GREEK DEBT EXCLUSIVE: DEFAULT PLANNERS ‘FALLING OUT OVER FIREWALL’ – Sources

Key players…Lagarde, Bernanke, Draghi, Geithner

More pieces of timetable jigsaw falling into place

Astonishing details of a Greek default plot hatched by Wall Street and the White House (with the knowledge of both Barack Obama and Hillary Clinton) have been backed up by growing evidence of an undercover US Fed ‘swap’ deal to bankroll Mario Draghi’s eurobank liquidity programme . As a quid pro quo for this disguised loan, the US demanded a ‘leper’ default for Greece – with a much bigger European-funded contagion firewall than currently exists. But the plans may be derailed by intransigence in Berlin.

US President Barack Obama spent last Martin Luther King Day with wife Michelle and daughter Malia. They joined fellow volunteers at Browne Education Center in Washington. During his brief remarks, on arrival, the President said there was no better way to honour King “than to do something on behalf of others”.

MLKD is a public holiday in the US. On that day this year – January 16th – Presidential staff and Fed advisers were in a conveniently empty office block with a dozen or more top Wall Street bankers. The meeting was called to brief a select band on the White House and Geithner approved operation to amputate the eurozone’s obviously gangrenous Greek leg.

Just 24 hours later, a remarkable undercover bailout slush fund was set up for the use of the ECB under Mario Draghi. On that day, the financial website Wealth Wire posted a piece suggesting the Fed was ‘up to something mysterious’ , and Jonathon Trugman of the New York Post’s financial desk wrote this: ‘Essentially, we just bailed out Europe’s banking system with the full faith and credit of the United States’.

Subsequently, a former Fed official told the Wall Street Journal that the Reserve was indeed bailing out Europe by operating in the shadows – aka a loan masquerading as a currency swap.

Former Vice President of the Federal Reserve bank of Dallas, Gerald O’Driscoll told the Journal:

“The Fed is using what is termed a “temporary U.S. dollar liquidity swap arrangement” with the European Central Bank (ECB).  Simply put, the Fed trades or “swaps” dollars for euros. The Fed is compensated by payment of an interest rate (currently 50 basis points, or one-half of 1%) above the overnight index swap rate. The ECB, which guarantees to return the dollars at an exchange rate fixed at the time the original swap is made, then lends the dollars to European banks of its choosing.

The two central banks [ECB and US] are engaging in this roundabout procedure because each needs a fig leaf. The Fed was embarrassed by the revelations of its prior largess with foreign banks. It does not want the debt of foreign banks on its books. A currency swap with the ECB is not technically a loan.”

Well, swap or loan, it all went into the eurobank prop-up operation initiated by Mario Draghi. During the period following that transfer, the ECB lent $483bn in various amounts to just over 500 banks in the eurozone. Says a eurozone insider:

“Mario then leveraged the amount he’d been given as collateral. Given his position and influence, it wasn’t hard. Without pulling this scam  [to avoid the amount appearing on the ECB's market intervention charts or in its books] the Central Bank couldn’t have splashed out the liquidity it did.”

I am told that the operation is continuing – and will be used to fund the next round of voracious private eurobank appetite for liquidity.

But what nobody has yet reported in the MSM is that the operation was part of a pre-agreed quid pro quo.

That deal was outlined to the key Wall St players on January 16th. In a nutshell, it was “We bale out the eurobanks for Mario, and in return they [the EU States] build a firewall around Greece”. It was the start of what became known as ‘amputate and cauterise’. And I can confirm that Goldman Sachs played a pivotal role in the session.

The American view is this: Greece must default outside the euro, and become a leper. Secretary Geithner thinks the Europeans don’t have the money to make the banks ultra-safe…and that means an immediate contagion blowback to the US, with disastrous consequences. So we, the US, must covertly help the ECB render the eurobanks safe – and in return, they need to step up to the plate by leveraging whatever firepower they need to ensure the whole mess stops at Greece.

Astonishingly – The Slog has learned – the key players at this point were Timothy Geithner, Goldman Sachs, a tight group of White House Obamites, Ben Bernanke (at “a safe distance”), Mario Draghi, IMF boss Christine Lagarde….and an influential group of German bankers based alongside Draghi in Frankfurt. Both the President and Hillary Clinton are aware of the arrangement and its goals. As far as I can ascertain, it now looks likely that Merkel and Schauble were not involved at all; but whether they’ve become party to it since is unclear. I do know there was a major diplomatic flap on in Berlin last Tuesday (21st February) about the potential leak of papers somehow incriminating the German Chancellor and her Finance Minister…but that has never developed, or been confirmed by any source of which I’m aware.

As a consequence, from this point onwards Christine Lagarde began to play serious hardball about the need for a massive firewall investment by EU member States. Concurrently, Secretary Clinton applied every ounce of available pressure to the Sino-Japanese credit line as a potential further source of bricks in the wall. As we have seen in the last week, unlike the Three Stooges Regler, van Rompuy and Barroso, Clinton’s State Department seems to have had some degree of success. Less so Lagarde: she has come up hard against Berlin’s refusal to expose Germany further. I am told:

“The view in the Fed and Washington is that the Europeans are welching on the deal. This strikes me as kind of dumb, in that I don’t think they ever had Berlin on board in the first place. And while Draghi is a genius, not even he can pull that one round on his own. Just how up to speed Berlin is, I don’t know. I assume they know roughly what the deal was, and I assume that Bankfurt has been applying pressure on the basis of that. I suspect the problem is that Schauble thinks, first off, there’s a lot more in this for the US than there is for Germany…and second, privately he thinks the amputation analogy is unrealistic. He’s more of a pop-corn guy. But some of that is guesswork.”

The pop-corn reference is based on an influential term used by former Bush staffer Edward Lazear. He suggested that Greek debt is really a cooking piece of pop-corn in a pan…once it pops, you can’t stop the other seeds from doing the same. It’s a view shared by The Slog: the leveraging and insurance fire-storm that could potentially follow default is impossible to calculate, because the arrangements of individual banking firms remain a closely-guarded secret.

But on the other hand, it beats the Brussels strategy of writing Japanese poetry and making false promises about action. And in the meantime, the behaviour of some players continues to support the deal’s existence:

* The Greek consitutional change demanded by the Troika (to hierachise debt before other expenditure) will not be possible by the Greek bailout closure date. And they knew that all along.

*European creditor countries are demanding 38 specific changes in Greek tax, spending and wage policies by the end of this month and have laid out extra reforms that amount to micromanaging the country’s government for two years, according to documents obtained by the Financial Times. There is no way the Greeks will stand for that either. Says Mujtaba Rahman, Europe analyst at the Eurasia Group risk consultancy, “The programme is being set up to fail, as many of these conditions will be impossible to achieve”.

*In an interview with the Wall Street Journal, Mario Draghi’s support for the deal remains understated bordering on tepid: he suggested that the sceptical market response to Tuesday’s rescue deal suggested many doubted Athens would follow through on a promised austerity cure. “It’s hard to say if the crisis is over,” he warned.

*Commerzbank AG Chief Executive Martin Blessing yesterday said of the Brussels deal, “The participation in the haircut is as voluntary as a confession during the Spanish Inquisition”. For the Bankfurt pro-default team, this is bang on message.

Nor are these people making it up: the bondholders must give more than 50% approval before the swap – and they need to deliver that on a two-thirds quorum. Hedge Funds in particular remain tight-lipped.

As I keep saying: this deal will not make it to the tape. It was set up to fail: but even that plot may now unravel if the firewall doesn’t materialise at a level satisfactory to the Americans.

This piece was compiled and written based on confidential interviews with New York, Washington, German and Brussels sources

115 thoughts on “GREEK DEBT EXCLUSIVE: DEFAULT PLANNERS ‘FALLING OUT OVER FIREWALL’ – Sources

  1. Very interesting stuff as always. The euro continues higher though. I believe that the Euro banks will be better “firewalled” after LTRO II by the ECB, planned for Wednesday, February 29th. After that, I believe that all hell will be set loose…

  2. Is it America doing this to help Europe and the World, or is it the Obama Administration doing this to get Obama re-elected.

    Because the two are not compatable and the end result will be different in either case.

    • I read the HoL speech yesterday and cannot decide what to make of it. It might be horsemanure as OAH says or it may be the draft of a new novel. OTOH it might have a shred of truth in it. I hope someone investigates and publishes their results.

    • The same man made equally bizarre allegations about terrorist links a year or two ago. It’s a shame, he did some good things, but he’s gone right round the bend.

  3. So,the American people and America are bailing out their own decidedly shifty banks AGAIN,via a circuitous route.Germany is reluctant, after the last shellacking they received with AAA rated bonds all the way from America,to partake,can we blame them?
    Above who bothered to ask the American people if rescuing their own banks and by default those abroad,was okay-again?
    Just how many more rescues will the American tax payer have to endure?
    When do Americans become outraged at this and much more?

    • ‘When do Americans become outraged at this and much more?’

      When the malls and fast food joints are closed?

      As to the people being asked anything, show me where, in the world, that happens. The American public are as much cattle as the rest of us (armed cattle admittedly but cattle none the less).

      We (all) are nothing more than bystanders at a global game of chess or Risk. What we do counts for nothing, what we think counts for nothing, what we feel counts for nothing and what we want counts for nothing.

      They would destroy the world rather than admit they were wrong. We are in a handcart to hell.

  4. Fantastic as ever John, tbh this is the only explanation that can oull together the various strands we get a glimpse of in the MSM.

    If I was Greece i would pull the plug now and declare a default before all of this is agreed I don’t get why they would wait for the denouement as they are going tob e in the sh*t whatever happens and it would at least hit some of the people responsible for this (finally)

  5. Pingback: GREEK DEBT EXCLUSIVE: DEFAULT PLANNERS ‘FALLING OUT OVER FIREWALL’ – Sources « tsopanos1959

  6. So it looks like the US is going to “help” Greece in the same way they “helped” during the 1973 and 74 crisis – with a knife in the back.

  7. Sounds like Obama has been correctly briefed,in detail, a la LTCM and Lehman fiascos,as to the effect on Wall Street and US banks of an uncontrolled Greek default.The problem is that if Frankfurt will not stand behind Greece,what happens when the market runs the numbers on Portugal and Spain?What exactly is the purpose of the ECB if Germany will not play ball?Sooner or later,the ECB must go for limitless QE to paper over the cracks,the Euro will become as strong as sterling over the last 4 years( excuse my sarcasm),inflation will roar ahead,and the EZ project will finally collapse.And the winner is China.

    • If/when the markets run the numbers for Spain and Portugal, both countries should look at the writing on the wall and quit the EZ – as Greece should be doing. It is for their politicians to tell the truth that the EZ is nothing more than a political construct cooked up by has-been old commies/fascists in Europe to create a new EUSSR and abolish democracy by way of a backdoor coup. The monster must be killed.

      That’s my view :-) Others may vary :-(

  8. So are greek politicians plainly ignorant or are they betting on the firewall never materializing, socialists prevailing, eurobonds etc etc??

    Do we Greeks really have a shot at neither german nor us agenda materializing or are we literally betting against ALL odds?

    • There is no painless solution to the Greek crises. The only thing that Greek people should concern themselves with is what is best for Greece and most sane people believe that is: a debt default, new currency followed by a slow recovery.
      Players in Germany & US have their own agendas.

      • Yes, but that is the worst outcome for the EZ structure. Hence the endless dithering… by those whose personal interests would be gravely damaged by a default, now almost inevitable. I hope the UK Treasury has been doing some contingency planning.

      • @Carys:
        You’re right it would be the worst outcome for the EZ structure. But IMHO it would almost certainly be the best outcome for Greece and virtually every other EZ member. I’m not sure what we are seeing is simply explained away as dithering (in the sense of incompetent politicians, although that’s certainly one feature). It is looking to me more and more like a political coup by the old guard of Europe that’s been trundling down the tracks behind the façade of “European unity” but has all gone wrong due to the financial crises, which in turn has exposed their real motives for all to see. I accept that ‘some’ of the EU elites may not be a party to this gameplan. But I cannot see any other rational explanation when considering the overriding of democracy in Greece and Italy and the outrageous demands and hardships being dumped on to Greece…and probably others if/when they go tits up. One look at the new 2nd bailout terms for Greece is mind blowing.

  9. Yep, thanks John. That looks like how it all began.
    It seems there are still some – as yet – unknown persons holding out against this default solution. But in the end, America gets its way. Merkel ought to know that.

    I’m waiting for the gloves to come off in Brussels and elsewhere in the EU, that’ll be the end of it all. Except for rounding up the culprits and opening up a new Nuremberg courthouse :-)

      • @kfc: You’re right of course.

        But we need to find a way of holding politicians accountable for their actions and disastrous policies way more than simply ejecting them from office at an election. The days of “I was only doing my job” or “I was only following orders” must be brought to an end if we are to learn from history.

      • BT

        Dead right, too many consider themselves ” Too big to jail ” & above the law, until that is changed we are their prey. Also they can’t lose even if they screw up bigtime, they still get bonuses, huge pensions etc, like the Ahern Cowen shower who helped turn Dublin into Europes financial whorehouse. They need to be made properly accountable so they also lose out, when the shit hits the fan.

  10. Hi from Greece,

    Politicians felt they were given an ultimatum. We either kill you immediately, or if you manage to sprint 100m in under 7″ we will spare you… they chose the latter to give them a few more months of life, knowing they will fail.
    Just kicking the can really…

    Greece should have defaulted back in 2010 and returned to the drachma. Now it is a zombie state… they chose the lose-lose scenario. Creditors lost more money in the end and private sector economy is run to the ground.

  11. So the can kicking is finally going to stop!……..Until the next one of the PIIGS goes t**ts up. Then it all starts again. How does that song about’ the grand old duke of york’ go?

  12. But Greece is aware of all this. They know what’s coming and they are getting prepared. On one hand I feel very sorry for the ordinary Greeks, but on the other hand the behaviour of the Greek elite has been nothing short of criminal.
    What I find utterly stomach turning is the us and them attitude of Brussels, they really have shown themselves to be utter shits.

  13. Good roundup JW

    It’s a storm that Greeks must ride out or perish. Interesting development, aimless illegal immigrants. Well, not really aimless, they were all headed to Britain but never made it further than Athens, Thessaloniki, Larissa, Drama etc

    In the past dozen years, Greece was flooded with illegals that globalists ‘demand’ remain in country no matter what. You can already envision the news stories coming our way after the next round of belt-tightening. Those racist bloody Greeks……

  14. The devil is in the details: * The Greek consitutional change demanded by the Troika (to hierachise debt before other expenditure) will not be possible by the Greek bailout closure date. And they knew that all along.*

    And the actual text of the decision is:
    “The Eurogroup in this context welcomes the intention of the Greek authorities to introduce over the next two months in the Greek legal framework a provision ensuring that priority is granted to debt servicing payments. This provision will be introduced in the Greek constitution as soon as possible”

    I don not see any deal breaker here. First they will introduce a legal provision voted ASAP, and then the constitutional change.

    However i see the tendency to introduce to Greece hurdles more and more unacceptable so one day they will give up.

  15. Excellent piece John; easy to see why you are so fond of terriers!

    I am having trouble with the current EU Prize Crossword (10 days in a Piraeus taverna and as much retsina as you can drink). The final clue is: too much makes a pallid monarch (3.4) – can anyone help?

  16. Π₪₪₪₪Π

  17. Has it occurred to anyone that the “leper” treatment of Greece by US is part of a geopolitical strategy? I am an American deeply opposed to both the banksters and US foreign policy. Greece is a strategic position for US military plans- I believe it is being groomed for a US military “peacekeeping” takeover as soon as enough internal chaos can be provoked there. It’s the same play that they’ve been using for decades in other countries. The article here today suggesting that the push to isolate Greece comes from the US confirms my suspicions I think. I also think it’s possible that the EU wants to isolate Greece to avoid any obligation to get involved when the US moves in to use Greece for it’s next military staging area.

    • I agree I was in Greece a few years ago and one of the locals told me Bush wanting to build a listening station on top of one of the peaks of this particular island but the Greek Government wanted none of it.
      With events in the world turning the way they are at the moment maybe the Americans want a lot more “influence there”.looking towards North Africa.

      • Thanks for that information. I can’t imagine Russia would not block this maneuver- it would be of great strategic importance for them I think, and Iran as well. Why do you suppose there’s been such silence?

    • I say that is a very good bit of blue ‘sky’ thinking. The US lost most of their bases in the late 80’s with I think now just the one base remaining on Crete – that was bursting with activity with US preparations to attack Libya – all but hidden from the corporate TV/Press.

      The US were hoping to get bases sorted in Cyprus but need political unification first. Turkey offers very limited opportunities with two US bases but keeping their nose in on all US actions permitted. It needs to be remembered that the US were in Turkey when Cyprus was invaded so the US are not exactly friends of Greece and would need to do something like having their Wall Street masters crash the Greek economy first to get a foothold back in the country. Of cause it was the CIA who taught the Junta how to torture and oppress so sticking it to the Greeks one more time will not feel too tough.

      Plus as you say the EU would not like a serious US fortress dominating Greece so if Greece is forced to all but break from the EU this option may be portrayed as hard to decline. The Chinese were offering the same sort of option to Greece so I guess it would look like the better between a rock and hard-place (to have the US I mean).

      Greece make a good strong point with allies to the rear and a pivotal Mediterranean point between Africa, the Middle East and the Black Sea.

      Plus who knows: maybe they are thinking, one day should they decide to go north instead, Greece would be a handy place to start. With the UK at one end and Greece the other the pincer is complete. Squish!

  18. I am starting to struggle with the time all this is taking.
    Why the delay before default?
    What is the trigger date that everyone is waiting for? The support fiasco goes on day after day, why don’t they just call time and cut Greece free?

    • Basically, those who are calling the shots (for now) are making it up as they go along. To understand history you need both conspiracy theory and cockup theory; the latter usually predominates. The current scenario could be likened to a juggler who keeps picking up another ball; sooner or later one must drop and the momentary distraction will probably take most of the rest with it. These people are acting in accordance with perceived imperatives that are dictated by faulty logic and naked greed; as a result, they find themselves in classic Joseph Heller territory. It is the most stupendous game of hubris in the whole history of the world in terms of sheer scale. What will trigger the endgame? A Greek default sometime next month must be a likely starting point. However, in the end, mass rejection of the obviously stupid will probably be required – hopefully without too much damage to the citizen. If we can’t find a better paradigm for coexisting than the present mess, I for one will die in despair.

  19. Did you see on Zerohedge a load of folks are going to tweet ‘Greece defaults ‘ at 4.03 pm to see if they can rock the markets….is it possible…I wonder? Might crash the tweet system for a mo.

  20. @ Hierinomusib.’sun king’it is.You are doing an EU crossword,so a little history.Louis XIV came to the throne as a teenager,and things were run by his corrupt finance minister,Nicolas Fouquet who built,using state funds,Vaux-Le Vicomte,a sublime palace,60k south of Paris.Fouquet invited Louis to a ball for Louis’21st.At 1 am, Louis ordered his driver to take him back to Paris,threw Fouquet in jail,and assumed total power.Using state funds,Louis then commissioned Vaux, Le Brun and Le Notre to do the same for him at Versailles on an epic scale.plus ca change in the EU,and it’s crosswords.

  21. So if Merkel and Schäuble aren’t keen on this murky Washington default deal that they weren’t privy too, and presumably aren’t big believers in the official set-up-to-fail deal either – then what DO they want? What’s their plan for defusing this situation? Neither of them seems to be the type to just cling on, keep their heads down, and hope that things will work out alright on their own.

  22. Perhaps simply to stay in power? Merkel’s apparent anti boosting the bailout fund stance is discussed in Der Spiegel

    http://www.spiegel.de/international/europe/0,1518,817152,00.html

    “…Part of the resistance in Berlin is due to the fact that Merkel is facing a tough vote in the Bundestag, Germany’s parliament, next week over the second bailout package for Greece. A least six parliamentarians belonging to Merkel’s governing coalition have said they would oppose the bailout in Monday’s vote. This could make it necessary for the chancellor to rely on votes from the opposition, weakening her political stature.
    Although Berlin’s official position remains “no,” German media are reporting that officials in Merkel’s government are already considering potential compromises….

  23. There’s a lot of talk about Osborne removing the higher-band tax relief from personal pension contributions at the next UK Budget.

    Does anyone think the chances of pension funds being trashed when the serial defaulting finally happens means that not taking advantage of the higher relief is a better bet?

    Maybe your contributions will buy a lot more after the default?

    Any thoughts?

  24. What a pass we’ve come to when the mainstream press, with all their vast resources (including phone hacking), fail to do any investigative journalism, but merely regurgitate what the press offices of governments and finance houses feed them.
    It takes a lone individual like JW to join up the dots. Thanks JW.

  25. Pingback: Greek Debt Exclusive: Default Planners 'Falling Out Over Firewall' - Sources

  26. @BT Quite. See my apology to William. I have read enough of his and your comments to know that you both have noble minds. The blathering on ludicrously long on certain key subjects (acronym) must be getting to me..

  27. Europe is tightly controlled to regulate the derivatives market by $ 700 trillion. google, this is why i believe they will do all in their power to avoid a default, no one really knows how many derivatives are tied to Greek debt, ignore Forbes, FT etc, the derivatives trade has caused all the major economic disasters in recent times and the economic powers that be will cross heaven and earth to avoid a hard default.

  28. @BT Btw, at the Magistrates’ last week, reality finally clicked in for the prosecution. When they saw my evidence (which had been presented previously and rejected) and heard what I was intending to say to the court, they declined to proceed. I can still hardly believe the stupidity of it all.

    • Great Gads! Congratulations. That sounds like a victory for you!. You may go down in history as a rare person who won a battle with *authorities*.

  29. Pingback: BREAKING: S&P JOINS FITCH, CREDIT SUISSE IN SEEING GREEK BAILOUT AS DEFAULT | The Slog

  30. Thanks for making me laugh again! You have a gift!

    I see you (kinda-sorta) left out the part: ‘this idea is stupid, it will never work!’. Policy is made by the Three Stooges. Nobody has a clue about what it is they are trying to do.

    Interesting to see if the wheels come off in time to effect Obama’s election efforts. Finance looks good right now in the good ol’ USA, (human sacrifices are not permitted.)

  31. Pingback: John Ward – Greek Debt Exclusive: Default Planners ‘Falling Out Over Firewall’ – Sources – 24 February 2012 | Lucas 2012 Infos

  32. Member of German government now calls for Greek exit:

    http://www.athensnews.gr/portal/10/53584

    Chancellor Angela Merkel’s conservative Interior Minister became the first member of her centre-right government to openly call for Greece to leave the eurozone in a magazine interview released on Saturday.

    Hans-Peter Friedrich, a leader of the conservative Christian Social Union (CSU) ……

    “Greece’s chances to regenerate itself and become more competitive are certainly greater outside the currency union than they are if it stays in the eurozone,” Friedrich told the news weekly in comments released ahead of publication.”

    “I’m not saying that Greece should be thrown out but rather to create incentives that it can’t say ‘no’ to,” he added. (Reuters)

  33. Interesting piece. As an American, reading your report took my breath away. This just goes to prove that the (U.S.) Fed must be destroyed, along with all central banks, and never, never, allowed to exist ever again. Thomas Jefferson was right in saying, not just for America, but for the world:

    “The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.”

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  35. Pingback: EU UNRAVELLING: The more challenges they face, the more its leaders break the law. | The Slog

  36. Pingback: EZONE CRISIS: Bundesbank slaps restraining order on Merkel, fires torpedo at EU peripherals. | The Slog

  37. Pingback: John Ward – EZONE CRISIS – Bundesbank Slaps Restraining Order On Merkel, Fires Torpedo At EU Peripherals – 31 March 2012 | Lucas 2012 Infos

  38. Pingback: EZONE CRISIS: Bundesbank slaps restraining order on Merkel, fires torpedo at EU peripherals. [The Slog] « Mktgeist blog

  39. Pingback: EZONE CRISIS: Bundesbank slaps restraining order on Merkel, fires torpedo at EU peripherals. | 2012: What's the 'real' truth?

  40. Pingback: MED ENERGY WARS: UK Foreign Office slumbers on as Israel/Turkey showdown grows ever nearer. | A diary of deception and distortion

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  42. Pingback: John Ward – Greek Deficit : How Berlin Encouraged Papandreou To Big-Up The 2009 Greek Deficit – 26 June 2012 | Lucas 2012 Infos

  43. Pingback: GREEK DEFICIT: How Berlin encouraged Papandreou to big-up the 2009 Greek deficit | justiceforgreece

  44. Pingback: GREEK DEFICIT: How Berlin encouraged Papandreou to big-up the 2009 Greek deficit /Πώς το Βερολίνο ενθάρυνε τον Παπανδρέου να διογκώσει το ελληνικό έλλειμμα το 2009 « eleutheriellada

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