Irish groups likely to challenge bailouts in supreme court like Germans

Even as Germany’s highest constitutional court in Karlsruhe is preparing to hear oral arguments challenging the legality of the Greek and other bailouts tomorrow , John O’Brennan says that it is almost certain that Euro-skeptic groups will ask the Irish Supreme Court to rule on the constitutionality of the ESM.

A Europe of judges

By John O’Brennan

07-04-2011 17:08

MAYNOOTH, Ireland ― As the Greek financial drama reaches its sorry denouement, another crisis looms for the European project ― this time in Germany, beginning with a case now before Germany’s Constitutional Court.

Read more at: http://www.koreatimes.co.kr/www/news/opinon/2011/07/137_90205.html

Rating agency throws doubt on Greece bailout “rescue”

S.&P. Warns Bank Plan Would Cause Greek Default

By DAVID JOLLY, New York Times

Published: July 4, 2011

PARIS — Greece risks being judged in default on its debt obligations if banks are forced to bear part of the pain, Standard & Poor’s said Monday, suggesting that current proposals for rescuing the euro zone’s weakest member may have to be reconsidered.

Read more: http://www.nytimes.com/2011/07/05/business/global/05iht-euro05.html

German economist Hans Werner Sinn says euro itself faces doom because of ECB activities

Hans-Werner Sinn Farewell to the euro? By Hans-Werner Sinn (chinadaily.com.cn)

Updated: 2011-

Hans-Werner Sinn

Farewell to the euro?

By Hans-Werner Sinn (chinadaily.com.cn)
Updated: 2011-07-04 13:05

MUNICH - “It’s not the euro that’s in danger, but the public finances of individual European countries.” One hears this everywhere nowadays, but it’s not true. The euro itself is at risk, because the countries in crisis have, in recent years, been running the eurozone’s monetary printing presses overtime.

REVOLUTION IN GREECE IS POSSIBLE, SAYS GERMAN ECONOMIST

*Greek TV station shows video proving  police used agents provocateurs to ignite violence against peaceful protestors

*Photos show Greek police hurling stones and missiles

*German economist warns Greek economy will collapse due to EU and IMF austerity measures, says revolution is possible

*Next 12 billion euro IMF and EU tranche will not be enought to meet Greece’s bank interest payments in July,  forcing the country to take on more debt

*Outline of  a plan for liberating the eurozone from EU and IMF financial occupation

A Greek TV station has shown a video proving that the police used undercover agents masquerading as anarchists to inflame violence outside the Greek parliament and discredit peaceful protestors amid warnings from German economists that the new IMF and EU-measures will destroy the Greek economy, potentially sparking a revolution.

http://www.radio-utopie.de/2011/06/30/bilder-aus-athen-maskierte-polizei-einheiten-in-zivil-als-militante-im-einsatz/

The video shows undercover police men dressed in casual clothes and carrying iron bars slipping behind police lines and engaging in a discussion with police wearing  full riot gear before returning to their work of causing mayhem, setting fires, smashing windows — and so giving a pretext to police to use massive violence against peaceful protestors.

http://www.radio-utopie.de/2011/06/30/bilder-aus-athen-maskierte-polizei-einheiten-in-zivil-als-militante-im-einsatz/

Photos on the Gmargari blog show police throwing rocks and missile into  crowds and also wielding iron bars in actions comparable to the secret service thugs who protected the ruthless Mubarak regime in Egypt.

http://gmargari.wordpress.com/

The widespread use of teargas by police was also called dangerous by the head of the Greek Pharmacists Union.

The violence by police against protestors comes  as a top German economist is warning that the new austerity measures imposed on the country by the IMF, EU and ECB will lead to a collapse of the economy and possibly to a revolution.

Professor Gustav Horn told Bild newspaper that the next 12 billion euro tranche of IMF and EU, ECB funding – paid for by tax payers – will not be even enough to meet the interest payments due in July on the country’s 340 billion euro debt - forcing the country to borrow yet more money.

“The austerity package is above all not viable in the short term,” he said. “These measures will accelerate the collapse of the Greek economy.”

Why it is time to cut off all funding for the EU

The German government is opposed to EU plans to raise its own revenue from sales taxes and financial taxes, reports Frankfurter Allgemeine Zeitung.

Hendrik Kafsack speculates that the EU might be seeking to raise funds independently because eurozone voters are becoming increasingly critical of its activities as the administrative branch of a financial oligarchy and unwilling to fund its spending plans through national transfers.

Indeed, cutting off all funding to the EU and forcing it to liquidate all its assets to make good losses it has caused is the best way of destroying the Beast. Voters across the eurozone need to insist on a drastic 99% cut in the EU budget from any political party running for office.

Let the EU continue in one little office in Brussels on a budget of 500,000 euros under strict supervision. The many laid off EU officials enjoying bumper salaries and perks for administering the bureaucracy of the beast can be put on Hartz IV. If the EU is engaged in economic warfare against the people of the eurozone, it it time to use the EU’s weapons against it. Cut off all its funding.

http://www.faz.net/artikel/C30106/eu-kommentar-der-griff-nach-der-steuer-30452194.html

DENMARK IS THE ONLY COUNTRY SHUTTING DOWN FAILED BANKS, IMPOSING LOSSES ON BONDHOLDERS AND SPARING TAX PAYERS

From the Wall Street Journal

For the second time this year, the Danish government has done a remarkable thing: It has shut down a failed bank—and imposed losses on the bank’s senior creditors in the process. Fjordbank Mors, a small bank even by Danish standards, threw itself at the mercy of the government last Friday after regulators found that it lacked adequate capital. Regulators announced this week that bank bondholders—as well as depositors with balances above the deposit-insurance limit—were likely to lose about 25% of their money.

http://online.wsj.com/article/SB10001424052702304450604576417400002965920.html?mod=googlenews_wsj

Geithner prepares escape after destroying US dollar

Geithner may leave Treasury post after debt talks

Updated 7:15 p.m. ET, CBS

PHILADELPHIA — A person familiar with his thinking says Treasury Secretary Timothy Geithner is considering leaving the administration following the current round of budget negotiations. The source spoke to the Associated Press on condition of anonymity Thursday to discuss private deliberations.

CBS News has also learned that Geithner recognizes there is a window for him to leave after talks but he has not yet made a final decision and is focused on deficit talks for now.

 Read more: http://www.cbsnews.com/stories/2011/06/30/politics/main20075935.shtml

Goldman Sachs to move centre of operations to Singapore

Goldman to Embark on Hiring Spree in Singapore

By Charlie Gasparino

Published June 27, 2011

| FOXBusiness

As Goldman Sachs (GS) plans major job cuts in the United States, the firm is planning to expand overseas with a major hiring spree in Singapore and taking the unusual step of alerting Congress before even it’s widely known to its own shareholders, the FOX Business Network has learned.

Read more: http://www.foxbusiness.com/markets/2011/06/27/goldman-to-embark-on-hiring-spree-in-singapore/#ixzz1Qs55pOax

Greek ex-minister to be charged over taking bribes: who believes he is the only one after lawmakers voted to hand their country to the banks?

Parliament indicts ex-minister
 Majority of MPs vote to indict Akis Tsochatzopoulos over sub bribes

Parliament’s plenary session on Friday decided to indict Defense Minister, Akis Tsochatzopoulos, who has been accused of accepting bribes in order to approve a submarine procurement deal.

Only 242 of the House’s 300 MPs participated in the secret ballot with 216 of those voting for the former minister to be indicted on charges of bribe-taking and 215 voting for his indictment on money laundering charges.

Read more: http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_01/07/2011_396730