Greece's biggest conspiracy

Drafting even headline economic analyses and programmes for a country that you have only ever visited seems reckless and arrogant. But the crisis in Greece means that anyone with anything to offer to the people, who have been told that they face oblivion if they dare stand up to to the EU and their own traditional rulers, should offer it now. At least it is possible to lay bare some of the basics of the situation that most western media barely hint at. And that might help us build solidarity with the Greek people here.

So. Here goes.

Between 2000 and 2007 the Greek economy grew by 34%. From 2007 - 2010 it has reduced by 10%. It is still collapsing and at a faster and faster rate. The clock is running backwards - in a hectic, unpredictable way - in Greece.

Greece's share of the wold economy was 0.72% in 1970. It is projected to be 0.37% by 2015. Nearly halved (IMF Report November 2011.)

What is the Greek debt?

Current debt is 350 Billion Euros (Global Finance 2011.)

What has caused this debt?

Greece is 74th out of 183 countries when it comes to the collection of taxes. (World Bank measurement 2011.)
'Last year alone (2011) $8 Billion in collectible taxes were in arrears, which was half the country's annual deficit. ' (New York Times May 2012). As a result the Greek government and the banks financed economic growth (industrial grants and incentives to owners etc) as well as the much lower priority welfare spend, through loans.

Who has the money then?

If you look at the charts, the reports and much of the 'data' available from economic institutions like the IMF and the various journals when they report on the Greek economy, you would be forgiven for thinking that Greece's major industries, and companies and exporters were Banks, Coca Cola, Chemicals, other beverage makers etc. There is no sign in the official statistics of the source of Greece's real wealth.

Shipping and the great oligarchs and families who own it and run it are kept a dark secret - even in Greece. A literal conspiracy exists right up to the Greek Constitution to hide the absolute dominance of shipping's 'great families' in the country. 200 000 Greeks and countless others work in Greece for these Barons.

'Shipping magnates ... tax free status is enshrined in the Constitution. They own oil, gas, media, even cement.'

'Assessing the ultimate value of the Greek private sector wealth is a nearly impossible task because much of the money exists offshore, secreted in Swiss bank accounts or invested in real estate in London and Monaco.' (NYT 23 May 2012.)

But some facts are available.

Shipping produced $13 Billion in foreign exchange 'for Greece' (for the owners of Greece) in 2010.  And although the Greek owners base their fleets offshore - as the tax dodge of the century - shipping assets
'Are estimated at $85 Billion.' (NYT May 23, 2012, Financial Times March 14, 2012.)

Any anti austerity government in Greece has to start its resistance to the EU and IMF diktat by launching a major political and economic offensive against the group of families that control the shipping industry and through it most of the rest of Greece . These oligarchs' foreign holdings have to be repatriated by law. Their assets must be made vulnerable to seizure if they continue their  boycott of any contribution to overcoming the crisis that afflicts the lives of millions of ordinary Greek citizens.

It is time these utterly corrupt dynasties of Capital were brought down.