Greece:
Privatizations—A Way for the Capitalists to Get Rich from the Crisis

Jul 19, 2010

In exchange for loaning 140 billion dollars to Greece, the European Union and the International Monetary Fund extorted an austerity plan for the population and imposed privatization of major parts of the economy owned by the Greek state. This loan is sold as a way to save the Greek state from bankruptcy. In reality, it saves the big banks that lent Greece money.

In the rush to grab up Greek state-owned companies, French companies took the lead, including the French national railroad, a big locomotive company and the Paris airport operator.

U.S. companies are determined not to be left out. Sally Hastings, the Commercial Attaché at the U.S. Embassy in Athens, said, “U.S. companies are watching with interest Greece’s ongoing privatization efforts. Further deregulation of Greece’s energy sector and the country’s central location as a transportation hub for Europe offer additional commercial opportunities.” What’s obvious is that the proposed investments promise future profits to the companies involved.

So far nothing has happened. But this theft for profit, which is drawing in the vultures, bodes ill for the Greek people. Profits will clearly be made at their expense, running down the former public services while charging more for them, once again attacking workers’ living standards.

Even in the midst of a crisis–or bankruptcy of a whole country–capitalists have one thing, and one thing only in mind: More profit!