The Greeks currently owe the EU, IMF and ECB over 350 Billion euros, even though there was a 50% haircut for creditors in 2011. For a nation of 11 million that’s not a bad debt to population ratio.
The Greeks under far-left group Syriza are now hoping for another handout mainly from German taxpayers so they can go ahead further with more profligate policies like giving free electricity to thousands of people. Meanwhile, capital flight is accelerating out of Greek banks to offshore accounts as ‘poverty stricken’ Greeks offload their cash.
Wolfgang Schäuble, the German Finance Minister seems to know what is happening: “The Greeks have won a four month extension, and they want us to give them another 100 Billion euros which they will use up quickly or stash away. Once that is done and we have thrown away EU taxpayer money they will leave without paying one cent back to the taxpayers of the eurozone. It’s a good thing they don’t pay tax in Greece otherwise they’d have some responsibility, but the EU is stupid.”
Whatever happens, German taxpayers will never be paid and to add insult to injury Yanis Varoufakis is laughing at them whilst giving them the finger.
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Greece isn’t innocent. 1830s saw the dawn of its rural people
entangled with the financiers Europe. Since Independence, she’s been loan
sharks victim managed internally by a rising corrupt political class fawning
over the idea of a utopian, European way of life. Plutocrats use her as a
treasure plaything. Over 200 years, only
the last 20 has the majority been able to live anything nearing a safe, fair standard
of living. Illusion of flimsy default swap paper in Europe’s seraglios.
Nowhere were the NAZI atrocities, mass starvation, rapes and
summary executions, worse than Greece. Yet, St. Paul’s country had the decency
to allow Germany to regain her composure. In post-war years the countryside
further depopulated by out migration. For two decades émigrés remittances were
greater than the country’s annual GDP. Remittances mitigated need to develop
stable social safety net. Remittances opened space for the country to begin
building modern infrastructure. From this view sees whether or not Greeks are
lazy tax evaders. From here thinking people must judge the current dismantling
of the modern, democratic Greek state by the unholy financial triumvirate.
Tsipras not a crony. The OECD is on board to help begin
internal reforms. OECD has made an extensive internal assessment of conditions
proposing detailed reforms. Teams are ready to begin working. Changing social
behavior will take time. Prosecutors are tracking down tax cheaters and off
shore accounts. Tsipras has been straight with Euro leaders. He’s asked for
debt conference: dismissed.
Who made Germany boss? That Greece cooked the books prior to
Euro entry isn’t proven. Stournaras, head Greek Central Bank a previous finance
minister, published details in the British press. Yet, journalists continue to
parrot exaggerations. Debt is unsustainable. People like Mark Carney have said
so. The debt may be as low as 40B. Capital flow tracking shows the beneficiary
of Greece’s participation in the EU is Germany. Financial capital tracking shows
that the economic onslaught on Greece since 2010 has been Germany’s gain.
Greece is a good member of NATO protecting Europe’s southeastern flank at a time
of Eurasian instability. US ambassador went to see Tsipras earlier in the week.
Orphanidis has explained how Cyprus came under attack for having a banking
sector in competition with Luxembourg. I’m afraid European love-in empress has
flimsy clothes.
Only Germany is in a position to change the rules and
resolve the…crisis. If a debtor country tried it, it would be punished…
Only Germany can end the nightmare…. Soros 2014.
Geithner tells since 2010 the plan is to crush Greece. The
architect of debt is a man who was brought down shamefaced on New York pavement
by a third world born chamber maid. Germany has forestalled addressing her war
debts to Greece for seventy years. I’m amused by sophisticated ruses brought
out of backrooms to counteract discussion of what’s really going on: separation
of church and state, separation of public and private spheres, sudden popular
taboo against talk of Germany’s war crimes. Mr. Schauble is the author of a
book that sees religion as a tool to mollify the dispossessed. Will jihadists
be convinced? Last week, he bordered
hate crime coining: amputate Greece. Within hours unnamed sources from his
department infect cyber sphere with this blood sacrifice imagery.Kahn’s ex-wife
says, well what’s wrong with forcing a third world maid servicing the head of
peripheral economies. It’s from this view that I judge Lagarde’s demands that Greece sell its strategic
assets. German firms are notorious in kickback schemes.
Obama and Merkel spoke yesterday:
run the clock out. Strangle hold.
To Alex’s David, I say, abort the stone strategy. Exit the
squeeze. Let Germany deal with the consequences. Greek people have been
squeezed and squeezed and squeezed. Riots across Europe.
Didn’t anyone tell Athens that Merkle would talk, talk,
while they ran out of cash, cash?
Cash outflows of Greek banks, everything on plan. Oligarchs
leave then capital controls imposed. Capital controls circularity trick timed
just right: wealthy out before little people start for door. Few more weeks of
talking a “solution”. Then triumvirate will force the best for the
country! Assets cheap enough then capital comes back. Republicans did this in
1990s in the Savings and Loan crisis. Paul Myers commentary in the Financial
Times.
Dangerous. Greece is an important western ally. The
Economist makes a mistake in not bringing Obama and Merkle to task. Explain why
Juncker floats the idea of an EU military. If Greece is destabilized, I for one,
rather see that come through her elect rather than German machinations. Madame
Frau: come out of the bushes. You and Schuable cultivate fascists by
asphyxiating the dispossessed. Greece
was for truth in WWII. She is for truth now.
The Germans are idiots and have been taken for fools. Quite shameful really.