Back in August, Greece had planned to take away public assets from the Greek populace and hand them over to financiers. The financiers reckoned at that time that those assets were worth 50bn to them. This worth was based on the discounted value of the exorbitant fees the financiers will be charging Greeks for the use of the formerly public services which they paid for and built with their taxes before handing it over to vultures.
They're still committed to getting rid of those assets, as they have been ordered to by Merkel, but now the financiers are only going to pay 11bn for them.
Eurozone crisis live: Greek government divided over austerity deal - as it happened | Business | guardian.co.uk
They're not going to charge any less in fees to the future users of these services, so basically they've just got a 39bn early Christmas gift. Their future revenues are locked in as soon as they purchase these assets (unless Greece is wiped out by a tsunami).The chairman of Greece's privatisation agency ... Takis Athanasopoulos told the Greek parliament that the new target is 11bn of asset sales by 2016, not 19bn by 2015 as previously expected.
Even the 19bn figure was sharply lower than the 50bn target set last August, before the deep recession and spiraling fears of a Grexit scared potential buyers away.
Why is the Troika forcing future Greeks to get ripped off for their own services? Even if we accept that the assets need to become a profit-making exercise, surely the money should go directly to the ECB and not into the pockets of vampire corporate middlemen. It wouldn't be difficult to simply hand over ownership of those assets to the ECB, which is the body actually ponying up money to Greece.
But no. Greece has to give the assets to third parties who are doing nothing for Greece. For peanuts.
The brutal austerity being forced upon Greece is supposedly needed to protect the German taxpayer. So why the hell does the German taxpayer want Greece's infrastructure to belong to Japanese, Arab and Brazilian financiers?
The financiers aren't lending Greece a bean. But they're getting all of Greece's goodies, while the entities that actually are lending Greece some money are happy to let that happen.