Greece woes started from dodgy Wall Street deals

Townsville Bulletin - - OPINION -

I WOULD guess about now the Greeks would not be very welcome in the Rue Al­phones We­icker in Lux­em­bourg. It’s home to Euro­stat, the Euro­pean Union’s sta­tis­ti­cal of­fice. The num­ber- crunch­ers there must be deeply an­noyed with Athens.

But af­ter do­ing some re­search, I be­gan to get the feel­ing this wasn’t all Greece’s fault. I didn’t have to look far to dis­cover the loans to the Greek Gov­ern­ment were ini­tially made by spec­u­la­tors op­er­at­ing through Gold­man- Sachs that ben­e­fited both, as well as the Greek oli­garchs.

The juice loans ( a loan at usu­ri­ous in­ter­est rates, nor­mally made by or­gan­ised crim­i­nals) were then trans­ferred to the EU bank­ing sys­tem be­fore they be­came com­pletely toxic.

It was be­com­ing ob­vi­ous EU banks had been left with the fes­ter­ing prod­ucts of a hus­tle that be­gan in Wall Street.

The Euro­pean banks do not want to pay the cost for some­one else’s spec­u­la­tion. This makes sense from their per­spec­tive, but dump­ing the cost on the Greek peo­ple is a fla­grant in­jus­tice.

It can be traced back to 2008 when the US walked away from a re­spon­si­bil­ity to pun­ish Wall Street fi­nanciers for the sins com­mit­ted un­der the Bush ad­min­is­tra­tion – un­like Ice­land, which sent the cor­rupt bankers to prison and re­or­gan­ised its na­tion.

I sin­cerely hope the Greek peo­ple can fol­low suit and get on with their lives with­out be­ing debt slaves to the EU.

If not, fi­nan­cial fraud and ma­nip­u­la­tion is a get- out- of­jail- free card. The peo­ple have paid for it in the past and now the peo­ple of Greece are be­ing told to pay for this one.

It ap­pears that in high fi­nance the best way to rob a bank is to own one.

RON WAD­FORTH,

An­nan­dale.

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