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Greece Politely Declines German Annexation Demands
Following yesterday's frankly stunning news that the Troika politely requests that Greece hand over its first fiscal, then pretty much all other, sovereignty to "Europe", here is the Greek just as polite response to the Troika's foray into outright colonialism:
- GREEK GOVERNMENT SPOKESMAN DECLARES THAT THE BUDGET IS SOLELY ITS RESPONSIBILITY - DJ
What is interesting here is that unlike the highly irrelevant IIF negotiations which will end in a Greek default one way or another, the real plotline that should be followed is this one: because unless Germany, pardon the Troika, gets the one condition it demands, namely "absolute priority to debt service" and "transfer of national budgetary sovereignty", as well as a "constitutional amendment" thereto. there is no Troika funding deal. Furthermore, since as a reminder the PSI talks are just the beginning, the next step is ensuring compliance, as was noted yesterday ("[ceding sovereignty] will reassure public and private creditors that the Hellenic Republic will honour its comittments after PSI and will positively influence market access"), any refusal to implement such demands is an automatic dealbreaker. Which means anything Dallara and the IIF say, as representatives of a steering committee that at this point probably constitutes of one bondholder, with the bulk having shifted to the ad hoc committee, is irrelevant. Germany just got its answer. And the next step is, as Zero Hedge first suggested, an epic LTRO in precisely one month, whose sole purpose will be to prefund European banks ahead of the Greek default with enough cash to withstand Europe's Bear Stearns. Although as a reminder, in the US, Bear Stearns only led to Lehman and the global "all in" gambit to preserve the financial system by shifting bank insolvency risk to the sovereigns (a chart showing bank assets as a percentage of host countries' GDP can be found here). But who will bailout the world's central banks which already collectively hold over 30% of global GDP in the form of "assets", or as this term is better known these days, debt?
And for those who missed it the first time, here was the Troika's declaration of bloodless war:
Some more local perspectives from Keep Talking Greece:
Athens categorically rejected the German proposal to cede control over its budget to the European Union as a precognition for the second bailout, the rescue package for Greece. “We can never accept this. A similar proposal was made in the past by a Dutch minister. We do not even discuss about it” senior governmental sources told Athens News Agency (quoted via in.gr).
AFP quotes another (?) Greek government source, saying that ”There is effectively a ‘non-paper’ that was presented to the Eurogroup,” said the source and stressed that “Greece will not discuss such a possibility. It is out of the question that we would accept it, these are matters of national sovereignty.” At the same time the source told AFP that such a move would “require a change in (EU) treaties.”
The proposal as published by newspaper Financial Times triggered strong reactions in Greece. Education Minister Anna Diamantopoulou (PASOK) described it as the product of a sick imagination. “Tt’s an issue of sick imagination, whoever thought it” Diamantopoulou told private Mega TV on Saturday morning.
So far there has been no reacton by the other two coalition government partners conservative Nea Dimokratia and far-right LAOS.
Greek Communist Party (KKE) said “f the Commissioner be necessary for the plutocracy, it will accept him. But with or without a commissioner, crime against the people is predetermined by the co-ruling of the EU the ECB and the plutocracy in general. ”
Alexis Tsipras, chairman of left-wing SYRIZA asked the Greek government to resing immediately and general elections to be held in February. He describeed the transefer of budget control as “a plan beyond any reason. “It is a plan to loot the country and the transfer of its sovereignty to the Eruopean banks and the international usury” Tsipras said (via Proto Thema)
Finally, to anyone who is still confused by the sequence of events, here is a reminder of how it would all transpire, back from July 21, 2011:
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Solutions to the GFC will come from brutal necessity not from anyone's plans or engineering - we are waaaaaaaay past that point. We are all spectators, there are NO solvers as in none, no one, nobody, nada......
wow... did yall read that?
If that isn't a Dictatorial Statement I've never heard one.
"Absolute Priority to Debt Service"?
"enshrined in national law"?
"preferably through constitutional amendment"?
So much for freedom... of any kind.
Can you imagine that coming to the United States?
Think again.
Now that the 'racist' trap has been re-sprung on Ron Paul, we are headed right over that waterfall.
Debt and war...debt and war....
OK, new word (to join psychopathocracy): Debtwar.
It is all one thing. Just different theaters.
Debtwar Afghan
Debtwar Homeland
Debtwar Persia
Debtwar Europe
Debtwar Imperial China
Tyler, out of curiousity, after Greece pays the banks their monthly debt payment, what kinda of allowance will they have to live on each month?
skata (check google translation of this word in greek)
????? = shit
It doesn't work with latin letter.
Flyme Sweetheart.. They just borrowed again on Dec 2011
Greece Gets IMF Approval for 2.2 Billion Euros Loan Payment
The EU is living on a maxed out credit card. The IMF loans are used to pay against the interest due, as the principle loan continues to balloon .. the interest payments get larger. The unicorn/rainbow IMF gives a new loan to continue the process. Gridlock occurs if IMF cannot find any new money [investors] to take a risk in loaning money to the IMF. Every day, the IMF can skim vast amounts of revenue. Each EU bailout has depleted IMF reserves. IMF has taken on prostitution, as a form in raising well needed capital to promise the troubled EU enough money to kick the can down the road a bit further. /sarc
What kinda of allowance will they have to live on each month?
A: Romaine noodles
To be clear, it's not about the Germans nad Greeks, but their politico and the banks...uh...fuckum, carry on.
http://www.youtube.com/watch?v=gwiZxdTzz7o&feature=related ...Dimon, that is.
A weekend oldie! Fletch & Ball Bearings, ECB & FED Live Long and ( where's the beef?)
I'm sure it wasn't that polite, behind the scenes. There is no polite response to blackmail and extortion. Central banks fed and encouraged the debt monster. The ultimatums won't end with Greece. Greece will either be independent in poverty, or enslaved in externally managed poverty.The banks will be the Sovereigns and the nations, their colonies.
http://georgesblogforum.wordpress.com/
http://www.google.com/hostednews/ap/article/ALeqM5jfNwNd4sAfc3xMh2Z-AvJX...
Greece is saved yet again!
Greeks are bailing out and moving to America.
Great Zeus? where is Cronus and Rhea ? Apollo?
The title is just golden. That alone got a Google+, Facebook Like, and Twitt. Heh, heh.
Print. Repudiate. Convict. Restart.
Is there any doubt now that debt leads to slavery?
Well done x/2
Can has been kicked -
The celebration will last until it's actually time to sign something and then .....
Well the can will be kicked again.
Meanwhile - the printing presses at the FED and the ECB will try their hardest to buffer their friends from the hard fall of a collapse that will only come when those friends decide to turn on each other.
It's a closed system as long as none of the crocks get super greedy as compared to just their normal greedy. Meanwhile Joe six pack contemplates how he is paying more in what the country is saying is a zero inflation cycle. Lord help us all should the inevitable bottom fall out of the markets and wipe away years and years of retirement savings for Joe and Jane. Now with no equity in their homes anymore - and now no savings - they will have to work twice as hard and twice as long to fall twice as far behind in their payments to the 1% for things they only needed to maintain status. Now they will be trying to buy food and energy and find themselves coming up short. The powers that be will blame the lazy underclass. Jane and Joe usually go for that in the short term. A decade or more of lifting that bar and toting that bail should beat that straw dog right out of em.
Jane will turn to Joe and say - so while we were broke as hell - our country was printing money to bail out bankers in France, Germany, Italy and all over Europe. Joe will say, hell they don't even have our lowerclass over there.
"State revenues are to be used first and foremost for debt service, only any remaining revenue may be used to finance primary expenditure."
No schools for you!
No hospitals for you!
No pensions for you!
Wow, talk about squeezing the country. This is colonialism, end of story.
Fellow Canadians - get off your fucking couch, stop watching hockey, read this and f*&king take heed. This is the end game of our housing bubble - SLAVERY AND BEING COLONIZED! Let's kill it now.
Furthermore - the dumb fuck who suggested this should realise that Greeks have even less incentive to pay their taxes now because they think that they will get nothing in return. I hope someone slaps sense into the dumb fuck...
On the other hand - this could be political posturing for Merkel to save face at home, so that she can say afterwards "We tried everything short of invading Greece."
If a "desperate" Greece isn't willing to give up fiscal control (sovereignty) how do they expect other EU participants to go all in as well?
heh...
The technocrats are moving in to shear the sheep. Baaaaaaa!
TOO FUNNY!
"our budget is solely our responsibility".......except for that US paying OUR bills part.
A Greek, An Ialian and a Spainard all go out to dinner, and stay out all night drinking. Who picks up the check?
The Germans
how can you balance the eurozone money supply when capital leaks offshore?
It's not about greece or piigs or even core countries. it's about switzerland
and liechtenstein, luxembourg, andorra, monacco, san marino, the vatican,
jersey, guernsey, the faroes, the orkneys, the isle of mann, gibraltar,
cyprus, malta, maldives, the caymans, the virgin islands, french polynesia,
reunion, ile maurice, seychelles, martinique, french guyanna, st bart's,
and not least the great offshore fortress of the city of westminster.
the real war at hand is between bankrupt european nations and institutions,
which know that their solution has to be centralisation and fiscal integration,
and resistance from the aristocratic and industrial families vying to keep their
loot intact in the tax havens and secrecry jurisdictions. their goal is make sure
to shift the focus and onus on the working-class and middle-class european.
Italy's mario monti has already started with cutting pensions and benefits as
well as aiming for a target retirement age of 75 in the next decade or so.
fiscal integration is coming in one way or another.
question is who will get the gravy?
who will get the blame?
is it time for the Benny Hill or Monty Python??? Why not both?