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:
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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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