Campaigners protest against Greek austerity plan

Anti-poverty campaigners say Greek austerity package is a structural adjustment for Europe.

Ahead of today's meeting of Eurozone Finance Ministers in Brussels to discuss the 130bn bailout of Greece's creditors, campaigners from the ecumenical Jubilee Debt Campaign have demonstrated outside the European Commission office in London over the EU's imposition of further austerity packages on Greece.

Campaigners held a photo opportunity showing the French, German and British banks whose interests are being prioritised by EU leaders holding Greece in the chains of debt slavery.

Jubilee Debt Campaign, which was set up to campaign for a 'debt jubilee' for developing countries, says history is repeating itself in Europe. It is calling for a 'jubilee style' debt cancellation in Europe which would entail transparent debt audits, steep and democratic write-down of debts, regulation of financial institutions and social control of banking.

Jonathan Stevenson, Campaigns Officer, said: "What is happening in Greece today mirrors what has been happening in the developing world for 30 years - unaccountable international institutions demanding a pound of the people's flesh in exchange for bailing out banks and rewarding speculators.

This package only bail-outs the banks - indeed proposals on the table at the moment suggest that Greece will not even see most of this money - it will be paid to the 'creditors' through a separate account. In this light, the austerity measures seem to be no more than a sadistic punishment which even some of those pushing it know very well will have only a detrimental impact on Greece's economy."

The Greek Debt Audit Campaign which is demanding a full audit of Greece's debts to examine their legitimacy, has condemned the bailout which it says will 'enslave us to the state's creditors"

Social movements around Europe declared Saturday 18 February a day of solidarity action with the Greek people under the banner 'We are all Greek'.

For more information see: www.jubileedebtcampaign.org.uk