‘Greece and EU believe in magic money tree that produces currency from nowhere’

Patrick Young
Patrick L Young is CEO of niche crowdfunding platform HanzaTrade and an advisor to fund managers throughout the world. Born in Ireland, he is an active investor in the “New Europe” amongst other emerging markets and is an active Co Founder of grassroots startup group "Mission ToRun." Home Page: http://patricklyoung.net Twitter: @FrontierFinance
Reuters/Alkis Konstantinidis
The Grexit is surely going to happen as Greece and the EU are not capable of getting an agreement, both believing in a fairy that produces currency from nowhere and can make everybody prosperous, says global financial market expert Patrick Young.

RT:The Bank of Greece is warning that Athens could exit the eurozone and even the EU if there's no deal.Is this just scaremongering or probable reality in the near future?

Patrick Young: It’s incredible. So many people have seen shots across the bow in this Greek scandal, its amazing people haven’t been killed in the crossfire. Ultimately the Central Bank of Greece is just saying what is the absolute clear truth. Probably their overall secretariat is still very sympathetic to the overall financial blob if you want: the ECB, the IMF, the EU and so on. The difficulty is we are at a crisis point, nothing has happened for months on end. We’ve got the immovable cannonball, it’s about to be hit or at least it’s about to hit the unbreakable post – something’s got to give because it’s not possible that you can have two things that can’t give way.

It’s a total fiasco. There is absolutely no doubt there is going to be a Grexit because we know that the IMF has been hampered by the EU for the course of the last 5-6 years. Dominique Strauss-Kahn right royally rogered the entirety of the Greek population, he left them by default, because effectively he came in with a typical IMF package all those years ago but he didn’t allow the currency to go down because of course they had to stay in the euro.

READ MORE: Greece likely to exit euro and EU without deal with creditors – central bank

The EU is not moving. Mrs. Merkel, the French, they are total hypocrites. What they are most interested in first and foremost was securing their banks. After that the Greek people are a dodgy afterthought. In Greece itself, Mr. Tsipras has painted himself into a corner.

RT:Is he living on a pipe dream?

PY: Yes. But on the other hand so is the EU. So everyone’s living in ‘la la land’ at this point in time. Everybody believes in a magic money tree, a fairy that suddenly produces currency from nowhere and can manage to make everybody prosperous. And as we can see the magic money tree doesn’t work. It doesn’t work in Greece and actually it doesn’t work in the rest of the eurozone either.

RT:But most people in the EU want to see Greece in. Do you think there is any plan D, E, F whatever one can call it in the background here?

PY: We are obviously on plan Kappa, Lambda, Iota. There are certainly desperate measures being taken in Brussels but ultimately everybody is in a bind. If they give Greece relief why should the nurses and school teachers and pensioners of Bratislava live in a worse environment, give up their money as they already have done in order to support a better standard of living in Greece? These are the sorts of core questions that arise when ultimately you ‘jerry build’ a single currency. So therefore whatever the EU does now effectively they’ve got to go through another nexus of lies and breaking their own laws which say you can’t have a parallel currency beside the euro, you can’t have all sorts of different aspects of debt relief and therefore we are really in a very difficult situation because essentially both parties are not capable of yielding sufficiently to get an agreement. That’s why I think it doesn’t matter. We are going to run out of letters sooner or later in the European alphabet, in the Greek alphabet and once effectively we hit omega – that’s the day they are going to press the button and Greece is going to default and leave the eurozone.

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of RT.