The real Greek tragedy
22/11/11 17:07![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
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talkpoliticsWhile trying to convince Europe that they can deal with the dangerously inflated public sector, the Greek government would better make up their minds if they would address the real internal threat to the country's stability - the network of oligarchs who control vast portions of business, the financial sector, the media, and of course, the political elite.
It's no surprise that the oligarchs responded to the crisis in two ways. First, they accelerated the usual practice of outsourcing their capital - for the last year or so, the real-estate market in London and elsewhere has registered a unprecedented influx of Greek capital. And secondly, they've mobilized the media that they own into a hysterical campaign against now former prime-minister Papandreou, who was by far the least accommodating guy to their interests, and who was least prone to submit to the influence of the Greek political elite. And he paid the price.
Their purpose is clear - they're waiting for the right moment to jump at the public assets which the new (and conveniently EU-friendly) Greek government, under the increasing pressure from various "rescue" packages imposed from abroad, will be compelled to throw under the bus and set for privatization. Given the free-fall of the Greek economy for the last two years, such lucrative assets like the national electric power grid and the national lottery, have plunged in price. But they won't remain like that forever. And whoever manages to grab them now, will not only have a huge political lever in their tool-box in the future, but also a potential golden hen. So you can imagine that the appetites are really huge.
Some of those oligarchs are also hoping that Greece would be thrown out of the Euro-zone, because by reinstating an extremely devalued drachma, they'll have a nice opportunity to acquire enormous assets at very profitable prices, using the money they've stockpiled over the "Golden years", and that they're presently hoarding in offshore accounts in the billions. Many of those here in Switzerland.
It would be nice if Greece's international creditors could ponder about all that for a minute.
It's no surprise that the oligarchs responded to the crisis in two ways. First, they accelerated the usual practice of outsourcing their capital - for the last year or so, the real-estate market in London and elsewhere has registered a unprecedented influx of Greek capital. And secondly, they've mobilized the media that they own into a hysterical campaign against now former prime-minister Papandreou, who was by far the least accommodating guy to their interests, and who was least prone to submit to the influence of the Greek political elite. And he paid the price.
Their purpose is clear - they're waiting for the right moment to jump at the public assets which the new (and conveniently EU-friendly) Greek government, under the increasing pressure from various "rescue" packages imposed from abroad, will be compelled to throw under the bus and set for privatization. Given the free-fall of the Greek economy for the last two years, such lucrative assets like the national electric power grid and the national lottery, have plunged in price. But they won't remain like that forever. And whoever manages to grab them now, will not only have a huge political lever in their tool-box in the future, but also a potential golden hen. So you can imagine that the appetites are really huge.
Some of those oligarchs are also hoping that Greece would be thrown out of the Euro-zone, because by reinstating an extremely devalued drachma, they'll have a nice opportunity to acquire enormous assets at very profitable prices, using the money they've stockpiled over the "Golden years", and that they're presently hoarding in offshore accounts in the billions. Many of those here in Switzerland.
It would be nice if Greece's international creditors could ponder about all that for a minute.
(no subject)
Date: 22/11/11 15:56 (UTC)But 'twas ever thus. Short-term interests always trump even the exremely important things: vide - climate-change. And this years' share divident drives this years' bonus.
Gods, some capitaist structures are so stupid.
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Date: 22/11/11 16:20 (UTC)(no subject)
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Date: 22/11/11 16:39 (UTC)http://randomglenings.blogspot.com/2011/11/what-if-greece-just-says-no.html
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