Posted Feb 15, 2017 by Martin Armstrong
Prime Minister Alexis Tsipras has completely failed the Greek people. He was elected to exit the EU but instead he has wiped out his country trying to stay in the Eurozone. Pensions have been attacked 11 times since the crisis began in 2010. The very day Greece asked the IMF for help was precisely on the day of our target – Pi from the 2007.15 high. Today, Greece is even worse than the United States during the Great Depression from a social and economic situation.
Greece is such a beautiful country and its people are among the most pleasant in Europe. Yet all because Merkel promised Greece would be made to repay, that promise has torn Europe apart at the core. Her polls crashed as everyone began turning against her citing that Greece forgave the debts that Germany owed it after World War II to help Germany get back on its feet. Merkel REFUSED to listen because that was her promise that Greece would repay. To boost her international image of being a loan shark, she turned within a few weeks and opened the gates to Europe for the refugees to change her personal image. Merkel transform the debt crisis into a refugee crisis and now we have both.
Forcing the Greek people to pay to keep the Euro together, which benefited Germany at the expense of Greece, has run its course. Greece will have no choice but to default all because Merkel has continued to put her personal polls ahead of Europe.
The IMF has finally acknowledged that the previous credit programs have not led to the recovery of the Greek economy. In a new report, the IMF had shown above all that the depression in Greece today has even exceeded the Great US Depression of the 1930s. Greece has been pushed beyond all endurance and what the EU and Troika have done to Greece violates human rights. Time Magazine reported: “Psychiatrists say that the economic crisis has triggered a 25% to 30% increase in the number of patients seeking their help. … Before the crisis started, Greece was proud to be at the bottom of the list in Europe for the number of suicides, with a rate of 2.8 per 100,000 inhabitants. But that might be changing. Experts believe that in 2009 the rate of Greek suicides increased by 18% increase compared with 2007, with that figure expected to have climbed even higher in 2010.”
Not even a single austerity measure has led to the stabilization of the Greek budget and the deflation that has been unleashed is a human tragedy all because Merkel DOES NOT UNDERSTAND THE GERMAN HYPERINFLATION. Consequently, Merkel has subjected Europe to devastating DEFLATION and the economic depression that inflicts upon the people of Europe. What Merkel has inflicted upon Greece will be the undoing of the Eurozone.
The IMF warns about Greece that “the tax burden is unevenly distributed … Therefore, the current structure of public finances is fundamentally inefficient and unfair, and ultimately socially unsustainable. The lower incomes and the unemployed have no access to adequate and targeted social services and other essential public services that they need, and are common in other countries in the euro area. “
It is becoming abundantly clear to all observers that Greece needs urgently a debt cut if the population should ever benefit from any EU dream. However, the euro ministers reject a debt cut before the Bundestagswahl 2017 once again concerned for Merkel’s reelection bid. In other words, they fear that any debt forgiveness will mean Merkel loses her election but without debt forgiveness the euro will crack.
The Greek people do not expect any improvement and have lost faith in government regardless of the political party. The IMF has pointed out that in only six years, Greece has had nine different finance ministers. The cradle of democracy seems to have been completely destroyed in Greece and this is not looking good moving forward. This is one of the cornerstones of revolution that the EU has imposed upon the Greek people who suffer for their politicians playing games with Goldman Sachs to get into the Euro at all costs. Those costs have devastated the Greek people.