Documentary in Bristol: Debtocracy

What is really happening in the European Union?

The current economic crisis has affected the whole socio-economic situation in the globalised economy. Workers, youth and unemployed people are suffering not only from the impact of the crisis but mainly from the shock doctrine policies that the neoliberal governments decided to apply in order to confront crisis. For them confronting efficiently the crisis means rescuing the banks, restoring the profit rate and attacking on the majority of the society.

The situation is much worse in the EU and especially in the eurozone. During crisis the division between the core and the periphery has become deeper and bigger. The policies that were implemented were a mixture of rescuing the banks and the financial institutions and cutting much of the funds intended for the welfare of society. As a result, the unemployment skyrocketed, poverty increased and the living standards deteriorated in the periphery of EU. However, this situation is also visible in the core of the EU. This happens because of the characteristics of the EU (open borders, integrated economy).

The European banks were extremely exposed to the national debts of the periphery. The bailout of banks by the MS was important since the states switched the holdings of sovereign bonds from the European banks to the European taxpayers. The main argument of the governments is the financial discipline and the pay off the national debt.

The national debt increase stems from the loans borrowed in order to finance large companies, mega events and the international military industry. Especially in the periphery of the EU, the national debt increased much more by the billion of euro spent by governments to bail out the banks and the financial companies that have heavily invested in ‘toxic’ financial products in the virtual financial economy.

The global and domestic financial capital (the speculators) saw in the periphery of the EU a great opportunity to make huge loads of money. With the full agreement of the EU, and the directions of the IMF and the European Central Bank huge austerity programs and budget cuts were implemented in the whole of the periphery of the eurozone (Greece, Spain, Portugal, Ireland, Cyprus).

For all these reasons a discussion is necessary. People need to talk, exchange opinions, draw conclusions from real evidence, to decide and struggle collectively against this dark future that they plan for us. We will show the documentary “Debtocracy” (independent production) that focuses on aspects of the Greek crisis that are not presented in mainstream media. The documentary will be followed by an open discussion on the topic. Come to discuss!

Saturday 23rd February 2013, 18.00 at the YHA, 14 Narrow Quay, BS1 4QA, Bristol.

Documentary Event: ‘Debtocracy’

Real Democracy Bristol 



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