Monday, June 20, 2011

No Pasaran: Why the Greeks* are furious....

© Photo: all rights reserved by Dimitris Tsoumpas
* (and some others)

Today in "De Morgen" Political commentator Yves Desmet writes:

You must have it from your neighbors. The Luxembourg Prime Minister  Jean-Claude Juncker warned as chairman of the eurozone that if private banks would contribute their share to the salvation of Greece, this could lead to an expansion of the debt crisis in Belgium and Italy. Dramatic consequences the Cassandra from Luxembourg predicted, and that this way we are playing with fire. This makes a man pretty furious...

The financial sector has caused the economic crisis, and threatened by her recklessness to go overhead. She survived thanks to billions infused by governments. In turn this created the need to cut into public finances, primarily in countries where they had been too creative with budget figures, Greece in the first place. So draconian measures were to be taken on the backs of ordinary people that took the price tag for all this debacle. But the suggestion that the real cause of the crisis is also a part of their responsibility and loss is playing with fire and threatens to expand the debt crisis. How dare one say this ?

If Greece threatens to go bankrupt, especially due to the speculation of the same global financial forces, who would continue to pursue their profit maximization, often run no more than by emotion and irrationality . But they should be spared, while the common man and woman in Greece have to turn in half of their pensions for which they have worked their entire lives? Again, how dare you?

Debt Restructuring and diversification over the longer term is the most normal thing in the world when it comes to business, but with countries that cannot be possible? Greece will not go bankrupt, Herman Van Rompuy said, simply because all alternatives are better. Let's hope he's right. But that assumes that the EU, under certain conditions, shows its solidarity with the isolated sheep of the flock, now being attacked by financial wolves, and thus a part of the Greek debt converts in euro-bonds. Because only when the wolves see the herd closes into itself, they'll stop the attack.

Yves Desmet
Political commentator
translation: Google translate & topete