Wednesday, June 17, 2015

Greece’s Syriza Sets Stage For Default, Return To National Currency

The first domino to fall out of the elitist/banker EU orbit and largest scheme to rob the public of all wealth in modern times  


A wing of Greece’s anti-austerity Syriza party is eyeing a plan to default on government debt and replace the euro with its own national currency in case negotiations on a bailout with its creditors fail, media have reported.

The plan envisions a default similar to the one implemented by Iceland during the 2008 financial crisis, along with the nationalization of the Greek banking system. The party faction considers the continuing negotiations with European creditors useless, The Telegraph reported Monday citing sources familiar with the matter.

It also foresees controlling capital movements and the establishment of a sovereign central bank to serve as a basis for a new financial system.

The introduction of a dual currency is possible, the source said, but would violate the terms of membership in the eurozone, which could mean a quick return to Greece’s previous currency, the drachma.

The initiative was put forward by 30 MPs from Syriza’s Left Platform, but some members of other factions, and even some MPs from the right-wing Independent Greeks party, which is also represented in the government, have also supported the idea.

Through overreach, greed and a false perception of omnipotence, Merkel, Lagarde, EU, IMF criminals have now terminally doomed their "austerity" enterprise that was designed to pauperise and enslave Europe

“This goes well beyond the Left Platform. We are talking serious numbers,” said one Syriza MP involved in the draft.

“We are all horrified by the idea of surrender, and we will not allow ourselves to be throttled to death by European monetary union,” he told the Telegraph.

That the IMF/EU/elitist banker criminals believed that they could impose THIS in perpetuity is demonstrative of their collective insanity and abject evil

The authors of the draft take the scenario which unfolded in Iceland at the peak of the 2008 financial crisis as inspiration. At that time, Iceland nationalized three major banks, then defaulted, imposed a ban on the movement of capital abroad, and devalued its currency. 

Following the collapse of the EU and IMF Lagarde, Merkel
and their criminal cohorts will be tried for their crimes, their
vast personal wealth and land assets seized and returned to
the people
Afterwards, the country’s economy markedly improved, and the government’s emergency measures received a positive assessment from the International Monetary Fund.

However, Iceland received financial assistance from the IMF and the Nordic countries at that time, but EU countries are currently refusing to provide further financial assistance to Greece unless it carries out painful economic and social reforms.

If the current Greek government, headed by Alexis Tsipras, accepts the terms demanded by its Troika of creditors (the EC, ECB and IMF), it will fail to fulfill its election promises to Greece’s people. The PM says he will not compromise on pension cuts, tax rises or targets for budget surplus in order to make interest payments.

Meanwhile Athens is facing pressure from international lenders to pay 1.6 billion euros in interest to the IMF by the end June. If an agreement is not reached by June 30, Greece is set to lose the opportunity to receive rescue loans needed to make regular debt payments. This could, in turn, result in imminent default, followed by the country’s exit from the euro zone.

Talks between Greece and international creditors held in Brussels on June 13 and 14 brought no results. The European Commission noted that the gap between Greece’s proposals and the general requirements of the Troika continues to amount to about 2 billion euros in budget savings annually, which is about one half to one percent of Greek GDP.

Chairman of the ECB Mario Draghi said on Monday that they had done everything possible to reach a deal in the negotiations. He added that the next move towards reaching a compromise with international lenders must be made by Greece.

Since the Greek crisis broke out in 2010, the EU and IMF have provided loans to the country in the amount of nearly 250 billion euros. Despite a partial write-off of Greek debt in 2012, its public debt currently exceeds 315 billion euros, or 175% of the country’s GDP. This is three times the maximum permissible level for government debt in the eurozone, which shouldn’t exceed 60% of GDP, according to the Stability and Growth Pact.

Greece Tells IMF, Lagarde To Shove It

International Monetary Fund representatives have cut short negotiations with Greek officials in Brussels, after they failed to present a viable reform plan. The move has left Athens, due to repay €1.6 billion by the end June, on the edge of default.

The people of Greece will not take it anymore and are one heartbeat away from returning to the streets

“The ball is very much in Greece’s court,” IMF spokesman Gerry Rice told the media during a specially scheduled announcement, before his team returns to Washington. “There are major differences between us in most key areas. There has been no progress in narrowing these differences recently.”

Merkel's plans to enslave the people
of Greece and the EU have failed, in
spectacular fashion
With wages and pensions at 80 percent of total public spending “it’s not possible for Greece to achieve its medium-term fiscal targets without reforms, and especially of pensions.” 

Rice also told Athens to eschew “unsustainable” tax increases, but called on Athens to collect it’s existing VAT taxes. Greece is carrying €320 billion ($360 billion) of external loans, but has been negotiating a cash-for-reforms deal for a €7.2 billion ($8.1 billion) tranche of a previously agreed bailout that will allow it to stave off an imminent deal. Athens has insisted that it has presented a reform plan, while its delegation said it still believed that “intensifying negotiations” could produce a deal “in the coming days.” 

Its creditors have dismissed its promises as vague, and accused Greece of engaging in brinkmanship.

“There is no more space for gambling; there is no more time for gambling. The day is coming, I am afraid, that someone says the game is over,” said Donald Tusk, the president of the European Council, after chairing an EU-Latin America summit, which he had to leave several times to negotiate with Greek Prime Minister Alexis Tsipras. “We need decisions, not negotiations now.”

Tsipras was due to continue talks with Juncker on Friday, but in view of the latest impasse, it may now be postponed.

Tsipras’s Syriza party was elected in January with backing from traditional socialist voters and an overlapping group of those simply tired of endless austerity measures from Brussels. Since 2008, Greece’s GDP has collapsed by almost a third.

Now, he is experiencing discontent and pressure from both camps. On Thursday, Communist activists unveiled a giant banner with the slogan "We have bled enough, we have paid enough. Take matters in your own hands Greek people! Block the new measures and long-term bailout agreements.”

The war on the bogus "austerity" elitist machine that has crushed the hopes and dreams of millions of Greeks is only just beginning, and will soon engulf the world as The People rise up to reclaim their human rights, freedoms and stolen wealth

It was hung from the finance ministry building in central Athens. The banner depicted Tsipras as just another Euro-stooge, alongside his more moderate predecessors.

At the same time voters in the center, also have reason for discontent. The economy, which was inching towards a tepid recovery, has now plunged into another recession under his uncertain watch, while the latest figures show that unemployment has risen to 26.6 percent.

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