For the first time in Greece a documentary produced by the audience. Debtocracy seeks the causes of the debt crisis and proposes solutions, hidden by the government and the dominant media.
Debtocracy is a 2011 documentary film by Katerina Kitidi and Aris Hatzistefanou. The documentary mainly focuses on two points: the causes of the Greek debt crisis in 2010 and possible future solutions that could be given to the problem that are not currently being considered by the government of the country.
Aris Hatzistefanou, 34, is accustomed to uncomfortable reporting. A journalist since his teens, his long-running show infowar on Sky Radio was canceled just as his thought-provoking documentary, Debtocracy, was released.
The idea came about during a Sky Radio show on how the Ecuadorian president was responding to the country’s massive debt. He started a simple financial audit of sovereign debt, and came to the conclusion that other countries were using Ecuador as a slave, like Argentina and many other countries before. The administration forced a haircut of 70% on its creditors.
Katerina Kitidi – editor in chief of TV XS – and I decided to produce the documentary. We faced a serious funding problem but, for obvious reasons, we didn’t want to ask any political parties, companies or – even worse – banks, so we resorted to crowd-funding.
It worked very well, we collected 8,000 euros in just 10 days, an unprecedented figure for a country like Greece, facing a serious economic crisis.
At the beginning this project was supposed to be a mere YouTube video. But because so many professionals offered their help (musicians, video editors), and so many people donated their money, it became a real documentary. The surplus was invested in promoting the movie.