Friday, July 3, 2015

Ambrose Evans-Pritchard — Greece's Yanis Varoufakis prepares for economic siege as companies issue private currencies


Europe launches an economic war against Greece. US-led NATO, pledged to come to the aid of Greece if attacked, sits it out.
Greece has stockpiled enough reserves of fuel and pharmaceutical supplies to withstand a long siege, and has set aside emergency funding to cover all the country's vitally-needed food imports.
Yanis Varoufakis, the Greek finance minister, said the left-Wing Syriza government is still working on the assumption that Europe's creditor powers will return to the negotiating table if the Greek people don't agree to their austerity demands in a referendum on Sunday.
"Luckily we have six months stocks of oil and four months stocks of pharmaceuticals," he told The Telegraph.
Mr Varoufakis said a special five-man committee from the Greek treasury, the Bank of Greece, the trade unions and the private banks is working feverishly in a "war room" near his office allocating precious reserves for top priorities.
Food has been exempted from an import freeze since capital controls were introduced last weekend. Grains, meats, dairy products, and other foodstuffs should be able to enter the country freely, averting a potential disaster as the full tourist season kicks off....
Businesses in Thessaloniki and other parts of the country are already creating parallel private currencies to keep trade alive and alleviate an acute shortage of liquidity....
This would be funny if it weren't pathetic.
The Greek crisis is likely to come to a head one way or another soon after the referendum. The European Central Bank is expected to restore emergency liquidity for the Greek banking system almost immediately if there is a "yes", an outcome likely to trigger the downfall of the Syriza government and the creation of a national unity administration.

The ECB has given strong hints that it will tighten the tourniquet yet further if there is a "no" vote - probably by raising collateral requirement - pushing Greek banks that it also regulates towards the abyss. This is a legal minefield since the ECB has a treaty duty to uphold financial stability. Syriza has said it will consider legal action at the European Court of Justice if this occurs....
The Telegraph
Greece's Yanis Varoufakis prepares for economic siege as companies issue private currencies
Ambrose Evans-Pritchard



4 comments:

Ryan Harris said...

Bank notes would work and would alleviate the crisis.

Ignacio said...

As incompetent the current leadership in Greece is, the ECB has gone too far being not "independent" (like CB's ever are independents) and playing politics.

Now I'm more convinced than ever that the euro MUST collapse for anything to improve. There is no progress possible with such disgusting neolib elites running the show, this is worse than anywhere else in the world, even clown republicans are probably more rational than the ordo-liberalism infected european elite cadre.

Matt Franko said...

Ignacio that ordo-liberalism is really really really bad...

Lets remember that their hair shirt goes aaalllll the way back:

"There is some evidence, based on analyses of both clothing represented in art and preserved skin imprint patterns at Çatalhöyük in Turkey, that the usage of the cilice predates written history. This finding has been mirrored at Göbekli Tepe, another Anatolian site, indicating the widespread manufacturing of cilices. Ian Hodder has argued that "self-injuring clothing was an essential component of the Catalhöyük culturoritual entanglement, representing 'cleansing' and 'lightness'."

Paul's message of grace goes right over these people's heads... they still want to justify themselves...

"8 For in grace, through faith, are you saved, and this is not out of you; it is God's approach present, 9 not of works, lest anyone should be boasting." Eph 2

They are wanting to B-O-A-S-T on steroids...

"Look at US and how 'disciplined' WE are!!!!"

"Look at US working at a soup kitchen charity!!!! Arent WE great!!!!"

"Look at US practicing self-denial and doing our best to force it upon others!!!"

"Look at US running a surplus!!!" (yeah a financial surplus you f-ing idiots...)

I cant f-ing stand these people... these people who are chosen to learn "the hard way"... who the Greek scriptures term "disciples" (mathetai in Greek) or what we might label today 'creative learners' ... very frustrating to deal with these people...

rsp,

Ignacio said...

Matt pardon my ignorance what does BOAST mean?

I can't stand them either, unfortunately now in Spain we want to be more Germans than the Germans and this section of the populace is growing, including our own government. They ENJOY a race to the bottom.

I don't know to when it can be traced, it probably is within some people genetics, but culturally I blame calvinism for it, one of the greatest cancers suffered by Europe ever.