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On the subject of Greece

Greece has been down-rated
The "Rhein-Neckar-Zeitung" reported on 14th June 2011 (p. 1) that "Standard & Poor's" had down-rated Greece's creditworthiness to "CCC". The rating, which was actually changed on 13th June, brings Greece perilously close to the worst possible rating of "D". That would mean payment default. Such a rating would prevent the ECB from accepting Greek government bonds as security, and also politics and taxpayers coming to the rescue as a fire service, since the banks would stop paying out money. The agency thinks that Greece will continue to receive additional funds from the countries of the European Currency Union, although only with the participation of private creditors. Perhaps in the form of a long-term restructuring of Greek debt, which would guarantee de-rating to "D". For the ECB this would be the last step before the complete bankruptcy of Europe. This puts the world of politics on the horns of a dilemma; politics which depend on the banks. According to Greece, the rating agencies would not take notice of any discussions between the EU and IMF, since these would only want to talk about a further rescue package, which for the Greeks means having to make more cuts than have been made already. On 14th June 2011, the EU Finance Ministers in Brussels wanted to consult further on the rescue of the Greeks. The discussion agenda included a further rescue package amounting to € 90 to € 120 billion.

The Greeks should decide
The "Bild-Zeitung" reported on 8th June 2011 (p. 2) that "the Greeks should decide on savings measures by means of a referendum". The Prime Minister Georgios Papandreou plans that the people should decide on wage reductions and tax increases, in order to achieve the "greatest possible consensus" on the savings measures and reforms. German banks meanwhile reduced their "holdings of Greek government bonds from € 15.76 to € 15.48 billion". Other countries of the EU Currency Union have also been offloading their bonds: French banks reduced their holdings of Greek bonds "from € 18.42 to € 10.23 billion". The Italians "sold one third of their holdings" (from € 2.25 to € 1.57 billion). "The banks of the remaining EU countries offloaded two-thirds of their bonds, reducing their holdings from € 15.62 to € 5.25 billion.

The Greeks are emptying their coffers
"Bild" reported on 11th May 2011 about the Stadtsparkasse München, which from now on is providing consultancy for customers in Greek, stating that almost 500 Greek customers had opened an account with them, and many others, in the interests of their families, wanted to find out how to open an account. The "Rhein-Neckar-Zeitung" reported on 25th May how the Greeks "wanted to withdraw their savings and transfer millions abroad, in the fear of national bankruptcy". It is senseless to keep one's money in bankrupt countries. Germany is no better off than Greece – anyone who wants their savings to be safe must deposit them in Switzerland or Luxembourg, or in offshore havens such as the Bahamas or the Cayman Islands.