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The EU Monetary Union And The Road To A Greek Debt Reset. Who Really Got Bailed Out?

Blog Aug 29, 2017

8-29-17 Greece, by Lynette Zang

After years of preparation, in 2001 Greece was accepted into the EU Monetary Union. The main benefit was the ability to borrow at the same rate as Germany.

And borrow they did, so much so that debt service far outpaced Greece’s ability to pay all this new debt. In May 2011, the Troika (European Commission (EC), ECB and IMF) granted Greece it’s first of four “bail-outs”.

The question is who got bailed out? Who really benefited from all this new debt? The answers to these questions could be our crystal ball, because we now have over seven years to see what it’s like when Technocratic Central Bankers are in full control.

Below Are The Slides And Supportive Links Regarding The EU Monetary Union And The Road To A Greek Debt Reset:

Greek Debt Reset

Slide1

http://gulzar05.blogspot.com/2012/06/

https://en.wikipedia.org/wiki/Greek_government-debt_crisis#Fraudulent_statistics

http://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=1&hp

Greek Debt Reset

Slide 2

https://en.wikipedia.org/wiki/Greek_government-debt_crisis

http://voxeu.org/article/greek-debt-restructuring-lessons-learned

http://www.telegraph.co.uk/finance/financialcrisis/9125614/Graphic-Greeces-bailout-bond-swap-explained.html

Greek Debt Reset

Slide 3

https://en.wikipedia.org/wiki/Austerity_Packages_of_Greece#First_Austerity_Package

https://www.theguardian.com/business/2011/nov/10/lucas-papademos-greece-coalition-leader-profile

Greek Debt Reset

Slide 4

http://www.europeanpensions.net/ep/A-Greek-tragedy.php

Greek Debt Reset

Slide 5

http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=5343&context=faculty_scholarship

Greek Debt Reset

Slide 6

http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=5343&context=faculty_scholarship

https://www.cigionline.org/sites/default/files/cigi_paper_33.pdf

Greek Debt Reset

Slide 7

https://www.stlouisfed.org/~/media/Files/PDFs/publications/pub_assets/pdf/re/2012/b/credit_default.pdf

https://www.stlouisfed.org/publications/regional-economist/april-2012/a-look-at-credit-default-swaps-and-their-impact-on-the-european-debt-crisis

http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=5343&context=faculty_scholarship

Greek Debt Reset

Slide 8

https://en.wikipedia.org/wiki/Civil_mobilization

https://www.cnsnews.com/news/article/greece-grapples-strikes-despite-mobilization

https://www.forbes.com/sites/afontevecchia/2012/02/21/greek-bailout-deal-a-farce-to-benefit-banks-at-the-expense-of-greece/#1ad49bd97274

https://www.nytimes.com/2014/12/30/world/europe/greek-patience-with-austerity-nears-its-limit-.html?mcubz=1#

Greek Debt Reset

Slide 9

http://www.reuters.com/article/us-cyprus-banks-investigation-insight-idUSBRE93T05820130430 

http://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=5343&context=faculty_scholarship

Greek Debt Reset

Slide 10

https://en.wikipedia.org/wiki/Civil_mobilization

https://www.usatoday.com/picture-gallery/news/world/2017/03/08/greek-farmers-clash-with-police-over-tax-reforms/98908496/  

Greek Debt Reset

Slide 11

http://www.businessinsider.com/greece-debt-grexit-eurozone-imf-2017-3

Greek Debt Reset

Slide 12

http://www.bbc.com/news/world-europe-33305019

GreekDebt Reset

Slide 13

https://www.forbes.com/sites/timworstall/2015/07/18/greek-bank-closure-cost-economy-e3-billion-banks-reopen-monday/#270de57e1e7e 

http://www.businessinsider.com/kathimerini-reports-greek-stock-market-will-be-closed-for-a-week-2015-6

http://www.ekathimerini.com/218275/article/ekathimerini/business/capital-controls-to-stay-till-at-least-end-of-2018

Greek Debt Reset

Slide 14

http://greece.greekreporter.com/2016/05/31/many-goods-and-services-in-greece-go-up-june-1st-after-tax-hikes/

http://greece.greekreporter.com/2017/06/08/greek-government-to-freeze-pensions-until-2022-as-creditors-require/

http://www.businessinsider.com/greece-sells-piraeus-to-chinese-investors-2016-4

https://www.ft.com/content/7221b849-5627-369c-8337-ce541f44f11a

Greek Debt Reset

Slide 15

http://www.ekathimerini.com/210072/article/ekathimerini/news/nearly-half-a-million-greeks-have-left-bank-of-greece-report-finds

https://tradingeconomics.com/greece/asylum-applications

Greek Debt Reset

Slide 16

http://www.keeptalkinggreece.com/2016/08/14/greeks-will-have-to-declare-to-tax-office-even-cash-below-100-euro/

http://www.keeptalkinggreece.com/2017/01/03/greece-bans-cash-tax-allowance-possible-only-through-payments-via-plastic-money/

http://www.ekathimerini.com/218576/article/ekathimerini/business/tax-authorities-to-chase-undeclared-properties

Greek Debt Reset

Slide 17

http://www.dw.com/en/latest-greece-bailout-tranche-approved-will-include-imf-buffer/a-39271008

https://en.wikipedia.org/wiki/Greek_government-debt_crisis#Fraudulent_statistics

Greek Debt Reset

Slide 18

http://www.dw.com/en/most-of-greek-bailout-money-went-to-banks-study/a-19234391

https://press.esmt.org/Greek_bailout

Greek Debt Reset

Slide 19

https://www.yanisvaroufakis.eu/2017/06/16/the-annotated-15th-june-2017-eurogroup-statement-on-greece

 

 

Thumbnail Photo We believe that everyone deserves a properly developed strategy for financial safety.

Lynette Zang

Chief Market Analyst, ITM Trading

Sources & References In This Article

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