Banking cancer becoming worse in Eurozone – Max Keiser
24 Jul, 2011 17:40
A second bailout for Greece has only increased the country’s debt and made it harder to pay it off, financial analyst Max Keiser has told RT.
An emergency summit of EU leaders and IMF officials agreed Thursday to give Greece another bailout package worth 109 billion euros. For the first time, private lenders also pledged support.Athens already owes about 350 billion euros, the equivalent of 1.5 years of total national economic output.Thus, the latest bailout only increases the amount of debt in the Eurozone and in Greece, Max Keiser said.The analyst argues that this was a plan by bankers “to repackage, to re-securitize, to resell debt.”The growing amount of debt is giving bankers more opportunities to control the productive part of the economy, which eliminates the ability to pay off the debt, insists the host of RT’s Keiser Report.“They are crowding out any ability for the workers in Greece to generate enough income to pay off this debt,” Keiser stated. “This is consigning the population to debt servitude.”“The banking cancer is just becoming worse in the Eurozone, and worse in Greece,” he said.Keiser claims the bailout is actually good for Germany, which will pay for the bulk of it, as it gives it the ability to control the entire Eurozone through the German banking system.“They get to lord over the counties like Greece, Portugal, Spain,” he said, adding that “as long as they keep euro at the level that they want, it’s great for their export market.”As for the struggle over raising the US debt ceiling, technically the argument is meaningless, as it was breached many times in the past and never caused any calamity whatsoever, Keiser says.He claims that the Republicans are intentionally impeding the process as a kind of “financial lynching” of President Barack Obama.