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Presenting The "Greek Terms Of Surrender" As Annotated By Yanis Varoufakis
The Greek "deal" has already been dubbed "a new Versailles Treaty" for good reason: for Greece, the agreement which effectively abdicates sovereignty to Germany, is precisely that.
And while few if any in Greece - and certainly its parliament - have carefully read the actual contents of the Summit statement, and instead rushed to pass the deal shortly after 1am Athens time, with hopes that just approving its contents may lead to the ECB blessing a prompt reopening of banks so Greeks can resume withdrawing their frozen deposits before the public realizes it was betrayed by its rulers once again, one person who has read it is the former finance minister Yanis Varoufakis.
And not only that: just hours before what may be the most critical vote in Greek history, he has released an annotated version of what the Euro Summit statement really means for Greece.
In his words: The Euro Summit statement (or Terms of Greece’s Surrender – as it will go down in history) follows, annotated by yours truly. The original text is untouched with my notes confined to square brackets (and in red). Read and weep… [For a pdf copy click here.]
Euro Summit Statement Brussels, 12 July 2015
The Euro Summit stresses the crucial need to rebuild trust with the Greek authorities [i.e. the Greek government must introduce new stringent austerity directed at the weakest Greeks that have already suffered grossly] as a pre- requisite for a possible future agreement on a new ESM programme [i.e. for a new extend-and-pretend loan].
In this context, the ownership by the Greek authorities is key [i.e. the Syriza government must sign a declaration of having defected to the troika’s ‘logic’], and successful implementation should follow policy commitments.
A euro area Member State requesting financial assistance from the ESM is expected to address, wherever possible, a similar request to the IMF This is a precondition for the Eurogroup to agree on a new ESM programme. Therefore Greece will request continued IMF support (monitoring and financing) from March 2016 [i.e. Berlin continues to believe that the Commission cannot be trusted to ‘police’ Europe’s own ‘bailout’ programs].
Given the need to rebuild trust with Greece, the Euro Summit welcomes the commitments of the Greek authorities to legislate without delay a first set of measures [i.e. Greece must subject itself to fiscal waterboarding, even before any financing is offered]. These measures, taken in full prior agreement with the Institutions, will include:
By 15 July
- the streamlining of the VAT system [i.e. making it more regressive, through rate rises that encourage more VAT evasion]and the broadening of the tax base to increase revenue [i.e. dealing a major blow at the only Greek growth industry – tourism].
- upfront measures to improve long-term sustainability of the pension system as part of a comprehensive pension reform programme [i.e. reducing the lowest of the low of pensions, while ignoring that the depletion of pension funds’ capital due to the 2012 troika-designed PSI and the ill effects of low employment & undeclared paid labour].
- the safeguarding of the full legal independence of ELSTAT [i.e. the troika demands complete control of the way Greece’s budget balance is computed, with a view to controlling fully the magnitude of austerity it imposes on the government.]
- full implementation of the relevant provisions of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in particular by making the Fiscal Council operational before finalizing the MoU and introducing quasi-automatic spending cuts in case of deviations from ambitious primary surplus targets after seeking advice from the Fiscal Council and subject to prior approval of the Institutions [i.e. the Greek government, which knows that the imposed fiscal targets will never be achieved under the imposed austerity, must commit to further, automated austerity as a result of the troika’s newest failures.]
By 22 July
- the adoption of the Code of Civil Procedure, which is a major overhaul of procedures and arrangements for the civil justice system and can significantly accelerate the judicial process and reduce costs [i.e. foreclosures, evictions and liquidation of thousands of homes and businesses who are not in a position to keep up with their mortgages/loans.]
- the transposition of the BRRD with support from the European Commission.
Immediately, and only subsequent to legal implementation of the first four above-mentioned measures as well as endorsement of all the commitments included in this document by the Greek Parliament, verified by the Institutions and the Eurogroup, may a decision to mandate the Institutions to negotiate a Memorandum of Understanding (MoU) be taken [i.e. The Syriza government must be humiliated to the extent that it is asked to impose harsh austerity upon itself as a first step towards requesting another toxic bailout loan, of the sort that Syriza became internationally famous for opposing.]
This decision would be taken subject to national procedures having been completed and if the preconditions of Article 13 of the ESM Treaty are met on the basis of the assessment referred to in Article 13.1. In order to form the basis for a successful conclusion of the MoU, the Greek offer of reform measures needs to be seriously strengthened to take into account the strongly deteriorated economic and fiscal position of the country during the last year [i.e. the Syriza government must accept the lie that it, and not the asphyxiation tactics of the creditors, caused the sharp economic deterioration of the past six months – the victim is being asked to take the blame by the on behalf of the villain.]
The Greek government needs to formally commit to strengthening their proposals [i.e. to make them more regressive and more inhuman] in a number of areas identified by the Institutions, with a satisfactory clear timetable for legislation and implementation, including structural benchmarks, milestones and quantitative benchmarks, to have clarity on the direction of policies over the medium-run. They notably need, in agreement with the Institutions, to:
- carry out ambitious pension reforms [i.e. cuts] and specify policies to fully compensate for the fiscal impact of the Constitutional Court ruling on the 2012 pension reform [i.e. cancel the Court’s decision in favour of pensioners] and to implement the zero deficit clause [i.e. cut by 85% the secondary pensions that the Syriza government fought tooth and nail to preserve over the past five months] or mutually agreeable alternative measures [i.e. find ‘equivalent’ victims] by October 2015;
- adopt more ambitious product market reforms with a clear timetable for implementation of all OECD toolkit I recommendations [i.e. the recommendations that the OECD has now renounced after having re-designed these reforms in collaboration with the Syriza government], including Sunday trade, sales periods, pharmacy ownership, milk and bakeries, except over-the-counter pharmaceutical products, which will be implemented in a next step, as well as for the opening of macro-critical closed professions (e.g. ferry transportation). On the follow-up of the OECD toolkit-II, manufacturing needs to be included in the prior action;
- on energy markets, proceed with the privatisation of the electricity transmission network operator (ADMIE), unless replacement measures can be found that have equivalent effect on competition, as agreed by the Institutions [i.e. ADMIE will be sold off to specific foreign vested interests at the behest of the Institutions.]
- on labour markets, undertake rigorous reviews and modernisation of collective bargaining [i.e. to make sure that no collective bargaining is allowed], industrial action [i.e. that must be banned] and, in line with the relevant EU directive and best practice, collective dismissals [i.e. that should be allowed at the employers’ whim], along the timetable and the approach agreed with the Institutions [i.e. the Troika decides.]
On the basis of these reviews, labour market policies should be aligned with international and European best practices, and should not involve a return to past policy settings which are not compatible with the goals of promoting sustainable and inclusive growth [i.e. there should be no mechanisms that waged labour can use to extract better conditions from employers.]
- adopt the necessary steps to strengthen the financial sector, including decisive action on non-performing loans [i.e. a tsunami of foreclosures is ante portas] and measures to strengthen governance of the HFSF and the banks [i.e. the Greek people who maintain the HFSF and the banks will have precisely zero control over the HFSF and the banks.], in particular by eliminating any possibility for political interference especially in appointment processes. [i.e. except the political interference of the Troika.] On top of that, the Greek authorities shall take the following actions:
- to develop a significantly scaled up privatisation programme with improved governance; valuable Greek assets will be transferred to an independent fund that will monetize the assets through privatisations and other means [i.e. an East German-like Treuhand is envisaged to sell off all public property but without the equivalent large investments that W. Germany put into E. Germany in compensation for the Treuhand disaster.] The monetization of the assets will be one source to make the scheduled repayment of the new loan of ESM and generate over the life of the new loan a targeted total of EUR 50bn of which EUR 25bn will be used for the repayment of recapitalization of banks and other assets and 50 % of every remaining euro (i.e. 50% of EUR 25bn) will be used for decreasing the debt to GDP ratio and the remaining 50 % will be used for investments [i.e. public property will be sold off and the pitiful sums will go toward servicing an un-serviceable debt – with precisely nothing left over for public or private investments.] This fund would be established in Greece and be managed by the Greek authorities under the supervision of the relevant European Institutions [i.e. it will be nominally in Greece but, just like the HFSF or the Bank of Greece, it will be controlled fully by the creditors.] In agreement with Institutions and building on best international practices, a legislative framework should be adopted to ensure transparent procedures and adequate asset sale pricing, according to OECD principles and standards on the management of State Owned Enterprises (SOEs) [i.e. the Troika will do what it likes.]
- in line with the Greek government ambitions, to modernise and significantly strengthen the Greek administration, and to put in place a programme, under the auspices of the European Commission, for capacity-building and de-politicizing the Greek administration [i.e. Turning Greece into a democracy-free zone modelled on Brussels, a form of supposedly technocratic government, which is politically toxic and macro-economically inept] A first proposal should be provided by 20 July after discussions with the Institutions. The Greek government commits to reduce further the costs of the Greek administration [i.e. to reduce the lowest wages while increasing a little the wages some of the Troika-friendly apparatchiks], in line with a schedule agreed with the Institutions.
- to fully normalize working methods with the Institutions, including the necessary work on the ground in Athens, to improve programme implementation and monitoring [i.e. The Troika strikes back and demands that the Greek government invite it to return to Athens as Conqueror – the Carthaginian Peace in all its glory.] The government needs to consult and agree with the Institutions on all draft legislation in relevant areas with adequate time before submitting it for public consultation or to Parliament [i.e. Greek Parliament must, again, after five months of short-lived independence, become an appendage of the Troika – passing translated legislation mechanistically.] The Euro Summit stresses again that implementation is key, and in that context welcomes the intention of the Greek authorities to request by 20 July support from the Institutions and Member States for technical assistance, and asks the European Commission to coordinate this support from Europe;
- With the exception of the humanitarian crisis bill, the Greek government will reexamine with a view to amending legislations that were introduced counter to the February 20 agreement by backtracking on previous programme commitments or identify clear compensatory equivalents for the vested rights that were subsequently created [i.e. In addition to promising that it will no longer legislative autonomously, the Greek government will retrospectively annul all Bills it passed over the past five months.]
The above-listed commitments are minimum requirements to start the negotiations with the Greek authorities. However, the Euro Summit made it clear that the start of negotiations does not preclude any final possible agreement on a new ESM programme, which will have to be based on a decision on the whole package (including financing needs, debt sustainability and possible bridge financing) [i.e. self-flagellate, impose further austerity upon an economy crushed by austerity, and then we shall see whether the Eurogroup will grave you with another toxic, unsustainable loans.]
The Euro Summit takes note of the possible programme financing needs of between EUR 82 and 86bn, as assessed by the Institutions [i.e. the Eurogroup conjured up a huge number, well above what is necessary, in order to signal the debt restructuring is out and that debt bondage ad infinitum is the name of the game.] It invites the Institutions to explore possibilities to reduce the financing envelope, through an alternative fiscal path or higher privatisation proceeds [i.e. And, yes, it may possible that pigs will fly.] Restoring market access, which is an objective of any financial assistance programme, lowers the need to draw on the total financing envelope [i.e. which is something the creditors will do their utmost to avoid, e.g. by ensuring that Greece will only enter the ECB’s quantitative easing program in 2018, once quantitative easing is… over.]
The Euro Summit takes note of the urgent financing needs of Greece which underline the need for very swift progress in reaching a decision on a new MoU: these are estimated to amount to EUR 7bn by 20 July and an additional EUR 5bn by mid August [i.e. Extend and Pretend gets another spin.] The Euro Summit acknowledges the importance of ensuring that the Greek sovereign can clear its arrears to the IMF and to the Bank of Greece and honour its debt obligations in the coming weeks to create conditions which allow for an orderly conclusion of the negotiations. The risks of not concluding swiftly the negotiations remain fully with Greece [i.e. Once more, demanding that the victim takes all the blame in behalf of the villain.] The Euro Summit invites the Eurogroup to discuss these issues as a matter of urgency.
Given the acute challenges of the Greek financial sector, the total envelope of a possible new ESM programme would have to include the establishment of a buffer of EUR 10 to 25bn for the banking sector in order to address potential bank recapitalisation needs and resolution costs, of which EUR 10bn would be made available immediately in a segregated account at the ESM [i.e. the Troika admits that the 2013-14 recapitalisation of the banks, which would only need a top up of at most 10 billion, was insufficient – but, of course, blames it on… the Syriza government.]
The Euro Summit is aware that a rapid decision on a new programme is a condition to allow banks to reopen, thus avoiding an increase in the total financing envelope [i.e. The Troika closed Greece’s banks to force the Syriza government to capitulate and now cries out for their re-opening.] The ECB/SSM will conduct a comprehensive assessment after the summer. The overall buffer will cater for possible capital shortfalls following the comprehensive assessment after the legal framework is applied.
There are serious concerns regarding the sustainability of Greek debt [N.b. Really? Gosh!] This is due to the easing of policies during the last twelve months, which resulted in the recent deterioration in the domestic macroeconomic and financial environment [i.e. It is not the Extend and Pretend ‘bailout’ loans of 2010 and 2012 that, in conjunction with GDP-sapping austerity, caused the debt to scale immense heights – it was the prospect, and reality, of a government that criticized the the Extend and Pretend ‘bailout’ loans that… caused Debt’s Unustainability!]
The Euro Summit recalls that the euro area Member States have, throughout the last few years, adopted a remarkable set of measures supporting Greece’s debt sustainability, which have smoothed Greece’s debt servicing path and reduced costs significantly [i.e. The 1st & 2nd ‘bailout’ programs failed, the debt skyrocketing as it was always going to since the real purpose of the ‘bailout’ programs was to transfer banking losses to Europe’s taxpayers.] Against this background, in the context of a possible future ESM programme, and in line with the spirit of the Eurogroup statement of November 2012 [i.e. a promise of debt restructure to the previous Greek government was never kept by the creditors], the Eurogroup stands ready to consider, if necessary, possible additional measures (possible longer grace and payment periods) aiming at ensuring that gross financing needs remain at a sustainable level. These measures will be conditional upon full implementation of the measures to be agreed in a possible new programme and will be considered after the first positive completion of a review [i.e. Yet again, the Troika shall let the Greek government labour under un-payable debt and when, as a result, the program fails, poverty rises further and incomes collapse much more, then we may haircut some of the debt – as the Troika did in 2012.]
The Euro Summit stresses that nominal haircuts on the debt cannot be undertaken [N.b. The Syriza government has been suggesting, since January, a moderate debt restructure, with no haircuts, maximizing the expected net present value of Greece’s repayments to creditors’ – which was rejected by the Troika because their aim was, simply, to humiliate Syriza.] Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and in a timely manner [N.b. Which can only happen after a substantial debt restrucuture.] Provided that all the necessary conditions contained in this document are fulfilled, the Eurogroup and ESM Board of Governors may, in accordance with Article 13.2 of the ESM Treaty, mandate the Institutions to negotiate a new ESM programme, if the preconditions of Article 13 of the ESM Treaty are met on the basis of the assessment referred to in Article 13.1. To help support growth and job creation in Greece (in the next 3-5 years) [N.b. Having already destroyed growth and jobs for the past five years…] the Commission will work closely with the Greek authorities to mobilise up to EUR 35bn (under various EU programmes) to fund investment and economic activity, including in SMEs [i.e. Will use the same order of magnitude of structural funds, plus some fantasy money, as were available in 2010-2014.] As an exceptional measure and given the unique situation of Greece the Commission will propose to increase the level of pre-financing by EUR 1bn to give an immediate boost to investment to be dealt with by the EU co-legislators [i.e. Of the headline 35 billion, consider 1 billion as real money.] The Investment Plan for Europe will also provide funding opportunities for Greece [i.e. the same plan that most Eurozone ministers of finance refer to as a phantom program].
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Nature has been experimenting with complex systems for several billion years with parallelism that is impossible to comprehend.
Right now I'm running molecular dynamics simulations on a 30,000 core supercomputer, trying to reverse engineer biological macromolecules. An impressive feat of human engineering to be sure yet completely and utterly pathetic compared to the net computing power of Nature.
Nature hasn't designed anything. It has simply tried every variant with such massive parallelism that it's impossible to comprehend (30,000 cores is utterly trivial by comparison) and has kept it up for four billion years. What we see around us is the product of an unimaginable number of Trials and Errors, discarding those results that did not work out.
The complexity of biological networks that evolution has produced vastly exceeds the complexity of social networks (economies) that we, as a species, have developed.
So instead of trying to think out a new system relatively de novo, why not just study nature and seek to copy it?
How do cells transact? How does the immune system function? How are metabolites sourced, constructed and delivered? How does cell differentiation proceed and how is it maintained? What are the roles of various sub-cellular organelles and compartments? How do cells form meta-structures with defined roles?
Start thinking this way (defer to superior "designs" and copy them) and the serious flaws in our current systems stand out like beacons. You nailed a few of them, particularly the money system and the governance system. What also stands out is how many suggested alternatives / solutions / reforms are simply wrong (if you accept that nature knows best from experience).
What we see around us is the product of an unimaginable number of Trials and Errors, discarding those results that did not work out.
We need to find out why it seems to be the natural course for us to keep making the same mistakes ... saying it's different this time ... and giving things different names than we're used to, as if that will fool us (but of course it does fool us)
Start thinking this way (defer to superior "designs" and copy them) and the serious flaws in our current systems stand out like beacons. You nailed a few of them, particularly the money system and the governance system.
While our environment is truly massive (scale from the sub atoms to the expanse of the universe as we now believe we know it), when you peel the onion, it seems everything natural happens in a very small and loosely connected way. Though there are huge organisms, there is no central control.
Do you think there's a clue there?
Really good post, M. I'd like to hear more along those lines.
I have been inspired by Germany and Greece's interactions: OK so I go to my next door neighbor and tell him about the latest and greatest multi-level marketing scheme, er um - company. And the best part, I will
LOAN him the money to come on board!! After a little cajoling, he accepts, terrific!! Then the pyramid scheme, multi-layer marketing co., starts to come unwound, and he gets behind on payments!! OK. so I loan him
some more money, BUT to show I mean business-- I bust his ankle with a pipe, I affectionately named austerity. This deadbeat bastard owes me money!!, and he just wants to lay around whining about his fucking
ankle, so I bust his knee---WHERE'S MY MONEY?? OK I've had it with this guy! I'm taking his house and his wife. AHH! Life is good!
Yeah, except it seems worse with capital flight and who will invest in Greece over the next 10 years and it would be like at over 8% interest if they did.
GDP must be down like over 30% country wide and worse in the big cities. Businesses are closed, shuttered, and no one trusts the credit of anyone else. Except for the Transnational Corporations they have credit and do fine.
But to me it is like No one is responsible or being called out.
It even looks like the Greek Central Bank was into the Debt only by $4.3 Billion Euros, and Greek Banks by $11 Billion Euros. So these stupid outside banks were pouring money into Greece knowing that the Greeks had not even invested in themselves.
What? Maybe the Wealthy Greeks refused to Invest in Greece since the end of the Coup in the 1970s??
Anyway it is like the USA. We can't find anyone responsible for the Iraq war and we can't find anyone responsible for the 2008 Financial Crisis!!
Power, Control, Status, Money, Cronyism, Corruption, Conflict of Interest, Revolving Doors to Industry, Money in Politics, no Term Limits, NO LIABILITY FOR LAWYERS WHO DESTROY THE US Constitution or Laws or Accounting Rules or Standardization in Financial Instruments & Banking.
- Accounting Control Fraud.
- Simplify, Streamline, and Standardize before the Black Swan.
- That means Greece has to leave the EU.
THAT Means the USA has to pull it's head out of it's ass and learn how to hold people responsible in Government and in Corporations.
Also End Free Trade & Open Borders.
This is why I love ZH. You learn more in the comments section than you do reading the article. By the way, you don't happen to be a debt collector in real life?
Can't disagree much with his interpretation. But what is his alternative especially when it comes to pensions and some of the other more concrete requirements for the bailout.
Under all long term scenarios money that Greece can't raise won't get paid out. So they go to the Troika for money, and they have to accept the terms.
Or they go off on their own and issue their own currency, and pay pensions in the new currency, which no matter what target exchange rate with the Euro is will amost definitely provide the pensioners with a much reduced purchasing power than they are currently promised with their Euro denominated pensions.
If you aren't a reserve currency, you can't print productivity. (And reserve currencies can only go to that well so much before they find themselves no longer the reserve currency.) If your productivity won't cover your obligations, guess what your obligations get defaulted on.
Basically what I am saying is their is no reality where stuff like pensions don't get cut. So Varoufakis' bitching may be true and the EMU is a toxic den of imperialistic technocrat vipers, but so fucking what cause he doesn't have any better plan. Reality is against his idea of fairness.
The alternative is to tell the Germans what they want to hear. We quit. Go fuck yourselves we are not paying. The don't have to leave the Euro but they should and start from scratch.
If you are the reserve currency, you cannot print productivity either. This is lunacy.
Banking seems to be missing some answers and the EU also seems to be missing a key about Urban Renewal, Reindustialization, or Grand New Programs.
How does the Troika plan to move from Debt, Collapse, or War into a new Marshall Plan or regional Recovery?
What the EU has no Memory of History?
- Depressions happen
- War Happens
- Countries Collapse
- Dark Ages Happen
- New Diseases can whip out everything
Creative Destruction needs Financing Eventually
- Old Cities Like Rome need Renewal, New Ages in Technology need Financing, Cities Grow too Large and New whole new Transportation Systems
So European Commission, ECB, IMF... how is Debt removed and how do we Rebuild Cities?
Greece is typical even of the USA where we have the same 8% of our working population employed by our Governments. US and Greece share the same huge Debt & Liabilities.
- Deindustrialization, Brain Drain from Industries
- Capital Flight overseas
- Off Shore Production, Outsourcing Overseas, Reflagging of Corporations to off shore Jurisdictions
- Chaotic Regulations which grow Each Year, Laws on top of Laws on top of Laws
The fact is that Banks just pick the Weakest Link, the Political Underdog, or the Socialist/Communist as the Loser... but there is no plan on how to finance rebuilding Industry, Cities, Countries, Highway or transportation systems.
THE USA, THE TROIKA, the Private Banks all have no Idea how to build a future, begin a new Era... There is NO PLAN.
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- Debt for loss of the Opportunity to fund Urban or Industrial Renewal in a Collapse!!
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The DEFAULT is to pick on Liabilities, low Financial Ratings, and ruin one Entity after another... Capitalism's Destruction coupled in intercourse with Cronyism and Corporate Socialism/Corporate Subsidies.
-----------------------------------------------
-- Wait... What about the Middle Class??
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The Middle Class must be a fluke that they never planned for... You needed Industrialization with limited Labor Force OR Free Land to Join the Wealthy or the Middle Class!!
----------------------------------------------------------------------------
-- With no more free Land, Open Borders, Open Migration, and Free Trade with the British Economic Model, Monopoly Powers by the Transnational Corporations, there is no chance for a new Middle Class... Today they don't even have Credit Cards or Business Trade since the Credit has Collapsed
----------------------------------------------------------------------------
There is no Plan for the Middle Class in Europe or the USA.
- Cronyism, Power, Control, Geopolitics, War, Propaganda, Illusions, Butter & Circuses... the offer of Debt for Prosperity
- Debt for Prosperity
- Debt for loss of Sovereignty
- Debt for loss of running your own business
- Debt for loss of Freedom of Speech so you can keep your Job
- Debt for loss of Political Freedom to be left or right
- Debt for loss of the Opportunity to fund Urban or Industrial Renewal in a Collapse!!
Enough is enough! Nationalize the banks and requisition them to serve the People and throw the fascist bankster criminals in prison!
Short and sweet.
I just always feel like the public needs a hook to get them to understand.
I should read more about public banking and the idea of money and credit as a utility.
If I spend $30K on a university education, then want $200K for starting my own business... there should be a way to do that if I know it is my credit.
The catch is Serial Entrepreneurship.
Many people try 3 businesses and fail, but somehow there is a secret to this because they still find money to try a forth business. Trump might be a story of failure. Not sure if he made his $10 Billion in Real Estate or Investing or Finance or what. But he has been bankrupt like 20 years ago... so where did he get rich??
Varoufakis said during the referendum that if the Greek people voted No,
there was an improved deal already on the table which he could then sign, and that banks could open on Tuesday July 7, more than a week ago.
this, among many other lies, insults and fraudulent statements makes Varoufakis a dangerous conceited egomaniac who would destroy and ruin all of Greece just to prove his Game Theory failures to be a success.
Varoufakis should go to Jail for single-handedly destroying the Greek economy by his deceit and lies that amounts to treason and betrayal of a whole nation and it's People, that is Greece.
Greece out of the Eurozone and in default, would be a totally failed state, alone and for decades without any real hope to get back to social order.
Extremist powers would rise, poverty anarchy and violence would reign.
Here we have Varoufakis, the village Idiot and hero of all international mutual-admiration-village Idiots,
telling themselves that they got a Game-theory plan....
it's called "the great Varoufakis game-theory plan for a Greek collective suicide"
Varoufakis is a Village Idiot who needs to explain to Greek People:
how he managed to totally fuck up the Greek economy in just 5 Months from bad to worse,
while he was the village Idiot, turned "Popstar-Greek-Finance-Minister".
go back to Sydney Uni, Varoufakis...
take your medication...
WR;)
Why not just get rid of the lying thieves who invade countries with their filthy banks?
Hey Die Weibe let me guess your favorite song - goes something like:
Deutschland Deutschland über alles...
So the " No" Referendum was basically a sham....The birthplace of democracy is now the tombstone for democracy
So the " No" Referendum was basically a sham....The birthplace of democracy is now the tombstone for democracy
Golden Dawn, it is now or never.
Time to throw out the cabal and take back Greece for the Greek people.
Very easy to achieve. Greece just has to get rid of the debts. They can default like Argentina or they can try to pay back. It seems they did not want it either way.
Didn't the Federal Reserve print trillions of dollars to keep the central banks of Europe from blowing up? Where did all that money go, and why do they conveniently forget it when they are scolding sovereign nations like Greece about profligacy?
Pater Tenebrarum of Acting Man, cited here many times has different take on this: http://www.acting-man.com/?p=38507
why don't you sumbit his post here entirely, Tyler????
Yanis Varoufakis is
a socialist coercive-collectivist parasite vermin scum
and
an olympic-class incompetent negotiator, leader, government official
His opinions are worth even less than what I just flushed down the toilet.
Greece is a failed society/state - they need adult supervision - AS A MINIMUM.
@Prober
Yet another Troika-Troll become active.
We were expecting you.
Are you mean or just stupid? Have you just considered the debt level of Greece. No the stupid EU never ever should have send one ¢ down to Greece ot help them service their debts. But you are so ... that you can not even see the truth even if it's right in front of you. That's poor - really poor.
I guess they'll be teaching German in schools now, and unless your German you won't get a the Greased Government. Or to look at it another way, Germany just got an additional 130,000 square miles for a Backyard.
"The Jewish people as a whole will become its own Messiah. It will attain world dominion by the dissolution of other races, by the abolition of frontiers, the annihilation of monarchy and by the establishment of a world republic in which the Jews will everywhere exercise the privilege of citizenship.
In this New World Order the children of Israel will furnish all the leaders without encountering opposition. The Governments of the different peoples forming the world republic will fall without difficulty into the hands of the Jews. It will then be possible for the Jewish rulers to abolish private property and everywhere to make use of the resources of the state. Thus will the promise of the Talmud be fulfilled, in which is said that when the Messianic time is come, the Jews will have all the property of the whole world in their hands."
— Baruch Levy(JEW), Letter to Karl Marx(JEW), 'La Revue de Paris', p.574, June 1, 1928
I don't know... there are historical narratives that would indicate that there have always been Clerics & Scribes... why would they not become the "Secret Keepers" or "Secret Agencies"... that the King Makers Today Are and Have Been for Thousands of Years.
- Look at the Code of Ur-Nammu and Hamurabi and tell me if you think the world is any different today from this older Civilization which had Bi-Cameral Government, Silver Shekels as money, Liability, Education Reforms, Slaves, non-Citizens, Voting Citizens, Medicine, Liability for Medicine, Alcohol, Tar, Bitumen, Lacquer, Kilns, Fermentation, Energy, Farming, Animal Husbandry, Metallurgy, Trade, Culture, Art, and Power.
Now as before Germany and Troika having destroyed Greece and the credibility of all in Greece now Must trash the credibility of the only person in Greece left with any, Varoufakis.
You will see an increase of Troika-Trolls in MSM and on ZH actively trying to trash Varoufakis so that he cant be seen as an alternative path. And this is what we have been seing before, and even on this thread the Troika-Trolls becoming active.
Angela Merkle has a ZH account?
This of of course is stupid nonsense as though anybody could totally fuck up a totally fucked up economy in 5 months, where unsustainable impossible debt existed. I mean not a word of that quote is even close to being accurate.
I suspect some butt-hurt German upset that Greece reminded the world of Nazi attrocities in Greece during that negotiating period. The pure hatred emotion in that quote tells us all we need to know about that person. Mate, get help.
The truth of the matter is that some German hardliners are pushing as hard as they can to achieve the core goals of 1939 via debt. The bail-out requirement goes no way to helping Greece recover or repay its debts. The entire purpose of the plan is to make Greece a small irrelevant vassal. The Germans are fuckiing furious that this little country thought they could even challenge Germans authority over everything, no?
I Agree. You made a fair statement. People have feelings even if they pretend they did cause a world war.
They caused a World War. The reasons are many. They thought they were screwed like today's Greece. That must be Number One, #1, Berlin? Are you listening, Asshole??!!
Germany Caused World War II since they had an emotion, a feeling, they felt small, they felt they could not be big again, they could not face the terrible man that they owed money to... So... they took the Bill and Ran... they ran all the way back to the village!
Fantasy?
No.
Germany started WWII for the same reasons that they now Impose on Greece in a Financial War!!!
Not enough Exclamation Points!!!
Gwermany, Yes Gwermany, pretended to have a soul for 70 years.
Too Bad.
The German Bankers and Politicians are actually the same sort from WWII. Perfection. High Scholastic Standards. Always you must have a great appearance and good standards!!
Little to do with Humanity or Humility (except Fake).
Little to do with raising up all people to higher wages ...they knew when the wall came down they needed workers without pensions, without benefits, and without high wages.
Today Governor Walker says the same thing.
Governor Walker says we don't need worker rights, worker safety, worker benefits, and damn sure we don't need workers with needs for extra help!!!!
Varoufakis is a liar and worse. So wishi him all the worst.
I really can stand this attitude. the "poor" Greeks. Sure 300 billions of debt, just because the "poor" could not resist. And what sucks especially, is you unjustiied hate writing against Germany. If you are not abel to understand that any payment for debts for Greece is illegal, you are all but an idiot.
It's all arranged to steal Greece. If you can't understand that then...
Bravo! Tell it like it is.
The conundrum is-
Greece (just like almost every other country) has been living beyond its means -for a long time.
By borrowing.
Greece, (and most others) have not been collecting the taxes from its people
It has been tolerating massive corruption within state activities.
It has been promising full, fat pensions, and long retirement.
It has made no plans to fund this
It is not self-sufficient, so is losing 'money' abroad
It has (not yet), any natural resources to come to the rescue, and cannot work their way out of this mess.
Yet they were loaned this money by irresponsible lenders who knew they would not be paid back.
And now a Germany (and poor cousin France) that won't take responsibility for their banks' actions
So, how do you apportion blame?
Split it 3 equal ways Greece, Toika, TBTF banks *
-and throw Greece out of the Euro until they grow up.
* retrospective, since they passed the buck on to the central banks nice and sweetly.
Remember, Greece is a basically a 'poor' country.
Its neighbours are Albania, Macedonia, Bulgaria, and Turkey -and the Turks are the only ones working their way up.
Cant see Europeane tanks invading Greece, there would too many dissenting countries, and would risk finally fractering europe.
What I can see is Greek youth who have nothing to lose become cross border trrsts, especially in Germany.
I mean this has to be such an obvious outcome. When people have nothing, and now no hope of ever having anything, even a menial job, what have they got to lose? So they focus their anger on who they believe to be the cause of all their suffering. The easy answer will be Germany, plus they have form.
So what happens when the fist device goes off in a crowded German mall, market, shopping center or whatever?
Think Spainish youth and resistance as well, have form, and maybe copy-cat Greece.
Germany may think itself clever, but the long term they have put a cancer in Europe.
What we are seeing in Greece, will be coming to a place near us. It is a result of bread and circuses, and kicking the can down the road. Everything is alright until the SHTF and then the predictable will come to pass.
What we have seen is, how the great unwashed would react when push comes to shove. It is every man jack for him/herself and let the devil take the hindmost.
Guess who is going to be doing the "Bail In" ? Thats right .............. You and me.
The people who have been living off other people's money ..... will always look for ways to continue their choice of lifestyle. They are not going to be in the FEMA camps. It will be us.
Um, did I miss something? Why are we all not BTFD or BTFATH?
Ah, markets are not open yet.
Soon...
I have to laugh at those shocked this same Greek parliament that cried aloud about Tsipras full capitulation, as if Greece was ever going to do otherwise. Greek leadership played their bluff to the end. Its all they had being they are totally powerless to effect change in their own country. In a sense, they made this deal decades ago when they began down the path of borrowing to hold the line on their standard of living even while the country's leaders wrecked the country's ability to achieve self-sustained growth. Defaulting on their debt and leaving the EU was never an option if the Greek socialist party was going to be in power. Socialism needs other peoples' money to survive. If they tax their own people to reach the current govenrment's needs, the same people that supported socialism will suddenly have a change of heart.