Finally they are forced to sell offassets for repayment. http://www.guardian.co.uk/business/2010/ mar/04/greece-sell-islands-german-mps
•They each have mammoth assetsover $2 Trillion, ten times that of big oilExxon, Shell or BP.
Joseph Ackerman DeutscheBank CEO and ex-boss of IIFrefused haircuts on Greek loanmore than the agreed 21 %. AndSaid Banks won’t take haircut forany other Eurozone economy. http://www.emergingmarkets.org/Article/2 906503/Banks-rule-out-further-eurozone- debt-haircuts.html
Now that nations struggle……Bankers do not agree thatit is payback time
•Rather, for the Banks the Eurozone crisisprovides opportunities to strengthen theirportfolio by buying into distressed assets. http://www.time.com/time/business/article /0,8599,1916998,00.html
It is true that Europe’s democracies have lackedfiscal discipline, but so have Dexia and Max bank,BOA and Wells Fargo.
Vote and coalition politics have oftenmade elected leaders of democraciespamper to populism.
Spain, Ireland, Portugal and Italy, allhave missed the EU Maastricht treaty fiscaldeficit targets by a mile. http://www.guardian.co.uk/business/2011/m ar/11/eurozone-agree-debt-limit-laws- bailout-deal
Greece deficit surged from 4% to 15%on discovery of accounting oversight.
Since debt was 1.7 times GDP it was not possible to fix the Greek debt crisis with short term measures..
Despite knowing this Greece was put on ashort lease with IMF & ECB making no longterm commitment ..
Speculation mounted and Greek debt rating was repeatedly downgraded. http://online.wsj.com/article/SB1000142405. 3111904265504576568693911614726.html
Fund squeeze led to successive years of negative growth making recovery impossible and default imminent.
So the aged Greek pensioner who paid taxes throughout her life has been handed down a hair cut of 40% of her monthly pension to facilitate the repayment of the Banks. http://online.wsj.com/article/BT-CO-. 20110919-704332.html
Now the IMF, the ECB and IIF the banklobby want to manage the economy andvirtually dictate public policy in Greece. http://www.bbc.co.uk/news/world-europe- 15147855
They are not interested that hospitalservices and educators in Greece have notreceived payment for services since 1 year. http://www.guardian.co.uk/world/2011/aug/ 05/greece-healthcare-brink-catastrophe
They are not interested in structuralreforms of the antiquated licensing policyin Greece that throttles competition.
They only want to control the fundflow and the disinvestmentprocess, so that prize assets flow theirway.
It is obvious that Mr. Papandreou willnot be able to stop that
So a big question arises for thedemocracies around the world. http://www.guardian.co.uk/commentisfree/ 2010/feb/14/greece-uk-european-union-euro
Will Banks takeover control if ourelected leaders fail? http://www.guardian.co.uk/business/2011/a ug/11/berlusconis-partners-grow-restive- over-ecbs-prescription-for-italy
If that be so, will the Fed, the ECB, theIIF and the IMF work for the benefit ofthe citizen or only for the Banks?
Prophetic words from US President ThomasJefferson who said that if private Bankscontrolled monetary policy, they would makethe citizen penniless and homeless.
References : Our Blog : Economy to Ecology:Our goal is to help promote clean, safe and better practices in economyand ecology worldwide. BThis presentation is based on my 4th October article in business section ofTechnorati San Francisco http://bit.ly/oZEaWz and a little moresustainable.Kindle Blog Ecothrust ASIN: B0029ZAUAY For non kinwww.ecothrust.blogspot.comOur Blog at What Happens If ? Risk Management blog Economic Times. New Delhi Ifhttp://blogs.economictimes.indiatimes.com/Whathappensif/Follow us a www.twitter.com/ecothrustAcknowledgements:o Google images , flickr photolibrary and other image sources.For any queries or request for download, mail to Sandip Sen For Queries contact : firstname.lastname@example.org
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