GREEK ‘DEAL’: BADGER OF THE ECB ISSUES TALES OF THE DRIVELBANK STATEMENT, WOLFIE THE MOLE NOT ENTIRELY HAPPY

drivelbank ‘The ECB has sent a strong signal of trust in the implementation of a third program by increasing its ELA support to Greek banks. The ECB underlines that it considers Greek banks fundamentally solvent.Mr. Draghi is optimistic that a bridge financing will be in place to cover Greek repayments to the ECB on 20 July.The ECB decision is a continuation of its policy path and consistent with its decisions of the past few months. The ECB strictly excludes the possibility of a Grexit, thereby rejecting in particular some such calls in Germany.The ECB support for debt relief for Greece is remarkably strong, thereby providing support for the IMF call to do so. This may receive criticism, in particular in Germany.’

Statement from the European Central Bank yesterday

°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°°

 “Oh bother, oh blow!” said Wolfie the myopic Mole, “hang fiscal cleansing, I need a bank holiday”. And so he burrowed his way to the surface from the bunker deep beneath Berlin that had become his home, until eventually his little pointy nose sniffed the air on Planet Eurogroupe.

“I know that odour,” he muttered, “why, that’s my good and faithful creature Ratty Dutchbuffoon”.

“Hahahahah and what-ho Wolfie,” said Dutchbuffoon, “I’m off for a trip downstream to celebrate the opening of my unique hairdressing salon Chez Jeroan”.

“Really?” said Wolfie the Mole, trying to sound interested, “Why is it unique?”

“No haircuts are allowed!” Ratty replied, laughing fulsomely at his own joke.

rattyboatAnd so it was that Ratty rowed them gently along the river until they sighted the familiar mooring of Draghi Badger Bank.

“Come on,” said Dutchbuffoon, “let’s go and borrow a few quid from Badger…he’s got a licence to print money you know”.

“I don’t like the idea of printing money,” said Wolfie the Mole, “I prefer being miserable and deflated”.

“Cooo-eeee,” said Draghi the Badger, waving as he saw them pulling in to the bank.

“What did he say?” the Mole asked suspiciously, his little eyes darting hither and thither;

“He said ‘QE’,” Ratty replied, “it’s the Badger’s new solution to all our problems. If we want to save the Drivel Bank for future generations, we must all QE you know”.

“Oh really,” muttered the Mole doubtfully.

“Do come ashore,” said Draghi the Badger, “and stop being such an old misery Wolfie, for there is much to celebrate, now that Alexi Stoatpris is chained to the bank forever”.

“We should’ve drowned him when we had the chance,” Wolfie remarked as he stumbled awkwardly onto the bank.

“Hahahahahaooow,” roared Dutchbuffoon. “Why do that when we can rob the fuckers blind?” he asked, momentarily stepping outside his Kenneth Grahame persona.

“Now then you two,” said the kindly old Badger, “no more talking shop. I’ve asked Mr Toad if he will open your new hairdressing emporium Ratty, and he has firmly agreed so to do”.

“Excellent!” spluttered Butchbuffoon as he high-fived the Draghi Badger.

draghibadger  “Here’s to crime and voter apathy!” said Ratty as he raised his glass.

 Badger nodded sagely as he tucked into a Salami of Varoufakis sandwich.

 “What we need is more bank holidays,” observed Wolfie, cleaning his glasses, “those who don’t obey the rules must be starved into obedience, submission, servitude, slavery, forced labour, poverty, and then very small lifeless shapes that can be recycled for a purpose so secret that Sicherheit must be observed at all times and without exception…”

“Er yes, quite,” Draghi said quietly, “Now come on Moley, lighten up”.

But before Wolfie the Mole could spit his angry response, a large and rather self-satisfied reptile hove into view.

“Poop-Poop!” slavered their endlessly tedious friend Mr Verhofstoad.

toadcarpt“Hahahahahaaooow,” said Dutchbuffoon, “are you ready to open my new salon Mr Toad?”

“Salon?” yelled Verhofstoad, “Salon? You talk of tonsorial tittle-tattle when I am on my way to plunder the energy resources of the Syrizans?”

“Halt’s Maul Mensch!” screamed Wolfie, freed at last from his disguise as the Myopic Mole, “do you vant to spoil it for ze rest of uns you Belgian Dummschokoladekopf?”

“Poop-Poop!” said the grinning Toad.

Draghi the Badger shook his head, tutting sotto voce.

“Come on Toad,” said Dutchbuffoon, “Let’s get you home before you do any more damage”.

moletoadrat“It’s so unfair,” Verhofstoad whined, “all I wanted was to do my job as a good euroneoglobalmultiliberal fattie”.

“Then do so with more finesse,” said Wolfie the Mole, his disdainful nose pointing to the skies,”or I may have to arrange for your failed State to be incorporated into the Reich”;

“You would do well to listen to the Mole,” Dutchbuffoon opined, “for he has your best assets at heart”.

Yesterday at The Slog: Guy Verhofstadt revealed as mouthpiece for Greek privatisers

45 thoughts on “GREEK ‘DEAL’: BADGER OF THE ECB ISSUES TALES OF THE DRIVELBANK STATEMENT, WOLFIE THE MOLE NOT ENTIRELY HAPPY

  1. I have read this to my children and they’ve had nightmares ever since. I’m just grateful that you didn’t include the antics of the Old Washerwoman of Washington and the Chief Weasel of Luxembourg thus sparing them an eternity of sleepless nights. We are all, however and of course, looking forward to the final chapter. I think…!

    Like

  2. There is a reason why no ‘haircut’ is acceptable to the likes of Merkel and Schauble. That is because the German people were promised that EMU would not lead to financial transfers to other countries. A debt that is written off becomes just that. The promise was made because over 60% of Germans were opposed to EMU. Merkel and Schauble know that support for EMU and even the EU is extremely fragile in Germany. Young Germans no longer feel personally responsible for the deeds of the grandparents and great-grandparents who are now dead. Merkel and Schauble are also smart enough to know that this support would crumble, were the likes of Lithuania and Slovakia to switch from supporting the rules of EMU to holding out their own begging bowls. That is why debts are ‘restructured’. Anyone with a basic understanding of discounting future cashflows knows that a reduction in interest paid or an extension of maturity reduces the value of a loan and that the reduction in value is equivalent to a ‘haircut’. Fortunately for our politicians, most of the electorate does not understand this and this is why the public is sold the lie that a ‘restructured’ loan has not suffered a ‘haircut’.

    In their stupidity and arrogance, the Greeks are pulling apart an institution, the EU, which has served them well and paid them well. If the EU were to disintegrate, Greece would probably be left with two possible futures and the choice would be determined not by themselves but by the US and Russia. If the US comes out on top, Greece will be ruled by its military in order to keep it in NATO. If Russia comes out on top, Greece will be ruled by whichever gangsters control Russia. (if anyone doubts the nature of Russian society, they should ask themselves why the pattern of migration to and from Russia is so one directional).

    Like

  3. @ chrisb

    Two points of, obviously, minor importance to you:

    a) I am Greek, Samarass and Veryzealous are Greeks, Stavros the pimp’s dog is Greek, Georigiadis and Voridis are Greeks, a Golden dawn thug is Greek, a thieving tax-evading “professional” in Athens is Greek, a Communist MP is Greek, a riot-policeman is Greek, a student is Greek, a tender mother is Greek, an honest fisherman is Greek, a pensioner living on 200 Euro a month is Greek, etc. etc.: Are we ALL stupid and arrogant?

    and

    b) So, in your opinion, “the EU has served us well and paid us well”. I presume, again, you mean ALL OF US, right?
    There are infinite arguments against what you perceive to be real. I will not bother elaborating, simply because I am too tired and not in the right frame of mind after the suicide of a person I knew due to economic despair.
    I will simply point the one, most likely for you to comprehend: Did the EU serve and paid Greece or provided LOANS (used mostly by some)? Now Greece, as a whole, has to pay back.

    I rest my case.

    Like

  4. @chrisb

    And a third point:”the Greeks are pulling apart an institution, the EU”.
    Honestly, are you serious?
    So, it’s the Greeks, right? Not Merkel, not that wheelchairful of bile, not Goodahead Shulz and Drunker, not Draghula, not the Neonazi scum in Finland and the Baltic states?
    And what has become this “institution” these days? Nothing more than a monetarist prison-camp ruled by Gestapo.

    Like

  5. Such a quick stroke of the pen JW … :-)

    You should make it into a book so those in the future can look back at the subliminal true history yet to be deciphered.

    You could write it like the classic lthe last Prince of Persia and the Arabian Knights (nickname IS) with an unruly peasant called not Alladin, known as Ayatollah “Khomeini” although deciding on views does get a little awkward when just like the IMF or EU is anybody telling the truth?

    So change the storyline a bit just to be really clear, in the EU forest was a big bad wolfie who with big eyes and teeth will at first stare, then drool before ripping … let you finish it, could be … Note, wolfie is not a wolf just like in little red riding hood, but a psychopath with sadistic tendencies and little red riding hood was a good cover story for the truth though.

    Like

  6. @Phaedrus

    Superbly said. As has been pointed out in many other places one could equally blame ‘the Germans’, (whatever that means), for cynically signing up to the Euro in order to ensure artificially lower exchange rates for their exports. Once again the misery of the Greek people can be seen primarily as the result of nefarious and evil scheming of the spawn of the Chicago school of neoliberalism/neoconservatism. As the architect of the wealth extraction system was born in Kingston, Ontario it probably it makes sense to blame Canada.

    http://www.gregpalast.com/trojan-hearse-greek-elections-and-the-euro-leper-colony/

    Like

  7. @rubbishycrap
    Perhaps, although I have to say that given that the Prime Minister who bravely resisted the U.S. coercion to join the illegal assault on Iraq was a francophone from Quebec and that the excresence Harper and most of his party are from anglophone provinces, perhaps the salvation of Canuckstan actually lies with the Quebecois. :)

    Like

  8. @ Phaedrus

    I never said that ALL Greeks are arrogant and stupid nor that all have benefitted from the EU. The assumption was yours. British Armed Forces took part in the 2003 invasion of Iraq. That in no way implies that every British citizen supported the war. However, the fact remains that the government that represented each and every one of those British citizens ordered British troops to invade and each and every citizen of the UK is now liable to be held responsible for their Government’s decision as we recently saw on the beach in Tunisia.

    Greece as a nation state has benefitted every year since joining the EU from net transfers within the EU. That does not mean that every individual Greek benefitted. However, the nation as a whole did.

    Likewise I am sure that many Greeks saw through Syriza’s lies and were bemused by their fellow citizens’ naivety in assuming that a ‘No’ vote in the referendum meant that the rest of the EU would retreat and offer better terms. Given the outcome of Syriza’s negotiations with the EU, the questions that should be asked are whether Tsipras was an agent for Brussels and whether Syriza were a puppet party occupying a position in the political spectrum that would have been otherwise occupied by a genuine opposition.

    I am sorry for your friend’s suicide and for the despair in Greece. The solution to that despair is not however to be found in a corrupt organisation such as the EU which has been built on lies to the people of Europe. It is to be found in the Greeks taking greater control of their own affairs. The situation in Greece could also be worse. The average income in Greece is higher than in some of the countries whom the Greeks expect to pay for their bailout. The suffering of the Greek people is nothing compared to that of the Syrians today or to that of much of the Balkans in the 1990s. That fate awaits any nation that becomes a battleground between Russia and the US, irrespective of the goodwill of the people of the country.

    Like

  9. @ Phaedrus

    The EU has been constructed on lies to the people of Europe. The British were told that there would be no transfer of political power. The Germans were told that EMU would not lead to fiscal transfers or a weak currency. The Transatlantic Trade and Investment Partnership is being negotiated in secret. Every time a European nation has voted to reject the latest European project, the question has been sent back and the people have been told to vote the right way. To suggest that Merkel, Schauble, Schulz and Junker are trying to destroy the EU is idiotic. Once their deception is exposed, the political careers of Merkel and Schauble will be over as will be the employment of Schulz and Junker in an institution whose funding is cut. Quite why you include Draghi is even more bemusing. Whatever his ultimate goals, he has pushed the Bundesbank and the German Government to accept QE. The ECB also continued to fund the Greek banks for 6 months as Greeks continued to withdraw their own money in huge quantities.

    If the EU is no more than ‘a monetarist prison-camp ruled by Gestapo’, then why are most Greeks so desperate to stay in it? If Greece defaulted on its debt, it would be running a budget surplus. It would have its own currency. It could manage its own affairs.

    It’s easy to label anyone who doesn’t want to give Greece money ‘neo-nazi’, a lot easier that asking questions about your own country.

    Like

  10. Too many inaccuracies and extrapolations that do not bear close examination. For instance: “If the EU is no more than ‘a monetarist prison-camp ruled by Gestapo’, then why are most Greeks so desperate to stay in it?” OXI!

    Like

  11. @Chrisb

    Perhaps it is incorrect to talk about “the Greek people” as having any responsibility in the destruction of their own society anyway. In the two possible expressions of public opinion, the election of Syriza and the Oxi vote it would seem that they are at least attempting to stand in the way of the globalist juggernaut which is more than can be said for most of the citizens of the Western world. I am increasingly of the opinion that TPTB have such control over every avenue of resistance to their hegemony that only a total collapse will see any change, and that it is unlikely that such a situation will be benign. Picked this article up from a Zerohedge link this morning which pretty much sums it up.

    http://stateofthenation2012.com/?p=3619

    As an aside, I refuse to be made responsible for Blair’s criminal actions in Iraq. Indeed I protested the UK’s involvement. The fact that our flawed constitution allows an elected dictatorship to flourish and that a lying sociopath was able to hijack the resources of my country on behalf of his future paymasters does not confer guilt on me especially as millions of us spoke out against it. To be born in a nation state where all information is manipulated on behalf of the powerful does not make one responsible for the actions of that nation state.

    Like

  12. @chris b,
    You do neet to get out more often and travel to lands of which you obviously have no experience. The destruction of the Greek economy was not the fault of the Greek citizens, it is a result of Financial warfare,using debt as the instrument of destruction.It will be coming to the reamining debtors of the EU soon.
    it has already reduced both ireland and,Greece to vassal states of the EU and allowed their States infrastructures to be plundered by privatization,at the behest of the Financial terrorists. Their youth has emigrated to farther shores due to the unavailability of work created by austerity policies. ,As any halfwit economist is aware ,austerity does not grow an economy, but causes collapse. ,
    Do not ever presume that our so called ‘elite’ have any altruistic motives or concerns for the welfare of the citizens,They will work ,even to destruction ,to preserve their positions of power and warm seats at the trough.
    As to Russia ,struggling to exert itself from near 80 years of totalitarian power, it has been systematically abused by the Western financial and political bag carriers,who see its rich natural resources as their next honey pot.
    The destruction of Ukraine to a failed state, supported by Washington and EU interests has caused the death of over 6000 civilians, the death of over 50,000 military and the destruction of homes ,schools ,hospitals and infrastructure. This has created a humanitarian crisis of over 1 million refugees into Russia.
    You do need to change your morning newspaper and switch off the tv. You are a victim of State propaganda.

    Like

  13. @SL

    Excellent response.

    I just wish the following video contained more than a nugget of truth and that this was all the result of Greek Jeenyous :)

    Like

  14. @ Canexpat

    ‘In the two possible expressions of public opinion, the election of Syriza and the Oxi vote it would seem that they (the Greek people) are at least attempting to stand in the way of the globalist juggernaut’

    Completely wrong. They were just demanding better terms to help keep ‘the globalist juggernaut’ on the road.

    Like

  15. @chrisb

    You might well be right. Perhaps I am just grasping at straws, but I do want to believe that at least some of the Syriza support and Oxi vote sprang from an awareness of the stitch-up that ordinary Greeks have been subjected to. I fervently wish Syriza had declared the debt odious and defaulted, but I’m assuming that Pilger is right and that Syriza was no where near as radical as they liked to pretend.

    http://johnpilger.com/articles/the-problem-of-greece-is-not-only-a-tragedy-it-is-a-lie

    Like

  16. I do not have to go to Greece to understand what ‘debt servitude’ means. I can see it here in the UK, where people are being encouraged to take out mortgages which they will never be able to repay once interest rates rise.

    The question the Greeks should be asking is why their government was so indebted in 2008 after a long period of economic growth. Debt can only be used as a financial weapon against country’s with debts. Then there remains the option of defaulting on the debt. Greece has used that option in the past as have other countries.

    As for Russia, perhaps you should switch off Russia Today and ask the millions of Russians emigrating why they are so keen to leave Putin’s paradise. Migration flows are one of the clearest indicators of relative economic, political and social well-being, as they reflect the views of people who know. I have no illusions about the US or the EU or Russia, as my comments on Syria and the Balkans in the 90s made clear. You however either are a deluded fool or one of Putin’s propagandists.

    Like

  17. @ Chris b
    A fool flaps his lips and vents hot air. You are not in receipt of an iota of the facts regarding Greek debt or the Russian econom/.politics or people.You give all the appearance of an Establishment troll.

    Like

  18. @ Canexpat

    I agree. Syriza would have been fully justified to declare the debt that arose out of the 2010 and 2012 bailouts odious. Clearly they did not threaten to do so, as this justification for a partial default would have been devastating for Merkel, Schauble and the EU. It would have exposed to the people of Europe that the earlier bailouts had transferred the liabilities for a Greek default from the banks to the European taxpayer.

    I saw a photo of Varoufakis on a boat travelling to spend the summer in his holiday home. If true and of course it could be disinformation, it suggests that he does not share the deprivations of most Greeks. Likewise if there is any truth to the link between his wife and Jarvis Cocker, then his wife would be on the other side of Greece’s class divide from the ‘common people’. I suspect that the likes of Tsipras and Varoufakis are upper-middle class lefties, whose best friends are the doctors who won’t treat a patient without a bribe and the tax evaders who are at the route of Greece’s problems.

    Like

  19. Excuse me if I am being boring:
    May I mention that Kenneth Grahame was employed by the Bank of England, in his book which may not after all have been intended for children,he manages to make brief but explicit reference to child abduction and thwarted abuse/sacrifice, presence of the devil by cloven foot prints and lingering smell and Masonic conspiracies by Rat’s warning to Mole of the creatures in the Wild Wood. He also had a son with suicidal tendencies, can we guess why this might be?

    Like

  20. I don’t normally do the “+1” crap as I find it quite shallow. However the response that Canexpat gave at 4.12 to be exactly where I am at. My family and I left the UK shortly after that war criminal Tony Blair ignored the voices of over a million Brittish people, mine included, exactly because of where he led the country. Sadly France has followed his lead and is now heading in the same direction. I will however NEVER have someone hold me and mine responsible for the actions of that creature.

    Like

  21. When you run out of arguments, all that is left is abuse.

    A troll for which Establishment exactly? That of the EU, which I have described as built on lies? That of the USA or Russia, whom I have said are prepared to turn Greece into a battleground for their geopolitical aspirations? That of Britain, which I have said is enslaving their people in debt? That of Greece which I have described as tax evaders and the root of Greece’s problems? If any of these ‘Establishments’ see my comments as favourable propaganda, then they really are in trouble.

    I’m sure that there is another Establishment on behalf of whom I may be trolling. I however cannot identify it, so please enlighten me. Perhaps you should call Moscow for orders.

    Like

  22. @ impoverished expat

    The decision whether to hold you responsible will not be yours to make. It will be that of the person pointing the gun at you, as it was in Sousse, or the person exploding the bomb, as it was on 7/7.

    Like

  23. @impoverished expat

    Unfortunately, there seems to be no escape from the war-mongering psychos. Canada, a once decent country has become a neocon nirvana since my arrival. I don’t know where to go next. :)

    @chrisb
    Just so long as the bloke holding the gun has not been trained and funded by my taxes as Gladio would suggest has often been the case in the past.

    Like

  24. @ chrisb

    Well, since you insist on having such absolute views on subjects clearly beyond your knowledge I will attempt to address the points you’ve made (obviously an exercise in futility, but I will be a good sport and polite, unlike you).

    1) Your words: “In their stupidity and arrogance, the Greeks are pulling apart an institution, the EU, which has served them well and paid them well.” and “To suggest that Merkel, Schauble, Schulz and Junker are trying to destroy the EU is idiotic. Once their deception is exposed, the political careers of Merkel and Schauble will be over as will be the employment of Schulz and Junker in an institution whose funding is cut. Quite why you include Draghi is even more bemusing. Whatever his ultimate goals, he has pushed the Bundesbank and the German Government to accept QE. The ECB also continued to fund the Greek banks for 6 months as Greeks continued to withdraw their own money in huge quantities. ”

    a) I honestly fail to perceive how exactly, by what means and with what kind of leverage the stupid and arrogant Greeks are pulling apart an institution, the EU. Can you please enlighten me?
    b) Let us now explore the idiocy of my suggestion “that Merkel, Schauble, Schulz and Junker are trying to destroy the EU”. First of all, never have I mentioned that they are trying to destroy the EU. In my idiotic (i.e. ιδιωτική) opinion, which, apart from a wide spectrum of people across the world, is also shared by an increasing number of German MPs, the specific stance of Merkel and Schäuble (and their subordinate servants who are nothing but a disgrace to their respective institutional positions in the EU) towards Greece will, most likely, result in such a rift among the EU member states that will, de facto, destroy the EU as we know it. In other words, it is the stubborn, irrational and dictatorial insistence of Merkel and Schäuble the EU to be structured, organised and run according to their logic that will cause the destruction of the EU. If it does not lead to the destruction of the EU AND their views are accepted by the other member states then the EU will be transformed to such a monstrosity that today’s EU will be fondly remembered as a childrens’ playground.
    c) Why I include Draghi: maybe to you the acceptance of QE by the Bundesbank and the German Government is something positive. To other people QE may be a sweeping under the rug type of affair without any substantial or actual benefits to the workings of the real economy. What the ECB has done to Greece is twofold: a) a series of illegal actions against Greece that resulted in a lawsuit agaist the ECB before the ECJ, and b) a direct interference in the referendum, by means of barely adequate ELA to Greek banks, in order to promote the YES vote and discourage the NO vote.

    2) Your words: “Greece as a nation state has benefitted every year since joining the EU from net transfers within the EU. That does not mean that every individual Greek benefitted. However, the nation as a whole did.”

    a) First of all, Greece became a member of the EEC on 1/1/1981, 12 years before the formation of the EU. Without doubt the financial sum that Greece has received from the EC far exceeds the financial contributions of Greece to the Community budget. So in monetary terms you are absolutely right the (hypothetical) 1.000 is much more than the (hypothetical) 70.
    b) “However, the nation as a whole did.” Well, this couldn’t be more wrong. I explain: Try to find the relevant figures showing the structural composition of Greece’s GDP during the periods: 1975-1981 (prior to EEC membership), 1987-1993 (the Single European Market, 1993-2001 (European Union, and 2001-present Euro as currency of Greece. What you will find is that the Greek economy as whole experienced a profound structural transformation to the worse. Many viable sectors disappeared, slef-sufficiency in many sectors also was extinguished. The primary and secondary sectors almost vanished to the benefit of the tertiary sector. Greece was assigned the role of a tourist attraction in the European division of labour with all the dangers that this entails. So, how, exactly, the nation as a whole did benefit?
    b) Some major-scale infrastructure projects were implemented. Spata airport (to the scandalous benefit of Hochtief), national roads (to the benefit of national economic pimps), etc. etc.

    3) Your words: “If the EU is no more than ‘a monetarist prison-camp ruled by Gestapo’, then why are most Greeks so desperate to stay in it? If Greece defaulted on its debt, it would be running a budget surplus. It would have its own currency. It could manage its own affairs.” and “Likewise I am sure that many Greeks saw through Syriza’s lies and were bemused by their fellow citizens’ naivety in assuming that a ‘No’ vote in the referendum meant that the rest of the EU would retreat and offer better terms. Given the outcome of Syriza’s negotiations with the EU, the questions that should be asked are whether Tsipras was an agent for Brussels and whether Syriza were a puppet party occupying a position in the political spectrum that would have been otherwise occupied by a genuine opposition.”

    a) Why are most Greeks so desperate to stay in it? There is not one single motive. Some have gains, others feel secure, others are afraid of the unknown, others are comfortable and well in the EU, others believe in a “Europe” that does not actually exist, etc. etc. So the motives range from the wishful thinking, to the naive, to the ophelimistic, to the opportunistic, etc.
    b) “If Greece defaulted on its debt, it would be running a budget surplus. It would have its own currency. It could manage its own affairs.” Here lies a fundamental antiphasis of yours because if Greece defaulted on its debt, that would lead to an exit from the EZ and, probably, the EU then “Greece would probably be left with two possible futures and the choice would be determined not by themselves but by the US and Russia. If the US comes out on top, Greece will be ruled by its military in order to keep it in NATO. If Russia comes out on top, Greece will be ruled by whichever gangsters control Russia.” At least we agree on something here.
    b) The SYRIZA government (despite the grave errors of judgement regarding its’ internal policy-making and negotiations-tactic) by taking into account: a) the result of the January elections b) the result of the referendum and c) the stance of Merkel and Schäuble had only three choices: 1) default and exit from the EZ and, probably, the EU, 2) temporary Grexit as proposed by Merkel and Schäuble, and 3) reaching a deal in order to remain in the EZ and the EU (at least in the short run).

    Choice 1: The immediate effect would be chaotic, civil unrest, instability, etc.etc., i.e. a playground for all kinds of “interested parties” to intervene.
    Choice 2: This is, axiomatically, out of the question because it was proposed by Merkel and Schäuble.
    Choice 3: Short term stability, safety and allowing for a new strategy to expose, even further, the current ugly face of the EU and gaining the necessary support by other countries and peoples in order to, at least, try and change the EU to the benefit of the people.

    Like

  25. @ chrisb. I don’t think so. Most people I meet know who is to blame, the world is not how you would like us to think it is. I live in a COMMUNITY, something that you would most likely detest. As neighbors we help each other, no money changes hands, we get along. It’s not Shangrila but if any guns are to be held to peoples heads I know where mine will be pointed…

    Like

  26. Was Greece Set Up?
    http://www.theautomaticearth.com/2015/07/was-greece-set-up-to-fail/
    “Let me help you a bit: September 2008 Wall Street crashes. For a whole year the whole planet is furious against TBTF banks and filthy rich bank CEOs. A year later – 2009 – the Deus ex machina – Georges Papandreou, then the newly elected Greek PM, “discovers” all of a sudden that Greek debt was bigger than everybody “imagined”.
    The EU is “surprised” – Oh nobody knew!!! [everybody knew] Et voila: The Wall Street crisis becomes the Greek and Eurozone crisis. IMF gets a footing in the eurozone. Wall Street, French and German banks get bailed out. Greece suffers – Eurozone on the brink of collapse.
    Greece is the tree – the rest is the forest “.

    Like

  27. @Phaedrus

    Not once in your reply do you acknowledge that the leaders of any country other than Greece have to answer to their people. This seems to be typical of most Greeks who feel that the only electorate who deserve a vote on the EU is the Greek electorate.

    I do not dispute that the path taken by Merkel and Schauble may well lead to the break-up of the EU. The points that I made were that, were they to accede to Greek wishes now, the break-up would come much more quickly and their personal political careers would be over. From the start, many critics of EMU pointed out that monetary union was only feasible with far greater fiscal transfers between the states within the EZ than those that had previously existed. That in turn would probably have necessitated a European political union, as the fiscal transfers would only have been acceptable to the electorates of the richer countries if they felt that they had become citizens of a federal Europe. This was what Kohl initially suggested. Political union was however turned down by France and its allies. What we are witnessing now is simply the collapse of a monetary union that lacks counter-balancing fiscal transfers. The question now is whether the collapse of monetary union leads to the break-up of the EU. Opinion polls should be treated with caution. Those taken during the week before the Greek referendum however suggested that no one other electorate in the Eurozone supported the stance of the Greek government.

    The government that most vociferously supported Greece’s continuing membership of the Eurozone was the government of the USA and their concern was geopolitics, not the wellbeing of the Greek people. The intervention of the US, which has presumably also taken control of the IMF again leading to the report in favour of debt relief for Greece, shows that leaving the EZ – contrary to what you say – would probably not have led to Greece leaving the EU. This option you avoid discussing on spurious grounds.

    Your analysis of the ECB is inaccurate and partisan. Firstly, the Bundesbank has not accepted QE; it was simply outvoted. The benefit to the real economy from QE might not be substantial. However, the threat of massive purchases of Government bonds by the ECB has resulted in the governments of Spain, Italy and Portugal borrowing at substantially lower yields. Were the programme not in place, these countries would probably be in the same position as Greece and the EU would be in meltdown. To suggest that Draghi has acted to break up the EU is absurd. As for the court case against the ECB, was it brought by the Greeks by any chance? The ECB had steadily increased emergency funding to the Greek banks as Greeks, yes Greeks not Germans, withdraw deposits. The Greek Government, not the EU or the German Government, then terminated negotiations and called for a referendum to be held after the term of the previous bailout ended. The ECB was put in an invidious position. Had it increased emergency funding in the run-up to the referendum, it would have been accused of supporting a ‘no’ vote. As it is, you accuse it of supporting a ‘yes’ vote. Don’t blame Draghi or the ECB for the closure of Greek banks, blame Tsipras and his negotiators for the tactics they adopted.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s