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On Greek "Independence Day", Creditors Prepare To Seal Athens' Fate
With The ECB banning Greek banks from continuing the GGB-buying ponzi scheme, the banking system in deposit outflow panic, cash running extremely dry, food shortages building, and bond/loan payments looming, Greek celebrations of Independence Day today are likely tempered by European officials coin-tossing over the nation's future (in or out of the EU). 196 years after winning their sovereignty from The Ottoman Empire, one wonders if The Greeks have the ability to fight their sovereignty back from "The Institutions."
As Bloomberg reports, while inspectors are gauging the case for continuing financial support for Europe’s most-indebted nation, many Athenians will be watching a parade of battle tanks and fighter jets to mark the beginning in 1821 of the war that won independence from the Ottoman Empire.
Greeks celebrate their independence Wednesday with a military parade and a folk-music festival sponsored by the Ministry of Defense, as European officials more than 1,000 miles away review the financial aid that will shape their future.
Euro-area finance ministry officials will have a discussion on the progress of the country’s economic policy program. Without access to capital markets, or the ECB’s normal financing operations, Greek banks rely on almost 70 billion euros ($76 billion) of ELA to cover a financing shortfall exacerbated by steep deposit withdrawals... which The ECB just upped to EUR71bn.
...
The government of George Papandreou scaled down military parades to cut costs after the Greek debt crisis erupted in 2010. Fighter jets made a comeback to the skies of Athens last year at a cost of about 500,000 euros, according to a defense ministry official from the previous administration.
With government cash supplies running out and negotiations on financial aid only inching forwards, European officials have said that Greece could default on its obligations within weeks unless there’s a breakthrough.
The government has to pay about 1.5 billion euros of salaries and pensions by the end of March and Prime Minister Alexis Tsipras is at loggerheads with its creditors over the conditions attached to its emergency loans.
Revenue from taxes also missed budget targets by about 1 billion euros in the first two months of the year, the country’s Ministry of Finance said Tuesday, further depleting cash buffers.
* * *
As Keep Talking Greece reports, for the first time since 2011, Greeks celebrate Independence Day and enjoy the school students and military parades without barriers. The new Greek government decision to remove barriers and allow people to attend the parades at close range has a strong symbolism aiming to demonstrate that neither the government is afraid of protests nor the people feel the need to protest austerity.
Crowds were banned from coming close to parades and dignitaries, after angry anti-government and anti-austerity protesters had booed the President of the Republic Karolos Papoulias in Thessaloniki during the National Day parade in October 28th 2011.
After the parade, the President of the Republic, the Prime Minister and other dignitaries mingled with the people and showed that they were not afraid of the citizens, of angry crowds and anti-government demonstrators.
Police were there in “discrete presence” but certainly no riot police squads around.
* * *
Things appear to be gettng desperate as it is becoming increasingly clear there is very little cash in the Greek Banking system... ECB funding lines in February Here’s a timeline showing how the cap has gradually increased since Feb 5th when it was set at ~EU60b:
- Feb 5 Set at EU59.5b
- Feb 12 Raised to EU65b
- Feb 18 Raised to EU68.3b
- Mar 5 Raised to EU68.8b
- Mar 12 Raised by EU600m
- Mar 18 Raised by EU400m
- Mar 25 Raised to just over EU71b
All of which will be "Bailed In" courtesy of whatever depositors (and bondholders) are left after this ends and Th ECB grabs its cash back...
* * *
Perhaps, in the future, The Greeks will mourn "In Dependence" Day as opposed to celebrating "Independence" Day...
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in 1990 my first job out of college i worked for a company that sold paper and lumber into Greece. they didnt pay their bills then either. lol
Greece, Spain, Portugal, Italy - average citizens all much, much worse off for being part of the EU, while their banks & elite are much, much better off.
Opa neckties for banksters.
In 540 b.c. they didn’t pay the IMF and ECB either. ;-)
Looney
They also had the balls to push the Persian representatives into the well, if they did that with the ECB reps earlier there would be no problem now.
Did someone consult the Oracle at Delphi? I know my first downvote will be from Ghordius. Ghordius for you a fall is too quick, I would impale you and the rest of the ECB EurobureauRATS
The Debtor is always slave to the Creditor
I mark my votes. your's : = 0
so your advice to Greece is to default, now? just asking, I'm curious
They should of defaulted a loooong time ago instead of taking the huge bailouts that went to creditors. They have been led by corrupt and inept leaders.
and who should decide that? me? you? or... the Greeks themselves?
Greece has no good options now. Only less bad ones.
They've been trained in the joy's of socialism. Unfortunately sooner or later the music will stop and the piper must be paid. Greece is going to be a disaster no matter what and a strong warning to the other debt-ridden EU countries.
It wasn't a piper that set them up, rather the Fiddlers saw an opportunity and gutted the place.
...the president of the Republic, the Prime Minister and other dignitaries mingled with the people...
and in greece at least it looks like the people still hope that their democratically elected representatives will deliver a better future
+ Ireland
As amusing as your comment is, this is the underlying problem in Greece. You're going against centuries of culture and distrust for government (taxation). It's in the nature of Greeks, (and Russians, Cypriots, a dozen or so other countries) to go "under the table". What made the EU believe they could correct this with a Troika is beyond me. The Greeks are better off going their own way. They're used to inflation, and with a cheap drachma, tourism - which is the one asset they can rely on - will blossom.
Yes, this is exactly it. "What made the EU believe they could correct this with a Troika is beyond me"
GS representatives whispered in the ears of Greek politicians that everything would be fine. And it is. GS alumni now run EU central banks.
I haven't seen the latest, semi-accurate numbers, but at least as of December, it was estimated that approximately 77% of each euro loaned to Greece by Troika was essentially going directly to creditors as payment on debt service, so it really is all a banking backdoor bailout.
The mafia calls this "loan sharking."
and most of it back to the IMF
From what I have read its more like 97%
Sounds like the IMF and ECB need Greece more than Greece needs them, in order to maintain their backdoor bailout of banksters/investors.
In which case Greece just needs to pull the damn Rip-Cord.
An offshore receivable is generally named: "Gift"
Nigerian Prince
Actually, that is a very good point! Greece has a culture that simply can not exist alonside competitive capitalist markets. Their basic corruption, and looking for free lunches, will always come back to bite them. As you point out, even decades ago the attempt to do trade with Greece was a failure. That failure ripples through business communities and they say NO to do trade in Greece. The EU accepted Greece when Greece had FAILED to meet the tests for membership. Once IN the EU, Greece was given any number of dubious loans, which amounted to Vendor Financing of exports to Greece. Just like your case, Greece was never intending to pay the loans. And now herre we are!
Ukraine has very similar problems. Try and do business with Ukraine... hopeless. Best thing would be that they at least develop Russian business ethics.
Now Ukraine took money from Rothschild's "IMF" and has to allow US tanks and troops (soon) on the ground. Clearly the Rothschild's are buying their way into Ukraine to wage war. Already have their puppets in Kiev in place.
Greece is not relevant enough and doesn't offer any "upside" to the Rothschilds. It was a cheap location for shipping profits but even that has faded with China overtaking more and more of the market.
They should hang the fiddlers and their Nazi henchmen. Make examples of the oligarchs on Maidan square, hang all these aholes like they hanged Mussolini.
There is a great irony in seeing you mention the Nazi's in a negative light, given your history of virulent anti-semitism and your Aryan female avatar.
http://www.algemeiner.com/2014/06/24/ukraine-jewish-billionaires-batalli...
come again...or are you just severly malinformed as you are malnourished and dumb?
http://tabletmag.com/jewish-news-and-politics/187217/borislav-bereza
http://www.bbc.com/news/world-europe-28329329
We all know who funds the Nazis just as they did in the past. We are also well aware of the Holohoax.
I am just anticrime, and if that is anticeramic then fuck yeah.
What about your virulent anti-gentile policies blowing to bits gentile civilians in Donabass you schmuck. Damn right I am anti crime and anti murdering parasite and virulent scum like you.
Yes, Ukraine was rated the most corrupt nation in Europe well before any of these orange revolutions or coups took place. In fact, Russians were even dubious about trade with Ukraine, because Ukraine seemed never to pay it's bills. It expected nearly free and unlimited Russian gas supplies. NOW, the Kiev Junta can forget about free Russian gas, and that burden alone will bankrupt Ukraine. The Jewish Oligharchs are feudal lords running parts of Ukraine as their personal lands. Indeed, Ukraine is hopeless, and historically it always has been. Even the idea of a Ukrainian state was a western construct, part of the centuries old plan to gain this land for western interests. Some times by invasion and war, other times by diplomatic means, others by rigged election and coups. This time around it is a Coup, followed by rigged election, and soon the military inavsion, as NATO troops arrive every day in bigger and bigger numbers.
THIS is not Sparta...
No, it is not SPARTA, it is FETA cheese ;-)
Looney
Nope, Sparta defended the pass while Athens debated and delayed, now Sparta is gone but Athens is still debating and delaying.....
Well the Athenians did get the navy set up in time. The main point is the Ancient Greeks would be turning in their graves if they saw what had become of their progeny. This is the shit people become after adopting the religions of the middle east.
Greece had once some 3'000 polities
They have tried everything out. All systems, all methods, all madnesses, follies, glorious experiments, currency wars, trade wars, wall wars, civil and religious arrangements and conflicts, and so on
you'd find the original thought there, among the ancestors
Not just the Greeks but all the ancient civilizations, the basic recipe for success regardless of the political system you choose, is hang the moneychangers and keep the rest out of your country.
that's a tad too simple. the "moneychangers" just peddle... credit. the real issue is credit, and it's ugly brother... debt
but lending, as such, is a spontaneous human action. a private affair... until, if unchecked and unregulated, it becomes a national problem
the real secret behind the success of capitalism is when and how to... default. capitalism, independently from how bastardized it becomes, is superiour because of it's early recognition of... unsustainable situations, and early acceptance of losses
Solon was given the ultimate power of setting a constitution, in Athens, because even the mighty and the super-rich recognized that selling debtors as slaves to foreigners was killing the nation
interestingly, he brought... Timocracy. Which is a recognition of class. And a recognition that each class should contribute according to it's capabilities
the kind of thinking that led later Temistocles to ask every and each member of the Pentacosiomedimni class to build and equip a warship for the war against Persia
now imagine a government today that asks something similar. imagine +75% of military expenses being paid exclusively by the upper 0.01%. Imagine a peacetime where the same super-rich are expected to support most of the government's expenses, and some additional social expenses, too
+42 for your last sentence.
The bankers, the purveyors of debt and whose business is debt, couldn’t manage their own debts back in 2008.
We all remember the onerous conditions placed on bankers after the bailouts in 2008.
We stopped them taking their bonuses after crashing the Western financial system.
We cleared out all those that had made big losses.
Those guilty of fraud were imprisoned.
The 1930s legislation that kept the bozos of Wall Street on the straight and narrow for six decades was restored.
Wait a minute; I don't remember any of those things because they never happened.
Looks to me like a lot of " Fates " are coming to fruition.
When Will China End the Dollar Peghttp://philosophyofmetrics.com/2015/03/25/when-will-china-end-the-dollar...
Looks like they're in desperate need of a FABER COLLEGE style parade...
Thank You GOD!
"fight their sovereignty back from "The Institutions.""
Isn't this really what every person needs to make the #1 world priority?
Building really cruel, spartan prisons for all of the financial criminals / cartels and the oligarchs would provide good jobs.
The Repo Rave!
Nothing will happen for a while. Note: The Orthdox Easter is April 12, Catholic Easter is the week before.
BoozeAllen/Pentagon satellite mapping.
National Geospatial-Intelligence Agency.
http://www.wdbj7.com/news/local/virginia-woman-daughter-killed-in-french...
Greece has No government. Simple really.
SOLUTION IS TRIVIAL:
PAY BACK WHAT YOU BORROWED AND EVERYONE WILL LOVE YOU.
You forgot zee 'plus interezt' part...
Greeks are now so totally fucked it is not even funny. They have backed themselves into a corner from which only total default and a reset can offer any hope for the future.
Russia underwent a paifnul default. I know, I was there during the worst of those times. I saw people living in conditions which I was too shocked to even bother filming, though I regret it now. Let me just say, default is not the end of the world. The next morning you at least have a chance to rebuild. As long as a Troika holds Greece in a death grip, it will be nothing by austerity and loans, loans and payment schedules. Until every Euro is beaten out of the people, and every asset in the country sold to western Bankers. Each German Banker will have his own family Island to call a summer home. while on the mainland, Euro Police beat down the people, and demand their money to pay bank loans.
Default for Greece is a given, followed by the rest of the PIIGS.
I for one look forward to watching_the_dominoes_tumble.
Just Hang the J-mafia Fiddlers in the public square or beat them to death in front of the crowds. It works wonders for a country's economy.
It's not just the PIIGS. Every democratic social welfare state is bankrupt, but markets haven't yet forced them to admit it.
Do you think any modern democratic nation will ever do an Andrew Jackson and pay off its debt, with interest, in non-inflated currency? No, you just expect to fob those bonds off on some other sucker.
So broke, even the terrorists won't make an appearance (no barriers at parade). Oy feta.
Seriously though, this is a pretty sad chapter in the nation's history. As much as I symphathize with their lack of funding and financial constraints, my advice to a nation would be the same as to anyone. They have to stop asking for money and start pulling themselves up. Whatever it takes.
If public salaries can't be paid for a while, so what? Does a nation cease to exist because of unpaid bureaucrats? What is payment anyway? Where are the patriots that would give their lives to serve the nation? If they don't exist, then this whole exercise including the parade is good for NOTHING.
"patriots that would give their lives to serve the nation?"
Somehow an unpaid bureaucrat toiling at her desk until she drops dead of hunger doesn't seem quite as heroic as a soldier getting shot to pieces on the battlefield...
If indeed the TARGET2 balance owed by Greece is > 90B Euros (mostly to Deutschland naturlich) then it is:
Happy Co-dependence Day, Greekies and Kumpels
What a haberdashery, the Greek debacle has become. There's so many moving parts, that even attempting find some sort of amicable solution is virtually impossible.
We all know what happens when politicians lose control... The Oligarchs declare war on each other, and make very~very bad decisions. The outcome of these decisions is generally to the detriment of Mankind, and all life in general.
I thought the Greeks just elected a bunch of cool commies who promised to stand up to the Mean Old Big Bankers.
Guess not. Looks like they folded, begged for more money, just like all the non-commie governments before them.
The question is WHY.
There is a difference between principle and practicality.
In her current weakened state, demoralised population, a Turkish neighbour waiting to pounce and a hostile Europe there is not much to go on.
And while Greece may be tempted to cuddle up to Russia, she might also be worried about the USA causing her grief for making such a move.
I doubt the government has even tried to have a new currency printed because the central bank of Greece is full of New World Order underlings who will report everything going on.
We can all make some smart ass comments about Greece but the fact remains that two of the longest periods of sound money originated in the Greek world.....the silver drachma of the Athenian period and the Byzantine coinage subsequently. Both of these ran for CENTURIES.
And we can all make fun of Greece not paying her bills but the American government has not paid her bills since the early 1980's because since that date the American government has borroweed to pay her interest bills in every single year and has stripped the social security fund to make ends meet.
And we can all gloat about Greece not paying but the reality is that wherever Greece went in ancient times it established cities and culture and left behind monuments that indicate civilization. But can someone tell me what America has left behind in the countless countries it has invaded? Sadly it has left behind countless dead and destruction.
And we can all savour the moment that Greece will go belly up but the reality is that we are all in the same queue just waiting our turn.
Spot on and Brilliant surmise of the status quo.
BRUSSELS GIVES GREECE 5 DAYS TO PRESENT STRUCTURAL REFORMS FOR THE NEXT 800 YEARS
Germany opposes the European demand, claiming that "a plan for 8 centuries lacks strategic vision".
Source: www.financialpaparazzi.com
scenario:
Greece will sign the memorandum originally signed by U.S.A., France and U.K. that absolves Germany of World War II debts. In exchange, the IMF, the ECB and the European Commission, collectively the "troika" will write off all Greece's external debt. Greece will be left in the Eurozone to independently institute reforms and will not receive further loans until Greece's credit rating rises above junk status with a positive outlook that would depend on reform success.