What is truth?

Posts tagged ‘Troika’

Behind The Global – Game Of – Thrones


Greek PM Alexis Tsipras yesterday laid out Syriza’s stance, and from what I saw he didn’t pull even one punch. Despite all the suggestions from the financial press throughout the past week that Tsipras and Varoufakis reneged on campaign promises to seek debt write-downs, they didn’t, and never have – other than perhaps in semantics.

Which I don’t find the slightest bit surprising. I would have been very surprised if they had. The misinterpretation, and the faulty expectations, are easily explained through the fact that – most of – these guys are not politicians, which they very deliberately expressed in the way they dressed for their meetings with ‘Europe’s finest’.

They don’t see the ‘space’ career politicians see to negotiate away the mandate their voters have given them. For them it’s simple: we were elected on our program – which in this case happens to be to end the misery forced upon Greece by the European and Troika schemes -, and we’re not going to move away from that just because ‘the other side’ starts threatening us, or (a crucial difference in politics) because our voters may not vote for us again in a next election.

In their view, trying to scare Greece into even more submission, which is the overlying message emanating from Brussels and beyond, is entirely null and void because Greece can’t – and shouldn’t – sink any lower than it has. Very and refreshingly simple. No surprise there, but, at least on my part, just support and admiration. Syriza is fighting the fight many others don’t have the intellect, the chutzpah and/or the courage for.

The first thing they did, apart from hiring back the government offices’ cleaning ladies the Troika got fired, was to say they wanted nothing to do with that same Troika. That to me is the most important statement so far by Yanis Varoufakis and his crew. Because that goes to the heart of why Greece is where it is, and why the entire world is.

I saw a headline last night that said something like ‘Greece doesn’t want to talk to the EU’. But that’s not true. Syriza merely wants the IMF out of the picture. And then it would prefer to talk to separate EU nations and offices, rather than top down Brussels bureaucrats. Not just because of the Colonel Blotto game theory I talked about before, but because they recognize how insidious and ruthless the IMF is. I’ll get back to that in a minute.

The most remarkable ‘news item’ for me yesterday came not from Tsipras (or Greenspan), but from former French President Nicolas Sarkozy, who did something he would never have when he was in office. Sarkozy went against the grain of the official western narrative vis à vis Ukraine and Russia. He said what no acting French president could possibly say (including himself), because as president he would have been beholden to the US and NATO dictated doctrine, that Putin is evil, and Ukraine should be ‘liberated’.

Sarkozy: Crimea Cannot Be Blamed For Joining Russia

Crimea cannot be blamed for seceding from Ukraine – a country in turmoil – and choosing to join Russia, said former president of France, Nicolas Sarkozy. He also added that Ukraine “is not destined to join the EU.” “We are part of a common civilization with Russia,” said Sarkozy [..]. “The interests of the Americans with the Russians are not the interests of Europe and Russia,” he said adding that “we do not want the revival of a Cold War between Europe and Russia.”

Regarding Crimea’s choice to secede from Ukraine when the country was in the midst of political turmoil, Sarkozy noted that the residents of the peninsula cannot be accused of doing so. “Crimea has chosen Russia, and we cannot blame it [for doing so],” he said pointing out that “we must find the means to create a peacekeeping force to protect Russian speakers in Ukraine.” In March 2014 over 96% of Crimea’s residents – the majority of whom are ethnic Russians – voted to secede from Ukraine to reunify with Russia.

That is pretty close to 180º different from what the official western position is. Putin has taken note. Because it destroys everything the West, as represented by Germany’s Merkel and France’s Hollande, brought to the talks in Moscow this weekend (and Minsk today). More importantly, it throws out what NATO wants and prepares for. In the exact same way that Greece seeks to throw out the IMF.

And that is no coincidence. Sarkozy reveals his dismay at being told what to do, when he was in office, by the supranational NATO. Tsipras and Varoufakis refuse being told what to do by the supranational IMF. Same difference. Well, to an extent: Sarkozy did the NATO and IMF’s bidding when he was in office, Syriza never has.

Merkel, meanwhile, ceased resisting Mario Draghi’s mad €1 trillion+ QE program recently, and along that same vein she may today, as she’s talking to Obama in Washington, give up her resistance to the west arming Kiev. Which would be equal to a declaration of war against Russia. The pressure on her is obviously huge and increasing, but Angela should be smart enough to know that it’s impossible for Russia to stop looking out for the Donbass.

Because just about every Russian citizen has family connections in the region, who’ve been shelled by their own government for close to a year now. And if Russia were to retreat, chances are these people will be obliterated in very ugly ways. What Merkel should be demanding at the ‘peace’ talks is for not-so-very-democratically-elected PM Yatsenyuk and his shady government to step down, and nationwide fair elections to be held that include the Donbass. But she won’t.

full article at source: http://www.theautomaticearth.com/2015/02/behind-the-global-game-of-thrones/

Something fishy about insolvency ‘solutions’


Photo ByThepressnet. (C)



There are 96,500 residential mortgage accounts that are three months or more in arrears. Many of these homeowners are never going to be able to get back to a situation of meeting their full monthly repayments, never mind their other debts

Just four debt deals involving mortgage borrowings were done a full year after the new Insolvency Service of Ireland was launched. This begs the question, was the new service designed to work at all?

There is a crying need for debt relief for ordinary households – unpalatable though that is for those who were careful not to over-borrow during the property boom.

The troika demanded that the Government put a process in place to resolve this household debt mess.

The Insolvency Service of Ireland (ISI) was the solution that the Government, and specifically Justice Minister Alan Shatter, came up with.

Mr Shatter rejected all advice, when he was steering legislation setting up the ISI through the Oireachtas, that a system that gives the banks an effective veto over all insolvency deals was not fit for purpose.

It now looks as if events have proven Mr Shatter wrong and his critics right. He promised, when he launched the ISI, that he would reform it if it was seen to be failing. He needs to act on that promise.

Advocacy groups for those in mortgage arrears claim that banks are now frustrating ISI deals because they lose all control with these…

full article at source: http://www.independent.ie/opinion/columnists/charlie-weston/something-fishy-about-insolvency-solutions-30154305.html

Bailout troika ‘in breach’ of EU human rights laws

By Valentina Pop

Berlin – Austerity programmes agreed with the troika of international lenders (the European Commission, European Central Bank and International Monetary Fund) are in breach of the EU’s Charter of Fundamental Rights, according to a German legal expert.

Andreas Fischer-Lescano, a professor of European law and politics at the University of Bremen was tasked by the European Trade Union Confederation to look at the legality of so-called memorandums of understanding (MoU) signed between bailed-out countries and their lenders.

He concluded that under the EU charter of fundamental rights, a legal text which became binding for member states in 2009, several austerity measures enshrined in the MoUs can be fought in courts.

“There are certain limits to what you can write in a memorandum of understanding. In a bank contract too, there are limits to what can be written, courts and laws are always limiting that. In international agreements it should be the same, the troika MoU is not beyond the law either,” Lescano told this website.

full article at source: http://euobserver.com/social/122899

EU parliament to probe bailout troikas

By Valentina Pop

Berlin – MEPs dealing with economic affairs are to launch an inquiry into the “non-transparent” work of EU Commission, European Central Bank and International Monetary Fund officials overseeing spending cuts in bailout countries.The European Parliament wants to scrutinise the work of bailout troikas (Photo: europarl.europa.eu)

After more than three years since the first ‘troikas’ were sent to Greece and Ireland to “advise” the governments and oversee implementation of promised budget cuts, the European Parliament is seeking to shed some light on the work of these non-elected officials.

The coordinators of the main groups in the European Parliament’s economics committee on Monday (28 October) agreed to launch an inquiry into the work of the troika in Greece, Portugal, Ireland and Cyprus.

“The troikas of ECB, EU commission and IMF are playing a key role in the eurocrisis. Their work continues to be non-transparent to a large extent,” said German Green MEP Sven Giegold, the main force behind the initiative.

He explained that the inquiry would consist of hearings of troika officials as well as independent economic studies challenging the assumptions of the troika – assumptions that were proved to be wrong in all bailed-out countries.

full article at source: http://www.worldaffairsjournal.org/content/eu-parliament-probe-bailout-troikas

Troika Dictates: ‘Austerity worst is yet to come’

Why Bank Bail in and Bail out Wont Work. Case study Iceland and Greece

By: Sam_Chee_Kong

As  most of us can remember that Iceland was the first country that went down  during the last Global Financial Crisis in 2008. During that time Iceland had  done something remarkable and that is during the five years prior to the crisis,  managed to transform its economy from a fishing industry to a mega hedge fund  country. Many of its citizens left their traditional trade which is fishing to  become fund managers and salesman. As a result Iceland’s banking assets  (physical assets + Loans + Reserves + Investment securities) grown to more than  10x its GDP of $14 billion.  With such  high leverage, when the financial crisis struck it is unable to defend its  economy and hence its house of cards collapsed.


The  purpose of this article is a post-event analysis of the performance of the Icelandic  economy that refuses a bailout as compared to Greece which went for a bailout  with the injection of funds from Troika. To simplify matters, we shall coin the bail-in and bail-out as (BIBO) for  short. Of course in the short term it helped stabilized the Greek economy for a  while but we want to know to what extent it had transformed the Greek economy  in the long run with the accompanying terms and conditions and austerity  measures. In this article we shall compare the performance of both the  economies of Iceland and Greece with the economic indicators or metrics below  from the year 2002 to the present. We believed we have been fed with too much  toxics by the mainstream medias which are also own by them that capitalized on the age old investment axiom of good-to-good……………………..

full article at source: http://www.marketoracle.co.uk/Article39892.html

The leaked European Commission document into Ireland’s economy

From: The Journal.ie 

OVER THE PAST three days, TheJournal.ie has brought you extensive coverage of a leaked European Commission report into Ireland’s economy.

The draft report goes into detail about suggestions and criticisms for how Ireland is proceeding after the 2010 bailout and where more money could be saved. In it, the Troika recommends extensive cuts to doctors’ salaries and the cost of medicine, further pay cuts for all public sector workers and legal rules which would require local authorities to break even.

It alo reveals how the Department of Social Protection is planning to hire private companies to find work for the long-term unemployed, and documents the Irish government’s fear of a mass boycott over the planned water charges………………

full article at source: http://www.thejournal.ie/in-full-leaked-european-commission-document-ireland-752062-Jan2013/

Troika Target Of Truculence As Greek Tax Evaders Terrified

By Tyler Durden

The Troika technical team was chased from their Greek offices on Tuesday by an angry mob of Muni workers (who proclaimed that “they got our labor rights and conditions back to the Middle Ages”). As KeepTalkingGreece notes, this is the third incident in 24 hours as since the team arrived they have had water bottle thrown at them as well as cars kicked and ‘hurled coffees’. The clip below shows the Troika member looking rather anxious as he runs from the crowd (and NewsIt reported a female Troika member seeking refuge in a bookstore). It is not just the municipal workers who are in fear though, as GreekReporter notes the unbelievable story of the re-appearance of a ‘mysterious’ CD containing the names of 2000 ultra-rich Greek Swiss-bank account-holders is now back in the hands of the Greek government as they press for bilateral taxation on those huge deposits. It seems rich and poor alike are not happy with the Troika’s exposure of tax cheats across the desparate nation.

Via KeepTalkingGreece:

full article at source: http://www.zerohedge.com/news/2012-10-02/troika-target-truculence-greek-tax-evaders-terrified


I’ll give the Greeks one thing  at least, they are not going to just lie down and die. They are fighting !Unlike the Irish, we are already on our knees and looks like we are going to stay slaves for a long time !let,s hope we will get some inspiration from the Greeks and learn to stand on our own two  feet and start the fight to take back our country from the puppets  and collaborators of the troika  Dictatorship who are sucking our country dry.

Ireland get up off your knees and fight back!

‘Deal has been done to pay off bondholders and forgive residue of debt’

By The slog

Another day, another bonkers conspiracy theory from The Slog. Greece has done a deal to put the lid on the Greek crisis? Pah! Formation of Greek/Israeli/Cyprus/US alliance? Fiddlesticks!

Let’s take the deal first.

There is a tradition in Greek politics that the government of the day delivers a speech and holds a press conference during the annual Thessaloniki International Trade Fair. Organized by Helexpo, it takes place every September at the Thessaloniki International Exhibition Centre. This convention of a sounding-board for those in power has been going on since 1926. Only during the German Occupation was it interrupted.

But the Samaras government has decided to neither speak nor take questions. No explanation is being given as to why. Another email from a regular Athenian media contact:

“Something has been agreed, and whatever it is has made the bondholders and the Troika irrelevant overnight

full article at source: http://hat4uk.wordpress.com/2012/08/12/greece-exclusive-deal-has-been-done-to-pay-off-bondholders-and-forgive-residue-of-debt/


“No crooked politician in Greece dares to attack the civil service, for obvious reasons. This is a major sticking point”.

Well this is the core problem here in Ireland as long as the incompetent Irish puppet Government hold off in dealing with the overmanned  Irish civil service (in the top management positions ) and the various Quinoas we the ordinary smucks will have take the pain of  the austerity measures demanded by the Troika. This is clearly an area that will eventually have to be dealt with, the question is when will the parish pump politicians get enough balls between them to do so ???

You do have to give the Greeks credit though! The managed to not pay any of their interest payments, told the Bondholders to get lost and showed Angela the two fingers as well told 300,000 German tourists to get their suntan elsewhere, and their reward was a cool 100,000,000,000 Euros taken off their debts! Meanwhile the teacher’s pet Edna was told to be a good boy and pay up and shut up!

Where are the fighting Irish I’m ready when the rest of you are! Get up off your knees Ireland!

Tag Cloud