If Greece gives in to the demands of the European banks and the IMF, the consequences for its pensioners and other poor people will be worse than anything Draco ever dreamt up. The pensions cut and the VAT increase are favoured by the banks because there will be an immediate impact on those perceived to have benefited immoderately from the government’s profligacy – a benefit not clear to people whose country has already been devastated by cuts.If the banks give way, however, who will notice? No one in the short term. In the long term, maybe the banks or hedge fund managers may have to adjust their books to reflect a bad investment. Related: Fears of Greece eurozone exit mount as EU deadline looms Related: Europe must save Greece to save itself | Timothy Garton Ash Continue reading...
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