Debtocracy

Debtocracy is a new documentary about Greece’s debt crisis. It’s by Greek filmmakers Katerina Kitidi and Aris Hatzistefanou, and they have posted it on the internet as a Creative Commons film so that anyone who wants to see it can watch it for free (like Yann Arthus Bertrand’s Home). I haven’t watched it all the way to the end yet so I can’t vouch for how balanced it is overall, but of what I’ve seen so far it’s interesting to see the crisis explained from a Greek perspective. It’s indignant at the way Greece has been portrayed as lazy and irresponsible, outraged at the way lenders have been protected rather than ordinary citizens, and at the loss of sovereignty as everyone from the IMF to the European Central Bank weighs in on how the country should be run.

It’s also looking for answers, exploring the way that debts accumulate and why they get out of control – using credit to make up for stagnating wages, or to pay for popular welfare increases without unpopular tax rises. With the benefit of hindsight, it also seems rather obvious that the Euro project was going to stall, looking at the uneven development paths of the marginal European countries.

You can watch the film here, or below. It doesn’t break any ground in its film-making (is it me, or do all social documentaries look the same?) but it’s a timely documentary and a valuable insiders’ perspective.