On Sunday, the Greek parliament approved a new round of austerity measures that will further deepen the 5-year depression and sever the last fraying threads of social cohesion. In order to secure a 130 billion euro loan, Greek political leaders agreed to comply with a “Memorandum of Understanding” (MOU) that will not only intensify the sacrifices of ordinary working people, but also effectively hand the control of the nation’s economy over to foreign banks and corporations.
The Memorandum is as calculating and mercenary as anything ever written. And while most of the attention has been focused on the deep cuts to supplementary pensions, the minimum wage, and private sector wages; there’s much more to this onerous warrant than meets the eye. The 43 page paper should be read in its entirety to fully appreciate the moral vacuity of the people who dictate policy in the EZ.
Greece will have to prove that it’s reached various benchmarks before it receives any of the money allotted in the bailout. The Memorandum outlines, in great detail, what those benchmarks are— everything from reduced spending on life-saving drugs to “lift(ing) constraints for retailers to sell restricted product categories such as baby food.”
That’s right; according to the author’s of this fuliginous memo, the only way Greece is going to be able to lift itself out of the doldrums is by poisoning its kids with banned baby food.
The MOU also calls for a 10 percent cut to government workers wages, cuts to “social security funds and hospitals”, and more privatizing of publicly-owned assets, all of which will only further shrink GDP.
