This week marks the first anniversary of the 2015 Greek debt crisis, the third in that country’s recent history since 2010. Last Aug. 20-21, 2015, the ‘Troika’—i.e., the pan-European institutions of the European Commission (EC), the European Central Bank (ECB), plus the IMF-imposed a third debt deal on Greece. Greece was given US$98 billion in loans from the Troika. A previous 2012 Troika imposed debt deal had added nearly US$200 billion to an initial 2010 debt deal of US$140 billion.
That’s approximately US$440 billion in Troika loans over a five year period, 2010-2015. The question is: who is benefitting from the US$440 billion? It’s not Greece. If not the Greek economy and its people, then who? And have we seen the last of Greek debt crises?