A petition to cancel Greek debt is being organized by the Greek Solidarity Committee, which is comprised of activists, academics and trade unionists. The petition is critical of the Greek bail-out program that began in 2010 when Greece’ debt hit 310 billion euros (133% of the GDP). The petition is based on the premise that Greece is still in 317 billion euros worth of debt, with 78% of this owed to the Troika of the International Monetary Fund, European Commission and European Central Bank.

“The bailouts have been primarily for the European financial sector,” the organizers of the petition claim. “Less than 10% of the bailout money reached the people of Greece, with 90% of the loans being used to bail out the European financial actors that had over-exposed themselves to Greek government debt, including European banks, hedge funds, pension funds, and other investors.”

The organizers of the petition acknowledge that austerity has devastated the Greek economy and society, pushing through huge cuts in public sector wages, jobs, pensions and basic services like healthcare.

The spotlight is cast on Parliament President Zoe Konstantopoulou, who recently launched a …Truth Commission on Public Debt, comprised of hand-picked and mostly left-leadin”debt specialists” from around the world, who are auditing Greece’s debt with the purpose of identifying how much of it is actually legal, legitimate and sustainable.

Of course, beyond the “grass-rootsy” use of e-petitions, activists could ask for referendums in member-states that funded Greece since 2010, or, use the … old-fashioned route of negotiations and debt consolidation.

The petition:

We, the citizens of countries across Europe, call for:

A European conference to agree debt cancellation for Greece and other countries that need it, informed by debt audits and funded by recovering money from the banks and financial speculators who were the real beneficiaries of bailouts.

An end to the enforcing of austerity policies that are causing injustice and poverty in Europe and across the world.

The creation of UN rules to deal with government debt crises promptly, fairly and with respect for human rights, and to signal to the banks and financiers that we won’t keep bailing them out for reckless lending.

CLICK HERE to sign the petition

Resources for further reading into Greek debt:
The Greek Debt Truth Commission

Greek movements for European mobilization 

UN Debt Committee