While the scenarios over the weekend claim a Greek haircut of 50% and the most odious preconditions with more austerity measures and the Troika be seated in Athens for a decade, Greek Finance Minister EvangelosVenizelos meets with German Finance Minister Wolfgang Schaeuble in Washington. Tomorrow he will hold meetings with IMF-Chief Christine Lagarde. It is maybe the most critical weekend for the fate of the Greek debt. Apparently they try to rescue Greece from a ‘disorderly default’ that will explode like a huge bomb within the eurozone and will swallow the economies of the weak states as well.
Wolfgang Schaeuble gave a signal yesterday about Berlin’s plans on the issue. He said in a interview to German business weekly WirtschaftsWoche that Greece would not be able to return to capital markets next year and would need a decade to make its economy competitive. “It is clear that Greece will not be able to return to capital markets in 2012, as we thought in 2010,” and added that “Greece will need a decade rather than a year to get fully competitive.”
In the same edition of German WirtschaftsWoche there comes a news item of not minor interest. The newspaper claims that a private consulting company has worked out a rescue plan for Greece:
“The well-known strategy consultants company Roland Berger worked bailout of Greece with immediate debt relief and a broad privatization program under the supervision of the EU.
The plan provides for immediate reduction of the debt of Greece to 90% of GNP by creating a trust ‘Treuhand’ (Troichant) under the control of the Eurozone on privatization in Greece.
In it will revert to the privatized entities and assets of the Greek public that are privatized in most EU countries, such as airports, ports, highways, etc., but rather “cultural goods”.
The firm Roland Berger estimates the value at 125 billion. It proposes to dispose € 60 billion to pay off the debt of Greece to the rest of the Eurozone and the rest to take the temporary support mechanism EFSF. In this way Greece’s debt “would be reduced from 145% to 90% of GDP,” told to WiWo, the director of Roland Berger, Martin Vitti.
OK, I got the point. Everybody is trying to rescue Greece (the state) so that the eurozone will not get harmed. What if the Greece (the people) have started to hate the euro and the whole system of banksters in the meantime? What makes the EU, IMF brains believe that this government will survive the next elections and that the agreements will be eternal? Unless the Troika will forbid the people’s democratic right to choose their rulers. No that the results of the last elections turned for the benefits of the Greeks….