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Western financial system looting Greece: Analyst

Thursday, 26 May 2016 5:58 AM [ Last Update: Thursday, 26 May 2016 5:58 AM ]

German Finance Minister Wolfgang Schaeuble (R) talks with Maltese Finance minister Edward Scicluna (C) and Finnish Finance Minister Alexander Stubb (L) during a Eurogroup meeting at the EU headquarters in Brussels on May 24, 2016. ©AFP

Press TV has conducted an interview with Paul Craig Roberts, former assistant secretary of US Treasury in Atlanta, and Jack Rasmus, professor of political economy in San Francisco, about a deal reached between Eurozone finance ministers and the International Monetary Fund that clears the way for fresh loans for Greece.

Roberts says the Western financial system is no longer useful, adding that it is simply a “looting mechanism.”

He also states the new bailout deal for Greece is just a cover to “loot” this cash-strapped member of the European Union.

The analyst goes on to say the next step is Greece has to sell off all its public assets in order to repay the International Monetary Fund (IMF).

“So what we can conclude is that the Western banks, having no one else to loot, have now turned on their own selves, on to their own countries, on to their own members and that is all this is about, it is not about anything else, it is looting and destruction of a European country,” he says.

Elsewhere in his remarks, Roberts argues that this bailout deal also provides a cover for the IMF to “violate” its own rules.

“What is happening is that there is this pretence to provide cover for the IMF to break its own founding rules ... This is cover so the IMF can succumb to the pressure from the United States and Germany to lend the money to Greece to pay back the creditors,” he says.

Rasmus, for his part, believes Greece’s bailout agreement is a financial scheme to extract wealth out of the country and keep it totally indebted.

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