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Posts Tagged ‘Jean-Claude Juncker’

ΖΑΝ ΚΛΩΝΤ ΓΙΟΥΝΚΕΡ, ΕΝΑΣ ΠΑΘΟΛΟΓΙΚΟΣ ΨΕΥΤΗΣ-The Truth Behind Juncker’s Lies: In The Second Largest Greek City, 1250 Companies Have Shuttered In 2012 | ZeroHedge

Posted by satyrikon στο 22 Αυγούστου, 2012

English: Jean-Claude Juncker at the EPP summit...

English: Jean-Claude Juncker at the EPP summit in October 2010 (Photo credit: Wikipedia)

European viceroy of various neo-colonial territories Jean-Claude Juncker, best known for being a self-professed pathological liar, just concluded a press conference in which he did what he does best: lie. Here is a sampling of the soundbites along with our commentary:

  • EU’S JUNCKER SAYS TRUTH IS GREECE SUFFERS CREDIBILITY CRISIS – coming from a pathological liar, this one is our favorite
  • EU’S JUNCKER SAYS CONVINCED GOVERNMENT WILL TAKE ALL MEASURES. «all measures» = «all gold»
  • EU’S JUNCKER: FULLY CONFIDENT GOVERNMENT TO TAKE ALL EFFORTS «all efforts» = «all gold»
  • EU’S JUNCKER SAYS GREECE MUST OPEN UP CLOSED PROFESSIONS.  Chimneysweep? Bootblack? Telegraph Operator? Tax Collector? Prosecutor? Uncorrupted muppet?
  • EU’S JUNCKER SAYS BALL IS IN GREEK COURT; IS LAST CHANCE. The ball will be repoed to the ECB shortly
  • EU’S JUNCKER SAYS NOT SAYING THERE WON’T EVER BE A 3RD PROGRAM or 33rd program
  • EU’S JUNCKER SAYS GREEK EURO EXIT WOULD BE RISK TO EURO AREA and Obama’s reelection
  • EU’S JUNCKER SAYS BALL IS IN GREEK COURT; not for long: ball will soon be repoed to the ECB

And much more propaganda. Here is the truth. According to Greek Thema, in Thessaloniki, the second-largest city in Greece, so far in 2012, an unprecedented 1,250 companies have shut down. This means no jobs, no tax revenues, no money in circulation. A complete and total economic collapse.

So let us explain: while Greece and Europe may engage in endless check kiting Ponzi schemes: such as the most recent one, whereby Greece promises to pay Germany by issuing bills, bought by its banks, which in turn are repoed to the ECB via the ELA, with the cash used by the country to pay Germany and the ECB, even as Germany’s contingent liabilities get more massive by funding the ECB’s capital, the reality is that unless someone does some work, and creates real wealth, real money, instead of merely shuffling electronic cash from Point A to Point B, while the only thing increasing are German contingent liabilities, aka systemic debt, absolutely nothing will change.

μέσω The Truth Behind Juncker’s Lies: In The Second Largest Greek City, 1250 Companies Have Shuttered In 2012 | ZeroHedge.

 

 

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Η ΕΛΛΑΔΑ ΤΥΠΩΝΕΙ ΕΥΡΩ ΓΙΑ ΝΑ ΕΧΕΙ ΡΕΥΣΤΟΤΗΤΑ,Η ΕΚΤ ΕΓΚΡΙΝΕΙ,Η ΜΠΟΥΝΤΕΣΜΠΑΝΚ ΓΝΕΦΕΙ ΘΕΤΙΚΑ, ΚΑΝΕΙΣ ΔΕΝ ΘΕΛΕΙ ΝΑ ΚΑΤΗΓΟΡΗΘΕΙ ΓΙΑ ΤΗΝ ΕΚΔΙΩΞΗ ΤΗΣ ΕΛΛΑΔΑΣ ΑΠΟ ΤΗΝ ΕΕ-Greece Prints Euros To Stay Afloat, The ECB Approves, The Bundesbank Nods: No One Wants To Get Blamed For Kicking Greece Out | ZeroHedge

Posted by satyrikon στο 9 Αυγούστου, 2012

March 25 - Greece Independence Day

March 25 – Greece Independence Day (Photo credit: Aster-oid)

Wolf Richter   www.testosteronepit.com

A lot of politicians in Germany, but also in other countries, issue
zingers about a Greek exit from the Eurozone and the end of their
patience. But those with decision-making power play for time. They want
someone else to do the job. Suddenly Greece is out of money again.
It would default on everything, from bonds held by central banks to
internal obligations. On August 20. The day a €3.2 billion bond that had
landed on the balance sheet of the European Central Bank would mature.
Europe would be on vacation. It would be mayhem. And somebody would get
blamed.

So who the heck had turned off the dang spigot? At first, it was the
Troika—the austerity and bailout gang from the ECB, the EU, and the IMF.
It was supposed to send Greece €31.2 billion in June. But during the
election chaos, Greek politicians threatened to abandon structural
reforms, reverse austerity measures already implemented, rehire laid-off
workers….

The Troika got cold feet. Instead of sending the payment, it promised
to send its inspectors. It would drag its feet and write reports. It
would take till September—knowing that Greece wouldn’t make it past
August 20. Then it let the firebrand politicians stew in their own
juices.

It’s easy to blame the Troika, and it can take the heat. History
searches for the person who is responsible. But the Troika doesn’t have
one. It was designed that way: a combo of multi-layered, undemocratic
structures. And the Troika inspectors, though despised in Greece, are
career technocrats, not decision makers.

So Chancellor Angela Merkel became a substitute. Greek tabloids
treated her like a Nazi heir, with Hitler mustache and all. But she’s
not the decision maker in the Troika, though she is a
contributor. And she—though still unwilling to water down the bailout
memorandum—consistently stated that Greece should remain in the
Eurozone. She doesn’t want to be blamed.

In early July, the inspectors returned to Athens to chat with the new
coalition government and check on progress in implementing the
agreed-upon structural reforms. Soon it seeped out that their report
would paint an “awful picture” [read…. Greece Flails About, Merkel Draws A Line, German Industry & Voters Back Her: It’s Almost Over For Greece].

In late July, the inspectors returned to Athens yet again and left on
Sunday. After another visit at the end of August, they’ll release their
final report in September. A big faceless document on which people of
different nationalities labored for months; a lot of politicians can
hide behind it. Even Merkel. And the Bundestag, which gets to have a say
each time the EFSF disburses bailout funds.

Alas, August 20 is the out-of-money date. September is irrelevant.
Because someone else turned off the spigot. Um, the ECB. Two weeks ago,
it stopped accepting Greek government bonds as collateral for its
repurchase operations, thus cutting Greek banks off their lifeline.
Greece asked for a bridge loan to get through the summer, which the ECB
rejected. Greece asked for a delay in repaying the €3.2 billion bond
maturing on August 20, which the ECB also rejected though the bond was
decomposing on its balance sheet. It would kick Greece into default. And
the ECB would be blamed.

But the ECB has a public face, President Mario Draghi. He didn’t want
history books pointing at him. So the ECB switched gears. It allowed
Greece to sell worthless treasury bills with maturities of three and six
months to its own bankrupt and bailed out banks. Under the Emergency
Liquidity Assistance (ELA), the banks would hand these T-bills to the
Bank of Greece (central bank) as collateral in exchange for real euros,
which the banks would then pass to the government. Thus, the Bank of
Greece would fund the Greek government.

Precisely what is prohibited under the treaties that govern the ECB
and the Eurosystem of central banks. But voila. Out-of-money Greece now
prints its own euros! The ECB approved it. The ever so vigilant
Bundesbank acquiesced. No one wanted to get blamed for Greece’s default.

If Greece defaults in September, these T-bills in the hands of the
Bank of Greece will remain in the Eurosystem, and all remaining Eurozone
countries will get to eat the loss. €3.5 billion or more may be printed
in this manner. The cost of keeping Greece in the Eurozone a few more
weeks. And on Tuesday, Greece “sold” the first batch, €812.5 million of
6-month T-bills with a yield of 4.68%. Hallelujah.

“We don’t have any time to lose,” said Eurogroup President
Jean-Claude Juncker. The euro must be saved “by all available means.”
And clearly, his strategy is being implemented by hook or crook. Then he
gave a stunning interview. At first, he was just jabbering about
Greece, whose exit wouldn’t happen “before the end of autumn.” But
suddenly the floodgates opened, and deeply chilling existential
pessimism not only about the euro but about the future of the continent
poured out. Read….. Top Euro Honcho Jean-Claude Juncker: “Europeans are dwarfs”

μέσω Greece Prints Euros To Stay Afloat, The ECB Approves, The Bundesbank Nods: No One Wants To Get Blamed For Kicking Greece Out | ZeroHedge.

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