Greek austerity and its resemblance to African debt peonage

3 Aug

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by Nizar Visram

Greeks voted a very loud No (Oxi) Greeks voted a very loud No (Oxi) to austerity

On July 16 this year protests erupted outside Greek parliament as lawmakers were approving further harsh austerity plan in exchange for a third European bailout. Greek Prime Minister Alexis Tsipras won by 229 votes to 64 while 32 members of his own Syriza party voted against the measures, including his ex-finance minister Yanis Varoufakis.

The vote took place after a fiery debate when Tsipras energetically defended his stand under threat of resignation.

The parliamentary approval came despite the fact that, on 5 July 2015, people rejected the reforms in a referendum. They said ‘No’ (Oxi) to retirement age increases, tax hikes, cuts in public spending and pension and curb in collective bargaining, in exchange for up to $94 billion.

Tsipras told the legislators:

“I will admit that the measures we are tabling are harsh, and I don’t agree…

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