The Occupation and Looting of Greece, Twenty-first Century Style

The Teutons are sacking Greece! Led by German finance minister Wolfgang Schnabel, the European Union and associated governing tribal bodies are imposing Draconian fiscal measures on Greece in an effort to recover as much as possible of the large sums irresponsibly invested in Greek banks and sovereign bonds by their national commercial banks

Or as reports, Alexis Tsipras, the Syriza [party] leader, told the Greek parliament on Tuesday that his country was victim of a “terrorist” assault.

Make no mistake about it. There is no concern for the Greek people. There is only concern for rescuing their banks and the wealthy elite that made bad investment decisions, prompted by greed.

In a Eurogroup statement dated Feb. 21, the signatories outline their desire to have the European Commission increase its occupation force (bolding is ours).

We therefore invite the Commission to significantly strengthen its Task Force for Greece, in particular through an enhanced and permanent presence on the ground in Greece, in order to bolster its capacity to provide and coordinate technical assistance.

For some time now, financial commissars of the Troika of lenders – the European Commission (EC), the International Monetary Fund (IMF), and the European Central Bank (ECB) – have been monitoring Greece’s spending and austerity programs. This move is to make the oversight permanent. The extent to which Greek sovereignty is being crushed is exemplified by the Eurogroup’s demand that the Greek constitution be changed to subordinated all Greek government expenditure to debt repayment. Again from the Eurogroup document:

The Eurogroup in this context welcomes the intention of the Greek authorities to introduce over the next two months in the Greek legal framework a provision ensuring that priority is granted to debt servicing payments. This provision will be introduced in the Greek constitution as soon as possible.

As noted by the Wall Street Journal:

In addition, Greece undertook to transfer its debt servicing payments into a blocked account one quarter in advance. It also promised to enact legislation giving priority to debt servicing over other government spending within the next two months and to enshrine that principle in its constitution as soon as possible.

The Eurogroup further explain that

the intention [is]  to put in place a mechanism that allows better tracing and monitoring of the official borrowing and internally-generated funds destined to service Greece’s debt by, under monitoring of the troika, paying an amount corresponding to the coming quarter’s debt service  directly to a segregated account of Greece’s paying agent.

In other words, monies borrowed for debt repayment and monies collected for such by the government will be placed into an escrow account which Greek authorities cannot touch. The money being borrowed by Greece is not being used to provide government services or relief to its citizens but to enable the Greek government to be able to meet its international debt obligations.

The reader may be wondering at this point, how this official form of kiting, borrowing money from one source to pay back other lenders, can achieve anything positive. When the jackboot is on your neck, you don’t see many other options.

So How Bad Is It?

IF you really want to know, read the following news links. You’ll begin to get  a feel for it.

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