GREECE: Debt audit investigation begins, but the audit of media opinion is never going to give Greece a chance

As the Greek odious debt Commission starts work, it is a delicious irony that – in boring down into the myth of total Greek debt- the Syriza government is doing no more than use the regulations so patronisingly handed down to the Member States two years ago.

Paragraph 9 of Article 7 of Regulation No 472/2013 of the European Parliament and of the Council of 21 May 2013 states that ‘A Member State subject to a macroeconomic adjustment programme shall carry out a comprehensive audit of its public finances in order, inter alia, to assess the reasons that led to the building up of excessive levels of debt as well as to track any possible irregularity’.

In the light of this entirely legal attempt at an audit using EU law, the ECB will of course completely illegally squeeze Greece into default before it can get very far. Mario Caponi lives, after all, by the same rules as all the 1920s Chicago mobsters: time to fit the stool-pigeon with a pair of cement overshoes. There still remains the small issue of how ‘Grexit’ can occur when Grexit as a process is a myth. Details, details.

But in the meantime, I understand that several prominent members on the Lagarde list are a little worried about what happens when the “money – how it came and where it went” starts to get the glare of public view. Also the testimony of former Elstat members will be interesting….as will the decision (or not) by George Papendreou to talk on the record about ‘bigged up’ debt and the activities of his ‘colleague’ Evangelos Venizelos towards the end of the saga.

So much for the good news. The bad news is that the official number of UK voters who ‘get’ the real story behind Greek debt is, according to polls, roughly 12%. A whopping 75% think it’s all the fault of crooked lazy Greeks etc etc. This is of course because the media they consume insist on keeping them in blissful ignorance.

I realise Britain is just an overcrowded nation of crooks and fluffies these days, but I’d be willing to bet that the figure in Germany is 95%, and in the US not far below 90%. This latest piece of cobblers from Reuters shows why:

‘Even if it survives the next three months teetering on the brink of bankruptcy, Greece may have blown its best chance of a long-term debt deal by alienating its euro zone partners when it most needed their support.

Prime Minister Alexis Tsipras’ leftist-led government has so thoroughly shattered creditors’ trust that solutions which might have been on offer a few weeks ago now seem out of reach.

With a public debt equivalent to 175 percent of economic output and an economy struggling to pull out of a six-year depression, Athens needs all the goodwill it can summon to ease the burden.’

You have to laugh, you really do. The debt only rose to 175% because of the programme terms, and the six year depression was caused by German-led austerity. They saved the euro, but Greeks have alienated their euro partners…and Syriza has shattered creditors trust. What, by being ambushed by a bunch of gangsters at the last moment? Shame on you all, filthy Greeks.

But then, Reuters employs the services of financial journalism’s emptiest head and most yellow spine, Hugo Dixon: so such is to be expected.

One final point: I’m told by Research Agency sources that around 30% of the Greece-blamers polled in the UK last week intend to vote UKip….a Party insisting that its sole purpose is to smash the evil Empire of Brussels-am-Berlin. Which says a lot about why they think Hairgel Garage is the man to do it….and what papers they read.

18 thoughts on “GREECE: Debt audit investigation begins, but the audit of media opinion is never going to give Greece a chance

  1. So, Huge Dicks-On now works for Ratners, how very appropriate. No news there then. The sight of Greeks antigonising the most incestuous family on earth, the infamous 3’s up, is a joy to behold – as long as Sophocles Tsipras sticks to the text. Is a respectable burial too much to hope for?

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  2. Meanwhile Finland’s PM will be voted out of power 19 April, 5 days before Greece’s 24 April deadline. His coalition is polling 12% while the Peasant Party leads at 24%. Anyone have an insight into the Peasant Party?

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  3. John,
    As always, thank you for the article, insight and info, it is good that you keep the truth coming.
    Why though the dig about Hairgel and in the title ‘more proof that UKIP voters are thick’?
    I have said before that I have always, up until now, been proud to say that I have been a Conservative voter. However I feel that I cannot vote for the shower of sh*t now parading and claiming to be representing the Conservative voters of this Country.
    I feel that the only sensible and possible way to use my vote this time is to vote UKIP as it appears to me that if I use it in any other way it will be wasted.
    I may not be the ‘sharpest chisel in the box’ but I think the only way forward for this Country is for the Conservatives to be in some sort of arrangement with UKIP, any other scenario seems to me to will lead to more of the same lying, underhand crap that we’ve had to suffer for the last few years, Cameron/Clegg/Osborne/Hunt are liars and have to go, and as far as any ‘arrangement’ with Milliband and that wretched Scottish woman are concerned, well, God help us!
    If not UKIP then what the hell can we vote for to get any meaningful change?

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  4. You have to laugh at the candidate in the Welwyn Hatfield constituency standing against the sleazy get rich quick Tory Chairman Grant Shapps having changed his name by deed poll to Michael Green.

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  5. Pingback: John Ward – Greece : Debt Audit Investigation Begins, But The Audit Of Media Opinion Is Never Going To Give Greece A Chance – 13 April 2015 | Lucas 2012 Infos

  6. As always from JW a fine forensic appraisal of the issues but I must offer a contrary view. I don’t think that it matters one little bit what chicanery and sound bites transact back and forth between Greece and the Trokia/ECB/whoever. There is one paradigm in play here which is the hegemonic neoliberal system which hoovers up capital and resources as it spreads across the globe like economic psoriasis. The Greeks are wrong if they think they are getting out of this straight jacket, if there is a real move to decouple from the Eurozone system there will be a Ukraine style coup run by the shadow powers to place a $ compliant governance system in Greece.

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  7. You have a point there, Impoverished. However, there may be light at the end of the globalist bankster tunnel:
    If Greece defaults, it might lead to the collapse of EU & NATO, & stop the mad US bankster empire before we get into WWIII.

    kingworldnews.com/dr-paul-craig-roberts-4-12-15/

    I do wish my crystal ball was less murky.

    John Doran.

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  8. So Mr ” … of Court” . You refer to Mr Draghi as Mr Caponi.. You are of courese familiar with its Italian meaning i e capons in the plural viz neutered at birth cocks rendering them more tasty for the Meditteranean gullet .
    Their breeding has been putstiveky banned by EU directive some years ago but this is of course flippantly ignored in the devilmaycare fashion so redolent of the ClubMed cavsliers.

    Are you alluding to The Governor of the ECB hsving eunuch like attributes?
    If so I believe his longsuffering wife should be told.

    BTW I glean Evangelised Venezuela is off to Caracas to see if he can best ” Victor” Maduro in resolving the toilet paper shortsge.Apparently remainderd copies of his memoirs will go a long way to succeeding.

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  9. Pingback: John Ward – Analysis : Global Events Increase Greek Negotiation Leverage – Will Syriza Exploit It? – 18 April 2015 | Lucas 2012 Infos

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