22. •As growth suffered and cash
disappeared from the market, default
looked imminent.
http://www.nytimes.com/roomfordebate/20
11/10/10/is-europe-sliding-into-a-double-
dip-recession
23.
24.
25.
26. ….. And the distress investment specialists like
Wilbur Ross, Mark Mobius and George Soros
27.
28.
29.
30.
31.
32. They downgrade credit rating often
prematurely. Raise borrowing costs
and make debt recycling difficult.
http://www.bbc.co.uk/news/business-
15222803
38. Finally they are forced to sell off
assets for repayment.
http://www.guardian.co.uk/business/2010/
mar/04/greece-sell-islands-german-mps
39.
40.
41. •They each have mammoth assets
over $2 Trillion, ten times that of big oil
Exxon, Shell or BP.
42. Joseph Ackerman Deutsche
Bank CEO and ex-boss of IIF
refused haircuts on Greek loan
more than the agreed 21 %. And
Said Banks won’t take haircut for
any other Eurozone economy.
http://www.emergingmarkets.org/Article/2
906503/Banks-rule-out-further-eurozone-
debt-haircuts.html
43.
44. Now that nations struggle
……Bankers do not agree that
it is payback time
45. •Rather, for the Banks the Eurozone crisis
provides opportunities to strengthen their
portfolio by buying into distressed assets.
http://www.time.com/time/business/article
/0,8599,1916998,00.html
48. It is true that Europe’s democracies have lacked
fiscal discipline, but so have Dexia and Max bank,
BOA and Wells Fargo.
49. Vote and coalition politics have often
made elected leaders of democracies
pamper to populism.
50. Spain, Ireland, Portugal and Italy, all
have missed the EU Maastricht treaty fiscal
deficit targets by a mile.
http://www.guardian.co.uk/business/2011/m
ar/11/eurozone-agree-debt-limit-laws-
bailout-deal
52. Since debt was 1.7 times GDP it was not
possible to fix the Greek debt crisis with
short term measures.
.
53. Despite knowing this Greece was put on a
short lease with IMF & ECB making no long
term commitment ..
54. Speculation mounted and Greek debt
rating was repeatedly downgraded.
http://online.wsj.com/article/SB1000142405
. 3111904265504576568693911614726.html
55. Fund squeeze led to successive years of
negative growth making recovery
impossible and default imminent
.
56. So the aged Greek pensioner who paid taxes throughout
her life has been handed down a hair cut of 40% of her
monthly pension to facilitate the repayment of the Banks.
http://online.wsj.com/article/BT-CO-
. 20110919-704332.html
57. Now the IMF, the ECB and IIF the bank
lobby want to manage the economy and
virtually dictate public policy in Greece.
http://www.bbc.co.uk/news/world-europe-
15147855
58. They are not interested that hospital
services and educators in Greece have not
received payment for services since 1 year.
http://www.guardian.co.uk/world/2011/aug/
05/greece-healthcare-brink-catastrophe
59. They are not interested in structural
reforms of the antiquated licensing policy
in Greece that throttles competition.
60. They only want to control the fund
flow and the disinvestment
process, so that prize assets flow their
way.
61. It is obvious that Mr. Papandreou will
not be able to stop that
62. So a big question arises for the
democracies around the world.
http://www.guardian.co.uk/commentisfree/
2010/feb/14/greece-uk-european-union-euro
63. Will Banks takeover control if our
elected leaders fail?
http://www.guardian.co.uk/business/2011/a
ug/11/berlusconis-partners-grow-restive-
over-ecbs-prescription-for-italy
64. If that be so, will the Fed, the ECB, the
IIF and the IMF work for the benefit of
the citizen or only for the Banks?
65. Prophetic words from US President Thomas
Jefferson who said that if private Banks
controlled monetary policy, they would make
the citizen penniless and homeless.
66. References :
Our Blog : Economy to Ecology:
Our goal is to help promote clean, safe and better practices in economy
and ecology worldwide. B
This presentation is based on my 4th October article in business section of
Technorati San Francisco http://bit.ly/oZEaWz and a little more
sustainable.
Kindle Blog Ecothrust ASIN: B0029ZAUAY
For non kinwww.ecothrust.blogspot.com
Our Blog at What Happens If ? Risk Management blog
Economic Times. New Delhi If
http://blogs.economictimes.indiatimes.com/Whathappensif/
Follow us a www.twitter.com/ecothrust
Acknowledgements:
o Google images , flickr photolibrary and other image sources.
For any queries or request for download, mail to Sandip Sen
For Queries contact : sen.sandip@gmail.com
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