--- title: "Meaning & Key Takeaway of: Forcing new loans upon the bankrupt on…" description: "\"“Forcing new loans upon the bankrupt on condition that they shrink their income is nothing short of cruel and unusual punishment. Greece was never bail..." image: "https://sms4smile.com/quotes/i/577/yanis-varoufakis-10824_bankrupt_forcing-new-loans-upon-the-bankrupt-on-c_2689.jpg" --- # Forcing new loans upon the bankrupt on condition that they… ![“Forcing new loans upon the bankrupt on condition that they shrink their income is nothing short of cruel and unusual punishment. Greece was never bailed out.” quote by Yanis Varoufakis](https://sms4smile.com/quotes/i/577/yanis-varoufakis-10824_bankrupt_forcing-new-loans-upon-the-bankrupt-on-c_2689.jpg) [Download](https://sms4smile.com/quotes/i/577/yanis-varoufakis-10824_bankrupt_forcing-new-loans-upon-the-bankrupt-on-c_2689.jpg) [Open image](https://sms4smile.com/quotes/i/577/yanis-varoufakis-10824_bankrupt_forcing-new-loans-upon-the-bankrupt-on-c_2689.jpg) > ““Forcing new loans upon the bankrupt on condition that they shrink their income is nothing short of cruel and unusual punishment. Greece was never bailed out.”” [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Imposing loan conditions that force a bankrupt debtor to reduce income is inhumane; Greece never received a rescue package. **In simple terms:** Harsh loan terms are cruel; Greece wasn't bailed out. Key Takeaway Unfair debt terms punish the vulnerable. Themes economics debt human rights policy Mood critical concerned Type political economic When to use this quote - austerity measures - bankruptcy negotiations - government bailouts Key Concepts financial coercion social justice Practical Applications - advocate for humane debt restructuring Questions to Reflect On - How should societies balance creditor rights with debtor dignity? - What alternatives exist to punitive loan terms? A Different Perspective Some argue strict conditions protect lenders and prevent moral hazard. ★ ★ ★ ★ ★ No ratings yet [Cruel and unusual punishment](https://sms4smile.com/quotes/about/cruel-and-unusual-punishment/) ## Related quotes > [“Forcing new loans upon the bankrupt on condition that they shrink their income is nothing short of cruel and unusual punishment. Greece was never…](https://sms4smile.com/quotes/yanis-varoufakis/forcing-new-loans-upon-the-bankrupt-on-condition-that-they-shrink-2/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [I'm the finance minister of a bankrupt country](https://sms4smile.com/quotes/yanis-varoufakis/i-m-the-finance-minister-of-a-bankrupt-country/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [By creating false environment of a war on drugs, and cruel and unusual punishment with these crimes, 50% of our U.S. population is in…](https://sms4smile.com/quotes/oliver-stone/by-creating-false-environment-of-a-war-on-drugs-and-cruel-and-unusual/) [Oliver Stone](https://sms4smile.com/quotes/author/oliver-stone/) > [“The Constitution bans cruel and unusual punishment,” I told him when he stepped down from the podium. “What?” he innocently asked. “Getting you out…](https://sms4smile.com/quotes/chloe-neill/the-constitution-bans-cruel-and-unusual-punishment-i-told-him-when-he/) [Chloe Neill](https://sms4smile.com/quotes/author/chloe-neill/) > [“There’s the claim that the only progress made is in posing problems that scientists can answer. That philosophy never has the means to answer…](https://sms4smile.com/quotes/rebecca-newberger-goldstein/there-s-the-claim-that-the-only-progress-made-is-in-posing-problems/) Rebecca Newberger Goldstein > [I’d forgotten to keep blasting a song in my mind. I remedied my mistake, but the lyrics to “Do You Really Want to Hurt…](https://sms4smile.com/quotes/jeaniene-frost/i-d-forgotten-to-keep-blasting-a-song-in-my-mind-i-remedied-my/) [Jeaniene Frost](https://sms4smile.com/quotes/author/jeaniene-frost/) > [“I once visited a place where they killed people by putting them in a chair. Not torture — that was common enough; beds and…](https://sms4smile.com/quotes/iain-m-banks/i-once-visited-a-place-where-they-killed-people-by-putting-them-in-a/) [Iain M. Banks](https://sms4smile.com/quotes/author/iain-m-banks/) > [By requiring that an execution be relatively painless, we necessarily protect the inmate from enduring any punishment that is comparable to the suffering inflicted…](https://sms4smile.com/quotes/john-paul-stevens/by-requiring-that-an-execution-be-relatively-painless-we-necessarily/) [John Paul Stevens](https://sms4smile.com/quotes/author/john-paul-stevens/) > [In Western Europe and North America some things are better than they were - at least relative to their moral nadirs - such as…](https://sms4smile.com/quotes/catherine-wilson/in-western-europe-and-north-america-some-things-are-better-than-they/) [Catherine Wilson](https://sms4smile.com/quotes/author/catherine-wilson/) > [“This felt like being stalked as prey, and he hated that his relationship with Dagger was being exploited for the entertainment of total strangers.…](https://sms4smile.com/quotes/ann-lister/this-felt-like-being-stalked-as-prey-and-he-hated-that-his/) [Ann Lister](https://sms4smile.com/quotes/author/ann-lister/) > [“I promised her we’d be quick, and Ben and I slipped away, just in time to hear Senator Blaine clear his throat and say,…](https://sms4smile.com/quotes/hilary-duff/i-promised-her-we-d-be-quick-and-ben-and-i-slipped-away-just-in-time/) [Hilary Duff](https://sms4smile.com/quotes/author/hilary-duff/) > [I do accept that, with - with respect to those vague terms in the Constitution such as equal protection of the laws, due process…](https://sms4smile.com/quotes/antonin-scalia/i-do-accept-that-with-with-respect-to-those-vague-terms-in-the/) [Antonin Scalia](https://sms4smile.com/quotes/author/antonin-scalia/) > [The Constitution has to be interpreted loosely, otherwise it becomes a straitjacket. You can't interpret it literally. You can pretend to, and go digging…](https://sms4smile.com/quotes/richard-posner/the-constitution-has-to-be-interpreted-loosely-otherwise-it-becomes-a/) [Richard Posner](https://sms4smile.com/quotes/author/richard-posner/) > [The Eighth Amendment to the Constitution protects citizens against cruel and unusual punishment. And there is a growing body of legal precedent that shows…](https://sms4smile.com/quotes/allyson-robinson/the-eighth-amendment-to-the-constitution-protects-citizens-against/) [Allyson Robinson](https://sms4smile.com/quotes/author/allyson-robinson/) > [“He had done regular live concerts from San Quentin jail until the civil rights people got him under the Cruel and Unusual Punishment clause.”](https://sms4smile.com/quotes/terry-pratchett/he-had-done-regular-live-concerts-from-san-quentin-jail-until-the/) [Terry Pratchett](https://sms4smile.com/quotes/author/terry-pratchett/) ## More by Yanis Varoufakis > [“Larry Summers is one such rare insider. His question to me was in fact an invocation to reject the lure of the outside. Underpinning…](https://sms4smile.com/quotes/yanis-varoufakis/larry-summers-is-one-such-rare-insider-his-question-to-me-was-in-fact/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [The many refugees are not a Greek or German problem. They are a European problem. We should therefore develop a common strategy. That's why…](https://sms4smile.com/quotes/yanis-varoufakis/the-many-refugees-are-not-a-greek-or-german-problem-they-are-a/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [“If you cannot imagine walking out of a negotiation, you should never enter it. If you cannot fathom the idea of an impasse you…](https://sms4smile.com/quotes/yanis-varoufakis/if-you-cannot-imagine-walking-out-of-a-negotiation-you-should-never/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [Had history been democratic in its ways, there would have been no farming and no indsturial revolution. Both leaps into the future were occasioned…](https://sms4smile.com/quotes/yanis-varoufakis/had-history-been-democratic-in-its-ways-there-would-have-been-no/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [The economic crisis has weakened the EU for years.](https://sms4smile.com/quotes/yanis-varoufakis/the-economic-crisis-has-weakened-the-eu-for-years/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [We will compromise and compromise and compromise but we will never be compromised.](https://sms4smile.com/quotes/yanis-varoufakis/we-will-compromise-and-compromise-and-compromise-but-we-will-never-be/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [“Beneath the specific events that I experienced, I recognised a universal story – the story of what happens when human beings find themselves at…](https://sms4smile.com/quotes/yanis-varoufakis/beneath-the-specific-events-that-i-experienced-i-recognised-a/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [Germany is Europe's heart. But bitterness is widespread. Currently the Germans hate the Greeks and the Greeks hate the Germans. The demonization of the…](https://sms4smile.com/quotes/yanis-varoufakis/germany-is-europe-s-heart-but-bitterness-is-widespread-currently-the/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [I don't believe a Brexit will hurt the City of London as one of the largest financial centers in the world.](https://sms4smile.com/quotes/yanis-varoufakis/i-don-t-believe-a-brexit-will-hurt-the-city-of-london-as-one-of-the/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [“Whenever a politician in the know gives a journalist an exclusive in exchange for a particular spin that is in the politician’s interest, the…](https://sms4smile.com/quotes/yanis-varoufakis/whenever-a-politician-in-the-know-gives-a-journalist-an-exclusive-in/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [European Union partners never said European Union partners're going to renege on any promises, European Union partners said that European Union partners promises concern…](https://sms4smile.com/quotes/yanis-varoufakis/european-union-partners-never-said-european-union-partners-re-going/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [“When inordinate weight is loaded onto a flimsily constructed bridge, the weakest beam will break first.”](https://sms4smile.com/quotes/yanis-varoufakis/when-inordinate-weight-is-loaded-onto-a-flimsily-constructed-bridge/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [“Most Europeans like to think that American bankruptocracy is worse than its European cousin, thanks to the power of Wall Street and the infamous…](https://sms4smile.com/quotes/yanis-varoufakis/most-europeans-like-to-think-that-american-bankruptocracy-is-worse/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [“Austerity is a morality play pressed into the service of legitimizing cynical wealth transfers from the have-nots to the haves during times of crisis,…](https://sms4smile.com/quotes/yanis-varoufakis/austerity-is-a-morality-play-pressed-into-the-service-of-legitimizing/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) > [“When a person believes one thing but chooses or is forced to advocate its opposite, the result is cognitive dissonance. Eventually, in order to…](https://sms4smile.com/quotes/yanis-varoufakis/when-a-person-believes-one-thing-but-chooses-or-is-forced-to-advocate/) [Yanis Varoufakis](https://sms4smile.com/quotes/author/yanis-varoufakis/) [Explore all 63 Yanis Varoufakis quotes ](https://sms4smile.com/quotes/author/yanis-varoufakis/) ## More Bankrupt quotes > [“The single best predictor that a family would go bankrupt was if they had a child.”](https://sms4smile.com/quotes/elizabeth-warren/the-single-best-predictor-that-a-family-would-go-bankrupt-was-if-they/) [Elizabeth Warren](https://sms4smile.com/quotes/author/elizabeth-warren/) > [Sarcasm is the last refuge of the imaginatively bankrupt.](https://sms4smile.com/quotes/cassandra-clare/sarcasm-is-the-last-refuge-of-the-imaginatively-bankrupt/) [Cassandra Clare](https://sms4smile.com/quotes/author/cassandra-clare/) > [The worst bankrupt in the world is the man who has lost his enthusiasm. Let a man lose everything else in the world, but…](https://sms4smile.com/quotes/william-howard-arnold/the-worst-bankrupt-in-the-world-is-the-man-who-has-lost-his/) William Howard Arnold > [I have never gone bankrupt.](https://sms4smile.com/quotes/donald-trump/i-have-never-gone-bankrupt/) [Donald Trump](https://sms4smile.com/quotes/author/donald-trump/) > [I've developed a lot of reform proposals myself and been accused of trying to destroy Social Security, when the whole point was to try…](https://sms4smile.com/quotes/jim-demint/i-ve-developed-a-lot-of-reform-proposals-myself-and-been-accused-of/) [Jim DeMint](https://sms4smile.com/quotes/author/jim-demint/) > [Its bad when men have money for cars, rims , shoes and etc. But when it comes to feeding their child or supporting their…](https://sms4smile.com/quotes/kale-bell/its-bad-when-men-have-money-for-cars-rims-shoes-and-etc-but-when-it/) [Kale Bell](https://sms4smile.com/quotes/author/kale-bell/) > [ Not every company went bankrupt. Not every bank needed TARP \[Troubled Asset Relief Program\]. So I'm very proud that JPMorgan, throughout that time period,… ](https://sms4smile.com/quotes/jamie-dimon/not-every-company-went-bankrupt-not-every-bank-needed-tarp-troubled/) [Jamie Dimon](https://sms4smile.com/quotes/author/jamie-dimon/) > [Every city and town in America would be bankrupt if they kept their books the way private-sector companies keep their books - because of…](https://sms4smile.com/quotes/clayton-m-christensen/every-city-and-town-in-america-would-be-bankrupt-if-they-kept-their/) [Clayton M. Christensen](https://sms4smile.com/quotes/author/clayton-m-christensen/) > [There is an old saying, "How did you go bankrupt?" And the answer is, "Gradually, and then suddenly." The impending fiscal crisis in the…](https://sms4smile.com/quotes/seth-klarman/there-is-an-old-saying-how-did-you-go-bankrupt-and-the-answer-is/) [Seth Klarman](https://sms4smile.com/quotes/author/seth-klarman/) > [Let us not bankrupt our todays by paying interest on the regrets of yesterday and by borrowing in advance the troubles of tomorrow.](https://sms4smile.com/quotes/ralph-w-sockman-2/let-us-not-bankrupt-our-todays-by-paying-interest-on-the-regrets-of/) Ralph W. Sockman > [“Why is this such a well-kept secret? The core issue is that we don't believe we're still spiritually "bankrupt." Having come into God's kingdom…](https://sms4smile.com/quotes/jerry-bridges/why-is-this-such-a-well-kept-secret-the-core-issue-is-that-we-don-t/) [Jerry Bridges](https://sms4smile.com/quotes/author/jerry-bridges/) > [I was spiritually bankrupt, and when that happens, it's like a spiritual cancer afflicts you.](https://sms4smile.com/quotes/mel-gibson/i-was-spiritually-bankrupt-and-when-that-happens-it-s-like-a/) [Mel Gibson](https://sms4smile.com/quotes/author/mel-gibson/) > [“Millions of business people are each constantly forced to choose between their desire to not be a bad person and their desire to be…](https://sms4smile.com/quotes/mokokoma-mokhonoana/millions-of-business-people-are-each-constantly-forced-to-choose/) [Mokokoma Mokhonoana](https://sms4smile.com/quotes/author/mokokoma-mokhonoana/) > [“I’m bankrupt without love.”](https://sms4smile.com/quotes/eugene-h-peterson/i-m-bankrupt-without-love/) [Eugene H. Peterson](https://sms4smile.com/quotes/author/eugene-h-peterson/) > [Russia is a bankrupt country. It just lives on oil revenues.](https://sms4smile.com/quotes/subramanian-swamy/russia-is-a-bankrupt-country-it-just-lives-on-oil-revenues/) [Subramanian Swamy](https://sms4smile.com/quotes/author/subramanian-swamy/) Browse all 144 Bankrupt quotes ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "“Forcing new loans upon the bankrupt on condition that they shrink their income is nothing short of cruel and unusual punishment. Greece was never bailed out.”", "creator": { "@type": "Person", "name": "Yanis Varoufakis" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/yanis-varoufakis/forcing-new-loans-upon-the-bankrupt-on-condition-that-they-shrink/", "about": { "@type": "Thing", "name": "Bankrupt" }, "@id": "https://sms4smile.com/quotes/yanis-varoufakis/forcing-new-loans-upon-the-bankrupt-on-condition-that-they-shrink/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/577/yanis-varoufakis-10824_bankrupt_forcing-new-loans-upon-the-bankrupt-on-c_2689.jpg", "contentUrl": "https://sms4smile.com/quotes/i/577/yanis-varoufakis-10824_bankrupt_forcing-new-loans-upon-the-bankrupt-on-c_2689.jpg", "url": "https://sms4smile.com/quotes/i/577/yanis-varoufakis-10824_bankrupt_forcing-new-loans-upon-the-bankrupt-on-c_2689.jpg", "width": 1080, "height": 1080, "caption": "“Forcing new loans upon the bankrupt on condition that they shrink their income is nothing short of cruel and…” — Yanis Varoufakis", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Yanis Varoufakis", "item": "https://sms4smile.com/quotes/author/yanis-varoufakis/" }, { "@type": "ListItem", "position": 4, "name": "“Forcing new loans upon the bankrupt...", "item": "https://sms4smile.com/quotes/yanis-varoufakis/forcing-new-loans-upon-the-bankrupt-on-condition-that-they-shrink/" } ], "@id": "https://sms4smile.com/quotes/yanis-varoufakis/forcing-new-loans-upon-the-bankrupt-on-condition-that-they-shrink/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```