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Thread: Greece forced to give away assets worth €39bn for free to financiers

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    Default Greece forced to give away assets worth €39bn for free to financiers

    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

    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.
    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).

    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.

    Defend that!
    When you see the words "Mises" or "Hayek" in someone's post, just ask yourself: do I really want to ban paper money and go back to gold?

    You have to pity the kind of people who buy into conspiracy theories. I find the following to be the saddest words on the internet: "Re: connection between Bilderberg puppet lady gaga and viral outbreak in ukraine "

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    Major fail in reading comprehension. This:

    "We expect that it will take more time to achieve the 50 billion euro target," Kathimerini said, citing a draft agreement between Athens and its lenders.

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    Quote Originally Posted by cimon9999 View Post
    Major fail in reading comprehension. This:
    I quoted and linked to a Guardian story from today. You quoted and linked to a Reuters story from a week ago.

    I guess it is a major fail - on your part. Didn't the "Oct 23" bit give you a hint that this might not be the freshest news?
    When you see the words "Mises" or "Hayek" in someone's post, just ask yourself: do I really want to ban paper money and go back to gold?

    You have to pity the kind of people who buy into conspiracy theories. I find the following to be the saddest words on the internet: "Re: connection between Bilderberg puppet lady gaga and viral outbreak in ukraine "

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    The chairman of Greece's privatisation agency has confirmed this afternoon that Athens hopes to raise rather less revenue through asset sales than planned.

    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.
    16:35 GMT
    Here is the full text. I'm not sure why you removed some text from the first paragraph, but regardless: Do you have proof that it is the same amount of assets being sold for 11 billion euros instead of 50? As opposed to the amount of assets sold being less than what was originally planned? From the article, it is impossible to determine.

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    Politics.ie Member Howya's Avatar
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    Had a look at the link but got distracted with Argentinian default...don't disagree with the overall sentiment that Greece should not be forced to sell state assets (we are in the same position). I'm hoping that somehow this is a go slow tactic on the part of Greece to kick the can down the road and only "sell" a few assets and eventually everyone will forget about the plan...here's hoping.
    “Still paying, still to owe. Eternal woe! ” ― Paradise Lost, John Milton

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    Quote Originally Posted by feargach View Post
    Greece forced to give away assets worth €39bn for free to financiers

    Defend that!
    It would be pointless setting out to defend something that isn't happening.

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    The problem with Greece is that they do not have plutocrat smug phat bankers or official ambassadors of the IFSC heaping praise on them for handing over all of the money to the finance houses.

    Greece needs a property paper with a news supplement to bring them all around to being happy little obedient mice like we have in this country.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    Quote Originally Posted by Howya View Post
    Had a look at the link but got distracted with Argentinian default...don't disagree with the overall sentiment that Greece should not be forced to sell state assets (we are in the same position). I'm hoping that somehow this is a go slow tactic on the part of Greece to kick the can down the road and only "sell" a few assets and eventually everyone will forget about the plan...here's hoping.
    No, it's simply normal sales dynamics.

    Greece and Ireland are both ordered to sell by a given date. The prospective buyers know this. They know that we MUST dispose of our assets to the highest bidder by a given date, even if the highest bid is only a penny.

    This being so, the prospective buyers are reducing their offer. They'll only start raising it if a competing buyer offers a higher bid.

    Let's look beyond this.

    Greece and Ireland are being rescued by the ECB and IMF and Germany.

    It's possible to make an argument that, as a quid pro quo, Greece should have to repay its rescuers by giving them its assets.

    But why should it be forced to give away its assets to someone who DIDN'T rescue them?
    When you see the words "Mises" or "Hayek" in someone's post, just ask yourself: do I really want to ban paper money and go back to gold?

    You have to pity the kind of people who buy into conspiracy theories. I find the following to be the saddest words on the internet: "Re: connection between Bilderberg puppet lady gaga and viral outbreak in ukraine "

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    Quote Originally Posted by Taxi Driver View Post
    It would be pointless setting out to defend something that isn't happening.
    Again, it's been reported in a paper with an excellent reputation for getting its facts right and retracting and correcting when it gets them wrong.

    You want to call the source into question? Let's see your evidence. If you got none, then I'm the guy with a reputable source.
    When you see the words "Mises" or "Hayek" in someone's post, just ask yourself: do I really want to ban paper money and go back to gold?

    You have to pity the kind of people who buy into conspiracy theories. I find the following to be the saddest words on the internet: "Re: connection between Bilderberg puppet lady gaga and viral outbreak in ukraine "

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    They should have to surrender more than that. Country is bankrupt, owes money. This is what happens when you don't pay your debts. This is why it's important for Ireland to pay all debts. In fact I think damages should be paid to bondholders but maybe it's too early for that yet.

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