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Old 04-06-2010, 11:15 AM
Franc Tireur Franc Tireur is offline
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The Corrupt Practices of Financial Manipulation

Quote:
Many things have been said about the Greek crisis in recent weeks, most of them obnoxious and confusing. These stories result in an argument that is aimed for export to all developed countries. The media has extensively incorporated the official message, which could be divided into 5 chapters:

1) Greece cheated to hide "unsustainable" public debt;

2) The country is on the verge of defaulting on their debt, as well as other countries in the euro area; 


3) The European Union can not help but sympathize and even encourage the adoption of austerity measures and ask for the Mediterranean country to be placed under a trusteeship; 


4) Greece must take austerity measures to reduce its fiscal deficit;

5) The crisis in developed countries means the need for a widespread adoption of austerity plans of the same nature.

We therefore need to decode the ideological message intended, as a matter of fact, to all the peoples of the North.

Greece cheated to hide "unsustainable" public debt

Yes, without doubt and this reveals a State plagued by corruption and backdoor arrangements between friends. It seems clear today that Goldman Sachs, through the use complex arrangements (swaps) and credit derivatives, enabled the Greek government to reduce its notional debt by more than 2 billion euros by means of an invisible loan. This practice allowed Greece to enter the Euro zone. There is also evidence that the successive governments since 2001 decided to look the other way on this issue.

But Greece is not the only country in the euro area that has done so. There is a storm of hypocrisy on the matter. 


In 1996, Italy used swaps with JPMorgan to artificially reduce its deficit. Afterwards, Berlusconi sold for 10 billion euros the entrance fees of national museums to a financial corporation, which in exchange received 1.5 billion euros per year for 10 years. France, issued bonds in 2000 and included the repayment of the interest at the end of a period of 14 years. In 2004, Goldman Sachs and Deutsche Bank have completed a financial package for Germany called "Aries Vermoegensverwaltungs”. Germany thus borrowed at rates well above the market, just to avoid that the debt ended showing up in the public accounts.

Placing in context the "unfathomable abyss" of Greece
http://www.globalresearch.ca/index.p...t=va&aid=18467
 
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