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16 April, 2014

How to transform an independent country into a banksters colony

Αnother reason why international banksters and speculators rushed to lend the Greek government

Stock market technical analyst P. Panagiotou reveals the whole background of the process

The Greek government decided to design a bond auction that, in order to be held, the planned evaluation of the country should be postponed first. The evaluation would remind the obvious: that Greece is not out of the crisis, that the country has financial gaps and probably will be led to a new memorandum and, of course, Greece's debt is still not viable and needs to be treated substantially.

In order Greece to attract investors like Goldman Sachs, as the Greek government wanted and to build a picture of a "normal" bond auction, has designed the latest bond issuance under unprecedented legal and financial terms for a European and developed nation. This was designed by the government under top secrecy.

A top executive of a party of the opposition forced the Greek Public Debt Management Agency to announce officially that Greece, for the first time in decades, would issue bonds in financial markets which are regulated according to the foreign and not the Greek law. More specifically, the bonds are regulated according to the English law, which is the most protective to the lender against the borrower.

The government tried to block any publication or information concerning its commitments to the private lenders. Due to this fact, on Thursday April 10, just before the beginning of the bond auction, the Ministry of Finance sent to the media a non paper according to which the bond issue was designed under "specific law regime" so that the private lenders to be persuaded to participate, and for this reason there were "very strict conditions of publicity"!

According to some information, the legal text of the specific secret lending contract, disguised as a normal bond auction, contained a stipulation known legally as "pari passu", which upgrades banks like Goldman Sachs on the scale of institutional lenders, equalizing their legal rights with that of the European nations who lent Greece under memorandums.

Also according to some information, the government has signed that in case of delay or being unable to pay the interest or the capital of the specific bonds, their private holders would have the right to impound any part of the Greek public property except from the property elements which are part of the cultural heritage of Greece.

One third of the 5-year bond issue was sold to hedge funds which are investment companies known for their aggressive way and short-term approach in markets. In order government to serve its purposes, the Greek bonds passed in the hands of hedge funds under unprecedented legal stipulations of collateralizing public property, something which equalize official lenders, like eurozone state-members, with these hedge funds.

Like in the case of Simitis administration, when Goldman Sachs lent Greece under secret terms, in order the country to enter eurozone, the current Greek government has borrowed from private lenders under a secret law regime in order to gain the return to markets.

One of the direct consequences is the creation of a "de facto" situation for Greece, with the establishment of a new financial and law "status quo" for the country. Therefore, in every attempt of issuing bonds from now on, the lenders will demand from Greece similar terms, different from the rest of the European countries.

Therefore, in the specific latest bond issue, interest was lower exactly because of this specific law regime, which means that if any Greek government in the future try to proceed in a borrowing process from the markets under normal terms, similar to that of the European and developed countries, the lending interest will rise, increasing the cost of lending, even if the Greek economy would enter in a recovery phase and debt would become viable.

Key parts from the article by Panos Panagiotou, under the title "Exit in markets under the terms of a Goldman Sachs colony" , published on tvxs.gr website


Comment: This is a particularly important information because it shows another reason why the international banksters want the Greek experiment to be completed. We will probably see in the future similar actions for other eurozone countries which under the weight of their debt will be forced to change the terms of borrowing from markets under neoliberal governments guided by banking puppets.

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