Troika Heat-Seeking Missile Destroys Greece

The Greek economy has been devastated by the imposition of neoliberal policies. In exchange for €86 billion, the Troika has demanded that Greece cut pensions, raise taxes, privatize state assets, and deregulate labor. This has resulted in the sale of important state assets, such as the Port of Piraeus and 14 regional airports, to foreign interests at bottom-feeder prices. 

The austerity measures imposed by the Troika have left the country unable to provide relief to its citizens. This situation is reminiscent of King Louis XVI of France, who was beheaded in 1793 after his people were left starving in the streets. 

John Kenneth Galbraith’s son, James Galbraith, recently addressed the issue at the USC Global Leadership Summit. He described the process as a debt collection, land grab, foreclosure policy, and a policy of taking as much as possible of the state’s assets. This has resulted in bankruptcy for businesses and households, followed by foreclosures. The Greek government has capitulated to the Troika’s demands, despite their pre-election promise not to privatize the country’s infrastructure.

The Troika’s recent missile launch has sparked a debate about the dispossession of European populations from their capital assets. This has been seen as an act of war between nation/states by some. The consequences of this are that the people are stripped of their assets to pay for debts from which they have benefitted very little. This has caused a spirit of rebellion to grow and spread throughout Greece, as well as Portugal, Spain, and Italy.

James K. Galbraith, a renowned economist, believes that the Troika’s policy recommendations are “driven by ideology, utterly disconnected from the reality of what it takes to restore a viable economic and social entity”. He believes that the only way forward is for Greece to default on its debts, which will bring an end to the unsustainable austerity measures. Galbraith also draws parallels between the Troika’s actions and those of General Augusto Pinochet in Chile during the 1970s. He believes that the Greek people are being forced into a corner and are being dispossessed from their homes, for debts that have no benefit to them. He concludes that the only sensible thing to do is to resist the Troika’s actions.

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