Grexit: What’s really going on

Although mainstream news sources are reporting only positive stuff about the latest chapter in the saga of the Eurozone collapse, if you read Boggart Blog you will have learned yesterday that the latest ‘austerity’ proposals offered by the Greek government are about as substantial as a set of hen’s teeth or a bucket of rocking horse shit.

Today the media spin is even worse, we are on the verge of a ground breaking deal that will keep Greece in the Euro and hold the EU together all the TV channels and newspapers tell us. In reality, having failed to offer any realistic proposals, Alexis Tsiparis now has as many problems at home in Greece as he has in Brussels.

Late on Monday evening European news channels were leading on a “Greece Capitulates: Tsipras Will Accept Bailout Extension,” headline, offering the narrative that Greece’s non-cuts would enable a new bailout to go ahead. Not only was this not true, while the French, fearing that they are next maybe, are keen to grab anything Germany’s ruling coalition parties are in open revolt against Hausfrau Merkel’s efforts to dum another pile of Greek debt on the shoulders of German taxpayers.

On top of that Alexis Tsipras now faces a political battle at home in the wake of his move to make a deal with creditors that includes higher taxes and restrictions on early retirements.

The agreement, which accepts the necessity of extending the country’s second bailout in order to bridge the gap between payments due to creditors over the coming weeks and final discussions around a third program, has not been received well by Syriza party members.

In fact no agreement will satisfy the more radical wing of the party, many of whom believe the best option for Greece is to default and return to the drachma — these lawmakers contend redenomination would not be as economically catastrophic as the EU would have them believe. If Tsipras cannot rally enough support for the new proposal, we could be looking at a new Greek government as well as a new currency before long.

Here’s Reuter’s report on the Greek Political situation

We’ve Come To The End Of The Road Says Greece

It’s the same old song.

After the latest round of Greek pre-negotiation negotiations with the Troika, in which the Greek representative was said to behave like bob Geldof at a Live Aid fund raiser, and demanded “just give us the fecking money” because his country would soon be bankrupt and the Eurozone members expressed shock and dismay at Athens’ lack of movement in its plans, probably because it finally dawned on them that Athens hasn’t any plans other than to say “This single currency thing, it wasn’t our idea OK.”

A major problem is the reluctance of Greek government representatives to talk about cutting civil servants’ pensions” which indicates the next Greek step is to fall back again to square zero: threats of an imminent default if the EU does not cough up.

Which is precisely what, according to the FT, has happened only it has not been officially announced yet.

Now that the Eurozone, foolishly, thinks it is insulated from the consequences of a Grexit due to the ECB’s QE, it does not take to ultimatums or blackmail very well. In fact, it takes these very badly.

As Reuters reported during the weekend news lull, “even if it survives the next three months teetering on the brink of bankruptcy, Greece may have blown its best chance of a long-term debt deal by alienating its euro zone partners when it most needed their support.”

Financial Coup in Greece
From day to day mainstream and alternative media commentators speculate about when Greece will finally admit is is bankrupt and will have to leave the European Single Currency system, abandon the Euro and return to the Drachman, and the Euronazis of Brussels admit they were wrong to bend the rules in order to get Greece to adopt the Euro, and stop piling more agony on the long suffering Greek people and help organize a painless exit.

The Greek “White Knight” Emerges: Putin To Give Athens €5 Billion For Advance Gas Pipeline Fees
With Greece teetering on the edge of insolvency and forced to raid pension and most other public funds, ahead of another month of heavy IMF repayments which has prompted even the ECB to speculate Greece should introduce a parallel “IOU” currency, a white knight has appeared out of nowhere for Greece, …

I Predict A cypRiot

Hands up those of you who have in the past told me we should stick with the EU because the idea of all the nations of Europe joining hands and singing Kumbaya make you feel really warm and cuddly and safe.

Come on you know who you are.

Well let’s see if the news about the bailout for Cyprus changes your minds.

“Ah no,” you say, “What’s a paltry £10 billion compared to the benefits of holding hands and singing Kumbaya.”

Really? Well what about the 10% that will be confiscated from people’s saving.

“Ah no,” you say, “We love tax, after singing Kumbaya, paying tax is the best thing in the world.”

Yeah, it’s easy to spot the people who’ve never had any money. But what about this. How would you have liked to shiver through the recent cold spell because there was no gas to run your heating?

The confiscation plan will be applied to all money held on deposit by Cyprus banks. And the biggest depositors by far are Russian Banks and state owned businesses. And Mr. Putin is not going to like Russian bankers money being confiscated by EU wankers. And Russia has most of the gas.Putin has already said the confiscatory tax is “unfair, unprofessional and dangerous.” Oo – er, that sounds like a warning.

They didn’t think that one through in Brussels did they? Oh well, you can all keep try to warm by singing Kumbaya. Me, I’ll be off the the Canary Islands.

Vote UKIP.

Bank Bail Ins – I told You so (Little Nicky Machiavelli)

Euro Crisis: Greece To Name And Shame Tax Dodgers?

News from the financial crisis.

One of the first items to land on the Boggart Blog newsdesk today reported that in a move to reassure German and French taxpayers Greece’s bankrupt government is worth bailing out in future the Greek Tax Service will publish a list of tax evaders.

This came as something of a surprise to our Greek Corrspondent as he was sure the Greeks had always published an annual list of tax dodgers. It’s called The Telephone Directory.

More humour every day at Boggart Blog


A Cheetah Won’t Change His Spots

A couple of weeks ago the nation, well the media, were outraged by the size of Sir Fred Goodwin’s pension, negotiated under the very noses of Cabimet Ministers. Harriet Harman announced that the government would claw some of the money back, but alas this was not possible. One correspondent to The Times suggested that perhaps Fred’s pension could be made up of Toxic Assets that his bank took on under his guidance, nice idea but you know it’s not going to work.

An altogether more trusting and understanding chap suggested that Sir Fred might possibly wish to renounce some of his vast rewards for bringing a respected institution to its knees.

A fine example of Hope over Experience there, Sir Fred is a money grabbing, blood sucking leech who cares not one fig for anyone else so long as he’s alright Jack. Well you knew that anyway, he’s a banker.
And there’s the rub,because it is still bankers and city slickers who are in charge. At yesterday’s Treasury Select Committee’s inquiry into the RBS bailout and Sir Fred’s pension, Lord Myners uttered these words which should strike fear into every investor and taxpayers heart.

“One has to admire, in a non-approving sense, the dexterity of Sir Fred Goodwin in respect of his own contract.”
And obviously not spoken out loud, but thought all the same, ” I just hope I can do as well when it is my turn.”

Holy City
A Finance Broker
Chasing bubbles

More humour every day at Boggart Blog

Which way will the crsis go? Is it 1929 or 1989 all over again. Or is it something new.

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A Tale Told By An Idiot