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Posts tagged ‘Athens’

Greece Slams EU Bailout-ers: “We Don’t Want The $7 Billion, We Want To Rethink The Whole Program”




As Eurogroup chief Jeroen Dijsselbloem (of “template” foot in mouth infamy) heads to Athens for talks today, Bloomberg reports the new Greek Finance Minister Yanis Varoufakis has a clear message for his European overlords of the past: “We don’t want the 7 billion euros…We want to sit down and rethink the whole program.” While this exposes the nation’s banking system to further runs, yesterday’s revelation that Russia could step in with financing should they need it, leaves Dijsselbloem and Shulz with less and less leverage even as Spain’s chief economic advisor warns, if Greece doesn’t play along, “there will be problems on all fronts.”

“Will Greece antagonize the European union? If they don’t there won’t be any problems,” Alvaro Nadal, chief economic adviser to the Spanish prime minister, said in a radio interview in Madrid on Friday. “If they do, there will be, on all fronts.”

And, as Bloomberg reports, that is what Greece’s new government is doing (as they promised the people),

Finance Minister Yanis Varoufakis said he’s not interested in persuading Greece’s official creditors to release the final 7 billion euros ($8 billion) of bailout funds as Eurogroup Chief Jeroen Dijsselbloem headed to Athens for talks on Friday.


Greece wants to agree a new plan shifting from spending cuts to combating corruption and boosting public investment. The proposal hinges on the euro area and the European Central Bank agreeing to write down Greece’s public debt, a suggestion that has been met with skepticism by officials across the rest of Europe.


“We don’t want the 7 billion euros,” Varoufakis said in an interview with the New York Times published late on Thursday. “We want to sit down and rethink the whole program.”



“In all honesty, if you sum up all their promises then the Greek budget will very quickly be out of balance and then further debt relief won’t help anyway,” Dijsselbloem said in Amsterdam on the eve of his trip. “We want to keep Greece in the euro zone, in the European Union, but that also requires the Greeks to meet their commitments.”

Things are not going well…

European Parliament Martin Schulz confirmed the divide between Tsipras and the rest of Europe after two hours of talks with the Greek leader in Athens on Thursday.

full article at source:http://www.zerohedge.com/news/2015-01-30/greece-slams-eu-bailout-ers-we-dont-want-7-billion-we-want-rethink-whole-program

CRISIS ATHENS: The price of everything, and the value of nothing.

One building ,not as yet for sale in central Athens is that of the left-wing Party  led by Alexis Tsipras, Syriza. But across from that square and two  blocks down, the People’s Republic of China has bought a building that  was once a major department store.

“The Chinese already own half of Piraeus, and they are trying to buy  the rest of it,” said a Greek businessman as we drove together Friday  night to a restaurant in the outer southern suburbs of Athens.

“Over there – not far from the Syriza building – is an old warehouse  bought by the Chinese,” another source told me as we walked about in the warmth of an Athenian early afternoon, “They have four floors in the  building blocked off. Nobody knows what happens in there”.

Today, in April 2013, everything in Greece is for sale. Two days ago a small girl – aged no more than ten I would estimate – came up to me,  playing her violin in a main market  thoroughfare close to the  Acropolis. She wasn’t much of a violinist, but after finishing the  piece, she said something to me…and of course, I didn’t understand. A  man watching nearby, resigned of expression, said “She is saying she  costs very little for your pleasure”.

I gave the kid a small coin and asked the bloke if this was  commonplace. “Not common,” he replied, “but not rare either. These  bastards will reduce us to an animal state”. I wanted to ask him more,  but he waved me away. I don’t blame him; imagine how I’d feel in my own  country, being asked by a passing Swede if all English prepubescent kids now whored on the streets.

In a Telegraph piece posted last night from Rhodes by Harriet Alexander, she notes that a ……..

full article at source: http://hat4uk.wordpress.com/2013/04/21/crisis-athens-the-price-of-everything-and-the-value-of-nothing/



 Sent in to us to-day by Chris : Thank you Sir!

The Greek media that care run endless stories about starving children, lack of medication, old people dying because they cannot afford heating, and huge cuts in welfare relief. These are all worthy topics for anyone still unclear about the catastrophic social effects of repayment-focused austerity in ClubMed. But if nobody buys in shops, eats in restaurants, sits in cafes or furnishes homes, businesses die in very short order.

In three short years, the banks of the world, the bureaucrats of the EU, and the Central Bank of Mario Draghi have wiped out Stadiou. Like the American South after the Civil War, it is a culture gone with the wind. All that remain are kids shooting up in the darkness of formerly thriving alleyways, and bill posters advertising things nobody has the money to buy.

Behind much of Athens’ attraction as a tourist centre lies another layer of self-sustaining business: the wholesale trade. This above any other is small family business, where honesty, trust and quality are the basis of commerce. It too has been decimated, as both domestic and tourist consumption of goods plummeted after 2010.

see full report in attached PDF doc Here:Coming to every Town in Ireland

Euro-zone Bailout, What Could Possibly Go Wrong?

By: Raul_I_Meijer

Fitch has given the ESM, which reportedly became “operational” today, even though the Eurozone members will take years to full its coffers from today’s €200 billion to the desired €500-600 billion, an AAA rating. The European (hey, what happened to Emergency?) Stability Mechanism needs this rating in order to sell bonds. Since eurobonds are not deemed acceptable by too many parties involved, the new pride of Europe will start selling … right, eurobonds, just under another name.

With which, for starters, it can fund the 7000+ policemen needed to protect Angela Merkel as she oversees the troika induced damages in Athens, riding in on some modern version of the milk-white steed that scorched earth conquistadores rode throughout history to assess the loot. Bad move, Angela, if only because the battle is not yet won.

Did you notice that the Troika report is still not out yet? Wasn’t that supposed to be presented ages ago? Shouldn’t those guys have been moved to Madrid over the summer? True, Spain still insists it neither wants nor needs a bailout. But that’s just bull, which makes the efforts to conceal it bull fighting. Spain will need much more money than anyone has admitted to date, as will Greece, new kids on the chopping block Cyprus and Slovenia, and old hands Portugal and Ireland. By the time the magnitude of the required bailouts can no longer be hidden, Italy will join the fray, followed by France.

Europe’s on a road to nowhere but down, for no better reason than the safeguarding of political careers and a bankrupt banking system. The best we can hope for is that in Athens tomorrow, October 9, the headlines will not be what Merkel and the Greek political class have to say, but the mass demonstrations that will take place despite the crackdown that has been announced.

full article at source: http://www.marketoracle.co.uk/Article36925.html

Sure, Merkel is smart enough to have something nice to say tomorrow, to not come empty handed. But Europe is stuck in a downhill Groundhog Day experience where every new day comes with new – higher – demands, new rounds of worse numbers and new measures that take away more of what little the people at the bottom have left.

Greece: leaks about special deal start appearing.

New From The Slog !

Sources in Berlin and Paris were making it clear last night that, whatever emerges from the Merkel/Samaras meeting in the German capital tomorrow, a deal is already on the table. The task of Antonis Samaras is to prove he is willing to honour that deal – in every sense of the word – not to do the impossible being requested in public by German politicians.

Eleven days ago, The Slog posted that relations between Greece and the Troika had relaxed because, as a high-level Athenian source alleged:

“Something has been agreed, and whatever it is has made the bondholders and the Troika irrelevant overnight. There are half-hearted references to repayment schedules, but they don’t have that sense of panic evident just a few short weeks ago. But you can see that Samaras is now pushing for more austerity progress.”

The piece continued: ‘A deal has been done to pay off bondholders and forgive the residue of the debt…Somebody, somewhere in Europe flicked a switch within the last ten days, and everyone relaxed….Brussels or Berlin…or both…or others…have given Samaras a big reassurance that if he sticks with the [austerity] programme, Greece will not be thrown out of the euro….. full article at source: http://hat4uk.wordpress.com/2012/08/23/athensberlin-exclusive-slog-prediction-vindicated-as-leaks-about-special-deal-start-appearing/


“1. Front-loaded aid = cash = available immediately to pay off debt…plus further help from reduced rates. If this isn’t debt forgiveness, then the Pope is a Muslim.”

What about the stupid Irish killing themselves trying to pay off (other peoples debts , like Deutsche Bank and the faceless puppet-masters who are really running our country!)- (Household charge the Irish poll tax).

Well our gombeen government are busy preparing the next round of austerity measures in the coming budget and for what????  a tap on the back “well done Paddy now go and shut up and pay up” is the message coming over loud and clear for the downtrodden Irish public!

Wake up and fight back get up off your knees for God sake!


I’ve been getting some irate emails from Greek Sloggers of late – especially those who earn a living suplying goods to the Athens Government. Their bitch is simple: while the new Coalition is very happy to suck up to the Troika, monies it owes to its own citizens can go hang. As one correspondent remarked last Thursday, “It’s easy to balance the books if you don’t pay any bills”.

The day before, the Troikanauts came to town with a very clear message: no more backsliding, or no more money. But it all depends on how you define ‘backsliding’. If a Vesuvius of debt just erupted and you’re on the side of the mountain, chances are you’ll backslide. In fact, the reality is, full article at source:


Greek pensioner found hanging from tree in Athens over ‘unpayable debts’

A GREEK pensioner who was heavily in debt hanged himself from a tree in Athens yesterday, leaving a suicide note saying his country could only be saved with a leader like Margaret Thatcher.

The 61-year-old electrician and father of two, identified only by the name Alexandros, had owed money to banks and the tax office that he was unable to repay, according to police.

Greece, which used to have one of the lowest suicide rates in the world, has seen a surge of people taking their own lives since it was plunged into the euro zone’s worst economic crisis. Experts say the suicide rate probably doubled last year.

In his anguished suicide…..

Full article at source: http://www.independent.ie/world-news/europe/greek-pensioner-found-hanging-from-tree-in-athens-over-unpayable-debts-3124649.html#disqus_thread


Greece has no money to pay international law creditors, and the Bundesbank is owed 550 billion euros by debtor banks
From Germany’s Deutsche Mittelstands Nachrichten this morning came the news that investors with Greek government bonds issued under international law continue their refusal to take a cut in debt.
The Slog has already posted about the Venizelos Mob raiding University and Hospital bank accounts to pay off the English Law creditors with contracts that were watertight on the ‘money now please’ thing. Generalised international law is different, but only slightly so: Greece wants them to sacrifice most of their demands, but the remaining investors are rejecting any form debt restructuring.
This impasse was announced by the Greek debt agency yesterday (a Sunday – fancy that) and it seems the amount at stake totals three billion euros. In the past week, the Greek government has tried to agree a rescheduling of the first 539mn euros, but the negotiations failed, following which Athens made it clear that it had no further funds available with which to repay the debt.
This isn’t default, it’s insolvency. In the commercial sphere, Greece would now be subject to a simple winding up order and refused the right to trade further. But even in the rarified alternative universe of sovereign debt, payment default on the bonds under international law will trigger the usual massively leveraged obligations and derivatives.(Needless to say, it’s the Hedgies that are remaining immovable – as I predicted some weeks ago).

full article at source: http://hat4uk.wordpress.com/2012/04/02/eurozone-debt-two-more-uxbs-you-wont-find-in-the-uk-us-msm/

Eurozone finance ministers are due to approve the bailout package for Greece ( The real story)


Greece-1178 (Photo credit: archer10 (Dennis) Busy)

Tonight, the Eurozone finance ministers are due to approve the bailout package for Greece. The MSM widely expects them to do so. As the earlier Slogpost today argued clearly, if they do, it will be because they can only keep their third-rate currency zone and anti-democratic Union going by dealing with crooked people as addicted to the gravy train as they are. Those supposedly representing their citizens in the Athens Government have, in turn, acquiesced in every increasingly bonkers Troika demand for austerity and repayment, because not to do so would take away their seedy access to the People’s money. My God, I’m sounding like a 1970s agitprot Trot. That’s how unpleasant this crew are.

I think a minority of the people in Brussels and Frankfurt know exactly what they’ve unleashed by letting Athens apply CACs to last week’s debt swap. One or two in Greece do, but they couldn’t care a fig anyway. Most of the Troughing Circus in Europe’s capitals have no idea what’s coming from out of Pandora’s derivatives box at all. This is because they are either ignorant or stupid, and in some cases both. But even in the near term, if any in their ranks are smiling at the thought of having nipped the regional crisis in the bud, they should take a look at what’s been happening down here on Earth since they let Venizelos and his mob go ahead to coerce investors.

With variations taken into account, you can buy four Greek euro bonds at the moment for the price of one. That there is a market at all has nothing to do with Greek recovery hopes, and everything to do with an innate madness in modern finance: for as a form of barter, everything now has to have a value. In banks and fund management rooms throughout the Globe, high-IQ idiots are already looking at new ways to variegate, slice and repackage junk and proffer it as a thing of value…..when in reality its value is nil.

full article at source : http://hat4uk.wordpress.com/2012/03/12/think-not-what-you-can-do-for-the-european-union/

Comment :

I came across this blog the other day and can only say I am delighted to have found this well informed source .Not only does he have an excellent understanding of the facts but he is not afraid to spill the beans so to speak on the gangsters in Greece and in Brussels .Now if only we had someone in Ireland ready to give us an inside track on the daily corruption occurring there, we might get the ordinary people to realize that they are been well and truly screwed .Just as you have dodgy politicians on the take in Greece we have the same gutless politicians in government on the make in Ireland .This is a wonderful source of the real news apart from  the crap we get from the established state run media .well done !

Is Ireland about to go down the same road as the Greeks ?

Athena column at Academy of Athens.

Image via Wikipedia

I know things are bad here in Ireland but take a look at this article and you might begin to think that things are not so bad here afterall .But we are heading in that direction unless we take charge of our own destiny,we will have to pick up the pieces from our incompetent politicians who are marching to the tune of the Deutsche Bank ,Europe’s Goldman Sacks !

By Gavin Hewitt

ATHENS: Europe is out of sympathy with Greece. It is the
country that threatens the dream of “ever closer union”. It is blamed for
undermining the very existence of the single currency. The White House frets
that the country could endanger the world economy. Greeks are caricatured as
lazy and feckless.Europe’s leaders have lost patience and turned up the threats. The message is clear. The Greek government must either live up to commitments to reduce its
deficit, or the next tranche of bail-out money will be withheld.

So, last weekend, a new tax was pulled from the hat. A property tax. At first
– as usually happens – it was well received in Brussels.But then the doubts set in. The tax will be levied on all property owners with the rate determined by the size of the property and its location. I met a Greek television producer whose apartment is 100sq m (1,000 sqft). She expects to pay around 700 euros (£600) in tax.It will be collected via the electricity bill – the most reliable way for  collecting taxes in Greece.

full article at source: http://www.bbc.co.uk/news/world-europe-14972539

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