Banks Bailout
The biggest economic situation to happen since Gordon Brown saved the world banking system by devising quantitative easing which socialised losses and privatise profits, is coming to a key crunch time and it all hangs on some extra cash and the right of the creditor to demand conditions and agreement on the loan.
Unlike ordinary bank mortgages or loans there is no clear way of sending bailiffs in to collect payment or seize goods to help repay the loan. You could send a army in but which army would you send? Apparently the agreement will include assets being transferred to Brussels. So is the EU in total control and can do whatever they want with these assets?
Basically any agreement will be designed to keep the creditors happy and get the Greeks to pass laws to reinforce the agreement so that they will be breaking their own law if they do not carry out what was agreed.
This agreement will impoverish the Greeks for a long time. Children not yet born will be paying for this years down the line. This time last week the Greek people were celebrating voting NO or OXI to austerity. However, a week later the creditors will not give any money to allow the banks to open or allow Greece to remain in the Eurozone unless they accept even more austerity than the question they the Greeks just voted on!
There will be tax increases, privatisations and other painful demands which will suit the European elites but not the ordinary people. Why are we having to eat up this from our overlords is beyond me? Obviously ordinary people will be blamed for this but it is the elites what caused this. Who own the banks and the hedge funds? It is not the inefficient road sweeper, or the illegal immigrant, or the feckless mother with 3 children from 3 different dads, or the bored cashier in the betting office, or the student working in the local massage parlour to make sure that she has enough money to buy the handbag she really likes, or the smack head waking up in the afternoon looking for his needle. No! The people that own the banks never really suffered any major loss, but the present and future citizens will.
The reason why I’d chosen descriptions for people which you would not immediately feel sympathy for is to highlight that there will always be ambiguous scenarios which is part of life, but, they do not drain away resources as they are portrayed in the right wing press.
Hopefully we at PokerKnave will be getting some views from people who are actually living within this nightmare. All politics is local so hearing from locals is the way to go.
Here is the draft of the agreement: