BREAKING…..WHY IS THERE A €15BN BLACK HOLE IN THE GREEK BANKING SYSTEM? Answer: Because the EC and its agents created one


In the last few hours, a “Black Hole” in the Greek banking sector’s finances has been “discovered” by the ECB. If ever you wanted to watch disinformation emerging live, then now’s your chance.

The following facts (rather than EC agitprop) need to be studied in order to reach the obvious conclusion:

  1. If the European all-powerful, all-knowing Central Bank (Prop. M. Draghi, Bachelor of Black Arts at the University of Goldman Sachs) has only just spotted a €15bn shortfall, then clearly it isn’t very good at being the European all-powerful, all-knowing Central Bank
  2. The Black Hole reduces by a staggering €10bn if – stand by – the baseline ECB forecast (which assumes the country can return to robust growth by 2017) is correct. Words like ‘hoist’, ‘own’ and ‘petard’ suddenly force themselves into my brain: what can this mean?
  3. The second biggest transgressor is the National Bank of Greece – which has capital needs of €4.6bn. The boss of this bank is Chief Snake in Eurograss Yannis Stournaras….former finance Minister in the hugely grateful Collaboration Coalition headed by Antonis Samaras. Stournaras acted illegally as a source of confidential information to the Troika after Syriza trounced Samaras in the January elections earlier this year. But most important of all, Yannis Stournaras is a Governor of the European Central Bank. So he can now, it seems, take his right hand and slap his left wrist with it for being such a naughty boy
  4. The IMF concluded in a published critique earlier this year that actions by the ECB aimed at bringing the Greek brigands to heel would add significantly to the bailout needs of the Hellenic banking system. Unlike 99% of IMF forecasts, astonishingly this one has proved to be right on the money….or rather, lack of it.

Around the planet tonight, MSM articles and Berlin/Brussels/Goldman/ECB press releases will present this mess as yet more ‘evidence’ of Greek perfidy. In doing so, they will be no different to the Nazi media machine which talked of Bolshevik terrorists in France during the Second World War. So then….where do you stand on this one, Socialist President Francois Hollande?

You have been reading Reason 38 for Brexit from the European Union.

Earlier at The Slog: Sex, drugs & rock n roll in SW France