Nobody like bullies and blackmailers, but few have the guts to stand up and be counted. The Greek Prime Minister would seem to be an exception to this rule.
The Greek government owes a staggering amount of money. €220 billion to the various countries that have given it bailout funds, €39 billion to private investors and €120 to financial institutions including it’s own banks. That breaks down as 60% to the Eurozone, 10% to the IMF, 6% to the ECB, 15% in bonds and the rest to various banks. Let’s face it, there is no way they will ever pay it back and it amounts to around 180% of Greece’s GDP.
The Germans, of course, know they’ll never be able to pay it back. In fact Germany is owed €56 billion on it’s own. But for the Germans, this is a good investment if it effectively bankrupts the country so they can force a regime change and install a puppet government that will do Berlin’s bidding.
Make no mistake. This is the third great European war. The third attempt by the Germans to take over the continent. That’s what the EU is about and what it has always been about. It worked for Prussia when they absorbed Germany, and it’s working again now. If the plan ain’t broken, then there’s no need to fix it.
I admire Alexis Tsipras’ stand against this tyranny. He was elected by the Greek people to stand up for Greece. This is a stand against revolution, against bulllying, against blackmail, and against a Fourth German Reich. Tsipras was elected on a clear mandate against the external forces attacking his country to support the electorate who have had enough of being screwed and humiliated. And in my view, he’s doing exactly what he should be doing.
One interesting development that hit the financial press on Tuesday was a plan by Greece to take the EU to court in it’s very own Court of Justice. They are considering an injunction to prevent Greece being forced out of the Eurozone. Didn’t see that in the MSM did you?
It seems that the Germans thought they were being clever when they worded the treaties in such a way that once you were in the Euro, there was no provision for leaving it. Effectively, when you’re in then you’re locked in.
The Germans are threatening to kick Greece out if the referendum goes ahead. The French are being pretty vocal about it too. Germany’s vice-chancellor said “At the core it is a yes or no to remaining in the Eurozone.”
Well,maybe not. Just maybe they’ve all underestimated the resourcefulness of the Greek government. I, for one, would be delighted to see the Greeks play this particular card…
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Dioclese 
You take the money you pay it back. Fucking queer greek bastards!
THAT is how borrowing works!
You don't want to pay it back, do not fucking accept it in the first place!
From what I can gather, it appears that the Greeks got themselves into the shit by living way beyond their means for at least the last decade. If that is so then my view is fuck 'em. I don't agree with the UK government spending £12 billion/annum on foreign aid, and I as sure as hell don't see why we should help bail out Greece.
I'm not quite sure why you are so supportive of the Greeks in this instance. I know you like to holiday there, but is that any reason to support their stance given that you lambast many other countries who have received loans and failed to pay them back?
As for the EU assertion that a country cannot leave the Eurozone, what utter bollocks. If any country receives a democratic mandate from its people to do so then that's it – what the fuck can the EU do about it – go to war? – I don't think so.
While FT is correct – they borrowed it they should pay it back – default was always going to be on the cards. By trying to remain in the Euro, they prolonged the pain. Default and a return to the Drachma, along with devaluing as soon as they got into trouble would have minimised the pain. As for the lenders, well, you lend; you take a risk.
I support Greece because they are victims of economic warfare. Let's not forget that it wasn't this government that borrowed the money. The previous pro-EU government was offered the money and accepted it knowing it was impossible to repay.
As a comparison, try borrowing a mortgage that's beyond your ability to repay. That's what caused the recent financial crisis – irresponsible lending. I blame the previous administration for borrowing beyond it's means, but I also blame the lenders for letting them have it in the first place.
As regards the £12 UK billion 'aid' budget, let's not forget that we're into this Greek mess for £10.8 billion.
Tsipras seems to want to stay in the Euro – or at least that's what he says. Remember he's a politician. The treaties do seem to be a lock in but I wonder what that's really worth. No more than a few Drachma I suspect.
I would however accept that if the Greeks paid their taxes in the first place, it would have helped their situation. Nothing evades tax like a Greek! Especially in the islands – and they get dispensations there anyway.
I really don't see how you can say this is economic warfare. The Greeks lived way beyond their means and got into massive financial problems. I seem to remember you saying in a previous blog that people who did the same by way of credit cards were morons, or something similar. It's always the people who stick to the rules and honour their debts who end up paying for the irresponsible bastards.
What possible good would it do the Germans to bankrupt and “takeover” Greece, a country with no discernable value whatsoever – they've got fuck all that anybody wants. As for arguing that this is Germany's attempt to achieve by economic means what it failed to do by military means, I could just as easily say that this is the Greek way of getting revenge for events 70 years ago.
I think the rest of Europe should pull the plug and let Greece either vanish down the plughole or sort itself out – after all from what I gather that's what you advocate for shithole African states.
They had the chance to say NO. The same as every one does when taking out a loan.
Using your argument, Germany should not be paying a single CENT in “war reperation” because we now have a different Government.
What have they got to gain? Mineral rights.
I read in the FT the other day that the Greeks are sitting on a small fortune in mineral. Buggered if I can see why they don't exploit them if that's the case…
I would agree that the plug should be pulled. They can't repay anyway so it's a write off. Or maybe that's the plan – write off the debt then start digging?
I see where you're coming from, but as I said the previous government was very pro-EU and liable to do as 'requested'
I have a friend in the Mani who said two years ago that Greece would be out of the Euro by Christmas. It just seems his timing was a bit off.
As regards war reparations, they're not paying any more. It stopped in 2009 – about the time of the financial crisis. Co-incidence?
First and foremost you don't lend an alcoholic beer money, If you continue to do this you have to bear a lot of responsibility for their subsequent demise.
Intergovernmental, and private investments into Greece have continued because the risk to them has been underwritten by the eu and the IMF. It passed the too big to fail point some time ago. It's continued support is to prevent huge losses to governments, institutions and banks not for the benefit of the Greek people. It's all gone a bit Ponzi.
The Greeks, discounting debt servicing, now, allegedly, have a small positive balance between income and expenditure. The main purpose of further advances are too keep creditors balance sheets in order. It isn't and never will be a solution, it just make the numbers bigger.
I hope the Greeks vote no, default and leave the euro and the eu, that to my mind is their only chance of rebuilding their nation.
eu M.O. Woo it, bribe it, bust it, own it. Who's next?
The eu is a corporate facilitator and parasite we would all be better off without.
And when the Germans takeover they'll have permanent towel-rights on the beaches
Re Reparations. We stopped paying because the amount agreed at Yalta and Potsdam was paid off in full.
They want more? Sorry the claim date is LONG gone. Had they claimed in time, then O.K. But they did not.
They got what they asked for at the time, and what the confrences agreed, now they want more.
Like any country, or even family, we do NOT have a golden goose. When the money is gone, it is GONE.
Seems the golden goose actually coughed up about €56 billion more. I can understand the resentment in not getting it back!
At the root of the matter is that the Greeks should never have been advanced this mountain of money in the first place. It was grossly irresponsible by the lenders. Far better to let the Greeks go back to the Drachma and devalue. Less paid for them at the end of the day IMHO
Is there not a mental ilness whereby the definition is “Making the same mistake time and time again, and never learning from it?”
I believe Merkel and our whole damn “Government” are suffereing from it.
On that point, we can fully agree…
Err, that wouldn't include the gold bullion which Germany forcibly took from Athens during WWII, and has ever since steadfastly refused to pay back, would it?
Fully endorse Fly: much better off without.
Thanks Ted but I seem to be playing in the field near alone, the commonality with all our and Europe's woes is the eu.
What we actually need is an updated version of this:
https://www.youtube.com/watch?v=EokwQi15pO0
We are not going to address an enemy until we recognise it. Most are blissfully unaware of it's intent.
Sorry Mr D' off topic.
I have never stipulated a requirement to remain on topic as far as I know 😉