Venizelos has managed to fool Eurogroup again! Eurogroup has sealed a second bailout for Greece, but it cannot revive anything due to huge political corruption, kangaroo justice, and persecution of dissident bloggers.
Eurokleptocrats are losing touch with reality. Greece is broke, and yet Brussels wants to send Graecokleptocrats billions in new loans. This is understandable, given that abandoning portions of their claims against Greece would translate into substantial losses. But cutting losses short is the golden rule of markets.
After 13 hours of talks, finance ministers had finalized measures to cut Greece's debt to 120.5 percent of gross domestic product by 2020. Graecokleptocrats have a long history of promising reforms and not delivering, and this time is no different. After decades of using public services as political spoils, Graecokleptocrats must also take on the corruption and inefficiency they fostered before they can implement the reforms that creditors demand before releasing further funds. http://venitism.blogspot.com
Agreement on the 130-billion-euro rescue package, subject to strict conditions, cannot avert an imminent Greek bankruptcy. The failure of the rescue plan is due to slow implementation of structural reforms, such as the opening up of markets and professions and reducing political corruption. There is widespread skepticism because of a long history of missed targets. Papademos is lying and scaremongering.
If Graecokleptocrats did not follow through on reforms, Greece's debt could hit 160 percent by 2020. Given the risks, the Greek program may thus remain accident-prone, with questions about sustainability hanging over it. Every time Graecokleptocrats have to receive a tranche of the money we're going to have the same problem. If they keep missing targets, sooner or later they won't get the money. There is a chance this is just delaying the inevitable. Graecokleptocrats have repeatedly voted in measures and privatizations that have never materialized. It is proving a Herculean task.
A sensitive issue cannot be fully explained in a post, but only in a speech, in that magic eyeball to eyeball contact, baring my soul, and declaring truths that cause shock and awe. That's why I look forward to the invitation of your organization to speak at your conference. Basil Venitis, venitis@gmail.com
The accord will enable Graecokleptocrats to launch a bond swap with private investors to help reduce and restructure its vast debts, put it on a more stable financial footing and keep it inside eurozone. Around 100 billion euros of debt will be written off as banks and insurers swap bonds for longer bonds that pay a lower coupon, but not many will take the deal.
Hedge funds, pissed off by my persecution, refuse to accept any haircut on Greek government bonds of blogbusters. Bondholders are hoodwinked to give up some 100 billion euros of their investment in the pseudovoluntary bond swap, but hedge funds will not participate, case closed, pure and simple. But ratcheting up pressure on hedge funds, Premier Papademos declares he will consider legislation forcing creditors to take losses on their holdings.
One way to force hedge funds could come by way of the Grand Brothel on Syntagma Square. It could pass legislation forcing private lenders to accept a debt reduction. Fourth Reich and IMF are desperate to avoid passage of such a law, which is a declaration of a disorderly default.
Whatever its constituent parts, the deal may only delay a deeper default by a few months. A turnaround in the economy could take as much as a decade. A turnaround in political corruption will never materialize! Blogbusters galore! Freak! Freak! Freak! The freakish government of Greece, the most corrupt country in Occident, steals computers! Robbing dissident bloggers and locking them in jail is a freakish behavior that does not belong to the European Union, not even to this galaxy! No wonder some vain Greeks boast they come from Andromeda galaxy!
A new Greek government will not stick to the deeply unpopular program after elections due in April, and Graecokleptocrats will again fall behind in implementation. That will prompt lenders to pull the plug once eurozone has stronger financial firewalls in place.
There are big doubts in Northern Europeans that Graecokleptocrats will be able to meet their commitments. Graecokleptocrats' program is already hopelessly behind schedule, in terms of both the sale of government property and the agreed reforms. It's like dealing with children that constantly have to be told to clean up their rooms. Troika is very angry. Everyone is irritated over the lack of progress of Graecokleptocrats.
The private creditor bond exchange is expected to launch on March 8 and complete three days later. A 14.5-billion-euro bond repayment due on March 20 would be restructured, allowing Graecokleptocrats to avoid default.
The vast majority of the funds in the 130-billion-euro program will be used to finance the bond swap and ensure Greece's banking system remains stable. 30 billion euros will go to sweeteners to get the private sector to sign up to the swap. 23 billion euros will go to recapitalize Greek banks.
A further 35 billion or so will allow Graecokleptocrats to finance the buying back of the bonds. Nothing will go directly to help the Greek economy. This deal will not end Graecokleptocrats's problems. Greece's economy shrank 7 percent year-on-year in the last quarter of 2011, much more than expected.
Smart words are more effective than smart bombs! Mighty words of a charismatic keynote speaker can transform your people to a new dimension of organizational climate, efficiency, self-actualization, enthusiasm, belonging, and motivation. I would like very much to speak at your conference in order to explain critical points much further. Basil Venitis, venitis@gmail.com
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.
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