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OpEdNews Op Eds    H2'ed 2/22/12

Greece: The Epicenter of Global Pillage

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They're more dangerous than standing armies. They wage war by other means. They cause "demographic shrinkage, shortened life spans, emigration and capital flight," explains Michael Hudson.

They're a malignancy ravaging societies and humanity. Greece is the epicenter of what's metastasizing globally. The latest bailout deal highlights out-of-control pillage.

On February 20, New York Times writer Stephen Castle headlined, "Europe Agrees on New Bailout to Help Greece Avoid Default," saying:

On Tuesday morning, Luxembourg president/Euro Group head Jean-Claude Juncker announced:

"We have reached a far-reaching agreement on Greece's new program and private-sector involvement. The new program provides a comprehensive blueprint for putting the public finances and the economy of Greece back on a sustainable footing."

In fact, it assures human misery and economic destruction, not restoration. It's a deal only bankers can love. It demands Greece reduce its debt from 160% to about 120% of GDP by 2020, but how incurring more debt achieves it wasn't explained.

It also demands sacking 150,000 public workers by 2015, slashing private sector wages 20%, lowering monthly minimum wages from 750 to 600 euros, cutting unemployment benefits from 460 to 360 euros, and reducing pensions 15% en route to eliminating them altogether.

Media reports said bondholders agreed to a 53.5% face value haircut - the equivalent of losing 75% overall. In fact, only 30% of toxic assets are involved. Most held aren't touched. Greece must make good on them, no matter the impossible burden. 

Private lenders will swap current holdings for new lower face value/lower interest rate bonds. Representing bondholders, Institute of International Finance's Charles Dallara and BNP Pariba's Jean Lemierre called the deal "solid....for investors, a fair deal for all parties involved." 

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