Leonidas Vatikiotis: The Class Character of Recent Greek Debt Restructuring (February 2012) andwhy Greek Public Debt Should Not be Paid


The paper examines two related subjects: First, the strictly class character of Greek public debt restructuring, according to its design and consequences, which determined its failure to reduce the level of the debt. The importance of this discussion is highlighted by recent considerations about a new haircut or a new rescue loan to Greek government. The contradicting plans make clear that sooner or later there will be a new round of crisis with negative implications to Greek working class and people.

Second, five concrete arguments at favor of the cessation of payments and abolition of Greek public debt. In the following lines it is shown the huge responsibility of European Union to the deterioration of sovereign debt crisis in Greece. More

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