Lapavitsas Calls For Exit As The Only Strategy For Greece
By Costas Lapavitsas in The Real News - And it is--it is neocolonial for many reasons. I will mention three. First, the deal proposes the establishment of a privatization fund of 50 billion Euros which will basically sell public property under foreign management. 25 billion of that, the first 25 billion, will go to the banks by the agreement. If there's anything left, and there won't be anything left because they'll never make 50 billion, it might go to repaying the debt and possibly to investment. Essentially, then, this fund will sell what it can of public property to recapitalize the banks. We've just agreed the deal that sells the family silver to recapitalize the failed Greek banks.
We've also agreed to reforms of civil administration managed by the EU. We've also agreed to monitoring, and this monitoring will be very severe and it will last a lot longer than the three years that this deal will last.