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The Greek crisis ended in disaster - the country lost not only its economic future, but also its sovereignty

The Greek crisis ended in disaster - the country lost not only its economic future, but also its sovereignty

August 29 2018 LJ cover – Греческий кризис завершился катастрофой – страна лишилась не только экономического будущего, но и суверенитета
Tags: Greece, Economy, Crisis, Analytics, EU, Debt, IMF, Politics

The theme of the genocide of the Greek people began to be widely publicized in the media and discussed by politicians from 20 August, when the European Union announced the end of the Greek crisis. In fact, it means that Greece is finished, she is dead. The country was brought to the limit and eaten, and the skeleton was thrown out to the dogs.

During the years of "recovery from the crisis", 350 thousand Greeks, mostly young people and professionals, fled from the dead Greece. Fertility is much lower than the norm necessary to maintain the population. The austerity measures imposed on the Greek people by the European Union, the IMF and the Greek government led to a reduction in the economy by 25 percent. From a quantitative point of view, this disaster corresponds to the Great Depression in America, but in Greece the consequences were more devastating. President Franklin Delano Roosevelt mitigated the impact of mass unemployment on the Social Protection Act and other elements of social policy, such as deposit insurance and public works programs, while the Greek government, following the instructions of the IMF and the EU, on the contrary, exacerbated the effect of mass unemployment, protection.

Traditionally, when a sovereign state, whether due to corruption, mismanagement, unsuccessful circumstances or unexpected events, was unable to repay its debts, the country's creditors wrote off debts to the level that it was able to service.

With Greece everything happened quite differently. The European Central Bank, led by Jean-Claude Trichet and the International Monetary Fund, decided that Greece must pay in full, both interest and the bulk of the debt on its government bonds, which were acquired by German, Dutch, French and Italian banks.

How was it supposed to be done? Two ways, each of which had a colossal negative impact on the country's economy, as a result of which Greece today is in a much worse situation than it was at the beginning of the crisis almost ten years ago.

At the beginning of the "crisis", which could easily be eliminated by a partial write-off of debt, the size of Greece's public debt was 129 percent of GDP. Today it reached the level of 180 percent of GDP. Why did this happen?

Greece was provided in the form of a loan additional funds to pay interest to creditors so that they did not lose a cent. This additional lending, which the financial media outlets call "financial assistance," was in fact not the help of Greece. It was a financial aid to the creditors of Greece.

The Obama regime encouraged this assistance program, as American banks, in anticipation of "financial assistance", sold default swaps on Greek debt. If it were not for the financial assistance of the European Union and the IMF, they would lose their money and pay insurances of insolvency on Greek bonds.

In addition, Greece was obliged to sell its state assets to foreign buyers and to destroy the social protection system, for example, to reduce pensions to levels below the subsistence level, and to so drastically cut health care costs that people died without waiting for medical assistance.

If my memory serves me, China bought the Greek seaports, and Germany - the airport. Various German and other European structures were bought by the Greek municipal water supply companies. Real speculators bought up protected Greek islands for further development.

This plundering of Greek state property did not lead to a decrease in Greek debt. The money received, together with new loans, went to pay interest. As a result, Greece's debt today is greater than ever before. And the economy is smaller than ever before, like the population of the country, which has a heavy debt burden.

The recent declaration that the Greek crisis is over is just a statement of the fact that the Greeks no longer had anything that would be of interest to foreign banks. Greece is quickly drowning. All revenues associated with seaports, airports, utilities and other state property that were forcibly privatized are now owned by foreigners. Now they are simply pumping money from the country legally, thereby further worsening the situation in the economy.

The Greeks were stolen not only by their economic future, but also by their sovereignty. Greece is no longer a sovereign country. It is managed by the European Union and the IMF. In his book "The Failure of the Free Market," in the third part, entitled "The End of Sovereignty", I described in detail how it happened.

The Greek people betrayed the government of Tsipras. They had a choice - to rebel and use violence to overthrow the government, which sold them to international bankers. Instead, the Greeks accepted their destruction and did nothing. In fact, the Greek population committed mass suicide.

The global financial crisis 2008 year has not yet ended. It was covered with a carpet of gigantic new money created by American, European, British and Japanese central banks. The creation of money outstripped the growth in real output and led to an increase in the value of financial assets far above the level that corresponds to the "conditions on the ground".

How this crisis will prove itself again, we will soon see. This may be the end of Western civilization. Will there be a "war of all against all"? After Greece, maybe it will be Italy, Spain, Portugal, France, Belgium, Australia, Canada, and so on, until there is no one left?

The whole Western world lives in lies spread by powerful groups in their own economic interests. There are no independent media except individual online resources, and the few remaining publications are demonized, and access to them is limited. People living in a world of controlled information have no idea what is happening to them. Therefore, they are not able to act in their own interests.

Paul Roberts
MixedNews
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