Good news everyone – Greece is “fixed“!
Just look at the happy, happy people celebrating in the streets – looking towards a bright future of lower wages, gutted retirement plans, reduced government services and endless, endless debt payments against which their Government, who were put in place by the IMF and ECB, have mortgaged 136% of the entire value of their nation’s assets to the IMF and ECB.
Look hard because it’s soon to be the future of Italy, Spain, Ireland, Portugal, France the UK and the US as well as austerity claims a major victory for the bondholders as they twisted the arms of the Greeks until they snapped and then they put the knife in to hold them in place and began twisting the legs until they snapped and then they shoved a “rescue package” down their throats. And to think in the old days we used to have to have a war to destroy another country – how silly – now we can do it with contracts!
As pointed out by the London Telegraph: In 1953, The US, Canada, Britain, France, Greece, and other signatories at the London Debt Agreement of 1953 granted Germany’s Chancellor Konrad Adenauer a 50% haircut on all German debt, worth 70% in relief with stretched maturities. There was a five-year moratorium on interest payments. The express purpose was to give Germany enough oxygen to rebuild its economy. The Wirtschaftswunder whittled down the burden of German debts to modest levels within a decade. Germany emerged as a vibrant democracy and a pillar of the western security system.
Greece, on the other hand, is being shown no such mercy and hasn’t got a chance in hell of emerging from anything until 2025 – even according to the ridiculously optimistic IMF and ECB forcasts that seek only to kick this can as far down the road as possible so that people will stop asking awkward questions about the overall viability of the EU. 150,000 Government jobs now have to be cut and 50,000 businesses will close (many burned down early to avoid the rush last night) in a nation of 11M people (and leaving every day). That’s like the US agreeing to 4.5M Government job cuts and 15M businesses shutting down (5 people employed per business average) to “fix” our economy.
Over 40 members of the Greek Parliament from the…