March 28, 2024

News Cymru

Two sides to every headline

If you have seen The Sopranos you will probably know what I am going to talk about here

If you have never heard of The Sopranos it is a TV series from America showing the day to day life of a New Jersey gangster his chums and his family.

Greece has been the victim of Sopranonomics. Since 2002 the GDP has doubled and the Greek debt has mushroomed due in large part to massive increases in Greek government spending.

Some might say this has been a long term plan by which international bankers would force Greece to privatize it’s state owned insustries so they can make massive fees advising the government. The independent body that has been set up to carry out the privitisations is just another way for the banks to maximise their profit by getting more involved.
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The international banks knew that Greece was running up unsustainable debts that the Greek government wouldn’t be able to service. But they also knew that the Greek government has substantial assests which can be sold off to meet it’s debt obligations.

But what about the mess they leave behind after the privatisations? They don’t care, they have made millions in fees from privitising the state owned companies, that was their goal, what comes after, they do not care about.

The Guardian has an excellent article detailing what is happening – there is nice comment in the article Michael Burke wrote:

“The reason these enormous bailout sums increase the likelihood of a default is because they are Tony Soprano bailouts – not a cent goes the countries themselves, but straight to their creditors, European banks and, increasingly, US hedge funds.”

And another nice comment alexito
7 April 2011 4:59PM
“Now the guy’s got Jean-Claude as a partner. Any problems, he goes to Jean-Claude. Trouble with the bill? He can go to Jean-Claude . Trouble with the unions, opposition, his own voters, he can call Jean-Claude. But now the guy’s gotta come up with Jean-Claude’s money every week, no matter what. Business bad? Fuck you, pay me. Oh, you had a drought? Fuck you, pay me. Place got hit by poverty, huh? Fuck you, pay me”
From the movie Goodfellas - DeNiro/International Bankers will kill Maurice/Greece unless he pays

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