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European dignity ratings
by Thanos Kalamidas
2011-05-25 09:16:03
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The rating agency Moody’s followed by European Union’s officials including the Luxembourg Prime Minister and head of the eurogroup, Jean-Claude Juncker and the president of the European council Herman Van Rompuy have warned in different tones the last few weeks and louder lately that any Greek debt default would seriously hurt the credit rating of other eurozone countries. But the same time as a civilian if I have payment problems with my loans I can go to the bank and negotiate payments and interest with the bank manager.

The same time the situation leads twelve million people into bankruptcy with what hope? Can bankrupt people pay any loan? Actually this minute there have been formed – regarding the Greek economic crisis – two schools, one that says that despite the strangling the debt should be paid as it is and under any cost and the other that says that two things should happen, first help these people to stand up and return to some kind of growth so they can afford the repayments and secondly reshape the debt and make it affordable for twelve million that tumble rapidly into poverty’s swamp. And at least for me there is a base in this talk.

The biggest part of this debt is consisted by the really high interests and these interests became so high for a variety of reasons including the failure of political will inside the eurozone and the greed games played inside the international stock market. Greek poverty meant more profits for Mr. Soros and all the Soros of this world. If you add to that without any conspiracy theories attitude the currency wars especially the one between dollar and euro you will find that the Greek economy was victimized – perhaps raped is much better word – not only from her internal problems – including corruption and political inefficiency – but also from an international game that included countries, investors and banks you will find that everything crossed the limits and the rules of any financial game for more profit and it is about time not only to reshuffle the Greek debt but also to recheck the rules of the game.

Yesterday the Greek government announced the sale of more state ownerships including companies like the electricity company and there is already talking for the sale of small islands some of those that grace the Aegean sea. But there is a mistake there, they sell what? The governments are there to manage the nation and not liquidate it. Selling Greek land? They government was trusted the land not inherited from their grand father. And all this happens under the pressure from the European Union especially the eurozone members, the bankers and their instruments, the IMF and the rating agencies.

And I do understand why Moody’s is worrying so much and I do understand why the IMF special interest – after all it has guaranteed to the bankers that they will take their full amount including usurious interest – and I do understand why BNP, Deutsche Bank and all the other Something Bank should be worry but Jean-Claude Juncker? Belgium was twice devaluated this last month from the very same rating agency Moody’s and the country is well on the same path with Greece.  And Van Rompuy was not elected – elected is a very heavy word in his case but anyway – in that position to protect the banks’ interests in the eurozone and make sure that the bankers will not lose their bonuses but to protect the European citizens. European citizens don’t translate European governments, not Cameron, Sarkozy, Merkel and Berlusconi but the millions of European citizens who are unprotected from all those vultures and things happening to them without them.

Coming now to the hurting the credit rating of other eurozone countries, that’s a lot of … Belgium has been devaluated again just the last few hours, Portugal has reached the Greek bottom with Ireland; Spain, Italy and Estonia despite its fresh welcome to the eurozone are not far from there and there rating is not the best possible. So whose ratings Van Rompuy and the rest of the European political leadership is protecting? Merkel’s? Cameron’s? Sarkozy’s? But both Sarkozy and Cameron got their warnings for their economy from Deutsche Bank and especially Cameron moved to hard economic measures starting his term as PM hard enough to make his popularity drop under zero months only after his election. So, as the great detective said: eliminate all other factors, and the one which remains must be the truth. The problem is that in the process to hand the European economy to Mrs. Merkel, europe lost her dignity or at least saw the ratings of her dignity falling really low!

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Emanuel Paparella2011-05-25 13:40:21
Indeed, even a civilization with expensive toys cannot escape the existential dread, the need to forge one’s destiny, of which Kierkegaard speaks. There are bankruptcies which are merely economic and a remedy may eventually be found for those. Then there are bankruptcies which are spiritual; when those go unacknowledged for a long time, they lead to the sickness unto death: the condition of being sick, of having lost one’s soul and cultural identity and not even knowing it, not even searching for it. The whole of Western Civilization may be in such predicament, that is to say, spiritually bankrupt. Perhaps that poor man in Assisi, the poverello, has something to teach us. Let those who have ears, let them hear.

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