Heard in Europe

More than 100,000 EU citizens have called for Greek debt to be cancelled.

Today (4 November), a petition organised by civil society organisations, will be handed to Thomas Wieser, the President of the Eurogroup Working Group.

The working group feeds into the discussions of euro area finance ministers. Earlier this year, those ministers hammered out the deal that stopped Greece dropping out of the currency.

But the terms of the bailout package remain controversial.

The petition calls for the cancellation of Greek debt and the creation of new fair UN rules for sovereign bailouts It has been signed by almost 100,000 people – see the link here.

Bodo Ellmers, a debt expert at the European Network of Debt and Development, and a representative from the Jubilee Debt campaign, Jonathan Stevenson will hand the petition to Wieser, at the Charlemagne Building in Brussels.

He said, “Greece is de facto insolvent. The debt stock is about 180% of GNI. Most of the money of the third programme will be used to repay old loans, or to recapitalise banks.

“The never-ending bailout saga must stop.”

European Commissioner for Economic and Financial Affairs, Pierre Moscovici, said yesterday (3 November) that Athens should proceed step by step and when the time comes “we will discuss the issue of debt”.

Photo courtesy of Global Justice Now and Flickr. Published under Creative Commons licence.

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