text: The conditions of borrowing money from capital market and international institutions are not the same. However, at the end countries or private investors that borrow money for further investments must pay back at the agreed period. Debt can be a problem if governments and private companies do not invest it properly. Usually governments borrow money if they do not collect enough taxes from the people due to various factors. Since most weak economies do not have well-developed market economies, and since the income base of the majority of the people are very weak governments could not generate enough money from taxes. In cases of financial problems either to cover existing deficits or invest in certain projects they are compelled to borrow either from capital market or international institutions. As a matter of fact capital market and international institutions are being controlled by capitalist countries, and the market and international institutions which lend money are part and parcel of the capitalist accumulation process on a worldwide scale. Therefore the growing international debt since 1973/74 after the introduction of the flexible exchange rate system and after the decoupling of the dollar from Gold, one see growing capital market activities which are ready to lend the accumulated money for countries which are in need of capital. Countries which borrow money with the hope of boosting their economy by investing in big projects, had at the end to face hard realities. Since governments did not invest them in productive investments which could generate profits, in order to pay the debt back, they have to rely on taxes which they collect from the people. Though many Latin American countries borrowed money from capital market, at the end they had to swallow the bitter medicine of the IMF which had ruined their economies and social systems. On the other side we witness that, though some banks did have some problems from time to time at the end of the 80s and beginning of the 90s, the banking systems in capitalist countries, international institutions like the IMF and the World Bank, and capitalist countries could accumulate vast amount of wealth and become stronger and still dictate the economies of many countries. For the growing of debt and strength of the banking sector in the capitalist countries the petro-dollar and capital flight which go out from undeveloped countries are responsible which unconsciously strengthened the position of the banking system in capitalist countries, and hence the position of the IMF. Since the IMF partly relies on the capital market in order to advance credits for peripheral economies, it is part and parcel of the capitalist accumulation process and defends the interests of those wealthy people and capitalist countries. The IMF by abandoning its original position of financing balance of payment deficits, since the beginning of the 80s, and since the declaration of the Washington Consensus, it formulates economic policies for weak countries which do not have strong intellectual and institutional foundation. Therefore the IMF intervenes and meddles in weak countries without any legal foundation and is responsible for the economic, social, cultural and political crises of these countries
  From this vantage point we have to see the debt problem and the economic crisis in Greece. Though the Greek society has a well cultivated and competent intellectual force as we see it today, because of its weak economic structure which mainly relies on tourism, ship industry, which mainly facilitates services, and agriculture, and weak political institution which is mainly responsible for widespread corruption, are the main factors that have thrown the country and its people to such a situation as we see today. This weak position in many areas, and the fact that it has a low density of population, and the corrupt political elite which ruled the country over the last 40 or more years practically hampered an integrated economic system which is based on vast manufacturing activities. Since the political elite is integrated within the regional and international hierarchical system it does not feel that it is part and parcel of its society and therefore it does not feel that it is accountable to its people.. The international credit system that the government and the banking sector have relied upon has strengthened the alienation of the political elite from its people. In fact the debt mechanism could enrich the political and economic elite which controls the main resources of the Greek society. It is not surprising therefore that when such socially and economically irresponsible political institution and political elite could through the Greek society into a vicious circle of economic, social and debt crises.
  As it is stated above if governments borrow money from international institutions, capital market or other governments or regional banking system they must have a plan. They should know in advance that they have to invest the money productively so that they could pay back the interest and part of the capital at agreed time. If they do not invest the money properly and productively they have borrowed, and borrow again and again, they will put themselves into a situation from which they can’t come out. If there is no special law which limits the authority of governments not to borrow money from any source, and if there is no national debate whether it is necessary to borrow money and for what purposes, governments which are elected think that they are authorized to do whatever they like. The fact that there is no a specified law concerning government̕ s debt and the way how debt must be allocated drive certain governments to pursue their instincts rather than following their constitution and scientific guidelines which dictate their activities. Because the past two governments could not feel accountable and could not seriously question themselves why they must take credits from different sources, they have inflicted heavy damages upon their society.