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Saturday, February 20, 2010

Greece accuses US and British speculators, Greenspan involved

It has been known yesterday that the Greek intelligence services have discovered that four multinational corporations based in the USA and UK were behind the artificial devaluation of its bonds, selling them "massively" and "buying them again at reduced prices at the end of the day". This information was published yesterday by To Vima newspaper (though I gather it from Gara).

The financial corporations accused are: Moore Capital, Fidelity International, Paulson & Co (these three from the USA) as well as Brevan Howard from the UK. All them are described in Wikipedia as "hedge funds", so it seems just another case of speculative attack by the usual financial criminals against the real economy. It is noticeable that former Fed chairman Alan Greenspan is nowadays "adviser on economic issues and monetary policy" for Paulson & Co.

So guess I would not be too wrong if I'd directly blamed Greenspan for the financial attack against Greece and more in general for the speculative attacks against the periphery of the Eurozone. However blaming the speculators alone would be naive, as it's obvious that EU played it wrong when it did not provide the euro with the appropriate political resorts and is playing it wrong now when it does not allow for a devaluation of the european currency, which would only help the continental economy, favoring much needed exports.

Prime Minister Giorgos Papandreu explained that these attacks are not directed against just Greece but that have a further goal: the euro.

Meanwhile the class conflict in Greece, sparked by the FMI-style draconian measures, is reaching extremes that will probably force a rethink of the policy because the strike public workers of the customs sector is leaving Greece without gasoline and other first need products. This upcoming wednesday a general strike has been called.

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