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The Protectorate

The Memorantum of the 135 billion Euros that G.A. Papandreou signed with the IMF and the European Central Bank during May of 2010, has resulted in relinquishing the control of the Greek nation to the European and American authorities (IMF).

Essentially the Greeks have lost their national sovereignty.

In the modern history of Greece (i.g.post  1821), half of the time the government has ultimately defaulted both directly and indirectly on payments to foreign parties. But the last 3 years have given tremendous financial stress to the domestic economy.

The Greek economy defaulted after the abandonment of the Drachma in 2002 and entered the Euro zone (In other words, the Deutsche Mark with a parity of 170 drachmas at that time) 

The ascension of Greece into the Euro zone led to a staggering 250 billion Euros loans resolution of a 420 billion total private and public debt  , representing the 192% of Gross National Product of the year 2009 and accumulated during the period prior to the financial bubble in 2008.Moreover the Greek authorities need to collect a staggering 75billion in order to service the existing exterior obligations e.g. the 30% of GDP 2010. The Greek product lost 40%fo its competitivenes  the last 10 years. No sustainable growth can be achieved even with a 50% haircut of the public debt.

Therefore it is imperative to renegotiate the loan with the foreign creditors in a 35 year term and to return to the drachma recovering our monetary independence. In other words , regain our national sovereignty

This is the only way to avoid prolong unemployment , the loss of our youth to immigration and  a possible social crisis.

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How to resolve the crisis

The creation of the infamous credit bubble, in 2008 , was the result of the kookiness of the central bankers. The rescue effort has the risk of creating a new bubble due to the printing money out of thin air of 7 trillion of USD.

Liquidity was frozen when the  recipient banker re-deposited the funds back to the Central Bank ( FED) creating a high risk of a recession or inflation in case of a national or international event , that may create panic across the markets.(e.g. a war in Iran ) The increase in prices of food products, gold and other commodities are a clear sign of the coming inflation tsunami.

This dangerous observation indicates the Greece is trapped in her public debt, resulting from a quick fix by borrow money from the political parties in power, the last 35 years. After the 1974 financial growth replaced by unemployment. The missing funds are at 750 billion Euros(Public 310 +Private 250 + Pensions190).

Greece has a double deficit :  Budget deficit (12 % of the GNP) and in the current balance of foreign payments (9% of the GNP) Consecutively that renders the service of the debt very difficult , reducing the possibilities of international borrowing.

There is no financial problem without a solution. In case of Greece it is a political problem. With a smart Government and the proper “haircut” in the government waste, the budget could come under control. With a fair tax collection  the country will prosper out of the crisis and regaining a strong economy.

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The Panic of Greed 2009

In this book the author records and documents the present economic chaos created by the greed of the golden boys and the lack of legislation controlling the banking system in the United States. The fraud and the collapse of the international banking and insurance system is no secret as well as the relaxing of the credit rules and the supply of mortgage loans to persons with doubtful worthiness.

As a result of the securitization of high risk loans in the credit market through the use of complex credit tools that afterward were called toxic papers, a large amount of toxic products were created. When in 2006 the interest rate started climbing, it became obvious that it would be impossible to payoff all these toxic products. The measures taken were too little and too late to save the investing banks. As a result, all the financial markets were down. What has not yet been revealed, is who created this credit collapse. Was it by error or intention? There also remains the question, who benefits when the greediness of the market for yet higher returns replace the fears of a crash?

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The Looting of the Pension Funds

The sacking in July (2008) of George Zorbas, boss of Greece's anti-money-laundering unit, set ore tongues wagging. Mr. Zorbas complained that the judiciary had not backed his probe into a scandal about government bonds worth over €300m ($425m) that were bought by state pension funds at inflated prices. He could not look into offshore bank accounts used to channel proceeds from the scam. Mr. Zorbas' preliminary report, which is said to implicate several politicians, went to prosecutors, but he fears it will be shelved." (Economist, 09.13.08) Mr. Collmer explains the full story of the pension funds' looting in Greece in his latest book with the same title.

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The Magnificent Fraud of the Euro
2005

In this book Mr. Collmer discusses the imposition of the Euro on an unprepared Greek economy, as well as the dangers and consequences of this transition. Currently (2007) only 30% of Greek citizens back the Euro compared with 65% in 2002.

The Petroleum of Greece
2006

The Petroleum of Greece is a book claiming that Greece is rich in oil deposits, on-shore and off shore. However, Greece lacks the infrastructure and political will to extract the oil confronting the Turkish Casus belli.