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Philanthropy to be sustainable?.. could be, by the tycoons for #Greece

Philanthropy in Ancient Greece

Philanthropy in Ancient Greek means then Love of human , and was the purpose of life of the civilized man

Philanthropy to be sustainable?.. could be, by the tycoons for #Greece.

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Wounded by his comrades, Alexis Tsipras, got approval from Greek MPs to walk on the minefield for the Deal

By 251 positive votes, where opposition parties’votes were included,  Prime Minister Alexis Tsipras received the broad backing from MPs on Satuday July11,but lost 17 YES votes from his party, the hardcore communists’s vote who almost accused the deal proposal for betraying what they where voted for by their party voters.
251 lawmakers in general voted for the plan, while the rest of the body’s 300 members opposed it, abstained or were absent. 17 lawmakers from Mr. Tsipras’s SYRIZA party did not support the plan — 2 voted no, 8 voted present and 7 were absent.
Alexis Tsipras announced early Saturday  hours, that premier priority for the country is  to proceed to finally close that deal with the euro lenders, after 5 bleeding months of negotiations, a referendum, and a two weeks long closed banks period that followed the referendum announcement by a “blackmailing type” decision of the European Central Bank to cut liquidity to Greece.

“For six months we fought an uneven war, We suffered losses but we gained ground too, Now a minefield lies ahead of us.”

Tsipras had said speaking Friday night before the Parliamenary vote. He said the government had a “mandate from the Greek people to bring a better agreement, “but we do not have a mandate to take the country out of the eurozone” he underlined

“It is a choice of high national responsibility, we have a national duty to keep our people alive … We will succeed, not only to stay in Europe but to live as equal peers with dignity and pride,” Tsipras said.

“For the first time, we have on the table a substantial discussion for a debt restructuring,”  Alexis Tsipras emphasized on his speech, insisting that with the latest proposals he had won important concessions from the creditors, and the new deal was better than the one rejected by the Greek people with the YES or NO referendum last week.

Meanwhile an EU source told AFP that Greece’s international creditors reviewed the Athens’ proposals and considered it a good basis for a new bailout.

There has been no other government in modern history that, while on the edge of a default, on the most dramatic way, has kept negotiating to the very end with Persistance and Pride
Yes we have made mistakes, AlexTsipras said.
No one is unmistakable,  and first of all, me
Bu we managed to light the flame of Solidaity in Europe for the very first time
Now we have to keep alive our folk to keep fighting for its right
Im sure that the passion of this folk for Life and Dignity
 will make it
and that it will open new roads for the countries of Europe

But the Greek Prime Minister is left now with an interior bleeding gap in the government, after loosing 15 YES votes of his own coalition lawmakers  Even Mr. Tsipras’s party, Syriza, which drafted the proposals with help from French experts, seemed confused, noted the NYT aricle on Friday. The culture minister, Nikos Xydakis, had described on Friday the proposed measures as “very tough.”

“No, it’s not a better deal. It’s a tough deal and the only one we can get right now.”

Minister Nikos Xydakis, though, voted YES in Parliament on Friday night, but did  not do the same all of Alexis Tsipas governments’ ministers. Minister of Developement Panayiotis Lafazanis , and Minister of Labour Stratoulis voted PRESENT ( which counts as not a yes).  Rumors said after that, hours later on  Saturday morning, that Tsipras asked them to resign.

Before and beyond all these abstract, and shocking to a whole, awake till 4 in the morning Greek public, Yiannis Varoufakis counted as ABSENT vote for his own (disastrous)t, negotiation plan, that he had started and ended up, on the very last minute in the hands of his “friend and long term comrade Eukleid Tsakalotos’ as Yianis himself had said for the present Greek Finance Minister, because Yianis on this very moment for Greece, decided to …travel to Aigina for family reasons.

” If I would be there I would vote Yes” he said on a a writen letter he sent to the Parliament. But he wasn’t, so his name counted as absent.

Two other top ministers, deputy minister of Foreign Affairs Nikos Houdis, and deputy minister of Defence Kostas Isihos stated that they voted Yes, as not to cause more danger to the governmenet,  but they openly defined that their thesis is No.

So what is all that confusion about, that made even the governmenet itself to burn out, leaving again Greek people in a desperate mind blow? And also, leaving also stigmatized  the Greek Left,as showing no unity, and the whole world to stare breathless to Greece, again?

What is Wrong and what is Right, what is Right and what is Left, and finally, Who is to blame for all this blow-out of Greece?

Greece Isn’t to Blame for the Crisis, wrote the Foreign Affairs article few days before, explaning Why :

We’ve never understood Greece because we have refused to see the crisis for what it was—a continuation of a series of bailouts for the financial sector that started in 2008 and that rumbles on today. It’s so much easier to blame the Greeks and then be surprised when they refuse to play along with the script.

There is a big truth, told openly to the world the Foreign Affairs article….and it is  what the European elites buried deep within their supposed bailouts for Greece. Namely, the bailouts weren’t for Greece at all, explained the article. They were bailouts-on-the-quiet for Europe’s big banks, and taxpayers in core countries are now being stuck with the bill since the Greeks have refused to pay.

It is this hidden game that lies at the heart of Greece’s decision to say “no” and Europe’s inability to solve the problem, the article underlines.

Greece was a mere conduit for a bailout. It was not a recipient of funds in any significant way, despite what is constantly repeated in the media,

it wrote. The roots of the crisis lie far away from Greece; they lie in the architecture of European banking.

When the euro came into existence in 1999,not only did the Greeks get to borrow like the Germans, everyone’s banks got to borrow and lend in what was effectively a cheap foreign currency. And with super-low rates, countries clamoring to get into the euro, and a continent-wide credit boom underway, it made sense for national banks to expand private lending as far as the euro could reach, explained the Foreign Affairs article in the start of the week

To fix the problem, someone in core Europe is going to have to own up to all of the above and admit that their money wasn’t given to lazy Greeks but to already-bailed bankers who, despite a face-value haircut, ended up making a profit on the deal.

Ajit Ninan and Jug Suraiya, Times of India, July 6, 2015

Ajit Ninan and Jug Suraiya, Times of India, July 6, 2015

Doing so would, however, also entail admitting that by shifting, quite deliberately, responsibility from reckless lenders to irresponsible (national) borrowers,

Europe regenerated exactly the type of petty nationalism, in which moral Germans face off against corrupt Greeks, that the EU was designed to eliminate

Despite Germany being a serial defaulter that received debt relief four times in the twentieth century, Chancellor Angela Merkel is not about to cop to bailing out D-Bank and pinning it on the Greeks.

At the time of writing,

the ECB is not only violating its own statutes by limiting emergency liquidity assistance to Greek banks,

but is also raising the haircuts on Greek collateral offered for new cash. In other words, the ECB, far from being an independent central bank, is acting as the eurogroup’s enforcer, despite the risk that doing so poses to the European project as a whole.

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Paul Krugman of the New York Times likened the Troika’s demands to medieval doctors when he wrote,

the truth is that Europe’s self-styled technocrats are like medieval doctors who insisted on bleeding their patients. And when their bleeding treatment made the patients sicker, demanded even more bleeding.

Against all advice of many important economists, Europe and the Troika insist on drip-feeding Greece. Against this, a group of economists including Thomas Piketty and an experts to the RealNews Network on the Euro crisis, Heiner Flassbeck, has penned an open letter to Angela Merkel, the chancellor of Germany, published in the Nation magazine.

It makes a plea for debt forgiveness. They wrote:

We cannot demand that generations must pay for decades of the mistakes of their parents.

The Greeks have, without a doubt, made big mistakes. Until 2009 the government in Athens forged its books.

But despite this, the younger generation of Greeks carries no more responsibility for the mistakes of its elders than the younger generations of Germans did in the 1950s and ’60s. We need to look ahead.

Europe was founded on debt forgiveness and investment in the future, not on the idea of endless penance. We need to remember this, they wrote.

It was on this point that Alexis Tsipras had emphasized speaking in the Europarliament the previous week, just after the referendum, and addressing to all the euroleaders, noting that the Foundation of Europe in the modern history was build on this, exactly, brave practise of solidarity and forgiveness, shown by the countries that were ruined by Germany, but though, Greece at least, “donated”  to Germany the 60% of its dept.

Confusion and political paralyisis in Greece, bottom line, no matter how much in cold blood, the leftists lawmakers ended up to almost “tombled” their, first in history Left government that has ever existed in Greece, popps out from the main core of the cause, finally, that makes to a majority of Greek people, (with the majority of Greek lives been humiliated), even a Grexit to seem more promising, than obeying to this Germany- ruled Europe, which, ironically, is called a Union: the total absence of Empathy, Humanitarianism and Solidarity, in Principles and Pracise

BRIDGING EUROPE ,GREXIT

Poll : Greeks do not fear Grexit on of 63% by poll conducted before the closure of the banks and the anouncement of referendum, which also brought 61+% NO vote to austerity harsh measures the creditors demanded when the negotiations with Greece broke

What are the consequences for creditors if Greece defaults? http://bloom.bg/1NY6vuY

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Greek activist accuses Martin Schulz for his attempt to blackmail Greek voters, while public prosecutor investigates the violation of electoral law by anchors and media

your apology, Mr.Schultz …

Yiannis Siatras, Greek activist and economist, who sent to M.Schultz extrajudicial file asking him to apologize to the Greek people for interfering in Referendum proceedure

the banks closure, the most powerful terrifying tool to manipulate public opinion to a YES, so much expected by euroleaders

Propaganda, not unknown in Greece at all, especially tried and tested by memorandum govts, led to a strong NO (OXI) reaction at the referendum vote

Propaganda, not unknown in Greece at all, especially tried and tested by memorandum govts, led to a strong NO (OXI) reaction at the referendum vote

A war of Propaganda , by epicenter Greece

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#Greferenum after: #Merkel spoke of solidarity, is this a joke? (Was it Mr. Schauble who had asked for banks closure?) this is was NYT revealed

0,,18507398_303,00After the smashing NO of the Greek referendum, Greece’s people have much more than before an established belief that the country’s euro-“partners” have no intention of helping this Greece. Or, at least, this Greece by this (leftist) governmenet , which the eurolenders definitely dislike.

“There is no base of new negotiations, and solidarity is needed from both sides” Angela Merkel said today, on the greferendum-after euro-summit

But is this a joke?

It is almost half a year now, that the hope for which Alexis Tsipras was elected on January, has been unstopably canceled by the European creditors’ side, multiple times a day, every single day, since Alexis was elected . Today, it is true, Greeks have been left with no traces of hope for a more altruistic, humanitarian, or at least, fair stance form the European side.

And it is almost proved , that there hasn’t been any  such intention from Euro creditors ever.

 

Here is how this was unveiled recently

It was just two days before the referendum in Greece , while the Greek’s agony, mass mind torture and mass despair, were rising on the peak, by closed banks frightening as never before the daily life in every single Greek household, and while the armed missinformation propaganda was chocking any thought of democratic freedom , when NYT decided to publish the true story, word-by-word, that led Greece to its worst No-way-out.

It was exactly just on time, two days before the referendum, that the Greek heart had started to overcome the foggy laid set up of misleading information , the scary blackmailing quotes of European aders and Greek exleaders claiming that a no would be a Grexit d nothing else, and also,  it was the moment that Greeks, and especially the veterans Greeks had  found the courage to stand on the line for 50 euros daily, -the most lucky of them-, or 120 weekly the pensioners-, but not minding at all for these moments, since the brave Greek heart had awakened Greek mind and had let them see beyond that presend foggy shade. Greeks looking straight to the clear blue sky and Greece’s horizon decided  to say a brave NO to the world.

None could deny, of course,  that the shock of the banks’ closure , which was scheduled to last throughout the pre-referendum week , and after, was not of the best sufficient tools to scare the Greek public on real terms, picturing a humble tomorrow, for all the Greek families in case they would vote for the NO, as the Euro creditors would see it, while they were keeping reassuring that this was it: You vote NO, that’s what your life is going to be, and worst….

But the NYT article, on July 3, surprisingly revealed on its article 48hs before the 5th of July referendum, that this was what W.Schaublhad suggested on the last nightmarish- for Greece eurogroup, when also, the “Take it or reave it” ultimatum was said straightly to Yianis Varoufakis, shamelesssly, in forn of all the Euro finance ministers in a supposted to be United Europe financila summit.

..Yanis, if you keep talking about the debt, a deal will be impossible, Mr. Dijsselbloem said, according to people who were briefed on the exchange between the two men.

Mr. Schäuble began criticizing Mr. Moscovici, the senior European Commission official, over his positive comments regarding the Greek offer.

Even the latest proposal from the creditors was too lenient toward the Greeks, Mr. Schäuble argued, saying that he saw little chance that he could get it past the German Bundestag, the national parliament of the Federal Republic of Germany.

The only solution here is capital controls, he said, his voice rising.

But Mr. Varoufakis persisted on the issue of Greece’s staggering debt load, ignoring the admonitions of Mr. Dijsselbloem and others.

Then Mr. Varoufakis turned on Christine Lagarde, the French director of the I.M.F.

Five years ago, the fund had given its blessing to the first bailout, doling out loans alongside Europe despite internal misgivings that Greece would be in no position to repay them.

Now the I.M.F. was pushing Greece to sign up to yet another austerity program to access more loans even though the fund had now concluded that their initial misgivings were correct: Greece’s debt was unsustainable.

I have a question for Christine, Mr. Varoufakis said to the packed hall: Can the I.M.F. formally state in this meeting that this proposal we are being asked to sign will make the Greek debt sustainable?

Yanis has a point, Ms. Lagarde responded — the question of the debt needs to be addressed. (A spokesman for the fund later said that this was not an accurate description of the exchange.)

But before she could explain, she was interrupted by Mr. Dijsselbloem.

It’s a take it or leave it offer, Yanis, the Dutch official said, peering at him through rimless spectacles.

In the end, Greece would leave it.

And not only.

Greek bravery would win , though  Yianis would have become, 10 days later,  a “Minister No More”.

But it was not only this part of the harsh european manner towards Greece, of these latest words to Yianis Varoufis   that set fire on the Greece- and- its -creditros relationships that led to the referendum. 0n the same article of  the NYT , the whole proceedure, and intention, of a non agreement  is unveiled

…That Monday, June 22, Greece’s technical team in Brussels submitted an eight-page proposal to their counterparts. The paper was an effort to bridge a six-month divide on how Greece planned to sort out its future finances.

For political reasons, the Tsipras government had said it would not cut pensions or do away with tax breaks that favored businesses serving tourists on the Greek islands. Instead, the new Greek plan envisaged a series of tax increases and increases in pension contributions to be borne by corporations.

The initial response seemed positive. Both Pierre Moscovici, a senior finance official at the European Commission who is known to be sympathetic toward Greece, and Jeroen Dijsselbloem, the head of Europe’s working group of finance ministers who is one of Greece’s harshest critics, said on Tuesday that the plan was promising.

The Greek team was elated. For the first time, the Greek numbers were adding up.

The next morning, though, that optimism evaporated.

Greece’s creditors — the I.M.F., the other eurozone nations and the European Central Bank — sent the Greek paper back and marked it in red where there were disagreements.

The criticisms were everywhere: too many tax increases, unifying value-added taxes, not enough spending cuts and more cuts needed on pension reforms.

The Greek team couldn’t believe it. The creditors had seemed to dial everything back to where the talks were six months ago….

The specific NYT’s article, indeed, reading it back again, -from today’s point of reality, where Europeans find Again Greece’s negotiation role as inadequate-,  is sheding light to thuth behind the Eurogroup closed doors, which Europeans, probably, never wanted to be unveiled.

Apart from that, it was also around those days of 3-5 of July that IMF decided to publishize officialy its report that had assesed the Greek dept as non susstainable, early enouph, and of which the Euroleaders had been fully aware. A publication of which, the Reuters had wrote  that

 the report could distract attention from a view they share with the IMF that the Tsipras government, in the five months since it was elected, has wrecked a fragile economy that was just starting to recover.

…..(!…!)

It was the dept reduction, restructure or reform, that had made Yianis Varoufas sying, while he was Finance minister that he would better cut his hand than sign an agreement without debt reform.

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Finally , Yianis sacrifised himself on the altar of a deal for Greece, but debt reform still remains as priority on the table .

This is Yianis Varoufakis’ resignation statement as he released it on Monday July  6.

The referendum of 5 July will stay in history as a unique moment when a small European nation rose up against debt bondage.
Like all struggles for democratic rights, so too this historic rejection of the Eurogroup’s 25 June ultimatum comes with a large price tag attached. It is, therefore, essential that the great capital bestowed upon our government by the splendid no vote be invested immediately into a yes to a proper resolution – to an agreement that involves debt restructuring, less austerity, redistribution in favour of the needy, and real reforms.
Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted “partners”, for my … “absence” from its meetings; an idea that the prime minister judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the ministry of finance today.
I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum.
And I shall wear the creditors’ loathing with pride.
We of the left know how to act collectively with no care for the privileges of office.
I shall support fully Prime Minister Tsipras, the new minister of finance, and our government.
The superhuman effort to honour the brave people of Greece, and the famous oxi (no) that they granted to democrats the world over, is just beginning.

CJOn7QQWEAAl4LM CJPkDUkWUAAf7DE CJPOLWvUkAAh8lI CJO_9R2WcAAt4r5 CJPON7-UkAAvXAkCJPU7lHUsAAIh7L

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A Brave #NoGreece

A Brave #NoGreece.

Our courageous No to a Non-solidarity Europe. #Proud2beGreek , Visit our #Greferendum updated   Home Page.  This is Greek to me ! Stay with us, 24/7

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How Creditos knew the FUTURE IMPOSSIBLE MADE FOR #GREECE, and the confessed #GreekFiasco

On his last statement for the Sunday Referendum, on Friday 03/07, Alexis Tsipras emphasized on the IMF’s report for Greece’s dept, that was finally revealed by the Internationay Monetary Fund officialy, after it was leaked when it had been provided to the German MP’s by the German Parliament

“Yesterday an event of major political importance happened,” Tsipras said. “The IMF published a report on Greece’s economy which is…”

…” great vindication for the Greek government as it confirms the obvious – that Greek debt is not sustainable.”

The fund published a draft of its latest analysis of Greece’s public debt yesterday, detailing a litany of factors that “render the debt dynamics unsustainable.” That’s a bureaucratic way of saying that there’s no chance that the country’s lenders will ever be repaid in full, commented the Quarz on Thursay, under the title Cant Pay, won’t pay

The International Monetary Fund conceded a point on Thursday that the Athens government has long been making, the NYT on Friday, 02/07 wrote :

Without some reduction in the country’s staggering debt load, Greece has little hope of a sustained economic recovery.

The report is likely to stoke tensions with Greece’s European creditors at a critical moment, just ahead of a Greek national referendum on Sunday over whether to accept a bailout package that Mr. Tsipras has opposed — in part because it does not contain debt relief. By essentially concluding that any new bailout deal for Greece must include debt relief, the I.M.F., whether intentionally or not, turned up the pressure on Europe to acknowledge that point, the NYT wrote on July 3. lose

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Varoufakis: the Close the Banks blackmail

“They have Closed our banks as to blackmail the Greeks for a Yes to a deal without dept restructuring, while dept is definitely not sustainable”

This is was what the “Take it or Leave it” Ultimatum for Greece was about, handled by President Tusk, said Yiannis Varoufakis,talking on the State Televion News, on July 1, hours after a leak of an IMF document to a German newspaper that was proving, indeed, that Greece’s dept was admitted not to be sustainable

CI8qyS_UEAAz3G5the IMF leaked document provided to the German MPs

A senior I.M.F. official said the organization released the report Thursday because elements of it were leaking out.. This was what the leaked document was saying

Even if Greece accepted all of the austerity measures demanded by its main creditors, the Troika, it still would not be able to make ends meet by 2030,

according to IMF estimates revealed in a set of documents obtained by a German newspaper.

The most optimistic scenario shows that Greece would face an unsustainable debt in 2030 even if it agreed to the package of tax increases and spending cuts proposed by the European commission, the European Central Bank and the IMF in exchange for a five-month €15.5bn loan from its creditors.

These prospects were outlined in six documents that were part of the “final” proposal offered to Greece by the three main creditors on Friday. The papers were obtained by the German newspaper Süddeutsche Zeitung and seen by The Guardian.

The estimates provide support for Greece’s decision not to accept the bailout deal. They prove that for Greece to survive economically, it needs real debt relief measures, not austerity reforms.

According to the IMF, Greece would be unable to sustain a debt level of 118% of GDP. In 2012, the organization said that 110% of GDP is the highest debt threshold the country could take on.

Currently the country’s debt level amounts to 175% of GDP, and that percentage could easily rise if the country were to slip into recession.

The documents stressed that

even if Greece posted stellar economic growth for 15 years, the debt level would still be higher than 110% of GDP,

adding that Greece had no chance of meeting that target.

Even if the economy managed to maintain a growth rate of 4% a year for the next five years, the national debt level would only decline to 124%.

“It is clear that the policy slippages and uncertainties of the last months have made the achievement of the 2012 targets impossible under any scenario,”

one of six secret documents, titled the Preliminary Debt Sustainability Analysis for Greece, stated.

There are also mentions of much needed “significant concessions,” but no specifics are revealed.

The files were reportedly sent to all German MPs for review and approval, but were never voted on since Greek Prime Minister Alexis Tsipras rejected the proposal and called for a referendum.

Other documents reveal further details about the proposed deal.

For example, there is a description of how Greece would eventually gain access to €15 billion. The plan was to consist of five separate tranches beginning as soon as June.

They were said to cover Greece’s immediate financing needs, with 93% of the money going towards paying the cost of maturing debt.

Other details were about reforms Greece should be forced to implement if it were to accept the proposal.

The debate over pension reforms was particularly heated. The documents show that the three creditors wanted substantial reform, including changes to early retirement penalties and the phasing out the solidarity grant (EKAS).

Late on Tuesday evening, Greece became the first developed country to default on its international obligations, after the IMF confirmed that it had failed to receive the €1.5 billion debt payment from Athens that was due by the end of June 30.

IMF spokesman Gerry Rice said in a statement that Greece had asked for a payment extension earlier on Tuesday and that the Fund’s board would consider it “in due course.”

This was largely expected by the markets. Greek Finance Minister Yanis Varoufakis had warned earlier that Greece would not be able to make its IMF debt payment on time.

Greek hand 252x252the Nobelist Stiglitz:  “It is Europe’s attack on Greek Democracy”

…”In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.

It’s not about the money, said Columbia Business School’s resident Nobel laureate. It’s about forcing Greece to buckle under.”

It is hard to advise Greeks how to vote on 5 July. Neither alternative – approval or rejection of the troika’s terms – will be easy, and both carry huge risks. A yes vote would mean depression almost without end. Perhaps a depleted country – one that has sold off all of its assets, and whose bright young people have emigrated – might finally get debt forgiveness; perhaps, having shrivelled into a middle-income economy, Greece might finally be able to get assistance from the World Bank. All of this might happen in the next decade, or perhaps in the decade after that.

By contrast, a no vote would at least open the possibility that Greece, with its strong democratic tradition, might grasp its destiny in its own hands. Greeks might gain the opportunity to shape a future that, though perhaps not as prosperous as the past, is far more hopeful than the unconscionable torture of the present.

I know how I would vote.

Joseph E. Stiglitz

the #greekfiasco confessed

(from our earlier story on greek2m.org)

by pointing to two articles,  Bloomberg View columnist Clive Crook, shed light on late June to the other view of Greek drama, Grexit and Greek dept: to the Greek fiasco:

IMF Managing Director Christine Lagarde has the nerve to call for “adults in the room,” as though she finds this all rather trying and her patience is finally wearing thin, wrote Karl Whelan, a professor of economics at University College Dublin, who crisply explains, underlined Clive Crook,  why it’s wrong to blame Greek Prime Minister Alexis Tsipras and Syriza for the mess.

[S]he seems to have forgotten that the IMF were supposed to be the adults in the room for discussions on Greece from 2010 onwards. But rather than adopt an approach consistent with their usual policies, the European-led IMF decided that European countries deserved the opportunity to be saddled with particularly high burdens of debt to the official sector.

Europe, it turns out, has gained very little from European influence at the top of the IMF. The rest of the world should learn from the Greek fiasco that former European politicians can no longer be trusted with the leadership of this crucial institution.

Since Takis Rouliotis revealed in Parliament the Greek dept unsustainable by the IMF reports, It took less than one month for the IMF to publicly confess it, -after five years of bleeding austerity and five months of negotiations made impossible for Tsipras govt –

How ,When and Why the IMF report for the unsustainable of the Greek dept was started to be revealed

(from our earlier story on greek2m.org)

Panayiotis Roumeliotis, Greece’s former envoy to the IMF during the critical years of IMF memorandum, said on the public hearing before the “Debt Truth” Committee in the Greek Parliament on Monday June 17, that according to official IMF report, Greece’s debt was “obviously shown not to be  sustainable”.. “and so its board had to change its Statute to be able to fund the country”

“They made wrong calculations and overly optimistic estimations,” Roumeliotis  told the committee, adding that “responsibility weights not only on our country, which didn’t do what should have been done, but also our partners.”

“If debt restructuring had taken place then [in May 2010], the ‘haircut’ needed would be just 30 pct … which would provide some breathing space to the Greek economy and wouldn’t require a violent fiscal adjustment,” he added.

” But  there were secret meetings on that period of 2010, Panagioti Rouleotis revealed, between Germany’s and France’s top Banking Heads and the IMF, in order to delay Greece’s debt restructuring, as it was oficially revealed by then to the IMF executives, Roumeliotis said , so as  the two countries’ Banking economy to be saved, but not the Greece’s economy, at all”…

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@yanisvaroufakis publishes on air Greece’s proposals and asks the world to judge them …

@yanisvaroufakis publishes on air Greece's proposals and asks the world to judge them ...

@yanisvaroufakis publishes on air Greece’s proposals and asks the world to judge them ….