Goodbye Greek Sovereignty, Hello Mayhem

I’d like to

to Greece, particularly the chorus.

While I completely understand why they’d rather focus on Nicole Scherzinger’s sweet gyrations, what they really should be doing is listen to the lyrics. They’re terrible I know, but after years of insisting that the EU bail them out, their stay-at-home son just might get his wish...

Only if mommy and daddy handles everything though.

the FT:
European leaders are negotiating a deal that would lead to unprecedented outside intervention in the Greek economy, including international involvement in tax collection and privatisation of state assets, in exchange for new bail-out loans for Athens.

Say goodbye to Greek sovereignty.

If it pushes through that is.

Officials have ft.com/intl/cms/s/0/30a27842-862d-11e0-9e2c-00144feabdc0.html?ftcamp=rss#axzz1NsO3NjAN">officially grown tired of Greece’s repeated failures to handle their situation and have ft.com/intl/cms/s/0/eb91ba84-8a27-11e0-beff-00144feab49a.html#axzz1NsO3NjAN">finally decided to take the bull by the horns; imposing stern arrangements and conditions as well as forming an international “Fund of experts” to handle Greece’s affairs with Amsterdam’s Finance Minister leading the charge:

Jan Kees de Jager:
…We’re beyond sensitivities. Our common predicament is simply too serious…

This is exactly what they need. Whether they like it or not, Greece is on life support under the EU, and if they don’t want to take their medicine, somebody has to shove it down their throat. Either that or a restructuring.

Question now is will the Greeks let this push through?

I'm giving this 100:1 against the EU. Any takers?

Have a good one WSO.

 
Jorgé:
While I completely understand why they’d rather focus on Nicole Scherzinger’s sweet gyrations, what they really should be doing is listen to the lyrics.

Lewis Hamilton isn't listening to the lyrics... or he is just ignoring them.

In 1976, James Hunt broke the sound barrier through Eau Rouge only to retire before the event finished... following the race he had sex with three Belgian nurses at the clubhouse near La Source.
 

As a greek citizen,I hope that happens.More important than having EU money is having an EU finance minister.The only thing we managed in 1 year was to spend around 80 bn from the bailout money,without changing anything (almost).We had our chance,but our politicians and our citizens (we're a democracy,right?) believe that it is our right to keep our lifestyle,even though we dont deserve it.

PS What FT described (ie EU getting directly a portion of the revenues-taxes of Greece) is the first step in the transformation of the EU into the United Stated of Europe..

 

the greek state lost their own sovereignty by violating the social contract. its quite clear that the greek government is simply too corrupt to achieve ANYTHING. the choices greece faces are;

(a) withdraw from the EU/go bankrupt and try again (b) have someone who can actually take care of business take charge (i would've preferred a south german, but a dutchman will do)

 
Best Response

Is it just me or do you guys also think some Greek politicians should be indicted for fraud? I mean big CEO's go to jail for cooking the books, why shouldn't the politicians ?

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.

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.

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

 

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