For the first time in Greece a documentary produced by the audience. “Debtocracy” seeks the causes of the debt crisis and proposes solutions, hidden by the government and the dominant media.
Greece is facing a financial crisis.
The Greek people, who oppose the IMF-led “austerity” policy at the expense of the people, have established a citizens’ “audit committee” to investigate the causes and realities of the budget deficit, with the aim of restructuring the public finances from the people’s perspective. This documentary was independently produced with a low budget of approximately $6,300 by collecting donations from citizens.
While promoting welfare policies for workers, past “leftist governments” failed to fairly burden (raise taxes on) the privileged corporations and the wealthy, which are necessary for financial resources (i.e., scattergun policies). Furthermore, it is now clear that giant Western banks and the military industry have been cozying up to the Greek government and ruling class, and have continued to increase the deficit even during the fiscal crisis.
In this film, it is pointed out that the cause of the financial crisis in European countries has its roots in speculative financial activities without rules, based on the enormous fiscal spending (debt) of each country for the sake of big banks and large corporations.
Argentina did the same thing and allowed the IMF to intervene and ruin its economy. Ecuador established a debt validation commission with citizen participation and declared that it would not allow the IMF to intervene in the debt of banks and large corporations to the people and that it would stop repaying unjust debts that are not in the interest of the people but in the interest of officials and lenders. They succeeded in restoring sound finances without sacrificing the people.
Greece’s “Audit Committee” pointed out that the budget deficit, which has been expanded by the cozy relationship between these Western banking giants and the Greek ruling class, is an “unjustified debt” that is detrimental to the interests of the people.
The Greek people oppose the cuts in pensions and welfare, restructuring and wage cuts for civil servants and others, and tax increases on the general population that are being imposed on the people as “austerity measures” to pay off these “unjust debts,” as they protect only the claims of Western banks and are a wrong approach that goes against the original fiscal reconstruction.