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Dirty Games by Very Dirty Guys: The ECB “orchestrates” a bank run

The news posted by Reuters shocked! The usual suspects, the “anonymous officials with knowledge of the talks”, the black-tie toussie-moussies had reportedly told the international news agency that “the European Central Bank was not sure if Greek banks would open on Monday”.

“The European Central Bank told a meeting of euro zone finance ministers on Thursday that it was not sure if Greek banks, which have been suffering large daily deposit outflows, would be able to open on Monday, officials with knowledge of the talks said.

The officials said that during the closed-door meeting of the ministers on Greece, the chairman of the meeting Jeroen Dijsselbloem asked European Central Bank Executive Board member Benoit Coeure if Greek banks would be able to open tomorrow.

Coeure answered: “Tomorrow, yes. Monday, I don’t know.” (reuters)

The news spread like a wild fire and had journalists economist, analysts and all possible and impossible people on social media wondering whether the ECB was triggering a bank run in Greece. There were several requests for a confirmation. The mess became complete when the ECB unofficially dismissed the news, but the “two officials” confirmed it again to the Brussels correspondent on Financial Times.

Late in the evening “sources” from the Bank of Greece said that such a thing was never said by Benoit Coeure in the Eurogroup.”

The news came just after the Eurogroup had concluded on Thursday evening with Jeroen Dijsselbloem to have stated that capital outflows from Greece are worrying.

A few hours earlier the Greek Government had said the some people seeking to incite capital flight.

According to a non-paper issued by the Greek Prime Ministry, there is a plan for unnecessary and artificial capital flight in order to cause unrest and economic destabilization,” and denounces unspecifiedcircles investing in the “fear of the people.”

“These tactics are butter on the bread of lenders who want to further blackmail the Greek government,” the non-paper read.

Greek banks have been bleeding since last December, according to information published in the Greek media, the cash withdrawals from the Greek banks reach 1 billion euro in Thursday.

Whether one agrees or disagrees with the Greek government claims, fact is that the these blackmail tactics to “use anonymous sources” in order to put pressure is not new. A nice example was Ireland.

According to former finance ministry head Kevin Cardiff, European officials used anonymous media briefings during bailout talks to undermine market confidence for Ireland.

Kevin Cardiff, ex-secretary general of Ireland’s Department of Finance, said Ireland was pushed into an international bailout as EU officials used backdoor media briefings to weaken the country’s standing.

He said Ireland came under enormous direct and indirect pressure to enter the €85bn (£61bn) bailout in 2010 set up by the IMF, European Commission and the ECB.

“At the moment we entered it, we were pushed – quite hard,” he told the Oireachtas Banking Inquiry,  a parliamentary inquiry investigating the causes of the Irish banking crisis.

“The push was in some ways direct and transparent…we knew who was doing it, we knew what they were saying.”

“In other cases the pressure came indirectly via some misinformation, anonymous media briefings, reportedly coming from official sources, which acted to accelerate market pressure and create enormous pressure on Ireland to enter an EU/IMF programme – quickly.” (The Telegraph June 18/2015 – thanks to @Dick_Darlington)

So the very dirty guys of the ECB do very dirty games in order to put pressure on the Greek government to sign a deal. They spread panic among the people, trigger a bank run, drain the banks, force the banks to ask for more Emergency Liquidity Assistance, keep the political pressure on the government, spread panic… a vicious cycle orchestrated by common criminals.

Meanwhile it is widespread as to who leaked the “ECB worries” to the press. A man who loves to leak information.

“And now we know who: the same ECB staffer who leaked the ECB’s “adjustment” to QE to a select group of hedge funds 10 hours before the news was public: Benoit Couere.” (zerohedge)

Guess who the other “official” is. A political cover  and lots of smoke in the eyes.

According to Proto Thema, the Bank of Greece allegedly submitted a request to the ECB for emergency ELA of 3 billion euro.

Both sides dismissed the news. The Greek government dismissed the news. But it is still in the news.

“The European Central Bank plans to hold an emergency session of its Governing Council on Friday to discuss the deteriorating liquidity situation of Greek banks, three people familiar with the matter said.

The call is scheduled for noon Frankfurt time on Friday, and the officials will consider a Bank of Greece request for an increase of more than 3 billion euros in Emergency Liquidity Assistance, one of the people said. All three asked not to be identified as the plans aren’t public.” (full story Bloomberg)

On the sideline of this unprecedented horrible story, be informed that there is a Eurozone Leaders Summit on the Greek problem scheduled for Monday, June 22nd 2015.

PS and if we stick to internet tonight we will keep reading “information” leaked to the press by a two or three ECB “people” and other “anonymous officials”. Odd that the ECBs have to appear only in groups. Obviously, the one represents the “impartial” bank and the other the “political” bank.

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  1. European “partners” announced financial “carpet bombing” of one of its own union member. Unbelievable.

  2. The ECB (under J.C. Trichet) did the very same to Ireland so many years ago. Officially a “non-political” organisation, they are in fact nothing short of the “enforcers” and bully-boys for the EU whenever needed.
    During the meeting Dijsselbloem asked ECB Executive Board member Benoit Coeure:

    will Greek banks be able to open tomorrow?


    Tomorrow, yes. Monday, I don’t know

    This sounds very much like a well rehearsed scenario of a loaded question and a very predictable answer, straight out of a 1950’s B-movie…
    The ECB are a non-elected organisation, in ethics on par with the maffia, and accountable to nobody, unless of course Draghi still answers to his former owners Goldman Sachs?

  3. Rumors succeed when they are believable and logical (as in this case). Of course, the basic rule of “capital controls” is that you deny there will be “capital controls”.

  4. You Greeks were borrowing like mad, wasting, cheating, not preparing plans, refusing 1% budget surplus in june, that was OK for you before… and you say ECB is preparing bank run?
    It is you who borrowed…
    It is you who wasted…
    It is you who cheated…
    It is you who did not prepare realistic plan…
    It is you who refused budget surplus that was OK for you before…
    It is you who do not have even central land registry…
    It is you who do not have even international standards in public finance accounting…(Jesus after taking 400 billions creditors you do not have even normal transparent public sector accounting)
    It is you who have unsustainable pension system…

    • You Germans (if that is what you are) were lending money recklessly, living off the excess profits of exports on the back of a low euro, compared with the old DM. At the same time, Greece was struggling with a high euro (relative to the old drachma) and was not only unable to export as much as it used to, but people were importing cheaply and in large quantities. Under the eurozone rules, those imports were more or less automatically financed. At the same time, the Greek state ran up debts to the ECB for printing euros — something that never happened with a national currency.

      The bottom line is that Germany and France fucked up the eurozone, not Greece. They are the ones who should pay for their reckless behaviour and betrayal of ordinary people’s right to life across the entire eurozone.

      • I am not German. In fact my German is even worse than my English:)

        Now back to the point – Is anything of that list incorrect. I will gladly repair it.

        Xenos – you have 400 000 000 000 EUR debt to creditors and you did not even start trnsparent accounting policies in public sector as far as I am concerned. This is not about beeing German or not. This is just horrible, if it is thuth.

    • Giaourti Giaourtaki

      Tell your Kebab-buddy the free Raki you get for every anti-Greek fart is too strong for you. Can’t you find a Greek fastfood?

  5. KTG you are 100% right. I was discussed reading the news and how this plot unfolded.
    The Greek people and the peoples of Europe are dealing with sociopaths, this is not an overstatement, is the plain dark reality. These people will stop at nothing, they will foment bank runs and panic, they will insult and say all kind of lies, they will spread rumors and spread unrest as much as possible.
    Given this it is absolutely essential that the government and people take control of the central bank and the banking system. These crucial sectors of the Greek economy cannot be controlled by IMF minions, by a gang of treacherous saboteurs.
    This goes beyond ideology, this is a matter of necessity and survival. Seize the banks and central bank. If you don´t they will use it against the people and elected government…

  6. One night I bought a bottle of water for 50 Drachmas.
    The next morning I bought one for 50 cents.
    That’s when the wheels stared falling off.