Greece has narrowly escaped defaulting.
For the past 5 years, Greece was robbed of its funds and dignity by the most corrupt government the country has ever seen. The corruption was so well planned and executed that it managed to cheat all of the EU (this is an assumption Mr.Barozo).
Four months ago, there was an election. A new government was elected (+10% gap), with an agenda of reform, thus proving the people’s will for change. The assumption was that the EU would be behind such an effort.
First step, to come clean with regards to our economic position - full disclosure. It proved to be a major mistake. The EU did not appreciate this disclosure. Instead of facilitating the reform, it proved to be our worst adversary, thus justifying every Eurosceptic in this country and abroad. National and market interests have prevailed over European ones.
The Commission could have stopped this new crisis early on. It didn’t. Worries about the Spanish housing bubble and its ties to the British and German banking sectors allowed (or dictated) that Greece should be thrown to the market lions, in a new (financial) Arena.
A welcome side-effect: the lower Euro against Dollar, that would help exports. Are there any certainties that the situation is under control? That the fall of Euro can be stopped whenever the EU decides it had enough? Suggesting something like this, would mean that there is a plan, that uses the fate of 11 million Greeks as tools for monetary gains. Unthinkable, and as such rejected.
The only explanation then, is the lack of policy that can handle this crisis. Or the lack of will. If so, this is no Union. It’s a monetary pact. And as such, it will collapse under stress, since each member will try to achieve National goals, not European ones.
The Greeks didn’t ask for money. Just time to “put our house in order” as the Greek PM repeats again and again. And protection from the unlicensed CDS gamblers and speculators.
“No can do” said Ms. Merckel now, and Mr. Almunia before her.
If Greece defaults as a result of this non-unified EU stance, it won’t be its fault. And they won’t suffer the most. But have no doubt, that it will be a huge step backwards, not for Greece, but for Europe, if not the world.
Has Europe forgotten what “National” interests can do?
P.S.: See what a little disclosure, from a small country can do?
It can unveil all kinds of false pretences.
It can clarify and question so much.
I have a bad feeling about this, and I hope I am wrong.
- Credit default swap - Wikipedia, the free encyclopedia
- Nine EU members 'have excessive debts’
- almunia greece - Google Search Look at the timeline, and how it all started right after the election. If nothing else, it is interesting.
- Europe’s Trojan Horse - Project Syndicate
- Revealed: Goldman Sachs’ mega-deal for Greece - Risk.net
- Stop missing the point. Greece is important – Crikey
- One big world of cheats | FP Passport
- Analysis: Wall Street banks behind Greek crisis? - CNN.com You have the sense that banks have been playing all sides of this, making money whatever happens to Greece.