Greece’s crisis and those before it are symptoms of a global financial system that puts the interests of banks and financial elites above the needs of ordinary people and our rights to secure homes, decent work, and access to essential public services like water, healthcare, education.

People across Europe are being crushed by austerity, a failed policy and false solution to the problem of accumulating public debts, much of which were caused by the bailing out of the banks.  They join millions of people in developing countries who continue to be profoundly affected by repeat debt crises and decades of punishing austerity.

Greece is the frontline on Europe’s debt crisis. The Greek people are burdened by an enormous and unpayable debt caused by the lending of irresponsible European banks, the borrowing of the corrupt Greek elite, and a global network of tax havens allowing money to flow out of the country. The Greek Truth Commission is starting to expose the deep injustice of these debts.

We urgently need to cancel unjust debts, end forced austerity, and create new rules to tackle debt crises fairly and promptly when they occur.

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