Monday, 20 February 2012

Greek bailout masks EU coup d'état attempt

Talks started about half an hour ago on Greece's pay-day loan which has to be agreed today to avoid a default next month.

Finland has said for a long time that it is unwilling to bail out Greece again unless it has some hard guarantees for its loan but was talked down from that position last October.  It is a sign of how desperate Greece is that it has signed a bilateral collateral agreement with Finland today.

The German Finance Minister, Wolfgang Schäuble, has clearly had a good talking to and is now confident that a deal can be found to lend Greece more money to make repayments on the existing loans it can't afford to pay back, having previously told Greece there is no hope of survival and to declare itself bankrupt.

The most outrageous demand so far today is by the Dutch government who want permanent representation from the EC/ECB/IMF in Greece taking permanent control of Greek spending and borrowing.  They already have an EU-appointed unelected Prime Minister, now they want to permanently bypass elected government with unelected foreign technocrats answerable to the EU Commission, EU Central Bank and IMF making all the decisions on the Greek economy.

This isn't a bailout, it's the next stage of an EU coup d'état.  Italy has already gone through phase one (replacing the head of the government with an unelected EU-appointed technocrat), they'll be more than a little concerned if phase two is implemented in Greece.