Greeks Watch Passively as Government Drains Them Dry

Greeks Watch Passively as Government Drains Them Dry.jpg

Greeks Watch Passively as Government Drains Them Dry:

If one had asked any Greek exactly one year ago, that the full of promises SYRIZA party would come to power to finish off the crisis-stricken Greek economy and drain his personal wealth, with his blessing, he would have called them a lunatic.

Yet, a year later, the SYRIZA-ANEL coalition has legislated measures and reforms that would have made even the most strict neoliberal wince. Pension cuts, tax hikes, taxation of nonexistent incomes, monitoring personal wealth, capital controls, privatizing state properties, home auctions, raising retirement age, are some of the measures and reforms that the self-proclaimed leftist ruling party is forcing on the shoulders of Greek people.

Read moreGreeks Watch Passively as Government Drains Them Dry

An Exasperated Tsipras Calls For Syriza Referendum On Bailout Cancellation

Tsipras

An Exasperated Tsipras Calls For Syriza Referendum On Bailout Cancellation (ZeroHedge, July 30, 2015):

Anyone who thought Greece’s third bailout program was a done deal or that, at the very least, the market would get a few months of respite before having to grapple with daily Grexit headlines again, got a rude awakening late last week when reports of a secret plot (hatched by ex-Energy Minister Panayiotis Lafazanis along with several Left Platform co-conspirators) to storm the Greek mint and seize the country’s currency reserves underscored the deep divisions within Syriza and betrayed the extent to which passing a third set of prior actions and sealing the deal on an ESM program would prove to be anything but simple.

Just days after Lafazanis’ plan leaked last week, Kathimerini claimed it had transcripts from a conference call between former Finance Minister Yanis Varoufakis and international hedge fund managers during which Varoufakis described yet another secret ploy to return the country to the drachma by way of establishing a parallel payments system set up using surreptitiously obtained tax filer ID numbers. Later, the full audio recording was released.

Read moreAn Exasperated Tsipras Calls For Syriza Referendum On Bailout Cancellation

Greek Economy Faces Total Collapse As Doctors Flee, Retail Sales Plunge 70%

greece

Greek Economy Faces Total Collapse As Doctors Flee, Retail Sales Plunge 70%  (ZeroHedge, July 28, 2015):

Back in May we outlined the cost to the Greek economy of each day without a deal between Athens and creditors.

At the time, a report from the Hellenic Confederation of Commerce and Enterprises showed that 60 businesses closed and 613 jobs were lost for each business day that the crisis persisted without a resolution.

Since then, things have deteriorated further and indeed, with the imposition of capital controls, businesses found that supplier credit was difficult to come by, leading to the very real possibility that Greece would soon face a shortage of imported goods, something many Greeks clearly anticipated in the wake of the referendum call as evidenced by the lines at gas stations and empty shelves at grocery stores.

As a reminder, here’s what WSJ said earlier this month

Read moreGreek Economy Faces Total Collapse As Doctors Flee, Retail Sales Plunge 70%

Reports Of Secret Drachma Plots Leave Tsipras Facing Fresh Crisis

Tsipras-hand-sign

Reports Of Secret Drachma Plots Leave Tsipras Facing Fresh Crisis (ZeroHedge, July 26, 2015):

On Friday, we brought you the shocking story of the rebellion that never was in Greece.

According to FT, Former Greek Energy Minister and maverick among mavericks Panayotis Lafazanis convened a “secret” meeting at the Oscar Hotel in Athens on July 14 at which he attempted to convince Syriza hardliners (including, in FT’s words, “supporters of the late Venezuelan president Hugo Chávez [and some] old-fashioned communists”) to storm the Greek mint, seize the country’s currency reserves, and, if necessary, arrest central bank governor Yannis Stournaras.

Lafazanis

(Lafazanis)

Obviously, the plan was never implemented, but if the story is even partly true it betrays the degree to which Greece teetered on the edge of social upheaval and even civil war in the days that followed PM Alexis Tsipras’ decision to concede to creditors’ demands and abandon not only Syriza’s election mandate but the very referendum outcome he had himself campaigned for just days prior. 

Read moreReports Of Secret Drachma Plots Leave Tsipras Facing Fresh Crisis

Syriza “Rebels” Planned To Ransack Greek Mint, Seize Cash Reserves, Arrest Central Bank Governor

Syriza “Rebels” Planned To Ransack Greek Mint, Seize Cash Reserves, Arrest Central Bank Governor (ZeroHedge, July 24, 2015):

Earlier this week, in an FT op-ed, Eurointelligence’s Wolfgang Münchau said that in his estimation, an EMU exit remains the most likely outcome for Greece. The reason, Münchau explained, is that “[Greek PM Alexis] Tsipras ended up with another very lousy bailout deal. And this one suffers from the same fundamental flaws as its predecessors.” Münchau went on to describe, in vivid detail, how he believes a Grexit would unfold:

My own most likely Grexit scenario is a different one yet again. Donald Tusk, the president of the European Council, hinted at this in his interview with the Financial Times last week when he said that he felt “something revolutionary” in the air. He is on to something. The most probable scenario for me is Grexit through insurrection.

Whether he knew it when he penned those words or not, Münchau’s vision for Greece nearly unfolded just over a week ago when, according to FT, Syriza’s Left Platform (led by outspoken former Energy Minister Panayotis Lafazanis) met in at the Oscar hotel in a “shabby” downtown district of Athens and plotted to ransack the Greek mint, seize the country’s currency reserves, and arrest central bank chief Yannis Stournaras.

Read moreSyriza “Rebels” Planned To Ransack Greek Mint, Seize Cash Reserves, Arrest Central Bank Governor

Presenting The “Greek Terms Of Surrender” As Annotated By Yanis Varoufakis

Presenting The “Greek Terms Of Surrender” As Annotated By Yanis Varoufakis (ZeroHedge, July 15, 2015):

The Greek “deal” has already been dubbed “a new Versailles Treaty” for good reason: for Greece, the agreement which effectively abdicates sovereignty to Germany, is precisely that.

And while few if any in Greece – and certainly its parliament – have carefully read the actual contents of the Summit statement, and instead are rushing to pass the deal with hopes that just approving its contents may lead to the ECB blessing a prompt reopening of banks so Greeks can resume withdrawing their frozen deposits before the public realizes it was betrayed by its rulers, one person who has read it is the former finance minister Yanis Varoufakis.

And not only that: just hours before what may be the most critical vote in Greek history, he has released an annotated version of what the Euro Summit statement really means for Greece.

In his words: The Euro Summit statement (or Terms of Greece’s Surrender – as it will go down in history) follows, annotated by yours truly. The original text is untouched with my notes confined to square brackets (and in red). Read and weep… [For a pdf copy click here.]

Full annotated statement:

Read morePresenting The “Greek Terms Of Surrender” As Annotated By Yanis Varoufakis

HUMANITY vs INSANITY: The Greek Tragedy Pt2 – ‘There Is No Way That Greece Can Ever Recover From This’ – with F. William Engdahl (Video)

FYI.



Jul 14, 2015

Description:

Read moreHUMANITY vs INSANITY: The Greek Tragedy Pt2 – ‘There Is No Way That Greece Can Ever Recover From This’ – with F. William Engdahl (Video)

Complete Humiliation: Greek Parliament Pressed To “Approve” German “Coup”

Complete Humiliation: Greek Parliament Pressed To “Approve” German “Coup” (ZeroHedge, July 14, 2015):

Months ago we said the following about the future of Greek politics:

It is becoming increasingly clear that the Syriza show will ultimately have to be canceled in Greece (or at least recast) if the country intends to find a long-term solution that allows for stable relations with European creditors although it may be time for Greeks to ask themselves if binding their fate to Europe is in their best interests given that some EU officials seem to be perfectly fine with inflicting untold economic pain upon everyday Greeks if it means usurping the ‘radical leftists.’

At the risk of overstating the case, that assessment has now proven to be almost entirely accurate. 

Read moreComplete Humiliation: Greek Parliament Pressed To “Approve” German “Coup”

Greek bailout deal highlights monumental scale of Syriza’s betrayal

Greek bailout deal highlights monumental scale of Syriza’s betrayal (WSWS, July 14, 2015):

Prime Minister Alexis Tsipras has signed up to an agreement that transforms Greece into a de facto colony of the European Union and places the country under the dictates of Germany.

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.

Read moreGreek bailout deal highlights monumental scale of Syriza’s betrayal

Someone Pull The Plug Or This Will End In War

Someone Pull The Plug Or This Will End In War (The Automatic Earth, July 10, 2015):

I was going to write up on the uselessness of Angela Merkel, given that she said on this week that “giving in to Greece could ‘blow apart’ the euro”, and it’s the 180º other way around; it’s the consistent refusal to allow any leniency towards the Greeks that is blowing the currency union to smithereens.

Merkel’s been such an abject failure, the fullblown lack of leadership, the addiction to her right wing backbenchers, no opinion that seems to be remotely her own. But I don’t think the topic by itself makes much sense anymore for an article. It’s high time to take a step back and oversee the entire failing euro and EU system.

Greece is stuck in Germany’s own internal squabbles, and that more than anything illustrates how broken the system is. It was never supposed to be like that. No European leader in their right mind would ever have signed up for that.

Read moreSomeone Pull The Plug Or This Will End In War