Η Ελλάδα έχει πτωχεύσει- Spiegel
Comment: Stop the 130-billion bank transfer!
A commentary by Christian Rickens
Greece is broke. The country does not need 50 or 70, but 100 percent debt relief, it will come back on its feet economically. But the aid package that the Treasury will today approve € afternoon helps, not primarily the Greeks, but their creditors.
One time in advance: This comment is not directed against Greece. It is not about all the things that in the German media and German Stammtisch is currently so much talk: Greek citizens who do not pay their taxes, Greek officials who do not work, Greek politicians who break their promises.
Sure, Greece is still in years – if not decades – also need the solidarity of other EU countries, and Germany should not refuse even this solidarity. It is likely that the rest of Europe over the next few years, even much more money must be transferred to Athens as the 130 billion euros in subsidized loans at issue in Brussels today.
The wrong is not the size, but in the construction of the bailout. It is not geared to the needs of Greek citizens, but to the alleged laws of the international financial markets. What, in practice, unfortunately, often means that the whisperings of the bank lobby.
How else could it be explained that about a quarter of the package will arrive in fact not only in Athens but flows directly to the international creditors of the country? With approximately 30 billion euros to the owner of the Greek government bond will be encouraged to convert their old debt into new securities.In this way the illusion is maintained that Greece is not broke – after all the creditors so voluntarily give up some of their demands. Cleverly fed the financial industry, the fear of the Greeks defeat would trigger a catastrophic chain reaction.
That leaves about a hundred billion. But even this amount is not based on what Greece needs to economically back on its feet. But on its debt load. A word so scary as what lies behind it: At 120 percent debt in relation to the economy, the international Technokratenkonsens could serve the country, the demands of his creditors barely. The cow milk would continue without falling over dead from exhaustion. So were the 120 percent target for the brand.
The diseased cow will give milk for years to no more
Almost surreal seems the political debate in the last few days, which concerned seriously about whether Greece will come thanks to the 130 billion to the desired level of debt of 120 percent of its economic output, or at least hang closer to 129 percent remains – in 2020, mind you. The debt of an economy to eight years in advance to nine percentage points to accurately predict: That is as a rule not even in Germany. In Greece, with its collapsing economy and its expandable nature of statistics we rely on such forecasts, the economy and finally enter the shadow realm of black magic.
Likewise, the demands from the rest of Europe at an angle, the savings in the Greek budget would necessarily be increased from 3 billion euros to 3.3 billion euros – only then can you justify it to pay the bailout. Oh, how nice it would be executed to solve the problem in Greece around 300 million more or less! Given the number of air bookings and hope values that make up the Athenian economy package indeed , are little more than 300 million … well, we will not speak of peanuts here. But at least no more than a rounding difference.
In truth, of course, Greece is already bankrupt. The country does not need a debt average of 70, but 100 percent, it will cost ever come back on its feet. The diseased cow will give milk for years to come no more.
Marshall repayment plan rather than delusions
Most of the many top officials in the euro-zone deal with Greece know this simple truth. Some of them, including the Federal Government grant, a behind closed doors: Of course, the 130 billion would not solve the problem. It is only interested to buy time. Time until the financial markets have stabilized to the extent that they can handle the actual bankruptcy of Greece without a chain reaction. Without bank failures, no knock-on effects through the loss of credit insurance and no interest for the remaining problem of explosion of the Euro-zone countries.
But when should this time be come, if not now? Since last fall, showered European Central Bank , commercial banks with money literally. Spain and Italy, the two giants of the faltering euro zone have new leaders who are committed to being economical credible. Like most other EU countries with their fiscal pact. And the problem with the credit insurance is anyway not as serious as the financial lobby always says .If European politicians have only a spark of confidence in all the work they are in the two years since the outbreak of the debt crisis have done, then they should now declare what everyone already knows: Greece is broke. So all the country’s debt will be deleted.
The 130 billion euros, Greece should get anyway. But in another form. Instead of rewarding financial speculators for their gambling, the money would be better in full flow in the rebuilding of the economy. Marshall repayment plan rather than delusion!
http://www.spiegel.de/wirtschaft/soziales/0,1518,816369,00.html
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