Thursday Dec 01, 201102:25 PM GMT
'Only regime change would save Greece'
Wed Jun 29, 2011 1:42PM
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The people of Greece need to change their government and get rid of the “continued occupation of the banking terrorists” to save their country, says an economic analyst.

“There has to be a regime change in Greece to get rid of the government that is clearly in the pocket of foreign banking interests,” Max Keiser said in an interview with Press TV on Wednesday.

“They [the people of Greece] need to default on this debt that was foisted upon them immorally and illegally and they need to restart their economy with a fresh start,” he added.

The analyst pointed out that although Greece's default on its debts would lead to the collapse of the country's economy, “[it would be better than] living under the thumb and occupation of foreign banking interests, the junta of the International Monetary Fund (IMF), the European Central Bank (ECB) and the European Union (EU).”

Keiser cited Argentina and Iceland as examples of two countries that have defaulted on their debts but then bounced back and rebuilt their economy from scratch, saying Greeks are capable of creating a new “economic dynamo” as well.

He also said that it would be in the best interest of Greeks to leave the eurozone and return to the drachma -- the primary unit of currency in Greece before the adoption of the euro -- by monetizing their gold supplies which attract billions of fresh dollars every day.

The analyst accused Greek Prime Minister George Papandreou of bringing about the current economic crisis by working in cahoots with foreign banking and securities firms such as Goldman Sachs.

The Greek parliament approved new austerity measures on Wednesday to secure the latest tranche of financial aid from the EU and the IMF.

Greece's newly-approved austerity plan, which is worth some EUR 28 billion (USD 40 billion), includes a privatization program aimed at raising EUR 50 billion and further budget cuts as well as tax increases to help the government receive further international financial assistance.

The passage of the bill means the EU and the IMF will release EUR 12 billion in aid to Greece -- the fifth tranche of Greece's EUR 110 billion bailout program.

Thousands of anti-government protesters have been demonstrating in central Athens outside the parliament against the new austerity program.

Greece has a debt of over EUR 300 billion, which is worth more than 150 percent of its annual economic output.

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