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Old 8th July 2015, 07:16 PM   #1 (permalink)
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For the sake of world peace, Greece should quit EuroZone ASAP.. So that it can CEASE to be a money l

For the sake of world peace, Greece should quit EuroZone ASAP.. So that it can CEASE to be a money laundering agent (subsidiary) of the European Central Bank.

"And for every euro in bailout funds, the Greek government receives less than 20 per cent. The rest goes to bankers and bondholders." ['Time for a broader view on what threatens Europe's future']

I always knew that the Eurozone was in a very sick situation, but I didn't know about the degree of $ laundering until I read that "... for every euro in bailout funds, the Greek government receives less than 20 per cent. The rest goes to bankers and bondholders.": which just proves that most of the eurozone GDP is from euro currency stimulus policies and not real productivity in output: e.g. business/ infrastructure investments which do not necessarily benefit society (spear headed by greedy bankers + political elites) and only making the eurozone area inequality divide wider which makes it a culture pot for terrorist ideology that is fed by wealth/ social inequality.

The benefits of receiving (diminishing) bailouts from ECB (only 20% goes to greek people) are thus miniscule compared to the 80% of bailout funds which are used ('laundered' based upon Greece high borrowing interest rates) to prop up hapless eurozone banks, which would probably close down the moment the central (ECB) money counterfeiting/ laundering tap is shut.

Being a pawn of organised crime ($counterfeiting + laundering) never pays and in this regard, the Greeks ought to revert to the drachma and prefer to rely upon IMF/ other world assistance in donations/loans denominated in USD/ drachmas to get back on its feet. Serving as an agent/tool (puppet/ mistress/ pawn/ prostitute) to the ECB massive Euro counterfeiting/ laundering operation will be one of diminishing returns as Greece's ballooning sovereign debt (323 billion euros today) will only mandate escalating interest on debt payments.

The ECB should be the agency responsible for the high Greek debt (in euros) for not enforcing proper debt reporting for the years it oversaw its subsidiary banks and false selling the mirage of european prosperity through common currency: the irresponsible and rogue ECB should thus take ownership for the greek debt and also stop its continued Euros counterfeiting and laundering operation which is short term fix but making the whole eurozone more sick as time wears on.

Taking care of poor people and avoiding environmental degradation involves direct provision of public goods like preventive healthcare and education: money counterfeiting and laundering operations using Greece Central Bank (GCB) as courier/ agent is not the right way to run a local government, and probably a sign of end times when a central one attempts to do that.

So for the sake of longer term world economic peace, a return to the drachma for Greece will certainly stop the rot: begun and increasingly perpetuated by the ECB: prosperity from the printing of money is a mirage that must soonest end, the earlier the better for all.

Depending upon and organised criminal syndicate (ECB) never pays and Greece should distance herself from the euro until the ECB stops printing money like there is no tomorrow. (Remaining as part of the European Union (which isn't a counterfeiting/ $-laundering agency is okay, just like the UK is part of the EU) is a good idea so negotiations and diplomacy between all European states can continue).
As a pawn/ prostitute of the ECB, Greece will NEVER stand on 2 feet; at least after a clean cut from being slave of euro-currency agreement, Greece may improve its GDP so that perhaps its borrowing costs in drachmas might be affordable (just like the SG gahmen borrows SGD for like 2.57% p.a. (10yr-bond) today)

To prove that it isn't an organised criminal syndicate, the ECB should wind down its euro currency printing activities and focus on direct social development through progressive policies as well as euros obtained not from rabid printing but from fair and equitable taxation which is the true job of a good government. Countries should also be encouraged to progressively quit the common currency agreement since the ECB has shown itself to repeatedly over-promise and under-deliver, and has in recent times began printing $$$ in a very reckless (rogue) manner.

Time for a broader view on what threatens Europe's future
Ian Bremmer, The Straits Times on July 08, 2015
The Greek people have now raised the stakes, and it is time for a broader look at the threat to the European project.

There are so many high-profile multinational negotiations going on at the moment. Iran, the United States, Britain, France, Germany, Russia and China are haggling their way towards a deal on Iran's nuclear programme. Russia, the European Union and the US are battling over the future of Ukraine. Pacific Rim governments are facing down criticism from domestic critics to forge an enormous trade deal, known as the Trans-Pacific Partnership.

For all these fights, it's easy to cast one side in the role of rogue, thief, or unruly child. But if we want to understand these contests and forecast where they are headed, we must consider them from all points of view. There is no better illustration than the continuing tug of war between Greece and its creditors.

It is easy for many Europeans to condemn Greece's Syriza-led government. Greece has amassed enormous debt and must pay. If the country resists change, it will need more bailouts in future. But look beyond Greece's often amateurish government towards the genuine suffering of its people.

The biggest risk for Europe is not that Greece will escape its responsibilities, encouraging other countries to try the same trick. It's that this fight, and the anger it generates on all sides, will further fuel the sort of anti-EU sentiment that has created so many protest parties across the continent of both the left and right.
Spain, Portugal and Ireland have lost less than 7 per cent of gross domestic product since the euro zone crisis began. Greece has lost 26 per cent. Wages are down 14 per cent. Greece is the only country in the EU where the minimum wage has fallen. Unemployment stands at 26 per cent, and more than 75 per cent of these people have not worked in more than a year. Youth unemployment tops 50 per cent.

According to the Organisation for Economic Cooperation and Development, nearly one in five Greeks can't afford a full meal. Homelessness is surging. The child poverty rate has climbed to 40.5 per cent. The British Medical Journal finds a "significant, sharp, and sustained increase" in suicides.

Over the past five years, Greece has cut spending and raised taxes on a scale equivalent to 30 per cent of GDP. No other euro zone government has done nearly so much. Reform has cut pension benefits. The retirement age is now 67 for both men and women. And for every euro in bailout funds, the Greek government receives less than 20 per cent. The rest goes to bankers and bondholders.

The abrasive antics of Greek Prime Minister Alexis Tsipras and his ministers have hardened European attitudes towards their country. It is foolish to demand that Germany pay more reparations for World War II and to accuse the International Monetary Fund of "looting" the country. The Greeks look silly when Syriza offers its creditors a new proposal and then claim to have sent the wrong documents. European backs are sure to stiffen as Mr Tsipras courts Russian President Vladimir Putin.

But look at the challenge from Mr Tsipras' point of view.

Austerity has imposed suffering on millions of people who have no role in Greek policymaking. It is little wonder then that Greek voters turned to a party that promised to ease the pain, and Mr Tsipras wants to keep as many of his promises as he can.

His room for manoeuvre is limited by polls showing that 70 per cent of Greeks want to keep the euro, even if it means more turmoil, a united front among Greece's creditors, and charges of betrayal from the left following every concession. Blame him for his clumsiness, but don't fault him for fighting for the best deal he can get. That is what the Greek people elected him to do.

Some will argue that if Germany and others offer Greece more room to breathe, then Spain, Portugal, and perhaps Italy will want "concessions" too. But Greece is a unique case. These other countries stand on much firmer economic footing, and it is not as if Greece can expect debt forgiveness and an end to austerity. This country won't look like a model of anything worth imitating for years to come.

The creditors are right: Greece must pay its debt. But it can meet this challenge only if its economy begins to grow, and if the medicine used to cure this country's ills leaves a generation of young people flat on their backs, how can Greeks learn their lessons and return to work?

It is time to take a broader view. The biggest risk for Europe is not that Greece will escape its responsibilities, encouraging other countries to try the same trick. It is that this fight, and the anger it generates on all sides, will further fuel the sort of anti-EU sentiment that has created so many protest parties across the continent.

It is frustration with the inability of European institutions to respond to the needs of EU citizens that has put a referendum on continued EU membership on the ballot in Britain and pushed France's hard-right National Front into the top spot in that country's opinion polls.

It is these frustrations, not details of the next Greek bailout, that threaten Europe's future.

•The writer is the president of Eurasia Group and author of Superpower: Three Choices For America's Role In The World.

A version of this article appeared in the print edition of The Straits Times on July 08, 2015, with the headline 'Time for a broader view on what threatens Europe's future'. Print Edition | Subscribe

http://www.straitstimes.com/opinion/...europes-future

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