Greece: Government ‘printing Drachmas’
Bild in Germany this morning leads with the “news” that there will be a putsch today in Greece led by Nia Demokratia. On closer examination it merely has an ND bag of wind saying the Samaras-led Party will raise Parliament’s awareness of the “cowardice” of the proposed referendum “and get it scuppered”. It’s a little vague on the “how” bit, but probably Freddie Starr will be involved somewhere: perhaps he’ll eat Alexis Tsipras’s hamster.
More seriously, an anti-EU but still badly-briefed piece appeared in the UK’s Sunday Telegraph saying that the Syriza leader now wins either way….either the credtors blink and retreat, or Syriza gets an electoral approval of his rejection of the Troika2 terms.
One thing it is right about, however, is that Greece will start to default on Tuesday, and be in a kind of limbo for four days prior to the vote next Sunday. July 5th is the day after American independence day, and the significance of that goes beyond ironic: Wall Street would normally go into Holidays mode from Thursday lunchtime onwards.
None of the British Sunday papers featured the Greek development on the front page.
The ECB et al gleefully announced that both the €15bn of ELA and other half-promised monies would now not be available. “We will pull the plug by Thursday latest,” said one source.
The limbo expectation was reflected by all-night queues at the ATMs in Athens, as locals tried to ensure they have enough cash once the banks close….probably Monday afternoon. The Slog picked up allegations from both Ireland and Athens over the last few days that Syriza has been printing Drachma bills in the Emerald Isle for some time…with the shortfall being taken on by a firm in Switzerland. One wonders what currency the printers want to be paid in.
Greece bids to restore its democracy. Nothing to see here, move along now…
Filed under: Greek referendum breaking Tagged: Greeks printing drachmas
Source: https://hat4uk.wordpress.com/2015/06/28/greece-government-printing-drachmas/
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The only problem with Syriza is that it should have done this in January instead of bailing out the German banks with EU loans by proxy. Being forced to leave the EU because you refuse to pay off principal and interest while at the same time taking EU loans you will never pay back and still imposing austerity while at the same time being pro EU just makes friends with Socialists and the London School of Economics.
The article is already partially outdated.
There is a bank run going on in Greece and from tomorrow on they will either close banks, or let people get only small amounts at a time (“capital control measure”).
The Greek also have started buying large amounts of durable foodstuff, as oil and flour, to be able to survive during the time when banks are closed and grocery stores too.
Greece waited too long, say the news on T.V. and most people on the streets.
But this is a simplification. In fact, Greece wanted to get out of the Euro from the day when the Greek people elected Mr Tsipras, feeling they had been blackmailed ever since they entered Euro Zone and that the so-called financial help from EU helped only the banks but not the national economy.
I would have been happy for them to exit Euro Zone at once, instead of discussing and discussing again.
Greeks are lazy exploiters of EU help say some European mass media, and part of our German populace repeats this as if it were true.
But it is an outright lie. In fact, most Greek people would have worked around the clock to recover their Economy, had there been jobs to do so, but there was no increase of jobs by EU “help”. And masses of Greeks with good education and qualification, including a large part of their doctors, left Greece for other EU countries to work there. now we exploit them, as foreign workers, and large parts of their wages never reach Greece, which becomes poorer and poorer – losing not only jobs and social infrastructure but also qualified citizens.
Who didnt want Greece to exit Euro Zone was EU itself –
officially governed by France and Germany, and secretly ruled by Deutsche Bank and some other Big Bad Banks which fear(ed) that their Ponzi schemes come to fall apart as soon as Greece leaves.
Now the real game is on, folks – at least I hope so. Once the Ponzi schemes break down we finally got a chance to change and rearrange. Every day of delay is a disadvantage for normal people both in North America and in Europe. The worst case to me would be that Greece decides to remain in Euro Zone and allows the continuation of lies and blackmail and Ponzi plutocracy. Pray for a quick end of this bad comedy show folks.
I think Mr Tsipras was smart in this way, continuing to bleed the ECB and letting the common folks shore up some cash in euros before the ultimate default. Hopefully the greek common folks has understood his signals and saved up enough real cash to tide over the coming year or two of nation rebuilding. Remember whether it is a default of 1 dollar or 100 billion it is still a default. So might as well let the common folks do their bank runs as much as possible before the final decision.