GREEK DEBT HISTORY: How Papandreou and Troika turned down a SECOND lifeboat

New Greek Finance Minister: he devised a way to get Papandreou off the hook, he steered Greece into the Euro in 2001. The plot thickens.

Yannis Stournaris

How a top German consultancy fed the Greeks a lifeline…to no avail.

Yannis Stournaras, the new Minister of Finance in Greece, has landed himself a pole-position job. Stournaras is something of a thoroughbred old-Establishment Greek politician: he emerged as a force in the old days of Kostas Simitis, the former Prime Minister of Greece, who – as one source put it earlier this week – “was the master builder of the greek tragedy right at the outset”. It isn’t meant as a compliment.

The facts bear this out: one way and another, Simitis schemed to disguise the chronic problems of the Greek economy and get Greece into the Eurozone. During the period of his governance, official data presented inflation as having decreased from 15% to 3%, public deficits diminished from 14% to 3%, with GDP allegedly increasing at an annual average of 4% – and actual labour incomes increasing at a rate of 3% per year. It was largely a tissue of lies that Eurostat had caught onto by 2006: whenever any Sprout or Europol tells you the Greek collapse came as a shock to Berlin-am-Brussels after Papandreou came to power, you know you are in the presence of a fool or a liar. The eurozoners knew from Day One that Greece was a potential liability….but it suited theur hubris-fuelled ambition to have them in.

Stournaras’s nickname in Greece is ‘Mr Euro’. Frequently described as ‘the man who steered Greece into the eurozone’, he was chief economic adviser and a very close aide to former Prime Minister Costas Simitis when Greece was negotiating euro entry up until 2001.

In October 2011, Yannis Stournaras proposed and formed a Greek sovereign debt reduction scheme called KAPPA (Initiative for Protection and Exploitation of Govermental Real Estate ).

The proposal envisaged the establishment of a public company to offer a diversified portfolio of real estate and movable assets, which will then be sold to a European body (European Investment Bank or EFSF), and be disbursed immediately as  €75 billion to massively reduce Greek public debt.

Codenamed “Archimedes”, it was in reality the brainchild of multinational consultancy giant Roland Berger – by far the biggest management consultancy in Germany, it turns over a whopping  €0.8 billion per annum…and is based in Frankfurt. In September 2011, it had presented an ingenious plan in that City of Bankers to a Greek delegation led by Stournaras. In full, its recommendations suggested bundling Greek state assets worth  €125 bn into a holding company, and selling it to the EU. This company would issue bonds, and the Greek State would be allowed to use these.

Had it gone ahead, Roland Berger predicted it would reduce Greek debt from 145% to 88% of GDP.

Enthusiastic about the idea, Stournaras submitted RB’s plan to the Papandreou goverment and the Troika together a month later. They r ejected it, and instead,  Papandreou, the IMF, and the ECB chose the far more risky (and, as it turned out, damaging) option of private bondholder haircuts and a second bailout.

It’s hard not to make two simple empirical observations at this point: as  the Slogpost of three days ago demonstrated, Berlin conspired with Greece eighteen months before these events to exaggerate the Greek deficit (in order to ensure full eurozone contributions to the bailout). Now here the Troika was, looking a relative gift horse in the mouth….and turning it down.

One can only suspect that, had a smaller deficit in 2009 and a sale of assets to Brussels rather than a depressed open market in 2011 gone forward, Greece would’ve got back a great deal of its independent sovereignty and access to the markets than subsequently occurred. And the extrapolation from that in turn is that Merkel, Schäuble, Brussels and Lagarde have done everything in their power to reduce the chances of Greece retaining its independence.

So we can reasonably assume that this is more or less what the unlucky members answering directly to Obersturmbannführer Schäuble under the Faskal Union can expect…..more of the same.

And while we’re down here, another little afterthought: Roland Berger is at present actively involved in a scheme to create a eurozone ratings agency….the €300 million start-up cost to be funded by a consortium of German banks in Frankfurt. Just fancy that.

If you read this and enjoyed it, you may have missed this piece from yesterday: WHY THE GLOBAL PLOTICAL CLASS FEARS WHERE LIBOR WILL LEAD
Although this exclusive story achieved reasonably high hits, it ought to have gone viral: we are looking here at a cordinated sovereign State/Central Bank plot during 2008 to manipulate LIBOR rates….yet again, to save the banks. If anyone wants to comment thread on this at high-circulation sites (especially in the States) I would deem that a great favour. The US public needs to be reminded just how totally it has been raped in myriad ways by these monsters.

 

53 thoughts on “GREEK DEBT HISTORY: How Papandreou and Troika turned down a SECOND lifeboat

  1. Sounds plausible enough, but unfortunately plausibility is no guide whatsoever to how true or likely a theory is. And I think this one falls down because it doesn’t take into account that for purely practical reasons Germany wants to keep the euro intact in as far as a return to the DM would – will – cost it dear. The DM will soar on the exchanges, making its imports cheaper and its exports far more expensive. So hubris quite apart, a Germany in the eurozone rather than out, and a working eurozone rather than not, are the least worst options, and had it been presented with the solution to the crisis outlined above, it would not have turned it down. So I think this one falls at the first hurdle.

    • It only falls if you assume the Germans want to destroy the Euro… which the article did not say… they just wanted to create the conditions to lose the smaller, poorer countries… Germany was always opposed to Greece’s membership and only agreed at the insistence of the Italians. This is not about the Euro as a monetary unit… it’s simply about wanting access to greek land and resources without having to pay in Euros… but Drachma instead. They are running the country into the ground so they can swoop in and get what they want cheaply… makes good business sense… if your competition is stupid enough to let you manage their business, they should not be surprised when you do a bad job.

      • Sorry, but the Germans wanted the Greeks in, Kohl,Mitterand and Thatcher agreed this in the 1980’s. Keep the Turks out. The US stated it wanted the Turks in the EU. Who better to keep the Turks out, our gallant Greek compatriats.

        Using Greece, helped France and Germany re the Islamic groups in their countries. Of course there were many other factors in allowing Greece into the EU and then the Euro, but the above was and is a major factor.

      • I agree that in the 1980’s they wanted Greece in the UNION… by 1999 Germany was singing a different tune about wanting it in the Euro… as far as Turkey?, in the 80’s they wanted Greece to be the line between Turkey and the EU… now that Turkey entered EU ascension (and more recently Germany has fast tracked their membership) they no longer see a need for a shield against Turkey. Germany having joined the American point of view also want to isolate Greece for their strategic needs and energy futures. Despite how this all started… it is certainly clear that they do not need or want us in the Euro NOW… now that they have had 3 years to insulate themselves from their bank exposure to Greek debt, and shore up their own banks liquidity to handle anything else… it’s like in The Godfather… except reversed… this time they are “making us an offer we can’t accept”.

    • But if all your neighbours are broke they are not going to be buying anything anyway, and do you want to be running a soup Kitchen for them?

      • @Mattej… Germany does not want all it’s neighbors to be broke… just Greece. The instant and constant specific character assassination towards Greece in the beginning of this confidence scam, when compared with the respectful, even timid approach it takes with other PIIGS has been the dead give away about Germany’s intentions to convince other EU member states that they are better off without us in the Euro (and it has worked, because people are stupid and don’t bother to learn the truth)… so to answer your question… once Germany lets Greece “wither on the vine” as they are doing now by withholding the funds that they agreed to… we will be forced to drop out of the Euro… but then there will be plenty of “austerity” free EuroMarks to save Italy and Spain (so they hope) and they will still be able to offset German inflation and be able to afford c classes far into the future… the argument is not that they are against the Euro… just Greece’s place in it. I would say it was safe to say that Germany was never serious about saving Greece as is evidenced by the stalling and half steps (against the advice of every economist who believed they wanted to help) that they have engaged in from the very beginning.

  2. Greece has resources… besides the interest from Russia, China, and Israel… the Germans would not waste 2 cents or 30 seconds on a worthless project (never known them to be foolish with money)… but, they did not want to pay Euro prices… after 3 years of their “management” they will get to pay in Drachma. This has always been about bringing Greece further under direct political and fiscal control… as evidenced by German politicians campaigning for PRO_EU party’s in Greek elections… they say the problem is our bad polticians made us owe money… then they recommend we borrow more money and re-elect the same crooked mafiosi that they claim are the problem? that is not a “bailout” it is sabotage… and it’s working, the world is now focused on Spain, and Italy… countries that will be allowed to skate on “austerity” because they are more powerful than Greece… eventually we will be effectively run out of the Euro. People are not stupid though, the markets will not be so kind… and as the Euro continues to fall because it built on fiscal fantasy from almost all members, and they’re resolve to support all members is now obviously a lie… the value lost will never be regained, the iron clad trust in the “union” is destroyed… eventually the Euro will fail… because of short sighted, incompetent management.

      • @Hieronimusb… it does not matter if I am right… because if I am wrong, and the Euro survives… then Germany will be emboldened to make the rest of Europe “Greeks” as well… from what I have been told by my German friends… Germans are not much more fond of Spanish, Italian, or Portuguese people either… how long til the demands for “reform” start rolling in. Ridiculous… it’s like WWII when all of Europe was acting like if they just keep quiet, and don’t draw Germany’s attention they would be left alone… the Greeks are the only Europeans insolent enough to have stood up and told them NO then, and now… either way we went hungry then and we go hungry NOW… there is no upside for Greece in any of this.

  3. I haven’t seen any conspiracy theories regarding Vassilis Rapanos’ sudden illness which prevented him from even starting the Finance Minister job. It was very convenient though, since he looked as though he might be a decent guy.

    • Can you imagine the hornets nest of dirty laundry that job would unleash on its new boss… I mean, the terms of the deal with Goldman Sachs are still secret!!! Those alone would make your face melt like Indiana Jones! I imagine he had one look at the truth and he aged 30 years instantly.

    • There was a lot of rumor that Rapanos accepted the position and then got terrified by the numbers. i don’t believe it – does not make any sense. Rapanos being the president of National Bank of Greece (NBG), most probably he already knew the figures – at this level he had inside access to almost all info.
      The latest leaked info (which makes a lot more sense): Rapanos initially accepted Samaras invitation to take the Finance Ministry. Hours later he was notified that Samaras also intented to change the governing directors of NBG, especially Tamvakakis, the CEO (close friend to Rapanos).
      This was not acceptable by Rapanos – he wanted his friends and assistants to remain at key positions in NBG. Therefore…the saga of hospitalisation and the step back for “health reasons”.

  4. But John, don’t you know that this is all in th past now. As of last night, our “leaders”, gods amongst men that they are, have come up with not just a plan….no they have the uber plan (TM). They have saved us all with their mighty brains and shining, muscular bodies.

    Thats right, they will directly bail out insolvent zombie banks from every corner of the continent with money from the ESM (an entity which does not exist) and the EFSF, which has no money. And they will not be seeking new funds for either.

    Awe inspiring. ;)

  5. I wouldn’t care a damn about the euro zone and its troubles, except for one thing. 10 of the 27 Euro nations opted out of adopting the Euro (including of course the UK) yet we are expected to support the Euro’s struggles.
    One third of Euro nations subsiding the other two thirds, many of whom are corrupt and profligate and have brought the trouble down on their own heads. In any sane situation we could say “I told you it wouldn’t work; bugger off “.

    We have a right to know what’s going on – right denied. We have a right to say whether we have any part of it – right denied.

    • Fully agree. Time for some truly representative democracy. Get some politician with an actual backbone on the evening news and tell the people of Britain (and the other 9 non-Euro nations that are on the hook) the truth about what’s going on. Then give them the right to directly vote for whether we should continue to put ourselves in the poorhouse to keep the other 17 EU members ticking over. Simple enough these days; set up a website (independently run and not by Diebold!) and let the question run for a few days. Tally the results and bloody abide by them, whether yes or no.

      Sorry, but… if we taxpayers are going to be paying for it, and we are, then we ought to have a say in whether we do it in the first place.

      I’m sick of living in a country that’s run exclusively for the f**king wealthy, with only the merest veneer of actual democratic process. If choosing NOT to pay for all these shenanigans (and bank bailouts, corporate welfare money, etc) means that some scions of generational hereditary wealth and influence end up in the dole queue, then TOUGH! Should have behaved more responsibly in the first place, shouldn’t you? I for one am sick to the back teeth of scraping to make a half decent living to keep you lot in champagne and caviar.

      My missus, for example, has typically only managed to take about half of her annual leave entitlement for the past 6-7 years. There’s no-one to cover her job, the company can’t afford to pay to take on someone capable of doing her job and about 15 other staff members would have to take unpaid leave during her holidays (if she actually took them all), because the place quite literally can’t function without her. So, out of a sense of duty to her employees, she’s working herself far harder than should really be allowed. And it’s showing! She’s 35 and is already starting to suffer hip and knee pain from 6 day weeks of 10 hour days of work that’s both physically and mentally demanding. But she can’t simply quit; the firm would probably have to close down, putting the other employees on the dole AND there are so damn few decently paid jobs around anymore that she’d probably end up on minimum wage – she refuses to go on the dole; doesn’t believe that someone else should ever have to pay her way. And nor do I.

      IMHO, the so-called 1% are the cause of this! If their greed and stupidity over the past 30 years or so hadn’t forced the UK to adopt so much of a service / financial economy, while giving ever more generous benefits to those who didn’t want to work very hard, or at all (both at the top and bottom of society), then my other half (and I’m sure there are many thousands in exactly the same position) wouldn’t be working herself into an early grave!

      /end rant

      • As I literally wonder how my family will eat this winter here in Greece… I must admit a seething jealousy of your wife’s 60 hour work week.

      • Ioannis, It’s a real shame about your situation. I recently watched a documentary from the “bbc” propoganda channel that showed greece to be really struggling for everyday life (they didnt get into who was really to blame but its my opinion of bankers and corrupt officials and military spending?). Yet here in the uk Woodgnomes wife situation is quite common, many people have to work like crazy while a hoard of people dont work at all and are on decent benefits and have no intention of work.

  6. Pingback: John Ward – Greek Debt History : How Oapandreou And The Troika Turned Down A Second Lifeboat -29 June 2012 | Lucas 2012 Infos

  7. What is utterly appalling to me is that, as a result of all these political games and suptefuge, Greece has lost a massive number of thriving, often family run business, thowing many more younger people out of work, run out of drugs for the chronically sick, had its University system all but destroyed and reduced pensioners, (who did pay into a pot for their old age) to below survival rations……..or to be loosing their electricity….and that is first-hand just from some of the few friends that I have in Athens.

    You can see why Spain and Italy want to avoid Troika interventions….The Greek economy sure may not have been in the greatest of shapes in 2010, but I am utterly convinced that it was the inept Troika mismanagement giving the patient totally the wrong medicine that completely killed it off. I still hope that I’ll live long enough to see some of these kniving morons in the dock of The Hague one day…….the oldest, sickest and weakest Greeks are in for a desperate fight for survival next winter, whatever currency they do not have to spend.

    • Nice that you see it for what it is… I worry plenty for whether or not my family will have food and heat to make it through the winter… but, like you, when I see the old folks around here… I am really concerned… these conditions will lead to a massive amount of people literally dying before their time… the most unreported story of all this… is how badly it is really affecting the very weakest, and most helpless that had NOTHING to do with any of this. You have no idea how appreciated your concern is. On Monday… I must go to the Church and ask to be on the food support list… my wife has Lupus, and my daughter is Autistic so we are just praying she does not have an episode because the standard treatment is anti malarials and I already know that none of the hospitals here have them in stock… and of course there is no school, or therapy for my daughter… in the European Union. It’s not Greece… it’s the Ghretto.

      • @Ioannis: I read your reply this morning with a very heavy heart and wish the very best for you and your family in the difficult months ahead…..If we heard that there was so much as a single EU ‘Sprout’ appointed with the responsibility for collection and distribution of humanitarian aid to the people of the counties that they are wreaking, I might feel slightly more forgiving. You are absolutly right about ‘unreported’…..The Troika not only ‘don’t want to know’ in Greece….They don’t want us to know in the rest of Europe either. We’ll all have to work together to put that one right.

  8. “The US public needs to be reminded just how totally it has been raped in myriad ways by these monsters.”

    1] Nobody knows just how much impact the attempts at LIBOR manipulation may have had, but the general feeling is that it was small.

    2] The LIBOR rates were unrealistically high after 2007 and that caused problems for borrowers using LIBOR based loans. LIBOR turned out to be an unrealistic measure of bank costs since by 2008 the banks were no longer buying loans from each other but taking them direct from the Fed or BofE – LIBOR never took account of banks sourcing short-term funding from outside the banking system.

    3] Since the manipulation was aimed at bringing the high levels of LIBOR downwards, those US mortgage payers that had LIBOR based mortgages were actually far better off than they would have been, and more importantly many were saved from foreclosure.

    4] I’m getting a bit fed up with you banging on about this, when clearly you haven’t clue what you are talking about. Just one thing worth pointing out: have you wondered why the entire world is using a LONDON based banking index for its transacations??? Because London is the center of the world banking universe. Give it a good kicking if you want, but you aren’t doing the rest of us Brits any favours. Financial services is one of the things we do well. So well, in fact, that we have left Frankfurt and Paris way behind (even though they have just as big a problem with their banks as we do with ours). EZone red tape being cooked up right now will ensure that Frankfurt and Paris will never be free to catch up. Global financial services domination is within our grasp. I suggest that if you want the UK economy to recover you don’t get in the way too much, especially as you haven’t the first clue what you are talking about.

    • “Since the manipulation was aimed at bringing the high levels of LIBOR downwards, those US mortgage payers that had LIBOR based mortgages were actually far better off than they would have been, and more importantly many were saved from foreclosure. ”

      Completely irrelevant …. the point is that banks and bankers earning millions still had to lie and cheat. If London is so great and the financial service companies so good, why can`t they be so honestly and fairly?

      Be the best and be proud of being the best but also be proud of being straight and honest.
      Don`t moan at people knocking the City when all we hear about is banking bailouts and yet more illegal shenanigans from the financial sector.
      Clean up your act first and then tell us not to knock the City.

  9. Germany and it’s pet countries have managed to raise nationalism issues in europe once again with racism, lazy vs productive, honest vs dishonest, mediteraneans vs non mediteranean countries (and Ireland). Greeks refer to germans as nazies, they refer to us as lazy.
    Germany is playing it’s cards very methodicaly since the unification of east+west germany which was something only america insisted upon and no one else in europe wanted because of fear of the past but Gorbachev unleashed the beast…
    After Germany broke up yugoslavia to create their long lasting dream of a mittleleuropa things got easy.
    Greece is a corrupt country with many issues, certainly we share a big part of the blame for our mess, we are easy to corrupt, we have differences in lower and upper levels of government management but we were also the easiest and best target for Germany. Keep in mind that the vast majority of nation wide projects in Greece are German made/owned and that the some of the biggest corruption scandals stem from Germany (Siemens,
    ThyssenKrupp etc)

    Things are simple,
    1) Crisis in europe means lower euro value, lower euro value means the king of exports in europe exports even more.
    2) The chance to devalue everything in weaker countries to buy them for really cheap (check mines, factories and tourist resorts in former yugoslavia, they all belong to germany) is irresistible.
    3) Prolonging the crisis in europe weakens even stronger countries, Italy is not like Greece, it’s a country with industry and exports and tourism and yet it is getting stigmatized by the `superworkers` of europe. Keep in mind that getting Italy into dept is a great way to access it’s huge gold reserves which are very important for the future.
    4) Euro bonds (suggested even by Papandreou alongside a CDS regulation body in brussels, so he is not entirely obtuse ) suggested by everyone else in europe would be the best solution to stabilise the crisis and alleviate pressure. But the Merkel stated “not while I am alive”

    Invest some time in watching “French general Pierre Marie Gallois” confession on youtube, WWIII (or WWIV if one includes Prussia) is just being done with discrete means.
    PIIGS are never meant to be equal eurozone members, when things become dangerous for the euro germany will back off abit and be the “heroic hard worker that saved the euro while lazy PIIGS have fun” they are just pushing the limits to maximize profits without caring for anyone else.

    @Ioannis Kala ta les….

  10. Amazing isn’t it – Germany controlling Europe without a shot being fired .

    Time to wake up if it’s not to late already .

  11. PRS: Problem, Reaction, “Solution”.
    In this case:
    P = exaggerated indebtedness,
    R = pan-European funded Bailout
    S = Fiscal Union.
    It is a “Bailout” _in_ to Prison… although that’s also the solution to the mutual indebtedness, which is the larger and most critical of problems
    given the issuance of money remains in the service of private-interest.

  12. John, I suspect your sources are not accurate in this case. The RB-plan was called EURECA and Mr. Berger himself did not tire to move from one TV talk show to the next to propagate it. Personally, I think it was a VERY interesting proposal because it would not have “ripped-off” Greece: first, the NewCo would not only have transferred 125 BEUR to Greece but also invested immediately another 20 BEUR into these state assets to get them into shape (imagine the economic impact!). Secondly, any surplus which the NewCo would have achieved on the final sale to investors would also have gone back to Greece (i. e. no fast profit for intermediaries).

    In fact, it was exactly in line with Troika-wishes only that the Troika would have been happy to realize 50 BEUR in privatization gains over 3-5 years whereas under EURECA there would have been 125 BEUR upfront. So it is absolutely irrational to suggest that the Troika was against it.

    The point is: the deal had no chance to fly in Greece for political reasons. Greeks are already feeling that the token privatizations they have made so far are a “forced sell-out of the country’s valuable assets” (and populist politicians encourage them in this belief). Against that background, can you imagine the political backlash once the government accounces that they will put 125 BEUR in state assets on the block? Not the chance of an icyle in hell for such an idea to fly.

    Obviously, no foreign government (and certainly not Germany) wanted to publicly enourage or push for EURECA because they would only have put oil into the conspiracy fires that foreigners are out to buy all Greek assets for a song.

    This is no time for “what if’s” but I agree with you that if EURECA had been accepted by Greece, we would be looking at a totally different situation in Greece today. Below are details on EURECA (including a back-link to the details of the plan).

    http://klauskastner.blogspot.co.at/2012/01/more-on-eureca.html

    • EURECA is the first such plan, presented by Roland Berger. Archimedes is a variation, presented several months later, by Mr Stournaras and KAPPA. In his interviews Mr Stournaras has stated that he has been in contract with Roland Berger, to exchange views and find common ground.

      • May well be. I am not familiar with Archimedes. But as long as it followed the same concept of liquifying state assets by sale to foreigners it was, of course, doomed. As some of the commentators in this blog demonstrate, there is quite a wide-spread feeling in Greece that “foreigners (above all the Germans) are out to get Greece”. Well, to everyone who is against foreign investment for privatizations and other purposes I have the following message:

        There are only 3 ways to maintain the Greek living standard on a sustained basis: foreign investment, foreign investment and, again, foreign investment. The Greek living standard depends heavily on imports. Greece imports 2.520 Euros for every 1.000 Euros which it exports. Cut imports radically and you are back in the 1950s/60s. So you need funding from abroad in order to maintain this situation. It will take years for private loans to again flow voluntarily to Greece, but foreign money has to flow. Thus, it must flow as investment and the wonderful thing about foreign investment is that it’s not only money but also, and most importantly, foreign know-how transfer.

        http://klauskastner.blogspot.co.at/2011/10/letter-to-ekathimerini-on-foreign.html

      • Never had a problem with privatizations and sell offs, I say sell it all before our politicians steal what is left. I believe, however, that there is a conflict of interest when it comes to the preceding 3 years of German fiscal management in Greece… why would you competently run your competitions business if he let you? Three years of Germany fostering the conditions for a Greek default and forced “leaving” of the Euro would be ideal conditions to negotiate for some cheap land, and energy rights… among other things. It’s not fair to be the auctioneer and a bidder at once… you will inevitably fix the game. Way back in 2009… when it was still possible to do something, I actually WANTED Germany to help us set up a commission (like they did with E. German assets) to parcel up and sell off the 330 Billion in real estate we had… just pay the bill and move on… now I don’t think it would have mattered because why would they help us get 330 Billion for what they can buy now for 150 (because of austerity fueled devaluation)… of half that amount when we go back to Drachma. Never known Germans to be loose with their money… they would want the lowest possible prices at the fire sale.

      • Nick, my Greek friends tell me that what Greece needs to fear the most are those Greeks who have used the EU/EZ-blessings of the last 3 decades to enrich themselves at the expense of the others in unbelievable proportions. They refer to them as the Drachma-gang. Since I have been married to a Greek “village girl” for nearly 40 years and now spend about half the year in Greece, I certainly know that there are many, many Greeks (I would guess still the majority) who are about as decent a people as anyone else in this world. Unfortunately, as Petros Markaris recently wrote, they don’t have a representation or lobby. But, frankly, they have been taken for a ride which, proportionally, could perhaps be compared to the ride which Wall Street has taken Main Street on in the last couple of decades or so.

        http://klauskastner.blogspot.co.at/2012/05/go-after-drachma-gang.html

      • Yes Klaus… I agree, just as heinous the profiteering ways of the Merkel administration… so to are the old guard Greek politicians that defrauded Greece and the world and sparked this whole mess. The “Drachma Gang” are definitely hard at work trying to stay in power. Problem is when our first opportunity to punish the traitors that did this and free ourselves of the German led EU death grip came up in the form of our recent elections… Merkel, Schauble, and pretty much everyone started to campaign for the election of the “Drachme Gang” politicians that STARTED this all… why in the world would Germany support the re-election of the same crooks that they know caused this… the only obvious answer is that they are working together as the “Drachma Gangs” goals are synergistic with the elements of this German govt. that want Greece to leave the Euro so they can come in and take advantage of the situation that they created. The Greek debt of 2009, as you know, was at least manageable… after 3 years of Merkel’s policies (you owe too much, here take more loans to pay for it…) we are pretty effectively destroyed economically… so, SAVE your money kids!!! cheap Greek vacation homes coming up!!!

  13. Pingback: GREEK DEBT HISTORY: How Papandreou and Troika turned down a SECOND lifeboat / Ιστορία του Ελληνικού Χρέους : Πως ο Παπανδρέου και η τρόικα βύθισαν και τη δεύτερη σωστική λέμβο

  14. Pingback: GREEK DEBT HISTORY: How Papandreou and Troika turned down a SECOND lifeboat / Ιστορία του Ελληνικού Χρέους : Πως ο Παπανδρέου και η τρόικα βύθισαν και τη δεύτερη σωστική λέμβο

  15. Pingback: GREEK DEBT HISTORY: How Papandreou and Troika turned down a SECOND lifeboat / Ιστορία του Ελληνικού Χρέους: Πως ο Παπανδρέου και η τρόικα βύθισαν και τη δεύτερη σωστική λέμβο

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