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THIS IS HUGE!! Greek Debt Committee Just Declared All Debt To The Troika “Illegal, Illegitimate, And Odious”
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THIS IS HUGE!! Greek Debt Committee Just Declared All Debt To The Troika “Illegal, Illegitimate, And Odious”
Greek Debt Committee Just Declared All Debt To The Troika “Illegal, Illegitimate, And Odious”
Zero Hedge) It was in April when we got a stark reminder of a post we first penned in April of 2011, describing Odious Debt, and why we thought sooner or later this legal term would become applicable for Greece, because two months ago Greek Zoi Konstantopoulou, speaker of the Greek parliament and a SYRIZA member, said she had established a new “Truth Committee on Public Debt” whose purposes was to “investigate how much of the debt is “illegal” with a view to writing it off.”
Moments ago, this committee released its preliminary findings, and here is the conclusion from the full report presented below:
If so, this has just thrown a very unique wrench in the spokes of not only the Greek debt negotiations, but all other peripheral European nations’ Greek negotiations, who will promptly demand that their debt be, likewise, declared odious, and made null and void, thus washing their hands of servicing it again.
And another question: when Greece says the debt was illegal and it no longer has to make the June 30 payment, what will be the Troika’s response: confiscate Greek assets a la Argentina, declare involutnary default, sue it in the Hague?
Good luck.
MORE AT THIS LINK: http://www.theeventchronicle.com/finanace/greek-debt-committee-just-declared-all-debt-to-the-troika-illegal-illegitimate-and-odious/
Zero Hedge) It was in April when we got a stark reminder of a post we first penned in April of 2011, describing Odious Debt, and why we thought sooner or later this legal term would become applicable for Greece, because two months ago Greek Zoi Konstantopoulou, speaker of the Greek parliament and a SYRIZA member, said she had established a new “Truth Committee on Public Debt” whose purposes was to “investigate how much of the debt is “illegal” with a view to writing it off.”
Moments ago, this committee released its preliminary findings, and here is the conclusion from the full report presented below:
As we predicted over four years ago, Greece has effectively just declared that it will no longer have to default on its IMF (or any other debt – note that the dreaded “Troika” word finally makes an appearance after it was officially banned) simply because that debt was not legal to begin with, i.e. it was “odious.”All the evidence we present in this report shows that Greece not only does not have the ability to pay this debt, but also should not pay this debt first and foremost because the debt emerging from the Troika’s arrangements is a direct infringement on the fundamental human rights of the residents of Greece. Hence, we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious.
If so, this has just thrown a very unique wrench in the spokes of not only the Greek debt negotiations, but all other peripheral European nations’ Greek negotiations, who will promptly demand that their debt be, likewise, declared odious, and made null and void, thus washing their hands of servicing it again.
And another question: when Greece says the debt was illegal and it no longer has to make the June 30 payment, what will be the Troika’s response: confiscate Greek assets a la Argentina, declare involutnary default, sue it in the Hague?
Good luck.
MORE AT THIS LINK: http://www.theeventchronicle.com/finanace/greek-debt-committee-just-declared-all-debt-to-the-troika-illegal-illegitimate-and-odious/
Winnie the Pooh- VIP Member
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Re: THIS IS HUGE!! Greek Debt Committee Just Declared All Debt To The Troika “Illegal, Illegitimate, And Odious”
Not a surprise, especially considering that they have done almost nothing to deal with the issues at hand. Unfortunately for them, declaring that all their debt is null and void isn't going to invalidate their debt. What will happen? My guess is they will get kicked out of the European Common Market, and they will be unable to get any loans from anyone. Since they have not done anything to correct their deficit spending, reduce costs and improve productivity, it's just a matter of time until they are screwed, blued and tattooed.
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