Greece: debt, creditors, austerity measures, Syriza, Varoufakis, Troika

[Mr.Cyan]

Updates from RT on Greece:

‘No’ and ‘Yes’ bailout referendum rallies gather thousands in Athens
http://rt.com/news/271597-greece-athens-referendum-rallies/


‘No more looting’: Thousands rally across EU to express solidarity with Greece
http://rt.com/news/271582-europe-greece-rallies-support/

‘No reason why Greece could not have two currencies’ - a euro architect
http://rt.com/op-edge/271504-greece-euro-drachma-economy/

With the Empire increasing their rhetoric and disinfo, I'm pretty sure they are going to try interfere with the counting process on Sunday, or even make false announcements in the MSM for the "Yes" camp, probably through dubious "exit polling" results. Hope that Syriza and their teams have plans in place to counter these...

 

[Mr.Cyan]

Excellent article in Sott by Corey Schink, accurately summarising the situation in Greece :

http://www.sott.net/article/298627-Greek-crisis-about-political-ideology-and-psychopathology-not-finance

One of the many good points referenced by Corey is a Michael Hudson's op-ed in Counterpunch, and i expand the quote from the article below, because of its importance:

In sum, followers of recent news reports should bear in mind that despite all the statements of good faith that Greece “wants to pay its debts,” the reality is that there is no money to do so – except to the extent that the IMF may “extend and pretend” the charade by advancing Greece the IMF’s own money to pay. As matters have turned out, Tsipras and Varoufakis have not paid foreign debts with Greek money. They have not balanced the Greek budget by cutting back pensions, nor have they sold off the crown jewels of publicly owned infrastructure that European banks hoped to finance to their clients.

Instead of selling out, Tsipras has given Greeks enough time to pull out their savings from the banks and convert them into euro notes (domestic circulation of which has risen by 13 billion euros), or into “hard” assets such as cars (or even boats) with a resale value.

 

[SeekinTruth]

Yeah, I read Corey's excellent article this morning.

A good interview with John Perkins that lays out a lot of the nitty gritty:
http://thesaker.is/greece-is-being-hit-theres-no-doubt-about-it/

 

[Seaniebawn]

check out the angle we're getting in Ireland: Blackstone boss says the Irish cleaned up own mess
_http://www.independent.ie/business/irish/blackstone-boss-says-the-irish-cleaned-up-own-mess-31344997.html

The head of the world's biggest private equity firm has heaped praise on Ireland for accepting that the crisis was "our fault" and pledging to "clean it up."

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Blackstone chief executive Stephen Schwarzman has invested heavily in so-called distressed Irish assets including Eircom in the wake of the crisis, and has already reaped hundreds of millions of euro as the economy here recovers.

This country had turned into one of the "great winners" coming out of the financial crisis, he said in Dublin yesterday.

"This is the only place where people said, 'OK, we made a mess, and we're going to clean it up and it's our fault and we're going to fix it.

"That's because you have a great people here and you have great leadership," Mr Schwarzman said at an event in Trinity College Dublin which was also attended by Taoiseach Enda Kenny.

He said he had been watching what Ireland has achieved, including the fact that the State is now the fastest growing economy in Europe, and described it as "amazing".

"Ireland has turned into the great winners coming out of the financial crisis. You may not see that yourselves because you're living through it. But as outsiders we can see it," he added.

Mr Schwarzman was in Dublin for the announcement of the the Blackstone Charitable Foundation's first international expansion of its campus entrepreneurship programme, Blackstone LaunchPad, to Ireland.

Ireland becomes the seventh Blackstone LaunchPad region and its first international one, after Michigan, Ohio, Pennsylvania, Florida, Montana, and California.

The three-year, €2m grant will establish a partnership between National University of Ireland Galway, Trinity College Dublin, and University College Cork to introduce entrepreneurship as a career option and provide over 50,000 students with venture coaches and an entrepreneurial support system.

Blackstone hit the headlines after buying €1.1bn of loans tied to O'Flynn Construction Group last year. That deal turned sour when Blackstone moved to take control of the O'Flynn empire.

The case ended up in the courts before being resolved earlier this year.

Blackstone earlier paid €67m for Dublin's former Burlington Hotel in 2012, part of a property buying spree that including the Bloodstone Building - an office block in the Dublin docks and a stake in Dublin's Clyde Court and Ballsbridge Hotels, which it has already sold.

Its biggest deal here was buying loans in Eircom at knock down prices and joining other lenders to use the soured loans to take control of the bankrupt business in 2012.

This year Blackstone made an estimated €375m profit selling part of its Eircom stake to hedge fund Anchorage Capital.

Mr Schwarzman said his company had a "good experience" in Ireland.

"We have a programme called buy it, fix it, sell it. That's what we do. If markets go up in addition, then we tend to do very well," he said.

The Blackstone boss said in Ireland, it is in the 'fix it' stage rather than 'sell it'.

At the Blackstone LaunchPad event, Taoiseach Enda Kenny said the Government is promoting policies that support enterprise and job creation.

"It is our goal that this balanced recovery will lead to sustainable full employment by 2018," Mr Kenny said.

"To achieve this vision, we need to embrace the entrepreneurial instincts of students in Irish universities."

my friend sent me the link yesterday, this is straight up satire, and if it was published by the likes of Waterford whisper or the Onion I wouldn't blink an eyelid, but no..... this really is the news here in Ireland it's absolutely crazy, I mean really they can print this stuff with a straight face, :O

 

[Eboard10]

check out the angle we're getting in Ireland: Blackstone boss says the Irish cleaned up own mess
_http://www.independent.ie/business/irish/blackstone-boss-says-the-irish-cleaned-up-own-mess-31344997.html

[...]

my friend sent me the link yesterday, this is straight up satire, and if it was published by the likes of Waterford whisper or the Onion I wouldn't blink an eyelid, but no..... this really is the news here in Ireland it's absolutely crazy, I mean really they can print this stuff with a straight face, :O

Yes, and he also conveniently "forgets" about how Iceland got out of its own financial turmoil.

 

[sitting]

Not only half of Germany debt for WW2 was canceled in 1953 but also 83% of Germany WW1 debt was canceled in 1931.

Hi Pierre,

I think Germany's WWI debt falls into a slightly different category--with its own unique historical context.

The Germans were fooled by Wilson's "Fourteen Points"--and subsequently bludgeoned into accepting ridiculous terms. Both geopolitical & financial. Those debts were so far beyond reality that I don't think they were ever meant to be repaid. So that analogy might not be the best one here.

What IS true is debt itself (on persons & nations) is a primary instrument of subjugation. Quite vicious. And I believe alongside this present Greek tragedy, a not-so-subtle awakening is taking place. Other countries in Europe must realize they may be next in line. And I've heard in some financial circles France could be next. As unthinkable as that may seem at the moment.

It's a sobering thought.

FWIW.

PS
Greece is fortunate to have Russia on its side. Both as support and as example. Russia defaulted in 1998, and came back. But it was a long road indeed. The lessons learned however were invaluable. And the C's once mentioned it was in that crucible that the current inspired leadership was forged.

 

[casper]

And while today more than 2,000 people gathered in Dublin to rally solidarity with the Greeks, and similar meetings were held in the UK, for example, in London to Trafalgar Square, gathered 1,000 people, similar meetings were held in Leeds, Liverpool, Bristol and Edinburgh, and on Sunday announced a rally in Manchester, German Chancellor Angela Merkel "turned" to the Balkans and his video message said he believes Albania, Serbia and Bosnia and Herzegovina have good prospects to join the European Union. It keeps getting better and better!
She believes that only through the perspective of EU membership is possible that rival countries to solve their differences.

link:
http://www.bundesregierung.de/Webs/Breg/DE/Mediathek/Einstieg/mediathek_einstieg_podcasts_node.html?id=1395346

 

[sitting]

Blackstone chief executive Stephen Schwarzman has invested heavily in so-called distressed Irish assets including Eircom in the wake of the crisis, and has already reaped hundreds of millions of euro as the economy here recovers.

Blackstone spun out of Lehman Brothers, when Schwarzman and his boss Pete Peterson lost a power struggle. And Lehman Brothers at one time owned Kuhn Loeb. These entities are now part of history--with the financial implosion of 2008-2009.

But their true wealth & power has simply been transferred to other (lesser known) entities. Doubt this not. It's one way "they" keep us off balance. By being difficult to trace.

Now remember Kuhn Loeb was made dominant by none other than Jacob Schiff, the destroyer of Tsarist Russia--and an undisputed agent of the Rothschilds. Having grown up in the Rothschild house in Frankfurt.

So when you say Blackstone, I think you're essentially saying Rothschild. (That's my best guess.) Though it's well hidden.

FWIW.

PS
While the attention is now on Greece, it's good to remember we ourselves had been "raped" ... in 2008-2009. We felt it less because "they" kept life in the USA at some semblance of "normalcy." They didn't have to ... but they did.

The amount stolen via bailouts ($14 trillion if you believe C A Fitts) was horrific. It's one reason I think a financial collapse is inevitable. Only a matter of time. (My best guess is fairly soon. In line with what the C's have said.) But they also said the universe is open. So I could be wrong.

 

[casper]

About what actually vote Greeks, on leaving the Euro zone, the austerity measures, the new conditions if they want to help, ... not it seem a little odd to vote on the offer, which is actually, according to EU leaders, who offer actually expired, because the package "assistance" actually no longer exists, and if the Greeks, by chance and decide to help, should be granted to the new conditions.
IMO, if the Greeks "accidentally" circle YES, the EU has an opportunity to be even firmer hold in the hand :(

 

[loreta]

About what actually vote Greeks, on leaving the Euro zone, the austerity measures, the new conditions if they want to help, ... not it seem a little odd to vote on the offer, which is actually, according to EU leaders, who offer actually expired, because the package "assistance" actually no longer exists, and if the Greeks, by chance and decide to help, should be granted to the new conditions.
IMO, if the Greeks "accidentally" circle YES, the EU has an opportunity to be even firmer hold in the hand :(

Yes, possibly if the decide for the YES, the plutocrats of the EU will be very hard on them, surely? vengeance maybe and to show to the others countries how hard they can be if you decide to left their prison. :(

 

[SeekinTruth]

I read this morning that there was an internet poll done by Greek university students with something like 178,000 participants (?) and 70% would vote NO and 30% YES. I can find the link now.

 

[angelburst29]

Interesting - if true?

Greece Surrenders its Sovereignty to Brussels
http://www.armstrongeconomics.com/archives/34234

The Syriza government is backing down after the realization that Brussels will declare economic war on Greece by deliberately trying to plunge the country into total ruin, far worse than the sanctions imposed on Russia. This is a sad day for the entire world. It is a terrible example that the Troika is the new equivalent of a Roman Triumvirate – the death of democracy. Europeans will remember this day for it is when national sovereignty died.

We have a copy of a letter sent from Greece to the EU accepting all terms. This is a surrender of sovereignty and no doubt the truth of this turnaround will be hidden from the public at large worldwide – not just the Greek people. All our fears of moving into Economic Totalitarianism are coming true. Democratic principles are dead: long live Totalitarianism. No doubt, this was the toast in Brussels last night (behind the curtain, of course).


Link to the sell-out letter: http://www.armstrongeconomics.com/archives/34245

HELLENIC REPUBLIC
THE PRIME MINISTER

Athens, June 30th, 2015

To the President of the European Commission
Mr. Jean Claude Juncker

To the President of the European Central Bank
Mr. Mario Draghi

To the Managing Director of the IMF
Ms Christine Lagarde

Dear Managing Director, dear Presidents,
I am writing to inform you on the position of the Hellenic Republic towards the list of
Prior Actions of the Staff Level Agreement as published on the European Commission
website on June 28th 2015. The Hellenic Republic is prepared to accept this Staff Level
Agreement subject to the following amendments, additions or clarifications, as part of an
extension of the expiring EFSF program and the new ESM Loan Agreement for which a
request was submitted today, Tuesday June 30th 2015. As you will note, our amendments
are concrete and they fully respect the robustness and credibility of the design of the overall
program.

1. VAT reform:
Maintain the 30% discount on islands, to be applied to the new rates.

2. Fiscal structural measures:
Gradually increase the advance payment of individual business income tax to 100 percent
and phase out the preferential tax treatment for farmers (including the subsidies for excise
on diesel oil) by end-2017.

Reduce the expenditure ceiling for military spending by €200 million in 2016 and €400
million in 2017 through a targeted set of actions, including a reduction in headcount and
procurement.

3. Pensions:
The 2010 reform will be fully implemented but the 2012 reform (sustainability factor) will be
postponed until the new legislative reform is implemented in October 2015.
EKAS will be phased-out by end-2019 but without any immediate action on the top 20% of
beneficiaries.

All nuisance charges will be phased out by end-2017, starting from October 31, 2015.

4. Labour markets:
The new framework will be legislated in autumn 2015.

5. Product markets:
Immediately implement specific recommendations from OECD’s toolkit 1 (tourist rentals,
tourist buses, truck licenses, code of conduct for traditional foodstuff and eurocodes on
building materials), toolkit 2 (beverages and petroleum products), and open the restricted
professions of notaries, actuaries, and court bailiffs, liberalize the market for gyms and
eliminate significant portion of nuisance charges.

Moreover, in cooperation with the OECD, implement an ambitious reform package
including:
 Create One-Stop-Shop (OSS) services for businesses (best practice analysis, as well as
a comprehensive roadmap already prepared and completed in cooperation with the
OECD);

 Conduct immediately a comprehensive competition assessment on specific sectors
characterized by oligopolistic practices (e.g. construction, wholesale trade,
agricultural products, media, etc.) and adopting recommendations accordingly
(roadmap and timelines already prepared by the OECD);

 Implement immediately a comprehensive strategy against corrupt business
practices, for example in the area of public procurement procedures (roadmap and
timeline already prepared by the OECD).

ADMIE will be split from the PPC into a separate legal entity under state majority ownership.
Thank you in advance for your support. I look forward to hearing from you.


Yours faithfully,
Cc : - Mr. Jeroen Dijsselbloem, Chairperson of the Board of Governors of ESM and
President of the Eurogroup

- Mr. Klaus P. Regling, Managing Director of the ESM

 

[Windmill knight]

The Guardian is reporting 15% counted and 60-40 to no! They got a live feed here:

_http://www.theguardian.com/business/live/2015/jul/05/greeces-eurozone-future-in-the-balance-as-referendum-gets-under-way--eu-euro-bailout-live

I think the difference is too big to be overturned when all the votes are counted, so... Thank you Greece, maybe there is hope for the world!

 

[Pierre]

I read this morning that there was an internet poll done by Greek university students with something like 178,000 participants (?) and 70% would vote NO and 30% YES. I can find the link now.

That sounds like a plausible ratio, similar to the the real opinion percentage for the Scottish referendum. Now the question is about the rigging of the votes.

The Guardian is reporting 15% counted and 60-40 to no! They got a live feed here:

_http://www.theguardian.com/business/live/2015/jul/05/greeces-eurozone-future-in-the-balance-as-referendum-gets-under-way--eu-euro-bailout-live

I think the difference is too big to be overturned when all the votes are counted, so... Thank you Greece, maybe there is hope for the world!

Fingers crossed!

 

[liffy]

These polls look promising, I guess. Hope it brings a brighter future somehow, and not just chaos.