Germany Profits From Greece’s Hardships

It’s been hammered in here quite often, but always needs a repeat: All roads lead to Berlin as the European project was designed to fail. Having set up Greece to fail was only one part of the larger plan.

 

As Greeks suffer in multiple ways the effects of the economic crisis their country is going through, Germany has profited handsomely from the Greek crisis. This is a conclusion of research carried out by the Halle Institute for Economic Research (IWH). The study shows that the Greek debt crisis resulted in a reduction in German bund rates of about 300 basis points (BP). This led to interest savings of more than 100 billion euros ($1.10 billion) (equivalent to more than 3 percent of gross domestic product (GDP) during the period 2010 to 2015. Continue reading

Greece Surrenders its Sovereignty to Brussels

The Syriza government is backing down after the realization that Brussels will declare economic war on Greece by deliberately trying to plunge the country into total ruin, far worse than the sanctions imposed on Russia. This is a sad day for the entire world. It is a terrible example that the Troika is the new equivalent of a Roman Triumvirate – the death of democracy. Europeans will remember this day for it is when national sovereignty died. Continue reading

Greece wants to start charging people for cash withdrawals to prevent a run on banks

The cash-strapped Greek government has introduced a surcharge at cashpoints to prevent Greek citizens from withdrawing their cash.

A senior finance ministry official said: “The surcharge is just one of a grab-bag of measures we are considering if things get tough.”

Withdrawals exceeded €15 billion in the run up to the February elections that catapulted Alexis Tsipras and the far-left Syriza government to power. Greek residents were reported to have stashed wads of money behind bathroom tiles and under floorboards.

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