Only a tiny 1.6% of the bailout loans goes to Greece’s state budget, the real economy and the people. The rest 98.4% goes to serve the international creditors International Monetary Fund, European Union member states and European Central Bank.
For the years 2010-20124, from the 236.8 billion euro bailout money and the 25.5 billion euro from privatizations, only 1.6 percent benefits the state and the economy.
98.4% is allocated for obligations to creditors. (source: Eleftherotypia; more details hopefully later)
I really do not understand, why any Greek should complain about it. A whole 3.77 billion euro go to Greece. For my father, for example, who spends the winter without heating and the summer without air-condition or fan because he cannot afford either the heating oil or the electricity bills after the cuts in pensions and helath care, the tax hikes and other austerity measures that make descent living impossible.
We are all proud to hand out the last slice of our bread to our creditors.
– See more at: http://www.keeptalkinggreece.com/2013/07/28/greeks-gets-1-6-of-bailout-loans-98-4-goes-back-to-troika/#sthash.WQsZNVq7.dpuf
Britain’s Foreign Secretary William Hague accused Germany of alienating many from European ideas by pushing too hard for too much integration. “Sometimes less is more,” he said at a policy forum in Berlin.
He said the push for ever-greater coordination in areas like the banking sector and national budgets to fight the euro crisis risked in fact driving a wedge through the EU – creating mistrust particularly in his own Conservative Party, currently in an ill-tempered coalition with the British Liberal Democrats.
“The coalition government is committed to Britain playing a leading role in the EU but I must also be frank: public disillusionment with the EU in our country is the deepest it has ever been,” Hague said.
“People feel that in too many ways the EU is something that is done to them, not something over which they have a say… People feel that the EU is a one-way process, a great machine that sucks up decision-making from national parliaments to the European level until everything is decided at that level.”
He added: “These points may be felt most acutely in Britain but they’re not felt only in Britain.”
As Europe faces a growing gulf between the 17 countries of the eurozone which have the euro currency, and the remaining 10 EU member states, Germany Foreign Minister Guido Westerwelle insisted all 27, including Britain, should encourage a sustainable end to the euro crisis………………………………..
full article at source:http://www.thelocal.de/politics/20121023-45727.html
I’ve been saying for months now that Greece ‘will not be allowed’ to leave the single currency, because Merkel and Draghi accept that the chaos would be fatal for the eurozone. I also recently noted that the ‘done-deal after a suitable period of fisticuffs’ I’d predicted was surfacing. It still is: reduced interest rates on extended periods of Greek debt repayment (plus both ECB and sovereign EU member haircuts) are now being openly discussed by officials in Berlin, Brussels, and Paris.
But the assumption of all the players in this soap opera is that there won’t – indeed can’t – be any changes to the script. However, new storylines are coming into play, and at least three of them could yet demonstrate that this is an unravelling nightmare than a wooden TV production.
Alpha, Greece’s largest bank, released a report…..
full article at source: http://hat4uk.wordpress.com/2012/09/14/exclusive-bankfurt-and-the-us-out-to-stop-draghi/
By Thomas Clarke
‘A finance ministry draft shows that Berlin is preparing a fresh bail-out to stabilise the Greek economy and stem EMU-wide contagion after a return to the drachma, should the country reject EU austerity demands. The funds would come from Europe’s rescue machinery but costs would be shared among all 27 EU members – not just the eurozone – on the grounds “that Greece has a right to Brussels crisis funds, like any other member state with its own currency”. The scheme aims to contain fallout from a Greek exit and “limit the losses of the European Central Bank” on the country’s bonds.’
The Big money men arranged to have the last government taken out in order to put in the new face of so called change ,Not one red cent more to the Banks, Labours way or no way! But what did we really get ?? Twiddle dumb and twiddle Dee political musical chairs as foretold by myself . One political party loses in the general election the other parties gets in ,The policies of the first party are still been carried out by Faceless Bureaucrats who owe their alliance to the people who got them their vastly overpaid salaries .All of the main political parties in Ireland are bought and paid for! Just look at my posting (Meet the real Taoiseach of Ireland “Peter Sutherland) the financiers have infected and infested Irish politics over the past 70 years and no one gets into high office in Ireland without the help from these unelected puppet masters. The political system is totally corrupt the party system is infested by people who are out to hold on to power and rule out change of any kind within the established system!
We the Irish voters are been warned we will be left out in the cold and will not be able to get any financial backing ,funds, or loans from anybody(hence the labour parties poster using the word “Stability”) unless we say yes in the coming referendum. This is now proven to be total hogwash. This treaty will only create instability by legally obliging any Irish government to impose even harsher austerity on our people in order to pay the interest on ever rising debts an unelected autocratic ECB financial dictatorship will accumulate
Don’t piss down my back and tell me it’s raining!
What was good for EU was always bad for Germany and what was good for Germany was bad for other EU countries. This could not have been more pronounced than yesterday Nov 23 2011 as Germany yields rose 11.3% and now are up another 4% for the day as Bond markets take a disliking to the German paper or rather the attitude. But what is interesting is that as the German yields rise, Italy and France continue to be falling in terms of spread. Is this why they say :Germany is the crux of the problem
If Germany is being clinically targeted, then Nov will be a month to remember as a month that brought back fear into the markets. We said on Nov 4, that markets are now going broke for Fear in Nov at a time when Markets had rallied hard in October which too was covered by us on Oct 2 and Oct 4 and Oct 8 articles.
Since the beginning of the Eurozone debt debacle, Germany benefited spectacularly from its reputation as safe haven. While yields were spiking in other Eurozone countries, German bond yields were dropping; and even 10-year bond yields dipped below the rate of inflation. So perhaps when it offered €6 billion in 10-year bonds at an average yield of 1.98%, a record low for auctions, it expected them to fly off the shelf. It was supposed to be a no brainer but has it stirred the hornets nest!!!
full article here: http://www.marketoracle.co.uk/Article31742.html
If Greece decided to leave the euro, it would also have to quit the European Union, according to the terms of the EU’s treaties, the European Commission said today.
“The treaties indeed confirm what we have been saying here: the treaty doesn’t foresee an exit from the euro zone without exiting the EU, so indeed that is the current situation,” European Commission spokeswoman Karolina Kottova said.
The comment was in response to a question about the provisions the EU treaties make for a country to leave the euro, but the spokeswoman did not refer to a particular member state.The Commission said the place of Greece was within the euro zone and there were instruments in place to ensure that.”We see Greece within the euro and the necessary instruments are in place and an agreement has been reached,” Ms Kottova told the Commission’s daily news briefing.”So, as far as we are concerned, this is the only option that is on the table.”The EU treaty does not specifically foresee the possibility of a country leaving the single currency area, which now comprises 17 countries, although it does provide for the possibility of a country leaving the 27-nation European Union.
In article 50, the treaty says: “Any member state may decide to withdraw from the union in accordance with its own constitutional requirements.”
To leave the EU, the country would have to notify EU leaders that it wants to do so and negotiate with them the terms of its exit, the treaty says. EU laws would stop applying to the exiting country, even without negotiated leaving terms, after two years from notifying the leaders.
If it wanted to become a member of the EU again, the country would have to repeat the normal application procedure.
full article at source:http://www.irishtimes.com/newspaper/breaking/2011/1103/breaking56.html