Friday, 5 March 2010

Greeks burn EU flag in Athens

Unlike UKIP the Greeks organise their anti EU protest in their own country in Athens outside the EU building and culminating in burning the EU flag there. How much more effective in undermining the EU in the eyes of the Greek electorate where it has an effect on the voters than Farage's idiotic, rude abusing of van Rumpuy and insulting the whole Belgian nation in the European talking shop that nobody watches. Why does not UKIP organise similar sympathy protests outside the EU bulding in London? The EU now occupy the old Tory Central Office building in Smith Square so even old Tory Lord Pearson might manage to find it without Nigel's guidance. Nigel could always give him a light for his EU flag.

We cannot get out of the EU in Brussels. Only action, demonstrations etc in the UK will influence British voters. All the posturing by Farage and his MEP Cabal in Brussels only benefits the EU. They can claim they are very democratic as they periodically allow Farage to make an exhibition of himself and damage UKIP in the process. I wish ordinary decent UKIP members could see Farage through the eyes of the EU bureaucrats. He is at best as Lenin said as a very useful idiot to the EU and at worst an EU troll bought and paid for by UK taxpayers.

To a great fanfare the Greek 10 year €5 bn bond sale at 6.4 % and as I predicted banks arms were twisted to ensure it was three times oversubscribed. A great success? Well not quite. Greece is funding at twice the German interest rate and the credit default swap, the cost of insuring Greek bonds rose.

The Greek PM is off to see that nice Frau Merkel this weekend but Herr Bruedderele, a member of the FDP that supports Merkel, Mr Nasty Cop is saying not a German pfennig for Greece. I think he can see the headlines in the German papers along the lines, "German taxpayers pay for Greek pensions and long holidays". I am gratified that some members of the Greek parliament have taken up my suggestion to demand reparations from German for Adolf's damaging Greek excursion in the Second World War. Also as I predicted,Germany and France are working on contingency plans under which state-owned financial institutions would directly purchase billions of euros in Greek bonds or offer guarantees to commercial banks that buy them. Meanwhile the other three little pigs, Portugal, Italy and Spain are waiting to see when they can cash in on the German largesse.

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