See U.K. Politician Skewer Euro Council as Greece Officially Gets Bailout
- Posted on March 14, 2012 at 3:11pm by
Becket Adams
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The eurozone formally approved a €130 billion ($170 billion) financing package that will keep Greece funded until 2014, despite legitimate concerns raised by the U.K.’s Nigel Farage.
The formal completion of the procedure follows a political agreement between eurozone finance ministers reached in a meeting on Monday.
“The euro area member states have today formally approved the second adjustment program for Greece,” the chairman of the eurozone finance ministers Jean-Claude Juncker said in a statement. “All required national and parliamentary procedures have been finalized.”
Juncker called Greece’s second bailout a “unique opportunity for Greece that should not be missed.”
However, it should be noted that Greece was given this “unique opportunity” even after serious concerns were raised by a few EU politicians.
“You talked about how positive the last Council meeting had been – that we’ve reached the turning point, that everything is going swimmingly,” Nigel Farage, leader of the U.K. Independence Party, said yesterday while addressing European Council President Herman van Rompuy.
“But then I realized you did not mention the D word- default,” he continued, “No, that cannot be talked about. We pretend there has not been a default. Well, we know in fact in Greece last week there was a very major credit event.”
Farage went on to list Greece’s major problems and explained why attempts to prop it up via bailouts might be misguided.
“Youth unemployment in Greece went through 50 per cent last week…10 German holders of Greek bonds are going to take legal action against the banks and against the Greek Government…the German Finance Minister saying just yesterday nobody can exclude a third bailout,” Farage explained.
“I mean this is a farcical situation. And why is it happening? That’s what people in Europe want to know. Why is this happening?” Farage asked. “Is this being done to help Greece? No, it is going to crucify Greece.”
“It is being done to prop up a failing project because you know that once Greece goes, others will go as well…when leaders stand up and say that political moves are irreversible, history has one lesson. You are always, always going to be proved to be wrong,” he concluded.
See Farage deliver his remarks via YouTube:
The European Financial Stability Facility has been authorized to release the first installment of €39.4 billion, which will be disbursed in several tranches.
Juncker said the program would “allow the Greek economy to return to a sustainable path, which is in the interest of everyone,” and called on Greece to remain committed to austerity targets set as conditions for the aid.
“The Greek authorities should… continue demonstrating strong commitment and to keep up the implementation momentum by rigorously pursuing the adjustment effort in the areas of fiscal consolidation, structural reforms and privatization, strictly in line with the new programme,” Juncker’s announcement said.
[Editor's note: portions of the above are from a cross post that originally appeared on Wall St. Cheat Sheet.]
(H/T: NCRenegade)
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mlcblog
Posted on March 15, 2012 at 2:33amYouth unemployment 50%? people suing the govt, and now they are going for a third bailout? Crazy.
Report Post »jamestoms
Posted on March 14, 2012 at 9:10pmWell look at the positive side, we will ALL be equally bankrupt world wide and starving, just like the communist, ain’t it great! They say people taste just like pork so we don’t have to worry about feeding the Arabs :0).
Report Post »the_united_states_of_britain
Posted on March 14, 2012 at 8:31pmNigel farage is not great. As an actual brit with actual knowledge of him, I can tell you everything the guy spouts is nationalistic inward thinking crud. Somethings he says are witty and on the mark, but if I pissed out of a plane in the end some would actually manage to find its way into a toilet.
No brits take him seriously. Well accept my mom. Buts she’s mentally impared.
Report Post »nzkiwi
Posted on March 15, 2012 at 3:58amAh yes. Youth. It’s a pity that it is wasted on the young.
Report Post »expatinontariocanada
Posted on March 15, 2012 at 9:59amLet me just ask, if “everything the guy spouts is nationalistic inward thinking crud” how can it also be that “somethings he says are witty and on the mark”. I think your mother’s unfortunate mental impairment may just be genetic.
Report Post »MammalOne
Posted on March 14, 2012 at 6:08pmWhen are people going to stop using the word “eurozone”? Wtf does that mean? Europe? The European union? Is this some sort of sex thing?
Report Post »Sol Invictus
Posted on March 14, 2012 at 6:17pmIt’s the countries who use the Euro as their currency. Not really difficult to grasp is it? wtf is your problem single mother?
Report Post »dawgGoodie
Posted on May 15, 2012 at 5:23pm“What does ‘eurozone’ define?” is a good question, MAMMALONE. Before unelected bureaucrats created what is essentially a new country, they should have thoroughly answered your question. Unelected bureaucrats in the US act with wide impunity and without reprisals even at the local level, creating havoc for those who pay them. Though elected, Obama is the best and most obvious pure-bureaucrat. He is an employee who would be fired for incompetency in a company.
Report Post »BlackCrow
Posted on March 14, 2012 at 5:45pmHim and John the Baptist, voices crying in the wilderness preparing the way for what follows. However unlike St. John the Baptist I am afraid nothing good will follow Mr. Farage.
Report Post »PaxInVeritate
Posted on March 15, 2012 at 12:10amExactly what I thought while listening. Unfortunately, the lemmings are intent to continue on. There is an evil force driving them to oblivion that can not be ignored. Fast and pray that what is going to develop won’t be as severe as it could be. Many souls will be lost because of them.
Report Post »NoNannyState4me
Posted on March 14, 2012 at 5:28pmEpic! Good Show, mate!
Report Post »leonardo44
Posted on March 14, 2012 at 4:49pmFarage is awesome
Report Post »Sol Invictus
Posted on March 14, 2012 at 5:46pmFarage is a moron. The UKIP has NO Members of Parliament just a few Euro MPs sponging off the institution they claim to despise. Nice soundbites – shame about the lack of achievements.
Report Post »PaxInVeritate
Posted on March 15, 2012 at 9:29am@SOL INVICTUS
Report Post »You criticize the UKIP for their inability to achieve their agenda for lack of Parliamentary Members. Well go figure that. Since that’s the case, all they have is their voice of rational opposition to this insanity. This does not make Nigel Farage a “moron” for stating the truth. The truth is never a soundbite.
youdidthis
Posted on March 14, 2012 at 4:44pmit is not the people it is the euro govt, imf , the bilderbergs etc.
Report Post »TheBurningTruth
Posted on March 14, 2012 at 5:24pmTossing in the IMF and Bilderberger’s qualifies this as a Bogeyman alert!
Yes, it IS the people, just as it IS the people here in the US. They’re the ones that suck into the Socialist message that YOU can have whatever YOU want and someone ELSE will pay for it.
Greece has spent close to 2 decades of GDP in the last decade living on other people’s output. Just take their true deficit spending of as much as 7% in some years, and translate that into today’s spending of future work product. The only way to pay that back is to live frugally for years on LESS than your GDP. The US is doing the same under President Marxist.
Trying to blame the IMF or the Bilderberger’s is just a cop-out to avoid accepting responsibility for your own actions. I didn’t see the IMF lobbing Molotov cocktails in Athens. The Bildeberger‘s weren’t out FORCING people to collect 14 months of pay for 12 months of work.
That’s what Socialism does. It’s never YOUR responsibility, it’s always some elses fault.
Report Post »AvengerK
Posted on March 14, 2012 at 5:40pmAbsolutely it’s the people along with their governments. Greeks avoid paying taxes as much as they can. Until now it wasn’t unusual for a Greek to be bringing in four pensions. A disproportionate number of Greeks had government jobs. One of most chilling examples of the entitlment mentality of Europeans and the willingness of their governments to go along was right before Greece’s collapse began, their government put in place in their constitution that anyone with a government job could keep it for life. Portugal is just as insane. Spain has a “green” economy. It’s running at 22% unemployment (higher for youth, over 50%). It’s lost 2.2 jobs for every “green” job (most of which are temporary to begin with). And the government will be subsidizing “Green” jobs for the foreseeable future. Italy has buckled under the weight of it’s entitlement programnes. There’s no question the Europeans brought this on themselves. The Greeks, Portuguese, Spaniards and Italians thought they could live large on a spending spree and the Germans would pay the bill. Enough of this conspiracy cr@p about “Bilderbergs”. The blame is clear and stark. Europeans have themselves to blame for their governments and their entitlement mentality.
Report Post »AvengerK
Posted on March 14, 2012 at 5:42pmBURNINGTRUTH…it’s the KKE (Greek communist party) that’s lobbing the molotov cocktails. They’ve imported Spanish and Italian marxists to help them over there. You’re even seeing Spanish marxist logos and graffiti in Athens now.
Report Post »Bolo2811
Posted on March 14, 2012 at 4:35pmHistory PROVES that once the patrons of this fine dining event FINALLY wake up and realize that their socialist utopia is in fact dying….WATCH OUT! ……they will do WHATEVER IT TAKES to avert a Euro collapse includind precipitating WW3. Keynesian economics ALWAYS, ALWAYS, ALWAYS falls back on it‘s ole’ reliable escape hatch when it runs out of options……START A WAR.
Report Post »youdidthis
Posted on March 14, 2012 at 4:47pmyou are correct.
what is gonna be fun is when the us sheep realize they too have been paying to prop up the euro cluster.
Report Post »Apple Bite
Posted on March 14, 2012 at 4:34pmDespite this bail out, Greece has already fallen. Nigel is the only one that has the guts to stand out and tell the truth as he sees it. Where in the hell are the others on this issue?!
Report Post »Jenny Lind
Posted on March 14, 2012 at 4:49pmHeads in the sand and other appropriate places, don’t you think?
Report Post »dmerwin
Posted on March 14, 2012 at 4:30pmThis guy is great!n Watch the video.
Report Post »TH30PH1LUS
Posted on March 14, 2012 at 4:14pmHow long until you get Nigel Farage on GBTV? Love his witty rants!
Report Post »mharry860
Posted on March 14, 2012 at 3:57pmThey didn’t bail out Greece, they bailed out the banks, that Greece owes money to. Greece will see almost none of this money.
Report Post »lukerw
Posted on March 14, 2012 at 4:16pmAnd… in this Magic Act… the Ball of Money… will come out of the Left Pocket… float in the Air… and go into the Right Pocket!
Report Post »RightPolitically
Posted on March 14, 2012 at 3:41pmEurope will fall. Just a matter of time!
Report Post »RightPolitically
Posted on March 14, 2012 at 3:45pmWe contributed our blood and money twice in the last century to save those worthless snobs. Let US not do so again. They are hopeless socialist doomed to repeat the same mistakes over and over again. Of course, the Obama Administration wants US to follow the same foolish path….. Absurd!
Report Post »Mandors
Posted on March 14, 2012 at 3:31pmI think they may want to move a couple more of the deck chairs and make the Titanic look a little nicer as it goes under.
Report Post »AvengerK
Posted on March 14, 2012 at 3:58pmMake no mistake…Greece will default and it won’t be very long before it does. The first bailout failed, this one will fail also. All Brussels is doing is trying to buy time (all 130 billion euros of it) to try to shore up Portugal, Spain and Italy and try to prevent them for going the path of Greece. Greece… the EU can afford to lose, but it‘s the domino effect that’s terrifying the EU right now. Germany will do everything it can to keep the EU together because Germany has benefitted the most from the EU. German exports grew with the advent of the EU. A return to old currencies would raise German currency by around 20% and price them out of the export markets. Now you see why Merkel will do anything to save Greece. But nothing can save Greece. The EU keeps making the same mistakes and is always two steps behind the problem. They keep throwing money at the problem. Greece cannot be saved by throwing money at it. Greece has to default. Greece cannot pay for itself. Tourism is it’s biggest money earner along with some shipping and a little agriculture. A disproportionate number of Greeks work for the government. The bailout is doing nothing but stalling the inevitable.
Report Post »AvengerK
Posted on March 14, 2012 at 4:19pmThe UK is by no means out of the woods itself but it’s people should fall to their knees and thank God they never adopted the Euro.
Report Post »Micmac
Posted on March 14, 2012 at 3:27pmJuncker said the program would “allow the Greek economy to return to a sustainable path
———————————————————————————————————————————-
If you have been following this on ZeroHedge.com you would know this statement is totally false. All this does is push the cart down the road until after the elections, etc. The technocrats running the country are EU shills. What Greece has capitulated to is unconscionable, paving way for country to be run by Germany and it’s cronies under the guise of the EU. Greece is small potatoes compared to what’s coming next.
NoBama 2012
Report Post »AvengerK
Posted on March 14, 2012 at 4:17pmFor Greece to return to a sustainable path is a fantasy. Greece NEVER WAS ON A SUSTAINABLE PATH to begin with. Greece has to change the very nature of it’s social and economic landscape in order to prevent this from ever happening again. Greece so far shows no sign of doing so. Throwing money at Greece is a move to buy time to attempt to shore up Portugal, Italy and Spain. Brussels has no answer for Greece..rather..it refuses to give the answer all sense dictates. Greece will default…bailouts can’t help Greece. Greece isn’t set up to help itself. Privatization will help Greece but so far the Greeks won’t move towards it. How do you help a country who..right before it collapsed… put in a place a measure in it’s constitution stating that ALL government jobs can be held for life? See what I mean?
Report Post »Balthazor
Posted on March 14, 2012 at 3:20pmThat dude rocks!
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