Transcript Greek bailout , a lesson

European Law and Life Culture
5. Greek bailout, a very useful lesson
for Taiwan students (not Greeks)
Reasons, Perspectives
Lecturer: Fr. Jonah Mourtos, The Orthodox Church in Taiwan
Unless noted, the course materials are licensed under Creative Commons
Attribution-NonCommercial-ShareAlike 3.0 Taiwan (CC BY-NC-SA 3.0)
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reasons
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GDP
• http://zh.wikipedia.org/zh-tw/国内生产总值
• http://en.wikipedia.org/wiki/International_Monet
ary_Fund_historical_list_of_ten_largest_countries
_by_GDP
• http://data.worldbank.org/indicator/NY.GDP.MKTP.
CD/countries/1W-GR-DE-HK-US?display=default
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The global debt clock
http://www.economist.com/content/global_debt_clo
ck
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GREECE GOVERNMENT DEBT
TO GDP
http://www.tradingeconomics.com/gree
ce/government-debt-to-gdp
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http://chartsbin.com/view/1178
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Government debt as a proportion of GDP
http://www.bbc.co.uk/news/business13366011
http://www.bbc.co.uk/news/business13361930
Eurozone Countries Per Capita Gdp
http://chartsbin.com/view/3088
BBC In graphics: Eurozone crisis
http://www.bbc.co.uk/news/business-13366011
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Eurozone crisis explained
• http://www.bbc.co.uk/news/business-16290598
• The inventory – regret. TRUTH IS NOT ALWAYS
GOOD.
• http://www.tovima.gr/politics/article/?aid=397047
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Eurozone debt web: Who owes what to whom?
•
http://www.bbc.co.uk/news/business-15748696
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Graphic: Explaining the Greek debt crisis
•
http://www.telegraph.co.uk/news/interactive-graphics/9100416/Graphic-Explaining-the-Greek-debt-crisis.html
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Government surplus or deficit, 2012
• http://online.wsj.com/article/SB100014240527
02304692804577281053193863424.html articleTabs=interactive
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As Europe descends into an austerity-induced economic crisis, Goldman Sachs's people are managing the demise of
the continent. As the British newspaper The Independent reported earlier this year, the Conservative technocrats
currently steering or who have steered post-crash fiscal policy in Greece, Germany, Italy, Belgium, France, and now
the UK, all hail from Goldman Sachs. In fact, the head of the European Central Bank itself, Mario Draghi, was the
former managing director of Goldman Sachs International.
And here in the United States, after Treasury Secretary and former Goldman CEO Henry Paulsen did his job in 2008
securing Goldman’s multi-billion dollar bailout, he was replaced in the new Obama administration with Tim Geithner
who worked very closely with Goldman Sachs as head of the New York Fed and made sure Goldman received more
than $14 billion from the bailout of failed insurance giant AIG.
What’s happening here goes back more than a decade.
In 2001, Goldman Sachs secretly helped Greece hide billions of dollars through the use of complex financial
instruments like credit default swaps. This allowed Greece to meet the baseline requirements to enter the Eurozone in
the first place. But it also created a debt bubble that would later explode and bring about the current economic crisis
that’s drowning the entire continent. But, always looking ahead, Goldman protected itself from this debt bubble by
betting against Greek bonds, expecting that they would eventually fail.
Ironically, the man who headed up the Central Bank of Greece while this deal was being arranged with Goldman was
– drumroll please – Lucas Papademos.
Goldman made similar deals here in the United States, masking the true value of investments, then selling those
worthless investments to customers while placing bets that those same investments would eventually fail. The most
notorious example was the
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1994 ---- 2004
mostly 1995, 1996, 1999, 2000, 2002, 2003
213.250
Plus 526.875 by contracts
633.607 seasonal
new government employees
Το 2001 new employees 156.471,
more than 2004! (olympics)
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2000 only 20% employment was legal
1994 -2005 422.038 employments
only 14.004 by exams!!!
Trade unionist . The GREEN GUARDS
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_20/03/2012_433734
Why? 4.000.000 Eu
http://www.keeptalkinggreece.com/2013/10/07/unionist-asked-e50k-from-hospital-commander-torefrain-from-proteststrikes/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+KeepTalkingGre
ece+(Keep+Talking+Greece)
http://www.newsit.gr/default.php?pname=Article&art_id=243480&catid=4
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HOW TO CHEAT – AND TO BE
DESTROYED
• http://www.nytimes.com/2010/02/14/business/g
lobal/14debt.html?pagewanted=2&hp
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• Aeolos, a legal entity created in 2001, helped
Greece reduce the debt on its balance sheet that
year. As part of the deal, Greece got cash upfront in
return for pledging future landing fees at the
country’s airports. A similar deal in 2000 called
Ariadne devoured the revenue that the government
collected from its national lottery. Greece, however,
classified those transactions as sales, not loans,
despite doubts by many critics.
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Mr. Alogoskoufis, who stepped down a year ago, said in an e-mail message
last week that Goldman later agreed to reconfigure the deal “to restore its
good will with the republic.” He said the new design was better for Greece
than the old one.
In 2005, Goldman sold the interest rate swap to the National Bank of
Greece, the country’s largest bank, according to two people briefed on the
transaction.
In 2008, Goldman helped the bank put the swap into a legal entity called
Titlos. But the bank retained the bonds that Titlos issued, according to
Dealogic, a financial research firm, for use as collateral to borrow even
more from the European Central Bank.
Edward Manchester, a senior vice president at the Moody’s credit rating
agency, said the deal would ultimately be a money-loser for Greece because
of its long-term payment obligations.
Referring to the Titlos swap with the government of Greece, he said: “This
swap is always going to be unprofitable for the Greek government.”
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PERSPECTIVES
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Out of EU ? NEVER!!
A haircut?
A new GREECE –
LAW
CHANGE MIND
TRANPARENCY
DEVELOPMENT SOFT POWER
GEOPOLITICS
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Deus ex machina
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GEOPOLITICS
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Greek Exclusive Economic Zone in the
Aegean Sea
• http://muse.jhu.edu/journals/med/summary/v01
8/18.3kariotis.html
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頁碼
作品
版權圖示
來源 / 作者
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Economist/ Unknown author
http://www.economist.com/content/global_debt_clock
依據著作權法第46、52、65條合理使用。瀏覽日期：2013/10/12。
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Tradingeconomics/ Unknown author
http://www.tradingeconomics.com/greece/government-debt-to-gdp
依據著作權法第46、52、65條合理使用。瀏覽日期：2013/10/12。
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Chartsbin / Unknown author
http://chartsbin.com/view/1178
依據著作權法第46、52、65條合理使用。瀏覽日期：2013/10/12。
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BBC News / Unknown
http://www.bbc.co.uk/news/business-15748696
依據著作權法第46、52、65條合理使用。瀏覽日期：2013/10/12。
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The Telegraph / Mark Oliver & Matthew Sparkes
http://www.telegraph.co.uk/news/interactive-graphics/9100416/Graphic-Explaining-theGreek-debt-crisis.html
依據著作權法第46、52、65條合理使用。瀏覽日期：2013/10/12。
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作品
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Δημοσιεύτικε
http://blog.stigalaria.org/3762/αφροδιτη-της-μηλου-κωλοδαχτυλο/
依據著作權法第46、52、65條合理使用。瀏覽日期：2013/10/11。
Χωρίς κατηγορία
http://www.kolivas.de/archives/31928
依據著作權法第46、52、65條合理使用。瀏覽日期：2013/10/11。
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Hellas frappe
http://hellasfrappe.blogspot.tw/2013/01/the-time-has-come-which-nations-support.html
Hellasfrappe by Marina Spanos is licensed under a Creative Commons AttributionNonCommercial-ShareAlike 3.0 Unported License.
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Hellas frappe
http://hellasfrappe.blogspot.tw/2013/01/new-israeli-greek-cypriotalliance.html#.UmIoIlBmiSo
Hellasfrappe by Marina Spanos is licensed under a Creative Commons AttributionNonCommercial-ShareAlike 3.0 Unported License.
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Unknown author
http://geodomein.blogspot.tw/
The picture is licensed under a a Creative Commons Attribution-NonCommercialNoDerivs 3.0 Unported License.
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作品
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來源/作者
John Roberts
Energy in Central Asia: Drivers and Consequences, page 18
依據著作權法第46、52、65條合理使用。瀏覽日期：2013/10/12。
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