Greek Resistance Turns Its Rage On IMF

[acidhead]

The Greek spirit of resistance turns its guns on the IMF

Years of national denial about looming bankruptcy have turned to resentment as Greece is told how it must tackle its debt crisis

Helena Smith in Athens

The Observer, Sunday 9 May 2010

Deep inside the august halls of Athens University, the renowned political commentator Paschos Mandravelis will deliver a message this week that until very recently was lost on most Greeks.

His speech will focus on a single fact: that the country in the centre of the storm of Europe's worst crisis since the creation of the common market, missed the biggest story ever – its own looming bankruptcy. "Everyone," he says, "starting with the Greek media, was in an incredible state of denial."

Last week escapism was no longer an option as Greece's debt drama claimed its first lives and the nation, teetering on the brink of economic collapse, erupted into violent protests over unprecedented austerity measures.

The deaths on Wednesday of three Greeks, killed in a fire set off by hooded youths throwing petrol bombs into the bank in which they worked, has been the wake-up call – one more shocking than ever thought – to ask questions Greeks would have preferred never to ask.

Yesterday, as tributes continued to pour in for the victims – a man and two women, all recent British university graduates who had shown up for work despite a general strike for fear of losing their jobs – they were asking: "How could it come to this?"

Today the junta is embodied not by the likes of Pattakos, who at the age of 98 has no qualms about his role in quashing liberty in the birthplace of democracy, but the IMF. For the unions and tens of thousands who took to the streets last week – and are girding their loins for the "mother of all battles" in the weeks and months ahead – the Washington-based body is neither saint nor saviour.

Prime minister George Papandreou agreed to activate the emergency international aid after it became clear two weeks ago that Greece was heading for sovereign default, unable to refinance its staggering €300bn (£259bn) debt because of prohibitively high borrowing costs on international markets.

But for those on the left, leading the protests with flags emblazoned with the hammer and sickle, the intervention of the IMF has been the tipping point. The majority of Greeks not only see it as the harbinger of harsh economic reforms but the symbol of foreign occupation. For the abundance of conspiracy theorists on both the left and right, its involvement is part of a grander, but seemingly no less implausible, plan to subjugate Greece after draining the country of its resources.

"This has gone beyond economic matters to a battle for national independence," says Manolis Glezos, the leftist who shot to fame snatching the swastika from the Acropolis shortly after Hitler's forces streamed into Athens in 1941.

"Papandreou himself has admitted we had no say in the economic measures thrust upon us. They were decided by the EU and IMF. We are now under foreign supervision and that raises questions about our economic, military and political independence."

Continues......

********

[Caesar]

I saw this on the news. it seems like those unionized workers want no part of what government has to do in order to get these bailouts loans.

[supervike]

I think this should be a wake up call for all of society. Most of our governments are teetering on economic collapse, and it's amazing how fast 'civil' society will take up arms.

[Mekorig]

The IMF is trying to impose their usual policies on Greece (reduce public spending, pensions, public workers wages, rise taxes and protect the financial bussinessmen), the problem is that policies have showed several times not to work. The "spilling" theory have show not to work at all.

[stevewinn]

its a shame Greece is part of the Eurozone. if it was able to devalue its currency it would have been a massive help.

[questionmark]

its a shame Greece is part of the Eurozone. if it was able to devalue its currency it would have been a massive help.

The Euro was devalued by 20% over the last months...did not seem to help any...

ED: as to the OP... RESISTANCE?

What planet is the bloke living on who wrote that piece?

We have the unions protesting and a dozen of idiots who hide behind these protests to throw mollies... that is it.

Edited May 10, 2010 by questionmark

[acidhead]

Well, it seems the cbc.ca knows how to write an article accurately...

Look:

Sunday, May 9, 2010 |

The International Monetary Fund has put up nearly $40 billion to help bail out Greece and appease investors' fears of a spreading European debt crisis.

The IMF's executive board met in Washington on Sunday to approve a three-year, $40-billion loan for the debt-plagued nation, part of a $140-billion package negotiated with other eurozone countries.

Read more: http://www.cbc.ca/money/story/2010/05/09/imf-greece.html#ixzz0nXsmuBrr

**********

Yes.... "appease investors"........... this is what got EVERYBODY in the mess to start with.

-the god-damned Goldman-Blood suckers-Sachs degenerate gamblers....

They are crooks robbing everyone and than the corporate controlled politicians hold EVERYBODY hostage for the Casino's deceptive mistakes.

[questionmark]

Well, it seems the cbc.ca knows how to write an article accurately...

Look:

Sunday, May 9, 2010 |

The International Monetary Fund has put up nearly $40 billion to help bail out Greece and appease investors' fears of a spreading European debt crisis.

The IMF's executive board met in Washington on Sunday to approve a three-year, $40-billion loan for the debt-plagued nation, part of a $140-billion package negotiated with other eurozone countries.

Read more: http://www.cbc.ca/money/story/2010/05/09/imf-greece.html#ixzz0nXsmuBrr

**********

Yes.... "appease investors"........... this is what got EVERYBODY in the mess to start with.

-the god-damned Goldman-Blood suckers-Sachs degenerate gamblers....

They are crooks robbing everyone and than the corporate controlled politicians hold EVERYBODY hostage for the Casino's deceptive mistakes.

Nice acidhead collage...as usual. Separate the facts from your interpretations and it sounds a little different.

[acidhead]

Nice acidhead collage...as usual. Separate the facts from your interpretations and it sounds a little different.

b-b-b-b-b....B.S.

How Goldman Sachs Helped Greece to Mask its True Debt

02/08/2010

Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit.

Creative accounting took priority when it came to totting up government debt.Since 1999, the Maastricht rules threaten to slap hefty fines on euro member countries that exceed the budget deficit limit of three percent of gross domestic product. Total government debt mustn't exceed 60 percent.

The Greeks have never managed to stick to the 60 percent debt limit, and they only adhered to the three percent deficit ceiling with the help of blatant balance sheet cosmetics. One time, gigantic military expenditures were left out, and another time billions in hospital debt. After recalculating the figures, the experts at Eurostat consistently came up with the same results: In truth, the deficit each year has been far greater than the three percent limit. In 2009, it exploded to over 12 percent.

Now, though, it looks like the Greek figure jugglers have been even more brazen than was previously thought. "Around 2002 in particular, various investment banks offered complex financial products with which governments could push part of their liabilities into the future," one insider recalled, adding that Mediterranean countries had snapped up such products.

Greece's debt managers agreed a huge deal with the savvy bankers of US investment bank Goldman Sachs at the start of 2002. The deal involved so-called cross-currency swaps in which government debt issued in dollars and yen was swapped for euro debt for a certain period -- to be exchanged back into the original currencies at a later date.

Fictional Exchange Rates

Such transactions are part of normal government refinancing. Europe's governments obtain funds from investors around the world by issuing bonds in yen, dollar or Swiss francs. But they need euros to pay their daily bills. Years later the bonds are repaid in the original foreign denominations.

But in the Greek case the US bankers devised a special kind of swap with fictional exchange rates. That enabled Greece to receive a far higher sum than the actual euro market value of 10 billion dollars or yen. In that way Goldman Sachs secretly arranged additional credit of up to $1 billion for the Greeks.

This credit disguised as a swap didn't show up in the Greek debt statistics. Eurostat's reporting rules don't comprehensively record transactions involving financial derivatives. "The Maastricht rules can be circumvented quite legally through swaps," says a German derivatives dealer.

In previous years, Italy used a similar trick to mask its true debt with the help of a different US bank. In 2002 the Greek deficit amounted to 1.2 percent of GDP. After Eurostat reviewed the data in September 2004, the ratio had to be revised up to 3.7 percent. According to today's records, it stands at 5.2 percent.

At some point Greece will have to pay up for its swap transactions, and that will impact its deficit. The bond maturities range between 10 and 15 years. Goldman Sachs charged a hefty commission for the deal and sold the swaps on to a Greek bank in 2005.

The bank declined to comment on the controversial deal. The Greek Finance Ministry did not respond to a written request for comment.

[questionmark]

At some point Greece will have to pay up for its swap transactions, and that will impact its deficit. The bond maturities range between 10 and 15 years. Goldman Sachs charged a hefty commission for the deal and sold the swaps on to a Greek bank in 2005.

The bank declined to comment on the controversial deal. The Greek Finance Ministry did not respond to a written request for comment.

That is known... and if you kept up to the news coming out of Europe, the Europeans are planning some new laws to get back the money from the Banks that they gained by aiding fraud and ill-willed speculation (like some banks betting against their own products).

For the time being they stopped the hedge funds in their tracks who wanted to start a big attack against the Euro (which I would have done next week when it is at $0.80... but that is me...)

Ah, yes... If the likes of Goldman Sachs scream that they will leave Europe.... they hankies are ready...to wave goodbye....

[acidhead]

That is known... and if you kept up to the news coming out of Europe, the Europeans are planning some new laws to get back the money from the Banks that they gained by aiding fraud and ill-willed speculation (like some banks betting against their own products).

For the time being they stopped the hedge funds in their tracks who wanted to start a big attack against the Euro (which I would have done next week when it is at $0.80... but that is me...)

Ah, yes... If the likes of Goldman Sachs scream that they will leave Europe.... they hankies are ready...to wave goodbye....

Yes... more laws made by the same politicians who represent the same central banks. This has already happened in America and

the result is the levy's, taxes on banks simply are handed down to the consumer.

Also, last weeks 15 minute drop in the markets after Greece was bailed out was NO FAT FINGER!!!!!. There was a Bill introduced into

the American government that would investigate investment casinos like GS and guess what happens?...... an engineered economic crisis never seen before that lasts 15 minutes and the markets majically rebound by ends day..... FINANCIAL TERRORISM.... and than

3-4 days later(yesterday) a new plan to bail out Europe is announced and the American Congress is not even asked to okay the bailout?

What the hell is going on?????.... Why wasn't the american congress asked to okay this?????... Its american taxpayers monies for crying out loud!?!?!?!?!?!?

And yes.... the damge is done... thanks to the swift hand of the degenerate gamblers who work for GS.

With the news yesterday and today that markets are rebounding from the 1 trillion dollar currency swap from the Fed, through the IMF all we are witnessing

is a greater expansion of the already over-imploded money supply in America.

And just what is this currency swap mean?

-it means that all that happened was 1 trillion american dollars was swapped for Euros. No product was created, no labor was created... just digital paper created

out of thin air to prop up both monetary systems(american and Europe's).

Its a recipe for financial disaster because its still just FIAT monies propping up another FIAT currency.... it just created an even greater financial bubble!!!!!!!!!!!!!!

Everybody is being set up for a massive crash that will result in THEIR solution for a problem THEY created.

Edited May 10, 2010 by acidhead

[questionmark]

Its a recipe for financial disaster because its still just FIAT monies propping up another FIAT currency.... it just created an even greater financial bubble!!!!!!!!!!!!!!

Everybody is being set up for a massive crash that will result in THEIR solution for a problem THEY created.

There is no, nor ever was there any, real currency...only what people considered currency.

[J.B.]

And right now they consider electrons on a screen and little strips of pulped wood to be currency.

Apparently when it was precious metals the economy of the ancients wasn't much better, they still hit depressions and financial woes.

[questionmark]

And right now they consider electrons on a screen and little strips of pulped wood to be currency.

Apparently when it was precious metals the economy of the ancients wasn't much better, they still hit depressions and financial woes.

Discounting the fact that there is not enough precious metals to pass out to each human to keep the economy going

[Bill Hill]

The Euro was devalued by 20% over the last months...did not seem to help any...

Not sOo pro-EU now?

I mean, I hate to say I was right, but... well I was right.

smug mode engaged, smug mode on..

[acidhead]

And right now they consider electrons on a screen and little strips of pulped wood to be currency.

Apparently when it was precious metals the economy of the ancients wasn't much better, they still hit depressions and financial woes.

Big difference.

When currency is backed by precious metals the free market flows along like a river. The bends and falls in the river determine the market share.

-meaning everybody has the opportunity to rise and fall on their own merits..... everybody gets a fair and honest crack at the american dream.

Fiat money when left un-checked doesn't flow consistent to the natural occurring environment of the free market... it becomes an controlled market like we

are witnessing today(too-big-to-fails)

-the Fed was created to curb runs on the bank when the market environment became unstable..... this was the sole reason given to Congress when they approved it.

The opposite has happened and the people who were against its creation warned heavily against it.

-Ron Paul has gone red beating this point over and over and over.

Edited May 10, 2010 by acidhead

[acidhead]

Discounting the fact that there is not enough precious metals to pass out to each human to keep the economy going

This excuse is just that an excuse for allowing the current fiat system to continue un-checked and out-of-control.

-market manipulation on metals.

Precious metals such as gold, silver and others would simply be valued much, much higher than they are today.

-its grade one mathematics.

[Corp]

And right now they consider electrons on a screen and little strips of pulped wood to be currency.

Apparently when it was precious metals the economy of the ancients wasn't much better, they still hit depressions and financial woes.

More or less plus there were booms and busts all the time. In some ways on the whole our economic system is a lot more stable that what it has been in the past. I know I saw a graph about it in university but for the life of me I can't remember what it outlined (something about the size of the bubbles and how often they burst).

As for switching to precious metals that wouldn't make much difference compared to paper money. Because like you need to have faith in the government that the paper is worth what they claim to be you also needed to have faith that the gold coin you have is the correct weight and is pure. There are several examples in history, like Nero off the top of my head, where rulers have decided that they want some more cash or they run into economic trouble so they change the weight of the coin slightly or they lower the purity of the coin by mixing it with cheaper metals.

[acidhead]

More or less plus there were booms and busts all the time. In some ways on the whole our economic system is a lot more stable that what it has been in the past. I know I saw a graph about it in university but for the life of me I can't remember what it outlined (something about the size of the bubbles and how often they burst).

As for switching to precious metals that wouldn't make much difference compared to paper money. Because like you need to have faith in the government that the paper is worth what they claim to be you also needed to have faith that the gold coin you have is the correct weight and is pure. There are several examples in history, like Nero off the top of my head, where rulers have decided that they want some more cash or they run into economic trouble so they change the weight of the coin slightly or they lower the purity of the coin by mixing it with cheaper metals.

-all good points Corp.

-they are economic historical issues that could or were curbed or left in-check by financial regulators working for the people transparently... pre 1913.

Yet,

Look around today... looks whats happened as a result of the Fed... we're doomed by the Fiat system of un-controlled inflation and debt.

The crash of 2010 is here. Its global and it will dwarf the Great Depression of the 1929.

It will be called Obama™-Geddon.

or, more aptly,

The Greatest Depression.

Edited May 10, 2010 by acidhead

[questionmark]

This excuse is just that an excuse for allowing the current fiat system to continue un-checked and out-of-control.

-market manipulation on metals.

Precious metals such as gold, silver and others would simply be valued much, much higher than they are today.

-its grade one mathematics.

Well, my grade one matematician, if you were to divide all the gold available in the world today among all living humans: How much would each human get?

Answer: You'd need a microscope to see it

(Hint, http://www.howstuffworks.com/question213.htm: That means that if you could somehow gather every scrap of gold that man has ever mined into one place, you could only build about one-third of the Washington Monument". Now devide that into 5 billion parts.... )

[Corp]

It will be called Obama™-Geddon.

or, more aptly,

The Greatest Depression.

Yes because Obama has been control the European economies for years now

So a hundred or so years from now when we have another big dip in economic markets will it be called the Greatester Depression? Why don't we see what happens before hitting the 'we're all going to die' button. After all plenty of people were screaming about the complete collapse of civilization last year and it didn't happen. Now will be there be a global crash? I don't know. Think things could go either way. However I do know that panicking and blowing the situation out of proportion is only going to make things worst.

[acidhead]

Yes because Obama has been control the European economies for years now

So a hundred or so years from now when we have another big dip in economic markets will it be called the Greatester Depression? Why don't we see what happens before hitting the 'we're all going to die' button. After all plenty of people were screaming about the complete collapse of civilization last year and it didn't happen. Now will be there be a global crash? I don't know. Think things could go either way. However I do know that panicking and blowing the situation out of proportion is only going to make things worst.

A kiss up front is what is needed right now - before we all get screwed from behind.

or,

We can do what you just proposed.... Lie down and take it... take it hard.

**********

Edited May 10, 2010 by acidhead

[Corp]

...ok that makes zero sense. Acidhead if you have a point to make or some ideas you wish to express can you actual do so instead of just posting a string of vague catch phrases and buzz words?

[acidhead]

...ok that makes zero sense. Acidhead if you have a point to make or some ideas you wish to express can you actual do so instead of just posting a string of vague catch phrases and buzz words?

sorry Corp...

I'm an adult, I don't believe all the b.s talking points the MSM is putting out.....

I know what a freak show looks like and there is one out there now.

I'm a political atheist..... which means I think for myself.

Something old is dying in the political financial system and who made up this idea of too-big-to-fails?

Some of us are old enough to remember or had people around them who are old enough to remember that people didn't make hundreds of millions of dollars

for doing deal after deal after deal and thousands of them making that kind of dough.... so something is dying and something new can be re-born... a renaissance.

If you look at when america was at its strongest... when it was at its most egalitarian, the envy of all nations... -its when it wasn't about Wall Street... no.... it was

about Main Street..... It wasn't about going to Wal-Mart to save a penny - it was about Mom and Pop's...... it wasn't about eating factory-farmed food - it was about

family farms..... and those are the kind of things we have lost with the too-big-to-fails-society.

The gap between the rich and the poor in America is the widest between all of the industrialized nations now that its Wal-Mart, Wall Street and Factory Farms.

I believe in the golden rule... "those who have the gold rule" .... its bad enough with the R's and D's but I don't want the Chinese ruling over Canada.

There is over 300 million americans and 30 million plus Canadians.... more than enough people to begin to re-build our own economies without relying on cheap crap

made by communistic countries to keep our social-serving societies here at home..... more than enough.

And the only reason why its declined to level that it is is because of what 'they' call Globalization.

And here is a quiz:

When did they allow.... when did China become a member or join the WTO(the World Trade Organization)? When did they let them in?

-It happened days after 911 .......... when no one was paying attention.

So... again I apologize for my catch phrases and buzz words but you've got to know I ain't gonna sit back and take it from behind like a little catholic choir boy...

-I'm gonna stand up like an adult and let it be known that I won't accept the pathetic lame-azz excuses put forth day after day by media pundits who are simply

doing their fiat-strapped, benefit-laden job informing the rest of us as to just exactly what is going on.

Edited May 10, 2010 by acidhead