News Information

• NEWS_POSTED_BY: Haiti Place
• NEWS_POSTED_ON: Aug 05, 2015
• Views : 655
• Category : Diaspora News
• Description : The Haitian Times
  By Max A. Joseph
  
  July 29, 2015
  
  
  
• Location : United States
• Website : http://haitiantimes.com/the-haiti-greece-connection-12167/

Overview

• Debt is an instrument of control and other insidious motives that have been in use since ancient times. Its potency painfully felt when the debtor becomes insolvent.
  
  European Union member and bankrupt Greece may be thousands of miles away from United Nations-occupied and destitute Haiti, but the distance doesn’t preclude these two countries from experiencing similar issues inherent to the brutal nature of the global order.
  
  Under a narrative that exculpates perpetrators and vilifies victims, these two countries are portrayed as unsuitable to their neighborhood and, by extension, unworthy of sympathy from their more affluent and powerful neighbors. Succeeding generations of Greeks, like their Haitians counterpart, will have to deal with the nasty consequences associated with being an insolvent nation. It certainly does not help that the institutions equally responsible for the Greek debt crisis – Europe Central Bank, the giant international banks and the IMF– are the ones formulating the solution.
  
  Let’s start with Greece, a country of 10 million inhabitants and a national debt of $380 billion. As a member of the world’s largest economic bloc, the country certainly possesses many advantages that may be appealing to lenders. However, were these “advantages” sufficient enough to warrant such vote of confidence in its ability to repay this massive debt? Absolutely not; despite a highly-educated workforce, Greece is essentially a developing economy that relies mostly on tourism and agricultural exports.
  
  It will never be able to pay off this enormous debt.
  
  Read more here >>