Former Greek prime minister George Papandreou has torn into the global financial system, saying his country's economic woes were exacerbated by the channelling of funds to tax havens such as the Cayman Islands.
Speaking at the 24th Socialist International congress in Cape Town, Papandreou said the stashing away of $21-trillion in tax havens around the world by corporations and wealthy individuals dodging taxes had led to the eurozone crisis.
"It is said that $21-trillion is hidden in tax havens around the world. The Cayman Islands alone hold more than $2-trillion in US treasury bills," he said.
"This is not freedom, whether it is in developed or developing nations - it is our citizens that are being robbed. [It is] plain robbery of our countries' economies, denying us the capacity to invest in welfare, education and green growth.
"I know this, Greece is suffering from this. Had this alone been tackled, Greece would most likely never had needed a bailout."
He said the free-market system posed a danger to the sustainability of countries around the world and to the wellbeing of their citizens.
"The myth of the free market has served the conservatives well, as they are able to hide their real interests behind this dogma. The freedom to move capital through banks, hedge funds, and in and out of national economies through decisions only a super-computer can make is not freedom at all.
"Some make huge profits, but it creates insecurity for our people, our economies, and our citizens' savings, investments and welfare," he said.
In 2010, Greece, under Papandreou became the first eurozone country to receive a bailout.
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