Media Release

Tuesday 7th July 2015

Greek referendum result opens door for new economics

“Any attempts to impose another round of unsuccessful austerity measures on the Greek people must be rejected by their Government in the wake of the conclusive referendum result,” said Democrats for Social Credit Party leader Stephnie de Ruyter.

“In defying the EU by holding the referendum, Greece has honoured its ancestors and reminded the world of its status as the birthplace of western democracy. The door is now open for Greece to take the next step: a careful examination of alternative monetary systems.”

In a message sent today to the Greek Prime Minister Alexis Tsipras, Ms de Ruyter advised against accepting a watered down austerity deal from the ‘Troika’ (European Central Bank, European Union, and International Monetary Fund) and suggested that the recent report ‘Monetary Reform: a better monetary system for Iceland’ held the basis of a sustainable solution for the Greek economy.

This, along with the recommendations of the ‘Chicago Plan Revisited’, a report issued by the IMF in August 2012, would allow the Greek government to establish an independent economic position for Greece, and rebuild its shattered economy without dominance in its financial affairs from outside the country.

Negotiations on its foreign debts could continue without the pressure of a collapsing economy and the economic recovery generated by the implementation of the plans would put Greece in a much better position to repay the overseas loans without going further into debt.

Ms de Ruyter commended the Greek people for the rejecting the austerity measures which would simply have plunged the already fragile Greek economy into a worse state.

Greece’s foreign creditors imposed a strict programme of austerity which has caused the Greek economy to shrink by about 25% since 2010.

By the IMF’s own admission, the severe austerity measures had been an enormous mistake. On that basis alone it would be ill-advised to accept any further austerity proposals.

Ms de Ruyter urged Prime Minister Tsipras to consider all alternatives prior to resuming negotiations.

ENDS

Chicago Plan https://www.imf.org/external/pubs/cat/longres.aspx?sk=261

Iceland Monetary Reform http://www.forsaetisraduneyti.is/media/Skyrslur/monetary-reform.pdf

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