Macroeconomic analyst Rob Kirby thinks that everybody should take notice of what is happening with the Greek debt crisis drama. Kirby contends, “What has occurred in Greece, make no mistake, it is a financial coup. It is not a bailout. It’s a takeover by force. The leader of Greece has obviously been told, and effectively has a gun to his head, the way it’s going to be.
The Greek people voted for what they want, (and got the opposite…sounds like those Tea-Party candidates who were going to go to Washington and clean up the out-of-control debt/spending) and we know what the Greek people’s wishes are, and they don’t want more austerity. They want to divorce themselves from the IMF and the European Central Bank (ECB). We know that clear as day, but that is not acceptable to the global elitists and the globalist bankers.
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Greg Hunter of USAWatchdog.com interviews Rob Kirby
Kirby explains that Goldman Sachs cooked the books to get Greece qualified for the Euro in the first place. And they were not the first country to use financial gimmickry to qualify.
“Greeks”(the politicians)Vote Themselves Into Even More Austerity
And so the 2015 season of the Greek drama is coming to a close following last night’s vote in Greek parliament to vote the country into even more austerity than was the case before Syriza was voted into power with promises of removing all austerity, even with Europe – which formally admits Greece is unsustainable in its current debt configuration – now terminally split on how to proceed, with Germany’s finmin still calling for a “temporary Grexit”, the IMF demanding massive debt haircuts, while the rest of Europe (and not so happy if one is Finnish or Dutch) just happy to kick the can for the third time.
Which means that nothing is really fixed, Greece will remain a pass-through vehicle for the Troika to pay into so it can repay itself, while the Greek economy continues to disintegrate, and this whole theater will repeat itself in X months, just with a different set of players.
• source: zerohedge.com
….’working backwards through the timeline….
Greece May Not Get Bailout, Grexit “The Better Way”, Schaeuble Says
German Finance Minister Wolfgang Schaeuble questioned whether Greece will ever get a third bailout programme on Thursday, a day after the Greek parliament passed a package of stringent measures required to open negotiations on financial aid.
ECB Joins IMF In Call For Greek Debt Cut, Schaeuble Shoots It Down (Again)
Despite earlier commenting that Greek debt sustainability is hard without a write off, German FinMin Schaeuble just told German lawmakers bluntly that there will be no Greek debt cut. What is problematic for Merkel and her minions is that Mario Draghi just confirmed what The IMF has been ‘secretly’ leaking – that it is “uncontroversial that Greek debt relief is necessary.”
ECB Raises Greek ELA By €900 Million
- DRAGHI SAYS ECB RAISED GREEK EMERGENCY BANK AID THURSDAY
- DRAGHI SAYS CONDITIONS TO INCREASE ELA HAVE BEEN RESTORED
- DRAGHI SAYS ECB ACTS ON ASSUMPTION THAT GREECE IS EURO MEMBER
Tsipras Says Will Be Difficult To Remain In Power As More Than Half Of Syriza Slam Deal
Update: As noted below, Greek PM Alexis Tsipras faces a party rebellion ahead of today’s vote in parliament. According to multiple reports, more than half of Syriza lawmakers have indicated they will vote against the deal, leaving Tsipras to depend on opposition support to pass the new term sheet and throwing the future of Greek politics into question.
Greece’s New German Overlords “Irritated” By Tsipras “I Don’t Support What I’m Doing” Comment
Yesterday Tsipras uttered two stunners during his interview on national TV: one was the admission that after today Greece will no longer be a sovereign, democratic state but will instead be controlled by the Troika.
- GREEK PM TSIPRAS SAYS LENDERS GIVE A MESSAGE THAT IN COUNTRIES UNDER A BAILOUT THERE IS NO POINT IN HOLDING ELECTIONS
This is a problem for the Greeks: if they allow their government to hand over Greek sovereignty to Germany for at least the next three years (in reality much less since the next and final Greek default will be imminent for the nation whose banks will also be controlled by the ECB) they will have nobody to blame but themselves.
But it was his other statement that also managed to stun Germany when he said:
- I SIGNED I DEAL I DO NOT BELIEVE IN BUT I’M WILLING TO IMPLEMENT AND WILL ASSUME RESPONSIBILITIES
UK Furious At Proposed €7 Billion Greek Ponzi-Perpetuating Bridge Loan
So Europe will pledge profits from the ECB’s Greek debt holdings as collateral for a loan to Greece that will be used to make a payment to the ECB for the very same Greek debt holdings.
Tsipras Stunner: Creditors Said “There Is No Point In Holding Elections” In Bailed Out Countries
So the Troika makes it clear that countries under a bailout, such as a Greece was and is about to be indefinitely again, democracy is finished and the country becomes a sovereign ward of a few unelected bureaucrats, and the Greek “prime minister” who also just admitted he is now nothing but a puppet of Greece’s new unelected leaders, is Ok with this.
IMF Rips Pandora’s Box To Shreds, Demands Greek Debt Relief “Far Beyond What Europe Has Been Willing To Consider”
As of this moment the IMF is telling Greece that if nothing changes, it will die of cancer with 100% certainty; on the other hand the Eurogroup is telling Greece it will die of a heart attack also wih 100% certainty if anything changes.
Varoufakis: Greek Deal Is “Coup”, Turns Greece Into “Vassal” State, And Deals “Decisive Blow” To European Project
What remains of the Greek economy, above all its most valuable assets, is to be pillaged so that Athens can continue to pay back loans from the EU, the European Central Bank and the International Monetary Fund.
Greece is to be placed under the direct control of EU officials. The function of Greece’s parliament will be to rubber-stamp the transfer of real authority to Brussels and Berlin. It has until Wednesday to pass a series of laws implementing the demands of German imperialism and the EU.
Greek bailout deal highlights monumental scale of Syriza’s betrayal
In other words, the present round of asset-stripping is only the beginning.
Everything You Need To Know About The Greek Crisis And ECB Fascism In Two Paragraphs
Yanis Varoufakis just sat down for his first interview since resigning as Finance Minister of Greece. He talked frankly with Harry Lambert of the New Statesman. Here are the two most important paragraphs from the transcript.
There is no democracy in Europe. None.
Varoufakis said that Schäuble, Germany’s finance minister and the architect of the deals Greece signed in 2010 and 2012, was “consistent throughout”. “His view was ‘I’m not discussing the programme – this was accepted by the previous [Greek] government and we can’t possibly allow an election to change anything.
“So at that point I said ‘Well perhaps we should simply not hold elections anymore for indebted countries’, and there was no answer. The only interpretation I can give [of their view] is, ‘Yes, that would be a good idea, but it would be difficult. So you either sign on the dotted line or you are out.’”
Tsipras Interviewed, Sticks Foot In Mouth: “I Signed A Deal I Do Not Believe In But Am Willing To Implement”
Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent
Yes, Greek banks may have been insolvent – something that was clear since the first bailout of 2010 – but at least the Greek state had control over them: as such it could have mandated mergers, recapitalizations, liquidity injections, even depositor bail-ins (perhaps the harshest lesson for the ordinary Greek population as a result of this latest crisis is that deposits are not “cash in the bank” but liabilities of insolvent financial organizations).
Starting on Wednesday that will no longer be the case.
Why Greece Is The Precursor To The Next Global Debt Crisis
Greek debt defaults may ripple in dangerous ways through the financial system, but because they are also true for many other members of the Eurozone.
Tsipras Sells Out Referendum ‘No’ Vote Ahead Of Weekend Deadline
Ahead Of Dark ATMs, Import Shortages, Tsipras Goes Back To Brussels Begging For Bailout
Greece Contemplates Nuclear Options: May Print Euros, Launch Parallel Currency, Nationalize Banks
Greferendum Results In Landslide “No” Victory
…..the final result is 61.3% No, 38.7% Yes – a whopping rejection of Troika hegemony which may also be the final nail in any negotiations between Greece and the Eurogroup.
……….and once again, looking forward, it turns out the voting was meaningless…………
3 thoughts on “Greek Debt Deal a Financial Coup”
Reblogged this on An Outsider's Sojourn II.
Whether or not Greek debt is a coup, it is necessary to note its implications on Greek government and on the Eurozone in general. It would not be garnering so much attention if it was not fairly crucial to the sustainability of Europe. The need to restructure debt is actuated by the fact that Greece owes money not to domestic banks, but to other countries that are thus immediately intertwined with Greek affairs. Furthermore, with one of the largest shipping industries in the world, Greece has a decent role to play in global trade. All things considered, it is still necessary to look at all aspects of the Greek crisis, even if on onset financial gimmicks were in play.
Yes and isn’t Deutsche Bank is the largest holder of derivatives on the bonds. Wasn’t it just a few weeks ago that two top figures there left. Go figure?