Syriza Cruel Hoax on Greek People, Led Like Sheep to Economic Collapse Slaughter House
Politics / Eurozone Debt Crisis Jul 11, 2015 - 05:08 AM GMTBy: Nadeem_Walayat
Syriza presents bailout proposals worse than Greece rejected at the 5th July referendum. The Syriza game theory players 6 month long intensifying black mail of the euro-zone that culminated in the NO referendum to the previous bailout package from the 'evil Troika', who according to Syriza were financial terrorists hell bent on the destruction of Greece, to which end only Syriza were the Greek people's saviors who would prevail with no austerity over the evil Troika.
However, as I have consistently pointed out for the whole of the past 6 months that ALL of it was a delusion! Not one of the Syriza game theory playing experts who kept raising the ante in their blackmail of the euro-zone, but of a crackpot Marxist Syriza that basically believed their own propaganda which first detached them from reality and then slowly 60% of the Greek people, where the truth was the near polar opposite of the picture that Syriza had been painting of victim hood, of the debt, deficit, bailout austerity and the evil Troika. NONE of which was true!
Syriza Mission Accomplished - Greece Economic Collapse
The magnitude of the Syriza betrayal of the Greek people has now been exposed, who like wolves in sheep's clothing have led the Greek people unnecessary to literally to the economic slaughter house, as following the default on the IMF loan on 30th June, and then the smoke and mirrors 5th July referendum that first collapsed the Greek banking system and then soon afterwards the Greek economy.
Now the Syriza government has apparently snapped out of its mass delusion, despite its ferocious propaganda having infected 60% of the Greek people. Syriza has now presented a NEW bailout proposal to the Euro-zone in exchange for terms that are far more severe (to the tune of Euro 4billion of extra economic austerity per year) then the bailout that Syriza rejected less than 2 weeks ago ago!
The magnitude of the Syriza deceit is further laid bare for amongst all of the talk of Greece being under an unsustainable debt burden that it is being forced to service. The truth as I have often voiced since Syriza were elected in January 2015 is the exact opposite! As the truth is one of a Greek state living far beyond its means that is RELIANT on SUBSIDY from the Euro-zone that has AVERAGED Euro 70 billion per year! Understand this Greece has made NO debt or interest repayments for the duration of the past 5 years, for ALL of the payments have been financed by the Troika. Instead Greece has enjoyed a NET inflow of approx Euro 20 billion per year. That's Euro 100 billion towards sustaining the corrupt Greek governments public expenditure voter bribes projects.
26 Jan 2015 - Greece Votes for Syriza Hyperinflation - Threatening Euro-zone Collapse or Perpetual Free Lunch
Grexit - Greece Euro-zone Exit
A Syriza majority government will embolden the radical left to embark on a suicide mission to demand freshly printed ECB Euros to finance an ever expanding socialist spending binge where the price expected to be paid will be by the rest of the euro-zone in terms of printing money to finance unproductive activities such as the public sector and the life styles of corrupt politicians. This puts Greece ultimately on the track towards being ejected out of the Eurozone with the consequences of there being high inflation (at least 30%) if not an hyperinflationary panic event for Greece and its new currency.
Syriza promised a NO vote would result in the banks opening the following Tuesday (7th July) and that there already was a highly favourable agreement deal on the table. The reality is that Syriza has been forced to smell the coffee and wake up from its delusion that has prompted the Greek government to bend over backwards to present a proposal that at its core has a a request for a NEW BAILOUT / LOAN / DEBT of Euro 50 billion over the next 3 years. Where if the past 5 years are anything to go by then the actual amount that the Euro-zone tax payers without any democratic say will be forced to throw into the Greek black hole will likely in totality be TRIPLE the amount requested i.e. Euro 150 billion over the next 3 years of NEW DEBT that Greece seeks to BORROW from the Euro-zone which is BEFORE writing off ANY existing debt.
Greece Crisis Current State of Play
The Greek parliament has agreed to Syriza's bailout proposal which allows the euro-zone finance ministers meeting later today to take the proposals seriously and decide whether to keep Greece in the euro-zone or not. It is literally 50/50 whether the euro-zone decides to keep Greece in the euro-zone at this time or not. However, my consistent view for the whole of this year (in fact for several years) is that Greece has NO CHOICE but the LEAVE the euro-zone for the fundamental fact that
a. Greece is BANKRUPT! So needs to default on its debts.
b. Greece needs to DEVALUE / INFLATE so as to become productive, whilst deflating / economic collapse does NOT result in an increase competitiveness.
Therefore the question is will the euro-zone throw another Euro 50-150 billion into the Greek black hole to kick the can three more years down the road, when we will be faced with a SIMILAR situation. Or will the euro-zone 'temporarily' allow Greece to exit the euro-zone to some extent, coupled with euro-zone aid. Given the total cave-in then probability now favours kicking the can down the road until the crisis blows up again, which it could do much sooner than most would expect given the political fallout of Syriza betraying everything it stands for. We will find out Monday!
Again my consistent view is that GREECE HAS NO CHOICE BUT TO EXIT THE EURO-ZONE, which it must do sooner or later.
25 Jun 2015 - European Empire Strikes Back Against Greek Debt Fantasy, Counting Down to GREXIT
The bottom line is that Greeks whole heartedly believe in their fantasy economy, one that promises affluence without work, retirement without work, public services without paying for them, life after death, no wait that is a different fantasy. However, Greece is a MIRROR for ALL euro-zone members, for the Greeks are human, and therefore ALL of the other euro-zone members are also delusional INCLUDING GERMANY because the Euro-zone is built on a delusional construct of a single currency. Well all currencies are pure fantasy where someone believes in the currency because they have been repeatedly told that it has value which I will cover in detail in my next in-depth analysis so ensure you are subscribed to my always free newsletters.
My long standing view is that the best thing for the Greek people to do would be to leave the euro-zone. As of writing Greece apparently is counting down to yet another deadline today (Thursday) which will pass just as surely had Wednesdays 11am deadline passed without event and so will probably Fridays deadline as Greece remains firmly on the path towards a GREXIT. Some times I have to wonder is the Greece debt crisis real or is it a never ending soap opera that ends each days episode with a cliff hanger. JUST GET ON WITH IT AND EJECT GREECE, then Spain, Portugal and Italy out of the Eurozone!
And as GREXIT appears probable then expect much huffing and puffing from Alexis Tsipras laying the blame at the feet of the Euro-zone rather than looking in the mirror at the power hungry mad marxist staring back, who delusionally sees it as the right of Greece that like a vampire sucks the blood of the euro-zone forever.
The Only Real Solution to Greek Economic Crisis
As I have often pointed out its not the debt that is the real problem for Greece but the structural deficit because we all know that the debt will never be repaid!
04 Jul 2015 - Will Greece Commit Suicide? Syriza Propaganda and Greek Mass Delusion
Greece's debt is irrelevant because everyone knows that it will never be REPAID. ALL understand this, the IMF, EU, ECB, AND Syriza, but it does not suit Syriza's marxist agenda for Greece and therefore they continue to bang the drum of Greece suffering under an unbearable debt mountain that it is being forced to service when the truth for the duration of the past 5 years is that Greece has been a NET recipient of billions of euros per year from the Troika, i.e. that not only does this mean that Greece has not made a single debt or interest payment in ANY of the past 5 years, but also that the Troika has been financing Greek government spending to the tune of tens of billions per year and it is THIS which is the real issue that the Troika wants addressed i.e. for Greece to stop spending other peoples money and learn to live within its means.
An IMF report as much as states the same that Greece will need a 20 year grace period before debt repayments AND be in receipt of Euro 50 billion for spending over the next 3 years which translates into debt that will never be repaid until inflation has wiped its value away and that the Euro-zone will subsidise Greece to the tune of as much as Euro 100 billion over the next 3 years.
So the crisis is NOT about DEBT which Greece is NOT servicing but rather the DEFICIT which Syriza Greece expects the euro-zone to finance in perpetuity. Many if not most of the people of Greece are failing to understand this point that Greece is BEING SUBSIDISED by the rest of the Euro-zone rather than the mass delusion that the Greeks have convinced themselves of being victims of the euro-zone when instead the truth is that Greece has been a net recipient of tens of billions of Euros per year.
As things stand most Greek people appear to have swallowed Syriza propaganda and thus are in a delusional state of 'we are the victims'. Greece is in the grips of mass delusion, madness that could yet result in Greece effectively committing suicide on Sunday.
As game playing Syriza fools push Greece over the cliff and into the abyss, in the not too distant future many books will be written by academics of Greece, a text book example of what happens when a western nation goes MAD! Which needs serious study for if it can happen in Greece then so it can happen anywhere for we all have the same BRAINS! Susceptible to delusional constructs where another current example is the mass delusion of tens of thousands of muslims going off to the Islamic State Utopia when the reality is one of hell on earth!
The other alternative is that Syriza instead of being fools have actually been working towards this outcome i.e. for Greece to leave the euro-zone so that they could then go on and create their marxist Utopia without euro-zone controls so as to curtail member state insane policies. After all what the opinion polls have clearly stated is that approx 70% of the Greek population fearing hyper-inflation do not want to leave the comforts of a stable currency. Hence an engineered crisis culminating in an referendum question that is designed to confuse the electorate into voting for a GREXIT.
The bottom line is that Syriza is lying to the Greek public about having been making debt repayments for the past 5 years when in reality Greece has been on the receiving end of Euro 360 billion! AND that the euro-zone is LIEING to euro-zone tax payers because Greece will NEVER repay the Euro 360 billion. So whilst Greece is banging the drum of their democratic rights, what about the democratic rights of the other euro-zone tax payers, for no one asked them if they should each contribute to the Greek relatively laid back lifestyle in perpetuity because Greece is not experiencing the inflation that accompanies large deficit spending i.e. the UK prints debt and money to finance its deficit which causes inflation. And the UK debt is NEVER repaid because its value is being INFLATED away.
So despite much huffing and puffing of economic pain over the past 5 years Greece in reality has just wasted time whilst its economy has shrunk by at least 30%, because the bailouts that have funded the Greek government spending. Thus successive Greek governments have only tinkered at the edges of structural reforms as Greece has yet to deal with what needs to be done to address its structural budget deficit by means of cutting public spending and more importantly COLLECTING taxes as Greece by far is the euro-zones worst nation when it comes to collecting taxes due i.e. a recent study by the Washington Post suggests that 90% of the taxes due annually tend to remain uncollected, which compares against just 2% for Germany.
Greeks are chronic tax evaders and therefore there needs to be a cultural change in Greece where ALL of the people of Greece need to look in the mirror and recognise that they are the reason for Greek crisis because they tend to TAKE far, far more from the state than ever PUTTING in and for the past 5 years that has been financed to the tune of Euro 360 billion by the euro-zone member states. WAKE UP GREECE AND KNOW THY SELF!
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By Nadeem Walayat
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Nadeem Walayat has over 25 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.
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