From the Bretton Woods Project:

"The [#WorldBank] and [#IMF] have also been heavily criticised for the role played by the political expediency of important shareholders in its decision-making and choice of interventions, including its support to dictatorships. The IMF’s decision to break its own rules and support the highly controversial Greek loan programme, agreed in 2010, prompted Brazil’s Executive Director to the IMF to protest that, '… the program … may be seen not as a rescue of Greece, which will have to undergo a wrenching adjustment, but as a bail-out of Greece’s private debt holders, mainly European financial institutions.'"

From 2018: The Greece Bailout’s Legacy of Immiseration

The cynicism and brutality of what happened there is for the whole world to see.

James K. Galbraith
August 20, 2018

"2010 to 2018 will go down in Greek history as an epic period of colonization; of asset stripping and privatization; of unfunded health and education; of bankruptcies, foreclosures, homelessness, and impoverishment; of unemployment, emigration, and suicide. These were the years of the three memoranda, or 'financial-assistance programs' accompanied by 'structural reforms,' enacted supposedly to promote Greek 'recovery' from the slump and credit crunch of 2010. They were, in fact, a fraud perpetrated on Greece and Europe, a jumble of bad policies based on crude morality tales that catered to right-wing politics to cover up unpayable debts.

"This was a bailout? The word reeks of indulgence and implied disapproval. As it was often said, 'The Greeks had their party and now they must pay.' Yes, there was a party—for oligarchs with ships and London homes and Swiss bank accounts, for the military, for engineering and construction and armaments companies from Germany and France and the United States. And yes, there was a bailout. It came from Europe’s taxpayers, and went to the troubled banks of France and Germany. Greece was merely the pass-through, and the Greeks who paid dearly with their livelihoods were just the patsies in the deal."

https://www.theatlantic.com/international/archive/2018/08/greece-bailout-imf-europe/567892/

Archive:
https://archive.ph/2IB0c#selection-499.0-515.15

#Oligarchs #OligarchParty #CorporateColonialism #IMFLoanSharks #GreekAusterity #Exploitation #GreeceBailout #IMFBailout