Exposing The "Outrageous Malevolence" Of The European Leaders

Tyler Durden's picture

Submitted by Raul Ilargi Meijer via The Automatic Earth blog,

Earlier this week I was talking in Athens to a guy from Holland, who incidentally with a group of friends runs a great project on Lesbos taking care of some 1000 refugees in one of the camps there. But that’s another topic for another day. I was wondering in our conversation how it is possible that, as we both painfully acknowledged, people in Holland and Germany don’t know what has really happened in the Greek debt crisis. Or, rather, don’t know how it started.

That certainly is a big ugly stain on their media. And it threatens to lead to things even uglier than what we’ve seen so far. People there in Northern Europe really think the Greeks are taking them for a ride, that the hard-working and saving Dutch and Germans pay through the teeth for Greek extravaganza. It’s all one big lie, but one that suits the local politicians just fine.

By accident(?!), I saw two different references to what really happened, both yesterday in the UK press. So let’s reiterate this one more time, and hope that perhaps this time someone in Berlin or Amsterdam picks it up and does something with it. There must be a few actual journalists left?! Or just ‘ordinary’ people curious enough, and with some intact active neurons, to go check if their politicians are not perhaps lying to them as much as their peers are all over the planet.

What I’m talking about in this instance is the first Greek bailout in 2010. While there are still discussions about the question whether the Greek deficit was artificially inflated by the country’s own statisticians, in order to force the bailout down the throats of the then government led by George Papandreou, there are far fewer doubts that the EU set up Greece for a major league fall just because it could, and because Dutch, French, German politicians could use that fall for their own benefit.

The reason to do all this would have been -should we say ostensibly or allegedly?-, to get Greece in a situation where the Germans and the French could abuse the emergency they themselves thus created, to transfer the Greece-related bad debts of their banks to the EU public at large, and subsequently to the Greek public, instead of forcing the banks to write these debts down. That is still the core of the Greek problem to this day. It’s also the core problem with the IMF’s involvement: the fund’s statutes prescribe it should have insisted on writedowns long ago, from the very first moment it got involved.

The bailout, as Yanis Varoufakis repeats below, was not -and never- meant to help Greece. Instead, it was meant to do the exact opposite, to enable Europe’s richer countries -and their banks- to escape the only just punishment for reckless lending practices, by unloading their debt onto the Greek people.

Varoufakis Accuses Creditors Of Going After Greece’s ‘Little People’

Former Greek finance minister Yanis Varoufakis [..] said that the country has been put on a fiscal path which makes everyday life “unsustainable” in Greece. “The German finance minister agrees that no Greek government, however reformist it might be, can sustain the current debt obligations of Greece,” he said. Earlier in the day, Wolfgang Schäuble told German broadcaster ARD that Greece must reform or quit the euro. “A country in desperate need of reform has been made unreformable by unsustainable macroeconomic policies,” Mr Varoufakis said.

 

He said that “instead of attacking the worst cases of corruption, for six years now the creditors have been after the little people, the small pharmacists, the very poor pensioners instead of going for the oligarchies”. Greece in 2010 was given a huge loan that Mr Varoufakis said was not designed to save the bankrupt country but to “cynically transfer huge banking losses from the books of the Franco German banks onto the shoulders of the weakest taxpayers in Europe”.

The Financial Times, in a rare moment of lucidity, and with an unintentionally hilarious headline, puts its fingers on that same issue, as well as a few additional sore spots, and with admirable vengeance and clarity:

Conflict Over Athens’ Surplus Needles The IMF

This week the enduring problem of Greece took a new and disturbing turn. It was revealed that the executive board of the IMF is split on the question of what fiscal surplus Greece should be required to hit — which in itself will affect whether it needs official debt relief to reach sustainable growth.

 

[..] the fact that the fund admitted a division between its member countries is significant. European nations are over-represented on the board relative to their size in the global economy. Wielding that power to dissuade the fund from demanding debt relief from eurozone governments is a clear conflict of interest and poses a threat to the fund’s credibility and independence.

 

[..] The fund, which over the years has come to take a more realistic view of Greece’s debt sustainability, has dug its heels in and said it will not continue to participate without further reductions in the burden. This leaves eurozone countries, particularly Germany, in a quandary. Berlin insists it will not continue with the rescue without the involvement of the IMF but it fiercely opposes the debt writedown that the fund is demanding.

 

The point at issue is the fiscal surplus Greece is required to hit. The IMF says that reaching and maintaining a primary surplus of 1.5% of gross domestic product is sufficient; the eurozone wants an improbable 3.5%. [..] The European directors on the board, who want the IMF to agree to the higher fiscal surplus number, are undoubtedly conflicted by having an eye on the effect on their own governments having to write down debt.

 

Forthcoming elections in the eurozone, including Germany and France, mean that the political as well as economic cost of being seen to give in to Greece is considerable.

 

Greece’s own government has also been shaken by the conflict, and through its intransigence, the eurozone may force yet another change of administration, with the Syriza government being replaced by the centre-right opposition. At the margin, that may result in Greece being offered a slightly better deal than under the current administration. But short-term political manoeuvring is a terrible way to try to set Greece on a path to long-term debt sustainability and economic stability.

 

Right from the beginning of the Greek crisis in 2010, the political need to shield first their banks and investors, and then their taxpayers, has warped the response of eurozone governments. They have consistently signed up to hugely over-optimistic growth and surplus targets rather than accepting the need for more external finance and, if required, debt writedowns.

 

The rest of the IMF’s membership should be prepared to overrule the recalcitrant Europeans. The complaints of a self-interested cabal cannot be allowed to get in the way of Greece’s best interests. Eurozone governments have behaved poorly on this issue. They deserve to be defeated.

First of all, to put Greece and ‘sustainable growth’ together in one sentence is as preposterous as it is to do the same with Greece and ‘surplus’. But more importantly, the FT is right in just about every word here. Europe de facto decides what the IMF does. So despite all the recent conflicts between the Troika members (though they reportedly just announced they agreed on what to dictate to Greece over the weekend), it’s really all EU (i.e. Germany, France) all the time. Greece never stood a chance, and neither did justice.

The point about upcoming elections in Holland, France and Germany gets more important by the day. Since former EU parliament chief Martin Schulz left that post to head the ‘socialist’ SPD in Germany’s elections, he’s seen his poll numbers soar so much that Merkel and Schaeuble are getting seriously nervous about their chances of re-election. Like in all countries these days, certainly also in Europe, their knee-jerk reaction is to pull further to the right. Which is the opposite of setting the record straight with regards to.

As for Dijsselbloem, Schaeuble’s counterpart as finance minister for Holland, his Labor Party (PVDA) -yes, that twit claims to be a leftie- is down so much in the polls that you have to wonder where he gets the guts -let alone the authority- to even open his mouth. PVDA has 38 seats in the Dutch parliament right now and are predicted to lose 27 of them and have just 11 left after the March 15 vote, taking them from 2nd largest party to 7th largest. And out of power.

And he still heads the eurogroup, including in the negotiations with Greece and the IMF?! It’s a strange world. Dijsselbloem proudly proclaimed this week that without the IMF being involved in the next bailout, Holland wouldn’t ‘give’ Greece another penny anymore. Think Dijsselbloem and Schaeuble don’t know what happened in 2010? Of course they do. They know better than anyone.

It’s simply better for their careers -or so they think- to further impoverish the entire Greek nation and the poorest of its citizens than it is to come clean, to tell their people the whole story has been based on dirty tricks from the start. And since their media refuse to tell the truth, too, the story will last until at least after their respective elections. Thing is, Dijsselbloem will be out of a political job by March 16, so what’s he doing, setting himself up for a juicy job at one of the banks whose debts were transferred to Greek pensioners in 2010? No conscience?

Perhaps Greece’s best hope is, of all people, Donald Trump. Yeah, a long shot if ever you saw one. But Trump can overrule the IMF board simply because the US is the biggest party involved in the fund. He can tell that divided board to get its act together and stop harassing a valuable NATO member. At least he has the business sense to understand that a country with 23% unemployment -and that’s just the official number- and 50-60% youth unemployment cannot recover no matter what happens, and that sustainable growth, any kind of growth, is an impossibility once you take people’s spending power away.

Meanwhile, elite and incumbent Europe seems to think that publicly agitating against Trump is the way to go (they may come to regret that stance, and a stance it all it is). Trump’s apparent choice for EU ambassador, economist Ted Malloch, was accused by European Parliament hotshots Weber and Verhofstadt -in a letter, no less- of “outrageous malevolence” towards “the values that define this European Union”, for saying the Union needs ‘a little taming’. For some reason, they don’t seem to like that kind of thing. “Outrageous malevolence”, we’re talking Nobel literature material here.

Malloch also said EU president Juncker was a “very adequate mayor, I think, of some city in Luxembourg.” And that he “should go back and do that again.” And Malloch said on Greek TV this week that Greece should have left the eurozone four years ago. “Why is Greece again on the brink? It seems like a deja vu. Will it ever end? I think this time I would have to say that the odds are higher that Greece itself will break out of the euro.”

Why would he say that? How about because of the numbers in this by now infamous graph, straight out of the IMF itself, which shows EU countries have conspired to plunge one of their fellow “Union” member states into a situation far worse than the US was in during the Great Depression? Would that do it?

 

And we haven’t even touched on the role that Goldman Sachs plays in the entire kerfuffle, with its fake loans and derivatives, yet another sordid tale in this Cruella De Vil web of power plays spun by incompetent petty men. And Americans think they got it bad… Guess that Goldman role makes it less likely for Trump to interfere in Greece’s favor. Which would seem a bad idea, for everyone involved, not least of all because of rising tensions with Turkey over islands and islets and rocks (I kid you not) in the Aegean Sea.

It would be much better and safer for Trump, and for all of Europe, to make sure Greece is a strong nation, not a depressed and demoralized penal colony for homeless and refugees. That is asking for even more trouble. But nary a soul seems to be tuned in to that, it’s all narrow windows, short term concerns and upcoming elections. No vision.

Or perhaps Merkel will do something unexpected. Word has it that Greek finance minister Tsakalotos is meeting with Angela this weekend, a move that would seem to bypass Schaeuble, who once again said yesterday that Greece can only get a debt writedown if it leaves the eurozone. And that’s something Merkel is not exactly keen on. If only because it means unpredictability, volatility, not a great thing if your popularity as leader is already on shaky ground.

But to summarize, the Greek people didn’t do this. Of course plenty of Greek citizens borrowed more money than they should have in the first decade of the millenium, stories about credit cards in people’s mailboxes with a ‘free’ €5000 credit on them are well known in Athens. But they were by no means the ones who profited most. And the country has a long history of corruption and tax evasion. Which is what the French and German banks ‘cleverly’ played into as their politicians acted like they had no idea. Still, none of that comes even close to a reason or an excuse for completely eviscerating a fellow member of both the EU and NATO.

And it makes little sense. Do these people really want to risk peace in the eastern Mediterranean, or inside Greece itself (which will inevitably explode if this continues), just in order to keep Commerzbank or BNP Paribas out of the trouble they rightfully deserve to be in?

No, it’s not Tim Malloch’s ‘statements that reveal’ “outrageous malevolence” towards “the values that define this European Union”. It’s the actions of the European Union itself that do.

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ebworthen's picture

"Let us destroy sovereignty and establish a cabal of bureaucrats to impose a single currency and a new layer of political hegemony upon the citizenry of Europe!"

Who thought this was a good idea again?  Was Beelzebub the chair if the committee?

Anasteus's picture

Instead of crying over the same bullshit, Tsipras and Yanis should have already restarted Drachma. A nation not capable of conducting its own affairs by itself does not deserve to be called mature democratic state. And never will be.

CuttingEdge's picture

Charles Hugh Smith nailed it nearly four years ago when Cyprus went down the swanney with that damned Russian mafia being the super squirrel.

http://www.oftwominds.com/blogapr13/Cyprus-template4-13.html

It should have collapsed a year earlier, when Greece defaulted on its bonds, but the French and German banks had to get their money out before the plug was pulled. Same as the Irish.

These bastards need locking up. And as to that disgusting cunt Dieseldoom - words fail me.

Anasteus's picture

But that's exactly the point - to be proactive and not to rely on French and German banks, or bastards like Dieseldoom; one can easily predict what they want and that certainly has nothing to do with progress in Greece. Many still don't realize it's the EU who needs Greece in the first place, not vice versa.

Ghordius's picture

"Many still don't realize it's the EU who needs Greece in the first place, not vice versa"

two giant funds were setup because of Greece, yes

those same funds can catch up Greece... slowly, over time, or... catch up those european banks that are holding the Greek sovereign debt

need? no, no need. it's options

in fact, that's the real "strenght" of all those european clubs. no need for this or that member to stay. only options

meanwhile, nobody discusses how the USD-denominated sovereign debt of Greece went up. that would be... too interesting

samjam7's picture

Right, let's distract quickly with USD-denominated sovereign debt, and not focus on the real problem. Yes US banks were very much involved in this scheme, were they bailed out like their European counterparts? And who is to blame for that? The US?

Now focusing on what matters: Options. What option are you exactly referring to? The option to leave the Euro? Well it's ever so convenient to say Greeks don't want to leave the Euro that is why they are still inside, isn't it? I do hope for your sake Greeks never change their mind because if push comes to shove I do seriously question whether the US will allow them to 'just' exit like that. As if it was a club with revokable membership. 

Let's see how easy Brussels will make life for the UK, a country they cannot bully as much as Greece and how nice these 'members' treat the one who dares exiting the club.

Ghordius's picture

the whole reason why the EUR was setup is still the question: "how to cope with the Dollar as global reserve currency... and fiat, to boot"

so no, I am, in my view, not distracting with that. my assertion is that without the EUR, the future is "Dollarization". China and Russia happen to think in the same way

Greece picking up dollar denominated debt just shows how fast this can happen. that it is not mentioned anywhere... I'll leave the conclusions to the reader

I see you are in OT with the UK leaving the EU club. well, what about that? the thing is simple: if you leave the club, you can't use the club's amenities as if you were a club member. one of those "amenities" is the Single Market. yeah, "bully this" and "bully that". fact is that the UK has still troubles spelling out what exactly they want in the first place. BoJo's quip was "to have the cake and eat it, too"

you live in a small country completely surrounded by the EU and with over two hundred treaties with it. bullied? seriously?

samjam7's picture

Well for a German that's an easy thing to say since you and France basically dictate EU policy - sounds almost a bit arrogant. So for you guys the only one ever bullying you is the US (that's why you are so upset about the USD as reserve currency?) and that annoying island across the channel that never really fell in line. At least they're leaving and how glad you are to see them go now you will try to make that departure an unpleasant one, lest someone else decided to do the same.

As for Greece, again I doubt you would be so happy to see them exit the Euro and default on their debt. 

Switzerland and its bilateral treaties with the EU, they are rigid, not flexible to adjust to new circumstances (not allowing to cap immigration when it's been the highest in Europe on a per capita basis and threatening to axe them all is bullying to me) and will therefore eventually fail, interestingly these attributes apply as much to the EU itself. Ideologically blinded organisations or governments have always been unable to adjust to new developments in human history and collapsed.

Ghordius's picture

you seem to believe that, the "dictat" of Germany and France. oh, well

but interestingly, you seem not to understand the USD's role in all this. in your "that's why you are so upset about the USD as reserve currency?"

tell me, did you notice the ongoing Currency War? did you notice that the Swiss National Bank had to buy up even Apple stocks because of this Currency War?

the whole "Emerging Markets" gorged on USD-denominated debt. now they are faced with a stronger Dollar. "nice", eh?

OverTheHedge's picture

So, from your comments above, can I confirm that a) the EU never bullied anyone, especially not Greece, and b), it is all the fault of the US for having the reserve currency, so Greece deserves everything it gets because...the US?

And then you mention someone is going off-topic because of mentioning Brexit?! You do like to to misdirect wherever possible, don't you. Allow me to explain, for those baffled by your posts: Greece was, as laid out in this article, completely and utterly fucked over by various EU officials, and countries, and banks, all of whom were complicit in their little game of fleece the sheep. That's what the article says, and that is the fact of the matter. See? Not so hard to understand now. US denominated debt is irrelevant to the fact that the EU set out on purpose to destroy Greece, for political and financial reasons. To my mind, an act of war.

Feel free to disappear off on a different, and completely opaque, sub-topic to baffle the bullshitters' brains.

Ghordius's picture

nope, I reject your

"Greece was, as laid out in this article, completely and utterly fucked over by various EU officials, and countries, and banks, all of whom were complicit in their little game of fleece the sheep "

first and above all, Greece was fleeced by Greek politicians. and Greek oligarchs are still not taxed

and your "EU set out on purpose to destroy Greece, for political and financial reasons. To my mind, an act of war " is utter bullshit

start with Greek politicians, and keep an eye on the untaxed Greek oligarchs, and perhaps we might find a common ground

Elco the Constitutionalist's picture
Elco the Constitutionalist (not verified) Ghordius Feb 13, 2017 12:08 PM

Are you saying that the IMF and World Bank are not tools the Central Banks use to loan shark smaller countries?

Usurious Jews take advantage of human weakness in politicians and then blame the victim citizens of the nation when their scheme works.

Very similar to the parables about Satan.

The root of all evil is not money, it is not power, it is USURY.

malek's picture

We're getting somewhere.

Ghordius, now please once and for all state explicitly what you're already writing between the lines here:

The Greek citizens must be punished -by disallowing an orderly bankruptcy- through continued worsening depression, until morale improves and they kick out/tax/punish their politicians (former or current?) and their oligarchs.
Nothing else is a possible course of action for the EU!
As nobody else it at fault excepts Greeks of all classes.

/s

petar's picture

No one is responsible for Greek fortune, but themselves.

Unlike many nations who are on their way to bankruptcy, Greece has great infrastructure, modern cities, well educated population, and strong international business connections. They will survive!

rmopf2010's picture

Fuck Greeks they must pay what they've voted for:

"Never before had so many people been hired by the state, with such salaries, pensions and benefits—to the point where the average government job paid almost three times the salary of the average private-sector job. An egregious but not isolated example was the national railroad company, which had annual revenues of €100 million against an annual wage bill of €400 million, on top of €300 million in other expenses. This is how the average state railroad employee came to earn €65,000 a year."

If anyone interested in learning more about Greeks FAULT on this situation

https://www.amazon.com/Modern-Greece-Everyone-Needs-Know%C2%AE/dp/019994...

 

PAY YOUR DEBTs you socialist morons

rmopf2010's picture

Fuck Greeks they must pay what they've voted for:

"Never before had so many people been hired by the state, with such salaries, pensions and benefits—to the point where the average government job paid almost three times the salary of the average private-sector job. An egregious but not isolated example was the national railroad company, which had annual revenues of €100 million against an annual wage bill of €400 million, on top of €300 million in other expenses. This is how the average state railroad employee came to earn €65,000 a year."

If anyone interested in learning more about Greeks FAULT on this situation

https://www.amazon.com/Modern-Greece-Everyone-Needs-Know%C2%AE/dp/019994...

 

PAY YOUR DEBTs you socialist morons

MEFOBILLS's picture

Greece post WW2 was subsidized by America and Britain.  The idea was that the islands were a bulwark against Soviet Union.  Take a look at a map, to see how strategic the islands are.

This then created a overclass in Greece, that used its bribe money, to then bribe others.  OK?  

A country does not switch overnight to new realities.  

Greece continued with their overclass by issuing sovereign bonds, to be monetized in German private banks.  This created Euro's to then be spent, to then continue the overclass system.  Only it also created debts external to the Greek economy, which is like touching the third rail. 

Debts were external to the Greek economy, and the Euro's created soon left the economy to buy BMW's, etc.  Now tell me?  How is Greece supposed to acquire Euro's to pay external debts?  It is impossible.

Consider also, that the economics profession does not teach about these mechanisms, so how are polticians supposed to know?  Politicians are often low grade morons with limited world views.

TheReplacement's picture

If you leave (or are never in) the club you cannot use the club emenities?  Someone call the fucking Pope and tell his ass to stop printing Euros!

Oh, some animals are more equal than others.  Gotcha.

MEFOBILLS's picture

Cyprus was a bail in.  Money on account at Cyprus banks were bailed in, to swap for stock.  Then the stock was swept into a new corporate entity.  Then the Russian's were isolated.  It was a swap, to then steal former bank credit, and then the stock is swept/transformed into a new entity.  

This mechanism is entirely different than Greece.

Greece was sovereign bonds held in German/French/English banks.  The bonds were then paid by another loan - the famous IMF loan.  This loan created Euro credit, that ran through the Greek economy in something like one day, then immediately went on to pay foreign bond holders.  The new loan is then hung onto the Greek population.

Since when is it a good idea to give credit/money power to unelected people who are not sovereign to your economy?

Stupid humans.

Ghordius's picture

"A nation not capable of conducting its own affairs by itself does not deserve to be called mature democratic state. And never will be. "

this would be the modern version of the speech of the Persian King of Kings to Leonidas at the Hot Gates:

"Sparta ought to conduct it's own affairs instead of entangling itself in alliances with those Beotians, Athenians, and assorted Hellenes"

it's easy to say when you are the King of Kings, ruler of a vast empire

small sovereign states... do alliances. that goes like a horse and carriage

Leonidas was there to die... for an alliance. three main different alliances, to be more exact, then Sparta itself was called the Lacedemonian League while maintaining the alliance called the Peloponnesian League, which was allied against the Persian invasion with the Athenian League, later called for a while the League of Delos

meanwhile, restarting a national currency for any of the 19 eurozone members is easy. that's why there are so many discussions about it

what is less easy is to do it while telling people that this currency would have to devalue, devalue and devalue moar

a national fiat currency is based on trust. it's pure goodwill in a state. you can't expect the same balloon to be full while wanting to deflate it

Anasteus's picture

Life ain't easy, one has to count it in.

rondellio's picture

Wrong.  Fiat currency, as the name implies, is based on force.  Just like the EU project.  Although the EU, run by insipid bureaucrats and career politicians, resorts also to subterfuge.  The "walking treaty" kind of legal trickery is much used.

GreatUncle's picture

On the devlue, devalue ... reckon its worse you start at 0 worth then over time you build faith in that FIAT.

Personally Ghordius, for the EU to survive in any form, that includes the EZ it has to become a properly functioning democracy in the commission where those commissioners are representative of people elected from the MEP's. You lose that position if you lose your representation in the EU parliament.

Self moderates decisions after that.

Ghordius's picture

GreatUncle, if my memory serves me, you are a Brit

you have one main representative in the real steering body of the EU: your Prime Minister the Right Honorable Mrs May

in the all-powerful EU Council. except that British media still can't get over it and call it this way

and so they present you with news of PM May meeting the others in a "Summit" in Malta

the EU is built like a confederation: first National Ministers have to agree (if any agreement is possible in the first place), then the whole is floated through the appointed commission to the elected EU Parliament to give an ok... or not

but neither Cameron nor May nor any before was ever willing to state those things to the British Public

no, the commission works for the EU Council. hence commissioners are appointed by the EU Council and approved or rejected by the elected EU Parliament

it's easy to think that you guys don't have any representation if you never learn how the thing is built in the first place, and never mind Nigel Farage, MEP

by the way, your British Tory MEPs entered an alliance with the EPP (who supported Juncker, while Cameron did the opposite) and are now part of the "ruling coalition" in the EU Parliament. did you know or notice that? I bet not, then again, British media is nearly completely mute about such things

OverTheHedge's picture

Today you are not really on your game. Try this to confirm that each individual British subject has more, or less, say in the EU than ANY OF THE OTHER COUNTRIES....https://en.wikipedia.org/wiki/Apportionment_in_the_European_Parliament

Oh, and by the way, when you are just one of 800,000 people, you don't feel terribly represented. Sorry, but it's true.

Ghordius's picture

today, you are bullshitting, and hard

I talk about the EU Council and you come with how many citizens per elected MEP. utterly, totally off track. on purpose?

again: the chief British representative in the EU is Prime Minister May. no, the British "press" never mentions that, they prefer to talk about "summits"

malek's picture

Muaaahahahaha!

The hypocrisy, the hypocrisy!!!

OverTheHedge's picture

You said: "easy to think that you guys don't have any representation if you never learn how the thing is built in the first place, and never mind Nigel Farage, MEP"

I pointed out that each UK MEP looks after 800,000 plus constituents, which is more than any other eu country. That link I gave you shows, quite clearly, that brits have LESS representation than any other country in the eu. Why else would the brits think it was unrepresentative, arbitrary, biased and rigged for the benefit of everyone not British? The brits have given the union many, many years to prove itself, and if there is one thing the brits do like, it's a level playing field, fair play, straight bat sort of thing. Brexit happened for a reason.

Lockesmith's picture

The only long term path out of this for Greece is to default on all of its debt and issue one gold-backed and one silver-backed hard (non floating) currency. Of course, we all know what happens when you try and use real money. You could try asking Ghaddafi or Hussein.

Greece desperately needs a firestorm to clear out all the dead wood.

Devaluing a fiat currency is directly stealing from cash savers.

 

What is the Merkel going to do? Invade? There's nothing left to steal.

 

Fuck the EU.

sinbad2's picture

Varoufakis wanted to dump the Euro, and so did Tsipras initially, but they got to Tsipras and Varoufakis quit in disgust.

turing's picture

Yes, of course. Modern Greece is mentaliy is still in the Ottoman Empire. The only thing that is traditionaly Greek is Retsina. However when I was in Greece in ´55 I saw 10 Drachmas become 10000 Drachmas and being used as such. I have a recommendation and would like comments.

https://wordpress.com/stats/day/rjgisborn.wordpress.com

 

 

overqualified's picture

his name was Kalergi. google it.

Ghordius's picture

this rant was too long. deleted

GreatUncle's picture

But the way trouble seems to be wherever he is involved Soros would be his right hand man.

BennyBoy's picture

 

Greece: Default.

Germany: Write off/down the debt that was known to be unpayable at the start. Math is not difficult. Dealing with greed is.

orangegeek's picture

This continent has been a hell hole of endless wars for centuries.

 

Europe has been largely at peace (sans yugoslavia, etc) for the last 70-ish years - the longest period in its history that this has ever occurred.

 

European malevolence?  European maliciousness??  Yes and driven by its inbred lineage of psycho queens and kings that are now heads of state???

 

It's going to be another 100 years before this mentality settles down and perhaps goes away.

BritBob's picture

Message to Greece - just leave the Euro and the EU, use your own currency and set your own interest rates. The only way is up...

The UK has opted for a hard Brexit especially when one country (or part of a country in Belgium) can stall negotiations for so long. Spain could act in a similar fashion over Gibraltar and has the cheek to maintain its Gibraltar sovereignty claim. Claim?

Gibraltar - Some Relevant International Law: https://www.academia.edu/10575180/Gibraltar_-_Some_Relevant_Internationa...

 

So it looks like a quick hasta luego !

Sandmann's picture

 just leave the Euro and the EU,

 

Do tell us how it is done BritBot........not quite sure what the steps are....walk us through the negotiations....Gibraltar isn't even in the EU Customs Union or VAT Area

Vooter's picture

Greece says, "We're not paying anyone anything." That's how it's done.

vegas's picture

No, the "Greek people" didn't do this, the fucking socialist douche bags they voted into office year-after-year did this, all with the help of the Greeks who wanted something for nothing; namely, cheap money through debt guaranteed by the E.U. to rich idiots clamoring for yield. And now, the bill has come due ... Oh, see my shocked face Greeks can't even make the interest payments. Somewhere Mr. Panos is laughing his ass off.

 

www.traderzoogold.blogspot.com

bundas kenyer receptek's picture
bundas kenyer receptek (not verified) vegas Feb 13, 2017 6:36 AM

well ... somebody voted them in , and don't tell me it wasn't greeks

Joe A's picture

So if somebody offers you free stuff if you vote for him while the other one offers you more free stuf if you vote for him, who do you vote for then?

bh2's picture

This is a universal truth. It's how dim dems in the US have maintained power on a declining base of voters who actually work for a living.

GreatUncle's picture

Yep they played the Greek people.

OverTheHedge's picture

Actually, the Greek people were given a choice of Thief A or Thief B. Sometimes, they tried to be different and chose Thief C, but to their surprise, they ended up electing a thief! Who knew?!

And when you know full well that you are electing a thief, it comes down to choosing one that might share some crumbs from the table with you, as opposed to the one who will just pick your pocket as well as your bank account.

As with anywhere else, it is mostly Hobson's choice

Ghordius's picture

and... let's blame everybody else for this Greek domestic politics problem, eh?

+1

waspwench's picture

"It doesn't matter who the people voted for; they always vote for us." Illuminati

Kaeako's picture

Multiple factions within governments play a role in this as well. There are those who want Greece out. There are those who know it should be out but consider it politically risky. The Greeks definitely don't want to leave the party, even if no one particularly wants them there. Germany has shielded itself to the best of its ability from the fallout. Now Greece just needs to take the plunge and start on the road to recovery.

Couvrot2's picture

The Greek debt existed way before the IMF and the ECB were called upon "to help". The Greek government and the Greek population lived beyond their means for decades. At the end they had to call for help. Now they are blaming the rescuers for the disaster or the doctors for the disease.

Live within your means and you won't need any outside " help" that will demand that you adopt painful austerity measures that won't be bearable.