Did we just witness a Greek coup in broad daylight?

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wizardg's picture
wizardg
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Did we just witness a Greek coup in broad daylight?

Did a coup just happen in broad Greek daylight?

 

1.     Greece is in debt over their head and the EU agrees to bail them out (or at least attempt/pretend to bail them out or at least keep the wheels turning for a while. Greece will probably never be free and clear again). In turn Greece agrees  to increase taxes, set spending limits, and extend retirement age for government employees, etc. This is a rough generalization to get to the point.

2.     The Prime Minister knows that if he agrees to the above he is turning over the keys to the kingdom to the money lenders because just like in the US the bailout is just part 1. It goes on and on and that once the money lenders get their hooks in you, you’re done. Papandreou doesn’t want that to happen on his watch.

3.     He comes up with a simple plan; let the people vote on their future. Kind of like Pontius Pilate in that he wants to wash his hands of the murder that’s about to happen. Hmm. I wonder what would have happened if we in the US were given a chance to vote on our bailout and subsequent stimuli packages. They would have been rejected is my guess.

4.     The Money lenders become furious at Papandreou because they know the people will not vote for the money/austerity plan. They come up with a plan.

5.     Three days later Papandreou announces the referendum that would allow the Greek voters to determine their future was scratched.

6.     Two days after that bombshell, he announces his resignation.

7.     What happened between 4 and 5? I think they threatened Papandreou directly or indirectly.

8.     The net result is a coup in broad daylight. And when I turn on CNN they are talking about Herman Cain’s alleged sexual improprieties.

9.     I’ve heard speculation that the new PM will be the former finance minister. That’s like making Geithner the president of the US.

 

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james_knight_chaucer
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 We had something similar

 We had something similar here in the UK a fortnight ago. The present government introduced online petitions. Any issue that got over 100,000 signatures would be debated in Parliament. A petition was launched for us to have a vote on leaving the European Union. All three parties (even the Liberal Democrats, whose website had three days previously said they supported a referendum) instructed their MP's to vote against giving the population a referendum. 

I have come to the conclusion that when a new prime minister enters Downing Street, he gets a visit from certain figures who enlighten him about various matters.

I can imagine the speech is something along the lines of, 'You weren't aware of this in opposition, but this country is run by wealthy bankers. The previous governments accepted funds from us in consideration of joining the EU, and if you wish to leave we will be having our funds back again.'

 

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Travlin
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Nice post
wizardg wrote:

Did a coup just happen in broad Greek daylight?

 

1.     Greece is in debt over their head and the EU agrees to bail them out (or at least attempt/pretend to bail them out or at least keep the wheels turning for a while. Greece will probably never be free and clear again). In turn Greece agrees  to increase taxes, set spending limits, and extend retirement age for government employees, etc. This is a rough generalization to get to the point.

2.     The Prime Minister knows that if he agrees to the above he is turning over the keys to the kingdom to the money lenders because just like in the US the bailout is just part 1. It goes on and on and that once the money lenders get their hooks in you, you’re done. Papandreou doesn’t want that to happen on his watch.

3.     He comes up with a simple plan; let the people vote on their future. Kind of like Pontius Pilate in that he wants to wash his hands of the murder that’s about to happen. Hmm. I wonder what would have happened if we in the US were given a chance to vote on our bailout and subsequent stimuli packages. They would have been rejected is my guess.

4.     The Money lenders become furious at Papandreou because they know the people will not vote for the money/austerity plan. They come up with a plan.

5.     Three days later Papandreou announces the referendum that would allow the Greek voters to determine their future was scratched.

6.     Two days after that bombshell, he announces his resignation.

7.     What happened between 4 and 5? I think they threatened Papandreou directly or indirectly.

8.     The net result is a coup in broad daylight. And when I turn on CNN they are talking about Herman Cain’s alleged sexual improprieties.

9.     I’ve heard speculation that the new PM will be the former finance minister. That’s like making Geithner the president of the US.

 

Wizardg

Yes it did.  That was a good post.  Welcome to the forums.  I hope we see more from you.

Travlin

 

 

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wizardg
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Thx.   Now the PM from

Thx.

 

Now the PM from Italy is resigning!!!

Europe is getting more fuedal by the day.

 

 

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james_knight_chaucer
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Banker Announced As New PM Of Greece

 Anyone see this?

news.sky.com/home/world-news/article/16106426

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Saffron
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geez ...

They don't even try to do things covertly anymore ... just shove it in everyone's face who's the real boss.

james_knight_chaucer wrote:

 Anyone see this?

news.sky.com/home/world-news/article/16106426

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land2341's picture
land2341
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Posts: 402
Chairman of the European Central Bank?

 He was chairman of the European Central Bank?

Isn't this like putting the arsonist in charge of putting out the fire??

 

 

How's that saying go?  You can't solve the world's problems with the same kind of thinking that got us into them.

And, ignore the will of the people and go ahead and put the banksters in charge of the government so they can continue the pillaging unhindered.

Damnthematrix's picture
Damnthematrix
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the world IS run by bankers
james_knight_chaucer wrote:

 We had something similar here in the UK a fortnight ago. The present government introduced online petitions. Any issue that got over 100,000 signatures would be debated in Parliament. A petition was launched for us to have a vote on leaving the European Union. All three parties (even the Liberal Democrats, whose website had three days previously said they supported a referendum) instructed their MP's to vote against giving the population a referendum. 

I have come to the conclusion that when a new prime minister enters Downing Street, he gets a visit from certain figures who enlighten him about various matters.

I can imagine the speech is something along the lines of, 'You weren't aware of this in opposition, but this country is run by wealthy bankers. The previous governments accepted funds from us in consideration of joining the EU, and if you wish to leave we will be having our funds back again.'

 

As I have said here on several occasions, I believe exactly this occurred to Obama......  he campaigned on "change", but once he won, someone took him by the elbow into a smoky room and read him the riot act, which explains exactly why his Presidency has been so disappointing.  I actually believe he may have been threatened with a fate not unlike JFK's......!  Who wanted to do away with the Fed if I remember rightly?

Mike

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Damnthematrix
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How Goldman Sachs Helped Greece to Mask its True Debt
land2341 wrote:

 He was chairman of the European Central Bank?

Isn't this like putting the arsonist in charge of putting out the fire??

 

http://www.spiegel.de/international/europe/0,1518,676634,00.html

How Goldman Sachs Helped Greece to Mask its True Debt

By Beat Balzli

Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit.

Greeks aren't very welcome in the Rue Alphones Weicker in Luxembourg. It's home to Eurostat, the European Union's statistical office. The number crunchers there are deeply annoyed with Athens. Investigative reports state that important data "cannot be confirmed" or has been requested but "not received."

 

Creative accounting took priority when it came to totting up government debt.Since 1999, the Maastricht rules threaten to slap hefty fines on euro member countries that exceed the budget deficit limit of three percent of gross domestic product. Total government debt mustn't exceed 60 percent.

The Greeks have never managed to stick to the 60 percent debt limit, and they only adhered to the three percent deficit ceiling with the help of blatant balance sheet cosmetics. One time, gigantic military expenditures were left out, and another time billions in hospital debt. After recalculating the figures, the experts at Eurostat consistently came up with the same results: In truth, the deficit each year has been far greater than the three percent limit. In 2009, it exploded to over 12 percent.

Now, though, it looks like the Greek figure jugglers have been even more brazen than was previously thought. "Around 2002 in particular, various investment banks offered complex financial products with which governments could push part of their liabilities into the future," one insider recalled, adding that Mediterranean countries had snapped up such products.

Greece's debt managers agreed a huge deal with the savvy bankers of US investment bank Goldman Sachs at the start of 2002. The deal involved so-called cross-currency swaps in which government debt issued in dollars and yen was swapped for euro debt for a certain period -- to be exchanged back into the original currencies at a later date.

Fictional Exchange Rates

Such transactions are part of normal government refinancing. Europe's governments obtain funds from investors around the world by issuing bonds in yen, dollar or Swiss francs. But they need euros to pay their daily bills. Years later the bonds are repaid in the original foreign denominations.

But in the Greek case the US bankers devised a special kind of swap with fictional exchange rates. That enabled Greece to receive a far higher sum than the actual euro market value of 10 billion dollars or yen. In that way Goldman Sachs secretly arranged additional credit of up to $1 billion for the Greeks.

This credit disguised as a swap didn't show up in the Greek debt statistics. Eurostat's reporting rules don't comprehensively record transactions involving financial derivatives. "The Maastricht rules can be circumvented quite legally through swaps," says a German derivatives dealer.

 

In previous years, Italy used a similar trick to mask its true debt with the help of a different US bank. In 2002 the Greek deficit amounted to 1.2 percent of GDP. After Eurostat reviewed the data in September 2004, the ratio had to be revised up to 3.7 percent. According to today's records, it stands at 5.2 percent.

At some point Greece will have to pay up for its swap transactions, and that will impact its deficit. The bond maturities range between 10 and 15 years. Goldman Sachs charged a hefty commission for the deal and sold the swaps on to a Greek bank in 2005.

The bank declined to comment on the controversial deal. The Greek Finance Ministry did not respond to a written request for comment.

wizardg's picture
wizardg
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The plot thickens as well as

The plot thickens as well as my understanding of what's happening. ... From WSJ...

The leaders of France and Germany, racing to shore up the euro, issued an ultimatum to the 27 European Union governments, saying they must decide by week's end whether they will accept greater central control over their national budgets.

The Coup is spreading.

To me Europe is a nice place to visit in the summer time. And people are people every place I've been, meaning we are all basically good.

 

I am watching Europe closely because:

1. Watching the puppet masters is more intrigueing than watching the puppets (Gringrich, Romney, Big Daddy Cain, Obama. etc)

2. I wonder if what happens there can come here. I believe so.

3. Now I wonder if the Wall Street Banks that caused the dot.com bubble, the real estate bubble, the 2008 meltdown are responsible for the 2011 Euro contagion? It is now seeming to me that the creation of the Euro was to beat down the dollar. In effect starting a battle of sorts that it appears the Euro-zone has lost. If so Why did England not join?

4. Whether wall street caused the eurozone contagion or not the Wall street hedge funds are on it like vultures and will capitalize (no pun intended) on the opportunity to make money. Its almost as if Wolrd War 2 has restarted, should I call it world war 3?

5. This war is financial. The Street against the Eurozone. The problem is if the Street wins whose next.

 

 

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