THE EU’s AIMS & CRISIS REVEALED : Austrian petition coup, IMF says major debt haircut is only solution, and Merkel Wikileak shows German cynicism in 2010


The anti-EU movement in Austria having reached the necessary percentage of signatures on a citizen appeal (4% – just over 260,000) the Nationalrat must now debate the issue of whether to stay in the EU/euro or not.

The IMF has just announced its firm conviction that Greece needs a debt haircut -, ie, debt restructure.

And now, Wikileaks has released NSA documentation that shows Merkel admitting in 2010 that Greek debt was unrepayable. At the site, we see Merkel discussing the debt: this is the Sun headline:

‘…as long as the debt is on the books, Greece needs to keep asking for permission to roll the debt over and failure to pay debts can be used as a political trigger for forcing Greece out of the Eurozone. The debt, in other words, isn’t about money. It’s about political control. If the debt is formally forgiven then not only do Greece’s creditors need to write down some money, but they need to let Greece go on its merry way. If the debt is merely subjected to repeated rounds of extend and pretend then Greece’s creditors get to keep making various demands about structural reform.’

“Even with another haircut,” Merkel is reported as saying, “they can’t possibly sustain the debt repayments”. And she goes on to add that “restoring some kind of balance in the banking system” is the main priority.

Meanwhile, just to ensure maximum destabilisation, the US was puling this kind of stunt:


Anyone still want to vote ‘YES’ to the eurogroupe deal in Greece?

Anyone thinking of voting against UK secession from the EU?


Earlier at The Slog: the false impression we get today

39 thoughts on “THE EU’s AIMS & CRISIS REVEALED : Austrian petition coup, IMF says major debt haircut is only solution, and Merkel Wikileak shows German cynicism in 2010

  1. Cameron certainly isn’t going to let the UK leave the EU, whatever the vote result. He, like the rest of them are firmly committed to The Dream and whatever sinecure might follow as a result of his unswerving enthusiasm to the cause.
    There is a reason that there is no mechanism for leaving the EU, and that is there is no leaving the EU.


  2. @Brian
    Ah, because the “five year plan” was always about taking five years to decide what (or not) to do.
    It ties in nicely with each term of office…it is what our “democratic system” has descended to…


  3. What I said in 2010 is still true today iof course but no longer sellabke e to my public so
    I have mentally excised it . The sales line now is Germany and other creditors cannot and must
    not be seen to surrender cravenly to the past fiddles and profligacies of the ClubMeds.
    My line will continue to be ( for my domestic constituency) : what is the difference between Eurocreditirs taking a haircut and bankers being categorised as to big to fail and taking bailouts ?. Both sets of circumstances mean that one oarty in the equation suffers
    i e taxpayers in both instances. But one practice is decried whikst the other is praised . Two wrongs etc .

    And apart from all that I have the next domestic elections to plan here in Deutschland . This must be my uber alles priority.


  4. And that makes me wonder Nobby….are the Greeks themselves getting any of this information through their media or Greek blogs. I bloody hope so…


  5. Kfc, there is a mechanism for leaving the EU. It’s Article 50 of the Lisbon Treaty. The issue is how to remain in the single market but no longer be controlled by Brussels. There’s more than one way to do it, but the best is probably to use the EEA arrangements by the UK joining EFTA. Then all the existing EEA trade arrangements with the EU can be adopted wholesale in the short term and then better ones negotiated over the longer term. Google Flexcit.


  6. Nobody on faceache will take a blind bit of notice, they are too busy looking at videos of cats doing odd things. The reason why despite all the patently obvious and logical arguments put forward in this essay, people will vote for slavery because it is easier than thinking for themselves.

    People are no longer willing or able to think critically or to stand up against malfeasance because they have become disabled by technology. We are all complicit, everybody – including myself – should be on the streets demonstrating their solidarity with the Greek people and waving flags and telling Scameron that we are wise to his cheap neoliberal tricks and demonstrating that we understand the methods being used by the cynical EU/Troika gargoyles to subvert the Greek democratic process.

    Liked by 1 person

  7. Oops! For “unitiated” please read “uninitiated”…
    “Predictive” text has, not unexpectedly, morphed into “Unpredictive” text…quelle surprise…


  8. @angelt
    Keep on threading, you fridge-magneto! I truly enjoy your input (a splendid blend of parody, irony, sarcasm and wit)!
    ………(something) uber alles!


  9. @Famous Cutlery
    That is correct and is written in (EU) statute.
    Ha, effing, ha…statutes and especially EU regs can change willy-nilly, wolfie-wolfie, angie-baby, draghule-dracule.
    As they say in the black country: we’em fooked.


  10. @Jeremy Stocks. Clicked on the video. Got a message saying the video does not exist. What is it? Thanks


  11. Look, you Grekkos, take that Dutchman’s shilling, there is no elsewhere and God’s away on business.


  12. Sorry wrong click And so did Uncle Tom Cobley and all because it’s blindingly obvious.Failing to admit it is a lie by omission .


  13. It might not be that they prefer cat videos to truth. It might be that there is so much mis/disinformation, lies and PR tripe on offer that they gave up paying attention long ago.


  14. Merkin – Wikipedia, the free encyclopedia
    A merkin is a pubic wig. Merkins were originally worn by prostitutes after shaving their genitalia, and are now used as decorative items, erotic devices, or in films…

    Wikipedia are yet to classify :Angela Merkin…


  15. A couple of questions I would like to ask you all –

    1) Since it was clear from the outset that this Greek tragedy was a carefully engineered economic attack on the EU , Qui bono ?

    2) who do you think was behind the whole attack ?

    3) What will th UK do after the collapse of the EU ?

    4) Do you really think ol’ nlighty will win the race to be America’s favorite pet poodle in the new 1000 tear Reich ?

    I suspect others have more to offer.


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