GREEK EMBEZZLEMENT UPDATE: SLOGPOST VINDICATED BY ATHENS NEWS REPORT

From Athens News:

‘Six of the country’s universities say they face immediate closure after the recent bondswap reduced their assets to zero. An emergency meeting of university rectors on Tuesday heard that only 33m euros remained of 120m euros that 17 Greek universities had deposited with the Bank of Greece for their operating expenses, while six university accounts were now completely empty meaning they would soon be unable to stay open.’

You read it here first.

Stay ahead with The Slog. And while you’re at it, comment-thread at MSM sites asking why they aren’t reporting this utter disgrace. Bombard Brussels with emails asking why they are happy to be complicit in this obscenity. And pester Willy Vague until he accepts the fact that he is in a menage a 27 with anti-democratic and illiberal crooks.

34 thoughts on “GREEK EMBEZZLEMENT UPDATE: SLOGPOST VINDICATED BY ATHENS NEWS REPORT

  1. John

    I’ve sent a copy of this post to my M P – Peter Lilley. It will be interesting to see if I get a reply. I’m not holding my breath.

  2. John, did you know that the Minister for Europe was a cove by the name of David Lidington? No? Neither did I. Anyway, I’ve had a bit of a squint at his recent utterances and, apart from a bit of arcane stuff about Intellectual Property he doesn’t seem to have set the world on fire … so to speak.

    I’ve dashed off a line or two on the subject of government theft to his e-mail address and will get back to you should he reply to this unworthy peasant.

  3. Do you have any news on the state of affairs at the hospitals.

    Yes, it is tough when a university has no money, but students can learn on the streets. Greece used to be good at that, with philosophers on every corner.

    When a hospital has no money it is quite a different matter altogether.

  4. Terrific work, JW. I’ve been trying to find validation of your earlier post and here we have it. The silence of the MSM is deafening. I have forwarded the details to Norman Baker, a bloke that I sometimes agree with, sometimes not: seems honest, though. As the queues at the Athens soup kitchens lengthen, and the internal diaspora from city to village by Greece’s brightest youngsters grows daily, the complacency of the Euro elite seems ever more contemptible.

    • Ahem! Get real? That’s a bit strong, kfc. Is it preferable to sit back and do nothing, after reading an article such as this? I don’t think so. I think it’s preferable for every person who knows what is really happening, to broadcast it to as many politicians, newspapers and people, as they can.

      • wordpress got it’s whatsits in a not
        my post was in relation to sending the link to my MP

        Perhaps sending it to as many people may not change anything but it will be a lot harder for anyone to deny they didn’t know hadn’t heard anything about it

  5. Why did Greek Universities bought GGBs instead of funding spin-offs ?

    I guess they trusted the State more than their own students….

  6. John, I had to read this twice to take it in. What’s happening in Greece (aside from being illegal) will soon eclipse the financial penalties imposed on Germany in the years following the end of the First World War. The only difference being Greece hasn’t gone to war and killed millions of people. I’ve emailed my local MP Nicky ‘five bellys’ Soames with a link to your article. Nicky is a bit of a chocolate teapot so I’ve emailed David Davis, who I have a higher regard for.

    I really don’t know when you sleep, you clearly put a vast amount of work into your public service blog. I won’t lie, on occassion, you sometimes scare the living crap out of me, but on balance I’d rather be aware of what’s happening out there than skipping through life blissfully unaware of the mega shit storm heading my way.

    Thanks very much

  7. Pingback: John Ward – Greek Embezzlement Update – Slogpost Vindicated By Athens News Report – 28 March 2012 | Lucas 2012 Infos

  8. Well, I’ve done my bit to circulate in my circles, and tried to give a heads up to various media outlets.

    I don’t twitter, facebook, or whatever else there is these days. However, it would be good for any twitters (is that the correct term?) to push this out to the financially-orientated websites that deal more with retail traders, and not, say, the FT, who could perhaps keep the exposure under the table.

    Indeed, if you really want to scare the markets, get this into the forex arena.

  9. From Greece: I want you to know that this is STILL not being mentioned yet on the news channels. Except for those involved nobody knows this yet, there is a BLANKET on this story so far.

  10. This sounds more like the universities experiencing the chill of what PSI haircuts actually entails.

    Their ‘cash’ deposits sound if they were in the form of ‘safe’ Greek Government Bonds, not something you’d generally regard as market speculation by the university’s investment arms, its common practice amongst large institutions, assuming of course they weren’t recent ‘hedge fund’ style bets.

    Not that in anyway lessens the pain and as others have pointed out, something that’s heading our way soon.

    Maybe it was the same story with the Hospital accounts JW…… Or am I being a little too generous towards the Greek Authorities?

    We’ll find out in due course no doubt.

  11. @Romford_Dave
    Based on what is reported out there(the mainstream media had been silent on this for about or more than a week but it finally got out a bit) , these deposits(reserves) of the Universities,Hospitals and other Public Entities (Nomika Prosopa Demosiou Dikaiou-Νομικά Πρόσωπα Δημοσίου Δικαίου- ΝΠΔΔ-literally Legal Persons(Entities) of Public Law) were turned ,without permission, to GGBs this year when and while the haircut was know to be imminent.Before that they hadn’t been invested in GGBs… ;-)

    P.S.As I understand it after a brief search, the investment of these reserves has been administrated by law by the Bank of Greece(central bank of Greece,”member” of ECB).So it’s BoG and probably also the Greek Goverment that is responsible for these awful actions;it’s not the Universities’ or other ΝΠΔΔ’s fault…

    P.P.S. http://translate.google.com/translate?u=http%3A%2F%2Fwww.tovima.gr%2Fpolitics%2Farticle%2F%3Faid%3D450550&sl=&tl=en

    • This is the official email sent to all people(including students) in University of Athens by its Rector;I guess the same text has been sent at all Greek Universities:

      ΑΠΟΦΑΣΗ ΕΚΤΑΚΤΗΣ ΣΥΝΕΔΡΙΑΣΗΣ ΠΡΥΤΑΝΕΩΝ ΤΩΝ ΕΛΛΗΝΙΚΩΝ ΠΑΝΕΠΙΣΤΗΜΙΩΝ

      Η Σύνοδος των Πρυτάνεων συνήλθε εκτάκτως σήμερα 27 Μαρτίου 2012 στην Αθήνα και συζήτησε τα οικονομικά προβλήματα των Πανεπιστημίων όπως αυτά διαμορφώθηκαν μετά την απομείωση των λογαριασμών τους στην Τράπεζα της Ελλάδος. Η Σύνοδος εκφράζει την αγωνία της για τη δυνατότητα συνέχισης της καθημερινής λειτουργίας των Ιδρυμάτων και ζητά άμεσα από το Υπουργείο Παιδείας :

      Την επιστροφή στους λογαριασμούς των Πανεπιστημίων που τηρούνται στην Τράπεζα της Ελλάδος των αφαιρεθέντων ποσών τα οποία καλύπτουν λειτουργικές δαπάνες, υποχρεώσεις και επισφάλειες των Ιδρυμάτων.

      Την απελευθέρωση από το Υπουργείο Παιδείας των προϋπολογισμών των Πανεπιστημίων για το 2012, όπως αυτοί έχουν εγκριθεί από τις Συγκλήτους των Ιδρυμάτων.

      Την έκτακτη οικονομική ενίσχυση των Πανεπιστημίων ώστε αυτά να μπορέσουν να συνεχίσουν τη λειτουργία τους.

      Καθίσταται σαφές ότι τα Πανεπιστήμια με τις σημερινές συνθήκες οδηγούνται στο αμέσως επόμενο διάστημα σε πλήρη αδυναμία λειτουργίας και διοίκησής τους. Τέλος, στο πλαίσιο της πλήρους αυτοδιοίκησης των Πανεπιστημίων, η Σύνοδος των Πρυτάνεων συγκροτεί Επιτροπή Νομικών για τη διασφάλιση της περιουσίας των Ιδρυμάτων και την άμεση αναζήτηση τυχόν αστικών και ποινικών ευθυνών για όσες οικονομικές ζημίες έχουν προκύψει από παρεμβάσεις τρίτων. ”

      A translation of the above:

      “DECISION OF THE SPECIAL CONFERENCE OF THE RECTORS OF GREEK UNIVERSITIES

      The Conference of Rectors met urgently today March 27, 2012 in Athens and discussed the financial problems of universities as they have been formed after the impairment of accounts at the Bank of Greece. The Conference expresses the anxiety over the ability of continuing the daily operation of the Institutions and requests urgently from the Ministry of Education:

      1.The return to the accounts held the Bank of Greece of the Universities of the withdrawn amounts that cover operating costs, liabilities and obligations of institutions.

      2.The release by the Ministry of Education of the University budgets for 2012 as they have been approved by the Senate of these Institutions.

      3.An emergency financial assistance to universities so that they can continue their operation.

      It is clear that the universities under the current conditions will be driven in the near future into complete inability to function and be administrated. Finally, under the full authority of the universities, the Rectors’ Conference is creating a Legal Committee to safeguard the assets of institutions and and about the imminent search for any civil or criminal responsibility for all financial losses resulting from interference by third parties.”

  12. I used for the sake of speed, Google translate and then cross checked the Greek text and its translation for a better result.But still it could have been better a trnslation;I wish there were an edit button but since there isn’t one, a small change follows:

    “1.The return to the accounts held the Bank of Greece of the Universities of the withdrawn amounts that cover operating costs, liabilities and obligations of institutions.”
    ->
    “1.The return to the Universities’ accounts held at the Bank of Greece of the withdrawn amounts that cover operating costs, liabilities and obligations of institutions.”

    Still not perfect but I guess it will do for now…

    P.S.The numbering it was present, was there at the original Greek text but somehow it didn’t survive the copying-pasting (I think it disappered going through google translate).

  13. Resending the full greek text just for the record:

    ΑΠΟΦΑΣΗ ΕΚΤΑΚΤΗΣ ΣΥΝΕΔΡΙΑΣΗΣ ΠΡΥΤΑΝΕΩΝ ΤΩΝ ΕΛΛΗΝΙΚΩΝ ΠΑΝΕΠΙΣΤΗΜΙΩΝ

    Η Σύνοδος των Πρυτάνεων συνήλθε εκτάκτως σήμερα 27 Μαρτίου 2012 στην Αθήνα και συζήτησε τα οικονομικά προβλήματα των Πανεπιστημίων όπως αυτά διαμορφώθηκαν μετά την απομείωση των λογαριασμών τους στην Τράπεζα της Ελλάδος. Η Σύνοδος εκφράζει την αγωνία της για τη δυνατότητα συνέχισης της καθημερινής λειτουργίας των Ιδρυμάτων και ζητά άμεσα από το Υπουργείο Παιδείας :

    1. Την επιστροφή στους λογαριασμούς των Πανεπιστημίων που τηρούνται στην Τράπεζα της Ελλάδος των αφαιρεθέντων ποσών τα οποία καλύπτουν λειτουργικές δαπάνες, υποχρεώσεις και επισφάλειες των Ιδρυμάτων.

    2. Την απελευθέρωση από το Υπουργείο Παιδείας των προϋπολογισμών των Πανεπιστημίων για το 2012, όπως αυτοί έχουν εγκριθεί από τις Συγκλήτους των Ιδρυμάτων.

    3. Την έκτακτη οικονομική ενίσχυση των Πανεπιστημίων ώστε αυτά να μπορέσουν να συνεχίσουν τη λειτουργία τους.

    Καθίσταται σαφές ότι τα Πανεπιστήμια με τις σημερινές συνθήκες οδηγούνται στο αμέσως επόμενο διάστημα σε πλήρη αδυναμία λειτουργίας και διοίκησής τους. Τέλος, στο πλαίσιο της πλήρους αυτοδιοίκησης των Πανεπιστημίων, η Σύνοδος των Πρυτάνεων συγκροτεί Επιτροπή Νομικών για τη διασφάλιση της περιουσίας των Ιδρυμάτων και την άμεση αναζήτηση τυχόν αστικών και ποινικών ευθυνών για όσες οικονομικές ζημίες έχουν προκύψει από παρεμβάσεις τρίτων.

    P.S.Edit button needed urgently;correcting last post scriptum:
    “P.S.The numbering was present,it was there at the original Greek text but somehow it didn’t survive the copying-pasting (I think it disappeared going through google translate).”

    • Translation again,I hope it’s better now and more precise:

      “DECISION OF THE SPECIAL CONFERENCE OF THE RECTORS OF GREEK UNIVERSITIES
      The Conference of Rectors met urgently today March 27, 2012 in Athens and discussed the financial problems of the Universities as they have been formed after the impairment of their accounts at the Bank of Greece. The Conference expresses its anxiety over the ability of continuing the daily operation of these Institutions and requests immediately from the Ministry of Education:

      1.The return to the Universities’ accounts, held at the Bank of Greece, of the withdrawn amounts that cover operating costs, liabilities and obligations of institutions

      2.The release by the Ministry of Education of the University budgets for 2012 as they have been approved by the Senates of these Institutions.

      3.An emergency financial assistance to Universities so that they can continue their operations.

      It is becoming clear that the Universities under the present conditions will be driven in the near future into complete inability to function and to be administrated. Finally, under the full self-governance of the Universities, the Rectors’ Conference is forming a Legal Committee for safeguarding of the assets of the institutions and for the imminent search for any civil or criminal responsibility for all financial losses resulting from interference by third parties.”

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