At London Conference of 1953, the Greek Minister of Finance signed a treaty agreeing to cancel 50% of Germany’s debt! How times change!
While the idiotic posturing of Jean-Claude Juncker (a banker friendly supporter of globalisation and an expert in tax avoidance for multi-nationals) waits for Greece to agree to ridiculous demands to pay back the banks who were daft enough to loan a third world economy buckets of cash in the first place, Greece’s Prime Minister (and most of the Greek people) still want to retain the Euro.
Both sides in the debate, which is scheduled to end this Sunday (but don’t hold your breath) are publicly refusing to accept the inevitable, which is this:
- Greece’s debt (almost twice its GDP) has to be reduced by at least 50% and the banksters will have to take their haircut. The longer the banks refuse their haircut, the worse the financial crash will be
- Greece needs to cut the public sector back to 15% of the working population rather than the 40% it is today (similar to Northern Ireland…)
- Greece must return the retirement age to 65 ish rather than the current ridiculous 61.9
- Greek cash based tax avoidance culture is just too different from that of Northern Europe, and the EU’s incompetence in allowing Greece, Italy and Portugal to join is a cock-up which will inevitably lead to the Euro’s demise
Those are the simple economic realities which both sides are cannot face.
Here is Blackadder explaining the Euro the Euro to Baldrick, wisdom indeed 😉 I humbly suggest Mr Juncker reads it.
Yanis Varoufakis, the Greek finance minister sacked a few days ago (to appease EU bankers) was the only person qualified enough in economics to be worth listening to.
His blog makes perfect sense in debunking the ridiculous Euro and the undemocratic nonsense that is the EU.
The stark realities are that 20% of the population of Greece are below the EU poverty line and levels of unemployment average out at 55%.
Behind all this posturing is, of course, the basic nonsense that is the Euro. William Hague wrote an excellent article in yesterday’s Daily Telegraph which explains what I have been saying here since 2006, i.e. that the Euro is potty, well worth a read ! Pity he didn’t have the balls to say it loud and clear when he had the power to do something about it.
Sad and tragic days ahead for Greece.
What happens next Sunday at the EU summit?
Buggered if I know!
Steve Bell, Guardian cartoonist, for the elephant
Yanis Varoufakis Yanis Varoufakis blog