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Home arrow In Brief arrow €uro never faced a 2009 Crisis says Greek Top Politician f.MEP Samaras : Calls to check 1981-2001

€uro never faced a 2009 Crisis says Greek Top Politician f.MEP Samaras : Calls to check 1981-2001

Written by ACM
Tuesday, 21 September 2010

In fact, Euro € Monetary System never faced a real Crisis, because what happened back in 2009 , was only an Articficial Exploitation of 1980 - 2001 Darkspots stemming from the Past of a pro-Euro period, long before the creation of the € Currency, and all these grave errors or even crimes committed against not only Greece but also Europe at large must be clearly elucidated now, when a whole Historic Period concludes (1981-2010), the new Leader of Greece's main opposition party of ChristianDemocrats/EPP de "New Democracy", former Minister and MEP at EU Parliament in Strasbourg, Nicos Samaras, stressed in substance, (reminding  when EuroArea was threatened by exagerated percentages Markets asked to lend Money to the current Greek Government after it anounced a Bigger Deficit than expected, until EU created a Double Protection Mechanism, one for Greece's urgency and another, bigger one, in order to prevent any eventual Speculation vis a vis any EuroZone Member States, that proved so Succesful that it didn't even have to trigger it yet).

- "We need Sharp Truths" to "change People's Anger into Hope" with a "Revolution of Consciousness", because Greece and EU "needs a Big Bang" to foster "a shock of Competitivity, Investment and Innovation", "now that a whole Historic Period concludes", underlined, among others, in a landmark speech at Thessaloniki's International Economic Fair, followed also by several other relevant statements and developments on that issue shortly afterwards.

Several MEPs, who commented Samara's statements, during EU Parliament's Plenary Session in Strasbourg, including Experienced long-time MEP, and former Minister, Marietta Giannakou, Member of ChristianDemocrats/EPP's Bureau, etc., attracted "EuroFora"s attention to the original sources in Greek language, from which we publish in English certain selected key parts on this growing Controversy on €uroZone's real Strength (apparently even bigger than routinely said), in order to stir Public Debate :

- In fact, "PASOK .. inflated the Deficit's real numbers during the last 3 Months", because, "with the Measures already anounced" by the previous, ND Government of Costas Caramanlis, "last Year's (2009's) Deficit would close to 9,9% at the outmost".. But "the PASOK Government cancelled those Corrective Measures, transferred Revenues of 2009 to 2010, and wrote Expenses of 2010 inside 2009, (etc), so that, with "methods of Creative Acounting" it (artificially) augmented the 2009 Deficit for more than +3,7%,, (artificially) inflating it from 9,9% to 13,6% !", he denounced.

 + But, even that, wasn't enough in order to provoke a Crisis :   - "Loans' interest rates, .. on October (2009), when the PASOK Government took over, the so-called "Spreads" were just  at 130 units. On November (2009), when a 2-digit Deficit number was anounced (See supra), Spreads still were at about 180 units. Even at the end of January (2010), Spreads were around 200 units". It's only "afterwards (that) they exploded", jumping up to more than .. 800, and "now they are at Third World levels of 1.000 units...", he denounced. 

                                                                                                                                                                                                                                                                                                                                   - These facts prove, according to Samaras, that "the Truth is .. that PASOK (i.e. the current "Socialist" Government) inherited a Deficit Similar to what exists also elsewhere in Europe, and it changed it, on its own Responsibility, into an unprecedented Crisis of Borrowing, unique in Europe !", he denounced.


- Even "on January 2010, Global Markets offered large possibilities to borrow Money, enough to cover up all (the Year) 2010", "waiting for the Government to take some decisive measures. Even "from January up to March 2010, foreign Markets offered us, for more than a Year, more than 43 Billions €, from which we took just 14 !", he criticized. "Up to January, Markets still trusted Greece for Lending", but it's only "afterwards (that) they fully lost all their trust to Greek (Government's) bonds", he observed.

 - Things were agraveted because, "instead of taking certain (necessary) Measures immediately", on the contrary, the current Prime Minister Georges "Papandreou was  running in Greece and abroad, himself and his counselors, claiming that the Economy was in Intensive (care), that Greece was the most Corrupted Country in the World, that we are at the "Titanik", ready to drown", etc. so that "a Deficit Problem, similar to that of many other other European Countries, into an unprecedented, never seen before, Borrowing Crisis" at the beginning of 2010, he concluded.

- But "Truth cannot be restricted, cut into pieces, or be closed in a kind of jail", Samaras also stressed, firmly reiterating calls for a Full Investigation which won't be limited only into a few Years time, but extended all the way up to the Decade 1980, without which nobody can have a clear overall view of what really happened, finally congratulating the fact that the current Prime Minister, George Papandreou (PASOK) just accepted to make "a 1st Step" by extending Investigations to come for "some years more", even if it's largely insufficient yet (See supra).

Papandreou accepted to "include the 2001 period, when (USA's) Goldman Sachs participated in shaping the Data presented for an (earlier than normal) entry in the €uro-Monetary System", observing that "the Investigation will arrive up to that period", but, reportedly, "clearly implied that it wasn't going to reach up to 1981", because, "as he characteristically said :   - "We won't right a History Book !"...

However, meanwhile, former Prime Minister Costas Simitis (PASOK), reportedly reacted by saying that, if 2000-2001 period should be investigated, then, the enquiry should also extend at least since 1996-1999...

Unless an EU Parliament or other EU-inspired Investigation clearly asks to ensure that all the Truth will be known, since 1981 if necessary, on all relevant Facts able to provide a reply to the question what really trigerred €uro's 1st, unprecedented Crisis, which required for the EU and EuroZone to organize many Summits and take several Measures before it succeeded to put the situation under control in mid 2010...



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