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Judges prevent closing of the 'national deficit miscalculation' case in Greece

The Council of Appeals ordered further investigations into the case of accusations about deliberate miscalculation of the national deficit (http://archive.avgi.gr/ArticleActionshow.action?articleID=639921) by the Hellenic Statistical Authority (ELSTAT), disagreeing with the investigating judge who handled the file and called for the "closing" of the investigation.

The Council essentially returns the file to the Greek courts demanding further investigation of the case as many facts were not evaluated properly, or even not taken into account.

The particular case concerns some accusations by the former member of ELSTAT, Zoe Georganta, which refer to the deliberate miscalculation of the Greek national deficit, in autumn of 2009, in order Greece to be inserted to the support mechanism and fall into the Troika lenders trap.

The Council of Appeals has been called to approve the decision of the 5th special investigative judge and the corresponding prosecutor proposal to close the case. However, the Council refused to proceed and ordered for further investigation. It is worth to note that the investigative judge who conducted the investigation so far, is facing charges on handling the case, after the accusations by Zoe Georganta.

Zoe Georganta, together with another former member of the BoD of ELSTAT, through a memo submission to the judicial authorities, have claimed that some papers are missing from the case file and specified which papers these are. They also referred to particular actions in order to avoid accusations, those who are responsible for the deficit miscalculation.


It is worth to remember that at the same period, the international banking cartel declared war on Greece:

In the mid-October of 2009, Goldman Sachs suggested to Greece a new financial product which would ease, at great extent, the huge borrowing needs of the country for the rest of 2009 and 2010 since some older bonds, of huge value, were expiring during that period.

However, Goldman's proposal was not accepted by the Greek side. A few days later, Fitch downgrades Greece from A to A-, leading the country out of the top rating category. At the same time, stocks of the National Bank of Greece were sold massively in the NY stock market, as well as, subsequently, to the Athens stock market leading general index to a significant fall. At the same time, the price of Greek bonds was falling, the price of Greek CDS and interest was rising, as well as the cost of lending for Greece.

During the first days of November, a team of Goldman Sachs arrived in Athens to persuade the Greek side change its mind and close a new deal of financial lending, according to which the Bank of China would be involved in lending Greece, gaining some share in the National Bank of Greece and in the Greek Organization of Railroads, as a return.

While the negotiations were in process, the stock price of National Bank of Greece was rising in NY and Athens stock markets. At the same time, the pressure on Greek bonds and CDS stopped. Eventually, negotiations were not successful, as the Greek side rejected Goldman's proposal for good.

Nearly the next day of this rejection, massive stock selling of the National Bank of Greece was recorded again in NY stock market, as well as stocks of the big Greek banks Alpha and Eurobank, and finally, stocks of the whole Greek banking sector. Prices of the Greek bonds rapidly dropped while Greek CDS and loan interest were rising rapidly, bringing Greece closer to default, as it was more and more difficult to re-fund her debt.

On December 12, Fitch downgrades Greece further, rating the country with BBB+, while announced that further downgrades are possible. S&P with Moodys followed, downgrading Greece during December. The result was a massive selling of Greek bonds and skyrocketing of country's lending cost.

This means that, for at least 10 years there was no problem with interest, despite that everyone knew the real deficit figure, but the problem suddenly appeared in 2009 when, "accidentally", the Greek government rejected Goldman Sachs' proposal for a new "financial product". Within a short time, rating agencies downgraded Greece skyrocketing her lending cost.

In other words, as long as Greece was playing the game of Goldman Sachs, giving economic benefits inside the Greek territory, there was no problem with lending. When the new government stopped giving such benefits, probably because no one knew where would lead in the future, international banksters-speculators mobilized every mean that they had (rating agencies, media etc.), in order to show who is the boss and that there is no way for the country to avoid default, except of playing with their rules.

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