How Greece was robbed by the banksters

The Greek people should invoke what Thucydides once said: “As
for the name, it is called a democracy, for the administration
is run with a view to the interests of the many, not of the few”


The preliminary report explaining in detail how Greece got robbed and financially devastated was released to the public in 2015. I am hereby re-posting it in its entirety as it is the most compelling case, full of evidence, against the world’s greatest gangsters banksters.

Here are some most crucial findings of report’s authors, the Truth Committee on Greek Public Debt, with my emphasis :

  • The report concludes that the increase in debt was not due to excessive public spending, which in fact remained lower than the public spending of other Eurozone countries, but rather due to the payment of extremely high rates of interest to creditors, excessive and unjustified military spending, loss of tax revenues due to illicit capital outflows, state recapitalization of private banks, and the international imbalances created via the flaws in the design of the Monetary Union itself ,
  • the first loan agreement of 2010 was aimed primarily to rescue the Greek and other European private banks, and to allow the banks to reduce their exposure to Greek government bonds,
  • the report reveals the mechanisms devised by the agreements that were implemented since May 2010. They created a substantial amount of new debt to bilateral creditors and the European Financial Stability Fund (EFSF), whilst generating abusive costs thus deepening the crisis further. The mechanisms disclose how the majority of borrowed funds were transferred directly to financial institutions. Rather than benefiting Greece, they have accelerated the privatization process, through the use of financial instruments,
  • how the creditors imposed intrusive conditionalities attached to the loan agreements, which led directly to the economic unviability and unsustainability of debt. These conditionalities, on which the creditors still insist, have not only contributed to lower GDP as well as higher public borrowing, hence a higher public debt/GDP making Greece’s debt more unsustainable, but also engineered dramatic changes in the society and caused a humanitarian crisis. The Greek public debt can be considered as totally unsustainable at present,
  • the measures implemented under the “bailout programmes” have directly affected living conditions of the people and violated human rights, which Greece and its partners are obliged to respect, protect and promote under domestic, regional and international law. The drastic adjustments, imposed on the Greek economy and society as a whole, have brought about a rapid deterioration of living standards, and remain incompatible with social justice, social cohesion, democracy and human rights,
  • there has been a breach of human rights obligations on the part of Greece itself and the lenders, that is the Euro Area (Lender) Member States, the European Commission, the European Central Bank, and the International Monetary Fund, who imposed these measures on Greece. All these actors failed to assess the human rights violations as an outcome of the policies they obliged Greece to pursue, and also directly violated the Greek constitution by effectively stripping Greece of most of its sovereign rights. The agreements contain abusive clauses, effectively coercing Greece to surrender significant aspects of its sovereignty. This is imprinted in the choice of the English law as governing law for those agreements, which facilitated the circumvention of the Greek Constitution and international human rights obligations. Conflicts with human rights and customary obligations, several indications of contracting parties acting in bad faith, which together with the unconscionable character of the agreements, render these agreements invalid,
  • the report concludes the Greek public debt as of June 2015 is unsustainable, since Greece is currently unable to service its debt without seriously impairing its capacity to fulfill its basic human rights obligations. Furthermore, for each creditor, the report provides evidence of indicative cases of illegal, illegitimate and odious debts,
  • Debt to the IMF should be considered illegal since its concession breached the IMF’s own statutes, and its conditions breached the Greek Constitution, international customary law, and treaties to which Greece is a party. It is also illegitimate, since conditions included policy prescriptions that infringed human rights obligations. Finally, it is odious since the IMF knew that the imposed measures were undemocratic, ineffective, and would lead to serious violations of socio-economic rights.
  • Greek debts to the ECB should be considered illegal since the ECB over-stepped its mandate by imposing the application of macroeconomic adjustment programmes (e.g. labour market deregulation) via its participation in the Troika. Debts to the ECB are also illegitimate and odious, since the principal raison d’etre of the Securities Market Programmeme (SMP) was to serve the interests of the financial institutions, allowing the major European and Greek private banks to dispose of their Greek bonds,
  • the bilateral loans should be considered illegal since they violate the procedure provided by the Greek constitution. The bilateral loans are furthermore illegitimate, since they were not used for the benefit of the population, but merely enabled the private creditors of Greece to be bailed out. Finally, the bilateral loans are odious since the lender states and the European Commission knew of potential violations, but in 2010 and 2012 avoided to assess the human rights impacts of the macroeconomic adjustment and fiscal consolidation that were the conditions for the loans,
  • The debt to private creditors should be considered illegal because private banks conducted themselves irresponsibly before the Troika came into being, failing to observe due diligence, while some private creditors such as hedge funds also acted in bad faith. Parts of the debts to private banks and hedge funds are illegitimate for the same reasons that they are illegal; furthermore, Greek banks were illegitimately recapitalized by tax-payers. Debts to private banks and hedge funds are odious, since major private creditors were aware that these debts were not incurred in the best interests of the population but rather for their own benefit,


Having concluded its preliminary investigation, the Committee considers that Greece has been and still is the victim of an attack premeditated and organized by the International Monetary Fund, the European Central Bank, and the European Commission. This violent, illegal and immoral mission is aimed exclusively at shifting private debt onto the public sector.

Or in plain English, read the report to find out how Greece got robbed by the banksters. These financial vampires are still walking around unpunished. 


You can download the entire report here.




4 thoughts on “How Greece was robbed by the banksters

  1. It’s amazing that nothing severe has happened since. Surely the people know that they were looted and robbed? But then again, what can be done when it all happens behind closed doors and in secret meetings?

    Extortive taxation and usury should be abolished. ALL human interaction should be voluntary.

    Liked by 1 person

    1. Nothing severe happened, although people were in the streets for long 2 years. And achieved nothing. I’m very sure vast majority of Greeks would agree they were robbed of money and basic dignity and they tried to fight back. What should be done and in what way? As much as I’m a pacifist, I don’t think these jewish overlords can be removed without an army. And that’s what makes me worried, will we ever be ready to do the last step?

      True – usury is the biggest issue. In entraps everybody in debt and should be abolished. Taxation is an invention to take away your earned money and transfer it to debt repayment, i.e. few families who own the mint.

      There is a cool article here , where the author explains what would be like in an usury-free system. I can hardly imagine anything like it, but on the other hand it truly sounds like heaven on Earth. Mostly due to the fact that in that particular scenario, there are no bastards left at the top so we could actually live in peace for once.


  2. It’s incredible when it’s there in black and white. I suspect that most ordinary Greeks have little or no idea of the report’s findings, and would be in no position to do much about it.
    As usual it’s a case of ‘ok, we know the truth, but what the hell do we do about it?’.
    Daylight robbery, literally.


  3. Well, the ordinary people were protesting for approximately 2 years, as all austerity measures were carried on as if there was nobody in the streets protesting. So even if some of them knew what it was all about, the result remained the same – they got robbed. All the perpetrators of this financial and humanitarian rights crimes are free to walk this Earth, which is real life’s sarcasm. We ought to change it, though. Enough is enough, right?


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