Will Greece Declare Their Debt an Odious One? If So, Prepare For Glorious Helter Shelter!

Those of you who read my blog regularly may have seen the term odious debt mentioned in some of my earlier posts on Greece. In fact I have argued that with John Key being a Wall street banking insider heaping huge amounts of debt on our shoulders he was in fact making sure that debt was per definition an odious one when we would finally wake up to the true fraudulent and corrupt nature of the global privately owned banking cartels.

It seems that Greece has come to the same nature and if they go the Odious debt route, and they should, it will lead to all European countries such as Ireland, Spain and Italy (And hopefully New Zealand too eventually) to do the same. It could lead to a great reset also known as a jubilee. Here is hoping we can finally get rid of the banking parasites!

——————————————-

It was in April when we got a stark reminder of a post we first penned in April of 2011, describing Odious Debt, and why we thought sooner or later this legal term would become applicable for Greece, because two months ago Greek Zoi Konstantopoulou, speaker of the Greek parliament and a SYRIZA member, said she had established a new “Truth Committee on Public Debt” whose purposes was to “investigate how much of the debt is “illegal” with a view to writing it off.”

Moments ago, this committee released its preliminary findings, and here is the conclusion from the full report presented below:

All the evidence we present in this report shows that Greece not only does not have the ability to pay this debt, but also should not pay this debt first and foremost because the debt emerging from the Troika’s arrangements is a direct infringement on the fundamental human rights of the residents of Greece. Hence, we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious.

As we predicted over four years ago, Greece has effectively just declared that it will no longer have to default on its IMF (or any other debt – note that the dreaded “Troika” word finally makes an appearance after it was officially banned) simply because that debt was not legal to begin with, i.e. it was “odious.”

If so, this has just thrown a very unique wrench in the spokes of not only the Greek debt negotiations, but all other peripheral European nations’ Greek negotiations, who will promptly demand that their debt be, likewise, declared odious, and made null and void, thus washing their hands of servicing it again.

And another question: when Greece says the debt was illegal and it no longer has to make the June 30 payment, what will be the Troika’s response: confiscate Greek assets a la Argentina, declare involutnary default, sue it in the Hague?

Good luck.

From the full just released report by the Hellenic Parliament commission:

Hellenic Parliament’s Debt Truth Committee Preliminary Findings – Executive Summary of the report

In June 2015 Greece stands at a crossroad of choosing between furthering the failed macroeconomic adjustment programmes imposed by the creditors or making a real change to break the chains of debt. Five years since the economic adjustment programmes began, the country remains deeply cemented in an economic, social, democratic and ecological crisis. The black box of debt has remained closed, and until now no authority, Greek or international, has sought to bring to light the truth about how and why Greece was subjected to the Troika regime. The debt, in whose name nothing has been spared, remains the rule through which neoliberal adjustment is imposed, and the deepest and longest recession experienced in Europe during peacetime.

There is an immediate need and social responsibility to address a range of legal, social and economic issues that demand proper consideration. In response, the Hellenic Parliament established the Truth Committee on Public Debt in April 2015, mandating the investigation into the creation and growth of public debt, the way and reasons for which debt was contracted, and the impact that the conditionalities attached to the loans have had on the economy and the population. The Truth Committee has a mandate to raise awareness of issues pertaining to the Greek debt, both domestically and internationally, and to formulate arguments and options concerning the cancellation of the debt.

Read more

4 thoughts on “Will Greece Declare Their Debt an Odious One? If So, Prepare For Glorious Helter Shelter!

  1. Odious debt: “National debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable.”

    In NZ

    Private owned bank bailouts and investment bailouts.
    The measures implemented under the “bailout programmes” have directly affected living conditions of the people and violated human rights.The Impacts of banking cabals austerity measures in place created human rights violations, cuts in medical treatment, housing & healthcare.

    Privatization.
    “Having concluded a preliminary investigation, the Committee considers that ******* has been and still is the victim of an attack premeditated and organized by the International Monetary Fund, the European Central Bank, and the European Commission. This violent, illegal, and immoral mission aimed exclusively at shifting private debt onto the public sector.”

    Student loans (*which are not “interest free” anymore) create an unfair burden on younger people after the bailouts in the banksters austerity economy.

    The whole costs of parliament which is set up for control of people and generate profits for the Crown, is full of Mp’s( Muppet People) that sell public assets without consent….new fleet of limos for driving around J.Key & other banking cabal stooges.
    The banksters warmonger ugly national war memorial and war museum(s) .

    There is a lot of odious debt creation.

    “The Committee hopes that the report will be a useful tool for those who want to exit the destructive logic of austerity and stand up for what is endangered today: human rights, democracy, peoples’ dignity, and the future of generations to come.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s