IndustriALL: Greece must not be held to ransom by its creditors.

The Greeks go to the polls on Sunday 5 July to decide whether or not to accept proposals from the European Central Bank, IMF and the European Commission, which would entail stringent economic reforms in return for more credit.

Greece is mired in more than €300 billion of debt, equal to around 180 per cent of GDP. Austerity measures imposed by the three financial institutions known as the Troika have led to years of decline, uncertainty and increased poverty in Greece, rather than recovery.

IndustriALL general secretary Jyrki Raina said:

“Greece must not be held to ransom by its creditors. Economic recovery in the country will only be achieved with a fair and, above all, sustainable solution to restructure its debt.

“Five years of austerity in Greece have failed. It is time to move on and establish a realistic economic path for the country. The Troika institutions must listen to the voices of the Greek people and not interfere with the democratically elected government.”