We are right now having a parliamentary investigation in Greece which will look into the past and see how things went the wrong direction and what kinds of practices were negative practices.

May 16, 2010 (Hamsayeh.Net) - Greece’s Prime Minister says his country may investigate US financial institutions' role behind ballooning debt of his country.

During his latest speech at the annual meeting of the country’s industrialist on May 11, George Papandreou said Greece would investigate US investment banks and their role prior to Greek debt crisis, which is causing untold misery on average working people these days.

‘We are right now having a parliamentary investigation in Greece which will look into the past and see how things went the wrong direction and what kinds of practices were negative practices,’ Papandreou told reporters. ‘There are similar investigations going on in other countries and in the United States ... I hear the words fraud and lack of transparency. So yes, there is great responsibility here," he said.

The true story behind current economic mess goes back to the time of Iraqi invasion in 2003. Not long after collapse of the Soviet Union when America and its allies in the West were feeling proud of their supposed theoretical victory over all other systems by implementing a so-called free-market deregulation scheme.

The underlying strategy was that the US-led war machine would ultimately inject unlimited Iraqi oil into Western economies within 2 to 3 years after the invasion in 2003. Bush administration calculated that by invading Iraq, next in line Iran - the regional power – would also tumble making the process of delivering cheap oil even easier.

 

But in order to implement the plan successfully, Western financiers had to divert people’s attention away from waging an illegal war that in reality constituted a serious breach of international conventions. The Neocons decided to keep everyone on high dosage of tranquilizer by providing massive loans to anyone who asked for one .In other words they tried to make everyone happy while the plan was underway.  Such undertaking created a gigantic bubble of phantom prosperity that eventually led to a huge debt buildup across the entire globe particularly oil-import-dependent countries of Europe..

The bubble burst in mid-2008 when it became evident the United States not only going to fail takeover of Iraqi oil but is now confronting a powerful Iran willing to challenge Western hegemony by all means at its disposal. After the 2008 crash many of those countries that borrowed heavily during this period faced mounting financial crisis. Current economic troubles in Greece, Iceland, Lithuania, Latvia, the US, Spain and other countries today speak for themselves.