Sunday, August 9, 2015

Like everything else about Varoufakis, the shirts are just another distraction from the fiduciary malfeasance and outright crimes. Hacking into taxpayer accounts -- for any reason! -- is a crime. I would refuse to live in any country that had such weak banking firewalls, or where a government minister could just spontaneously decide, for whatever reason, to access my confidential and proprietary business information that I shared with the appropriate tax revenue collection agencies!
There is no excuse for hacking government servers, Mr Tsipras, and the fact that you are attempting to defend such crimes is in fact proof of your own complicity. You were willing to go and make outlandish speeches in St Petersburg, to kowtow to war criminal Putin and his derelict government of mass murderers... Of course, by comparison, hacking the personal accounts of Greek citizens would seem like just another day at the office to you!   If you accept Varoufakis's outrageous breach of his oath of office as a "reasonable" method to "protect" Greece from the creditors who have helped you before and upon whom you are relying yet again, then you, too, need to resign, and have your immunity lifted, and face a thorough investigation. Because all these actions represent an Abuse of Power and a shocking disregard for laws.  The extension of 'liquidity' was illegal under the ECB's own rules. Liquidity is a shortage of cash and required those seeking Emergency Liquidity Assistance to provide collateral to obtain it. The problem became not one of liquidity but the insolvency of Greek banks and at that point, by the rules of the ECB ELA should have been terminated and the banks shut.
The ECB bent the rules because it didn't want to be the one to force Greece out of the Euro. Now it is stuck with some 90 billion of ELA and insufficient collateral to cover that 90 billion euros which is why the EU is having to discuss 20 billion or more euros as to recapitalize the Greek banking system as part of a new bailout.  The Greek banks were not illiquid they were busted. Insolvent. Unable to sell assets or use their own capital to honor deposits.

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