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A new 1.3 bn palace for the "empire"

... while at the same time, its nationals sink to poverty

“Protestors in Frankfurt gathered to spoil the opening of the European Central Bank’s new €1.3 billion campus. For many Europeans, the huge luxury offices built in the midst of an economic recession represents everything that is wrong with the institution. The €1.3 billion ($1.4 billion) complex, which includes two towers and a renovated historic vegetable warehouse opened March 18, 3 years late and nearly €350 million over budget.”

“The ‘Blockupy’ group, a mix of anti-capitalist and anti-austerity protestors from across Europe, blames the bank for the recession and unemployment that has gripped the eurozone. [...] Police have erected a security zone around the new 120,000 square meter bank. The territory, barricaded by barb wire, remains “fully operational” according to the police. While protestors shout on the streets, bank President Mario Draghi will host the inauguration ceremony with Frankfurt Mayor Peter Feldmann as well as Frankfurt’s home state of Hesse’s Economy Minister Tarek Al-Wazir.”

“Most protestors are irked by the massive $1.4 billion price tag on the project, which has been going on since 2002, and has been overseen by three different bank presidents. This type of money seems superfluous in the face of the tough austerity policies the bank imposes on governments like Greece and Portugal to receive bailout packages. In order for the nations to receive funds from the troika of lenders- the ECB, the European Commission, and the IMF- governments must accept cost-cutting austerity programs. The tight-fisted policy aims to reduce debt, but has also been blamed for slowing growth and causing unemployment to skyrocket.”

“Demonstrators from Spain and Greece joined the crowds to protest the policies of the bank, which just nine days ago kicked off its €1.1 trillion bond buying program in an effort to resuscitate the euro area. [...] Many worry the ‘easy money’ program won’t reach the people, who will continue to struggle with unemployment. Supporters of the new leftist Syriza government took part in the protests in Frankfurt Wednesday. Greece has been cut off until from troika funds until it agrees to more austerity measures.”


Someday, arrogance and megalomania will destroy the "empire" ...

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