Graecokleptocrats' creditors are resisting pressure to accept bigger losses on holdings of Greek bonds. Basil Venitis asserts the Greek economy does not need haircuts, but taxcuts, and banks cannot participate voluntarily in illegal acts, such as fiduciary imprudency. Bank directors are committed to bank's welfare, and not the public interest.
If bankers waive outstanding debts at the expense of the bank, this is a breach of trust and punishable by law. All those bankers, that IIF claims plan to participate in rollovers, might go to jail for violating the fiduciary duty of prudency! The kangaroo justice government of Greece pressures the banks to participate, but it really opens Pandora's box.
Venitis points out Graecokleptocrats have created a misery archipelago. The Greek Ministry of Foreign Affairs is the most disgusting violator of the Lisbon Treaty. Greeks are fed up with all Graecokleptocrats. Switzerland is now a popular safe haven for Greek money. Greeks have deposited one trillion euros in Swiss banks. Helping Graecokleptocrats is taxpayers' hard-earned money blown out in the wind! Graecokleptocrats need a coup de grace now! http://venitism.blogspot.com
Lenders want the 70 billion euros of new bonds of rollover to carry a coupon of about 5 percent. IMF and Graecokleptocrats are pushing for creditors to accept a smaller coupon in order to reduce Greece's debt-to-gross domestic product ratio to 120 percent by 2020. Greece's debt will balloon to twice the size of its GDP next year without a write-off accord.
Venitis points out the major export of Greece is Greeks themselves, immigrating to Anglosphere and Germany, running away from kleptocracy, socialism, bureaucracy, heavy taxation, 23% VAT, cronyism, kangaroo justice, persecution of dissident bloggers, absurdity, Pasok mafia, Nea Democratia mafia, and Orthodox mafia.
Christine Lagarde of IMF has made it absolutely clear she does not trust Graecokleptocrats, because they never apply what they vote in the Grand Brothel on Syntagma Square! All Europeans condemn Graecokleptocrats for creating hundred state agencies and hiring many thousands of public employees, even though they promised Troika to close down all agencies and fire many public employees. Some executives at state enterprises have annual salaries of 300,000 euros! Greeks wonder why the bank accounts of rich ministers have not been opened and why major tax evaders have not been arrested.
Greece, the land of kleptocracy, 23% VAT, and kangaroo justice, is a backward Balkan country that persecutes dissident bloggers. The government of Greece is the #1 enemy of the Greek people. That's why Greeks evade taxes and cheat their government in any way they can. But it's very hard to starve this beast. Papademos and the fifty Greek ministers, Snow White and the fifty dwarfs, climax the Winter of Greek Indignation.
As part of Graecokleptocrats' 130 billion-euro second bailout, investors would take a 50 percent haircut on the face value of 206 billion euros of privately owned debt. Exchanging bonds for securities with a 5 percent coupon would leave investors with a 65 percent loss in the net present value. Both sides have agreed that the new bonds should be governed by English law and that private bondholders should have the same seniority after the swap as IMF and EFSF.
Vega Asset Management resigned this month from a committee of creditors negotiating the debt swap, because it refused to accept a net present value loss exceeding 50 percent. Vega Chief Executive Officer Ian Shackleton points out Graecokleptocrats add insult to injury.
The committee includes representatives of AXA, Commerzbank, ING Groep, and the National Bank of Greece. Vega needs to start considering all available legal options to refuse and challenge any exchange that leads to a loss of more than 50 percent. Vega wants to avoid any conflicts of interest where its own legal strategy could compromise the ability of other members of the committee to reach an agreement.
Papademos cannot succeed without justice. Prevalent is his inability to rein in the Ministry of Foreign Affairs (MFA), which persecutes dissident bloggers, using the Cyber Crime Unit (CCU) as a political tool. MFA terrorizes the blogosphere with charge stacking. Kangaroo justice is the Achilles Heel of Papademos. If Greeks are not treated fairly, how could they support him?
Papademos government is just a clone of Papandreou government. It has reappointed three quarters of Papandreou government, including the merciless minister who persecutes dissident bloggers. Moreover, Papademos himself was a consultant of George Papandreou, the real brain behind the failure of Papandreou government. The whole damn thing is a filthy joke to hoodwink the Greek people and Troika.
Venitis declares Greece is a kangaroo valley! There is no justice, and perjurers are a dime a dozen. Dissident bloggers are persecuted, and Graecokleptocrats enjoy impunity. Election to a public office means a license to receive kickbacks, provide sinecures to kith and kin, terrorize Greeks, and do as you please. http://venitism.blogspot.com
Vice-Chancellor Philipp Roesler warns Graecokleptocrats have a choice, reforms within eurozone or no reforms and expulsion. There is no third way. Shape up or ship out, pure and simple! The Greek government must stop violating the Lisbon Treaty. Graecokleptocrats are ungrateful to Germans, and at some point German patience will end. Germans are near the limit of elasticity.
Schaeuble asserts Fourth Reich needs a process that deals with sovereign insolvencies, while solidarity in the bloc has its limits. There's been a fundamental shift in how markets view sovereign debt, and preventing contagion is a tremendous challenge. Now is the time for bold steps in Fourth Reich. Now is the time to expel those member countries which violate the Lisbon Treaty.
Basil Venitis asserts the impunity of the 300 MPs of the Grand Brothel on Syntagma Square is the most freakish thing on Earth. Even though Graecokleptocrats looted many billion euros in kickbacks and churning, not a single Graecokleptocrat has ever gone to jail! Graecokleptocrats are protected by the parliamentary immunity, and nobody can touch them, no matter what. Moreover, they have the nerve to jail dissident bloggers. It's a long way from the 300 Spartans of Leonidas! Allons enfants de la Grece! http://venitism.blogspot.com
Venitis muses that Atlas shrugged in the Cradle of Kleptocracy. It's impossible for Greeks to produce when Graecokleptocrats loot them with heavy taxes, especially the 23% VAT, demand kickbacks, confiscate computers and personal files, impose stupid laws and regulations, harass dissident bloggers, condone cybercop brutality, and spread the cancer of socialism.
Michael Spencer, CEO of ICAP, says: Personally, I think it would be in Greece's own interest to leave the euro. It's my personal opinion, and I appreciate there are those who disagree with that, but I think they face a long, long recession if they remain within the euro, whereas if they leave the euro there would admittedly be a very painful adjustment, but it would be short and it would be sharp.
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