Bankster Parasites attack -- Euro firesales allowing privatization to...private banks
Part and parcel of the loan agreements was demands by the countries involved to sell publicly owned assets. So, actually the privatizations are being forced. Had to be part of the plan.
Video and transcript.
The Real News interview with Nick Buxton, Communications Manager, Transnational Institute.
We've been looking at some of the memorandums of agreement signed by the European Commission and the European Central bank with each of the countries as it's come forward for issues with their debt to get loans from the European Central Bank. And each of them have had to sign these memorandums of agreement with the European Commission.
When we've looked at the details of those agreements, it's not just about making cuts that we most famously hear about; almost in every agreement there is a demand for privatization of key national assets and key public services. And this is not just happening in countries that we all know are at the epicenter of the crisis, such as Greece and Portugal, but many other countries across Europe are now using this as a way of pushing for it, most notably the U.K., which was a pioneer of privatization. It's really pushing through another wave of privatization, particularly now, in fact, in the national health service.
So the economist Paul Krugman perhaps has put this best, that the crisis--austerity is not about solving the crisis; it's about using the crisis. And that's what our report tried to look at, how the crisis has been used to push for privatization.