"Particular controversy surrounds the government’s promise to raise €50bn in privatisation proceeds by 2015. State holdings in utilities, banks, the former telecommunications monopoly and other businesses such as Opap, the lottery and sports betting company that is the biggest in Europe, are supposed to be put up for sale. Eurozone governments and the International Monetary Fund are determined to hold Greece to its word. Some policymakers even want the disposals to be placed under the control of an external agency to ensure the integrity of the process."
Wow that really is nasty medicine for the Greeks and I cannot see them or any other nation state swallowing it. Anyway €50 bn will not solve Greece's economic problems. Its just a fig leaf for the EU/IMF but it should make it abundantly clear even to the Lib Dems that by joining the EU Eurozone Greece and every other small country gave up its sovereignty. Greece is now run by the EU paymasters in Berlin.
Given that even the EU fisheries commissioner is talking of a Greek exit from the Euro and return to the drachma why should any sane person want to participate in these privatisations when the same assets will soon be available at a cheaper price.
As I previously warned the Greeks have now taken to the streets. Reuters report a hardening mood against the IMF event with Madame Lagarde. The Greeks want the IMF out of Greece and leave them to run their own affairs. I recollect the same sentiment held sway in Sudan 25 years ago following one of the IMF's interventions there doubled the price of sugar. When a government loses control of the main streets and squares of its capital it looks out of control on the world's media. It can only survive with recourse to brutal military suppression which requires the media to be silenced as well. I doubt if the Greek government have the stomach for this. The Greek army might but only if they take over the government and what will the EU do then? Its Sarajevo all over again as George Bush would say.
Meanwhile like Obama Lagarde has been touring the world polishing up her image in Brazil and India. That tells the truth about M Lagarde. She is a politician with huge political ambitions just the sort of person you don't want running the IMF as her decisions will be driven by her own personal political agenda. I cannot believe Cameron cannot see this even while on his pedallo in Ibizia. Liam Halligan's piece in the Sunday telegraph was headlined, ''IMF boss.. must be willing to be unpopular". Exactly and that is why it should not be a politician!
On a slightly lighter note the Alex cartoon strip in today's DT hits the nail on the head about the EU phrase, 're-profiling' with Alex replying to Clive the dim, "No one has any idea but it should buy them a bit of time before the inevitable meltdown". Exactly and of course as always it will mean what the EU says it means. Like Alex I have never heard the phrase in financial circles.
On a similar line in today's DT Roger Bootle makes the point that when the meltdown comes it won't be called a default. The EU does not like words beginning de like defeat, devalue decline, default, it prefers meaningless re words like rebirth, renewal, restructure and its latest contribution re-profiling.
As Bootle says the current EU approach is 'delay and pray' and like Mr Micawber hope something will turn up. Meanwhile I leave you with the Reuter's picture of the protesters and the demonstrators who took over Syntagma Square, in front of parliament. These were families, from children to the elderly, who had no class wars to wage.
Sorry my video camera has gone phut. If I can get it fixed I will post.my take on UKIP navel gazing gazing.
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