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Euro summit/Debt rescheduling

The 'Los Angeles Times' refers to the USA as the "United Debt Republic"; the magazine 'Salon' considers "Madhouse America" to be more accurate. The USA has debts of almost US$ 60 trillion, and things look much the same in Europe.
The explicit debt of the countries of the European Currency Union alone comes to approx. € 10,000 billion, and if the implicit debts are added, this figure is quadrupled, i.e. about € 40,000 billion. With regard to the whole of Europe, the figures are even worse, because the countries which do not belong to the European Currency Union have debts, too and the bank-rupt currency of the Euro hardly strengthens currencies. Prior to the introduction of the Euro and during the transition, the individual national currencies were not devalued, which would have been necessary in order to at least ensure a sound financial basis in view of all the different circumstances of these countries. Instead of creat-ing a genuine community, politics saw fit to transfer the mountains of debt of the individual countries into the community in order to cover up abuse and mismanagement and to strength-en political power – this was of little benefit to the Europeans.
This political gambit alone goes to show the interests pursued by politics. The full extent of political mismanagement can be derived from the fact that politics in order to maintain power is even prepared to break the rules created for the union. The limits for new debt and total debt laid down in the stability pact – here referring only to the explicit debt – were not observed but weakened. More countries were allowed to join the union almost at random (it was not even checked whether the debt limit was up to the budgets), although these countries clearly could not meet any of the standards. Former Chancellor Schröder and his vicarious agent, Federal Finance Minister Mr. Eichel, thought that they could override any limit. Such horrendous mistakes like the circumvention of the stability pact and the negligence when reviewing the admission requirements for Greece, should not have been allowed to happen at all. In the view of the people, and irrespective of all formal legal assessment possi-bilities, the politicians of Germany, and of the whole European Currency Union, can justly be referred to as Eurothugs, also because of the decades of mismanagement during the time before the union's creation.

The Euro packages put together over recent months for rescue measures in the form of subsidiary liabilities by means of bank securities, guarantees and sometimes also cash payments, which in turn are made using loans, have culminated in the fact that the existing rescue pack-ages with a total volume of € 1,620 billion will now be topped up again with a further € 157 billion. This was agreed at the Euro summit on 21st July 2011. The complete rescue package volume of the supporting countries of the EU therefore amounts to € 1,780 billion right now.
It is now a matter of additional aid for Greece, a new European currency fund. This rescue fund, the European Financial Stability Facility (EFSF) confers further powers through the new rescue package. This facility may in future buy loans from debtor countries on the open market, thereby providing relief. The fund can also grant lines of credit to other problem count-ries as a precautionary measure, in order to prevent speculation. The new EFSF has a volume of € 440 billion. As early as this year, the Euro-states intend to set up from this fund the de-finitive rescue package for the Euro by means of a treaty between the member countries. The German Bundestag must then give its consent to the agreements made in Brussels, and ratify this treaty. This however will turn the Currency Union, also in the case of Greece, into a lia-bility community heading in the direction of a transfer union, partly at least. If Greece goes bankrupt in the near future despite all the aid – and that is quite conceivable – the countries of the European Currency Union will be liable for a major part of the Greek debt. These liabilities will then become payment obligations, and in this case it is clear how much of this will land on Germany's doorstep.
A Marshall plan for Greece should, according to the intention of all EU governments, help the Greek economy back on to its feet. Exactly how this plan is supposed to function remains unclear. The press has reported that German industry should become involved, and the Bundesverband der Deutschen Industrie (BDI) may organise an investors' conference. Help is to be provided above all with the privatisation of stateowned businesses, because the savings measures which were necessary to obtain rescue package funds are stifling the economic performance of the country (decline of 5 % as at 2010), which in view of reduced revenues has few possibilities of paying off debts.
With the possibility of exchanging Greek bonds for EFSF bonds, part of the debt obligations of Greece are transferred to the EU. One initial variant is the socalled Eurobonds, by which all countries become liable for the debts of individual countries. Germany has so far entered into this obligation with guarantee promises for the fund to the level of € 190 billion. This obligation will increase if one of the problem countries such as Portugal, Ireland, Greece, Belgium, Italy, Spain (and France) goes bankrupt or has to have its debt rescheduled, at which time Germany will have to pay.
At the present time, nobody is in a position to estimate how severely the German national budget will be affected by these payments.

This will not be helped by any optimism which the German press is trying to spread; at the moment the system is still running only because the debtor countries are servicing their debts. The press even writes about interest revenues, which do in fact exist, although in comparison to all the debts they hardly come into the balance, and the clouds are already gathering on the horizon. All the loanfinanced cash payment obligations, the enormous securities and guarantees, and therefore all the subsidiary liabilities in the countries of the EU will sooner or later lead to bankruptcies. A domino system. The question is: When will the first one fall?
Economic experts see no end to the debt crisis because of the completely inadequate debt rescheduling of the thus inadequate debt relief. A devaluation of Greek bonds by half, and the voluntary or even compulsory participation of the banks is considered the right move, although this has not yet come about. In view of the weak development of the economy, the Greeks are not in a position to start servicing their debts. It is feared that all countries of the European Currency Union will become jointly liable for the debtor states. This is dangerous however, and could lead to a spreading of the debt crisis to other countries, because it will signify to the debtor countries that severe savings measures with strict reforms and strict budget management no longer appear to be absolutely essential. Nevertheless, Greece will soon be rid of around 20% of its debts (of € 340 billion). The repayment periods have been extended and the original interest rate to be paid has been reduced by one percentage point. By this means, the moment of the crash has been postponed; a plaster has been stuck on the political interests in power, which must be stinging quite painfully on the skin of economists and Greeks.
Overall, it can only be said that with the Euro summit of 21st July 2011, a new abyss now yawns wide in the valley of the Euro. The conditions for the supporting countries are grotesque, and do not correspond to those which would be agreed upon by professional busi-nessmen. According to the principles of professional businessmen, extensions of repayment periods and interest rate reductions cannot be in the common interest. They can only be of interest from the point of view of politicians to ensure their survival. They are not in the interests of the people of the countries.

In this context it is also interesting that the problem for European politics within the European Currency Union of the dependency of the Euro market (the money market as such) on US rating agencies, so hotly discussed recently, led to the idea of creating European rating agencies (or direct European supervisory intervention). Fortunately a flash in the pan, after the previously hostile ECB also accepted a downgrading by the rating agencies for the period of the restructuring in view of the concerted interest situation, and it therefore no longer stands in the way of voluntary additional support of private creditors, but even intends to continue to accept government bonds of ailing countries as securities.

If the guarantee, a state guarantee, for supposedly safe German savings and giro accounts is to be provided for a third time by the government (first on the outbreak of the financial crisis in 2008, second on 15./16.12.2010 in connection with the last Euro summit but on one new rescue package resolutions and now at the last Euro summit on 21.7.2011), then it must be emphasised that Angela Merkel with these words broke faith three times, because never did she have any valid parliamentary resolution for these statements. This would have had to be in writing, but does not appear in the Bundestag's records. As the voice of the people represented by the federal government, Angela Merkel has guaranteed something which nobody could have guaranteed, and cannot do to the present day. This guarantee was intended to prevent the flight of capital and collapse of markets, and in the end this sleeping pill also served to preserve the power of the government. Perhaps this way it should go unnoticed that the total debts which have been piled up by all federal governments now amount to twice as much as the total financial assets of the German people. Seen in this light, the assets of the population have never been safe. Lying to the people of the country once might in view of this situation have been acceptable, acceptable, not excusable; lying a second time reveals how much Angela Merkel's government is on the ropes in Europe, which however does not appear to alarm anybody in Germany; lying a third time confirms deliberate intent, and somehow also the insight that the people would swallow it. And they are swallowing it – aren't they?
Alliance for Democracy believes that the Germans do not deserve such a chancellor. Nor do the people of the European Currency Union. Such a policy must urgently be controlled and contained. It is negligent, and has proven that indirect parliamentary democracy serves only politics itself. It has proven its inability to exert any control over a free market economy or ensure the monetary basis while maintaining at least consistent buying power. This can only be counteracted by the will of the people in the form of referenda.
On the 2017 Federal Elections
No Restraint
The IMF
Trump’s Election is a Warning for Germany’s Political Parties
Year-End Selection of Texts
CDU Party Congress 2016
IMF Crisis Management a Failure
Deployment of the Bundeswehr in Germany
Crucial Test with International Implications
Ever Closer?
On the 2016 German State Elections
Revealed: Colossal Public Fraud in Germany and Europe
Nettlesome Politics
The Press
As We Begin 2016
Legal Action
Clever Shifting Tactics
New Charges in an Ongoing Saga
Evil under the Sun – The G20
Political Paradox
Game over for Merkel
The Greeks are making history
Clash of the Titans
Elmau
FIFA Roulette
The Beast Roars
The Silver Lining
Pulling in Opposite Directions
The Deafening Silence
Texts on the liquidation of the euro
Wasting Time
New Rules, Same Impetus
Call in the Army
Politicians Run from Themselves
Tax Policy Loopholes
Europa without the Euro
Alternative to the Euro
Hellas
Easter 2015
Deflation
Tidying Up
Insolvency Statute
Heiner Geißler
Germany Corrupt No More
India’s GDP growth
PEGIDA
Rescue Fever
Unbridled Power
Heaven on Earth
Getting down to the Nitty Gritty
1-0 in Favour of the Opposition
The Junk Currency
Oil War 2014
Golden Goodbye
The Ukraine Aid Debacle
World Tax Authority
Demonstrations in front of the ECB
Promises and Trust
Democratic Deficits
Nothing is safe
Fit for a Museum
At Christmas 2014
Family Voting Rights
Clueless Advisors
Pension Debacle
The Balanced Budget Lie
The Wimpy Currency
Acid Test
Two Very Different Issues
Who is Ruling the World?
More Clandestine Employees
The Recession Principle
Is This Really Better?
Kohl and Merkel
Debt Brake Debate
Reforms
Merkel and the democracy
Tax Losses
Totalitarian Collectivism
Regrettable Incident
Wulff’s Attorney Brings New Legal Action
The ECB in the Crossfire
Former Constitutional Judge Sceptical
A Lovely Gathering of VIPs?
German Banks Need Money
Stumbling Match
Deutsche Bank under Pressure
The Crow …
Papier‘s Morality
Shot in the Arm for the Economy
Political Crime Novel
ECB Soon to be the Eurozone‘s only Bad Bank
Demonstration for Democracy
Award for responsible action
Recommendations in case of a crash
Final move
European rating agency
The last elections
Hartz-IV is enough
Mr. Putin, please cry!
No longer worth anything
Free trade agreement
1st September 2014
The election in Saxony
Special European Summit
Bankers are counting on it
Debt cut á la state
Immigrants criticised
Unbelievable assets
Bundesbank closes Money Museum
Lawsuit against bank union
Only the penitent …
Sustainability
ECB stability report
Cowardly warriors
The financial industry has learnt nothing
Bribery of MP’s
They are also blind on 2.
The Stability Pact
Avoid Obama
Thoughts on Merkel's birthday
Megalomania’s children
Niebel’s Low Points
On László Andor’s speech
Snowden should say nothing
Reduction of interest rates
OECD report
A great blunder
Germany as a driver of growth?
Farewell, housing allowance
Sick health service
The EU Commission knows about popular deception
Draghi gives a warning
Self-praise stinks
A forced affair of the heart
Drawn from left to right
Hollywood
The aftermath of an election
65 years of the Basic Law
Hypocrisy
Who will save the life-insured?
Minimum wage
Minimum Wage I
Minimum Wage II
Minimum wage III
Minimum wages IV
The minimum wage V
Arise for revolution
The European elections are an act of dictatorship
Switzerland and Europe
Protection of the Constitution and services
The impossible triangle
The standard pension
Schäuble tricks again
The old “Welt”
The Union wears the trousers
Zeroes – commas – nothing!
Book publication
Court Condemns Politicians
The highest German court
Parties for the European election
Freedom of the press
Dispensation from obligations
European Elections
European election
The resurrection of "doctor" Schavan
Per capita assets
Federal Constitutional Court – Accrued gain and provision
ESM - ECB - the flood of debt
The hysterical Republic
Review proceedings against Wulff
The own goal of the High Court
Judges helpless
Schavan and zu Guttenberg
Human rights
Counterfeit money and false fifties
Fight against tax fraud?
New fellow citizens
So many ministers
Democracy the Turkish way
But will every European pay?
Data protection
Tax havens
Free Trade Agreement
Data thieves at work
Expropriation of the citizen
Soon without cash
NSA Investigation Committee
Dutch rating agencies
Officials in the German Bundestag
Snub for banks
Repeated deception of the people
De-dictatorisation
GroKo = Große Kosten (great costs)
The sluts of the SPD
What the grand coalition will present to us
Federal Public Prosecutor versus the NSA
The new “tithe”
The people’s sense of justice
Trauma of coalition negotiations
When will it finally come, the Constitution for the united Germany?
Investors and savers
Finally, Mr. Ströbele
Church and State
Left party politics
Is the Constitution democratically legitimised?
Needs must when the devil drives
Wiki-Leaks +
The CDU and its donors
State of emergency
High finance and party-politics
People and stock market
The person and their office
With full intent
Elections
Private retirement provision
It’s all about the quota
Deception over the Fiscal Pact
The failure of the government
Not really more money for the unemployed
Surpluses in health
Euro rescue by means of inflation
Asylum for the Chancellor
Discussion over democracy
Complaint against ...
The apparent vote ...
Courage, Mrs. Merkel!
Paid E-mailing
Only one month to go
Siegfried the Brave
Draghi wants more...
Fraud by forecast
Germany illegitimate
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Left out
Youth unemployment
Public relations...
Leaders in politics
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Berlin Joint Welfare...
The casino of Cyprus
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Employees of public...
Bank union
lose links and ...
Democracy in Germany
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False average
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Gauck
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The female quota
G-20
News about the Euro rescue
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Stalemate in Italy
Merkel’s interests
NPD ban
Rating agencies
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Political control
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Spain in the trend
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Goodbye, Greece
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ZDF
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€ 8 more
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Gabriel goes underground?
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ESM
Germany is bankrupt
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Top experts
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Angela's wrinkles
Vultures gather
2011- System correction
Rating Agency Foundation
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Leading politicians
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Membership fees
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Business–Banks–Politics
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State Trojan horses
Petitions ignored
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Bonds by the ECB
Member states
No access
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Transparency
Sponsorship funds
Development aid
The transfer procedure
GER is doing itself away
Rescue packages
Supercrash in USA and EU
The 'Soli'-Lie
Vladimir Putin
A plea for direct democracy
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More control
Flight of capital
Euro summit
It's war
The C in CDU and CSU
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Germany getting screwed
Investments in countries
The illusion of a ...
General statements
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GER-insurance society
Debt brake
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Retirement provision
Medal of Freedom
Euro-thugs / Polit-thugs
We are the people
Security authorities
National debt and ...
Apology from the bankers
The Merkel Adventure
Party Competences
Chancellor
The East-Mark, ... ,Euro
Sister Merkel
Ruck-Rede & Oath of Office
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Rescue Reactor
Euro rescue
Japan
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