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Austerity Riots Rage as Greece Faces Debt Default

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Kurt Nimmo
September 12, 2011

The Greek government is prepared to lean on property owners as the nation faces default and anti-austerity demonstrations once again turn violent. A new tax will be imposed on monthly electric bills and would average about €4 per square meter and range between 50 cents and €10 depending on the neighborhood, according to the Wall Street Journal.

IMF austerity riot in Greece’s second-largest city of Thessaloniki on Saturday.

The new tax is an attempt to meet the demands of the European Commission, International Monetary Fund and European Central Bank to cut spending and tax Greek citizens to pay down a national debt exacerbated by hedge funds and financial speculation.

In order to send the appropriate message to the so-called troika of central bankers, the Greek government has decided to to expedite a parliamentary vote on its 2012 budget. Greece’s parliament usually votes on a new budget at the end of December, but foreign bankers are demanding democratic procedures be ignored and an “overhaul” of the country’s tax system commence posthaste. Eurocrats have bluntly stated that the country’s tax system will be weaponized.

The Greek cabinet has made a “symbolic move” and has agreed to cut wages on all senior elected and appointed government officials, including Greece’s president and 325 local mayors, regional governors, government ministers and members of parliament.

The empty gesture, however, is unlikely to placate the average Greek citizen. Up to 80 percent of the Greek populace does not want help from the eurozone. The debt burden now being imposed on them is the result of private deals between the government and the elite. Loans were offered by the EU and the banksters and were made at topmost levels without the input of the people. “Elites were enormously enriched. The average Greek was unaware of the damage until the bill came due. And now average Greeks are to pay for it,” writes the Daily Bell.

“The heavy-handed control of Greece is the inevitable result of accepting large amounts of low-interest loans offered by German and French banks following Greece’s entry into the European Union,” notes Bob Adelmann. “The ‘back story’ is that all of this is the result of the machinations of the EU to regionalize the members of the union into a single political body run by rulers who are appointed rather than elected.”

In July, Eurogroup President Jean-Claude Juncker admitted the IMF plan to bailout Greece is an attack on its national sovereignty. The takedown will resemble the one that privatized East Germany following the engineered destruction of European communism, he explained.

  • A d v e r t i s e m e n t

“The sovereignty of Greece will be massively limited,” Juncker told Germany’s Focus magazine as teams of “experts” were dispatched to Greece to arrange the looting of the nation’s public sector. Greece’s socialist government has agreed to establish a privatization agency under austerity plans cooked up in Brussels.

The so-called “United States of Europe” plan arranged by the globalists is an effort to undermine national sovereignty in Europe.

“European globalists are committing another act of economic terrorism by exploiting the euro debt crisis in a bid to create a ‘United States of Europe,’ with European Council president Herman van Rompuy announcing he is ready to spearhead the group, a move that frighteningly parallels plans by top Nazis, may of whom went on to found the EU, and their mission to build a continent-wide economic government,” Paul Joseph Watson wrote on September 7 after the plan was rolled out.

In 2009, World Bank President and Bilderberg elitist Robert Zoellick admitted the plan to eliminate national sovereignty and impose a global government during a speech on the eve of the G20 summit. “If leaders are serious about creating new global responsibilities or governance, let them start by modernizing multilateralism to empower the WTO, the IMF, and the World Bank Group to monitor national policies,” he said.

In addition to placating the bankers, Greek’s socialist government is attempting to calm markets worried about the spreading contagion of debt, an effort apparently destined for failure as French government officials wait for possible ratings downgrades by Moody’s Investors Service of France’s three largest banks, BNP Paribas, Société Générale and Crédit Agricole.

The French banks hold billions in Greek bonds. Investors fear even a partial default by Greece will destroy the value of those assets and undermine already weak capital positions.

Former New York Fed boss and current Treasury Secretary Timothy Geithner has been in regular contact with his European counterparts, repeatedly advising them to “speak with a single voice to help reduce confusion in financial markets,” the New York Times reports today.

Meanwhile, stocks in the U.S. opened lower today amid concerns that Greece is “not doing enough” to avoid default, according to CNBC.

This article was posted: Monday, September 12, 2011 at 8:20 am

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