The extent to which the financial institutions of the world have usurped the sovereignty of national governments is nowhere more apparent than in Greece. The extent to which this financial Mafia controls the shape and direction of any government becomes clearer and clearer with each "financial crisis". In Greece today, the people are being crushed into deprivation, the fact that they have voted in a "left" government does not mean that this situation will change. The minute that this government sat down at the table of the financial Mafia, they have accepted to play the game according to the rules of that Mafia, and that game ensures that all public assets will be handed over to to fill the coffers of the said financial Mafia. The only sovereignty they have is not to play the game at all, and this could be devastating for the people of Greece, but it could also be their opportunity for the people to take control and shape their country to their own desires. The power which the financial Mafia exert over the direction of a country is supreme, freedom will only come when we the people walk away from their gambling table and take control of our own affairs.
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These three changes have been foundational to the generalized move away from widespread default, as was the norm prior to World War II, and towards the incredible track record of debtor compliance that has been established under the neoliberal regime of financialization. Ever since the Mexican debt crisis of 1982 — and the Latin American and Third World debt crises that followed in its wake — governments have generally tried to avoid a suspension of payments at all costs. As Harvey has put it:“What the Mexico case demonstrated was one key difference between liberalism and neoliberalism: under the former lenders take the losses that arise from bad investment decisions while under the latter the borrowers are forced by state and international powers to take on board the cost of debt repayment no matter what the consequences for the livelihood and well-being of the local population.”
