Message to the BBC and assorted international media on this Greek Election Day: Try to recover your journalistic principles even at the eleventh hour!

Over the past 48 hours, as Greek voters are mulling over their options prior to entering the polling stations, the international media have indulged in a frenzy of disinformation and scaremongering. Gone is the nuanced reporting of the BBC, nowhere to be seen the critical approach to the Euro Crisis that the rest of the international media have shown over the past few weeks. As if united behind a common cause, the hordes of international TV and Radio reporters are now peddling a simple line: Today, the Greek people are choosing between ‘Reason’ (meaning the pro-bailout New Democracy party) and ‘Indulgence’; between staying in the euro and leaving on a whim. In moment of greater exuberance, they add that, today, Greeks can deal a decisive blow at the Eurozone by voting against the European Union’s strategy for dealing with the Euro Crisis. What utter nonsense!

This is nothing but an Assault on Truth. First, Greeks are NOT voting on whether they want to stay in the Eurosystem or to leave. They are voting between two different programs on how to survive within the Eurozone. On the one hand, there is the discredited ‘establishment’ line which has it that, to stay in the Eurozone, Greeks should simply do as they are being told by the troika. On the opposite corner, there is the Syriza position that doing as we are told is guaranteed to lead to the wholesale and final collapse of what is left of the Greek social economy, thus leading us out of the Eurozone by default. Their recommendation is that Greece should adopt a determined bargaining stand.

While legitimate questions can be asked as to which of the two programs of staying in the Eurozone is more apposite, this is not the way that the BBC and the rest are reporting them. Violating every journalistic standard and principle known to man or woman, they are insisting on a portrayal of an electoral tussle between pro-Euro and anti-Euro parties.

Moreover, a mindboggling inconsistency is running through their narrative. On the one hand, it is abundantly clear to them (and they actually let it be known that it is their view too) that the current EU policies of bailouts-plus-austerity are killing the Eurozone. Witness the brilliant cover in last week’s Economist (featuring a sinking tanker with a bubble asking: “Can we switch on the engines now Mrs Merkel?”). On the other hand, however, in the same breath, they argue that failure by Greek voters to support this ruinous path may lead to the collapse of the… Eurozone. So, my message to BBC journalists and other reporters is simple. Decide folks: Either the present course is ruinous and Europe’s peoples (including the Greeks) must abandon it. Or it is a decent policy mix which we ought to consent to. You cannot have it both ways, unless of course your only concern is how to alarm your audience via intentional disinformation while treating the Greek people like swine that need to be beaten into submission.


  • Generally, the quality of BBC reporting on just about anything is highly variable, often reflecting populist and ignorant opinion in preference to expertise and independent views.

    In this case, I suspect that the main purpose is to feed the common British Europhobia, and especially dislike of the euro, along with a sort of self-congratulation that is going on about how clever the Brits were to have refused to join the euro. There is probably an anti-Left agenda going on at the same time. Obviously, like most new media, these unprincipled people have no problem squaring the circle, and claiming two contradictory positions simultaneously. After all, they are journalists: why should the truth matter when there is money and popularity to be gained?

  • Excellent article as to be expected. I hope Greece votes for those parties (except Golden Dawn) who insist on a more determined stance than capitulation via PASOK etc. (supposedly left or right establishment – all the same). It is time for Hellas, that proud country and the cradle of Europe, to tell the rest of the jackals comprising of ECB, IMF, EU to go to hell. You’ve done it before in Thermopylae, you can do it again! Ye are many, they are few. Congratulations on yesterday’s football result!

  • 100% agree. We in the Netherlands withnessed yesterday a full blown (on (nieuwsuur who interviewed you in the past as well), non journalistic, attack on Greece & Syriza. All headlines today scream that the Greece vote today could mean the end of Greece being in the Eurozone. A normally fairly non-biased economic reporter got 20 minutes for his scaremongering. Also a journalist from a leading dutch financial newspaper said that negotiations with the Troika, as SYRIZA wants, would never happen. 0 chance, so a vote on SYRIZA would mean an end of Greece inside the Eurozone. Fullstop…..

    A lot of people noticed the peculiar way of journalism yesterday evening.

  • Agree mostly with your view. But the article would have been a lot stronger with links to the offending articles and headlines. Exhibit A, etc.

  • My dear Yanis,
    Naturally they will engage in rampant disinformation.
    The owners are worried.
    After all, this is the first instance in western Europe in the last 30 or so years that a party of the radical left is transforming itself into a sizeable people’s movement (don’t tell me about Cyprus please).
    Last time the radical left started becoming powerful was Italy in the 70’s and early 80’s.
    I recall some false flag operations back then instigated by shadowy organisations (Bologna massacre etc etc).
    These Syriza folks might go up against banksters for heaven’s sake.
    Against big media.
    God forbid.

  • Dear Yanis, we need Europe to help ensure that Greece breaks with this system of corruption. Germany is insisting that the Spanish bailout agreement includes a condition for a commission/inquiry into the causes of the bank failure, in order to expose the corruption and expose the politicians. They could have done that in Greece. Had they done that in Greece, the Germans and Angela today would have the huge love, respect and commitment of a large chunk of Greece. Instead Angela publicly gave her support to George and humiliated the every day Greek by calling him lazy and a liar and a tax cheat. The reasons she did not feel inclined to ask for an inquiry are obvious: her country was complicit and would like to continue to get cushy deals through their friends. This scam at the expense of the Greek citizen needs to be exposed. We need to get a campaign going to raise awareness. Transparency International Greece is a good start, but they haven’t managed to get a ground root movement going. In order for the Greeks to feel that their sacrifices are legitimate, their sacrifices need to be linked to a guarantee that this will never happen again, that corruption can be uprooted, that politicians can be held accountable. And it needs to start from the top. Angela knows this, coming as she does not only from the Hitler’s Reich but East Germany, and she did nothing to assuage the feelings of the Greek people whom she was demanding save her banks for loans taken out by corrupt politicians to purchase the products and services of corrupt German companies. Even if we drop out of the Euro, we still need help from Germans with integrity to help the small Greek overthrow the cronyism that is preventing true growth in Greece. Have you got any ideas how we can get such a movement going? How we can empower the ordinary Greek. I know what Syriza is and their responsibility for the mess we are in today. I do not know if they will break their dirty ties with the trade unions and help reform Greece and make it efficient and just. But they do have the ear of the people, and they do have a good propaganda machine (now that they have the old PASOK propaganda machine on board). I just fear that once in power they will step into the shoes of Andreas Papandreou and continue to drive Greece into the grave with corruption. What are your views Yani. What can we do to change the socia-political landscape of Greece so there is a just society with inclusive institutions which spread the wealth…

  • I’m not even sure what the BBC is saying. I just deleted them from my news bookmarks months ago, as it was obvious that they were hiding information in relation to the Middle East once and again and presenting all the time a Zionist point of view only.

    If the media are not free, free yourself from the media.

  • Great post, Yanis. You are absolutely right.The fear-mongering of the estabilshed media all over the world about what the results of the Greek elections could/would mean is a shame.

  • Well put. In Germany, at least, we are not facing contradictions like the BBC’s in mainstream media: here it’s just homogenous nonsense.

  • This orgy of disinformation and caremongering has been going on for at least the last couple of weeks, it just happens that you weren’t paying enough attention to notice it earlier. Your article is too little too late.

  • Well said. Who was it that said that the first victim of war is truth? We live in times of economic and media warfare so we should be prepared for that. To their defense the dilemma they are projecting is the same with that of the Greek media and the Greek establishment parties. Euro or Drachma? That was the main question forced upon voters by all the pro-bailout parties. It is very unfortunate that things were not cleared regarding important questions that are more relevant than this. For instance even at this eleventh hour as you speak it would be important for the Greek public to get some credible answers concerning the following:

    1) Can the Greek state default within the eurozone?
    2) Can Greece ask for a moratorium on debt payments instead of defaulting and promise to start repaying all its debts the moment the country exits recession?
    3) Is it possible for the ECB to cut off Greek banks from the eurosystem?
    4) Can Greece challenge any such decision by the ECB through legal means?
    5) Is it possible for Greece to exit the eurozone by exiting the EU as well?

    I think answers to questions like these would help people make up their minds more easily. My take on the answers is Yes, Yes, No, Yes, and Yes. This means as far as I am concerned that the worst case scenario is Greece defaulting within the eurozone either on its own or because any further loan payments are refused due to the rejection of bailout terms. Greece would have to make it on its own. I see no reason why Greece would ask to leave the eurozone nor any legal way or reason for her to be asked or forced to leave.

    In the end Mrs. Merkel was right when she said that Germany or any other country do not want Greece out of the eurozone and cannot enforce such action.

  • I fully agree with you. The entire world is in denial, only you are right. The Greeks are victims of an international conspiracy.

    Vote for Tsipras! Tsipras is your saviour! If you vote for Tsipras, all of you will find a job in a month! He will double your salaries again, give you high pensions, give you jobs in the public sector and transform Greece into a prosperous, highly competitive high tech nation within only 6 months! Vote for Tsipras because he will go to Merkel and force her to spend her people’s money for whatever Tsipras demands! Dear Zorbas, vote for Tsipras and you can dance again! Hopa!

    • tmk

      At least thanks to you everybody knows now what a low level existence is.
      Keep it up.

      You are the ones avoiding the pain that should be yours.
      We are willing to experience more for our freedom.

    • It is obvious you have no understanding that most in this blog are no communists. They are also not neoliberal criminals. They are also not pseudo-libertarians.

      But you have to say something.

  • Mr Varoufakis, at least you speak out and since you are well known you are heard and they get a reply, at least, from somebody who knows what he is talking about. After the horrific artlcles published all this time I read nothing in any greek newspaper taking place and giving an appopriate answer as they should have done!

  • “While legitimate questions can be asked as to which of the two programs of staying in the Eurozone is more apposite” How does this disingenuous assertion fit in with the rest of the piece? Trying to look “fair-minded”? At the expense of your actual position? A blow to your credibility.

  • Agreed. The press almost in unison is peddling a pseudo-dilemma. Which is kind of infuriating.

    It doesn’t even allow for an honest discourse. If people in general have a problem with democracy, then at least let’s not pretend that we are acting democratically.

    Fear mongering is the worst platform to debate ideas that ought to be debated hard and in-depth.

  • This is an interesting subject. The english press is targeted but i guess the press all over the world including the greek is doing the same thing.

    Of course as you mention, this behavior contradicts every principle in journalism. But still this phenomenon occurs all over the world. An new ethos in journalism.

    The reason i think is complex. It’s over simplifying for one to claim that there is an international agenda. It’s not my intention to analyse this. I don’t have the insight or the knowledge to do that, but i think that it’s far broader.

    p.s. this degradation of the journalism is making the ones who stand out real heroes. And they deserve our attention and respect. Thus, despite our inclination to sex, drugs, money and destroying our neighbors, as human beings, lets put our consciousness (cognitive state) back in to play and support the ones with the high standards. Boycot populism.

    • For what is it worth, the Spanish-language media (excluding Spain’s) have a different take on the Greek crisis. Whereas the European narrative is that what affects Greece, affects Europe which then affects the world (quite Euro-centric), Latin Americans – who know all about financial meltdowns, currency attacks, debt crises, moratoriums, memorandums, and defaults – view Greece as part of a narrative that began in the 70s, first impacted Latin America, then SE Asian, Russia, and now Europe. That is, the ripple effects are obviously traveling towards the center. What affects the small countries of Europe affect the large ones, affect the UK, affect the US.

      Or so we hope.

  • It is easy to blame the weakest link of a union (EE) based on faulty treaties (Maastricht). As long as the North is profiting the blame of the South will go on. Soon, when the consequences will be felt EVERYWHERE, they will have to renegotiate the terms and conditions of the economic union. Until then, politicians/journalists/economists repeat what their interests dictate. It’s up to us to choose what to believe and what not. The people of Greece are well aware by now of the games, national and international, played on them. Hopefully it will be a new beginning from tomorrow!

  • “They are voting between two different programs on how to survive within the Eurozone. ”

    How can you vote for reducing salaries by 40-50%? This is the only way to get to the needed devaluation, if you like it or not…

    • No one can live on that no one can survive you are not there take the same from your own pocket and give it away to your bank manager. then you will be in the same position.

  • Dear Yanis,
    I do not understand why this surprise you.
    It is fact that Europe tries in every possible and impossible way to be like Soviet Union with Germany replacing Russia.
    And in such authoritarian and dogmatic regimes, non-sense and many times vulgar propaganda is an integral part.
    You should know this by now.

  • The same old game.

    BEEP them all.

    These are not reporters. They are fliporters. As ordered.

  • That’s telling it like it is. But as you know everybody loves a Greek Tragedy and the Int Media are having a field day telling their own “Stories” (Lies) as this is what sells in their own countries ! Why is it that the Brits et al, cannot keep their fingers out of everybody else’s business.?

  • Applies to many more media than the BBC only. We got a good dose of this rather unbelievable one-sidedness in Germany too in nearly all papers, online-journals and more. Don’t even bother to translate this, – it is our official “ARD”, the equivalent to the british (and often great) BBC. One of so many examples, not even the worst. Of course, as this is repeated over and over again, and people dislike to mistrust one-sided media and rather believe what they say, this all adds to the mess.

    It still is far better to have not only privately financed media – but the one paid by the people instead via advertisings should be the first to not “violate every journalistic standard”. Many should simply write to BBC, ARD and whoever tells half-truths and less.

  • Congratulations Yanni! At last! These was precisely my thoughts on listening to the absurd ideas that we, the Greeks, were voting for staying in the Euro or quitting. Furthermore, I would like to add, that the infamous troika blames the Greek government for not applying the program, claiming that their program was good, but the Greeks did not implement it properly. So why, in God’s, or whoever’s name have they gone so hysterical that we should return to power the very same politicians who, they claimed, were to blame for NOT implementing the program. Think about that one!

  • Thank you Yanis Varoufakis,

    What you have described is more than true. Imagine what will happen if SYRIZA is able to form a left wing government. Syriza will be presented as the Greek Bolsheviks and the mainstream media will support the idea that Europe will run the risk of being infected by the anti-austerity virus which has affected the majority of the Greeks.
    Could it be true that since it’s the first time that the radical left might come to power in one of the Eurozone states the mainstream media are rediscovering their role: that of the ideological apparatus of the State?

  • Thank you Yanis for this post. I was watching the BBC as you were cut off.

    I have to watch Keiser Report on RT for accurate reporting concerning the ongoing global financial fraud and the unregulated banking system. To add insult to injury, every household in the UK has to pay £150 annually for a TV license which funds the BBC, people face a fine and/or a prison sentence if they don’t comply.

    Please rest assured the BBC does NOT represent the population of the UK. Increasing numbers are turning off mainstream media due to the lack of accurate reporting and blatant prejudice. Note the total media blackout concerning the Bankers in Iceland who are now facing prison sentences for their part in the global banking fraud. A shining light on their effective democracy.

    I feel so sad for the Greek population, it is truly heartbreaking to watch this desperate situation worsen each day. This ever increasing debt on debt is not sustainable for any country in Europe.

    In solidarity, always.

    M. King. UK

  • The problem is that there may be no one for the Greeks to bargain with if they tear up the current deal – politically the Germans may not be able to support a renegotiation, however they may be persuaded to relent if the austerity is adhered to. what happens when the money stops supporting the Greek state? I have not yet heard any credible voice in Europe proposing a negotiation that includes continued funding – does this not lead to default and almost certainly the drachma.

  • An excellent riposte! I have had enough of the alarmist stuff… and the consistent effort to make Greece and the Greeks responsible for all the ills of the European ‘Union.” But, I think the writing is already on the wall, so we only need to sit back and wait!

  • for over 30 years the greek people’s choise was :embezzling as much as possible of the money of european taxpayer,deeply corrupted administration where if you want to do whatever,you need a least three years before to get the necessary documents,their choise was: incredible stupid politics(No they are not cheaters these guys are just stupid),their choise was an unreformed economy,frozen somewhere in the glory days of Athens(a few thousand years ago) where the most big innovative thing is…..FETA CHEESE and SOUVLAKI….Their choise was:with loans to raise their living standard and not with productivity,innovation,reinvention and so on…Now someone have to pay the price…
    SO please stop write “Stupid Messages” to any international media and when Spaniards,Italians,Irelanders just do their job,reform their economy,their labor market you and ONLY YOU SCREAMING like a women….Good Luck

    • Actually whatever you wrote it was the business of the Germans for over 100 years.

      You gained at the expense of others and now you want more. Learn your history and how Greece helped you.

      Demagogues ,criminals.

      Pay what you owe ,instead of hiding behind the power of your banksters.

    • Kiro,

      it is so sad indeed that us Greeks are screaming “like women”, whereas we should be taking it like “real men”. Perhaps you also meant to add that, of course, there can be no “real men” in a place where homosexuality used to be so predominant. You clearly come from a severely sexist background. That is not your fault, you were probably raised in such a backward environment.

      The sad part is, my friend, you have so little understanding of the situation, that I wonder why you even join this blog. Does 50% unemployment in youth mean anything to you? Do you have any idea what a complete lack of liquidity in the market means? Nobody pays anyone anymore. Why? Because the state has stopped paying privately owned businesses. I know of several businesses who were being contracted by the state and who have not been paid, for jobs they have completed, in more than twelve months. This is because the troika only cares for the international lenders to be repaid because, hey, that’s what keeps the markets going, who cares about the real economy? And so the state has stopped making payments to businesses in Greece. Of course the owners cannot pay the employees. The banks are not going to lend you while they know you are not going to get paid. So the employees are not paid. In many cases they are not laid off either, not that it would make a difference, the job market is dead. I could write a lot more, but I know you will probably not even care to read what others have replied to you, you’re probably very happy with the profound analysis you wrote there…but if you do, I suggest you reread what you wrote, and take a good look at the mirror.

      For the rest of us, now we are going to get some more of the same. Not that it makes a difference, there is not much left for ND to destroy, all they can do is shoot a dead horse.

    • Dear Demetri & Nikos
      Sure what Kiro writes (and how he writes it) is a pretty offensive.
      But I am not sure he’s necessarily German.
      I don’t see how anybody could be sure he was from a “severely sexist background” based on what he says.
      Also, I am not sure how Greece ever really “helped” Germany. I don’t think it at all harmed Germany a lot (although in this current crisis, Greece will probably end up costing Germany dozens of billions of Euros) but “helped”? In what way – are you refering to ancient Greece?
      What does not cease to astonish me is how Germany is often accused of “having gained at the expense of others”. I cannot really see that in what has brought us to where we are today (excessive Greek debt-taking and stupidly low interest on the debt asked for by creditors, among them Germany). I can see how Greece feels like a victim today with the living standard decreasing and big desparation to go with it.
      But isn’t there any kind of awareness around that ultimately, Germany will have to (and already has) to write a significant part of the debt off while Greece will not have to give the Goods back that they bought with the loans they are now defaulting on.
      So in a way, it is Greece that has benefitted from this stupid system, not Germany, am I right?
      Or what would you think if you lent your neighbour 10’000 Euros for him to buy your car.
      Then you give him the car (he’s bought it after all) and after that he says: “Sorry, I’ve lost my job / needed to buy my wife an expensive ring / don’t feel like it – I can’t pay you the EUR 10’000 back”.
      In such a scenario, you would have lost out on your car AND the EUR 10’000.
      This is a bit what’s happened between Greece and the creditors.
      Sure did the exporters of goods benefit in that they could ship more to Greece than they could really afford.
      But in the end (now), the creditors are paying for it. This is obviously not in the interest of “Germany”, or is it??

    • Martin

      Greece gave a loan to Germany as a part of the Marshall Plan you accepted after the war. Also during the war Germany printed a lot of money for her in other countries amongst Greece being one ,so inflation hit these countries. Your country was built on the backs of others. That is a fact. Anyway i do not mind about that now.

      If you pay what you owe to Greece you will give your whole country to us. So ,yes Germany has benefited. Writing off the present debt of Greece is nothing.

      But lets go the present. Except the fact of huge German corruption in Greece ,except the fact that Germany exports 70 – 75 % inside the EZ ,except the fact that for the northern surpluses ,others had to have deficit AS AGREED ,your banks gave loans everywhere ,not just Greece. Where is your austerity to save your banks?

      You see ,if everybody had the austerity they deserve ,if truth was out ,then the money given would have been used in a productive way and we wouldn’t be in a position now to default on all the debt with the danger of you losing all the money. Everybody should pay what everybody should pay. Now it is too late.

      You wanted all the trouble on the backs of the southerns. Now you are going to pay as well ,more than you ever should.
      And that is because your leaders wanted to cover their own mistakes by defamating the Greeks using the Greeks’ bad truth.

      Our bad truth is not enough for a crisis. Period.

      Before the crisis ,redistribution occured at your advantage. Now redistribution must be reversed. But the smarties want to gain more. So more loans to those that must suffer for the banksters criminal ways and real wealth given to pay loans that can not be repayed now. They were sustainable 2 years ago. In 2 years every southern countries debt skyrocketed.


    • Dear Demetri
      Thanks for the clarification! So you are refering to what Germany did in WW2. Sure that was all terrible but I still believe it doesn’t help to bring it up today.
      And I don’t think Greece is in this situation today because of what happened in WW2. WW2 was horror and Germany’s fault and everybody knows this. But it’s due to to the last 15 years that Greece is where it is and not due to things that happened 70 years ago.
      I think this is a key point, otherwise Greece will never feel any responsibility for what it does and tend to land itself in another mess without having learned anything.
      Also, it’s news to me that Greece has lent Germany any funds in the course of the Marshall plan. Maybe you are referring to the debts Germany accolades during the war?
      Again, get over things that happened 70 years ago and let’s try to sort out today’s problems. There are enough of them…

    • Martin

      A typical response.
      You focused only in the past when i definitely refered to the present as well.

      You know there are other people that can read and are able to understand what i wrote.

    • Dear Demetri
      One more thing: I have to admit that I find my example of the guy lending his neighbour the money in my post above (June 19, 11.06) quite convincing.
      Of course it is a major simplification and there are other factors (bank bailouts, corrupt politicians – probably not only in Greece, etc etc).
      But when it comes to “Germany benefitted at the expense of others”, I really could not disagree much more.
      Think of my example with the neighbour, please, and tell me if you can see a major flaw or if you can, maybe, agree that a part of the story was like that?

      Who benefitted from the way this system used to work were parts of the Greek population that enjoyed handouts from the Greek state that made it bankrupt / tax not collected, etc.
      And of course companies exporting to Greece.
      But to say Germany “benefitted” I think is simply not true. You forget the weath destroyed by giving Greece the funds to buy our stuff – we’ve lost the goods we exported to you AND the money we lent you in order to pay for it.
      Not exactly beneficial for Germany…

    • Martin

      Not a good example.

      If we are talking about the design of the system and we do not take into account the corruption of Greek politicians and German – French leaders ,then we see that there is no problem at all because Greece can sustain the debt longer. So Germany has no problem of making transfers in the deficit regions to prop up her exports. Ofcourse the problem would emerge anyway because of the design of the system.
      But still it has nothing to do with Greece or any other peripheral country since the debt is serviced.

      If we take into account the design ,the corruption and the individual problems ,the only difference is that the problem of the design of the system appeared faster.
      The only reason Greece has been attacked is scapegoating.

      If we are a transfer union with deficit regions but with out design flaws ,the only thing you should care about is that the debt is serviced.

      Now where do the benefits come in.
      It is all about the deals between the “high commanders”.
      Services in Greece were not bettered and the money of the transfers were returning to Germany through the projects of the German (and other) corporations (part of the elite) ,instead of true Greek production.
      Ofcourse the money one way or another with “legally” stollen.

      Germany (the official) benefited a lot more since our own politicians betrayed us.

      You see the transfers are not free money ,they are there for a purpose ,to stabilise the system.
      The system didn’t stabilise because of the design flaws and the problem got bigger because of the shared corruption. Especially in the financial sector. Now everybody is paying for the banks. The sovereign debt was never a big problem in the first place.

      Wouldn’t it be a problem if you gave transfers and they were never used for anything ,let’s say they were magically gone? Yes ,even with a perfect system that would be a problem. But that is not what happened.

      What happened is that the banks overleveraged everywhere and now they roll over their bad debt to the sovereigns.

      This crisis is a political opportunity (as any crisis) to pass laws that suit those who control the system.

      I thank the crisis because people in Greece wake up and i want to see things getting better ,but the crisis has nothing to do with the individual problems ,although as i said these must be corrected for our own Greek sake first of all.

      Now as for your example ,it is not at all convincing and not just simplified ,but oversimplified. There are parameters between states and especially in a union that change the capital flows and interrelations.

      If you lend to a neighbour to buy your products ,you should be sure about what you are doing. Your neighbour must pay what is owed.
      If you give loans everywhere ,it is not your neighbours fault.

      The solution you present is to pass to him the responsibility of all the loans you have given ,to give him more loans through which to pay interest for the previous loans ,to cut food and resources for his business so in essence to tell him to stop working ,to ask him to reform his house without resources ,to ask him to concess his freedom to you entirely and to convince your children’s businesses that they pay for him. No they pay for your greed to get the house of your neighbour. Isn’t it obvious??????

      But the problem is that you and your neighbour are so interconnected that your greed will bring you down too.

    • In essence there is no Germany or Greece in EZ. Those that control the capital flows have benefited whoever they are. But they opened up too much and now someone must pay. Instead of them ,the southerns pay with austerity and the Germans with money.

      What is the problem?

      It is not the fact that there are deficit regions and surplus regions ,it is not the fact that the surplus regions must transfer capital to the deficit regions ,it is the fact that the transfers were uncontrollable anywhere.
      Otherwise the deficit region is an advantage to the surplus region since it recycles excess resources and the system is not overburdened.

      You see in this sytem we can not have perfect production. We will always have fluctuations and you need counterweights at the extremes .
      Greece is one of those counterweights.
      As long as certain parameters are kept at certain levels.
      These levels were not kept ,not only by Greece as is the scapegoating propaganda ,but by anyone.
      The reason is that these levels could not have been kept even if there was not corruption. It is a design flaw.

      Since Greece was the weakest member of the EZ ,it was a good scapegoat to prolong the problem.
      Germany could not have been the surplus region it is today without the deficit regions. It would have been simply impossible.

      Now instead of admitting it ,she ,as the primary servant of the banksters ,asks more.

    • In other ,simpler words ,the transfers are NOT a gift.

      The surplus regions NEED to give transfers. Otherwise is like keeping the blood in the bone marrow and saying to the brain find your own.

      What would happen? What would happen if the stem cells of the bone marrow kept producing and keeping it or releasing the blood everywhere accept one part of the body ,important or not so?

      “Blood is made in the stem cells of your Bone marrow and then is released into your blood stream systematically.The rbc then goes through a devolpment cycle until it is a full RBC.It usually last 90 days in the blood stream”

    • To continue with the example of blood ,the banks now have “sick” blood ,they are in need of dialisis and they have decided to first pass the bad blood from other specific organs as well.

      Unfortunately it doesn’t work that way. Dialisis is for all the blood.

      If kidneys fail due to problems with an op and need dialisis can they subsequently repair themself given time?

      If one is going through acute kidney failure, dialisis is a temporary thing. However, if one has chronic kidney failure it is a permanent thing.

      Kidneys are not capable of regeneration (they are post-mitotic tissues, that is, the cells do not replicate; therefore they cannot replace themselves) – (Greece as a deficit region). Once kidneys fail, dialysis or transplant surgery are the only options.

      The thing is it wasn’t a kidney problem in the first place.
      Kidneys haven’t failed yet but they are burdened with the problems of other organs. Inefficient dialisis prolongs the problem. There is the chance that kidneys will get worst and then in need of permanent dialisis but if the dialisis is still been conducted in an inefficient way the “bad” blood will eventually destroy the whole system.

      Either you start dialisis with the right procedures and correct the organs that caused the problem or you will reach the point where you’ll need permanent dialisis or transplant. If even then you do nothing ,well ,RIP.

      Greece or any other country can not just be substituted and noone wants a permanent dialisis. And we certainly won’t die for anyone stupid or greedy or both leader (organ ,cancerous testicle). Greece is not an insignificant part of the body. It is small but is needed.

      If you want to cut something cut the testicles of brussels.

    • The kidneys can not process the bad input of other organs which input shouldn’t be there in the beginning. The kidneys can not be asked to ,at the same time ,lower their activity so that the symptoms stall more and increase their efficiency so that they and only they process the problems caused by other organs.

      Not to mention that no matter how much they increase their efficiency ,even if that was possible by decreasing their activity too much ,their (kidneys) functions are completely different by what is needed to process the symptoms that can only be dealt with ,in their place of origin.
      The symptoms can not be stalled and the true problem can not be dealt with.

      So the problem spreads and the system asks from the kidneys to take more of the burden and pain by giving it nutrients to only be used for the processing of the problems not originated in the kidneys.

      Let us say that the kidneys are somehow amazingly strong and can endure all these.

      Some other part won’t. Let’s just say that the “bad blood” causes problems to the lungs. Now the whole system can not support the functions of the lungs ,a quite big organ ,so the organism starts to shut down. The lungs are Spain and Italy.

      Germany ,the banks ,the financial institutions and the elite are the arrogant and malfunctioning parts of the body that want to keep most of the nutrients to escape the problem caused by parasites (the banks ,the financial institutions and the elite) in the first place ,not realising that they will get affected too in the end.

      They are the true parasites ,like a tape worm ,that wants to absorb all B12 from the body ,leaving it weak and blaming the kidneys ,thinking that the kidneys will not only do the job of sustaining the body but will also provide the solution. The tape worm only leaves a small amount of B12 to be used by the rest of the body and the kidneys but it is not enough and even more than that ,it is not used effectively since the whole system starts to weaken. Then the tape worm has itself less B12 and so on and so forth.

      We will either remove the tape worm or if the parasite is actually not a parasite but an autoimmune disease that causes the body to eat itself ,rendering some organs as pseudo – parasites (Germany) and burdening other organs ,we will provide the solution by first acknowledging the autoimmune disease and then intervening appropriately.

      The kidneys have nothing to do with it. The lungs either.
      Maybe there is no tape worm. Maybe it is just a bad and stupid brain that gives wrong directives (Brussels). Maybe no true medicine is required. Only a change in thought so that the flows of the nutrients and the activity of the needed parts of the body is reestablished.

      Then we can work out some fitness program to make muscles. But not too much ,because this specific organism may be more of an aerobic type than anaerobic and we do not want to force a change that will again disturb its balance. Maybe this organism wants other parts of it’s body to be more efficient (Germany). Simply all parts of the body can not have the exact same functions.

    • What is the ECB?

      The ECB maybe the stem cells that produce blood.

      One organ of the body has a problem and keeps all the nutrients.
      Also the amount of blood in the system decreases.

      The stem cells decide to not produce more blood because that would burden the system (inflation) but the blood is non-existant already.

      The stem-cells are actually affected by the other organ that gives wrong directives and now in a way controls the remaining blood. The whole system is in trouble. The kidneys are chosen as the sacrificial lamb while at the same time must use less blood and process the bad directives of the other organ that shouldn’t give directives in the first place.

      Other parts (markets) of the system get confused. They think that because more blood is kept at the “bad” organ ,this organ is the only effective organ ,not thinking that it affects the whole system negatively ,so they increase their demands (spreads ,interest) from other organs including the kidneys.

      The system is [email protected]

    • Dear Demetri
      You sound like you’ve got a bit of an interest in medicine!

      Thanks for the explanation.
      I think I kind of understood what you mean – that it’s all interconnected, etc.

      I still believe that my example with lending the neighbour EUR 10’000 to buy your car and after the sale and handover of the car your neighbour tells you that he won’t / can’t pay back the EUR 10’000 (so both the EUR 10’000 loan AND the car is lost) is not a bad analogy.
      But it for sure describes only a part of what’s happened – national politics, corruption, the banks, etc makes everything much more complex to solve.

      What I think I see the same way as you is that having to bail out our stupid banks is very painful.
      Not unlike Greece (that is a threat to the EU / Eurozone system if it collapses) the banks have not at all done a good job but need to get saved. At least that’s still the consensus.
      I am not always sure if that’s a good idea – and certainly it is moral hazard because the banks can do stupid / risky stuff and if it goes wrong, they still need to get saved because if they don’t, the whole economy callapses. Or so they say…

      In a way (I am sure you won’t agree) the German taxpayer is really in a stupid situation: He has to guarantee / bailout both: Greece etc on a EU level and the banks in Germany because if they don’t receive help, both will take down the whole structure with them.

      Lots of people benefitted from the now collapsing system (German exporters, stupid German banks, Greek citizens) – and the bill now has to be settled by the German taxpayer…
      That’s life, I guess!

    • Martin

      Actually since the surplus countries have excess surpluses by their overproduction in the union ,these surplus money of every country is like the common bank account of a family.

      So no ,it doesn’t have to be the German taxpayer that pays but rather the official Germany together with the other surplus countries.
      BUT as long as the money spent is used as debt for previous debt and not in a productive way together with extending the old debt ,the time will come were then the taxpayer will pay and still it will not be enough.

      Simply because debt will ovetake production and newly produced wealth will not be enough to pay old debt.

      That is why these policies today are wrong. They go against nature herself.

      On purpose?
      Will they ask the southerns to give up their countries in order to pay old and the new illegal debts?

      It ain’t happening.

      You see ,it is not Greece that couldn’t service its debt.
      Is that Germany desided so and then “bailed out” Greece by more debt.
      Simply to pass the bad excessive debt of the banks through the sovereigns.
      Now the markets have no trust and things will get longer to correct.

      There are two kinds of debt.
      1. The debt the banks owe
      2. The debt the sovereigns owe.

      Greece or any other southern is not the neighbour that couldn’t pay.
      Rather the banks are the creditors with too much bad debt (to get and to give) ,which they desided to not overextend but give more new debt to filter the bad debt through the sovereigns.

      This only makes debt pile up in an unsustainable rhythm that overtakes the rhythm of production and thus the creation of new wealth to pay for the old debt even if new money is to be created.

      Except if new money is created and is used effectively together with other solutions and ways allready mentioned ,as is the MP.

      Reforms have nothing to do with this.
      Reforms without (energy) money are not possible. Only to a point. The debt has become toxic thanks to the “bailouts”.
      Also the PSI was conducted at the wrong moment ,when the markets had already lost much confidence and more debt had already piled up ,rendering the haircut worst than ineffective.

    • Martin

      Do you understand now why they ask reforms?

      They ask:
      1. Become more efficient with less energy
      2. Use this energy to pay the bad debt of all banks in Europe.

      Noone can become more efficient with less energy.
      One can become more efficient with less activity with the proper systems in place but energy is needed for these systems to be created.

      Will Germany transfer her knowhow to the southerns? NO

      So no efficiency possible without the time and energy.

      So ,quality of life is diminished and certain people believe the excuse of “live by your means”.
      Only that life gets worst and worst by more bad debt that can not be used effectively.

      So ,the end result is Greece and other countries becoming extremely impoverished because of the bad debt of all the banks ,while at the beginning they could service their own debt more effectively.

      The end game is near.

    • Martin

      Since Greece was the weakest economy in EZ she was used first to pass the bad debt of the banks or they chose Greece because they just do not like her. Or they chose Greece to be impoverished first ,get assets and use her as a cheap tool for Germany’s energy independence.

      It is a fact that they had this decided before.
      The proof :
      The extreme and immediate media propaganda against the Greeks so as to render Greece a scapegoat and fast create a social virus that blames Greece and distracts people from the bad debt of the banks.

      The crisis has nothing to do with Greece. It never had.

      Now Greece is a threat because of the so called domino effect and since now markets have lost that much confidence.
      We get blamed because we “appeared” the first in the crisis.

      But there is devine providence and the nemesis.
      For in their effort to cover their butts by defamating the Greeks ,they disturbed the whole market so much that now nothing may be enough.

      The pain you should have feeled for your own banks may be coming to you worst.

  • Well done Yanis ! Yet another false dichotomy peddled by the corrupt international media, but it’s only to be expected because they, like the elites on whose behalf they write this propaganda, are desperate now to return to the status quo ante and it just isn’t happening and they have no alternative to offer . If they could find an excuse to roll out the tanks they would because force will be all that’s left to them when this show’s over.

  • Congratulations on the way you are coming across on Sky News you are reasoned, sensible and really live the harshness of the situation. The news coverage is very negative and you are the voice of reason. I agree with you wholeheartedly they should all sit down and not leave the room until they have an agreement.

  • New Democracy ,Old Bankocracy.

    Άλλαξε ο Μανωλιός κι έβαλε τα ρούχα του αλλιώς.

  • Yannis, as always on point. Please keep it up. I follow you from NY and so far you are just about my beacon of truth

  • Yannis, as always on point. Please keep it up. I follow you from NY and so far you are just about my beacon of truth. Shame on you BBC, ex credible source of “news”

  • Not only Greece, but the world’s economies are heading toward a precipice, and all that the EU & other governments can manage to do is run to the right side of the train, then the left side of the train as it heads over the cliff, in hopes of stopping it. Why has everyone stopped talking about how the banks and hedge funds are involved in this? Everyone sang the praises of the “free market” as if it were a real thing, instead of just a theory. They want “free markets”? OK, but this is what you get. But is it what we want? It wasn’t always this way. It doesn’t have to be this way, there are other models, obviously this one isn’t working. Time to find a new track for this train.

  • Yianis,

    I look forward to seeing you in Austin and discussing the future of the universe, including that of Greece. Perhaps you might benefit from a Greek who chose to live overseas for the past 34 years after graduate school because I determined long ago that I could not live in a state of corruption, cynicism, foolish nationalism, Phyric victories and nostalgia for ancient glory. I worked very hard to create wealth so that I could assist my family back home and raised a family who made annual pilgrimages to the motherland. I always cried upon my departure back to the US and always wished good luck to the Greeks.

    Now we have a country in ruins perpetrated by a combination of genetic corruption, international speculation and avarice, and selfishness. But in the end, it is a country which Greeks created.

    I listened, in amazement, to Mr. Tsipras professing that Syriza is interested in bringing Democracy to Greece. To this day I remember my grandfather and I watching George Papandreou leading a procession in Syntagma in 1968. My family long supported the Center. Long before Mr. Tsipras was born. We knew, and know, the meaning of democracy, the democracy that provided the nutrients that Mr. Tsipras and Syriza have consumed and enabled them to become the second largest party in Greece out of the ruins of PASOK.

    It’s time that all of Greece participate in the dialog and debate that is about to start with the Troika. It’s time that real democrats run the country. It’s time for demagogues work to improve the life of “laos”: create a real tax system and prosecute those who evade their obligations, obey laws, end corruption, stop their addiction to materialism and foreign funding, and recognize the value of productivity.

    Hope to see you soon.

    • Από τα γραφόμενα, είναι πιθανό το 1968 να παρακολουθούσες πορεία στο Σύνταγμα. Αλλά δεν ήταν του Παπανδρέου. Ηταν άλλου δημοκράτη Παπα…

    • @kakaskimos
      It might be Papa… or Pata…. This guy would have been a Michaloliakos vote for sure.

    • Kataskismos,

      Thank you for pointing out my error. I mean to say that we were watching the funeral procession for George P.

  • Yanis, it’s Samaras who called the election a “choice between the Euro and the Drachma”.

    • Sure. But the job of the BBC and the rest of the media is not to parrot what one side of the argument is saying. It is to present both sides of the story. Can you imagine the BBC leading its news bulletin saying: “Today, the British people will be choosing between a long period of stagnation, under the Tories, or for hope for a new start – as long as they vote Labour”? (On the basis that this is what Labour said?)

  • BBC, the British Broadcasting Corporation, is not at all typical for European media. Britain of today with the government of Mr. Cameron doesn’t totally belong to the EU (formally they – still – do). Markets must rise on Greek election, that is their first and only concern.

    I am reading Figaro, El Pais, Corriere de la Sera for instance (and German newspapers of course, I am a German) and there is a rather serious mix of journalism, Greek votes beeing not even an important topic sometimes. Have a look there instead.

  • The same can be said about El País from Spain. It was interesting to read the title this morning that the 10Yr yields of spanish bonds were climbing above 7% “despite Greece”. Is this shameless journalism?

    • Well, it’s clear that the Greek election results were not enough to appease the Confidence Fairy.

      More virgins for the volcano, Spain!

  • Expect no real journalistic standards from the BBC. They long ago left behind any pretence of impartiality in their reporting, in this and in many other areas, and are firmly joined at the hip to the pseudo-liberal vision of the EU and centralised government as the way of the future. They are simply media whores. A journalist is someone who reports the facts that others don’t want him to – anything else is merely public relations, which the BBC is now engaged upon for a variety of lobbies. ‘Nation shall speak truth to nation’? What a sick joke.

  • Of course, the propaganda about a vote for Syriza was a vote to leave the euro was spewed across the entire world, and included Greek newspapers and tv.

    In that light, it is interesting how AFTER the elections, the media suddenly “discover” that default would not have to lead to exit from the euro. For a suspicious example of this, see today’s Kathimerini in English —

    Frankly, the world’s media disgust me. They have no shame about their depravity.

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