Call for an Audit Commission on Greek Public Debt

We the undersigned believe that there is a pressing need for an Audit Commission to examine Greek public debt.  Current EU and IMF policy to deal with public debt has entailed major social costs for Greece.  Consequently, the Greek people have a democratic right to demand full information on public and publicly-guaranteed debt.

The aim of the Commission will be to ascertain why public debt was incurred, the terms on which it was contracted, and the uses to which borrowed funds were put.  On the basis of these considerations, the Commission will make appropriate recommendations to deal with debt, including debt that is shown to be illegal, illegitimate or odious.  The purpose of the Commission will be to help Greece take all necessary measures to confront the burden of debt.  The Commission will also seek to find who was responsible for problematic debt agreements.

Public and private debt is at the heart of the Eurozone crisis.  The global crisis that began in 2007 took the form of a debt crisis of the periphery of the Eurozone.  According to the latest government budget, Greek public debt is expected to rise from 299 billion euro (or 127% of GDP) in 2009 to 362 billion euro (or 159% of GDP) in 2011.  The increase in public debt has heightened the danger of national default in the periphery of the Eurozone and raised the possibility of bank failure across Europe.  The EU, in conjunction with national governments, has responded through rescue programmes that have facilitated temporary borrowing by Eurozone states and protected banks.  But these measures have failed to calm financial markets and, as a result, borrowing rates have continued to rise for peripheral countries.  Furthermore, the price of the programmes has been austerity.  Greece, Ireland and other countries were forced to cut wages and pensions, contract public expenditure, shrink welfare provision, privatise public enterprises, and deregulate markets.  Further social costs are inevitable due to higher unemployment, business failures and loss of output.

Greece has been at the forefront of EU rescue programmes, but the Greek people have been kept in the dark regarding the composition and terms of public debt.  The lack of information represents a fundamental failure of the democratic process.  The people who are called upon to bear the costs of EU programmes have a democratic right to receive full information on public debt.

An Audit Commission can begin to redress this deficiency.  It can also encourage the active participation of broader layers of society in movements that tackle the problem of public debt.  The Commission will be international, comprising debt and fiscal auditors, legal experts, economists, representatives of labour organisations, and participants from civil society groups.  It will be independent of political parties, though it will not exclude politicians from membership provided that they accept its aims.  The Commission will ensure possession of expert knowledge, while guaranteeing democratic accountability and control over all involved.

To achieve its aim the Commission ought to have full access to public debt agreements and debt issues over time, including bond issues, bilateral, multilateral, and other forms of debt and state liabilities.  It ought to have requisite powers to place at its disposal all documents that it judges necessary to complete its work.  It is also necessary to instigate appropriate procedures that would allow the Commission to call public functionaries to give evidence, as well as to examine, after a reasoned request and judicial support, bank accounts, particularly public accounts with private banks and with the Bank of Greece.  Finally, a sufficient period of time ought to be made available to it to examine debt agreements and produce its report.

The case for an independent and international Audit Commission to examine Greek public debt is unanswerable.  The Commission is also a democratic demand of the Greek people who are bearing the burden of the crisis and want to know its causes.  In all respects an Audit Commission for Greece could act as prototype for other countries of the Eurozone.

1. A. Acosta, Ex-Ministro de Energía y Minas (Ecuador), Ex-Presidente de la Asamblea Constituyente, Economista, profesor universitario
2. M. Aggelidis, Member of Local Parliament Nordrhein-Westfalen, DIE LINKE
3. T. Ali, Author, editor New Left Review
4. N. Álvarez, Economist, Researcher at Universidad Complutense de Madrid
5. S. Amin, Economist, Third World Forum, Dakar
6. P. Arestis, Economist, University of Cambridge and University of the Basque Country
7. H. Arias, Miembro de Comisión auditoria deuda Ecuador
8. I. Atack, International Peace Studies, Irish School of Ecumenics, Trinity College Dublin
9. J. Barredo, Economist, Researcher at Universidad del País Vasco and Université de Grenoble
10. J. Baker, Associate Professor of Equality Studies and Head of School of Social Justice, University College Dublin
11. J. Batou, Professeur d'Histoire Internationale Contemporaine, Université de Lausanne
12. T. Benn, ex-Member of Parliament, Labour Party, UK
13. L. Bisky, Member of European Parliament, DIE LINKE, Germany, President of the GUE/NGL
14. R. Blackburn, Professor of Sociology, University of Essex
15. L. Buendía, Economist, Researcher at Universidad Complutense de Madrid
16. M. Canese, Vice-Ministre des Mines, Paraguay
17. J. Castro Caldas, Economist, Centre for Social Studies, Portugal
18. C.P. Chandrashekhar, Professor of Economics, Jawaharlal Nehru University, New Delhi
19. F. Chesnais, Economist, Professeur Émérite de l'Université Paris-Nord
20. N. Chomsky, Institute Professor (retired), MIT
21. N. Chountis, Member of European Parliament, SYRIZA, Greece, GUE/NGL
22. A. Cibils, Economist, Universidad Nacional de General Sarmiento, Argentina
23. T. Coutrot, Economist, president of ATTAC France
24. J. Crotty, Economist, Emeritus Professor and Sheridan Scholar, UMASS Amherst
25. J.M. Dolivo, Député, Vaud, Suisse
26. D. De Jong, Member of European Parliament , GUE/NGL, The Netherlands
27. D. Derwin, executive member, Dublin Council of Trade Unions
28. C. Douzinas, Pro-Vice Master, Director, Birkbeck Institute for the Humanities
29. G. Duménil, Economist, ex-Directeur de Recherches au Centre National de la Recherche Scientifique, Paris X, Nanterre
30. C. Durand, Economist, Université Paris 13
31. G. Dymski, Economist, University of California, Riverside
32. M. Ebel, Députée, Neuchâtel, Suisse
33. G. Epstein, Professor of Economics and Co-Director, Political Economy Research Institute (PERI), UMASS, Amherst
34. M.L. Fattorelli, Auditor, member of the audit commission of Ecuador, coordinator of Citizen Debt in Brazil
35. B. Fine, Economist, School of Oriental and African Studies
36. D.K. Foley, Leo Model Professor, New School for Social Research, External Professor, Santa Fe Institute Department of Economics
37. P. Franchet, Inspector of Taxes, France; CADTM
38. A. Garzón, Economist, Researcher at Universidad Pablo Olavide de Sevilla
39. L. German, Coalition of Resistance, Britain
40. S. George, PhD, writer, Board President of the Transnational Institute
41. J. Généreux,  Economist, member of the Secretariat of the Left Party France
42. J. Ghosh, Professor of Economics, Jawaharlal Nehru University, New Delhi
43. C. Gobin, Maître de recherche Université Libre Bruxelles
44. P. Gonzalez, Casanova Ex-rector Universidad Nacional Autónoma de México, Mexico
45. C. O'Grada, Professor, School of Economics, University College Dublin
46. J. Gusmão, Member of Parliament, BLOCCO DE ESQUERDA, Portugal
47. T. Hadjigeorgiou, Member of European Parliament, AKEL, Cyprus
48. D.J. Halliday, former United Nations Assistant Secretary-General
49. M. Harnecker, Sociologist, political scientist, author
50. J.M. Harribey, Economist, Université Bordeaux IV, ex-president of ATTAC
51. J. Hanlon, Visiting Senior Fellow, LSE and Open University
52. A. Hunko, Member of German Parliament, DIE LINKE, Member of the Parliamentary Assembly of the Council of Europe
53. M. Husson, Economist, researcher at Institut d'Etudes Economiques et Sociales
54. G. Irvin, Economist, Professorial Research Fellow, School of Oriental and African Studies
55. S. Jacquemont, CADTM
56. E. Jeffers, Economist, Université Paris VIII
57. R. Kammer, Professeur de danse classique, ex soliste à l'Opéra de Bonn, première danseuse et  directrice du ballet d'Athènes
58. S. N. Keifman, Profesor Titular Regular de Economía Universidad de Buenos Aires
59. F. Keoghan, General President, Technical, Engineering and Electrical Union (TEEU)
60. P. Khalfa, Coprésident de la fondation Copernic, France
61. P. Kirby, Director, Institute for the Study of Knowledge in Society (ISKS); Professor of International Politics and Public Policy, Department of Politics and Public Administration; Member, Governing Authority, University of Limerick
62. J. Klute, Member of European Parliament, DIE LINKE, Germany 
63. S. Kouvelakis, Political Scientist, King's College, University of London
64. J. Kregel, Economist, Senior Scholar at the Levy Economics Institute of Bard College
65. C. Lapavitsas, Economist, School of Oriental and African Studies
66. N. Lawson, Compass, UK
67. M. Lebowitz, Economist, Professor Emeritus, Simon Fraser University
68. K. Loach, Film Director
69. K. Lynch, Professor of Equality Studies, University College Dublin
70. J. Machado, Professor of Political Economy and Macroeconomics at PUC-Sao Paulo, Brasil
71. G. Massiah, Economist, AITEC (Association Internationale de Techniciens et Chercheurs) Paris
72. C. Marichal, Historian, El Colegio de México
73. P. Marlière, Professor of French Studies, UCL, University of London
74. J.P. Mateo, Researcher, Universidad Complutense de Madrid 
75. B. Medialdea, Economist, Professor at Universidad de Valladolid
76. J.-L. Mélenchon, Member of the French Senate, President of the Left Party (Parti de Gauche) of France
77. W. Meyer, Member of European Parliament, IZQUIERDA UNIDA, Spain
78. R. Molero, Economist, Researcher at Universidad Complutense de Madrid
79. J. Nikonoff, Economist, Université de Paris 8, ex-président ATTAC
80. O. Onaran, Economist, Middlesex University
81. C. O'Neill, Community Activist, Kilbarrack Community Development Programme, Dublin
82. S. O'Riain, Professor, Head of Department of Sociology, National University of Ireland, Maynooth
83. F. O'Toole, author and journalist
84. R. Pagani, Ex-Maire de Genève
85. P. Paez, ex-Ministro de Economía de Ecuador
86. P. Patnaik, Economist, ex-Professor at the Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi
87. M.J. Paz, Economist, Professor at Universidad Complutense de Madrid
88. D. Plihon, Economist,  membre du conseil scientifique d'Attac France
89. R. Pollin, Economist, Political Economy Research Institute, UMASS Amherst
90. M. Portas, Member of European Parliament, BLOCCO DE ESQUERDA, GUE/NGL, Portugal
91. A. Puyana, Professor of Economics, senior researcher at Facultad Latinoamericana de Ciencias Sociales (FLACSO), México
92. K. Raffer, Department of Economics, University of Vienna, Austria
93. M. Ransdorf, Member of European Parliament, KSCM, Czech Republic
94. J. Reis, Economist, Director of the Economics Faculty, Coimbra University, Portugal
95. S. Resnick, Economist, UMASS Amherst
96. J. Rodrigues, Economist, Centre for Social Studies, Portugal
97. H. Ruiz Diaz Balbuena, Docteur en Droit, Ministre Conseiller de la Présidence du Paraguay   pour les Relations Internationales
98. C. Samary, Economist, Université Paris-Dauphine et Institut d'Etudes Européennes, Paris 8
99. A. Sanabria, Economist, Researcher at Universidad Complutense de Madrid
100. J. Sapir, Directeur d'étude à l'Ecole des Hautes Études en Sciences Sociales et Professeur associé à la Moscow School of Economics (MSE-MGU)
101. M. Sawyer, Economist, Leeds University Business School
102. J. Saxe-Fernández, Profesor/Investigador Facultad de Ciencias Políticas y Sociales, Universidad Nacional Autónoma de México
103. S. Skaperdas, Economist, University of California, Irvine
104. E. Stockhammer, Professor of Economics, Kingston University
105. D. Suvin, Fellow of the Royal Society of Canada, Professor Emeritus, McGill University
106. E. Toussaint, PhD Political Science, Liege University, President CADTM (Belgium)
107. P. Vanek, Secrétaire de solidaritéS, ancien député national suisse
108. I. Valente, Member of the Brazilian parliament, PSOL, initiator of the parliamentary commission to investigate debt
109. N. Villalba, Membre du Conseil Juridique international de la pPésidence de la République       du Paraguay
110. J. Weeks, Economist, Professor Emeritus, School of Oriental and African Studies
111. M. Weisbrot, Economist, Co-Director of the Center for Economic and Policy Research, Washington DC
112. R. Wolff, Visiting Professor, New School University, New York City
113. J. Ziegler, Vice-President of the Advisory Committee of the UN Council of Human Rights
114. G. Zimmer, Member of European Parliament, DIE LINKE, Germany
115. S. Zizek, Institute for Social Studies, Ljubljana

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