Tsipras caves in to German demands and the EU demands €1bn from the UK to bail out Greece

Alexis Tsipras caved in to German demands yesterday which will see the confiscation of €50bn of state-owned assets and the proceeds of their sale given back to Greece in the form of loans.

The humiliating agreement was designed to punish the Greek people for defying the EU in a referendum and to destabilise the government of Alexis Tsipras. It also includes cuts to pensions, raising taxes and cutting back on the generous perks of public sector workers which, whilst perfectly sensible for a country with such a disfunctional economy, were absolutely not what the Greek people voted for.

The agreement says that the €50bn raised from confiscating Greek assets will be managed by an "existing external and independent fund like the Institution for Growth in Luxembourg". The Institution for Growth was created to manage the Marshall Plan fund that rebuilt Germany after the second world war and is better capitalised than the World Bank. The report doesn't mention that the German Finance Minister, Wolfgang Schäuble, who was instrumental in writing the agreement is a director of the Institution for Growth in Luxembourg.

This isn't just a coup, it's a huge fraud and to top it all off the British government have been told that UK taxpayer will be on the hook for €1bn worth of the bailout money despite David Cameron claiming to have protected us from having to bail out the €uro ever again!

Yeah, not so hopeful any more, eh?