Sunday’s vote in Greece was a simple question about whether or not voters would accept the latest bailout package by “the Troika” of major financial institutions: the International Monetary Fund, the European Central Bank and the European Commission. By voting ‘No’, the Greek people said that they rejected the Troika’s core demand that staying within the European Union’s fiscal system meant adhering to its strict limits on government spending in relation to national debt levels. Maintaining these strict fiscal limits, the general public was told, enables inflation to stay low and preserves the value of the currency, which for Europe is the Euro. In reality, minimizing government public spending to preserve the Euro’s value, enables more funds to be siphoned off by the European Central Bank and other national central banks into a highly classified black budget for a multinational secret space program where European nations play a prominent role.
The current policy of the European Central Bank is the reverse of mainstream fiscal policy. In periods of recession or low economic growth, the idea is that governments spend money to stimulate the economy. Governments usually do this by issuing treasury bonds that private entities, central banks or other governments buy. These government treasury bonds become a debt to be repaid at a future time. Greek governments have been doing this for decades to maintain welfare policies, and overall government debt has reached an unsustainable level of nearly 180% of the Gross Domestic Product, well over what European Union rules allow. Hence it was argued by the Troika that the Greek government needed to cut its spending and bring down the overall debt level. This led to budget cuts by previous Greek governments that created austerity in terms of loss of public service jobs, reducing government pension payments, and cut backs in many other government programs. Greeks were told these cuts were necessary to bring down government debt levels, and to continue to use the Euro and stay in the European Union.
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