Retaliation: Greek Budget Expert Fired For Opposing Europe, Telling The Truth About Country's Insolvency

Tyler Durden's picture

Yesterday we made an amusing contrast between the lies of European insolvent state annexator general Olli Rehn who said that "Greece’s debt is on a “durable declining path” and new projections will show that the second rescue program reduces net  liabilities, European Union Economic and Monetary Commissioner Olli Rehn said" and the truth uttered by Greek budget committee head Stella-Savva Balfousia, who said  "Greece's debt has run out of control and government policies are failing to restore finances." Guess which one just got the axe. No this is not a trick question. And if you said prematurely terminated Devan Sherma you get half a point, because as the more observant out there may have noticed, the only benefit for blowing the whistle these days is immediate and irrevocable termination from both one's high profile job, and the status quoTM.

Reuters reports:

The chief of an independent Greek budget committee resigned on Thursday after the country's finance minister attacked the group for saying debt dynamics were 'out of control', sources said.

 

The resignation may further complicate debt-choked Greece's already difficult negotiations with its international lenders about the disbursement of further aid tranches under a 110 billion euro ($156 billion) rescue package agreed last year.

 

Finance Minister Evangelos Venizelos on Thursday scathingly attacked the committee. "Yesterday's report lacks elements of credibility of other international reports," he said in a statement. "All necessary measures will be taken to upgrade and improve the credibility of the committee," he added.

 

Balfousia stepped down later on Thursday after Venizelos's comments, parliamentary and top government sources said. "She has submitted her resignation to the parliament speaker," one official said.

And presto: the credibility of the committee is immediately improved. Of course, anyone who actually thinks that is obviously a psychopath. Which unfortunately explains why by the time "this" is all over the world will be once again controlled by a bunch of genocidal maniacs hell bent on extending the system for one more day until something changes and things get back to how they were.

In the meantime, Greece has just lost its one last credible voice:

The committee was appointed by the Finance Ministry in 2010 as part of efforts to increase the transparency of the country's murky finances.

 

Balfousia, who was not available to comment, was also a key player in a previous panel of experts, which had unearthed statistical irregularities and manipulations used to conceal the true state of Greece's finances.

All snark aside, what is becoming truly evident (to everyone except those who matter) is that the entire European insolvent periphery is now merely squeezing as much money out of the core as they can before everything falls apart. Which is fine: since neither the core nor the periphery harbors any illusions that a Hollywood ending is possible, the final victim will be traditional one: that species on the verge of extinction, the global middle class. Which perhaps is long overdue: living in the debilitating comfort of the Bismarckian welfare state has lasted far too long as is.

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doomandbloom's picture

"Hush little baby don't say a word 
And never mind that noise you heard 
It's just the beasts under your bed 
In your closet, in your head "

jerry_theking_lawler's picture

"Exit Light

Enter Night

Grain of Sand"

TheFourthStooge-ing's picture

Not only is the center no longer holding, it's quite visibly fraying.

Hark! Is that Lloyd Bankfiend slouching toward Bethlehem?

 

Row Well Number 41's picture

Megadeth - Forclosure of a Dream

Rise so high, yet so far to fall
A plan of dignity and balance for all
Political breakthrough, euphoria's high
More borrowed money, more borrowed time
Backed in a corner, caught up in the race
Means to an end ended in disgrace
Perspective is lost in the spirit of the chase

Chorus
Foreclosure of a dream
Those visions never seen
Until all is lost
Personal Holocaust
Foreclosure of a dream

Barren land that once filled a need
Are worthless now, dead without a deed
Slipping away from an iron grip
Nature's scales are forced to tip
The heartland cries, loss of all pride
To leave ain't believing, so try and be tried
Insufficient funds, insanity and suicide

Foreclosure of a dream
Those visions never seen
Until all is lost
Personal Holocaust
Foreclosure of a dream
Solo - Dave

Now with new hope some will be proud
This is no hoax, no one pushed out
Receive a reprieve and be a pioneer
Break new ground of a new frontier
New ideas will surely get by
No deed, or dividend. Some may ask "Why?"
You'll find the solution, the answers in the sky

http://www.youtube.com/watch?v=gWrQmItZmLc

#41

Placerville's picture

Symphony of destruction - Megadeth

http://www.youtube.com/watch?v=hyWJCd1GYhw

You take a mortal man
And put him in control
Watch him become a god
Watch peoples heads a 'roll
A 'roll, a 'roll

Just like the pied piper
Led rats through the streets
We dance like Marionettes
Swaying to the symphony of destruction

Acting like a robot
It's metal brain corrodes
You try to take its pulse
Before the head explodes
Explodes, explodes

Just like the pied piper
Led rats through the streets
We dance like Marionettes
Swaying to the symphony

Just like the pied piper
Led rats through the streets
We dance like Marionettes
Swaying to the symphony
Swaying to the symphony of destruction

The earth starts to rumble
World powers fall
A warring for the heavens
A peaceful man stands tall
Tall, tall

Just like the pied piper
Led rats through the streets
We dance like Marionettes
Swaying to the symphony

Just like the pied piper
Led rats through the streets
We dance like Marionettes
Swaying to the symphony
Swaying to the symphony of destruction

 

macholatte's picture

 

On top of Spaghetti

On top of spaghetti, all covered with cheese
I lost my poor meatball when somebody sneezed

It rolled off the table, it fell on the floor
It rolled down the hallway and it rolled out of the door

It rolled through the garden and under a bush
And then my poor meatball was nothing but mush

The mush was as fertile, as fertile could be
And later that summer, there sprouted a tree

The tree was all covered with beautiful moss
And on it grew meatballs in tomato sauce

So if you eat spaghetti, all covered with cheese
Hold on to your meatballs, and don't ever sneeze

Snidley Whipsnae's picture

macholatte...ahem, Speaking of spaghetti... This is an interesting turn in Italian politics...

"In a sign of his frustration at the investigations into his alleged crimes and misdemeanours, Silvio Berlusconi vowed in July to leave Italy, which he described as a "shitty country" that "sickened" him.

The Italian prime minister's astonishing remarks are contained in the transcript of a telephone conversation secretly recorded by police investigating claims he was being blackmailed about his sex life."

http://globaleconomicanalysis.blogspot.com/

 

macholatte's picture

 LOL and a hat tip to you :)

Buck Johnson's picture

They know that the EU and the ECB won't be around in the near future, so they are trying like mad to get as much out of it from the ones that are foolish to support it as they can.  Because when it all comes down, nobody will pay back any loans to anybody.  All the countries will be more concerened with keeping their people feed and sheltered.

CrashisOptimistic's picture

"Which unfortunately explains why by the time "this" is all over the world will be once again controlled by a bunch of genocidal maniacs hell bent on extending the system for one more day until something changes and things get back to how they were."

 

This is global government finance in microcosm.  It goes like this:

No!  No, I will NOT eliminate that program.  What is the MATTER WITH YOU?  If we eliminate programs, we won't have anything to restore funding to when things return to normal.

Precisely that.  The whole world waits for a miracle to restore things to their pleasant historical . . . and this is where the problem is . . . norms.  History was not normal.  It was a tiny 100 year period with oil in it.  

That's not normal, as we're now going to see. 

Xibalba's picture

He hasn't been 'suicided' yet?!?!

knukles's picture

Isn't Ollie Renn the guy who jumps off cliffs and swims in alligator filled ponds on the Discovery Channel and gots a friend named Stimpy?

FreedomGuy's picture

It's a good thing the USA is clearly superior to Greece. If someone here, say the head of a ratings agency were to issue a warning like a very slight downgrade they would not suffer retaliation from the government or lose their job. Right?

unununium's picture

Stella-Savva Balfousia

No, she's not hot.  Stop hoping.

http://www.athensnews.gr/portal/8/46748

PeterLemonJello's picture

Thank you for that....I was hoping, then I clicked....and I was limp

knukles's picture

Oh man... she's the old one who pokes your finger with sharp needles when you buy flowers from her basket and bites the heads off of chickens and lays curses on you if you don't give her crippled sister money.

thermroc's picture

I will look on your treasures, gypsy. Is this understood?

Theta_Burn's picture

Can't have integrity get in the way of stupidity now can we.

PaperBugsBurn's picture

Guess which one just got the axe. No this is not a trick question. And if you said prematurely terminated Devan Sherma you get half a point, because as the more observant out there may have noticed, the only benefit for blowing the whistle these days is immediate and irrevocable termination from both one's high profile job, and the status quoTM

 

Sharma wasnt some truthteller; he was a hit man for those who wanted to yank the politicians'chains (banksters).

 

All snark aside, what is becoming truly evident (to everyone except those who matter) is that the entire European insolvent periphery is now merely squeezing as much money out of the core as they can before everything falls apart. Which is fine: since neither the core nor the periphery harbors any illusions that a Hollywood ending is possible, the final victim will be traditional one: that species on the verge of extinction, the global middle class. Which perhaps is long overdue: living in the debilitating comfort of the Bismarckian welfare state has lasted far too long as is.

 

It is ending. A new industrial power to replace America needs a solid currency like the dollar used to be. The banksters are thick with the Chinese. This is a managed transition which is why you see this garbage on CNBS

 

http://www.nysun.com/editorials/looking-forward-to-gold/87469/

 

 

 

 

nmewn's picture

"Which perhaps is long overdue: living in the debilitating comfort of the Bismarckian welfare state has lasted far too long as is."

But what about all the stuuufff??????

http://www.youtube.com/watch?v=4VbI5zcB8Ac&feature=related

nyse's picture

Just remember what happened to the boy who pointed out that the emperor's new clothes weren't there at all...

(They chopped his dick off)

lizzy36's picture

Bad time to "blow a whistle".

This week, bankers representing the Greek government — Deutsche Bank, BNP Paribas and HSBC — have been explaining to investors (which oddly include, DB, BNP and HSBC, but i digress)  why it is in their interest to trade in their decimated Greek bonds, take a 21 percent loss and accept a new package of longer-dated securities with AAA backing and much stronger legal recourse for the holders (as a bonus, the new bonds would be governed by international law, rather than Greek law). 

Of course this bailout is being sold to the public as a way to "make the banks feel the pain", which is funny it because in the open market those same bonds are trading with a 50% haircut.

The deal IF implemented isn't going to bring stability to Greece, merely kick the can down the road for another 3-6 months.

In the mean time the last thing the EU bankers want is for the truth, the only entity that wins if this bailout is implemented is the banks, to come out.

PaperBugsBurn's picture

what an insipid little bitch you are

 

what is this, like water cooler gossip?

 

what a brainwashed little moron

Stoploss's picture

It's like, challenging, AND stimulating, AND true!

You found a new word, how cute.   Now try using it in the proper context. 

max2205's picture

Consider S&P CEO in that thought

This guy had transferred his money to swiss accounts months ago

jbc77's picture

I don't know. I just can hardly believe this is happening sometimes. It's so surreal. By now we're all aware that the world will just keep playing make pretend until it can do so no longer. I wonder how much time we have left. Feels like the hour is getting late.

Whoa Dammit's picture

And Olli Rhen's “durable declining path” takes wierdness to a whole new level.

Melin's picture

the hour was late in 2008

we're not going out with a bang, it's a long, drawn out, torturous fizzle

 

Racer's picture

ZH, what can I say....

Thank you for showing all the evil, deceit and greed that is enrobed in the TPTB, they who rob the poor, the sick and the elderly by their actions to give to the rich banksters again and again and again

At least you are poking them in the face to tell them their evil gameplan will constantly be brought to the world's attention

I salute all at ZH

MoneyWise's picture

Greece will be booted from EZ, everyone knows that..

Greece is gone already (EZ just planning ordinary soft landing

and scheduling somewhat painless haircut among EZ banks),

nobody will suffer much or collapse.. This story getting too old..

Find something new to speculate. It's over, move alone..

Big Ben's picture

Sure, we know the outcome. But there is lots of high comedy along the way. Someone should make a movie about it. It could be called "From Here to Insolvency". Or better yet, it could be the basis for a Greek tragedy.

zorba THE GREEK's picture

First Greece will be looted and then it will be booted.

agent default's picture

Nonsense insolvency is surely bullish.  Now buy the dip in NFLX.

Caviar Emptor's picture

We will see more and more warfare between those who say that the Emperor has no clothes and those who want to suppress any mention that he's walking around naked. 

Some people benefit from the status quo no matter how bad it is for everyone else

T-Bond's picture

Desperation is hitting new highs. Buy stops to be hit soon.

Pretorian's picture

Greek's can't spend enough,  cant be bailed enough, can't stop lying enough... why then bother, book the loses and kick the Troy horse out for good.... and they can debase the new paper currency to compete with other non PIGGS in  exporting prostitution, thief's and bunch of scams. 

Big Ben's picture

Venizelos to Balfousia: "Go away kid. Ya bother me."

The speed with which she was sacked gives a good indication of the urgency that Venizelos assigns to the issue. I imagine that the temptation to cut the lines of credit and cast Greece adrift must be getting pretty high now.

carbonmutant's picture

The price of souvlakis is going up.

Souvlaki stands refuse to pay the 10-point VAT rise as part of a package of fiscal measures agreed in return for the country’s second financial rescue by European Union partners.

For many of Greece’s ubiquitous cafés and souvlaki stands, which have already seen a 20-40 per cent decline in business in the past year as customers rein in spending, the VAT rise is the final straw. http://www.ft.com/intl/cms/s/0/5a6e2be6-d4aa-11e0-a7ac-00144feab49a.html...
navy62802's picture

That's horrible! The souvlaki stands can't go out of business!!! They better keep the ones in Chania open!