The Argentine scenario playing out in Syntagma Square follows a well-rehearsed plan whose sole outcome will be depression and misery for the Greeks no matter what their captured politicians say or do next. Things are never as they seem, even the banks with functional local names belong to someone else and pose as subsidiaries.
Most of the noise in Europe against the ‘bailouts’ emanates from Berlin but that too requires a second look due to the underlying ties of a banking sector gone mad. The Scylla and Charybdis myth begins to make a lot more sense from this objective viewpoint, there’s no going back, many will be eaten alive by the paper monsters.
National treasures lined up for the selloff to clear a bit of odious interest haven’t found many takers of note either, so far, they too know the other myth of Odysseus and the Siren’s Song, inviting the unwary traveler to change course and head straight for the shore and a rocky death. Greeks, including the entire diaspora will make it their holy mission to destroy the banker destroyers for incalculable future generations to come.
Barry Ritholtz fairly encapsulates the reality of the moment;
“Whenever you hear a Bailout being discussed, look to see who it is that is actually being bailed out. It is not the Greek people or even the Greek government — rather, it is the creditors of Greece. These are the banks mostly in Europe, primarily in Germany and France, but also includes Japan, China and the US.”
The Financial Times is playing both sides against the middle;
“Crédit Agricole S.A. (“Crédit Agricole”) has submitted to the Hellenic Capital Markets Commission (HCMC) a project to launch a voluntary public tender offer for the remaining portion of the share capital (4%) of its Greek subsidiary Emporiki Bank of Greece S.A. (“Emporiki”) which is not yet held by Crédit Agricole SA and Sacam International SAS (“Sacam”) at €1.76 per share.”
The ‘only’ issue nobody is talking about is illegal migrants, millions that the EU forced the Greek government to take in. Some are gainfully employed but most have their sights set on entering greater Europe and it’s perceived social safety net but in the meantime, they have turned to hard drug dealing pursuits and many other nefarious survival tactics. It’s anybody’s guess how long before that powderkeg goes kaboom!