To better understand how the current situation in Greece has arisen, a new documentary called Debtocracy made by Greek journalists Katerina Kitidi and Aris Chatzistefanou is available to watch online for free, with the option of English, Spanish, Portuguese and French subtitles.
The film chronicles the current economic problems in Greece and cross references it against case studies from other countries who have imposed austerity measures on their people in the recent past – most significantly drawing comparison with the cases of Argentina and Ecuador. It lays out how both these nations put a stop to public spending cuts, privatisation, and the never-ending cycle of debt payments. Following in the example of Ecuador, the film also proposes a solution for the Greek crisis through the formation of an audit committee — which should include non-specialists — to establish exactly to whom the debt is owed, and to determine which parts of it are odious and illegitimate:
“In March 2011, a group of people from different backgrounds took the initiative to demand the formation of an audit committee in Greece. Academics, writers, artists, union representatives from all over the world supported this initiative willingly”
The supporters of the initiative included Noam Chomsky, Tariq Ali and Tony Benn.
Approximately midway through the film, there is a section entitled “The History of Odious Debt”:
- Government of country receives a loan without the knowledge and approval of its people.
- The loan is spent on activities not beneficial to the people.
- The lenders know of this situation but pretend not too.
If the analysis of the audit committee proves all or part of the debt to be odious the people should not have to pay for it and therefore it should be erased.
To visit the official website click here: www.debtocracy.gr/