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17 January, 2015

Draghi blackmails Greeks

... and we haven't even reached the election day

globinfo freexchange

It appears that ECB decided that will not buy Greek bonds, after the systemic banks of the country reported having liquidity problems, only a week before the crucial national elections. It's important to remind that the Leftist party, SYRIZA, which is determined to terminate austerity policies, precedes in all polls.

From ZH:

Der Spiegel reports after the European close that ECB QE will not include Greek bonds due to their low rating... but will see national central banks buying own-country debt.”


and

... following yesterday's report that two Greek banks had suffered sufficiently material deposit withdrawals to force them to apply for the unpopular and highly stigmatizing Emergency Liquidity Assistance program with the ECB, now the other two of Greece's largest banks have also succumbed to reserve depletion after the Greek bank run appears to have gone viral. As Greek Capital.gr reports, now all four Greek banks have requested ELA assistance from the same ECB president who earlier today is said to have unceremoniously kicked out Greece from the ECB's QE program.”


As predicted, more than two years ago:

... the ECB becomes a corresponding Fed in the European area, “serving” the problematic economies that are excluded from the bond markets, through the print of new money. Therefore, the problematic economies will be loaded with more and more debt which the ECB, i.e. the largest private European banks will hold. Someone could argue that is not something new, since nations were facing huge debts in previous years, because they were indebted to banks through the excessive borrowing from the markets. But in this case, there is an important difference that makes things much worse: it is the cruel conditions imposed by the ECB to states that need to buy money. States that are excluded from markets, are now trapped within the neoliberal economic empire of the eurozone and will be forced to follow new austerity measures every time they need ECB to buy their bonds.


Meanwhile, the banking-media dictatorship in Greece has launched a new propaganda war against SYRIZA's MP, Rachel Makri this time, who stated that Greece could "print" up to 100 billion euros in an emergency situation. The systemic parrots in the mainstream media and various governmental officials, as well as others from pro-austerity parties, rushed to blame Makri as being irresponsible, dangerous, etc. Systemic-friendly trolls flooded internet with ironic uploads and Samaras' party, New Democracy, made some tv spots in less than 24 hours, to point the supposed "irresponsibility" of Marki. Another indication that the system acts under absolute panic.

However, the reality is that the country does have the possibility to print euros by itself. In fact, this has been done already by another country, being under a memorandum program, like Greece.

From the Irish Independent, date 15/01/2011: “... the Central Bank of Ireland is financing €51bn of an emergency loan programme by printing its own money. [...] A spokesman for the ECB said the Irish Central Bank is itself creating the money it is lending to banks, not borrowing cash from the ECB to fund the payments. The ECB spokesman said the Irish Central Bank can create its own funds if it deems it appropriate, as long as the ECB is notified.” (http://www.independent.ie/business/irish/central-bank-steps-up-its-cash-support-to-irish-banks-financed-by-institution-printing-own-money-26614131.html)

Therefore, the systemic parrots either are lying, or, they should explain why wasn't allowed to Greece to print its own euros. In any case, we know the answer: because Greece was chosen to be the "guinea pig" for the experiment of the most catastrophic neoliberal policies, and this experiment must be expanded throughout Europe at any cost.

We should wait to see how the ECB will react after the elections depending on the result. Under a specific scenario, already mentioned that “... the ECB will blackmail the government by threatening that will not purchase government bonds, therefore cut liquidity, in case that Greece choose a different path towards the reconstruction of the social state and labor rights, bringing minimum wage at pre-crisis levels, etc.”, and the only solution in this case, would be a fast reaction: “In case that SYRIZA has a secret agenda, and be pressed by the lenders beyond red lines, it could nationalize the central bank and return to the national currency, blowing up eurozone.” (http://failedevolution.blogspot.gr/2014/12/various-scenarios-for-national.html)

Otherwise, the officials of the European neoliberal economic empire may proceed to the last measure, which would be to remove the right of the eurozone countries to produce their own liquidity and be totally dependent on the ECB. Do they afraid SYRIZA that much? Probably not. What they afraid, is a domino of a rise of the Leftist parties in power in many European countries. As the old political system has been fully neoliberalized and has nothing to offer to the societies other than absolute destruction, the only way that was left, is blackmail. Maybe the time has come for the European people to fight and win the class war.

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