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It is estimated that 89% of the 240 billion euros loaned by the Troika to Greece were used to repay other European banks that had lent to Greece earlier, and only 11% was retained by Greece. To generate the money to repay the Troika, Greece had raised taxes and cut public spending (including on pensions), starting 5 years ago. Greece's GDP then shrank by 25% while the unemployment rate rose to 25%. More money loaned to Greece coming in by the front door, up to 95% of which would leave by the back door, will only add to the debt burden of the Greek people, and delay the day of their emancipation from debt. It will not save the Greeks from becoming Europe's perpetual indentured servant.|
The Greeks toiled for the bankers, abroad and at home.
More debt only means more toil, making the Greeks the first serfs created in the Eurozone, to work perennially for their creditors, with reduced pay and benefits, now estimated to last 60 years, instead of 30 years, if the third bailout is implemented.
If Greece is forced out of the Eurozone, the 130 billion euros of Greek depositors in Greek banks may be frozen, or forfeited, as the banks would declare themselves insolvent. Although they owed the Greek depositors 130 bilion euros, they would not have the actual Euros in paper cash to pay them with, and their loans to other borrowers will be uncollectible, as they would be frozen by European banks to pay for their unpaid national debt.
Exiting the Euro means paying up and losing immediately the 130 billion euros of Greece's depositors, turning everyone who had not saved some Euros in paper cash, into overnight paupers.
It will decimate the Greeks. And, fragment the EU. Once this begins, credit for trade will disappear. Commerce will halt. Unemployment will rise. Widespread starvation ensues. Wars will break out over resources.