Think the ECB announcement to do undergo a pseudo OSI impairment is a done deal? Not so fast – Germany may yet throw a wrench in there. According to Bloomberg, next week German lawmakers will conduct three votes on Greece among which:
- the €130 billion Greek bailout package… Wasn’t it €145 billion by now?
- the empowerment of the EFSF to guarantee Greek government bonds held by the ECB
- the guarantee of Greek government bonds held by private sector after the debt swap
So while according to “sources” the ECB has already reached an “agreement in principle” to provide Official Sector debt relief, Germany may once again come out of left field with a blocking veto after German taxpayers realize that once again the ECB is throwing money down the drain on its Greek bond holdings, because as pointed out earlier, someone sure is taking a loss on those very same Greek bonds, no matter how convoluted the ECB-EFSF non-arms length and incestuous relationship.
The German Taxpayer can say “Hell No !” but it will have NO EFFECT. Germany is a Party State with 40% MPs being Civil Servants (Beamte) still getting automatic promotions in their old jobs while being legislators. Many of them are “on the List” whereby Voters vote for a Party and for a Candidate. The Party has a list of candidates – usually people like Kohl were at the top and automatically re-elected when their Party got >5% Votes. This brilliant system was imposed on Germany by the Allies so strong government could never return as in 1933-1945 – the only time Germany had strong government.
So the Party Bosses will mean in Tammany Hall and decide “what is good for Germany”, “what the Americans want”, “what the historic guilt the Germany people bear and must constantly atone for by being patsies for everyone else”, and how “Europe will never forgive Germany for not being broken”.
Then the MPs will Vote through all the measures Angela and her sidekick Wolfgang Schauble decide that Josef Ackermann and Deutsche Bank demand. They will sacrifice every last man, woman and child on the altar of their hubristic monomania just like their predecessor did in Berlin in May 1945
- ZH
