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NYT: Greece’s Lenders Will Have the Right to Seize Gold Reserves

 Hardly did the signatures ink dry on the new loan agreement and the anger over the new bailout comes not only from the Greek citizens over the additional austerity they will experience in the decades to follow. Also members of the Greek Parliament are upset. Not only those from the left parties. Louka Katseli, a former socialist PASOK minister, is upset that Greece’s “will abdicates its rights of immunity over its assets to its lenders.”.

Here is the excerpt from New York Times:

“This is the first time ever that a European and probably an O.E.C.D. state abdicates its rights of immunity over all its assets to its lenders,” said Louka Katseli, an independent member of Parliament who previously represented the Socialist Party, using the abbreviation for the Organization for Economic Cooperation and Development. She was one of several independents who joined 43 lawmakers from the two largest parties in voting against the loan agreement.

Ms. Katseli, an economist who was labor minister in the government of George Papandreou until she left in a cabinet reshuffle last June, was also upset that Greece’s lenders will have the right to seize the gold reserves in the Bank of Greece under the terms of the new deal, and that future bonds issued will be governed by English law and in Luxembourg courts, conditions more favorable to creditors.”

Full Article Growing Air of Concern in Greece Over new Bailout

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  1. “This is the first time ever that a European and probably an O.E.C.D. state abdicates its rights of immunity over all its assets to its lenders,” said Louka Katseli

    I don’t think so. (Or I might have a ‘senior moment’?) It’s the second time. The first MoU clearly stated that if Greece would fail to implement the measures and would default it’s assets would be seized to recapture the loan of that MoU.
    I can not find the sources so quickly but I distinctly remember the fuss that created here in Greece 2 years ago.

  2. Seizing a soverign country’s gold assets is tantamount to an act of war by another name. I can’t believe the citizens of Greece are going to stand by and let this happen.

    • If they do object the EU will just send in foreign troops/police as they are empowered to do under the Lisbon treaty – did we vote for that? Of course not that only happens in democracies, not the EU.

      • Ted, lets not forget WWII upon germanys exit from Greece they stole all our gold (and the forced loan) that we are still fighting to get back. This time around they are using technocrats instead of guns.

    • Watching it all unfold for the past what, year, is starting to remind me of a huge con-game where some poor older fellow gets his entire life savings stolen from him.

      • It is a con game, designed for Greece to lose everything. Next in line probably Italy or Portugal. Greece is being run by bankers, namely Goldman Sachs from the US and the Rothchild banks of Germany.
        Best thing for Greece is to leave the euro and take the beating now, while you still have a place you own, not to mention the several tons of gold.

        • Yeah. I agree, they should leave now. But I get the feeling that they won’t.

        • Yes, it’s a con game and not only is Greece being run by the bankers but the entire world is. Hello? Good morning.
          Greece will never leave the EU. The Germans want Greece to leave but the fact is that Greece is the Euro.
          Greece was and still is the first member of Euroland. The Greeks were in Europe thousands of years before zi Germans were even born, thousands of years before zi Germans tasted their first beer. Zi Germans are our little cousins through DNA. The Monarchies of Europe have Greek DNA.
          Zi Germans are ‘pissed’ at the Greeks because we are educators, are much older, wiser, more intelligent, spiritual and, Greeks stand up to and confront what is wrong and what is right.
          The Greeks are about to demand that royalties be paid (retroactively) for the daily use of our alphabet. That’s just the beginning of the demands to be made.
          Brutal austerity and punishment will be afflicted upon those who refuse to pay.
          The royalties will pay all of Greece’s debts by the first monthly Royalty Installment (RI).
          Greece is about to collect RI’s from around the world for educating the human race.
          Greece is about to become uber-wealthy.
          The word uber: comes from the German language. It is a cognate of both Latin super and Greek ὑπέρ (hyper), as well as English over and above.
          We Greeks gave birth to the Germans, they are our offspring, our little children. In troublesome times, like all children, they come home to their parents, the Greeks, for solace and guidance.
          We Greeks will take care of the Germans, like we did before and will continue to do so into the future.
          Zito Ellas!

  3. I am not saying I agree or disagree with this approach but look at it this way:

    If you default on a car loan, they repossess the car.
    If you default on your mortgage, the bank repossesses your house.
    If you default on your property taxes, they sell off the property or your share of it.
    If you default on your child support, they garnish your wages.

    So if you do not pay on your debts, they can take your physical assets. This is the principle they are applying to Greece and its loans.

  4. @anon where’s the link?

  5. The Greek people owe nothing to anybody because The President of Greece has not signed off on any loans.
    Therefore, all loans are legally non-recoverable.

    • Don’t be too happy the Germans are prepared to send the Greek goverment some advisors, to show them how to get their tax money out of your pocket, and into theirs.

      • We all know what the Greek people told the Germans to do last time they came. Lol!
        We will tell the Germans again, again and again, the same.
        I assure you that this will not end well for those elite who placed bets on themselves.
        The elite have underestimated the spirit and the intelligence of the Greek people.
        Good luck with that one.

        • I would hope it is true, but the bankers have all ready placed their man in your highest office. Papademos is Goldman Sachs best bet for keeping the pressure on you. I wish you all the best and OXI to the banker thieves.

  6. I have just signed in and can’t see my posts? It was the same yesterday until I posted a reply to KTG

    • posts become visible when moderators approve them. when moderators enjoy a sunny day outdoors… posts are not visible lol BTW: I checked the link you sent, …. well… there was not proof to strenghten the claims. therefore …

  7. Thought so, posts not visible until I’ve posted again. Strange 🙂