Greece – EU Ultimatum With Austerity

July 15, 2015

By Padmini Arhant

Following the national referendum early July, the international creditors and EU members, the German leadership in particular ruled out economically viable options such as debt write off and financial plan aimed at restructuring, capitalization together with growth oriented reforms besides spending cuts to rescue Greece from precipitous decline.

The recent EU summit has enforced more austerity in defiance to Greece citizens’ rejection of the failed policy responsible for Greece deterioration and similar impact across Europe leaving 25 million and more workers in the unemployment category.

The EU decisions evidently prioritize pride and pecuniary power over pragmatic solutions to debt crisis.

Another obvious sign in the ongoing development is EU re-attempt to remove incumbent government considering earlier outcome with plebiscite on austerity attached to government resignation upon YES vote went the other way.

Accordingly post EU marathon meeting, the determination to cause political instability instigating infighting in Greece during prime time of government preparing to present EU recommended grave austerity programs to the Parliament is not a coincidence.

The turbulence in Greece with external meddling in political affairs of a sovereign state has striking resemblance to events in Ukraine.

Ironically, the austerity proponents in EU consciously ignore the costs related to holding referendums and frequent elections by stirring political tensions to jettison the premier and the government not approved by them.

The involvements also pronounce the respect or the lack thereof for foreign state sovereignty.

I reiterate on EU bureaucracy costing EU citizens a fortune and yet EU dogma on austerity is extremity overriding rationality.

When a nation is deprived of income due to lack of investments in the economic sector saddled with common currency euro compromising competitive edge in trade and microeconomic activities,

The spending cuts and draconian measures arguably exacerbate economic conditions stifling any chances of recovery.

EU offer on the third bailout €86 billion tied to harsh financial terms is aimed at ejecting the present government rather than addressing the economic recession and liquidity problems in the country.

The contemporary practice to destabilize nations for ulterior motives guaranteed to affect sources especially in the inter-dependent regional and global economic environment.

EU and euro zone protectionists’ egregious doctrine on severe austerity proved a phenomenal failure and no longer sustainable. 

France is an  example of austerity stricken economy producing massive layoffs  and government legislation extending retirement age while reducing pensions and wages crippling the French work force.  

French Prime Minister Manuel Valls emphasis on Greece remaining in euro zone otherwise opposition to GREXIT was explicitly stated as geopolitical importance clarifying EU real intentions slighting Greece and other member states viz. Spain, Italy, Portugal and Ireland…economy. 

EU steps against Greece economic stimulus is counterproductive.

The insistence on trying same experiments expecting different results defy basic intelligence not to mention the expenses incurred in the repeat trial and error methods aggravating the process.

EU commitment is saliently towards saving euro zone and parallel government in Brussels than outreach member states with necessary financial package.

Greece government approach to resurrect economy and release the people from indebtedness lies in independent economic and financial management reinstating the original currency drachma backed by sound monetary, fiscal and trade policy.

The opportunity is far better and greater with people governed state in control of national assets and treasury unlike existing hierarchy subjecting member states to individual and EU parliamentary procedure on critical economic matter contributing to waste of time, resources and money in the austerity dominant era.

Perhaps Greece resonance in this respect could avert political turmoil ending economic misery.

Good Luck! To Greece population in claiming political and economic freedom.

Peace to all!

Thank you.

Padmini Arhant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Written by Padmini Arhant · Filed Under Economy, Featured | Leave a Comment 

Greece – Fix It Or GREXIT Dilemma

July 7, 2015

By Padmini Arhant

Greece despite unequivocal NO vote against austerity compromised soon after the outcome with the finance minister Yanis Varoufakis resignation on euro zone officials demand stating the minister was unwelcome in the meeting.

The euro zone and EU gesture speaks volume of the respect or the lack thereof to democracy given the promotion of western democracy worldwide.

Furthermore the disposition reflects on the one world government (NWO) i.e. EU in Brussels direct interference in political governance of the member state and dismissal of sovereignty.

EU and euro zone expect Greece to stay in the Union to share the burden on euro volatility alongside stifling competition on trade and tourism favoring the major players Germany using euro and England opting out of euro.

However, there is no incentive provided to Greece in alleviating economic hardship with financial assistance to restore domestic banking system, emergency liquidity and internal cash flow to stimulate economy.

Greece using euro as the national currency is unable to exercise money circulation and distribution along with controlling inflation otherwise Greece has no control over EU and euro zone implemented monetary, fiscal and trade policy.

In fact this situation applies to PIGS states and Eastern European members economy under Brussels mismanagement.

EU and TROIKA austerity imposed on Greece and other recession hit economies exacerbating financial problems in the private and public sector.

In the absence of economic growth with capitalization at affordable borrowing rates, the cash strapped nations are pushed towards adversity with austerity.

The austerity proponents exempt them from fiscal restraints considering expenditure in Brussels run parallel government appoint delegates in various positions leading to unnecessary bureaucracy.

The costs are transferred to the citizens of the member states especially in the lower economic strata like Greece. Hence EU insistence on Greece for additional hikes in Value added taxes (VAT) to perpetuate Brussels extravagant operation only serving oligarchy and vested interests.

TROIKA involvement in Greece deviating from financial activities to choosing governments with frequent elections and forcing the recent referendum cost the state in contradiction to their prescription on austerity.

The plebiscite outcome with a YES vote anticipated by TROIKA was aimed at removal of Syriza led government from power preparing Greece for yet another polls to install TROIKA approved government at exorbitant expense to the people in Greece.

Again there is no recognition amongst TROIKA imposing will that contributes to more spending in the intentionally caused political tensions for instability.

TROIKA striking down proposals from the current Greece government and extending status quo might satisfy egotistical stance and essentially conflate the problems affecting the creditors and debtor.

Euro future is hanging in balance with disproportionate benefits to members within circuit not to mention the superficial value on the commodity conforming to currency maneuver trend.

Greeks with similar desire to stay in euro zone and EU need to review the experience in the past years up until now.

The dependency on TROIKA and EU for necessary breakthrough has not been forthcoming to relieve the ailing economy and instead the woeful measures are regarded the appropriate remedy saturating public and private debt in the country.

Greece political party Syriza concerns about leaving euro zone upon no positive developments in the negotiations between government and TROIKA would have to be transformed into preparedness with alternatives in returning to drachma that facilitates independent strategy on monetary, fiscal and macroeconomic conditions customizing applications to match targeted growth and output.

As for explanation to the electorate on the issue – any discerning citizen would realize impediments no longer obscure in the false sense of security in euro zone and TROIKA cart blanche authority ignoring reality in the harsh austerity.

The political party shift to a position away from the one adopted on campaign trail would be a broken promise when the decision is to serve the purpose other than republic progress.

In this instance Greece cornered without flexibility to restructure financial operations for economic boost besides debt settlement.

The extreme demands necessitate the viable option to reinstate drachma with sound monetary policy and financial as well as economic reform attracting investments in the economy and capital infusion in the banking sector.

The excessive reliance on bailouts from external sources with the pledge to remain under euro zone confined perimeters and TROIKA doctrine as safe haven when results proved to be counterproductive exemplify confidence and trust deficit in self-emergence and competence.

Nations survive and thrive upon sincere commitment to lead and perform exceeding the expectations demonstrated in hard work and integrity as collective responsibility with transparency and accountability to eliminate corruption and contain failures in all endeavors.

The comprehensive financial and economic plan on Greece recovery will be submitted subject to outcome on EU summit and financial discussion between the incumbent Greece administration and the other side.

Greece could FIX IT in the event of GREXIT with pragmatic solutions and disciplined methods blended in inspiration and optimism for economic resurgence.

Greece crisis will be monitored with relevant input until the matter is resolved.

Peace to all!

Thank you.

Padmini Arhant

 

Written by Padmini Arhant · Filed Under Economy, Featured, Western Europe | Leave a Comment 

Greece – TROIKA Diktat Undermine Democracy

July 6, 2015

By Padmini Arhant

Greece was forced into a plebiscite and the people delivered the message with an emphatic NO vote.

Civilized are those who accept victory with humility and acknowledge defeat gracefully in any event.

TROIKA – the lenders direct intervention in Greece or any other nation’s governance is oligarchy exerting authority to stifle democracy.

The referendum rejecting austerity obviously regarded impediment by TROIKA in prolonging the devious debt slavery.

Greece is the initial target for the unscrupulous operatives in TROIKA to eliminate democracy for similar imposition worldwide.

The long conceptualized NWO – the new world order with EU accompanied by euro zone – the second model following the United Nations aimed at stripping nations of their sovereignty.

The moneylenders wells are drying and they want to fill them with Greece and PIGS states citizens tears despite the doomed fate upon TROIKA.

Human folly is presumptuousness and challenging forces when time is against them especially now the cosmic forces presence denying them any such opportunity forever.

I reiterate nothing is meant to exist for eternity in the creation by divine power.

Europe is on the precipice predominantly due to unbridled greed since time immemorial and became prominent through persisting imperialism.

European history is testimony to the fact the rise of feudal system forcing population into slavery to maintain parasitic culture among the self-proclaimed privileged class for their comfort and luxury had to reckon with popular uprising turning into revolution.

The cowardly practice using taxpayers funded police force notwithstanding trained private militia to quell public dissent cannot protect those in ivory tower any more.

I emphasize on the current cosmic time extending into future beyond the obstructionists’ dwarfed existence.

I am not here at the nefarious elements beckon call that I would exit on their insistence to disappear.

As the representative with divine mandate in the preordained divine mission honoring the Supreme power, the Almighty God’s  commandment and blessings, I remain committed in the mission to protect humanity and planet from thievery and incessant destruction.

Time is already proving the triumph (TRIAMF) of divine mission over the suicide mission.

Good Luck! to victims of exploitative scheme by TROIKA in defending liberty and sovereignty – the inalienable and non-negotiable right.

Peace to all!

Thank you.

Padmini Arhant

 

 

 

 

 

 

 

 

 

 

 

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GREECE – Plebiscite on TROIKA Austerity

July 4, 2015

By Padmini Arhant

Greece forced into referendum on austerity by IMF, ECB and EU is greed driven strategy.

Greed is a terrible disease and those affected by this illness could contain symptoms with self-restriction. When they are overwhelmed with greed they succumb to fate. Greed consumes them.

Greed is the cause for them to become international predators than creditors.

Even Jesus Christ could not reason with moneylenders and compelled to use violence. Jesus Christ whipped them and condemned their unreasonable conduct.

TROIKA could address this matter through proper engagement with the present government and accommodate reality into equation.

Austerity has been devastating for nations and the people in Greece are simply threatened to submit to TROIKA’s extortion.

TROIKA and forces galvanizing YES vote in the plebiscite do not necessarily win with fraudulent means to show victory.

The YES vote to TROIKA would give legitimacy on debt slavery. The YES voters are in kamikaze operation for they are not only doomed, their careless action would make the remaining citizens to share similar destiny.

TROIKA’s bailout requirements is a direct claim and control over Greece economy and human capital i.e. the citizens to bear debt burden lasting over generations when the survival of the present population is made nearly impossible with their austerity policy.

Austerity on Greece is prosperity for TROIKA. Again not everlasting as anything founded on deceit and exploitation would expedite the source conclusion.

TROIKA is clueless about austerity considering the life of opulence they maintain as entitlement at Greece and other nations expense.

In the Dark Age, human mind is able to relate to pain only through personal experience. That’s why there is apathy to human suffering among those prioritizing personal well-being and pleasure.

The financial institutions behind GREECE meltdown were handsomely rewarded for the reckless and unlawful indulgence as investment bankers trading hedge funds with toxic securities in the global market.

These firms were treated with special attention using United States taxpayer funds in the bailout.

Now United States as the chief controller of IMF together with EU and ECB lack credibility in their demand on GREECE and people of other recession hit economies to oblige.

The people are enduring the sins committed by financial brokers and major players in the windfall adopting unscrupulous practice.

The compare and contrast between Germany and Greece do not reflect the facts and as usual missing in substance.

Greece contribution to the world with philosophers like Aristotle, Socrates, Thales and Epicures to name a few amongst several renowned in this field, astronomers – Aristarchus and Eudoxus, physicists viz. Archimedes, mathematician Pythagoras and political scientists are slighted in the biased comparisons presented as analysis by TROIKA hired communication media.

Germany success as euro zone member and leading state in EU is because of exceptional advantage to Germany over the rest in the 28 members bloc.

Germany – the predominantly export oriented nation specializing in heavy metals and high end manufacturing goods related to automobile, aviation and other transportation industry use euro in leveraging against Greece and counterparts from eastern Europe in trade.

German deutsche mark was not feasible in the export trade especially with Europe in deep recession and vagaries in the global economy.

On the other hand euro facilitates Germany to neutralize volatility via distribution amongst members in EU.

The debt saddled states like Greece, Spain, Portugal, Italy, Ireland (PIGS) and eastern European countries are essentially providing for Germany in the balancing act with investors raking profits in Greek bonds compared with low yielding German security in the lending exchange amongst TROIKA.

The banks capitalization exclusively focused on lending for debt repayment to TROIKA ignores economic development in Greece and PIGS states.

Greece returning to original currency drachma would enable export to developing nations and emerging economies besides tourism generating revenue with global visitors from far and wide.

Germany described as nation not paying high wages as Greece is a misnomer.

In fact Germany social security payments and unemployment benefits are far greater in the industrialized world and adapted by Australia in the hand out to those choosing to remain unemployed leaving the immigrants to drive the economy.

Australian dole checks largely drawn by white majority in the country is the influence of Germany policy.

Germany industrial output is from East Germany more than the west given the hard labor tradition under Soviet rule. Germany productivity also attributed to immigrants in Germany despite reservations towards immigrants in deutsche land.

Greece need to allocate budget to expand broadband access and invest in technology based government services that would cut down bureaucracy and shift the labor force in technology oriented jobs for efficiency and transparency.

Greece could also mobilize the nation towards renewable energy like solar and hydropower minimizing energy dependency and costs in the public and private sector.

Greece anti-corruption measures beginning with government from top to bottom would build trust and seriousness in the treatment of the epidemic.

Further on the economic front – Greece needs to use the natural resources such as marble, clay, nickel, coal, bauxite, ore and chromate notwithstanding lignite, petroleum, iron ore, zinc, lead, magnetite, salt and hydropower potential to the maximum.

Greece could promote local production and business in these areas with incentives to small, medium and large companies inviting subscribers to government projects and spearhead domestic campaign to bring offshore holdings to jumpstart economy.

Agriculture land to grow crops and produces for the country and overseas markets would be another economic boost alleviating poverty and unemployment.

Tourism showcasing the Greek islands and Parthenon’s and other attractions would be lucrative with drachma as the currency rather than euro to stifle competition from neighbors on euro currency that makes travel expensive for foreign tourists visiting Europe.

These are preliminary steps to rebuild Greece economy and improve financial situation.

Greece should recognize that existence in tandem with EU and TROIKA financing would only deplete the treasury. The money borrowed from them on austerity basis proved destructive thus far.

Calling for direct investments and job-oriented programs are the meaningful ways to revive economy.

The resistance from TROIKA in this context exemplifies profiteering from citizens’ economic misery that cannot be extended any longer.

Lending for exacerbating economic woes via austerity is TROIKA doctrine. The scenario is imposed with no flexibility for reconciliation.

TROIKA trend is unsustainable for them and the victims of austerity.

The prevalent austerity to intensify citizens plight best renounced and instead the practical approach to resurrect economy is the viable solution to Greece problem.

Greece is at the crossroads and citizens exercising discernment with NO vote in the referendum paramount to SAVE GREECE from foreign seize of assets along with economic and political freedom.

Nation prevails with people pledging allegiance to sovereignty.

May wisdom and rationale provide guidance in the Greece referendum!

Good Luck! to citizens and the government in Greece in the solidarity against austerity.

Peace to all!

Thank you.

Padmini Arhant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Written by Padmini Arhant · Filed Under Economy, Featured, Western Europe | Leave a Comment 

Greece – Economic Crisis And Troika Deal or Extortion?

July 2, 2015

By Padmini Arhant

The ongoing economic crisis in the Mediterranean country Greece originated from the sub prime mortgage debacle in the United States in December 2007.

The hedge fund and international securities traded by investment firms nowadays as equity management companies viz. Goldman Sachs then engaged in Greece is initially responsible for Greece economic recession due to bad decisions and directives including misrepresentation to creditors at that time.

Goldman Sachs along with many financial institutions behind gross mishandling and mismanagement triggering economic bleeding in early 2008 experienced earlier in Iceland and endured until today in Greece, Portugal, Spain, Ireland and Italy viz. PIGS…in Western and Northern Europe were bailed out with no stipulations and granted taxpayers funds exceeding trillion in the United States treating the cash payout to bankers as their privilege.

Subsequently the global economic meltdown with severity in Europe weighted down Greek economy tied with euro zone.

The euro as the national currency in Greece and throughout EU excluding England with over optimism on the common unit has failed to deliver the value pegged to the unstable and superficial commodity.

European Union policy of austerity on Greece strangling the country with demands on economic reforms primarily favoring the international creditors viz. International Monetary Fund (IMF), European Central Bank (ECB) and European Commission (EC) or EU presided financial package essentially behind Greece default.

The troika imposed austerity to streamline spending in the absence of economic growth stimulants in Greece evidently debilitated the cash strapped nation.

The two bailouts to Greece in 2010 and 2012 €240 billion ($272 billion) substantially expended in servicing the debt to international lenders viz. the troika – IMF, ECB and EC as well as the financial institutions with stake in Greece rather than direct investments in the economy promoting employment and business prospects for the citizens across the country.

The massive layoffs, salary cuts and pension reductions in compliance with EU bailout requirement further exacerbated the economic situation.

Following the adverse effects of austerity, the Greek electorate elected the anti-austerity political party – Syriza headed by Prime Minister Alexis Tsipras forming the coalition government with the independent party in Greece.

The ruling party in Greece consistently maintained negotiations with international lenders since election on January 25, 2015 alongside systematic improvement in reform focused on alleviating poverty and adopting strategy to satisfy obligations on the bailout program.

The troika conditions to incumbent government request on the six months extension to bailout deal deserve attention.

Greece approached the international lenders aka Troika to grant from the profits on ECB held Greek bonds to meet the immediate financial needs. The fund €12 billion ($13.4 billion) was scheduled as the offer.

In that amount €1.6 billion ($1.79 billion) payment to the IMF on June 30, 2015 was the priority and now that date has expired. Another €6.7 billion is to be settled with ECB in July and August.

Greece was offered a possible bailout not intended to relieve the economy from deterioration instead to enable Greece to pass that amount €1.6 billion ($1.79 billion) to IMF as loan payment at exorbitant interest rates and prepare for payments to ECB within weeks of receiving the third bailout amount.

Greece essentially used by lenders to profit from lending through money circulation amongst them under the pretext of rescue scheme with Greek citizens forced to bear the lending costs and high interest.

  1. Reducing pension payments that would only affect consumer spending with impact on retail business and ripple effects on the wholesale and manufacturing on domestic products while restricting import from EU and abroad.
  1. Increase Value Added Taxes (VAT) – in the dire economic environment, the average consumers forced to pay more taxes in addition to hikes up until now to payback lenders is an extreme measure contributing to consumer woes and limiting business activity in return.
  1. Military Expenditure cuts – perhaps setting the stage for complete NATO control over the nation.
  1. Privatization of country’s airports – the proposition from EU and lenders is a deviation from relevant options and subscribe to ulterior goals.

In response to international lenders harsh austerity imposition;

Greece Government reforms comprised – efficient tax collection methods, social security system and streamlining government bureaucracy. The additional steps included anti-corruption and promoting business as well as backing privatization in the economic sector.

As a result of Greece government and Troika failure on the agreement, the referendum on July 5 is expected to reject or accept EU, ECB and IMF rigorous austerity.

Despite Greece administration’s numerous concessions and adjustments to accommodate EU and lenders chronic treatment evidently a flawed recommendation,

The lenders declined the roadmap that had 70 percent of Troika trails and 30 percent Greece government shelter to save the economically deprived population from abject poverty.

Prime Minister Alexis Tsipras has called the nation for NO vote on EU austerity in the upcoming referendum.

The last minute overtures from the Greek leadership to EU and creditors has been in vain.

Greece citizens need to understand the entire scenario and act accordingly to relieve them from the persisting economic calamity and potential power vacuum paving way for EU and partners to install the government of their choice like in Ukraine.

The present Greece government is poised to resign upon YES referendum to EU and international creditors ultimatum.

EU and creditors stringent austerity on economically struggling nations has been counterproductive. Yet there is no acknowledgment from them and the hard line approach towards Greece is similar to the neighbor Cyprus account.

Cyprus bailout was tied to closure of the nation’s second largest bank, Laiki Bank and a 47.5 percent cut on deposits over 100,000 euros at the Bank of Cyprus for recapitalization.

The same formula was applied to Iceland problem and led to brink of economic collapse.

Cyprus capital Nicosia was hamstrung like Greece now and Cypriot parliament pushed into first post-bailout budget prior to receiving €83 million as installment payment from Troika in late 2013 and early 2014,

The austerity on Cyprus was identical to instructions to Greece – pensions and salaries were targeted with the outcome being dramatic escalation in poverty and unemployment in the country.

Interestingly Troika projection on Cyprus economic status after EU and euro zone austerity was the gross domestic product contraction to 7.7 percent in 2013.

IMF, ECB and EC/EU prolonged austerity only tightens the noose around citizens to submit to unreasonable unaffordable trend.

IMF and World Bank legacy in transforming developing nations to banana republic as it happened in Argentina, Panama, Chile, Indonesia and Mexico…are few of many countries drawn into the debt dragnet.

The developments against Cyprus and Greece serve as strong reminder for the people to protect their sovereignty.

The international creditors regrettable actions thus far confirm the reputation as predators ignoring the fact that austerity alone without revenue not viable for economic recovery.

Greece is confronted with EU and euro zone pursuit to topple present government for the stance against austerity based on reality.

If the referendum on July 5 anything like the event on Scotland independence with fraudulent means generating the predetermined outcome, Greece future would be bleak.

EU attempt to expel Greece government with Prime Minister Alexis Tspras is tactfully deployed creating circumstances for the government to seek people consent on EU austerity in the background of Syriza party elected to power to spare the citizens from economic plight inflicted via austerity.

In a way EU’s tactical move is to turn people against the government with Troika officials not entertaining Prime Minister Alexis Tsipras modified reforms to satisfy lender’s extraordinary gains from human misery.

Greece would survive the economic and political storm on its shores in returning to original currency – drachma for euro survival is not possible considering the lenders’ and EU irrational economic growth resistant strategy crippling economies to the point of no return.

Greece was the first nation to introduce democracy to the world and when democracy is threatened by forces to unseat the caring government that prioritize people over self-interest, the citizens must rise to the occasion and safeguard liberty that would then guarantee economic progress.

Greece voting NO to austerity on July 5 and retaining their honor by rallying with the current government opposed to EU plan that denies decent wages, pensions and business opportunity for jobs would demonstrate fairness prevailing over darkness.

Troika deal is nothing more than extortion exploiting the critical moment in Greece.

Greece defiance to EU and international banks austerity is the saving grace.

Greece unity to proudly defend the country from overt control under the guise of monetary aid would prevent Greece economy from free fall.

The clarion call to Greece is to back your government under the leadership of Prime Minister Alexis Tsipras and alliance to overcome the external challenge.

The major stumbling block is EU and euro zone membership with inherent complexity such as any submission on economic matter is subject to review, debate and approval by every other member state parliament and political consensus within.

The irony – EU preaching austerity hardly observes the tradition with EU officials and delegations appointments and salaries being an extravagant affair.  Even to hire the EU appointee, the amount spent in the recruitment process is not less than million euro. 

EU insistence on fiscal discipline exempt them from the protocol. 

Good Luck and best wishes to Greece and the government of Prime Minister Alexis Tsipras in the speedy economic revival as an independent nation.

Peace to all!

Thank you.

Padmini Arhant

 

 

 

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