4 July 2011

The Official End of Greek Independence?

--> An edited Extract from Reuters:

Greek sovereignty to be massively limited: Juncker

Greece faces severe restrictions on its sovereignty and must privatize state assets on a scale similar to the sell off of East German firms when Germany unified in the 1990s Eurogroup Jean-Claude Juncker said.

"The sovereignty of Greece will be massively limited," he told Focus magazine, adding that teams of experts from around the euro zone would heading to Greece.  "For the forthcoming wave of privatizations they will need, for example, a solution based on a model of Germany's 'Treuhand agency'," Juncker added, referring to the privatization agency that sold off 14,000 East German firms between 1990 and 1994.

Greeks are acutely sensitive to any infringement of their sovereignty or suggestions of foreign "commissars" getting involved in running the country.
Athens must sell off five billion euros in state assets this year alone or risk missing targets set under its EU/IMF program, which could cut off its funding.

Once the world's biggest holding company, Treuhand was supposed to sell off state property at a profit but closed its books with a huge deficit and a legacy of bitterness among the legions of workers whose jobs it destroyed.
Four million Germans were employed by Treuhand-owned companies in 1990 but only about 1.5 million jobs were left in 1994 when the agency closed. Instead of reaping profits to be distributed to all east Germans, as it was designed to do, it ran up debts of 270 billion marks ($172 billion) in the fire sale of assets. (End of extract)

More information about Asset Stripping can be found here

Asset Stripper redefined

A corporate entity, posing as an transnational institution, who discovers that a country will create more profit by liquidating the parts rather than through its business operations. Asset stripping can be seen when a ruthless agent controls a government, through its ability to refinance debt, under the pretence of restructuring the economy to return it to profitability. However, the intention is to liquidate all of the country's assets and sell them individually at a profit.

Introducing the Management Team
J-C Juncker: (Euro Group and E-coffin president

Junker study attained a Master of Law degree in 1979. In 1989, after a serious road traffic accident and spending two weeks in a coma, Juncker Euro became one of the major architects of the Maastricht Treaty. In particular, the section on the economic and monetary union was largely drafted himself. Following the 2008 financial crisis he was named 2008 European Banker of the Year.  The 1989 coma incident has no connection with the present state of the Greek Economy.

Junker is immensely suitable for the post.  In 2004 Juncker was made an honorary citizen of Orestiada in Greece. (the source is here)

Juncker was also a of Governor of the World Bank.  The current president of the World Bank, Robert Bruce Zoellick,  was previously a managing director of Goldman Sachs and holds the  Knight Commander's Cross of the Order of Merit of the Federal Republic of Germany for his achievements in the course of German reunification.

Mario Draghi (New European Central Bank president)

From 1984 to 1990 he was Executive Director of the World Bank.  Draghi was a vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee (2002–2005).  Pascal Canfin (MEP) asserted (video here) Draghi was involved in swaps for European governments, namely Greece, trying to disguise their countries' economic status.

EU President Herman van (the man) Rompuy

Her_man at the EC.  His view on asset stripping is not so well known. Nothing should be inferred from his recent comments on Europe being so irresistibly sexy.

I found this posted at KTG

What is happening to George?

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