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Eurogroup: a Ruthless Gang by Leonidas Chrysanthopoulos, Ambassador Ad Honorem

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Eurogroup: a Ruthless Gang by Leonidas Chrysanthopoulos, Ambassador Ad Honorem Eurogroup: A Ruthless Gang by Leonidas Chrysanthopoulos, Ambassador ad honorem Greek Ambassador Chrysanthopoulos presents below same time writing articles and giving interviews to the his report on the book, Adults in the Room: My Battle foreign press. For his anti-memoranda activities, he with Europe’s Deep Establishment, by Yanis Varou- had his title of Ambassador ad honorem withdrawn by fakis, the former Finance Minister of Greece. Chrysan- presidential decree in 2013, only to be reinstated in thopoulos was the Secretary General of the Black Sea 2016 by the Syriza government. He made demarches on Economic Cooperation Organization, and addressed human rights violations in Greece because of the aus- the international Schiller Institute Conference of June terity measures at the ministries of foreign affairs of the 30-July 1, 2018 in Bad Soden, Germany. Benelux countries and Berlin in 2017. He submitted a The book’s author, Varoufakis, was complaint against Greece for human Finance Minister of Greece from Janu- rights violations at the UN Human ary 2015 until July 2015, in the first Rights Council in Geneva, while at the government of Greek Prime Minister same time making speeches in various Alexis Tsipras, who came to power on parts of Europe to publicize the deteri- the platform of reversing the so-called orating situation in Greece. European Union “bailout” of Greece during its debt crisis. That “bailout” Oct. 18—On reading the last book of Y. eventually loaded Greece with a total Varoufakis, Adults in the Room: My of 340 billion euro of debt, which in re- Battle with Europe’s Deep Establish- ality went straight to the far more bank- ment, the reader’s interest may focus on rupt French, German, British and other the disgraceful methods employed by leading European banks and the Inter- the members of the Eurozone and the national Monetary Fund, in order to EU against Greece in order to obtain its “save the euro.” third MOU [Memorandum of Under- As Finance Minister during the standing]. Not that the use of such hor- first six months of the government, Va- rible methods is unknown, but now we roufakis took part in the struggle between Greece and have a first-hand account from Yanis Varoufakis, the the “troika”—the European Union, European Cen- person who negotiated with the troika during the first tral Bank and International Monetary Fund. His book months of 2015. exposes the brutal tactics used to force the eventual The methods used also indicate the difficulties that capitulation of the Greek government and compel it to the first “Anti-Memoranda” government of Greece will accept yet another 80 billion euro in debt, and sign have to face, but by publishing them, the preparation of yet another so-called “memorandum” stipulating effective countermeasures is allowed. brutal austerity measures. Varoufakis was forced to The Eurogroup is an informal group of the ministers resign as Finance Minister, and eventually to resign of finance of the eurozone. The EU Treaty, in its Protocol his parliamentary seat as well. He is now a professor 14, Articles 1 and 2, mentions these informal meetings. of economics. The Eurogroup used six coercive methods against Chrysanthopoulos started his campaign even before Greece during the first six months of 2015 when the the memoranda, with an interview published in Decem- country was considered as an enemy state. All six will ber 2009 in the Greek daily newspaper Eleftherotypia be discussed in depth below. These were 1. Extreme titled, “Nightmare a Fascist Europe.” As a member of verbal pressure, 2. Effective blackmail, 3. Non-truths, anti-memoranda political parties, he participated in 4. Use of Greek turncoats, 5. Pressures on third coun- the big demonstrations of 2011 and 2012, while at the tries to abstain from financing Greece, and 6. Use of the 38 The Four Powers in Space EIR October 26, 2018 Xinhua CC/Aron Urb Yannis Varoufakis (center), Greek Minister of Finance (January-July, 2015) was given an ultimatum by Klaus Regling (right), European Stability Mechanism Managing Director, to stick with the troika’s austerity program, and told by Christine Lagarde (left), IMF Managing Director, that there is no going back for Greece. European major mass media networks for disinforma- 2015, Varoufakis met with Dijssebloem, Weiser, and tion campaigns against Greece. Sapin, who pushed him to have the referendum can- celled. Another practice undermining the Greek posi- Extreme Verbal Pressure tions was whenever the Greek minister took the floor The first meeting between Jeroen Dijsselbloem, the during Eurogroup meetings and presented concrete President of the Eurogroup, with Y. Varoufakis, the compromise proposals, a silence usually followed, or- Greek Minister of Finance, took place on Jan. 30, 2015. ganized on purpose, where no other minister took the After a long conversation, the Dutch Eurogroup Presi- floor to comment on the proposals, thus allowing Di- dent issued the following ultimatum: “The current pro- jssebloem to close the discussion with negative conclu- gram must be completed or there is nothing else.” sions. On the margins of the first Eurogroup meeting in 2015, Christine Lagarde, the IMF’s Managing Director, Effective Blackmail told Varoufakis: “These targets they insist on, can’t Effective blackmail was in fact committed by the work [referring to the troika program on Greece]. But European Central Bank against Greece, particularly by you must understand that we have put too much on this its President, Mario Draghi. In the meeting that Varou- program. We cannot go back on it. Your credibility de- fakis held with him on Feb. 4, 2015, and after having pends on accepting and working with this program.” listened to the Greek proposals, Draghi replied by In March 2015, during a meeting he had with Klaus saying “And I must tell you that recent developments in Regling, head of the European Financial Stability Fa- Greece are putting us in a difficult position. Later today cility (EFSF), Varoufakis asked him the following our governing board is meeting, and it is very likely that question: “Given that, as it seems, in a week or two we your waiver will be withdrawn.” (The waiver allowed shall run out of money with which both to repay the the ECB to provide Greek banks with liquidity in return IMF and to pay salaries and pensions, what do you for junk collateral.) The decision was taken that same advise me to do, Klaus? The choice is between default- evening and Greek banks were excluded from this li- ing on the old and frail, and defaulting to the IMF. quidity and could now only get liquidity by the Emer- Which is of course an unnecessary dilemma given that gency Liquidity Assistance (ELA), which was more ex- our central bank (ECB) owes us a similar amount,” pensive. only to receive the following reply: “You must never, In its meeting of March 4, the governing board of ever default to the IMF. Suspend all pension payments the ECB did not revoke its previous decision in spite of instead. This is what you must do.” the fact that the loan agreement had been extended until What a wonderful example of the EU’s social poli- June 30 by the Eurogroup teleconference of Feb. 24, cies! Just before the Eurogroup meeting of June 27, which was a precondition for bringing back the waiver. October 26, 2018 EIR The Four Powers in Space 39 When the Eurogroup meeting of anyone we were meeting. The June 27 rejected extending the implication was that it would loan agreement until July 30, so backfire on all of us if word that the referendum could take leaked. Just as I was ready place on the 28th, the governing to leave my hotel room, I re- board of the ECB revoked the ELA ceived an email from Jeromin facility of the Central Bank of telling me that they had Greece in an effort to influence the changed the restaurant book- outcome of the referendum. ing because the original restau- rant was too public, confirming Non-Truths once more the importance of After the impasse of the Euro- discretion. CC/Jeroen Dijsselbloem group on June 27, Dijsselbloem an- Jeroen Dijsselbloem, president of the nounced that for the first time there Eurogroup, 2013-2018. Sometime later, Asmussen’s would be a joint communiqué phone rang and without saying without the agreement of Greece, anything on the phone, [he] gave it and in the afternoon meeting, to Varoufakis. It was Draghi who Greece would not participate. Va- announced to him the withdrawal roufakis then asked the Secretariat: of the waiver. “Is the Eurogroup President at lib- It seems that all Berlin knew erty to issue communiqués when with whom Varoufakis was having there is no unanimity, and also to dinner that night. exclude finance ministers at will from Eurogroup meetings?” Use of Greek Turncoats The reply he got was the fol- Varoufakis mentions two strong lowing: “Minister, the Eurogroup supporters of the troika, the first does not exist in law, as it is not one being the Governor of the Bank European Commission part of any of the EU treaties. It is European Central Bank President Mario of Greece, Y. Stournaras, who from an informal group of the finance Draghi. his position did everything possi- ministers of the eurozone member ble to support troika policies; and states. Thus, there are no written rules about the way it the other being G. Chouliarakis, who was the troika’s conducts its business, and therefore its president is not man in the Eurogroup and President of the Council of legally bound.” Economic Advisors. He represented Greece in the work- The reply was erroneous, since Protocol 10 of the ing group of the Eurogroup and as a close advisor to Va- EU Treaty, in its Articles 1 and 2, mentions the informal roufakis did everything possible to undermine his work.
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