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Greece heading towards ‘financial holocaust’ – Keiser
Published: 10 February, 2012, 19:02
Edited: 10 February, 2012, 23:33
Anti-riot policemen walk in front of the Athens' University during a 48-hour general strike on February 10, 2012. (AFP Photo / Louisa Gouliamaki)
(56.2Mb) embed videoTAGS: EU, Crisis, Protest, Politics, Banking, Greece
The Greece’s incredible debt has in fact been accumulated in the banks around the world and forced on to the balance sheet of Greece, says financial analyst Max Keiser, referring to the situation as “financial holocaust”.
“The debt in Greece does not originate in Greece, it originated in these other countries that have used Greece as a toxic debt dump,” Keiser said. “And now the government of Greece wants the people of Greece to pay for this toxic debt. The Greeks, of course, will be unable to pay the debt and now we are going to see financial holocaust.”
The Greek parliament is due to vote on a new set of cuts and agreement with private debt holders in the coming days.
Max Keiser believes that with the new round of austerity cuts, Greece is “heading to the final solution” and the “IMF will own the railroad tracks and the railroad cars to take Greeks to the final solution.”
Greece's private debt holders are expected to accept some 70 per cent reduction in the value of their investments if the agreement is reached. But these private investors who are going to take a “haircut” on their debt already have that “fully insured in the creditor default swap market and they are going to make money no matter what,” Keiser says.
“They don’t take any risk,” he explained. “That is why Greece is in this problem to begin with.”
Economist Yanis Varoufakis agrees with the sentiment, saying the bailout plan is nothing more than a scheme to delay the steady disintegration of the eurozone. “Greece is being sacrificed on the altar of European procrastination”, Varoufakis told RT.
The Athens-based economist also said that “all they are doing is using cellotape or a plaster on a festering wound – which is Greece today, Ireland, Portugal, Italy and so on. This is what Europe is doing – treating a serious medical condition with a bit of cortisone and some aspirin.”
Meanwhile, on Friday Greece’s two biggest unions launched a 48-hour general strike, which was complemented by mass rallies in Athens. The protests turned violent as groups of youths started throwing stones and Molotov cocktails and the police had to use tear gas to disperse the crowd.
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19 comments
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Max, I really appreciate your work and I always enjoy watching "Keiser Report". But this time your absolutely wrong.
First, WE, maybe these are more than 80 % percent of the German people, have never been ask wether we wanted to join the Eurozone or not. It was a small bunch of criminals (political correct called "politicians") controlled by the global financial elite (political incorrect called "banksters") which decided to take part in this from the very first planned "financial holocaust".
Second, it is OUR wealth that our criminal government destroys by subsidizing foreign countries and corporate banking systems with huge bail-out packages. Wealth, that OUR post-war generation has created out of the ruins of post-war Germany with blood and sweat, and which now disappears in the black throat of this system (via increasing taxes, dues, national debt) controlled by Wall Street and the City of London.
I guess technology & 'the world wide web' hasn't made people any smarter....because history is repeating itself in a really obvious way...... Historians didn't nickname the Balkans "The powder keg of Europe" for nothing...Does anyone remember what happened to the AustroHungarian Empire? They are GONE now....They are EXTINCT now....They too were meddling Germans, Austrians and other such middle Europeans who got in too deep trying to control the Balkan people...
As a Greek I would like to thank you for your honest comments on the matter of the 'Greek bebt'. The story of our country is a sad one as appears in the news. Over the past years we been in reccession and our politicians did nothing to stop it. Instead the apply the easy solution they borrow more money and more money. The debt of our country is now rocket high. Despite painfull measures, they cut our wages, our pensions. The debt is growing and growing. The burden of this crisis is paid by the weakest. Once again the high earners refuse to pay taxes.We pay and pay everyday the price of their actions. Taxes after taxes and this does not seem to end. There is nothing left to pay. They took everything from us. We are no longer the proud nation that we used to be. The stereotypical desciption of the Greeks is lazy and that we avoid pay our taxes. I have to say that this is not true for the majority of us. We have our fair share of blaming, for idylozing useless politicians. However there is nothing left in this country, everyday a number of people commit suicide because of this situiation. The Germans have suffocate our economy and now they proceed with us. We though that we are equal members of the E.U. Our human rights, according to the 1998 act, as a nation are been bandalized and nobody seems to care. I hope that this madness stops here and no other country faces the same treatment from the Germans.