous shell corporations, and trade based money laundering techniques.  Until world leaders address this system, illicit money will continue to flow freely.”

 

Indeed, further GFI research—authored by Dr. Kar and Ms. Freitas—reveals that developing and emerging economies lose roughly US$1 trillion each year in illicit financial outflows.

 

“But, this is no longer a problem simply plaguing the developing world.  It’s now a problem with potentially catastrophic consequences for major developed powers in Europe and the United States.”

 

GFI’s estimates lend credence to recent statements by former Greek Prime Minister George Papandreou, who was quoted by The Daily Telegraph last week remarking that if it were not for tax havens, “Greece would have most likely never have needed a bailout.”

 

To schedule an interview with Mr. Baker or Dr. Kar, or for other questions, please contact Clark Gascoigne atcgascoigne@gfintegrity.org or +1 202-293-0740 ext. 222.

 

###

 

Notes to Editors:

 

  1. See Table 3.3.4 on page 24 of the attached OECD report [PDF | 1.53 MB], “Shadow Economies All over the World.”
  2. Click here [XLS | 46.5KB] to download an Excel spreadsheet with GFI’s data on illicit financial flows into and out of Greece.
  3. Click here for a summary of GFI’s interview with Der Spiegel in German.  (The full German article is behind a pay-wall)
  4. Click here to read the full interview of GFI’s director, Raymond Baker, with Der Spiegel in English.

 

Contact:

 

Clark Gascoigne
cgascoigne@gfintegrity.org
+1 202-293-0740 ext.222

 

_______________________________

 

Global Financial Integrity (GFI) is a Washington, DC-based research and advocacy organization which promotes transparency in the international financial system.

 

For additional information please visit www.gfintegrity.org.


Constitution of the Greece Solidarity Campaign

UNITY TRUST http://www.unity.co.uk/upload/pdf/SE_App_form_Mar_2012.pdf

OUR PURPOSE

The Greece Solidarity Campaign (GSC) is an independent, non-governmental and non-party political organisation, established in response to an appeal by Tony Benn in February 2012 for solidarity with the people resisting ‘austerity’ in Greece.

The working people of Greece are being driven to poverty and mass unemployment by the demands of the so-called Troika – the European Union, the European Central Bank, and the International Monetary Fund – which has imposed Lucas Papademos, formerly of Vice-President of the ECB, as Prime Minister.

Greece is at the cutting edge of the austerity measures that are being introduced across Europe. All the evidence shows that while these measures may protect the interests of the rich, they just make matters worse for the majority of the population.

What happens in Greece today will be repeated in Portugal tomorrow, and in Ireland and Italy the day after. In Britain, the Coalition government is pursuing similar measures which will see workers earnings cut, working longer for a smaller pension, the marketisation of education and the dismantling of the NHS along with other public services.

The Greek people have shown mass resistance to these outrages and we commit to build a movement of solidarity with them.

 

OUR AIMS

-     To develop practical acts in solidarity with Greek working people

-     To support and celebrate the determined resistance by all those opposing ‘austerity measures’ in Greece.

-     To provide information on the situation in Greece including debunking the myths about the causes of the crisis.

-     To encourage conferences, meetings, discussions, lobbies, pickets, publications, media work, musical and cultural events.

-     To encourage mutual contacts with Greece through delegations, twinning etc.

-     To oppose governmental attempts to weaken trade unions and destroy collective bargaining.

-     To work with solidarity organisations of Greeks resident in the UK and to link with similar anti-austerity campaigns across Europe.

-     To defend Greece’s democracy, sovereignty and independence and support the right of the Greek people to determine their own future free from oppressive external intervention.

-     To support and build activity around these objectives throughout Britain, within Parliament and local government, with trade unions, pensioners, students, faith groups, equality campaigns, cultural and political organisations, and social movement bodies.

 

OUR ORGANISATION

People or organisations affiliate to the Greece Solidarity Campaign on the basis of Tony Benn’s Appeal for Solidarity:  http://www.coalitionofresistance.org.uk/2012/02/sign-the-appeal-for-solidarity-with-the-people-of-greece/.

 

The annual affiliation rates:

Supporter:   Free

Affiliates:    Individual Member (with voting rights): £12 (unwaged £6);

Local Organisation: £24; National Organisation: £48 minimum

The GSC has an Annual General Meeting (AGM) which is open to all members and acts as the ultimate GSC policy-making body.

 

The GSC has an Executive Committee of 15 elected members, elected at the AGM; in addition, each national affiliate has an entitlement to one representative on the executive body.

 

The GSC has a chair, secretary and such officers as may be determined by the Executive Committee and ratified by the AGM.

 

The GSC has an honorary President, and patrons as determined by the Executive Committee and ratified by the AGM.

 

PRO-TEM OFFICERS ELECTED at Wed 9 May 2012

 

Chair: Paul Mackney / Secretary: Rachel Newton

Assistant Secretary: Andrew Burgin

Vice Chairs: Nancy Kiousi & Eleni Stasinopoulou

Delegation Coordination: Andrew Burgin / Kate Hudson / Clare Solomon

Trade Union Officer: Bob Archer / European Liaison: Kate Hudson


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