More Financial System Woes Ahead as EU Rejects Varoufakis Plan, Greece “Risks Bankruptcy”
Remember the scandalous near bankruptcy the EU imposed on Cyprus in March 2013? Well the first chapter of the Greek crisis was behind that and in Athens matters now appear to be headed towards a further showdown.
Meanwhile an extraordinary prizewinning German TV investigation has just been published to YouTube. It shows how the EU mishandled the bailouts affecting Ireland, Spain and Cyprus during the 2011- 2013 European Debt Crisis.
Running at just on an hour it is a gripping tale of perfidious, ruthless, questionable — even undemocratic — decision-taking by the Eurogroup Finance Ministers whose primary aim appeared to be to remedy at all costs, the bad investments made by major German, French, US, UK and other big name banks at the expense of EU taxpayers.
Watch it below:
Greece Cyprus France Germany and The Secret Bank Bailout (HD 1080p) – German TV Award 2013
You too might care to ask, if you’ve not already done so, why long-suffering EU taxpayers are made to bail out dodgy gambling and high risk-taking by private businesses which in a free market economy should be allowed to fail?
The answer — unsatisfactory though it may appear — is given by Germany’s unloved Finance Minister Wolfgang Schäuble. He makes clear in the video that no EU bank can be allowed to fail because the domino effect would bring the whole global finance system crashing down (again).
Too big to fail and too big to jail remains Europe’s biggest unresolved financial issue when it comes to its devious and dubious banking system.
Indeed the ongoing economic fallout is leading to severe political blowback across the EU and threatening the future of the 64–year-old post-World War II political settlement (Treaty of Paris 1951) embodied by today’s European Union.
In Greece Syriza supporters have made clear they have had enough of what they regard as a “German-imposed” humanitarian crisis; Irish voices claim the huge burden that Dublin’s bailout of German and French banks brought is unsustainable and Ireland will default in time. (Watch the clip at 27:14 “Ireland will sooner or later default, no country on earth in history has ever paid back [such huge sums]”).
In Spain voters remain furious at the corruption surrounding the massive burst investment bubble fuelled by reckless German, French and other banks and the Syriza-like anti-austerity party Podemos is now leading the polls for the next Spanish election.
In France with more than 10% unemployment, a stagnant economy and ongoing social unrest Socialist PM Manuel Valls told iTele TV, March 8: “far-right leader Marine Le Pen (leader of the Front National) could win the 2017 presidential election”. He added, according to the Associated Press: “I fear for my country”.
He was speaking ahead of March 22 regional elections in which his Socialist Party is set for major losses and his remarks are the “bluntest to date by a top (French) official”.
Here are some earlier reports in French News Online reflecting the scandalous treatment dealt out to Cyprus by Eurogroup ministers all in the name of saving bankrupt EU banks at any cost. The section on Cyprus, from about 48:26 minutes on in the video above, offers revealing interviews with senior Cypriot politicians and bankers and is especially enlightening. Indeed a slurry of recent news and blog reporting on the ongoing drama facing Greece suggests the “double kneecapping” — as one Cypriot official in the above clip describes it — that Brussels administered to Cyprus, has been deployed again in Athens.
Moves to steal money from people’s bank accounts as per the initial audacious Brussels ultimatum to Cyprus, might yet stoke the biggest bank run ever seen in the EU and even collapse the euro, reports suggest. Even if the initial foolish plans (see here) have been dropped, the knock on damage across Europe is not […]
Some call what just happened to deposit holders in Cyprus banks ‘daylight robbery’, others suggest the European economy is now likely to suffer the equivalent of a heart attack. An Irish analyst labelled it an EU “smash and grab raid”. Initial Internet reactions appear overwhelmingly negative as seen below. The Zero Hedge website warns of much […]
The EU’s Dick Turpin bailout imposed Friday March 17 on Cyprus is a warning to savers across Europe and that includes France: you could lose as much as 10% of your hard-earned cash if you leave it in a bank rather than stuff it under your mattress. For the financial Mafia that has captured Washington, Brussels, London […]
Story: Ken Pottinger
Read more on the EU banking crisis:
- EuroCrisis: ‘You Can’t Make Up How Bad It Is’
- European Bank(ster)s Could Still Collapse the House of Cards; S&P Sounds Serious Warning
- What You are Not Being Told About the Upcoming EU Banking Union
- How to Rob a Bank from the Inside and Why We STILL face an EU Banking Crisis
- Money in an EU Bank? Toxic Odour Ahead
- Yellow Brick Road and the Power of Plutocrats