Open Europe confirms our diagnosis of EFSF Chief's Insanity

Regling goes Loopy from the Open Europe Blog

This Greco-Finnish collateral deal is turning out to be quite the thorn in the side of eurozone leaders. As with all such problems, it has begun to attract all manners of solutions. One of the more interesting and outlandish ones was covered by Handelsblatt yesterday, reportedly put forward by none other than Klaus Regling, Head of the European Financial Stability Facility.

According to the German daily (although without citing sources) Regling has suggested to eurozone Finance ministers that Greece partly nationalise its banking sector and then use these bank shares as collateral with Finland in exchange for the Finnish share of the bailout loans. Sounds simple enough, although it has one slight snag – the collateral offered would be worthless in the event that the Greek state failed to repay the bailout loans.

Regling goes Loopy, is the headline to Open Europe's posting, see it all from here, and I really like their graphic, which I have therefore reproduced here. BUT let it not be forgotten that it was Ironies Too that was one step ahead with our own assessment of yesterday:

Will Collateral Damage Destroy the Euro? Become Anti-EU!

The head of the EFSF, see the link from my post of yesterday to guage this man's sanity, has just now suggested that Euro Group former nation's wishing to obtain collateral for further loans to penniless Greece, may wish to accept Greek bank shares as collateral. Given a choice between that and Scotch mist, I imagine the latter would be preferred as it would involve no negotiation or administrative costs!

The entire posting from 8:07 am on 31st August is linked here, it makes some important points on false euroscepticism.

Rewarding incompetence and negligence or merely Nationality?

The EU crippled the economies of its member states from the introduction of the Euro Currency and thereafter. This was because it was a political, rather than economic programme!

As may be read in this profile/C.V., of the German, Klaus Regling, linked here, this Eurocrat was the Director General for Economic and FinancialAffairs of the European Commission from 2001 to 2008, the period when economic stagnation took hold across the EU,leading eventually to the present still growing crisis and economic distress of several EU and Eurozone member states.

What would a Democratic Society do with such an incompetent? What would a system based upon Justice decide to extract or exact as a fitting penalty for his abject failures? Not the reward about which you may read below, I would be sure, such abuses can surely not have been so rewarded in Europe since the days of the barbarities of the Middle Ages.

Klaus Regling, has, incredibly, been appointed head of the EFSF and therefore a kind of Obergruppenführer placed in effective control of the onetime country of Ireland! Read here.

Can anyone who really examines what is going on in the EU continue to retain their sanity?

Here is a man, with no apparent attributes, a record steeped in misjudgements and failures( a malfunctioning cog from a thoroughly corrupt machine,) now appointed to control a once democratic, independent and sovereign nation (one of several on whom he has wrought similar economic penury), with no vote and no fanfare. Just the steady creep of Secretive Fascism steadily re-establishing itself across Europe!

Click on the date selection in the chart at the end of this posting and enter the year 2001, to see the uselessness of this man who headed the Economic Policy of the EU from 2001 - 2008 and see where it took us all:


 Klaus Regling's Record (set start date to 2001)





Source: tradingeconomics.com

Having done that, you will be able to view a graphic showing the miserable growth rates achieved in the Eurozone before the complete economic collapse in 2008! The Permanent and Unmovable record of the miserable failure that was the Directorate General of Economic Affairs of the EU Commission as run by Klaus Regling from 2001 to 2008, one of the darkest periods of history in Europe's long and often frequently equally ill-governed history