Friday, February 20, 2015

The Euro wants Greece to stay in it because Greece is a Balkan Country, Russia wants that for control over gas lines- threat to US bankers who need petrodollars for liquidity.

Greece is lazy..etc. etc. ...Russia is evil... (Obama's cabinet Nuland's CIA robs taxpayers of $5 billion to finance Kiev Nazis).  Russia signed a nat gas deal with China.  Russia wants influence in the Balkans for gas and oil pipelines. 

This is why the Euro REALLY wants to bail out Greece.

The U.S. banks use petrodollars for bank liquidity- to finance boomer counterfeit subprime backing of the real estate ponzi scheme.
The BANKS want control of the world supply to force the price of oil up when the US economy lags and hasn't had a chance to recover.

The Euro wants Greece to stay in it because Greece is a Balkan Country, Russia wants that for control over gas lines- threat to US bankers who need petrodollars for liquidity.

"Secondly, Greece is an importer of certain essential items, notably oil and gas, for which it must pay in hard currency – dollars, or a currency that can readily be swapped into dollars. If its own currency were freely traded, it could exchange it for dollars, but devaluation would quickly make oil and gas imports prohibitively expensive. A foreign exchange crisis would be on the cards rather soon after exit, I suspect.
Of course Greece could peg its new currency to the dollar or the Euro, but maintaining such a peg when the currency is devaluing would quickly burn through its scarce reserves. A currency board arrangement like Bulgaria’s might also be a possibility – but it is hard to see that this is any improvement on Euro membership. BULGARIA HAS BEEN IN OUTRIGHT DEFLATION FOR THE LAST THREE YEARS BECAUSE OF VERY TIGHT MONETARY POLICY ARISING FROM THE NEED TO BACK ALL LEV ISSUANCE WITH EUROS. And this is without considering the negative effect on trade of re-denominating into a devalued currency with no international standing.
Exit would mean a sharp recession in an already depressed economy. It would not be welcomed by the Greek population, which despite everything is still substantially in favor of Euro membership. For all these reasons, the Syriza government is – wisely – unwilling to countenance Greek exit
So the EU went through that trouble with Greece and the banks so the U.S. can hoard control over foreign oil prices.  Here's the same line of probable b.s. that nobody cared about except Greece:
But the consequences would also be pretty bad for the Eurozone. Greek exit would amount to sovereign default. And the shock would transmit itself to the rest of the Eurozone via the balance of payments channel as I have described. The Eurozone would also therefore suffer a sharp recession, as would its trade partners. Periphery countries such as Spain would find their green shoots of recovery squashed, their fiscal deficits rising again and their debt/gdp soaring. Further austerity to bring these down would no doubt be imposed, increasing public unrest and improving the electoral prospects of populist parties such as Podemos.
And this raises the specter of exit contagion. Once one country has left the Euro, others can. It’s like adultery: once the line has been crossed once, it is likely to be crossed again….. For the Eurozone to force out Greece would therefore set a very dangerous precedent. As Draghi pointed out in a speech given in Helsinki in November 2014, if a country left the Euro it would no longer be a single currency. It would simply be a managed exchange rate system – and managed exchange rate systems are vulnerable to speculative attack and sudden disorderly failure. The Euro’s predecessor the Exchange Rate Mechanism unraveled very quickly indeed once the UK was forced out. At the moment it seems unimaginable that the Euro could similarly unravel, but that is because the mechanism by which countries could leave has not been established and the precedent has not been set. If that were to change, the situation might be very different.
Allowing the Euro to unravel or the Eurozone to fall further into depression due to a disorderly sovereign default and exit when Ukraine is blowing up, Moldova is about to follow suit and the Russian bear is growling on the borders of the Baltics would be the height of folly. It is also worth remembering that Greece is a Balkan country, and Russia is very interested in the Balkans for strategic reasons to do with gas pipelines, oil refineries and warm-water ports. A Russian delegation arrived on Syriza’s doorstep the day after it was elected: although Syriza has ruled out accepting loans from Russia (and Russia’s current shortage of Euros suggests that loans are not very likely anyway), special trade deals and FDI are a distinct possibility – but probably not while Greece remains a member of the Euro.
There is also the little matter of the other Balkan countries: Bulgaria is talking about joining the Euro (though it admits it is nowhere near ready at the moment), and Serbia is a candidate for EU membership. How would their attitude be affected by Greece being forced to leave the Euro and possibly the EU as well? Then there is Turkey, Greece’s Islamic neighbor, which is perennially interested in EU membership but is increasingly looking east, and Hungary, an EU member that is modelling itself as a Russian-style “illiberal state” and running dangerously close to breaching EU membership rules. The eastern border of the EU is a melting pot. Greek exit could only make it even more unstable.

It is therefore not only unwise for Greece to decide to leave the Euro, but equally unwise for the Eurozone to force it out. For better or for worse, this partnership must stay together. As Draghi said, the Euro must be irrevocable in ALL its countries: for it to succeed anywhere, it must succeed everywhere. The only way any single country can leave the Euro is if ALL countries decide to leave it – in other words, if the Eurozone countries decide that the Euro should be wound up. That, at the moment, is not on the cards.

And therefore neither is Greek exit. This foolish talk of “Grexit” must end. It is a major distraction from the real tasks facing the EU leadership, which are sorting out the dysfunctional institutional structure of the Eurozone, setting economic policies that prioritize growth and prosperity over debt reduction, and above all, ensuring the peace and stability that are the purpose for which the European Union was established in the first place.

Sunday, February 1, 2015



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