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Drop Greek Debt

 

The crisis in Greece has come to symbolise the shortcomings of contemporary financial regimes in the Global North. As the country enters its sixth year of recession, the outlook remains grim. GDP has shrunk by at least 25%, with general unemployment at 30% and youth unemployment at 50%, leaving 1.5 million Greeks without work and increasingly looking abroad for job opportunities. The national debt currently stands at over $300 billion - 180% of GDP. The Greek people have been forced to bear the brunt of this untenable situation, with cuts to vital sectors such as health, education, pensions, and public salaries.

Although it has become increasingly clear that debt relief is the most viable solution to rebuilding the Greek economy, core Eurozone lenders have remained steadfast in their refusal to relieve Greece's debts until the close of the current bailout programme in 2018. In spite of the IMF's insistence that any agreement should ensure that Greek finances are sustainable, allowing its economy to grow and its loans to be repaid over the long-term, the continuing series of bailouts do little more than delay an immediate crisis, and both fail to address structural deficiencies, while miring the country deeper in debt.

DDCI was proud to support a Europe-wide petition calling upon our leaders to take immediate action on the Greek crisis. After collecting over 100,000 signatures, this particular campaign has since ended. We are extremely grateful for your overwhelming support and solidarity with the people of Greece, and are eager to continue our campaigning for debt justice for Greece. More information can be found by clicking the image below.