Skip to main content

When Monti bowed to banksters

Α short story of how a country can be loaded with 40 billion euros additional debt in just one day

In February 2012, the new Italian president, Mario Monti, meets with the president of one of the largest Italian banks in his office. The banker said to Monti, directly, that his bank issued private bonds of 40 billion euros total value.

"Certainly Mr. President, as everyone knows our bank's difficult position, no one will buy them unless you give us Italian state surety". "You say that the Italian taxpayers must guarantee for your new huge debts?", said Monti with surprise for the audacity of the banker. "That's exactly what I'm saying, Mr. Monti", said the banker, confirming his audacity. "Through the state surety I will be able, even today, to deposit these bonds at the ECB and get fresh money. Otherwise, the bank will not open tomorrow, the country will fall in chaos and you government will collapse".

This is roughly the way that the technocrat president was put in a dilemma: should he give state surety to the cheeky banker, increasing public debt by 40 billion euros in just one day? He asked his visitor to wait outside his office and made a phone call to the Minister of Finance and to the president of the ECB, Mario Draghi. They both told him not to even think about let the bank collapse.

A desolate Monti asked from his secretary to bring the banker back and signed the papers of state surety for the new private debt. "Instead of lending some money given by Draghi, the banks come to the state, which is about to default, and ask for guarantees!", Monti thought.

A few days later, a message came from Brussels for their "selected" Monti, as they observed an "abrupt" rise of the Italian public debt which was in contrast with Monti's "mission" to reduce debt. "With these new data, European Commission expects from you to introduce new measures for the restriction of the fiscal deficit of Italy", was the ending of this message.

Three weeks later, an overwhelmed Mario Monti announced new measures in the Italian parliament, which forced Italy in a new recession, as proved little later.


Key information from the article “Don't they know what they do?”, by Yanis Varoufakis, from the HotDoc magazine, Issue 41, Dec. 2013.
(translated by SCH)
  
Related stories:

Comments

Popular posts from this blog

Former CIA high-ranking official accidentally reveals the type of the false flag operation that the US imperialists will orchestrate to start a war with Iran

globinfo freexchange
In the following video, Jimmy Dore makes an analysis of an interview that the former CIA deputy director, Michael Morell, gave on CBS, regarding the recent developments after the assassination of the Iranian major general, Qasem Soleimani. 
Morell describes a probable scenario according to which the Iranians and their proxies could retaliate further. And therefore, this will naturally and eventually lead the US to start a war with Iran. As Morell points out:
                    Hopefully, that can de-escalate now, but that doesn't mean the covert war is over. [...] There are two things we need to think about here. One is, still, down the road, at some point, an assassination of a senior US official, somewhere in the world, could be months from now, to get revenge. And then, two, we still have to worry about those Iranian proxies. They may still attack US military bases ...

Note, that this interview was taken AFTER the Iranian retaliation through the missile att…

WikiLeaks paper confirms biggest fear of the US empire and the Wall Street mafia

The WIKILEAKS Public Library of US Diplomacy (PlusD) holds the world's largest searchable collection of United States confidential, or formerly confidential, diplomatic communications. As of April 8, 2013 it holds 2 million records comprising approximately 1 billion words. The collection covers US involvements in, and diplomatic or intelligence reporting on, every country on earth. It is the single most significant body of geopolitical material ever published. The PlusD collection, built and curated by WikiLeaks, is updated from a variety of sources, including leaks, documents released under the Freedom of Information Act (FOIA) and documents released by the US State Department systematic declassification review. 
globinfo freexchange
A cable from July, 2007, depicts the anxiety of US officials about the potential capability of North Korea to produce hardly detectable US counterfeit currency.

There are numerous references about the effort of the US government to stop the production…

Μα καλά, δεν βρέθηκε ένας να του δείξει ως που μπορούν να φτάσουν οι Ιρανικοί πύραυλοι;

failed evolution
Οι φάπες πέφτουν σύννεφο και απ'ότι φαίνεται, στις όποιες διαπραγματεύσεις, η σημερινή κυβέρνηση παριστάνει τη γλάστρα, χωρίς να απαιτεί το παραμικρό.
Και σαν να μην έφταναν όλα αυτά, ο Κούλης έσπευσε να επικροτήσει την απαράδεκτη ενέργεια του Τραμπ να δώσει εντολή για τη δολοφονία του κορυφαίου Ιρανού στρατηγού, Κασέμ Σουλεϊμανί.  
Δυστυχώς, είχαμε και πάλι δίκιο. Η χώρα ήδη πληρώνει την απόλυτα ανεύθυνη στάση Μητσοτάκη, καθώς το Ιράν προέβη σε έντονο διάβημα διαμαρτυρίας, με τον Ιρανό πρέσβη να φέρεται να δηλώνει ότι «Ούτε άλλες χώρες της ευρωπαϊκής Ένωσης με τις οποίες έχουμε κακές σχέσεις δεν τοποθετήθηκαν έτσι». 
Όμως το Ιράν φαίνεται να προχώρησε παραπέρα, θέτοντας θέμα Αμερικανικών βάσεων στην Ελλάδα, στέλνοντας μια επιστολή στην Καθημερινή και αναφέροντας, μεταξύ άλλων: "Η Ισλαμική Δημοκρατία του Ιράν έχει δηλώσει ξεκάθαρα ότι σε περίπτωση επιβολής πολέμου κατά της χώρας από την Αμερική, η διάθεση βάσεων από οποιαδήποτε χώρα στον αμερικανικό εισβολέα …

Why the US imperialists will start a war with Iran right after the 2020 US presidential election

by system failure
Even before 2016 US presidential election we were arguing in this blog that Donald Trump is only the reserve of the establishment, a necessity solution. The first signs, right after his election, were indicating that we were right. Trump literally hired Goldman Sachs to run the economy and immediately authorized further tax-cuts for the super-rich, contrary to his pre-election rhetoric.
Then, things got even worse by hiring some of the most bloodthirsty neocons in key positions. Trump's 'anti-establishment' facade was rapidly collapsing as he was  starting to move towards the US deep state agenda. In fact, the only card left to play was that of his alleged 'anti-interventionism'. Yet, he succumbed further to the US pro-war cabal by bombing Syria, without even waiting to see some evidence about Assad's alleged chemical attacks against civilians. 
Beyond that, he continued Obama's awful legacy regarding the war in Yemen, by arming Saudis and…

US deep state scenarios on cancelling 2020 election: securing a war with Iran and marking the definite end of Democracy in America

globinfo freexchange
On January 14, the blog published an article about a potential oncoming war between the US and Iran. We estimated that it is unlikely the US deep state to start a war before the 2020 presidential election. Otherwise, as we wrote, the deep state would have to take the risk of some extreme solutions. Like, for example, an 'emergency situation' plan on the pretext of the war, in order to postpone the election and, at the same time, extent Trump's presidency. With all the chaos and the rising popular anger, the whole country would soon be getting into 'uncharted waters'.
Yet, it seems that such a scenario not only exists, but it was designed by an Israeli private company. And moreover, it appears that the company is deeply connected with the deep state and the Trump administration.

We found that MintPress News published an article, written by Whitney Webb, on the same day with our article above, giving the full details. As Webb reported: [most im…

Ex-US intel officer: Pompeo 'lying through his teeth' on Iran

The Grayzone
The Trump administration is imposing new sanctions on Iran and defying Iraq's call for a US troop withdrawal. This comes as the stated rationale for the US assassination of Qasem Soleimani and Abu Mahdi al-Muhandis is being undermined by its top officials' own statements. Scott Ritter, a former Marine Corps intelligence officer, analyzes the increased White House coercion efforts and collapsing intelligence claims.

Big tech firms are joining Trump’s all out war against Iran

Deleting messages of support for Iran may seem a petty, childish retaliation for opposing the Trump administration, but it has profound ramifications for freedom of access to information.
by Alan Macleod 
Silicon Valley giant Facebook announced Friday that it would be deleting all positive posts about recently assassinated Iranian general Qassem Soleimani on its platform and its subsidiary Instagram. The reason for this, it explained to CNN, was that the new U.S. sanctions made it illegal to promote any message supporting a person or group that the government describes as a terrorist organization. “We operate under U.S. sanctions laws, including those related to the U.S. government’s designation of the Iranian Revolutionary Guard Corps (IRGC) and its leadership,” a Facebook spokesperson said. 
Instagram had already closed Soleimani’s account in April last year, following Trump’s designation of the IRGC as a terrorist group. Following the news Friday, Twitter suspended Iranian Supreme L…

Bolivia: as elections near, US-backed interim gov’t mobilizes military, arrests opposition leaders

Wednesday, January 22 marks the day that Jeanine Añez is set to stand down as “interim” President of Bolivia, beginning the process for fresh elections set for May 3. Añez came to power in November, following a U.S.-backed coup that deposed the Movement to Socialism’s (MAS) Evo Morales. However, she is certainly not acting as if she intends to relinquish her power, let alone move towards new elections. Instead, she has sent the military, replete with tanks and other armored fighting vehicles, into the capital cities of all nine departments of the country.
MintPress News’ Ollie Vargas was on the scene in the center of the capital La Paz, where he filmed hundreds of armed soldiers performing drills outside the Cathedral of St. Francis and dozens of military vehicles circling the city, sirens on and guns drawn.

The purpose of that is to intimidate people ahead of possible protests against the coup on the 22nd of January…This was a show of force saying you are not going to be able to mar…

Bernie Sanders on the assassination of General Soleimani: 'this is a dangerous escalation that brings us closer to another disastrous war in the Middle East'

Bernie Sanders
Bernie Sanders addresses Trump's dangerous escalation in the Middle East at Anamosa Town Hall.


Εξωτερική πολιτική για κλάματα: το Μητσοτακικό καθεστώς βάζει τη χώρα σε νέες περιπέτειες

globinfo freexchange

Πιστεύαμε ότι η κυβέρνηση Τσίπρα 'το είχε τερματίσει' όταν αποφάσισε (προφανώς μετά από έντονες Αμερικανικές πιέσεις) να προβεί στην ανήκουστη και απαράδεκτη ενέργεια να απελάσει τους τέσσερις Ρώσους διπλωμάτες. Το Μητσοτακικό καθεστώς όμως φαίνεται ότι έχει κάνει νέο ρεκόρ πλήρους υποταγής στους Αμερικανούς ιμπεριαλιστές, δίνοντας το τελειωτικό χτύπημα στην ευελιξία της εξωτερικής πολιτικής που θα έπρεπε να έχει, έτσι και αλλιώς, κάθε σοβαρή και ανεξάρτητη χώρα. 
Όμως η δήλωση Μητσοτάκη απλώς επιβεβαίωσε ότι η νεοφιλελεύθερη Μητσοτακική δεξιά, η χειρότερη που γνώρισε η χώρα μεταπολιτευτικά, είναι απόλυτα υπόδουλη στα Αμερικανικά συμφέροντα. Και τελικά, πως η ίδια η χώρα, είναι ένα Δυτικό προτεκτοράτο και μια κανονική αποικία (και όχι απλά αποικία χρέους).
Ο χειρότερος Μητσοτάκης όλων των εποχών αποφάσισε να επισκεφτεί τον Ντόναλντ Τραμπ για να κάνει το πιστό του 'ρομποτάκι', δηλώνοντας ουσιαστικά ότι επικροτεί την εγκληματική ενέργεια - πέρα από κ…