May 27, 2024

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Papademos Blackmail 12 Feb 2012 – “Uncontrolled Economic Chaos”

If your neighbour found it impossible to pay their mortgage and your banker came to you and said, “you must pay your neighbours mortgage or I will send your quality of life back 50 years

What would you say?

Yeah, “your right”,


“I think you are being extremely unfair, I am going to seek legal advice”

This is in effect what Papademos is saying, except the neighbour is the Greek government.

So it is obvious what is happening in Greece yet, no Greek politician is voicing any dissent.

Politicians are resigning, but they do not explain what their motives are so it leaves the Greek electorate as clueless as ever.

Politicians and especially the ones that are resigning need to speak out as to why they are resigning.

If the reason for their resignation is that they believe the markets are the ones that should decided what should happen to Greece and not unelected government and bureaucrats, then fair enough, but they should say so.

And why does Papademos and his central bank colleagues feel it is acceptable to threaten Greek with this kind of language?

Why does the Prime Minister feel it is appropriate to say “It’s either this program or chaos”

Can you imagine Cameron saying that to the British people?

Why does Papademos not come to the Greek people and outline exactly what a default would mean?

Why does Papademos not come out and say what would happen?

And most importantly of all, why does Papademos not come out and say why these things will happen?

Only then can Greeks and Greek politicians make intelligent decision as to whether they think the bailout is good or bad.

If Papademos really wants the Greek on board with the plan he should explain it so all Greeks can understand why it is a good thing then he would not have to deal with all the resistance.

The fact is Papademos has not made any effort to explain what default would mean in detail.


Perhaps he does not realise that explaining the consequences of a default in detail would help.

I do not buy that explanation.

The more likely explanation is that if he were to explain it people could see that the austerity plan acts against them

To be fair to Papademos has given some specifics with regards to what he thinks will happen

Failing to adopt the bill, he said, “would disrupt imports of fuel, medicine and machinery”. (Reuters)

But this exposes the bluff.

How are the imports of fuel, medicine and machinery going to be disrupted? Is Papademos saying he will close the borders because that is the only way such disruptions could happen.

All the threats of chaos are propaganda designed to make Greeks poorer.

Papademos has outlined his plan, it needs to be rejected.

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