Sunday, July 22, 2012

Fall of Greece

The Fall of Greece: a Portent for Britain

Nick Griffin MEP receives a high level of mail from people suffering hardship due to the Coalition Government’s severe cuts in public spending; misery caused as a consequence of the irresponsible financial gambling of greedy bankers.

It is not surprising that the British people should turn to us for empathy and action, given that the British National Party is the only political organisation to have consistently warned over many years that European integration and global capitalism would bring Europe to its knees.

While the crisis caused by Europe’s embrace of the neo-liberalism and globalism is beginning to impact on the British people, Britain has yet to face the full force of the storm. In Greece, however, the heavens have already opened and the Greek people are drowning in the downpour unleashed by the disintegration of the foredoomed European Euro-Zone project.

In this week’s correspondence, Nick received an enlightening letter from a Greek small business owner, describing how companies linked to the Greek health sector are reeling from the impact of the Greek government’s EU-determined austerity programme, and asking if the MEP could help.

Around 15,000 small-scale Greek private investors have been crippled by the Private Sector Involvement (PSI) debt-swap scheme, tied to the release of the EU and International Monetary Fund’s second multi billion Euro bail-out package for Greece. This PSI agreement forced private investors to accept the write-off of 53.5 per cent of the face value of the Greek governmental bonds they were holding. Their state bonds have been swapped for new ones of longer maturities which are governed by English rather than Greek law. Taking into account the loss of earnings on the written-off money, investors will incur an actual loss of 75 per cent of the value of their investment.

Many small companies have also suffered as a result of the PSI “haircut”. The despairing health sector supplier asked the MEP in his letter: “Are you aware that in the Greek Health Sector between 2008-2009 purchases from companies were paid by the Greek Ministry of Health in bonds maturing in 2012-2013? The inclusion of these bonds in the PSI haircut represents an unprecedented crime against small companies. It will be impossible to find banks prepared to continue to finance our operations when suddenly we hold bank loans that total far more than our covering bonds are now worth. Thousands of jobs will be lost if a solution is not found. Can you help to revoke this lunatic EU action?”

Commenting on the collusion between the Greek Ministry of Finance, the European Union and the international banking sector which has brought about this disastrous situation, Nick Griffin did not pull his punches in his response to this plea for help. “These people are all either crooks or madmen - sometimes both. I assure you that very many people, including some MEPs, feel great sympathy for Greece and the Greek people, who are being crucified on the fool’s gold Euro. Unfortunately, those of us who understand the injustice of all this are at present in the minority, so the only hope the people of Greece have is to retake control of their own destiny.

To join the Euro, Greece was forced to borrow at least twice what it could ever afford to repay. It is long past time for the Greeks to stop their nation being crucified for the economic sins of Brussels, especially as, in the end, there is no doubt that Greece will be forced to default on its debts. Greece will remain trapped in a cycle of decline, with a shrinking economy and rising unemployment unless it rejects globalism and withdraws from the Euro-zone. Globalism creates trade agreements with emergent economies with which no European country can compete and the austerity programmes imposed on Greece are strangling the Greek economy.

Nick Griffin is in no doubt that for economic growth and increased employment to be achieved in Britain, we must also abandon the EU’s neo-liberal economics of open markets, unfettered competition and immoral international banking. “The crisis in Europe is spreading. British banks are so exposed to the shambles that the people of Britain too will soon be paying the price for decades of treason and folly by the mainstream parties, especially the plastic patriot Tories.

Read more at British National Party Television

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