Showing posts with label EU/ECB. Show all posts
Showing posts with label EU/ECB. Show all posts

Saturday, October 13, 2012

Frau Merkel Continues Her "I'm Unpopular With All Humans" European Tour..

After Starting Riots In Greece, Merkel Booed In Germany Next.  If Merkel had a heart (or soul, for that matter..), she might be upset.  No worries there, though!  Zero Hedge.  Excerpts:


What does an iron chancellor have to do to be loved these days? After scrambling 7,000 members of the Greek police force out of an early prepaid retirement for her brief, still inexplicable 6 hour visit to Athens last Tuesday, which caused the now usual Syntagma square rioting, Merkel next took the stage in a rainy Stuttgart, in a show of support for the local mayor candidate Sebastian Turner, which promptly devolved into 14 minutes of continuous booing.  (Video at the link.  It's awesome if you like your videos full of boos.  Boo!  Boo!  Chant!  Priceless..  )
And:
The truth is that a vast majority of Europe's people now want the grand experiment, which merely enriches a small subset of participants while impoverishing everyone else, over and done with: it is this endless pursuit of power and money at all costs that starts wars - not whether Germany and France share a fake currency, that is the cause of the endless bloodshed in Europe. The only reason why wars not only in Europe, but in the world, were avoided for the past several decades, is due to the incursion of globalization which merely allowed the encumbrance of every global assets with layers upon layers of additional debt, creating money in the process and keeping the oligarchy happy. But it is this oligarchic 'subset' that calls the shots, and the same subset is now realizing the ability to create debt out of thin air in Europe has now ended. And it will gladly take Europe to the edge of war if it means, well, "avoiding war", at least in the Nobel committee's naive version of the world, in the future.


Frau Frau needs a diversion:  Where the hell is Techno Viking when you need him?

Tuesday, October 9, 2012

Merkel Hides Behind The Troika Report, The Greeks Seethe, And The Drachma Advances

Frau Merkel takes a mini-vacation.  How could she not?  The Greeks love her?  The testosteronepit, via Zero Hedge:

..Athens was prepared for her. Both sides. Police had designated a “red zone” where demonstrating and loitering were prohibited. The Parliament, the prime minister’s mansion, and the presidential mansion were sealed off. Some metro stations were closed, some buses and trolleys were pulled out of service. Water cannons, 7,000 police in riot gear, crowd-control fences... it was all there.


As were 80,000 protesters—or 60,000—who’d been seething for days. It wasn’t just Merkel’s presence on their soil, but also the restrictions on their constitutional right of assembly. “FRAU MERKEL GET OUT,” a poster read. A group of school kids were taken into custody. Tear gas was used. Protestors were trying to tear down crowd-control fences. A melee broke out. Rocks flew. A Nazi flag was burned. But... “Strange thing about Greek demos is that they are part political protest, part village fete, small of meat on the BBQ everywhere,” ‏@teacherdude reported (screenshot).

So why the heck did Merkel dive into this? To express “her support for the difficult reforms,” government spokesman Steffen Seibert explained on Monday, and to “emphatically” point out “everything” that still needed to be done. It was the outline of her strategy. Accomplished politician, she’d try to satisfy both sides, those who want Germany to open the wallet even more, and those who don’t want to see their money disappear into a bottomless pit.
..
Merkel was the epitome of understanding. Greece is in a “very difficult period,” she said, but should “finish what it has started,” otherwise “things will be even harder.” It’s about “our children and grandchildren.” Then, brutally, she pointed at the sword of Damocles hanging over Greece: “Of course, we are not the representatives from the Troika.”
The mighty Troika. It will come out with a report that had been delayed, rescheduled, and re-rescheduled. It will spell out whether or not Greece complied with the agreed-upon 89 “structural reforms.” It’s a huge report, worked on for months, a shield for politicians to hide behind, even for Merkel [Greece Prints Euros To Stay Afloat, The ECB Approves, The Bundesbank Nods, No One Wants To Get Blamed For Kicking Greece Out].

And what was the purpose of her visit, a reporter asked. “I came here to understand the situation on the ground,” she said. “Close contact leads to greater understanding. What the visit means to Greeks, I don’t know.”

So it went. No answers of any kind. They strolled to the Presidential Mansion and said hi to President Karolos Papoulias before heading to the Hilton for a meeting with business leaders from both countries. Chancellors have to bring home the bacon. They travel with a delegation of executives and meet local tycoons to do business. With privatizations on the docket in Greece, surely there’d be some sweetheart deals to be made. And by 7:18 p.m., she was waving goodbye from the door of the plane.

She’d given nothing away. Other than platitudes. No assurances that Greece would remain in the Eurozone, though it was her “hope and wish” that Greece should try. A broken record. There was no promise that the next bailout tranche of €31.5 billion would be disbursed, ever. Greece, which has been paying its bills only selectively, will run out of money entirely by the end of November, and barring a miracle, would have to revert to the drachma.

The Landlord came by to check upon her "investment."  The disdain for her new tenants was palpable.  Towards her, her new tenants felt the same.  Their new "arrangement" will not be comfortable.

The crescendo to all this ugliness will be bloody, both literally and figuratively.  All action going forward will illicit equally strong reactions.

Friday, June 22, 2012

Greece Has A Government Now, So Everything's All Right, Right?

Starving Greeks queue for food in their thousands as debt-wracked country finally forms a coalition government... but how long will it last?  Samaras will be hurtling into a massive political shitstorm, no matter what he tries or ultimately does.  No action will please a majority of Greeks.  And there already quite a few who are super pissed off and riot-y.  There will be no honeymoon period.    Congratulations again, Mr. Prime Minister, on your "victory."  Daily Mail.  Excerpts:

Starving Greeks queued around the block for free food handouts yesterday as the country's politicians managed to end a crippling stalemate to form a coalition government.

Young children as well as the elderly waited in line in Athens to collect the parcels of fruit and vegetables donated by farmers from Crete to help ease the devastating austerity faced by many Greeks.
But as hungry people collected food, a few miles away a new conservative-led alliance was formed, vowing to renegotiate the country's strict European bailout in a bid to breath economic life back into the debt-stricken country. 

Don't forget, Merkel has already stated she Will Not Re-Negotiate any terms of Greece's bailout.  It's all theater on Samaras' part;  Greece's harsh realization in three..  Two..

Conservative Antonis Samaras was sworn in as prime minister and head of a three-party coalition that will uphold the country's international bailout commitments.

In the hot seat: New Prime Minister Antonis Samaras vowed to rescue Greece's economy as he spoke for the first time after being sworn in to office at the presidential palace


The move ends a protracted political crisis that had cast grave doubt over the country's future in Europe's joint currency and threatened to plunge Europe deeper into a financial crisis with global repercussions.
Samaras, an American-educated 61-year-old economist, was sworn in three days after his party won the second national elections in six weeks but without enough votes to form a government on its own.


His New Democracy party will join forces with the socialist PASOK party, which came in third place, and the smaller Democratic Left led by Fotis Kouvelis.
Discussions on the lineup of ministers were expected to be completed by Wednesday night.
‘I will ask the new government that will be formed tomorrow to work hard so that we can offer tangible hope to our people,’ Samaras told reporters as he left the presidential mansion.
Greek stocks rose marginally in response to the news, with Athens shares closing up 0.5 percent, limiting earlier gains.
The new prime minister was to meet with outgoing Finance Minister Giorgos Zanias, PASOK head Evangelos Venizelos and Kouvelis on Wednesday evening.
All three parties broadly back Greece's pledges to bailout creditors for further austerity and reforms, although they have pledged to renegotiate some of the terms for the rescue loans.

Again, Merkel and the rest of Germany will not budge.  The Greeks will only bring back bad news.  How long will this coalition last?