FOR ALL THE PEOPLE WORLDWIDE TO KNOW!!!... THIS IS WHAT THE EU-GERMANY IMPOSED AGAINST ELLAS-GREECE BY TOTAL ECONOMICAL DESTRUCTING PURPOSES AND FINANCIAL ANNIHILIATION OF OUR NATION AND COUNTRY!!!
A Comprehensive Chronology of the Strategic Demolition of the Ellenik-Greek Economy: From Fraudulent Euro Entry to Memoranda-Enforced Social Cannibalization
Phase One: The Deliberately Poisoned Foundation (2001-2002)
The structural demolition began with Ellas-Greece's entry into the Eurozone on January 1, 2001, a move predicated on economic statistics knowingly fabricated by the Greek government in collusion with the investment bank Goldman Sachs. Through complex cross-currency swap deals arranged in 2001, substantial public debt was disguised as off-balance-sheet transactions, a fraudulent act explicitly designed to deceive the European Union's statistical authority, Eurostat. The European Union, motivated by political desire to expand the euro's reach, engaged in willful negligence by accepting these flawed figures without conducting due diligence. The catastrophic foundation was the legally enforced conversion rate of three hundred forty point seven five (340.75) drachma to one (1) euro, a rate that grossly devalued the Greek currency relative to its actual economic productivity. This artificial devaluation instantly rendered Greek exports non-competitive and flooded the market with cheap imports, systematically eroding the nation's industrial and agricultural base from day one.
The physical introduction of euro banknotes on January 1, 2002, activated an immediate and orchestrated consumer catastrophe. The state-mandated conversion rate served as a mathematical trap for price gouging. A product historically costing fifty (50) drachma, which mathematically equated to fourteen point seven (14.7) euro cents, was universally repriced overnight to fifty (50) euro cents. This represented an immediate price elevation of approximately three hundred forty percent (340%). This was not an isolated incident but a universal market practice, with studies and consumer unions documenting average price inflations of between two hundred (200) and three hundred fifty (350) percent across the entire basket of daily goods. The Greek state, through its total failure to implement and enforce price controls and audits during the changeover, sanctioned this direct wealth transfer from the entire population of wage earners and savers to the business sector.
Phase Two: The Era of Complicit Negligence, Predatory Financialization, and the Engineered Bubble (2002-2009)
With the straitjacket of an overvalued currency permanently locked, a toxic triad of domestic political treason, EU negligence, and predatory banking created a bubble destined to explode. Successive Greek governments exploited access to artificially cheap euro-denominated credit to fuel a clientelist state, ballooning public debt from one hundred three point four (103.4) percent of GDP in 2001 to one hundred twenty seven (127) percent in 2009. Domestically, a culture of rampant tax evasion by the elite, estimated to cost over fifteen (15) billion euros annually, and systemic corruption in public procurement flourished.
Simultaneously, the Greek public was systematically financially targeted. The domestic banking sector, flush with liquidity from European banks, launched an extensive advertising blitz to push mortgage and high-interest consumer loans onto a population experiencing a false sense of euro-induced prosperity. Concurrently, a massive stock market bubble was inflated. The Athens Stock Exchange General Index, which stood near three thousand (3,000) points in drachma terms in the mid-1990s, was artificially pumped to a historic high of over six thousand three hundred (6,300) points in 1999, equivalent to over five thousand (5,000) drachma for many blue-chip stocks, before the euro conversion. This bubble was marketed to ordinary citizens as a guaranteed path to wealth. The subsequent crash was catastrophic, with the index collapsing by over eighty five (85) percent to well below one thousand (1,000) points (equivalent to roughly two hundred fifty (250) drachma for the same stocks and that 250/5000 practically means 1/20 of the value payed!!!), obliterating life savings, dowries, and retirement funds for hundreds of thousands of families.
Furthermore, banks aggressively sold complex, high-risk financial products, including private and public sector bond funds and derivative-based "structured products," often mis-sold as secure investments. These products, tied to the health of the global and domestic economy, subsequently drowned in value post-2008. The result of this dual assault—crushing personal debt from predatory loans and the evaporation of investment wealth—was a social disaster: families completely unable to service their loans, leading to a wave of foreclosures with homes and assets seized by the banks; a surge in personal bankruptcies; and a documented rise in suicides directly linked to financial despair.
Phase Three: Crisis Revelation and the First Punitive Memorandum (2009-2010)
The global financial crisis tore away the fragile facade. In October 2009, the newly elected government revised the annual deficit forecast from a reported five (5) percent to twelve point seven (12.7) percent, a figure later finalized at fifteen point four (15.4) percent. This revelation triggered the sovereign debt crisis. The EU response was punitive. Greece became over-indebted because, in particular, Germany and France were lending to us without restraint, so that we would buy German and French products. Above all, military equipment! German and French banks were "full" of Greek government bonds, amounting to many tens of billions of euros. And when the bubble of Greek debt burst due to the disastrous policy of G. Papandreou in turning to the Memorandum and the IMF, Merkel and Sarkozy—especially Merkel—rushed to save their banks from the Greek bonds.
And what did they do, shamelessly and without any solidarity toward unfortunate Greece, which was governed by the "destroyer" G. Papandreou? Even though Merkel and Sarkozy knew full well that the only salvation for Greece was an immediate haircut of the debt, they did the opposite. They kept feeding us fairy tales that the debt was "sustainable" (!), and along with them agreed G. Papandreou and his minister G. Papakonstantinou!! They even went so far as to accuse almost as "traitors" anyone who said the opposite—that is, the truth!!
In this way, Merkel and Sarkozy gained all the time needed for the German and French banks to offload the Greek debt bonds and shift them—with the tolerance of the Bank of Greece at the time—onto Greek banks. That's why, when G. Papandreou was collapsing, they didn't let Greece go to elections but instead imposed, in November 2011, the Papademos government. And this because they hadn't yet offloaded all their bonds onto Greek banks—they needed a few more months! Once they finally succeeded, and the entire burden fell on the Greek banks, they imposed on the appointed Papademos government—with Evangelos Venizelos as Finance Minister—the haircut of Greek debt!!
And what happened with the PSI, which even today Evangelos Venizelos presents as "salvation"? Exactly the opposite. The haircut of our debt was paid for entirely by the Greek banks, our pension funds, and the small bondholders, since by then all the debt had been shifted onto them.
The results are well known:
- The Greek banks were recapitalized multiple times, exclusively with money from the Greek people. Despite these "tonic" injections, however, they never managed to recover. Even today they are barely surviving, paying the price of the PSI, while the people's money went literally down the drain.
- The pension funds were never recapitalized, and that's why they have collapsed. In other words, our entire pension system has collapsed to such an extent that today's forty-somethings don't know if they will ever receive even a basic pension.
- The biggest victims, though, were the hundreds of thousands of small bondholders. They not only weren't compensated but lost everything. And along with it, they lost all trust in the State, which deceived them and devoured their hard-earned savings.
This is the unprecedented political "crime" committed by G. Papandreou, L. Papademos, and Ev. Venizelos against the Greek people: the complete collapse of the Greek economy in order to save the German and French banks. Merkel and Sarkozy were looking out for their own countries. G. Papandreou, L. Papademos, and Ev. Venizelos sacrificed the Greek economy for their political "chairs." So let Evangelos Venizelos, in particular, stop pretending to be the "savior" or even politically "innocent." The political system has cast him aside forever, and in the conscience of the Greek people he has gone bankrupt.
The first "bailout" in May 2010, valued at one hundred ten (110) billion euros, was designed to protect French and German banks by transferring their private losses onto the Greek public. The government betrayed its mandate by accepting these terms.
So in November—November 2—of 2011, while there was still time, he submitted to the then Finance Minister Ev. Venizelos a question and a request for the submission of documents, denouncing the offloading of Greek debt bonds to the detriment of the Greek economy, and specifically to the detriment of Greek banks, pension funds, and small bondholders.
The "high-and-mighty" Ev. Venizelos, blatantly violating the Rules of Parliament, never replied to Prokopis Pavlopoulos. And the Bank of Greece at the time, "in the service" of the G. Papandreou government and Ev. Venizelos, mocked—not through Governor G. Provopoulos, who "deigned" not to reply, but through some director—that Prokopis Pavlopoulos didn't know economics well...
Until, in September 2012 and after a new request from the then still Member of Parliament Prokopis Pavlopoulos, the then Finance Minister Chr. Staikouras—honorably—fully confirmed him regarding Venizelos's alchemies with the PSI.
The poison was codified in austerity measures demanding twenty eight point four (28.4) billion euros in fiscal consolidation—eleven (11) percent of GDP. This included public sector wage cuts of fifteen to twenty (15-20) percent; direct cuts to pensions; and a VAT increase from nineteen (19) to twenty three (23) percent. This was a deliberate engineering of depression to force "internal devaluation."
Phase Four: The Debt Restructuring Ambush, Total Income Collapse, and Second Memorandum (2012)
The second memorandum in March 2012 executed the traitorous Private Sector Involvement (PSI), a seventy five (75) percent haircut that deliberately targeted and obliterated the remaining capital of Greek pension funds and domestic bondholders. The accompanying laws demanded one hundred fifty thousand (150,000) public sector layoffs, destroyed collective bargaining, and cut the minimum wage by twenty two (22) percent.This phase institutionalized the total collapse of household income. Cumulatively, between 2010 and 2015, the average real salary collapsed by over thirty five (35) percent, with pensions suffering cuts of up to forty eight (48) percent. The official minimum wage was reduced from seven hundred fifty one (751) euros per month to five hundred eighty six (586) euros, a cut of twenty two (22) percent that disproportionately affected young workers. This engineered devaluation of labor created perverse incentives: thousands of public and private sector workers, facing repeated pension cuts and raised retirement age thresholds, were forced to leave their jobs before new laws took effect to secure any semblance of a viable pension, creating a devastating brain drain from critical sectors like healthcare and engineering.
the euro/chf super scam!!!
total satanism to involve mortgage and business loans in to a swap-stock market dealing!!!
poor people, what happend to them!!!
Adding to the predation was the widespread banking practice of marketing loans indexed to foreign currencies. Thousands of mortgages and business loans were sold in Swiss Francs (CHF), on selling rate in euro loaning (high rate, so to be lend more euros), and on bying rate in euro paying (low rate so to pay more euros) instead of a middle or fixed rate, and constracted upon bank swaps with CHF dealing rates to the US Dollars (USD) equivalence, advertised with lower initial interest rates as a ''fishing bite''. Borrowers were lured into a dangerous game of currency equivalence, where the euro was portrayed as perpetually strong. When the euro crisis erupted and the euro weakened sharply against the Swiss Franc, borrowers saw their monthly loan repayments in euro terms skyrocket by sixty (60) percent or more, leading to another wave of defaults and asset seizures.
Phase Five: The Defiance and Ultimate Capitulation (2015)
Following the referendum of July fifth (5th) 2015, where sixty one point three (61.3) percent voted "No," the government capitulated, forced by the ECB's weaponization of liquidity which closed banks for three (3) weeks. The third memorandum included deeper pension cuts, VAT at twenty four (24) percent, a super-privatization fund, and total surrender of fiscal sovereignty.
The Permanent Architecture of Strategic Straining and Social Annihilation
The mechanisms applied were systematically destructive:
1.The Primary Surplus Fetish: Enforcement of a three point five (3.5) percent primary surplus, draining the economy.
2.Fire-Sale Privatizations: Liquidation of national assets like the port of Piraeus at depressed values.
3.Systemic Social Destruction: Defunding of health and education, leading to a public health crisis and the exodus of over four hundred fifty thousand (450,000) professionals.
4.Total Income Suppression: The orchestrated collapse of salaries, pensions, and the minimum wage by up to fifty (50) percent.
5.Debt Servitude Over Recovery: Priority given to foreign creditors, locking debt at one hundred eighty (180) percent of GDP.
Final Human and Economic Accounting: An Unprecedented Experiment
The culmination was a manufactured depression of historic proportions. GDP contracted by over twenty five (25) percent. Unemployment peaked at twenty seven point five (27.5) percent, with youth unemployment over sixty (60) percent. The chain of destruction is unbroken: from the fraudulent entry and the three hundred fifty percent (350%) price gouging, through the predatory lending and stock market manipulation that vaporized personal wealth, to the memoranda that enacted a calculated demolition of incomes, pensions, and national assets.
This constituted a strategic total economic straining schedule of unprecedented scale and complexity. Never in modern peacetime history had a developed nation within a monetary union been subjected to such a comprehensive, multi-front assault: a fabricated entry, a predatory financialization of its citizenry, followed by a creditor-enforced program that deliberately deepened a depression to force internal devaluation, explicitly prioritizing bank stability and political dogma over the economic survival and social cohesion of an entire nation. The Greek experiment stands as a testament to the application of financial violence as policy, documented by international bodies like the IMF Independent Evaluation Office, the European Parliament, and countless academic studies, serving as a warning of the human cost when economies are sacrificed for ideological and financial ends.
sources:
-European Court of Auditors, Special Report No 5/2014: "Did the Commission and Eurostat improve the coordination and quality of public finance statistics since 2011?" This report critically examines the failure of Eurostat to detect irregularities in Greek statistics before 2010.
-The Wall Street Journal Investigation (2010): "Goldman Secret Greece Loan Shows Two Sinners." Details the currency swap deals arranged by Goldman Sachs for the Greek government in 2001 that hid billions in debt.-European Parliament, Committee on Economic and Monetary Affairs (2010): "Report on the future of European supervision of financial activities." Includes testimony and documents on the role of investment banks in disguising sovereign debt.
-"And the Weak Suffer What They Must?" by Yanis Varoufakis (2016): The former Greek finance minister provides an insider account of the structural flaws of the euro and Greece's entry, detailing the overvaluation and political pressures.
-IMF Working Paper, WP/16/130: "The Enforcement of the Excessive Deficit Procedure: A Political Economy Perspective." Discusses the political constraints and lack of enforcement of EU fiscal rules prior to the crisis.
-European Consumer Centres' Network (ECC-Net) Report (2002-2003): Multiple national reports, particularly from Greece, Italy, and Spain, documented widespread price increases and rounding up during the cash changeover.
-Bank of Greece, Economic Bulletin No. 19 (2002): "The Introduction of Euro Banknotes and Coins." While official, it acknowledges "adjustments" in pricing structures and the psychological impact of conversion.
-Academic Study: "The Euro Changeover and Its Effects on Price Perception and Consumer Behavior" (Journal of Consumer Policy, 2007): Empirical research confirming significant and persistent price increases in service sectors and small goods in Greece and other southern European states post-changeover.
-Greek Consumer Union (KEPKA) and Institute of Consumer Goods (INKA) Reports (2002): Extensive price tracking surveys showing specific examples of products (coffee, bread, newspapers) doubling or tripling in euro terms compared to their drachma value.
-Bank of Greece, Financial Stability Reports (2005-2009): Successive reports show the explosive growth in household credit (mortgages and consumer loans) and the increasing exposure of banks to the domestic private sector.
Hellenic Capital Market Commission Reports: Document the volatility of the Athens Stock Exchange and the high participation of retail investors during the bubble period (1998-1999).
-"The Great Financial Crisis in Greece" by Aristidis Bitzenis and others (2016): A scholarly analysis detailing the causes of the crisis, including a section on the role of domestic banks in aggressive loan expansion and the marketing of high-risk bonds to the public.
-Greek Parliamentary Committee on the Debt Crisis (2015): The "Truth Committee on Public Debt" interim report cited the mis-selling of complex derivatives (swaps) and bonds to public entities and municipalities, which later generated massive losses.
-Media Investigations: Outlets like Reuters and Kathimerini have run numerous stories on the "Swiss Franc loan" scandal, where thousands of Greeks faced soaring repayments after the euro fell against the CHF. Court rulings in Greece and the EU have since deemed many such loans abusive.
-IMF Independent Evaluation Office (IEO) Report, "The IMF and the Crises in Greece, Ireland, and Portugal" (2016): A devastating critique admitting the Fund's failures in Greece. It concedes that fiscal multipliers were underestimated (leading to deeper recession), debt sustainability was not realistic, and the program focused too much on internal devaluation.
-European Parliament, PANA Committee of Inquiry (2017): Reports and hearings touched upon the social impact of austerity and the conditionality of memoranda.
-The Three Memoranda of Understanding (MoUs) themselves (2010, 2012, 2015): Published by the European Commission. These legal documents are the primary sources for the exact measures: wage cuts, pension reforms, VAT hikes, layoff targets, and privatization mandates.
-ECB Legal Acts and Press Releases: The decision to discontinue the acceptance of Greek bonds as collateral in 2010 and the critical announcements regarding Emergency Liquidity Assistance (ELA) to Greek banks in 2015 are matters of public record on the ECB website.
-Eurogroup Statements and Transcripts (Leaked and Official): Particularly from the period of June-July 2015, revealing the political pressures and ultimatums placed upon the Greek government.
-Hellenic Statistical Authority (ELSTAT): Official data series on GDP contraction (over 25%), unemployment rates (peaking at 27.5%), and youth unemployment (over 60%).
-Eurostat Databases: For comparative data on poverty rates, income development, and social inequality in Greece versus the EU average from 2008-2018.
-Lancet Studies (2014, 2018): Medical journal publications, "Greece's health crisis: from austerity to denialism" and others, documenting the rise in infant mortality, suicide rates, mental health disorders, and the re-emergence of diseases like malaria due to healthcare cuts.
-OECD Economic Surveys: Greece (2013, 2016): Detail the collapse in nominal unit labor costs, the fall in minimum wages, and the deregulation of labor markets.
-Bank of Greece, Reports on Migration Flows: Official data confirming the net emigration of over 450,000 citizens, predominantly young and highly educated, between 2008 and 2018.
-OMEGA Research Centre, University of Peloponnese: Studies on the "new poor" and the phenomenon of "energy poverty" that afflicted over 30% of households during the crisis.
-IMF Country Report No. 12/57 (Greece: Debt Sustainability Analysis, March 2012): The official DSA prepared for the PSI, detailing the scale of the haircut and the projected impact on different bondholder groups.
-Hellenic Actuarial Authority Reports: Document the massive losses suffered by social security funds due to the PSI, which degraded their reserves and directly led to the need for further cuts and state subsidies.
-Bank of Greece, Annual Report (2012): Details the near-collapse of the banking system post-PSI and the subsequent recapitalization process using funds from the Hellenic Financial Stability Fund (HFSF), which was financed by bailout loans.
-"Austerity: The History of a Dangerous Idea" by Mark Blyth (2013): Contextualizes the Greek crisis within the broader, ideologically-driven experiment of expansionary austerity.
-"The Euro Tragedy: A Drama in Nine Acts" by Ashoka Mody (2018): A comprehensive historical analysis by a former IMF official, detailing the design flaws of the euro and the mishandling of the crisis, with extensive focus on Greece.
-Nobel Laureate Economists: Both Paul Krugman (NYT columns, blog) and Joseph Stiglitz ("The Euro: How a Common Currency Threatens the Future of Europe," 2016) have written extensively on Greece, critiquing the austerity response as self-defeating and politically motivated.
-Centre for Economic Policy Research (CEPR) and Bruegel Institute: Numerous policy papers and analyses from these leading European economic think tanks have dissected the failures of the Greek adjustment programs.
