EUROBLOWN: Nazi debts, Papandreou accusations, and Greece staying in the eurozone: none of these can save the euro now.


Independent Greeks leader Panos Kammenos said on Thursday, after a meeting with central Bank of Greece (BoG) governor Yiorgos Provopoulos, that the signatory party in the forced loan to the Nazi occupation regime was the Greek state, and not the Bank of Greece. The BoG’s opinion, Provopoulos told him, is that while the Greek State may have been foolish enough to forgive Berlin, he hadn’t. Neither, it seems, has Mr Kammenos. You can see where they’re coming from re this one, but in the current climate of power in Europe, they have about as much chance of pulling a stunt to get out of the Greek debt as Diana Ross stands of being voted best new European male singer this year.

The unforgiving Mr Provopoulos also briefed an Independent Greeks delegation about the legal case concerning credit default swaps (CDS) on Greek debt – in which Kammenos has several times alleged the involvement of the brother of former Greek premier George Papandreou in both arranging it, and the numbers involved, to the advantage of his Swiss bank account deposits.

The BoG has referred the case to the public prosecutor, and it is “likely be investigated” according to both Provopoulos and Kammenos. Well fine – but don’t hold your breath.

Meanwhile, you read it here first: Development Minister Yiannis Stournaras said yesterday that Greece will remain in the euro, and the eurozone will acknowledge the depth of the country’s economic recession. It will be happy to discuss possible adjustments to the economic reform and austerity programme if it can be reassured of Greek commitment to continuing that programme, he added.

Yes, there will of course be a compromise to keep Greece inside the tent. But it isn’t going to make a jot of difference to the fate of the euro: once Spain implodes and drags Italy down with it, the first French bank collapses will start…if the American ones haven’t already got under way.

20 thoughts on “EUROBLOWN: Nazi debts, Papandreou accusations, and Greece staying in the eurozone: none of these can save the euro now.

  1. I hope , Mr Ward that you pace yourself well enough when the endgame is finally played out.
    I fear you overreach yourself
    You are a treasure and I hope we can take care of you but you must take care of yourself first


  2. While everybody was busy pointing fingers at Greece… TPTB were were busy making sure that European bank debt could be converted to government bond debt to ensure that rich would not be on the hook for the insolvency and to push the bill onto the taxpayers…


  3. Referencing Ireland’s “yes”:

    What a bunch of pussies we are. This country fought for its freedom from tyranny for decades, won it, then gave it away to another bunch of invaders in less than 25 years.

    It must be a cultural inferiority complex that this country can’t seem to live happily without someones boot on its neck.

    Yes or no didn’t matter in the grand scheme but it would’ve been nice for us to show some balls in the face of dysfunctional tyranny.


  4. It’s interesting that the Bank of Greece just discovered that they are owed money by Germany. They have had years of opportunity to waylay Deutsche Marks on their way home if this was indeed the case. The BoG is going to find it’s till slammed shut if it continues using this populist rhetoric. Even if polls still show the Greek people seem to think they have a better future inside the Euro I feel that they are actually better off with a semi-controlled crash back into the Drachma rather than trying to grudge grind the Germans into a better deal.


  5. “Show some balls in the face of disfunctional tyranny”.
    Yes, especially when one thinks of all the thousands of dead & maimed that were sacrificed for you to win that freedom.
    Now your countrymen have settled for a mess of potage it may well choke them, especially as there probably won’t be any if they have to give it all to Spain to keep the fantasy afloat.


  6. I get the sense that this time it for real – though the ECB really has to print to cover all the zombie banks. At least that is a good or least worst reason. But looks to me like the old plate spinning act at present. Too much wobbly china to avoid a breakage…


  7. my wife voted no, i did not get a vote as im a blow in. she is embarrassed at the spineless, rollover attitude of the irish voter.for my part i simply cannot understand why these people will not stand up for themselves. pussies indeed.


  8. The Irish have always been good colonial lackeys – take note scotland; without the brave english to rule oer you you’ll soon be under the thumb of a far worse ruler begging for more punishment, just like the Irish!


  9. @superfeck:

    It’s a crying shame that we have lost any sense of direction in this nation.

    I have no reason to believe this treaty will ever become reality, given that it’s intended for a union that is on life-support but the simple act of us cowing to foreign aggressors makes me incredibly despondent.

    John wrote yesterday about the value of acting for the greater good and the needs of the many. But what do you do if “the many” are too f*****g retarded or gullible to deserve that kind of benevolence?

    I’m actually looking forward to the stinky reality check coming to this nation, when people act surprised about how and why it’s happening it will give me the perfect excuse for justifiable homicide!


  10. @cap: there’s no underestimating the predictability of stupidity.

    At least we’re fishing tomorrow!


  11. I’d love to see Enda Kenny hand the keys back to the queen

    “sorry ma’am you can have it back, we f****d it up!”


  12. On the grounds that she would probably find a few potato patches, a load of half-built housing estates and a phalanx of choirboy-fumbling priests not in the least attractive as an addition to her realm, I suspect her considered and diplomatic response would be “F**k off, Paddy, you had your chance and blew it. See what Nanny Merkel has in mind for you now”.


  13. O homines ad servitutem paratos!

    ‘ It is said that Tiberius, whenever he would leave the Curia, would often say in Greek something like “How prepared these men are for slavery!”
    Certainly even he, who was no fan of public liberty, was disgusted at such abject obeisance from those serving him.’

    It’s an awful thing, to see a country that has fought for so long for its freedom, be willing to hand it over – for the sake of the banks.


  14. @Chris
    Bunch of Muppets I reckon but what really got me were the reports from Reuters(the night of the referendum) and Sky news before the counting started which stated a win for the yes side of 60/40. I didn’t see the reports myself but it was stated on a couple of posts before 9am.
    Found this….. Hhhmmmmm
    “It’s safe to say it’s a ‘Yes’ by more than a 60/40 margin,” one of the sources said, citing polling data. Counting begins at 0800 GMT, with the result due later in the day.


  15. “. . . the signatory party in the forced loan to the Nazi occupation regime was the Greek state, and not the Bank of Greece.”

    In much the same vein, I was wondering if Britain might present a claim for compensation to Rome for the regrettable events of 43AD. And the buggers stayed for centuries! Two thousand years of compound interest would mount up a bit.


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