1 Ikus http://bilbo.economicoutlook.net/blog/?p=30094 .

2 Ingelesez: “Angela Merkel has reiterated over the weekend that there would be no further debt relief. Why she is now a spokesperson for the Troika that does not include the German government is interesting in itself. In this context.”

3 Ingelesez: “I recall a very interesting research study published in 2013 – One Made it Out of the Debt Trap – by German researcher Jürgen Kaiser, who examined the London Debt Agreement 1953 in great detail. After becoming familiar with the way the Allies handled the deeply recalcitrant Germany and its massive debt burden in that period.

… one wonders why the German government is so vehemently against giving relief to Greece.

This is especially in the context that the only mistake that Greece made was joining the Eurozone and surrendering its own capacity to deal with a major financial crisis.”

4 Ingelesez: “Germany, remember, had murdered millions of jews, gypsys, communists, homosexuals and others they considered deviant. They had waged war on Europe and caused untold material and emotional damage.

Greece has done nothing of that. Indeed, Germany inflicted massive and cruel hardship on Greece during its Nazi era.

Further, Germany was sovereign in its currency at the time while Greece is not.”

5 Ingelesez: “We have read that Greece “wasted potential savings in a spending frenzy” that “Germany committed itself to the virtuous path …” and the German Finance Minister Wolfgang Schäuble told the press before a two-day summit in Brussels in March 2010 on whether there should be Community support for Greece, that “an automatic system that hurts those who persistently break the rules” was needed to punish the “fiscal sinners”.

So it is no surprise that the Germans would not want to educate its public widely on details regarding the London Debt Agreement 1953. Would the public’s reaction to Greece be any different if it understood how their nation was treated generously by the Allies who had suffered grievous losses under the inhumane actions of the German war machine?”

6 Ingelesez: “The first mistake the European policy makers made was to claim that excessive government spending had caused the crisis. In the early days of the collapse, the news media was full of stories of lazy Greeks who didn’t pay taxes and a lax government, spending beyond its means. This was meant to explain why private bond investors were pushing up public borrowing costs.

But that occurred because the bond investors had realised that Eurozone governments were at risk of insolvency because they had surrendered their currency sovereignty.The real cause of the crisis was the spiralling and unsustainable private debt build-up and the exposure of the European banks to that debt.

This was pushed quietly to the background by the Troika...”

7 Ingelesez: “When the European Commission was faced with nations unable to fund themselves but with pending liabilities maturing, they turned their focus to bailouts.

A new European bully formed, the so-called Troika (the European Union, the ECB and the IMF), to spearhead the austerity push.

Once again the unelected and unaccountable IMF felt its role was to trample on the democratic rights of citizens in Greece and elsewhere. While these interventions initially protected Greece and other nations from insolvency, they imposed destructive conditionality, which made it impossible for the nations to grow.”

8 Ingelesez: “The first major bailout came in May 2010, when Greece was given a three-year €110 billion loan from the Troika with strict conditions attached. The austerity package was breathtaking in its harshness. Greece was compelled to reduce its deficit by 15 per cent of GDP within three-years, which was an impossible task.

The IMF claimed that the fiscal policy changes were “frontloaded with measures of 7½ percent of GDP in 2010, 4 percent of GDP in 2011, and 2 percent of GDP in 2012 and 2013, each, to turn around the fiscal position and help place the debt ratio on a downward path”.

It was obvious that the austerity plan would, in fact, increase the deficits given the loss of tax revenue that would accompany the output and employment losses.”

9 Ingelesez: “As the Troika were busily imposing austerity on beleaguered European nations, such as Greece and Portugal, the IMF consistently claimed that their ‘modelling’ showed that if governments cut their fiscal deficits quickly, private sector spending would respond and growth would soon return.

In the IMF’s October 2012 World Economic Outlook, we learned that their past recommendations for fiscal austerity in Europe, which conditioned, for example, the harsh terms embedded in the Greek bailout packages, were based on ‘modelling errors’.”

10 Ingelesez: “Later in 2012, the Greek government was forced to ratchet up the austerity cuts in order to receive the next instalment from the Troika.

By June 2013, the Government closed its public broadcaster, marking a further blow to democracy. Greece was now, more or less, a German colony.

The reality was that Greece could never fulfil its obligations under the agreement given the harshness of the austerity measures, which guaranteed that it would remain in Depression for many years to come.”

11 Ingelesez: “So after reading the research study by Jürgen Kaiser on the way the London Debt Agreement gave oxygen to the shamed Germans, one wonders why history has been forgotten in the way the Greeks have been dealt with.

Their only mistake was joining the Eurozone and surrendering their own capacity to deal with the financial crisis on their own terms. When stacked against the crimes of Germany in the 1930s and 1940s you can only wonder how the Germans can justify their position in this matter.”

12 Ikus https://www.unibertsitatea.net/blogak/heterodoxia/2012/04/20/eurolandiako-zor-guztiarekin-bukatzeko-metodorik-zuzenena-1/

eta

https://www.unibertsitatea.net/blogak/heterodoxia/2012/04/26/eurolandiako-zor-guztiarekin-bukatzeko-metodorik-zuzenena-2./