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February 1, 2012

"Preordained failure" of the Troika Rescue Plan

Article by Yanis Varoufakis at cnn.com which lambastes the maneuvers throughout the crisis over Greek debt as a refusal to submit to the truth of the situation, made worse from political hubris:

"Beating their chests about the German threat to Greece's national sovereignty, they are hoping that the Greeks will somehow forget that it was they, their leaders, who ceded sovereignty to the so-called troika of the European Commission, the International Monetary Fund and the European Central Bank.

This is a typical case of a shady coalition of vested interests that is disintegrating under the weight of its collective hubris. For the past 18 months, German and Greek leaders have been working together to deny the truth about three simultaneous bankruptcies: The irreversible bankruptcy of the Greek state, the effective insolvency of many Franco-German banks, and, last but not least, the unsustainability of the euro-system as we know it."

More about the Troika in Greece:

The June 2011 Troika Loan Plan

"Midterm" Troika plan passes Greek Parliament - June 2011

Troika primary requirement: Reduce the size of the Greek state - Sept 2011

Questions about Troika Powers in Greece - June 2011

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