Few recall that an American bank helped Greece to enter the single currency.
The idea of monetary union existed in the EU since its inception. The late 1990's saw preparations for all EU countries other than the UK and Denmark to adopt the currency. In 1999 the currency existed in virtual form. The Euro coins and notes actually entered circulation on January 1st 2002. Greece had joined the virtual currency on January 1st 2001 after several years of preparation with what are now known to be fudged statistics, to which evidently the EU's Eurostat turned a blind eye.
During the height of the Grexit crisis of July 2015, President Obama urged Angela Merkel to 'ease up' on her demands for a renewed Greek austerity programme. Was it his business? Most certainly. The US and its always fumbling geo-political strategy has been at the heart of the Euro's creation (as a competitive currency) and deeply, in the sense of 'deep politics' (political actions hidden from public scrutiny) a part of the European Union's attempt to become the United States of Europe.
What am I saying? The United States of America and the dictators of Brussels are at one in their goal to rule the world. Only, of course, in the endgame's outcome the US comes out on top.
The Euro had its inception in the Maastricht Treaty of 1991--1993. But that treaty also ruled no country could join the single currency without qualifying by having a budget deficit no more than 3% of GDP, nor could its government debt exceed 60% of GDP. Almost every EU country, France and Germany included were cheating on this percentage. But Greece, having worked the magic of statistical manipulations also received help from a US investment bank who's deal was the fount of 2015's disturbing debt drama, and before that, of Greece's fall into the pit of long term debt accumulation.
I quote from a Spiegel Online article of Feb 8th 2010.
"Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt
By Beat Balzli
"Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country's already bloated deficit.
"The Greeks have never managed to stick to the 60 percent debt limit, and they only adhered to the three percent deficit ceiling with the help of blatant balance sheet cosmetics. One time, gigantic military expenditures were left out, and another time billions in hospital debt. After recalculating the figures, the experts at Eurostat consistently came up with the same results: In truth, the deficit each year has been far greater than the three percent limit. In 2009, it exploded to over 12 percent.
"Now, though, it looks like the Greek figure jugglers have been even more brazen than was previously thought. "Around 2002 in particular, various investment banks offered complex financial products with which governments could push part of their liabilities into the future," one insider recalled, adding that Mediterranean countries had snapped up such products.
"Greece's debt managers agreed a huge deal with the savvy bankers of US investment bank Goldman Sachs at the start of 2002. The deal involved so-called cross-currency swaps in which government debt issued in dollars and yen was swapped for euro debt for a certain period -- to be exchanged back into the original currencies at a later date.
"Such transactions are part of normal government refinancing. Europe's governments obtain funds from investors around the world by issuing bonds in yen, dollar or Swiss francs. But they need euros to pay their daily bills. Years later the bonds are repaid in the original foreign denominations.
But in the Greek case the US bankers devised a special kind of swap with fictional exchange rates. That enabled Greece to receive a far higher sum than the actual euro market value of 10 billion dollars or yen. In that way Goldman Sachs secretly arranged additional credit of up to $1 billion for the Greeks.
"This credit disguised as a swap didn't show up in the Greek debt statistics. Eurostat's reporting rules don't comprehensively record transactions involving financial derivatives. 'The Maastricht rules can be circumvented quite legally through swaps,' says a German derivatives dealer."
How does this fit the Criminal Geo Political Plot scenario as orchestrated from Washington DC?
1. Washington wants to control global politics.
2. Washington believes its real enemy is the China/Russia bloc.
3. Europe is a useful device or decoy for manipulation and control of the frontiers that are inaccessible to the US and to the resources that lie behind them. That is the Middle East, Central Asia, the Eastern Mediterranean, and Eastern Europe bordering the Russian Federation.
4. Current and continuing destabilisation in these regions, notably the Ukraine, Afghanistan, and now Greece, suggests interference by a global manipulator. Greece, of course falls under the control of the EU. And the EU is governed from Brussels aka from Berlin.
For the US plot to succeed, Greece has to remain in the Euro. After all, Greece geographically commands the Eastern Mediterranean. But it has signed over some usage of the port of Piraeus to China and the US can hardly have wanted the left wing Syrzia to start doing deals with Putin's Russia--even more danger if the Russians gained a warm water port within a EU and NATO territory.
The US has long been pushing for Turkey to become a EU member state. Why? Oil pipelines from the Caspian reach the Med via Turkish ports.
Now, the plot seems to falter. If Greece leaves the Euro might it not also leave the EU? Might historic tensions between Greece (still a NATO member) and neighbouring Turkey break out once more? Worse, could Russia find ways of buying itself into that Mediterranean port? Via gas swap deals for instance?
Solution, Greece must stay in the Euro and of course the EU. Thus diplomatic pressure from Washington plus public words from Obama, encouraged the Brussels/Berlin/Paris axis to try harder avoid the Grexit. When the project seemed lost and Grexit looked only hours away, even with a paper from the German Finance Minister--who in all logic has the right idea, to kick Greece out of the Euro but with a nice diplomatic compromise of re-entry in five years--brilliant but not what Washington wants, Obama tells Merkel to ease up the pressure for increased austerity. France, never likely to bow to US diplomacy has another reason for wanting to keep Greece alongside: socialist solidarity and the kudos that comes to Francois Hollande for being Merkel's poodle in keeping the Eurozone together. And also for keeping the wolves away from France's own currency credibility when the Front National looms as a powerful voice for the return to the Franc forte, and France's own economy and debt mountain threaten her economic stability.
Quite a stitch up don't you think?
And where does it lead us?
To the conclusion that independence from the Eurozone and the EU is a far, far better thing than being a victim (and a paying one too) of these alarming geo-political power games.
Britain, now is the time to GET OUT!