You are here:  Home  >  Deconstructing Headlines  >  Current Article

Why Greece matters

By   /  June 29, 2015  /  30 Comments

TDB recommends Voyager - Unlimited internet @home as fast as you can get

The financialization of the global economy has created corporate gangsters and where better to symbolically crucify democratic states than in the home of democracy?

    Print       Email


Greece matters.

The fight there is against massive trans-national corporate banks and the rights of the citizens of Greece.

The story to date is a feckless Greece who selfishly screwed their accounts and now wants to be bailed out. The truth is a slightly bit more complex.

What few realise is that the Greeks were aided in their meltdown by Goldman Sachs who helped Greece deceive the rest of the world…

Goldman Helped Greece Hide Catastrophic Debt
(Newser) – Greece’s budget problems were allowed to grow to their current monstrous size with the help of a Goldman Sachs deal worthy of an Oscar for creative accounting. Greek government officials—no strangers to number-juggling themselves—used the US bank to concoct a derivatives deal that allowed the country to circumvent EU rules requiring member nations not to run deficits exceeding 3% of GDP, Der Speigel reports. The deal, agreed in early 2002, circumvented EU rules with a credit swap in which government-issued bonds in dollars and yen were traded for debt in euros. Such transactions don’t need to be reported to EU authorities. The Goldman-Greece deal exploited this loophole by inventing a fictional exchange rate, allowing Greece to borrow billions more and mask the true size of its debt. Greece’s deficit problem will become even greater when the Goldman bonds mature over the next 10 to 15 years. Greece’s exploding debt is now threatening to bring down the euro.

…not only did Goldman Sachs help the Greeks commit these deceptions, using their inside knowledge of how perilous the Greek situation was, they bet against the Greek economy!

Hiding billions of dollars worth of Greek debt, all the while betting that the Greek economy would collapse is like buying fire insurance for a house, leaving the gas on and inviting the owners around for a cigar evening.

The financialization of the global economy has created corporate gangsters and where better to symbolically crucify democratic states than in the home of democracy?

This bail out is to save German bankers bacon, not the people of Greece. If corrupt leaders have conspired with corporate gangsters, they are the ones who should pay for Greece’s crisis, the people trying to live their lives are not collateral damage for the IMF.

This fight is about democracy vs corporate banks, we shouldn’t be on the side of the banks.

Want to support this work? Donate today
Follow us on Twitter & Facebook
    Print       Email


  1. J S Bark J S Bark says:

    Dead right Martyn, dead right.

    The first thing I asked myself when the European bankers were making demands on how to run the Greek economy was Who the fuck governs Greece? The democratically elected Greek government or the sleazy European corporate gauleiters?

    But it actually begs the question how much of this shit is also being done to us?

    The Greeks at least have a Prime Minister who is determined to protect his people as much as possible. We ain’t quite so lucky having the spawn of this monetarist bullshit for a leader. You can bet Mr Brown-Nose wouldn’t dream of contradicting the banking shogunate to protect his people.

    To hell with the Europeans. What the Germans failed to achieve militarily in 1939-45 they have set out to do financially in the years following the war. By and large they have succeeded.

    My heart’s with the Greek people. Good luck to ’em.

  2. Andrewo says:

    You’re not wrong Martyn

    But there is of course a bigger story here:

    The union backed Papandreou spent ten years in office burgling the Greek economy whilst providing their union mates with largesse in the form of early retirement and ludicrously high pensions and other benefits, none of which were funded.

    It is also well known that paying tax in Greece is largely optional.

    (That’s the problem with Socialism: Eventually you run out of other peoples money.)

    As regard European bankers – you’ve completely missed the point here. The bankers themselves will do OK regardless. The people who might go short are individuals who have their savings and pensions in these banks.

    • Brigid says:

      “That’s the problem with Socialism: Eventually you run out of other peoples money ”
      Can you explain what you mean by that?

    • (That’s the problem with Socialism: Eventually you run out of other peoples money.)

      Really, Andrew?!?!

      Remind us where the Global Financial Crisis began? Was it;

      (a) Antarctica

      (b) Nth Korea

      (c) New York/USA

      Clue – you can eliminate those dastardly cunning penguins and North Koreans.

      As for paying tax being optional, you might want to check out this little horror story, involving your capitalist masters;

      “A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.” – http://www.theguardian.com/business/2012/jul/21/global-elite-tax-offshore-economy

      And li’l ole Aotearoa isn’t averse either;

      “The government has written off nearly $5 billion in tax debt since coming to power, which the opposition says tells a different tale to the touted “rock star” economy.” – http://home.nzcity.co.nz/news/article.aspx?id=200068&fm=psp,tsf


      ” Government debt has reached $60 billion, having climbed $27 million a day since John Key became prime minister – and forecasts show it will rise for years to come. ” – http://www.stuff.co.nz/national/politics/9380846/Public-debt-climbs-by-27m-a-day

      You right-wingers would be a whole lot more credible if you just didn’t indulge in your silly fantasies.

    • Ike says:

      Thats the problem with bankers. Eventually you run out of other peoples money. Banks loan money into existance. Every time someone takes out a loan the banks write the required amount less the deposit into existance. Consequently more and more loans are required to create enough money to repay the already existing loans plus interest. It works fine for years but it is now turning exponential and is totally unsustainable. This model of money creation is doomed and the huge debt burden in the western world is the cause of much geopolitical instability such as Greece. The USA is about as bankrupt as Greece but because they have the reserve currency there is an artificial demand for the $US. Hence the desperate need to dominate Europe, slow the rise of Asia and Russia, (To the point of risking nuclear war) and keep the middle East in turmoil. Five Eyes, Groser and John Key (Ex investment banker) are ensuring NZ toes the line on Washington’s tenuous grasp on global domination.

      • elle says:

        Well said IKE .


        capcha 5×2 =10, I have to do this because it often says in error when I write this it dosnt happen.???

  3. Ontheup says:

    The main issue is allowing debt to become a tradeable commodity under worthless bits of paper in the first place. Junk bonds caused the 1987 crash, and now they are doing it again. It seems the leaders of the nations have serious gambling problems just as much as the gamblers in the banks, for not doing anything about these worthless bits of paper. And now that debt bonds are becoming dicey, social bonds are taking their place. Liars poker to the exteme – except that is gambling on people’s lives.

    • Dennis Dorney says:

      You might have also added that similar bits of paper (CDUs -Collateralised Debt Obligations) caused the 2008 financial crash – and Goldman Sachs were up to their neck in that as well. How do they get away with it?

    • wild katipo says:

      Exactly – where is the humanity?

      Certainly not from our grandfather’s of democracy Athens ,- the likes of which we draw from our very notions of the very fundamentals of our democracy….

      As they would never have endorsed such measures….toying with the people of a state with such lackadaisical ideas….

      Indeed…. this mercenary approach would never have been tolerated.

  4. Nitrium Nitrium says:

    Also Greece was factually bankrupt in 2010 so all further loans issued to Greece by both the IMF and the Europen Central Bank were fraudulent as stipulated by their own charters. Greece has no responsibility to pay back any of those loans, which were really just stealth bailouts of Europe’s insolvent banks who hold Greece’s (bad) debt.

  5. HulaHaka Gal says:

    Surprise, surprise NOT re: Goldman Sachs. All roads lead to Rothchild.

  6. Henry Filth says:

    All those highly paid economists working day and night to produce this debacle.

    IMF, ECB, heads must roll. Mass sacking all round. Performance pay my ar*e.

  7. Chooky says:

    Great Post Martyn ….totally agree. On the subject this is an interesting discussion/debate from Peter Lavelle’s ‘CrossTalk’ on RT.

    ‘Greek pain’


    “Again Athens finds itself at loggerheads with its creditors, particularly the IMF. The Greeks appear to be willing to do only enough to stay in the Eurozone, while the rest of Europe is willing to offer it just enough support to stay afloat – all awhile making the Greek economy almost impossible to grow. Is the Euro a failure?

    CrossTalking with Mitch Feierstein, Stephen Haseler, and Scheherazade Rehman.”

  8. Jo Planet says:

    I agree that to side with the corporate g/b-anksters is to find the noose then tightening around our collective neck … but on the other hand didn’t ‘democracy’ give us our present pro-TPP govt.?
    The cause of eco-balanced, human rights based egalitarian society needs to become the over-riding one. We really need some inspired voices to ring out loud and clear. The hour is getting late.

    • DJ says:

      everybody should read ‘The Controversy of Zion’ by Douglas Reed then it’s easy, to join the dots…please read it Martin if you haven,t done so …I know you will appreciate it.

  9. Dennis Dorney says:

    I hope that Greece quits Europe and reverts to the drachma. Short of sending in the troops, I dont see what Europe can do about it . All of that unrepayable debt is simply created from nothing by blips on a computer screen. Future generations (if there are any) will shake their heads in disbelief that we were so stupid.
    It would be ironic if Europe collapsed due to the very same flawed monetary system that they are trying to inflict on Greece.

  10. CLEANGREEN says:

    Yeah & why is sick FJK doing still borrowing $250 Million Dollars a week!!!!

    Then on the other side of his mouth he keeps saying “we have a rock star economy”???

    He is a traitor, a carpetbagger, a liar, and just plain evil.

  11. Stuart Munro says:

    They’ve bumped their GST up to 30% – Roger Douglas’s wet dream. Greece will go straight into recession because the corporate tax evaders who caused the problem got off scot free. They’ll have twenty years of recessions if they take this lying down.

  12. Kim dandy says:

    Your right Frank – yet another LARGE PROBLEM that is not discussed by our ‘delightful’ media.
    What would New Zealanders think if the front page of the Herald read
    ‘New Zealand Hits the one hundred billion mark – in debt’.
    Probably wouldn’t be to happy, I’d say. But fat chance of it happening in the National propaganda newspaper.
    Big collection for a billboard maybe? It could read:
    ‘New Zealand – One hundred billion dollars in debt
    – gee thanks National!’

  13. wild katipo says:

    Late at night…I’m listening to Demise Roussos…a Greek institution…railed by those who objected to his various cash mongering…hailed by those who saw a revitalization of Greek thought being the bastion of democracy….

    Of the murder of Socrates in his obstinate refusal to subject himself to the pressures of the state against his fundamental tenet of questioning the status quo….

    And my mind is cast back to that time when I soared with the eagles with that song….

    As a seven year old…I recognized the power somehow….and I will forever retain that ideal.

    I love to look back on clips of that song….and remember …that the heart of democracy…was in ancient Greece….it was our common heritage…and the ‘ song remains the same ‘ …in the words of Led Zeppelin….

    I wish the Greeks all the best…we owe them much.

    ‘ My friend the wind ‘…thank you , Demise.

    We owe your country so , so much honour.

    May you and your country be blessed.

  14. Cagey says:

    Look – please tell me if I’m wrong (know you will, lol) – but wasn’t the IMF set up to avoid this situation? Isn’t this whole “whacking the crap” out of a country’s people to pay for debt what lead to the whole National Socialist movement in Germany – didn’t that really end well?

  15. GettingOn says:

    George Monbiot of The Guardian, made some good tweets:

    #IMF uses illegitimate powers to impose a totalitarian agenda. Privatisation, removal of capital controls, deregulation. Crushes democracy.

    The IMF is an illegitimate organisation, undemocratically constituted, that ruins 1 nation after another on behalf of international capital.

  16. Chooky says:

    ‘‘Support debt cancellation for Greece,’ MPs, economists & campaigners tell Cameron’


    “MPs, trade unionists, economists and campaigners have called upon David Cameron to support debt cancellation for Greece, saying it could be funded by seizing capital from speculators and banks that were the true beneficiaries of Athens’ bailouts.

    In an open letter to the prime minister, some 25 Labour and Green Party MPs demanded the government back the organization of a European summit to agree upon a debt write-down for Greece.

    Published by the Guardian on Sunday, the letter called for an end to destructive austerity policies that have wrought poverty and injustice across Europe…

You might also like...

Foundation sets up givealittle page for Afghan villagers – Human Rights Foundation of NZ

Read More →