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The statement below was published on . It has been signed by seven out of nine presidents of Germany's trade unions, all members of the executive boards of DGB and IG Metall, and mainly Social Democratic Party politicians in Germany's parliament and the European Parliament, including two vice-chairs of SPD, as well as numerous academics. * * *

Up to 30,000 protesters from across Europe took to the streets on May 19 in the financial district of Frankfurt. The rally, which lasted for seven hours, ended outside the European Central Bank (ECB). The protest, “Blockupy Frankfurt”, was part of a three-day action, organised to oppose the European debt crisis policies of the “troika” made up of the ECB, the International Monetary Fund and the European Commission. These polices include the so-called Eurozone bailout funds, which have helped push people across Europe into poverty and the dismantled democratic rights.