OXI and its Aftermath

Democracy, n. A system of government under which a country's future is decided by the EU and the IMF.

Austerity, n. A technique for siphoning money from the poor to the well-off, the banks etc. Used to make the vulnerable pay for the mistakes of others.

Referendeum, n. 1. A popular vote which is only valid if it goes your way.

2. An evil crime against your true rulers which must be punished by even more austerity.

Debt relief, n. A total impossibility even though it would allow Greece to recover but it ain't going to happen as it means admitting austerity is wrong and the 1% do very nicely out of austerity thank you and how dare you even mention the fact that a large part of Germany's debt was cancelled in 1953 allowing them to become the great nation they are today.

Agreement, n. A chance to completely humiliate a country so as to cause even more misery for ordinary people and, hopefully, bring about regime change so no-one will ever question your right to make money again.

(published via Facebook as EU Dictionary)

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Saturday night was one for ear plugs. No, not because of the uncertainty about Greece's economy, local unrest, the closure of the banks, the media frenzy and horrifying speculations, but because there was a Baptism at the Kentro on the hillside and loud music and celebrations were taking place all night. At 03.15, a loud noise sounding like a lorry falling off a bridge turned out only to be a drunken reveller blowing into the microphone before tuning into a long, loud lament. So after I had woken up with a jump and scouted round the house for a bit, I adjusted my earplugs and tried to get back to sleep. It is very hot at the moment but the tourists are enjoying the beach.

So we checked at intervals during the day via on line newspapers, TV and Facebook, to find out what had been decided. Facebook and Twitter started to get full of invective about selling off the country's assets. The electricity, the water, the Acropolis and so on … the family silver …. Hang on, I thought, the UK did all this decades ago. The UK's had French electricity companies and foreign interests in fuel and food for a while, so how did all this happen to the UK without such a furore? Perhaps we Brits have been beaten into submission from an early age and realise that it will be a fortunate person who emerges from debt during their working lives and gets to live without feeling obligated to some powerful organisation to which megabucks is owed. However, much damage has been done to the unity of Europe and this is to be regretted. I hope that it will not create a backlash for German ex pats and companies in Greece, because there are old, festering wounds that were beginning to be just beyond living memory and all this has stirred things up in a horrible way. That the unelected Committee of the EU can convene on the quiet in order to plot and interfere with the democratic mandate of a member nation and manipulate and threaten its Prime Minister into accepting worse terms than the population were opposed to in the first place, is scary. Other European nations need to take note of this pantomime and make contingency plans!

Another comment from Facebook: "The monetization of assets will be a source that made scheduled repayments of the new loan and the ESM to be created during the term of the new loan total of 50 bn. Euros, of which 25 bn. Euros will be used to repay the recapitalization of banks and other financial assets and 50% of every dollar that remains (ie 50% of the 25 billion. euros) will be used to reduce the debt to GDP ratio and the remaining 50% will be used for investment. This fund will be established in Greece and the Greek managing authorities under the supervision of the competent European Institutions."

So let me get this straight. Greece borrows 50 billion from the banks, gives back 37.5 billion to the banks and invests 12.5 billion, presumably into the banking system.

Am I missing something here?

We are all missing something. It's a system that cannot possibly work for anyone other than Bankers. Have we heard any update on this year's bonuses?

I had a Dental appointment in Rethymnon on Monday morning. I heard two elderly ladies talking and saying that they could not get their 60 euros today because there was nothing in any of the Banks and to be honest the banks never had 10 euro notes, so 50 was the limit. In practical terms, the bother with the banks is the major problem right now and it is the locals who are taking the brunt, since tourists are not affected. On a local level, we know that the shop keepers would not bat an eyelid if people could not pay for groceries until next week. Most people do remember and settle up when they can. K and I went to Perama to get lab tests done and visit the Health Centre. We are back to this because the doctor who held a weekly surgery in our village for the old folk had to stop. The shortage of doctors and lack of pay meant that she had to move elsewhere. We managed to get money from the ATM in Perama, but there were queues of confused elderly people who had never used an ATM before and had no idea what to do. They are used to queueing up in the Bank and talking to people. It is all very hard for them, but they are hardy types and will survive. It is the elderlies' pension money that is keeping entire families afloat at the moment since there are no welfare payments for the unemployed, sick or disabled and never have been. The shops were all well stocked though, and the fruit and vegetables are at their peak at the moment. Tourists need have no fear that their holidays will not be as good as ever since all the Greeks know that this is their only bread and butter and will bend over backwards to welcome them.

Rik the Builder turned up while I was at the Dentist this morning bearing gifts from his kitchen garden. The soil is so fertile in sunny Crete that we will never starve! His harvest meant that he had more veggies than he knew what to do with. Wonderful stuff which means I will be cooking and preserving tomorrow. Thank goodness for the larger freezer. With only a Greek bank account Rik is completely walloped at the moment since lots of ex pats had building work done and they are unable to transfer money from outside Greece into Greece to pay for it. In the short term, he is owed thousands. On the plus side, his lovely wife has unexpectedly found some new part time work, so they are OK for now.

We are not sure how this will all pan out, but the idea of Europe being chummy allies has been badly damaged and we realise now that we are ruled by large conglomerate organisations and banks. Shylock will be taking his pound of flesh for many years to come.