Greece is a smokescreen to hide the mother of all bank bailouts

The terms of the European 'bailouts' - the severe public spending cuts, the onslaught on public ownership – all reflect the experience of the developing world in the 1980s and ’90s. By Nick Dearden.

Eurozone finance ministers who sat in Brussels and decided Greece’s future on Monday should have attended yesterday’s well-timed University of London conference on learning lessons from Latin America.

Greece’s tragedy must usher in a new way of dealing with debt

We urgently need a 'Debt Court' to remove power from the hands of the lenders, and to judge the fairness of both debts and the loans on which they were based. By Nick Dearden.

Every day the same news - Greece lurches nearer to a default, the financial markets panic, and governments come up with a few more euros or some soothing words to calm them for a few hours. The meltdown has been put off for another day.

Almost every commentator accepts Greece will default. The question is when, on what terms and who will pay the highest price.