The European safety mechanism dooms Greece

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Greece had to enter the European “Safety” Mechanism and to sign the memorandum with the troika in order to avoid bankruptcy. In other words Greece had to get a loan, that increased its already  extraorbitant sovereign debt, to cover the payments towards its creditors and to pay for its expenses. 

In practice, Greece is increasing its public debt to safeguard the interests of its creditors, at the expense of greatly reducing the disposable income of its taxpayers and by plunging the real economy into deeper recession through the implementation of strict, inhumane austerity measures that it is forced by the troika to adopt.


 As the situation currently stands Greece is worse-off than one year ago when it first signed the memorandum. Public debt continues to increase, so does the budget deficit, same for unemployment and inflation. Within this economic environment Greece might not receive the next dose of the loan from the European “safety” mechanism, which implies that it will either have to allocate any money to cover external needs (pay creditors) or to pay for internal needs (wages, health insurance etc.). This means partial bankruptcy and there is no need to explain to you that the external needs will be given a priority…

DOOMImage by TheArche

The point is that the Greek debt, the money Greece took and now has to pay back, did not reach the Greek people, it was not directed towards the Greek economy, to structural works and other important investments that would set the foundations for stable growth. Part of the Greek debt was consumed by the corrupt political establishment that is the number one responsible for the current situation. 

The rest of the debt was created to cover the previous one, to cover the creditors that gave money to the politicians. Something similar with the later is now being done through the so-called safety mechanism. The money that comes from it increases the public debt that the Greek people will be called to pay and is solely directed towards the creditors. It is not invested in the economy, it is not for the benefit of the people.

It is added to the existing debt but it never comes in Greece, it goes directly to the pockets of creditors. In that sense the European “safety” mechanism only provides safety to the interests of those who speculate over Greece.


The only way for Greece to survive is to denounce the safety mechanism and the memorandum with the troika that leads to its doom. Declare the public debt Odious, thus deny paying it, since to be covered it requires measures that are detrimental for the essential needs of the Greek people. Hence declare default on all its creditors. Abandon the euro and re-adopt its national currency (drachma) so as to regain monetary policy powers which is in desperate need of. Nationalize banks in order to control the supply of money. Adopt protectionist measures to save local production and invest in increasing that production. In other words the only way out for Greece is to apply Economic Nationalism coupled with Communal Markets that have already started to appear in various parts of the country and need to be spread everywhere. This is the only real safety mechanism that Greece can choose to avoid agony, misery, slavery and death.

The question now is will the current political establishment that is responsible for the whole situation, abandon its policies and adopt these radical measures? The answer is NO and the Greeks must realize that the soonest. In the peoples’ and the intelligentsia’s everyday parlance there is one word that has to be included: Revolution!

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