In May 1998, the birth of the European ** bank was undoubtedly a historic leap forward, which marked a major progress in the process of European integration. Since then, the EU has had a single currency, the euro, much to the delight of EU politicians.
However, just as people have different joys and sorrows, so are countries, and it was not a day to celebrate for Greece at the time, as it was the only member state that was denied access to the eurozone.
People did not expect that the decisions made at the beginning of the euro would bring such a big crisis to themselves. What is even more unexpected is that the Americans skillfully seized this opportunity and triggered the European debt crisis, which directly led to the collapse of the European Union.
At the same time, the crisis also opened Americans' eyes to the possibility of implementing color revolutions in Arab countries.
1.The Greek people took to the streets, ** fiscal policy. This is not an isolated incident, as bullfighters from the Liberian Peninsula have already taken Spain by storm.
2.The European debt crisis has sent the Greek people to the streets, expressing their anger and dissatisfaction with the fiscal policy. In fact, this is just a microcosm of the global wave of marches, which have been launched by Spanish bullfighters long before.
3.The Greek people took to the streets, ** fiscal policy, which is part of a global phenomenon. Bullfighters from the Liberian Peninsula had already started a parade in Spain.
4.The European debt crisis has brought the Greek people to the streets, reflecting their discontent and anger. But this is not an isolated incident, and the Spanish bullfighters have already launched a parade long before that.
The fiscal policy of the Greek people on the streets of Athens has triggered a wave of demonstrations in many European countries, leading to the disgrace of political strongmen. At the same time, the Wall Street elite enjoyed the joy of growing wealth, while American politicians across the ocean saw an opportunity to stir up a storm in the Arab world from this crisis.
In the face of the possible collapse of Greece, German and French politicians, who are the twin cores of the European Union, realize that the euro may be wiped out under this wave of shock, which is obviously a price they cannot afford.
Therefore, under the leadership of Germany and France, the European Union began to act to save Greece. However, the EU's bailout is conditional, starting with the fact that Greece** must implement a strict fiscal austerity policy.
This means that Greece must abandon its high-welfare social system and can no longer stimulate the economy through the issuance of government bonds. As the saying goes, "from thrift to luxury, from luxury to frugality", it is difficult for the Greek people to accept this great change.
At the same time, unable to borrow money to stimulate the economy, a large number of companies have closed down, many people have lost their jobs, and even basic living has become a problem. But how did Greece later join the eurozone?
Despite being denied membership, Greece still aspires to be a member of the eurozone, but they do not meet the criteria for membership. The eurozone has two hard targets: the fiscal deficit of member states must not exceed 3% of GDP, and the public debt must not exceed 60% of GDP.
Just when Greece was losing confidence, a friend from across the Atlantic reached out to them - the Goldman Sachs group of the United States. Greece** believes in Goldman Sachs' strength because they are financial giants with more global influence than most countries**.
Greece** unreservedly provided Goldman Sachs with information on the country's economy, hoping that they would find ways to improve economic indicators. The elites of Goldman Sachs conducted a comprehensive analysis of the Greek national economy and came to the conclusion that the criteria for joining the eurozone could not be met by normal means.
But that doesn't mean there is no other way, especially for these Wall Street elites who are good at financial operations, and all kinds of fraud methods are endless.
Goldman Sachs application"Grafting"to successfully hide current debt onto future debt sheets. For example, they helped Greece** issue a 10-year, $10 billion government bond and enter into a currency swap agreement in exchange for 8 billion euros.
Ten years later, Greece** will pay another €8 billion for another $10 billion, and Goldman Sachs will deduct $1 billion. The $1 billion debt is hidden in the debt balance sheet and will not be repaid until 10 years later**.
Goldman Sachs also devised a series of ways to hide its debt, and through its operation, Greece successfully joined the eurozone in 2001. Goldman Sachs' actions were not done in good faith, they were only for profit, including hundreds of millions of dollars in commissions.
But the greedy capitalists are not satisfied with this, they have a long-term plan.
Goldman Sachs, by helping Greece cover up its debts, also signed a VAM agreement with a large German financial institution, which stipulated that Goldman Sachs would receive billions of euros in compensation if Greece** defaulted.
This means that Goldman Sachs is shorting Greece and the euro. However, is Goldman Sachs at risk?
While Greece's entry into the eurozone was a jubilant day, the decision now does not seem entirely to outweigh the disadvantages.
After Greece** joined the eurozone, it seems that it can finally let go of borrowing money, which is also likened"Wool from the European Union", more precisely, yes"Wool from Germany"。
As one of the world's leading manufacturing powerhouses and economic powerhouses, Germany's credibility is widely recognized around the world. Just as banks prefer to lend money to wealthy, capable, and creditworthy people, Germany is notoriously low in the cost of financing.
With Germany tied to the euro, other countries have also benefited from this process. While some countries have been able to exercise restraint in the face of money** and avoid going down the path of repaying debt, for countries like Greece, they seem to be more inclined to"How much can be borrowed, and it doesn't matter if tomorrow is right or wrong"。
In order to gain votes from the electorate, various political parties in Greece have continuously introduced various welfare policies.
Greeks used to live a leisurely and affluent life, although they did not need to be overly stressed at work and were able to enjoy a comfortable life. In terms of education, they enjoy free education from primary school to university, and various benefits cover all aspects of life, including food, clothing, housing, transportation, birth, old age, sickness and death.
The salaries of civil servants are even more coveted, with salaries among the best in the world and 14 months' salaries. What is even more enviable is that as long as you reach the age of 40, you can live a retirement life and receive a pension.
Moreover, it is very easy to become a civil servant, even if it is a dock worker, and it can become a national establishment officer. At that time, about 1 in 10 Greeks was a state official.
So why were the Greeks able to live such a happy life? Many people may think that it is because the country has a developed economy, but this is not the case.
At that time, Greece's national economy was only in the middle of the global market. However, they can live a rich life, mainly because they borrow money very generously, which can be called "art masters and bold".
The 2004 Athens Olympics were a good example, with a budget of $5 billion at the outset, but more than $15 billion was actually spent, more than three times overrun.
In reality, such behavior by Greece is not uncommon.
1.Borrowing and spending leads to future overdrafts, as the Athens Olympics are a prime example. Excessive consumption plunged Greece into a liquidity crisis and bankrupted the country's credibility, which eventually led to bankruptcy.
The bankruptcy of Greece as a member of the eurozone affects not only the Greek people, but also the entire European Union. Therefore, EU countries need to lend a helping hand and deal with the crisis together.
2.The economic crisis of the Athens Olympics revealed that overconsumption and borrowing will eventually pay a price. Greece had pinned its hopes on the European Union, hoping to be bailed out.
However, the same problem is being faced by EU countries, with Portugal, Italy, Ireland, Spain and other countries also showing signs of economic crisis. Therefore, EU countries need to work together to deal with the crisis and find solutions together.
Greece and these four countries are called the "Five European Pigs" because of the first letter of the connection, which is derived from the English word pigs. It was at this time that Wall Street's financial institutions seized the opportunity and began to attack Greece.
They sent a message through the market that Greece was about to collapse, and the three major U.S. rating agencies responded by downgrading Greece's national credibility to "junk".
This series of Wall Street moves caused huge volatility in the market, causing the already strong euro to follow. It was only then that the EU realized the seriousness of the matter and had to choose to bail out Greece.