Banks Take Over Greece
It is not often you see a country being taken over by banks but in Greece this is exactly the case by the financial corporate raiders now taking on a whole country.
The country is debt ridden to the point of bankruptcy much like Ireland, essentially calling the shots on the government of President Karolos Papoulias replacing his authority entirely. Most likely he will be thrown out for such gross mismanagement of Greece’s economy
Current President of Greece-Karolos Papoulias
The take over is termed: Bank Occupied where the austerity measures are handed out by the financial institutions that make the rules such as:
Higher taxes, lowering or elimination of pensions, selling off crown lands, islands, utilities while taking over all assets and their management and selling it off. The corporate raiders do this on Wall Street when like Mitt Romney’s old company Bain Capital. (The one where he made 350 million dollars in his healthy bank account taking over companies, firing workers, stripping it apart and selling it off bit by bit for higher profits). A corporate raider makes money by being a parasite and now the Banks are parsitically taking over the country of Greece.
It used to be in a time long ago and far away, when banks loaned money and international banks made loans without taking over the government of a country but not today.
The most powerful of these is the IMF -The International Monetary Fund and the EU Central Bank that gave the Greek government no choices and held them at ransom or face bankruptcy. In essence, it is a complete take over of a sovereign country’s government burdening its people with wage and benefit cuts for which the people are rising up and rioting.
The banks were not “elected” as a government yet their wield the power to control taxes, dictate terms, set limits and just about every aspect of a self governing sovereign country is now in the hands of a very wealthy few ruling similarly to a oligarchy. Financial experts call it: extortion, blackmail by the IMF and the European Central Bank with the goal of enforcing an austerity plan or else they will not receive the 17 billion bailout plan.
The cuts include 76 billion Euros through the austerity and 26 billion euro’s in cuts include cutting 10 % of government workers each year for the next four years with a hiring freeze. Government workers will be temporary workers with no benefits, and extending the work week to 40 hours per week instead of 37 hours basically reversing the standard of living. Over 50 billion Euro’s will be raised by selling off assets of the Greek state, and the property of the people hawking the countries riches.
The workers will be harnessed and forced to accept the following:
Raising Income tax on the poor, will be levied on those earning more than $ 8,000 euros, where it was $ 12,000 euros before.
Cuts in jobs with a huge layoff of workers raising unemployment
Cuts in salaries of up to 30% in entitlements, 10 % in wages
Frozen pensions or doing away with them
Raising the retirement age
Higher taxes on gas, alcohol and goods which will worsen the debt problem making the banks richer.
The IMF will privatize the Greek airport, the government buildings, the Olympic stadium and all government services which will mean social chaos and more riots. The IMF extorts, robs, and loots the society of Greece in a criminal privatization plan. The privatization plan will include selling off of Greek assets to the wealthy connected with the IMF and EU Central bank to be picked up for pennies on the dollar. A similar plan to what Scott Walker had in mind for Wisconsin and selling off assets to the Koch Brothers, his campaign financiers.
The unions in Greece are up in arms with the bailout requirements that are so severe it will put the country into an occupied state.
What Happened to Greece to Cause this Financial Ruin
Over 10 years ago, Greece joined the European Union and dumped their own state currency for the Euro dollar which gave them more credibility to borrow at higher interest rates sinking deeper in debt. At the same time most of the countries economy works under the table, evading taxes to run the country without a flow of revenue the government borrowed more money and sank into a hole. The government employs a massive work force that will be forced to seek jobs elsewhere in what is now, a very stagnant economy with austerity measures by the IMF. What worries investors is that Greece could be the catalyst that brings down the whole deck of cards with other European countries and who can afford to bail out Spain and Italy.
This whole chain of events could spell the end of the Euro as we know it and each European country must go back to their own currencies since the EU has and will not continue to prosper.
Worries over Greece Default- Protests and Political Chaos and Bank Take Over
The Analysts Spell out the Austerity Measures and Political Changes in Greece
The debt cannot be paid off.
The Continued Battle for Greece- The Austerity Package will not Recover the Country and it can collapse the Euro