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Does anyone believe the "emperor"?

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The most important question was posed to the "emperor" Draghi, at last.

From MarketWatch:

European Central Bank President Mario Draghi was Monday faced with the million-euro question — is the central bank blackmailing Greece by cutting off regular funding channels for the country’s banks? The question was posed by Portugal’s Marisa Matias, who — in several testy comments — hinted during a European Parliament hearing that the central bank has been dragging the struggling Mediterranean nation down.”

But in his usual cool fashion, Draghi slapped down claims of any wrongdoing. 'Let me disagree with about everything you said,' the ECB boss opened his comeback. 'Are we blackmailing Greece? That’s a bit rich to say. The ECB has 104 billion euros exposure to Greece. That’s 65% of Greek GDP and the highest exposure in the eurozone.'”

That’s Draghi speak for 'no blackmailing here.' Later in the hearing he added a trump to his argument, revealing that the exposure has more than doubled from €50 billion back in December. But it wasn’t just Matias that quizzed Draghi during the question-and-answer session with Economic and Monetary Affairs Committee. An overarching theme among the questions from lawmakers was the financial squeeze in Greece and whether the central bank was right in removing a waiver that allowed Greek banks to use the country’s junk-rated bonds as collateral for loans.”

'The ECB is a rule-based institution. We’re not creating rules for Greece or anybody else. We’re simply observing existing rules,' Draghi said. 'We’re ready to reinstate the waiver when conditions are met.'”


Someone should remind Mr. Draghi that the ECB decided that will not buy Greek bonds, after the systemic banks of the country reported having liquidity problems, even before the national elections in Greece when current government coalition major party, SYRIZA, preceded in all polls. (http://failedevolution.blogspot.gr/2015/01/draghi-blackmails-greeks.html)

This means that there was no excuse at that time for such a decision because the previous Samaras government-puppet was not negotiating with the lenders, was only taking orders and doing everything according to the troika. The only reason for such a decision by the ECB was to send a "signal" to the Greek voters, not to vote the Leftist party, SYRIZA. This is the definition of political blackmail of the electorate, a direct hit to the democratic principles. Therefore, not only the ECB has been used to blackmail Greece, but also, Draghi takes political decisions against the targeted country.

Therefore, the standard answer by Draghi that "The ECB is a rule-based institution. We're not creating rules for Greece or anybody else. We're simply observing existing rules ...", is another misleading cliche to distract public from the real purpose of the ECB.

ECB and Draghi's actions are quite predictable now and have nothing to do with "rules". The blog had mentioned that in case that SYRIZA would form an autonomous government, or, a coalition with the help of the parties of the anti-austerity front, "... the ECB will blackmail the government by threatening that will not purchase government bonds, therefore cut liquidity, in case that Greece choose a different path towards the reconstruction of the social state and labor rights, bringing minimum wage at pre-crisis levels, etc." (http://failedevolution.blogspot.gr/2014/12/various-scenarios-for-national.html)

So, would you still believe the words of the "emperor"?

Related:

Draghi activates his trap

The "emperor" spoken again

Αlea jacta est by the “emperor” Draghi

ECB's vicious cycle mechanism

A new 1.3 bn palace for the "empire"

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