The death throes of Greece in the Euro revealed!

Covering Delta, from New York, has become a first class source for insights into the unfolding disaster in Greece. Read it all from here.

The following quote is from the conclusion of a much longer post made on that web site yesterday, the cartoon at its head is well worth a cynical sigh!

The “bailout” that emerged from the entry of Greece into the EFSF wasn’t a bailout for Greece, but another windfall cash offering for these same banks, which could have covered their shorts and then gone long, buying back the same Greek debt that would then have been selling at substantially lower prices, but with the yield still intact, since the rest of Europe’s citizens would be forced to pay for them through the EFSF. So the banks made money on the way in, and then made shit loads on the way out.

And of course, let’s not forget about the European Union, and how they benefited in all of this. You see, the EU is a government institution, and like any institution, it has objectives and ambitions. It is no secret that the eventual goal of the Eurocrats is a European Federation of formerly independent nation states – something like the United States of America. But integration is a gradual process, and you can’t go from the Coal and Steel Community of 1956 to the Lisbon Treaty of 2009 in the space of a couple of years. Still, crises do help to speed things up a bit, and this is ultimately the benefit that the Greek bankruptcy and subsequent entry into the EFSF provided. It enabled the EU/ECB to create a brand new fund – the European Financial Stability Facility – that would subsequently grow into the European Stability Mechanism (ESM) and a place to hold the long-envisoined Eurobond.

Unfortunately for the bureaucracy of Europe, the dreams of a European Federation were to be sacrificed upon the alter of corporate greed. The private sector has proven remarkably short-sighted in its profit motives, with bank executives worried more about the size of next year’s bonus and beating earnings estimates for the next fiscal quarter, than in preserving their monopoly system.

The terms of the new memorandum and the “zero haircut” policy that these mega-banks have promoted for fear of facing the reality of their own insolvency, will be the cause of their undoing. The terms of the new memorandum are so onerous and the occupation of our creditors so visibly naked, that a full-out revolution of the people of the Greek nation, a toppling of the government and a major debt restructuring are now inevitable. They are baked into a European cake that was left to burn in the oven of greed and forced consolidation.

Seeking Alpha's Glen Bradford, has already declared Greece in default, read here.

This blog declared it inevitable and Euro exit as the only feasible alternative over one year ago, on 30th May 2010, I made a post titled "Greece must exit Euro and Default", linked here. Just over one week later, on 8th June 2010, I warned again of all the dangers ahead on a posting titled, "Euro cannot be saved without the consent or support of Europeans", linked here.

The latter title stating this plain FACT OF LIFE should not be, but is, still being ignored today!