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March 3rd, 2012 
FAKE NEWS for the Zionist agenda “In Greece, pensions are being cut. The healthcare is being cut. Wages are being cut…there is a great deal of economic harm that is being taken on board by ordinary citizens,” economist Robert Oulds said in an interview with Press TV.
The analyst went on to say that bailout money given to Greece, Italy, Spain, Portugal, and Ireland has been siphoned back to financial institutions, rather than to public sectors where it can stimulate economic growth needed to bounce back from the recession.
“That money has gone primarily to German banks. It’s not going to the people. It’s not going to the unemployed. It’s not going to creating wealth and jobs within countries such as Greece and Spain, which are really suffering as a result of being in the euro,” Oulds added.
Under a new bailout deal, EU leaders have pressured Greece into adopting austerity measures to their public and private sectors whilst raising taxes on their citizens, primarily “to keep the euro – which is a political project and, of course, they want to keep the EU intact and protect their financial markets”.
“There is a sovereignty and democracy issue, and the troika, the International Monetary Fund (IMF), the ECB, and the other institutions that make up the EU, own the only assets of Greece. They are owned by these supranational institutions which operate without democratic accountability,” Oulds concluded.
However, experts say that a switch towards growth would not be easy given the bloc’s being in recession and facing an average unemployment rate of 10 percent.
Amid the debt crisis, the European Commission has predicted that the eurozone currency bloc faces double-dip recession while the wider EU economy stagnates in 2012.
The eurozone last recession was in 2009 when its economy contracted by 4.3 percent Europe has since plunged into an ongoing financial crisis in early 2010.
GMA/PG/JR
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