Death throes of the Troika - But what next?

El Pais last evening,reported the coming end of the Troika of the EU, IMF and ECB linked here.

The austerity overseeing grouping which solely exists to pointlessly try to save the always doomed EU Common Currency, the now detested Euro, is still busily about its business as may be seen from these reports of this morning, on Portugal here, Greece here and Ireland last weekend, here.

Throughout May 2010 it was obvious to most thinking people that the Euro was doomed, read the multiple posts from the archives of this blog by clicking for that month on this blog's side bar or from here.

So what should be done with those utter incompetents, so negligently responsible. That is for each sovereign nation, bankrupted by these wildly irresponsible errors, to decide in my opinion. All EU Member States are now effectively bankrupt as a consequence of these nincompoops stupidity!

In Britain's case, as a change of Government occurred in the midst of the relevant Ecofin meetings which to remind readers delivered the EFSM among subsequent woes, all three main political party leaders and financial bigwigs were directly involved, so hopefully we can rid ourselves of the lot of them!

Cameron should send his Alternate to the E-Council on the MFF

At 2000 hrs CET this evening EU leaders will gather in Brussels for the Group Portrait of the Special European Council 22/23 November 2012 (extendable as necessary) called to agree the Multiannual Financial Framework for the EU from 2014 to 2020.

IF PM Cameron values his neck, he will send his designated Alternate with the sole authority being to veto any agreement that may be presented or advanced. That in fact is his own sole authority on this vast spending programme, as designated recently by our own sovereign Parliament.

The EU should not be discussing the MFF starting in 2014 this weekend, it should be finding the funds to reduce the 128.5% of GDP rumoured on Twitter to be the present Troika estimate of Greece's 2020 GDP to the IMF targeted 120%. A matter not involving Britain!

Present polls in the UK indicate 56% dissatisfaction with the EU which figure is growing strongly. As blogged yesterday morning, it is widely recognised on the Continent that Britain is heading towards the EU exit.

No Prime Minister, who values his own neck, could possibly be sufficiently sure of the coming uncertain and dangerous events to commit the nation to a further seven years of funding the waste, corruption and incompetence that the EU now quite clearly represents.

A Happy Thanksgiving to all my readers in the USA. Rarely since the war have those Americans of European descent, had so much to be thankful to their ancestors for, in making the journey West, to escape the old Continent which once again seems bent on proving itself chaotic, essentially corrupt and ultimately ungovernable.

Are Greece, Ireland and Portugal prepared to default to the EFSF?

The posting beneath this links to the "Lenihan Letter" which supposedly legitimises "RULE BY TROIKA" in Ireland. It appears to have been constructed on some very shifting sands.

One presumes that as ever amounts advanced by the IMF are secured, but can the same be said for sums advanced and due to the EFSF and the ECB. Can even money advanced by the EFSM, to which the UK is party, also really be considered as being of any worth, if not what percentage still is?

Should the three countries now barely surviving under the boot of the Troika decide that the game is no longer worth the candle, which given the comment below is quite clearly the case for Ireland, the EFSF commitments will then become due from the Sovereign State Guarantors.

Such a default would be particularly nasty timing for France, which has just pledged billions for Peugeot to continue making cars few wish to purchase!

Treasures from the threads number 82 - Irish Bailout

Two consecutive comments to the Lenihan letter of November 2010 requesting the Irish Bailout from the Troika, released following an FOI request and published in the Irish Times, linked here:

LeoRegan

Now the sovereignty is gone, emigration of young people from 15 -24 was 70000 in the two years to last April, there is over 7billion paid in interest a year by the Irish government, and the 64 billion debt from promissory note and bank rescue will burden the State for the next 40 years. Better to have defaulted, and then recovered after 10 years, according to your scenario, rather than live hopelessly, and condemn future generations to penury, or more emigration.

LeoRegan

So it does come down to a signature on a piece of paper. Very curious that the term, Irish Authorities is used. There is the Republic of Ireland and, there is the Government of the Republic. Now we have the Irish Authorities on behalf of whom, the Minister for Finance makes formal application for external assistance, and who will cooperate in preparation of a programme of assistance for the Irish State. Who constitutes the Irish Authorities precisely? 

Questions for Merkel, Schauble and all Germans

Following the decisions on legacy debt, insisted upon by Germany at last week's European Council Meeting of the EU's 27 Member States in Brussels:

What are the debts today of Greece, Ireland and Portugal as compared to those debts at the point of their entry into the Troika lending programmes?
 

I will wager that for each country they are today greater by a considerable amount than they were when each country entered their programmes, therefore:

What has been the point of all the unemployment, poverty, hunger and mass emigration the Troika imposed austerity has brought?  

Therefore thirdly and lastly:

Why has Germany again decided to crush and subjugate the entirety of Europe as the answers to the first two questions must lead one to conclude is their plan.

ESM Board to launch this vehicle for oppression today

As German Chancellor Merkel, travels to Athens today, to witness first hand the  squalor, human misery and destruction wrought by her policies over the past several years, the ESM, another tool for Germen domination of the European Continent will be inaugaurated in Luxembourg, in accordance with her desires and instructions, as reported here by RTE the Irish Broadcaster, whose ex-country is already entirely controlled by Germany through the same agency at work in Greece, known by the already everywhere reviled tag of "the Troika".

Those who actually control Merkel and the German Constitutional Court, which also appears to have now become their puppet, remain unkown and as yet still hidden from view.

Two's company, Troika's a crowd.

Knowing the power of money to cause conflict the widespread reports yesterday that the EU/ECB/IMF Troika were in open dispute over who owes and must pay what, came as no surprise. The Irish Times, who let's face it has more than a little interest in this matter, reports on the difficulties from here. (Also visit their front page for an amusing photo on piggy bankers!)

The next phase of the breakdown will be amongst the shareholders of the ECB over exactly which former nation states must meet the costs of all the worthless pieces of paper and meaningless promissory notes and commitments the ECB has accepted in its hopeless attempt to save the doomed Euro.

As this blog has warned again and again for what has now become years, that is when the EU will split apart, that is when the recriminations could get very nasty and that is where Europe's present national leaders are leading us, such is the depth and grave nature of the real problem which they should address on Monday, if not before.

The question of the Euro currency and EMU has already become an irrelevance through neglect!