A committee formed by the speaker of the Greek parliament and Syriza member, Zoi Konstantopoulou, has released a report stating that the debt the IMF and the Europeans insist the people of Greece owe to the bankers is “illegal, illegitimate and odious.”
Here is the conclusion from the report:
All the evidence we present in this report shows that Greece not only does not have the ability to pay this debt, but also should not pay this debt first and foremost because the debt emerging from the Troika’s arrangements is a direct infringement on the fundamental human rights of the residents of Greece. Hence, we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious.
The debt payment is due in two weeks.
Zero Hedge writes that “this has just thrown a very unique wrench in the spokes of not only the Greek debt negotiations, but all other peripheral European nations’ Greek negotiations, who will promptly demand that their debt be, likewise, declared odious, and made null and void, thus washing their hands of servicing it again.”
Eurozone bosses will now attend an emergency meeting in Brussels and discuss the crisis. The Troika will probably attempt to seize Greek assets or take its case to the Hague, reactions that will likely prove to be futile.
The refusal to pay the IMF will undoubtedly lead to Greek’s exit from the euro and the European Union.