MarketWatch OpEd: Germans begin the looting of Greece

“Under the terms of the new bailout accord, which provides 86 billion euros of new debt to a government already vastly overindebted, the country must sequester 50 billion euros worth of public assets to sell off at distressed prices to mostly foreign bidders—with German companies first in line. […]

But the plundering that has now begun unmasks the whole euro charade for what it really is—a war of conquest by money rather than by arms.

Privatization is a standard feature of the neoliberal policy mix seeking smaller government, less state intervention and more free-market competition. (Privatization, of course, leads just as often to crony capitalism, while some services, such as electricity and trains, are arguably more efficient as government-owned monopolies.)

But privatization in the context of the bailout accord is tantamount to expropriation, like forcing a bankrupt to sell the family silver in order to pay off debts. […]

How anyone can view this blatant profiteering as furthering the process of European integration is a mystery. How any European can look at this naked German aggression with equanimity is also baffling.

http://www.marketwatch.com/story/germans-begin-the-looting-of-greece-2015-08-21

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