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Varoufakis Slams Bailout #3 As "Greatest Macroeconomic Disaster In History" While Tsipras "Doesn't Eat Or Sleep"
In an rare convergence of Greek and German viewpoints, overnight former Greek finance minister Yanis Varoufakis told the BBC that "economic reforms imposed on his country by creditors are "going to fail", ahead of talks on a huge bailout. At the same time, Germany's most noted Eurosceptic, Hans-Werner Sinn, in an interview with the newspaper "Passauer Neue Presse" also earlier today warned that any new aid would be "totally worthless" and "would never come back."
In what was practically a race who can find harsher terms to describe the Greek bailout, Varoufakis said that Greece was subject to a programme that will "go down in history as the greatest disaster of macroeconomic management ever".
As reported yesterday, the German parliament approved the opening of negotiations of Greece's third €86 billion bailout when it rushed to vote through a bridge loan to Greece so the insolvent nation had some funds to repay the ECB's Monday debt maturity, as well as repay the roughly €2 billion for Greece is in default to the IMF. Of note was the jump in German MPs who voted "no" to 119 from just 32 in the February vote to extend the Greek bailout.
In a damning assessment, Varoufakis told the BBC's Mark Lobel: "This programme is going to fail whoever undertakes its implementation."
Asked how long that would take, he replied: "It has failed already."
He also said Greek Prime Minister Alexis Tsipras, who has admitted that he does not believe in the bailout, had little option but to sign. "We were given a choice between being executed and capitulating. And he decided that capitulation was the ultimate strategy."
Which also happens to be Varoufakis' biggest failure: his strategy was accurate and his math was correct that to Europe a Grexit would be far more expensive than keeping Greece in the Euro, however Europe was just as accurate in realizing Greece has no Plan B for its banking system as Greece had never prepared either a plan for a parallel currency nor how to obtain Debtor in Possession funding, which is what a bankrupt Greece would need - ostensibly either from China or Russia - to fund it in the interim period in which it was ending its tumultuous relationship with Europe.
Understandably Greece did not want to push the Grexit line too hard for obvious reasons - it was all part of the "blame game" - however now that Germany itself has opened a Pandora's box it can't close ever again when it brought up the possibility of a temporary Grexit, Greece should most certainly prepare for the worst case the next time it has to rerun the entire bailout tragedy in 6-9 months, or perhaps sooner.
However, none of this will be Varoufakis' problem any more - instead we hope his successor learns from Yanis' mistakes. And speaking of his successors, late yesterday Tsipras has announced a cabinet reshuffle, sacking several ministers who voted against the reforms in parliament this week. But he opted not to bring in technocrats or opposition politicians as replacements.
As a result, it now seems that Tsipras will preside over ministers who, like himself, harbor serious doubts about the reform program. Which is why we truly hope they are prepared to implement the missing Plan B when the time comes next.
Finally, in what is perhaps the best anecdote about Greece right now, AFP reported that "embattled Greek Prime Minister Alexis Tsipras eats and sleeps poorly and rarely manages to see his family, his mother told a tabloid on Saturday."
"Alexis lately does not eat, does not sleep, but he has no choice -- he has a debt to the people who put their faith in him," Aristi Tsipras, 73, told Parapolitika weekly.
"I rarely see him any more. He goes from the airport straight to parliament. He has no time to see his children, how can he see me?" Aristi Tsipras said.
"When we speak, I tell him to do the best for the country and take care of himself. He tells me not to worry, and that everything will be fine," she said.
Unfortunately it won't be, however that will only be revealed when not only the PM can "no longer eat or sleep", but the entire country of Greece, too.
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The Grexit was always an empty threat. It's main purpose was to get a deal on debt relief.
It was a game of liar's poker. Tsipras was terrible at the game. The referendum boomeranged b/c Germany got sick of these little gnats thinking they were gonna fuck the elephant.
So they are much worse off now. And by going against the people, he is a traitor as well.
Since the Greek people barely uttered a peep. Those who can will emigrate. Those who can't will be eating catfood gyros. Once a week. If they're lucky.
They have only themselves to blame. Save your sympathy for those that fight back. Like in Donetsk, Yemen or Gaza. Not Greece.
"While Tsipras 'Doesn't Eat Or Sleep'
Please! The dude soldout as so many of his predicessors did.
the problem isnt with tsipras nor greece
the problem is with the eu-leaders, ecb, imf and gs
"Greece should most certainly prepare for the worst case the next time it has to rerun the entire bailout tragedy in 6-9 months, or perhaps sooner"
Urrgghh. so soon? OMG. Gimme a break...
The price of revolting and repulsive cowardice is that you LOSE your soul - I know it's harsh but the only way Tsipras will know peace is at the end of a rope....
History will judge him as a Trojan Horse. He betrayed his people while pretending to save them. Typical leftist
The ba$tards simply wore him down.
Varoufakis was a lot smarter than them; that's why they insisted that Tsipras get rid of him.
Without Varoufakis, Tsipras was by himself and didn't stand a chance.
...as LLoyd Blankfein continues to pillage and plunder...
The People voted, the deal got done, and suddenly no one owns it but the voters. Too fucking funny. One day those voters are truly gonna get pissed. lol
just shows that zsipras is no better than any of the oligarchs before him.
The Referendum was strictly for Tsipras to avoid accountablity. He is so dumb he thought the vote would come back yes. He never intended to follow through. The cash-tration was always in the works.
That's why he's a traitor. He wanted the people to geld themselves. He always intended to cave. That is typical left wing socialist weaklings. Thus Tsirpussy.
He's just like Obama. Caucuses with the other side and tells his supporters to get fucked.
And we're supposed to feel sorry for this guy?
The whole world is being zionized. Wake up people. Hang the banksters and take back sovereignty.
MY GAME: PRINT A BUNCH OF DRACHMAS FIRST... THEN TELL ECB TO FUCK OFF.
well thank you.
you answered ONE question that I didn't understand.
why are these CLOWNS in charge of Greece behaving this way? Well apparently, they never even prepared their own "Plan B". They never even looked at going to a new currency, or how to span the turmoil of an exit. That is BEYOND PATHETIC. If these people were paid more than $1/year in salary - they were overpaid.
Greeks are not revolting enough. They need to get some weaponry from Russia, overthrow the current Greek government and hang Tspiras and the other quislings. Confiscate all property belonging to EU businesses and nationals. Dump the Euro. Then they need to lease military bases and ports to Russia and China. Finally, with the help of Russia, move into southern Germany and capture as much territory as possible as reparations for Germany's actions in WWII and 2015.
If we start from the position (unlike that of some commentors) that Tsipris and Varoufakis did not intend to sell out the Greek people, how is their performance to be evaluated? They started with a mandate to ease austerity, and argued from the apparently logical position that Greece is bankrupt, austerity causes economic meltdown and misery, and Extend and Pretend is no remedy - it just results in more debt. Their negotiations stressed these facts and the damage that the Eurozone would suffer from Greece defaulting and leaving the Euro. The Troika/German response was to insist that austerity must be made more severe, that there be no more write-off of debt, and that Greece must commit to paying off all debts - i.e. that Extend and Pretend must be continued.
The Troika/German position is purely political, the Greek position purely "factual". This is the key to understanding the negotiations and outcome. Varoufakis is an academic economist, and Tsipris a relatively amateur politician. Neither is a very effective politician.
A more effective strategy would have been: 1. Nationalize the Greek banks and take control of the Central Bank of Greece; 2. Issue government bonds to the Central Bank of Greece in return for say 200,000,000,000 Euros; 3. Have the Greek Central bank print 200,000,000,000 Euros and keep the banks and their ATMS stocked with cash to meet bank runs and avoid the cash cut-off blackmail used by the Troika; 4. Re-employ laid-off civil servants, fully fund the Greek medical system, and keep the military paid, using electronic paycheques; 5. To the Troika, declare Greece bankrupt; 6. Declare all debts to the Troika to be odious; 7. Stop all payments to the Troika and declare default; 8. Repudiate austerity and pay all salaries and pensions in full; 9. Join the Brics bank and cosy up to Russia and China; 10. Express vague doubts about remaining in NATO; 11.Tell the Troika that they are merely fulfilling the democratic election mandate from the Greek people; and 12. Claim that the financial and political situation in Greece gave the Greek government no choice but to take these measures. Syriza would have been wildly popular in Greece and Schauble would have been at severe risk of dying of a stroke brought on by an apoplectic fit. The Troika and Germany would have been put in a position in which even a minimal preservation of their debt claims, austerity, and Extend and Pretend would have looked like a good outcome for the Troika.
Tsipras is a coward thats why these things did not happen, varoufakis tried but the coward was in charge
it's hard to evaluate tsipras's from a moral standpoint when we're not in a position to know what consequences he was facing. unfortunately syriza was naive about its ability to convince the EU through economic analysis and common sense that further bailouts were futile and that a real bankruptcy process was needed (a truly capitalist concept by the way). as a result they did not prepare a plan B that would have allowed them to exit the eurozone or at least present a credible threat that they would do so. this is far from over. the question that i haven't seen asked is "what is the military's position?" in paraticular what would they do in the event that the government looks east to russia with whom it has significant historical and cultural ties.
the upshot is that this is primarily a political issue not an economic one and it is not about greece as much as it is about setting an example of what happens when you try to get out of the club (hotel california reference goes here). any turn east would also be of significant concern to NATO so you know that the US is very much pulling the strings on this.
Right to all of the above. In fact, it's so bleedin' obvious I'm at a complete loss as to why they didn't do this. Varoufakis is not an idiot (I have no knowledge of Tsipras, really).
10. The future Sec'y of State, Cookie Monster Nudelman, took a plate of Baklava and threatened Tsirpussy
1. You vill remain In NATO
2.You vill not cut defense spending
Now THAT is a Plan B
Tsipras is embarassingly inept as a negotiator
It took Russia about 70 years to fall apart, despite using guns and other methods of coercion. (1918-1988)
It's taken Greece under various forms of socialism and communism, 70 years to fall apart. (1945-2015)
It seems that's about the limit of any continuous socialist/communist regime.
Other socialist countries had better take note of this.
The problem is socialists never learn from other's mistakes.
They always think "This time it's different".
brilliant comment except that greece was run by a fascist dictatorship after WWII aftere the US helped to exterminate the socialists - you know the people that kicked that fought the nazis. the socialists in greece were in power for about six months. you need to brush up on your history and political science.
brilliant comment except that greece was run by a fascist dictatorship after WWII aftere the US helped to exterminate the socialists - you know the people that kicked that fought the nazis. the socialists in greece were in power for about six months. you need to brush up on your history and political science.
geez, thanks for the correction,
here I thought that:
national socialism was a breed of socialism
and that fassism was a breed of national socialism
Backwards. "Fascism" was the name chosen for public relations purposes for what Mussolini himself called "Corporatism". Mussolini's Black Shirts and seizure of power predated Hitler's electoral victory in Germany by a decade; National Socialism in its embryonic phase emulated Fascism. And National Socialism's phase of anything resembling socialism lasted for about five years, from 1933 to 1938. After that, it was sheer dictatorship, nothing more or less.
Your confusion of Nazism with Socialism is natural because both -- like every government in the Western World during WWII -- utilized integrated central economic planning to allocate critically scarce resources. Capitalism is an economic system rooted in abundance; markets only work when there is enough of critical resources to go around. In situations of severe shortage, capitalism tends to allocate necessary resources to private stockpiles (hording) and prioritize frivolous consumption on the part of the wealthy over survival needs of the poor and of the state. We will be learning this lesson again as the economic shocks of peak oil and climate change work their ways through the world economic system.
You need to brush up on your education and stop listening to socialist propaganda. Fascism is just another form of socialism.
As in: Nazism = The National Socialist German Workers Party = National Socialism = a nationalist redefinition of socialism.
In other words, it's all the same crap.
your reference to propaganda is ironic. the nazis could have called themselves the national pacifist workers party but i hope we can agree that would not have made them pacifists. socialism means "control of the means of production by the workers". does it appear to you in the aftermath of the greek referendum that the greek people are in charge of their destiny? by conflating the victory of the financial elites with socialism you have swallowed the propaganda whole cloth.
You are properly handled.
We need to be more worried about the asteroid that is coming in than we do about the collapse of the economy! htt://revelation12.ca
Banks now have a proven ability to transfer their losses, caused by defective business models, and bad risk assessment, to the public. In the USA, the Banks were able to use their political control over Congress to transfer most of their losses to the taxpayer and Fed. In Europe, most of Greece's bad loans were tanken onto the public balance sheet and relieved the banks of these bad assets. The track record is clear. Ireland, the enormous amount of bad loans on banks books were transfered to the Public's Balance Sheet, right under the noses of the public. This proven ability to leverage control over politicians into reduced risk, has made banking an airtight profit center for bankers, enjoying a power that is similar to communism in every way, except the wealth is tranfered UP not DOWN,
As we go forward in this debt ridden world economy, Bankers extend their control over world politicians at the expense of the public. Politicians are funded by Banks, and the bankers then enjoy the privilege of dumping their bad loans into public obligations.
The coming American elections seem assured to further increase banking power. Look at your candidates. Clinton & Bush. and their clones. Banks have these folks neatly in their pockets before the first vote is cast. Who are the suckers at the table? It is you and me my friends, WE are the marks!
Only the remnants of the Vikings in Iceland broke this world wide banking model. They now have a general public enjoying the recovery, the jobs, the income that their banks sought to steal. This is the only exception to the rule. I ask you: Compare Ireland to Iceland. Which model is the correct one? Which one is suited to a free people?
I have been waiting for you to weigh in. Thank you.
Socialize the risk. privatize the profit
This seems to be part of a much bigger issue which is the general failure of democracy and representative government, in which politicians are becoming ever more brazen about going against the wishes of the voters. Look how Sarkozy pushed through the Lisbon treaty over the heads of the French voters who had already rejected it. They don't even try to hide their bad faith. Americans get the TPP which was even kept secret from members of congress. We also have the EU installing technocratic replacements of elected politicians such as Berlusconi. Complete disregard of the electorate spells the demise of democracy, or even the pretence of democracy. Will this result in revolution eventually? Of course the rulers will enact oppressive measures, starting with banning cash transactions, but can this tiny rotted plutocracy continue to hold onto power as people start to open their eyes and realize that these useless spongers and parasites do not serve their interests?
6 to 9 months?
I see it comming in 3 months. well , let me review it in october.
There was a plan B , Varoufakis recommended it but Tsipras is a coward and would not take the risks, so Varoufakis resigned.
Here I agree with Varoufakis that 3rd bailout was a waste.
Also: "...Unfortunately it won't be, however that will only be revealed when not only the PM can "no longer eat or sleep", but the entire country of Greece, too." << ROFL best remark ever ;).
I posted this on another site. I am posting it here also. There is more to this crisis than a bunch of childish pejoratives.
The Grexit was Schaüble’s plan. If you have followed Schaüble’s career, you know that he has always been against the EU in its current form. He was protesting it in 1994. He wants a new, improved EU 2.0. He wants a political union with Germany in the lead. A set of commons that Germany dominates, FinMin, social services, state budgetary concerns, unemployment insurance etc. A “Bundestag” that takes orders.
In a 2011 interview with the NYTimes, Schaüble laid out his plan to achieve a political union. It involved a “political” crisis. He thought he had that before the second bail-out. In the third bailout, it was green for go. The plan was for a Grexit, after which, Greece would be utterly destroyed as an object lesson to other EU countries. You are either with us or on your own, and look at what will happen to you. And if you object or cause any trouble in the new order, we will force you out. Schaüble tried to sweeten the Grexit with a haircut, humanitarian aide, and support for the new drachma, but that was never baked into the Grexit.
Then the stunner. Tsipras signed the agreement. Merkel was so unnerved that she stammered her way through the reading. Schaüble was stunned. For his plan to work, a Grexit is a necessary component. Destroying Greece once it is on its own is a lot different than destroying Greece when it is an EU member.
Now, the blowback. The assumption of Greek assets by the German government owned bank KfW whose chairman is none other than Schaüble popped open the eyes of what the Mockingbirds refer to as the “PIGS”. Italy and France have forged an alliance against German assumption of dominance in the EU. Austria, who went Islandic with their banking problems, has broken ranks with Germany and supports Greece. The 7.1 billion Euros that was transfered to Greece’s balance sheet as debt stopped in England and Germany and is for the first time being widely reported. Ten protests in German cities in support of help for Greece are planned. (This enraged Schaüble and he threatened a surtax on the German worker to pay for the Greek bailout.) Merkel and Schaüble are in a power struggle. Schaüble is still trying to force a Grexit and threatening to resign.
This is a very complex situation, and I will give you an analysis of what I would have done if I were Tsipras.
Realizing that the “negotiations” were a sham, I am presented with two courses of action. To Grexit or not to Grexit. If I voluntarily Grexit, the Mockingbirds will have a field day. I will have no say or friends in the EU. If I turn to the Russian Federation for help, can it provide the support I need before the German attack? Russia is under attack also in this new European war. Will my Grexit unite the EZ? My country is destroyed.
If I stay, if I sign, what is the possible outcome. I have sympathy from countries in the EZ. I have expressed a willingness to work with the Germans. I am a constant reminder that this will happen to you. The EZ will keep fracturing. Coalitions will form against the Germans. The Germans will force a Grexit, but it will be on them if I turn to Russia. I will keep my contacts in the south and east EZ. And when the attack comes, I will have allies.
I would have signed.
Very interesting. I had wondered if Schaeuble had personal financial interests in the "bailout", as his history indicates also that he is corrupt and buyable. I suspected the pull between Merkel and Schaeuble, as he would have had her job if he hadn't gotten caught with his hand in the cookie jar. I suspected that he was somewhat of the power behind her throne. So you have filled the picture out for me very well.
In the end, though, the situation remains as I knew as soon as the Greeks voted "Oxi". The EU is doomed to dissolve within a decade, with or without outright war. A Germanic customs union may remain, but none of the Romance or Slavic nations will be part of it.
A decade is a stretch. The EU is dissolving as we communicate. I give the agreement between Greece and the Troika less than six months.
German leadership has, as always, over reached. They are conducting a European war (economic, but still a war) on two fronts, east and west. This will not end well as it is affecting the German economy.
The Nords may have a customs union, but their currency will price them out of any market. The reason for the Euro was to make their industrial output more competitive.
Well I think the creation of the Federal Reserve in 1913 is the Greatest Macroeconomic Disaster in History - not some kicking of a tiny third world can down the road (again).
The criminal imposition of the fifth-column cabal of banksters over the DC US government has been a great disaster for the American country and people.
However, the "Greatest Macroeconomic Disaster in History" was birthed in Frankfurt Germany in the mid-18th. Century.
At least the Mongols and Huns left something of value behind.
Liberty is a demand. Tyranny is submission..
Time to "return" and go play banksters in your own country.
Darling, the Rothschilds diversified out of banking long ago. They barely keep their toes dabbled in the markets these days; they have become aristocrats: castles, vinyards, highbrow publishing companies, family jewels. Of course, plebians like Soros and Adelson continue to purchase governments and target currencies for destruction, but Anglo-Saxons and Christian Democrats now dominate the banking business.
Interesting coming week. Momentum on day 15 told a lot.
http://www.barchart.com/chart.php?sym=%24BCMM&style=technical&template=&...
Important earnings coming out, what about a short term short
Most powerful force in the world... Bankers fiat.
Everyone talks how worthless it is but when the rubber meets the road .............
Look what was done to Greece and the Greeks by Zion and their banksters mostly operating from outside the country.
Imagine the fate of the American country and people with Zion operating within the country.
Liberty is a demand. Tyranny is submission..
And just when we thought there was no road left to kick the can down . . . they've printed more money to build more road. . . . wash, rinse, repeat . .
Okay Tsipras...where do you want it? In the Jugular or the Carotid artery? I'm sure your fear saturated blood tastes sweet as any Neocon just about now.
Tsipras had no plan for the Drachma or alternative currency bc he thought his creditors would negotiate. He thought wrong. He thought his creditors were interested in being repaid and he was caught completely off guard without a plan to recapitalise Greek banks. Greece is still hog tied to the Euro. They WANT default, they want more bailouts which go directly to creditors to save their bad investments and they want PRIVATIZATION which is a euphemism for looting. Expect more of the same. Greece is a slave colony.
But a negotiator -- ANY NEGOTIATOR -- must ALWAYS be prepared for alternative scenarios. You do not get to pick your opponent's actions. How can anyone with a working brain go into a negotiation without awareness of alternatives and options?
What I simply CANNOT understand is why Tsipras and Varoufakis did not at least have a Plan B for Grexit drawn up. They took the trouble to have a committee report on the debt as "odious". That should CLEARLY have been the first step towards repudiating the debt and returning to a national currency. As for the banks being insolvent, they needed to be nationalized, deposits over the limit of social insurance liquidated, and small depositors covered as necessary by issuance of local currency. ALL MODERN CURRENCY IS FIAT CURRENCY. There was/is no question of needing a stash of gold bullion to cover the issuance like there was in 1929. Since modern currency IS backed by the government's power to tax, a list of "emergency" tax collection strategies should have been initiated at the same time, focused on those with collectable assets (i.e., the shipping magnates and major tourism operators). But these are questions which should have been considered and strategized in broad outlines before they even won the election. I simply cannot understand how a group of well-educated adults planning to wield governmental powers could have ignored such an obvious need. These are not patently stupid men.
Yanis, if you decide to go back into politics, do yourself a favor and read NGL Hammond's histories of Phillip, Alexander, and the Makedonian expansion. You need to understand the intersection of economics, politics, and war a little better.
AGREE with you completely.
Plan B would have been the immediate logical option. It might have involved "hell", but is that version of hell any worse than what they have now?
I can only assume that the Troika, and many Euro states, applied enormous pressure behind the scenes to Greece. Such as ... You leave the Union, and we will never buy another Greek product for as long as we live".
You make good points, but they are based on an assumption that Tsipras intended to serve Greece. None of his actions support that thesis.
Alternatively, if you look at Tsipras not as a Greek patriot, but as an EU manchurian candidate, then everything he did makes complete sense.
Syriza Betrays Greece’s No Vote: Why the Left Should Form a Popular Front Against the EU
[...] SYRIZA’s leadership aimed from the very beginning for a deal with the EU which they knew that it would be barbaric and they simply played for time in order to consolidate their power and their position in Greek politics. The EU played along but also indicated – and the SYRIZA leadership was fully aware of it – that a delayed deal would be more costly. In a nutshell the SYRIZA leadership delayed in order to gain ‘political capital’ at the expense of ‘economic capital’. [...]
READ @ https://stavrosmavroudeas.wordpress.com/2015/07/16/2856/
Sorry, it does not. If he were an EU Manchurian candidate, then he would have done what Schaüble and Merkel wanted, a Grexit.
As I have explained, why would Tsipras and Varoufakis plan for a Grexit? That was Schaüble's plan. Schaüble wanted (and still wants) a Grexit so that he could front run the new drachma and totally destroy Greece as an object lesson to other EU countries. You either fall in line and accept the new EU or go it alone and be destroyed. When you are at war, you do not attack where your enemy tells you to attack.
New blowback. Thousands of refugees head north through Macedonia to Bavaria. The Maastricht Treaty states that refugees are the responsibility of the country they enter. Greece cannot support the Syrian or north African refugees. PM Renzi has called austerity a disaster. Czech and Slovakian media have printed op-eds saying maybe Germany should be the ones to leave.
And about a Plan B. Syriza has been in office for less than 6 months with no "Plan B". Schaüble has been working on this new improved EU 2.0 for 21 years, and he had no "Plan B" if Greece did not voluntarily accept a Grexit. May you should update Schaüble's reading list.
"new drachma and totally destroy Greece as an object lesson to other EU countries"
BS! Only someone braindead can believe that Greece can get out of this mess by staying in the EZ.
A Dexit would be the much better option. Probably he knows that, but Schäuble is not Merkel, he wont stab her in the back. Once Merkel understands that D will have to write off close to one trillion Euros if the Euro fails, and should German polls support it, she might do another 180° as she had done so many times before, and proposes D should leave the EZ.
Entertaining theater, but in the end it is merely end stage capitalism reaching its final and unavoidable conclusion: Totalitarian Neo-Feudalism.
The rest of the planet will be no different than Greece in due time. These are the good old days.
I joined this place too late. It is depressing. Brandon K Smith cuts to the heart of it. There is no point in dancing around it. We're running out of cheeks to turn here. I do not understand and have never understood peoples' extreme reluctance to go against the mainstream and leadership. I used to wonder how it was that Caligula and Nero got away with such outrages, but now I see how. Nobody- not the mighty Germans, not the fierce Norseman, not the Samurai, not the Zulu, not the most fiery muslim or christian cleric- has the guts to call it what it is and do what needs to be done. That's the predominant feeling I get in this place, a hopelessness, that we're all afraid, cowering....waiting for Caesar to order us to change our wills naming him beneficiary, and then commit suicide. And what do we fear? The loss of Whole Foods, and driving the X5 to the golf course and Nordstrom, and being a "winner," or more accurately, a house slave. We don't even know if our children will at least get to be house slaves, and in fact may doubt they will. Pathetic.
Varoufakis Slams Bailout #3 As "Greatest Macroeconomic Disaster In History"
ABSOLUTELY **WRONG**, YOU COLLECTIVIST PARASITE SCUMBAG INCOMPETENT IDIOT !
The "Greatest Macroeconomic Disaster In History"is IS IS IS
the BORROWING *AND* squandering *AND* not repaying the money that LEADS TO
the bailouts.
THIS STUNNINGLY STUPID CORRUPT PIECE OF LIVING SHIT PARASITE - LIKE ALL THE OTHERS OF HIS FAILED SOCIETY - HAVE BEEN LIVING ON STOLEN MONEY FOR SO LONG THAT THEY HAVE COME TO REGARD MONEY DEFRAUDED FROM OTHERS UNDER EUPHEMISM OF BORROWING AS AN ENTITLEMENT.
**** SIMPLE FACT ****
THE ONLY PEOPLE HAVING TO STRUGGLE WITH BAILOUT IMPOSED AUSTERITY ARE THE PARASITE SCUMBAG VERMIN THAT BORROWED MONEY AND DID NOT REPAY IT.
**** SIMPLE CURE****
DO NOT BORROW THE MONEY THAT STARTS THE VICIOUS CYCLE !!!!!!!!!!!!!
So that fact that Goldman Sachs falsified financial records to get Greece into the EU in the first place doesn't strike you as a bit manipulative to ultimately ROB the Greeks of their national wealth?
Goldman Sachs falsified financial records
AT THE REQUEST OF AND WITH THE APPROVAL OF THE DEMOCRATICALLY ELECTED GREEK GOVERNMENT
AT THE REQUEST OF AND WITH THE APPROVAL OF THE DEMOCRATICALLY ELECTED GREEK GOVERNMENT
AT THE REQUEST OF AND WITH THE APPROVAL OF THE DEMOCRATICALLY ELECTED GREEK GOVERNMENT
*** AND ***
NO SUBSEQUENT DEMOCRATICALLY ELECTED GREEK GOVERNMENT CONDUCTED AND PUBLISHED A FULL ACCOUNTING OF WHERE ALL THE FRAUDULENTLY BORROWED MONEY WENT, EG OFFSHORE STASHES
*** AND ***
NO SUBSEQUENT DEMOCRATICALLY ELECTED GREEK GOVERNMENT HAS PROSECUTED AND PUNISHED THE POLITICIANS WHO FRAUDULENTLY BORROWED THE MONEY
WAKE UP IDIOTS - THE POLITICIANS ARE IN THE POSITIONS OF GOVERNMENT POWER, EXERCISING THE CONTROL, NOT THE BANKS.
And that government was composed of bankers who were ex employees of Goldmann Sachs:
You must be some kind of banker stooge to actually blame a puppet government.
credible sources?
"Schaüble laid out his plan to achieve a political union. It involved a “political” crisis"
There are a lot of second-rate politcians, in Europe and the USA, who have this mentality. WAIT for a crisis, then use that opportunity to tilt the "wheels of politics" in your own favor. It is a BIG part of the reason why the political machinery in Europe and the USA is deadlocked. The current politicians have no incentive to stick their necks out and try to solve the real problems.
Schaüble feels he is solving a "real" problem. He sees a political union with Germany dominating the solution.
* Varoufakis reaches through portal and grabs wad of fresh Drachmas
"Checkmate bitches."
In a just world.
Go back to Know Me, Prince and Eustace Mullins. Its all there.
PASOK party received the 1st bailout. NEW Democracy received the 2nd bailout. and SYRIZA just got the 3rd bailout.. See a pattern my GREEK people.. WAKE the fuck up!!!! Golden DAWN was the real deal the Ron Paul, the Nigel Farage the real McCoy... But instead the media is very bias. Usually the current ruling party has the power now SYRIZA gets to dictate... Here you got a country were NEW DEMOCRACY was in power, locked in jail GOLDEN DAWN politicians at least a few very serious candidates . O yeah just a couple of weeks ago a judged exonerated them because lack of evidence.. Meanwhile the money they attained from parliament went for food to the homeless and less fortunate and to help elders with transportation etc... The media character assassinated Golden DAWN and went after them as if they were the NAZIS themselves... PLAN B why not immediately call Putin and arrange a deal we know Mr PUTIN would love to stick it to the IMF and the Rest of ELITE SCUMBAGS! This is a shame the worst job is a reporter period!! TYLER is one of the rare reporters who is really doing his job!
These fools Greeks and their tragedy!
The sons of bitches know how to make war.
The whole world (thinking) tells them "leave the Euro".
They will not leave.
Masochistic people ...
: - /
All we hear is Varoufakis criticizing the bailout.
I'd like to hear what HIS solution would be if they didn't receive any bailout money. It's so easy to complain when you don't have an alternate plan.
More blowback. US economists are calling for a German time out from the Euro (none other than The Bernake, among others). Greece is not the problem; Germany is. Germany should return to the strong Deutsche Mark.
And btw, the EU gave 300 million Euros to Ukraine to buy Russian gas.
Here is the start of my campaign to ask all readers to book their holliday in Greace this year in solidarity with the Greak people.
The benefits are it will be relatively intresting and also very inexpensive.
Its time we all stood tall - have a holliday right smack bang in the middle of the financial battle we all just love!
For the same reason I dont give cash to druggies begging at the freeway exit
I save my charity for the truly deserving
Greece wants to stay in the Euro. Crushing poverty is the the price
As Peter Tosh sang: everybody wants to go to heaven. nobody wants to die
It's alright, he can't eat and can't sleep...cause he's turning into a vampire.
He is puking up the last human blood he had in him after he was injected with evil blood, during the final negotiations with the "trioka". And just like a young, newly inducted vampire, he will learn to love his evil overloards.
As for the avarage Greek, fucked ! HOPA !
I took a Tsipras this morning
just remember it is essential for the Troika Trolls here to discredit any left in Greece with any credibility...and u will see its the same posters over and over, getting even more vehement.
Pinto looks pretty much like a butt hurt troiks boy
Have the "300" all died in vain?
I don't deny that not preparing a new currency was a serious and fatal blunder, but I do question whether or not Varoufakis was betraying his country or if he and Tsipras were just inexperienced and stupid. Shaueble played them like a violin. He kept dangling offers that disappeared, then when they would accept something, it changed. The first time he did that should have been their cue to play it out while putting a new currency distribution on a critical path.
It might be interesting to know that when the former Iraqi government of Saddam Hussein fell, it took 27 Boeing 747's and the entire US army to distrbute new script and US dollars. I doubt that the Greeks were prepared or capable of doing that, however, they could have done something with the electronic banking system prior to distributing actual printed and coined currency.
Whatever. The real point in all this is that Greece is only the beginning. The bankers and their masters are prepared to utterly rape an entire country to feed their greed, and my sense of it is that they have become completely insance in their lust for power and wealth, and now will stop at nothing.
The time is fast approaching where everybody has a serious personal decision to make. Are you going to let them bail your money in or are you going to fight? Don't think that Bitcoin will save you. Computers can be cut off. The Internet can be shut down or restricted. What we all need to do is start a serious conversation about what mediums are most widely available to use as alternate currencies and what values we can expect them to have. For instance, pennies, being copper, could very well end up being quite valuable for transactions as the deflation that will occur will cause a total and utter collapse in prices.
Where I live smart Americans are hoarding them by the bagful. Gold, even by the gram may turn out to be too valuable for ordinary transactions. I've heard that some people think that cigarettes and tampons are the way to go (seriously).
So if you have any ideas that you want to share as opposed to blather, I would be very interested in hearing them.
They had a meeting to prepare for the Drachma and nationalising the banks.
V was voted down on it.
The Troika and their Trolls here are pretty furious that he was preparing that option, and no option but to resign.
Now it is essential for them to character assasinate V for the future. They don't want V coming back and interupting German-Troika intentions to further rape all Greece's assets.
Mercouris is a favorite read. Tsipras fucked Russia. Dont expect any help from Putin.
Russian's dont forget a slight nor do they like to be finessed by a guy like Tsipras punching out of his weight class
http://russia-insider.com/en/politics/alexis-tsipras-and-russia-beware-g...
How come in all these Greece discussions no one ever discuesses clawbacks form Goldman Sachs because of fraudulently using fictional FX rates on the $3B Fx swap that actually cooked Greece's books and qualified them for admission into the Euro ?
Claw back and fine GS $5B. then give that $5B right into the banking system so that people can withdraw their own MONey !
IMF is handing out Black Friday Christmas candy canes in the middle of July 2015. Round up the dependant working force to cross the utopian line.
George Soros, how are you managing the new Internet setup? Did someone hack yo$. You and Kissenger are going to die under natural causes (very soon). The world will become a better place.
FYI
They are either NWO tools or pathetic amateurs, or both. Take your pick, because it doesn't much matter - the end result is the same - hypocrisy and a total sell out of the Greek people.
These Varoufakis interviews reek of assuaging guilt and recriminating other parties. Anything goes except assuming responsibility for having f*cked up royally.
They squandered 6 months and a ton of the Greeks' good will.
The 'Game Theorist' showed up at the gunfight with no bullets. No Plan B was inexcusable and once the Troika could see it didn't exist, which was abundantly clear, there was no standing for their case.
The previous nauseating YV interview where he rationalized his lack of Plan B implementation was even worse than this spew.
AFTER the referendum he proposed that 'his' three point plan be implemented?? 1. Nationalize Banks 2. Issue IOU's for domestic use 3. Take control of Bank of Greece. Too little, too late.
Why did they satisfy any loan repayments at all? Grounds for suspicion of motives right there.
Tsipras has lost all credibility and, yes, Greece is being used as a never ending back door bailout for banks, first successfully tested with TARP and Fed machinations in the USSA and continuing apace now in the EZ.
Finance Capitalism requires overloading the host target with debt.
From ZH a few days ago on the Goldman swap:
http://www.zerohedge.com/news/2015-07-12/greece-may-sue-goldman-over-ban...
Will they sue? Brought to you by the same losers who put a price tag on WWII reparations and demanded that Germany pay up?
Which of these two demands seem better justified? Don't allow the 'Game Theorist' to choose.
One good failure deserves another failurer, see you again in 4 months and you can do it all over again.
CRIMINALS!...There, here and everywhere!
got to hold their feet to the fire...best to deliver when you're elected
I was glad to see there are some indications over the last number of days of an increasing number of people that realize the severity of this event in Greece. There are other countries that also seem to get the bigger picture of where this is headed and are actively taking productive steps to address this.
Have enough people signed up for protests? Not even close. I would gently urge those that are still assessing the situation to not underestimate the severity and urgency of all the consequences that await you, your families, employees and your finances.
Quite frankly I'm a bit confused as to why an alignment across countries hasn't progressed much sooner. But Greece seems to be stirring the pot. And there is no time like the present to break down cross border barriers, old rivalries or individual hindrances that may affect the success of reversing what I'll now refer to as a Controlled Financial Demolition (CFD). Please set aside whatever reservations, aversions or hesitancy you have and resolve your commitment to making this a unified effort at the earliest opportunity. The individual countries in the EU have an outstanding opportunity to show the world that a Universal Language of EU Unity can be just as powerful and influential as the Universal Language of Music.
f ben, might be a bit clearer on what opportunity you refer to? break down cross border barriers to WHAT?
Fuck him! How could he not have drachmas printed and ready to go.
Most of us know what you mean.
But I don't think any Govt works that way.
He would have needed Parliament to support him with Funding, Facilities, Personnel, Training maybe, Secure Storage Space, Secure Access for additional people... and would expect he would need continued agreement on the direction he was going and what he needed... both from the Greece Central Bank and from Parliament.
They already have the facilities for printing Euros. All they would need is new printing plates to print Drachma, and a big supply of toilet paper to print them on.
amazing the sudden character assasination atempt on V, and over the top at that. Ive seen it before. A programmed atempt to ruin the credibility of someone who might be a poiblem in the future.
Troika Boys hard at work.
The funniest method is... i was a supporter of A. but now because of Xxx, i cant support him. its crap of course
i image ZHs should be able to spot BS and trolls by now.
And it is also strange because 1. V isnt leader, doesnt have the power if king over parliament and 2. He put forward the plan to nationalise banks and go to drachma. And was voted down.
So the Troika outfit want rid of V so he doesnt intefere with their Greece asset rape plans in the future.
There are obviously sime here who agree with Troika and want greece raped some more.
Where is Strasbourg and Dem Hague on this.
Greece has Raised the ISSUES.
Someone needs to Sue in International Court.
Welcome, my friends, to the show that never ends...
What did this loser do to help Greece get back on its feet while he was in office? NOTHING.
Screw whatever he has to say.
German Parliament Friday, Jul 17, 2015-
“We are partners of the Greeks and not opponents.” Sigmar Gabriel,Social Democratic Party leader Sigmar Gabriel
“enormous solidarity of Europe.” German PM, Angela Merkel
If they're dragging out his mom to defend him, Tsipras can't be long for the high jump. It means nobody else will.
Giorgos Varoufakis' defending his son was the beginning of Yanis's end.
Iceland's model has been there since the beginning.
You're blind, or ignorant.
Why did you run for office in the first place?
Varoufakis was the chief economic advisor to Papandreu and so knew where all the bodies have been buried all along and has therefore worked for TPTB before and is a big part of the original and final situation-solution. Listening to this guy is like listening to Brutus describe the assassination of Caesar as the sole responsibility of Mark Anthony and some of his followers but denying being involved himself other than as trying to protect Caesar! Or utter hogwash. Varoufakis just doesn't want to wear the Quisling title he has earned!
Let's be honest, even if the EU agreed to remove *all* debt obligations Greece faces, give them however much money it took to get their banks uprighted again and functioning properly, how many years before Greece finds themself back being way too indebted.