GREECE EXCLUSIVE: EC/ECB DIRTY TRICKS AT EUROBANK

eurobankptTop 4 bank 35% owned by bailout fund caught actively encouraging bank-run

A large number of high net-worth individuals in Athens received telephone calls from Eurobank in Athens yesterday, advising them to withdraw any cash and savings they have with the institution immediately.

The whole canvas behind this utterly improper move smells. A few days after gaining power, the deputy prime minister in Greece’s new left-wing Syriza government, Yannis Dragasakis, met the bank’s shareholders “to discuss the bank’s future”. The next working day both the Chairman and Chief Executive abruptly resigned. Why Dragasakis felt the need to move so swiftly can’t be ascertained as yet, but this latest move looks like a counter-attack by the shareholders who represent the EC bailout fund….aka, Troika2.

At the same time, Syriza went out of its way to announce that it would not appoint party members at key management positions in top banks. “We will not do anything that would hurt the share value of banks,” Gavriil Sakellaridis told Skai TV at the time, “Whatever we do in the banking system will be done in cooperation with private investors. We will not appoint party officials to manage banks.”

With hindsight, this may well have been an unwise move. Certainly, the only people with an interest in causing a bank-run are supporters of New Democracy, EC officials in Brussels, and the ECB in Frankfurt. Without such an explanation, this action is inexplicable.
The Slog has maintained throughout this mess that there is no legal way to force Greece out of the euro. But as many people inside and outside Greece have pointed out to me this last week, that’s never held Count Draghula or Wolfgang Schäuble back before.
It’s up to the Western MSM to point this out…but they flatly refuse so to do. Peter Oborne resigned from the Daily Telegraph three days ago on the issue of the paper’s content doing the bidding of monied minorities rather than printing the news. Its ridiculous bias in the Greek context is a continuing use of the verb “forced out” in relation to Greece and the euro when legally this cannot be done. If Telegraph staffers don’t know that, then they shouldn’t be in their jobs as financial commentators.

Three days ago, the Barclay twin owned Telegraph offered the following as a special ‘explanation’ of the Greece/Troika showdown:

‘Should no extension of a bail-out agreement be reached before Friday, the plug may well be pulled at the end of the month, effectively dumping Greece out of the euro….Any decision to withdraw ELA would however require a two-thirds majority in the 23-man [ECB] governing council….A more explicit statement around when and how ELA usage would be capped by the ECB would be an additional means of raising the pressure on the Greek government….It is this kind of signalling that is likely to help tighten the screws on both sides, and the ECB will hope, prompt them into ceding some ground in order to prevent Greece from becoming the first member to leave the euro.’

This is rubbish. But it’s everywhere in today’s edition:

Alistair Heath: ‘Don’t panic: The sky won’t fall in if Greece decides to leave the euro. There will be no global rout nor all-out crash if Greece leaves the euro – it is too small to matter’. Pure EU propaganda and absolute codswallop.

Mehreen Khan: ‘Germany and Athens ready for showdown in Brussels today to thrash out last-minute deal and avert a ‘Grexit”. Again, a fantasy. But no mention of illegality.

Ambrose Evans-Pritchard: ‘If Greece is forced out of the euro in acrimonious circumstances – a 50/50 risk given the continued refusal of the creditor core to acknowledge their own guilt and strategic errors – the country will not only default on its EMU rescue packages, but also on its “Target2” liabilities to the European Central Bank.’ It’s not a 50/50 risk: legally, it’s a zero risk.

But at least AEP stays true to himself, and observes realistically, ‘[after] A Greek default – unavoidable in a Grexit scenario….The German people would discover instantly that a large sum of money committed without their knowledge and without a vote in the Bundestag had vanished.’

Precisely so: and this is a big motivation behind what’s going on both in the MSM generally, and Berlin in particular.

When is any British newspaper going to point out that this is not “applying pressure” it is an attempt to illegally crush one member State? That without illegality, there can be no Grexit?

Don’t hold your breath: as with the corporatisation of the political processes in the West, so too the media print what the gargoyles want, not the Truth.

And where is the great self-styled Europe Liberator when all this is happening? Wriggle Farage has been a study in silence since this blew up. But then, it’s one step at a time with Nigel Nimblefeet: rich unelected donors one week, letting Greece die without a fight the next. Farage is in the Vanguard of news management, not on the barricades with ordinary People. Ordinary People who vote Labour and hear not a peep from the Labour Party about Czechoslovakia2.

Disgraceful and pathetic. I am this morning ashamed to be British.

Yesterday at The Slog: Eurocitizens exposed to the sham in shambles. 

49 thoughts on “GREECE EXCLUSIVE: EC/ECB DIRTY TRICKS AT EUROBANK

  1. Dearie me JW – the hyperbole got you carried away today with the ‘rich unelected donors one week’ comment about Farage. What do you expect them to be? ‘Poor unelected donors’ or ‘rich elected donors’ or a something else? Just pulling your leg.
    In the main you tell it like it is. Great stuff.

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  2. Massacre on main street?
    Moussaka on Wall Street!

    Feb 2012 New Rhymes for New times
    Updated Feb. 2015

    In the thirties we were ravaged.
    Peoples, nations all were savaged
    By the dictates of austerity.
    So what’s the lesson for posterity?

    Wolfgang Schäuble’s Follies show!
    Massacre on main street?
    Moussaka on Wall Street!

    Wolfgang Schäuble’s follies show
    How to bring a Greek God low!
    Greeks aver: “Berlin be cursed,
    Eat your Bratwurst, slake your thirst.”

    Germans’ lips are primly pursed.
    In their beer, they’re deep immersed
    Filling bellies fit to burst.
    Is this what Schaüble thinks of first?
    That things should go from Brat to Wurst?

    Starving Athens begs, beseeches:
    “Cancel debt, ignore our breeches
    Of the code that Wolfgang teaches.
    Bankfurt says apply more leeches:

    “Wolfgang’s method may take longer.
    It kills you first, then makes you stronger.
    Never mind about survival.
    We will treat you for revival.
    We make patients lean and fit.”
    “Healthy corpses,” I submit:

    Listen to the German coroner:
    “Stavros died in better health.”
    Listen to the bank – a foreigner:
    “Ship-owners must ship out their wealth.”

    While bank accounts show lots of zeroes.
    Greeks can mourn their Pasok heroes
    Safely skewered on their gyros.

    At a time when Greeks are starving,
    And their incomes nearly halving,
    PIIGS ain’t pinky, Greeks ain’t perky.
    Making Merkel’s motives murky.

    So Angela: please speak to me:
    Your bail-out plan’s all Greek to me.

    As a “rescue plan”, it’s quirky.
    D’you want Greece to go “cold-Turkey”?

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  3. This had happened also before the presidential elections in Deccember. I can confrim, that two persons at least, who went to this particular bank for deposit, have been adviced by the bank’s personel not to do so and to withdraw their savings.

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  4. When did any British newspaper report the scandal of Muslim gang-rape gangs (since 2003)?
    When did any British newspaper report the hugely inflated money in 2007?
    When did any British newspaper report the true nature of the Koran?
    When did any British newspaper reported the dire balance of trade over the last 15 years?
    When did any British newspaper report the true inefficiencies and faults with wind turbines?
    When did any British newspaper report the true history of Bashar Assad’s much persecuted Alawite sect?
    When did any British newspaper print a balanced truth?

    I have noticed a desperate lack of proper investigative journalism in the last decades. It is now all about towing the PC party line, and finding a few salacious news reports, which will be highly exaggerated for good measure. True news reporting died with the advent of New Labour, and it has not yet recovered.

    R

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  5. Dear Ralfellis, I can see the point you are making and it has some truth BUT

    When did any British newspaper report the scandal of Muslim gang-rape gangs (since 2003)?
    It was The Times that broke this story and pushed it hard against an establishment which didn’t want to know

    When did any British newspaper report the hugely inflated money in 2007?
    Regularly covered in the papers albeit not as a front page story because it is of limited interest

    When did any British newspaper reported the dire balance of trade over the last 15 years?
    Again regularly covered by the papers usually as a “we can get by for now but it is a future worry” type of story

    When did any British newspaper report the true inefficiencies and faults with wind turbines?
    Some papers are climate change fanatics others are more sceptic. Stories due regularly appear on this topic and sometimes they are very strong. I have a half page item from Sept 2008 Daily Telegraph pined to my office wall. It is a total demolition job on wind turbines

    When did any British newspaper report the true history of Bashar Assad’s much persecuted Alawite sect?
    Again I wouldn’t have known about this if it hadn’t have been for the UK newspapers. Certainly no good waiting for the BBC

    When did any British newspaper print a balanced truth?
    Ah. What is balanced truth? Usually it means the truth you agree with not the truth other guys agree with. I’ve always bought three newspapers and see if particular reporters or columnists can convince me of their version.
    You can’t wait to be spoon fed; you need to be proactive.

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  6. ……compromise between the demands of national security and free expression….?

    Remember Edward Snowden and THE GUARDIAN?
    Government controls the Press – if they step out of line they will be closed down.

    We know that democracy is a sham. Only revolution will break us out of our chains.
    Let’s hope it starts with GREECE today.

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  7. Isn’t it true that if an EU member state defaults ,then the rest carry the liability pro rata. which will in turn add to the woes of all the others who are financially embarrassed , I believe that applies to Target 2 as well.
    Presumably the banks that are involved have reinsured the risk with credit default swaps so the institutions that are holding those will have to cough up. A one way ticket to Mars is looking better by the day.

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  8. Its a misprint. It was supposed to read “We are proud to combine journalistic excrement with vested commercial interests and we will continue to do so”

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  9. @ kfc1404
    Its a misprint. It was supposed to read “We are proud to combine journalistic excrement with vested commercial interests and we will continue to do so”

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  10. “The medium is the message”
    –>The words is the message-not the syntax.
    Only 1% of Greek population understands that the eurozone has no prediction for exit of a member. The one and only revolutionary – desperate option for Greece would be a parallel governmental currency, permanent or not, consensual or not. Within Euro.

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  11. Hb,

    Could almost be a line from McDurdoch.
    Another literary figure Kenneth Williams “relied on ‘the Barclays’ (rhyming slang) for gratification”…….

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  12. Banks have almost no exposure to Greek sovereign debt now. Bank exposure is estimated to be around €8 bn but most of it is as private and corporate loans. Indeed the only banks that have substantial exposure are the ECB and The Bank of Greece. As John points out, it is the European taxpayer, especially for Germany as the biggest guarantor, that will be hit should Greece default.

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  13. A very good list, the truth is that the truth is unavailable to us ordinary folk. Many times I have fantasised about somehow being in a position to get some absolute truth from some senior pols and asking some ‘proper’ questions about the issues you raise.

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  14. Ah, good old Stinker and the gang, bless them all. Here’s a pithy conundrum, how can you be politically correct with the politically corrupt? Answers on a pinhead, as usual…
    (Incidentally, KH’s autobiography is worth a read if you haven’t)

    Like

  15. Off topic {slightly} Russia is supporting the Ukrainian separatist? Russia is also supporting Assad in Syria.
    ISIS in Syria are called “Moderate Rebels in Syria”.
    Now it appears that these Moderate Rebels are to be allowed to call in US air strikes? against who?
    I thought that it had been agreed not to bomb Assad in Syria.
    My thoughts are a] the psychopaths are definitely in charge and b] if you poke a bear once too often, don’t be surprised if he retaliates.
    http://21stcenturywire.com/2015/02/19/war-on-damascus-obama-allows-syrias-moderate-rebels-to-call-in-us-b1-bomber-airstrikes/#disqus_thread
    Then the BBC reports Sweet nothing on this and makes the statement the people don’t trust the authorities anymore.
    Things are getting to a point were someone might just reach for that big RED Reset button. A War contained in the Mid-east and Eastern Europe might just resolve the banking/debt crisis. If it escalates then it will resolve the world population crisis. Not to mention the fulfilment of the end of time prophecy that Christianity and Islam preach.

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  16. Hieronismub

    Funny…we had stinker Murdoch in 1947, and now we have….er, Stinker Murdoch in 2015.
    He lives in Much Hacking in the Sun…

    Like

  17. Stan:

    >>Times reported gang-rapes.
    Not back in 2004 it did not. The only people reporting it were and unmentionable political party, and I thought they were making it all up as propaganda. But it turned out that the unmentionable were being honest, and the ‘honest’ were being dishonest.

    >>Balance of trade and money supply.
    Sorry, but balance of trade used to be headline news each month on the BBC 9-oclock News. When have you seen that, recently. And regards money supply I had a long dispute with the Sunday Times economics correspondent, who refused to admit (or print) that spending, property prices and money supply was out of control.

    >>Turbines.
    And the Daily Mail has done a bit too, but criticism, not demolition. Not reporting the possibility of electrical outages and the strangulation of the economy. Nor the vast expense, with costs about five times fossil fuel (including spinning reserve). But when have you seen any of this on the BBC, ITV of Ch4? All I saw on the Beeb was a nicey-nicey Softtalk (ie Hardtalk) interview with Greens.

    >>Bashar Assad.
    Which paper printed the history of the persecution of the Alawites, over the last 1,000 years? Not seen a peep. Certainly the Dunce Hague and the Cabinet knew nothing, as they would not have expected Assad to quit, if they had. Our foreign policy was based upon historical ignorance and blindness, because nobody reported the truth. So which paper reported the whole history of the Alawites?

    R

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  18. Really didn’t understand the last paragraph, and why Farage was to blame for Greek woes, but maybe my comprehension level was set too low?
    As for Varoufakis,.. it is in his interests to keep this (will they won’t they?), pot boiling, by stalling the talks simply to buy another 6 months grace if he can. Why? Because by this December, Spain will have had elections, and Podemos will be the cavalry to come and help Syriza man the barricades against the Troika. By the end of year the anti austerity movement will be much stronger, and the ECB will be much weaker.
    Seriously, what’s not to like,
    And why should Farage involve himself in Greek affairs, when he can sit it out like the rest of us with a beer and some Dorritos and watch the glorious sight of an exploding Eurozone? Good riddance to the conniving, dictatorial EU bastards.
    Bring it on, and vote Ukip in May. Every little helps!

    Like

  19. Pingback: John Ward – Greece Exclusive: EC/ECB Dirty Tricks At Eurobank – 20 February 2015 | Lucas 2012 Infos

  20. Looks like its moot now to argue Greece will leave ..forced out or otherwise, I suppose you knew La Garde was there as well as Draghi. Dont know what the new agreement is about, but I can her Madam shouting she wants her money back, not on her watch is she going to be dudded…whats your take on that John

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  21. Not quite moot, I see, Greece has to submit by Monday, exactly how it will progress, if the schizophrenic Varoufakis doesn’t get a weekend brain wave and sticks to the script..you know grovel, pants down ass up Greece might just get a 4 month extension, if on the other hand, his mate the Tripper blows more white smoke in his ear, the deals off.

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  22. John I really do this is tailor made for you…NB!, the 4 mth extension allows Greece to pay back the IMF, its long been known the IMF wants out of its EU role..come on John, thats a bit too close for comfort..a deal to pay the IMF. Its needs you to make succinct commons.

    Like

  23. Only a few of us..the ones with dyslexia, with numbers Im much more literate, in fact Id say brilliant would best describe me.

    Like

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