And So It Goes…#614


Noel Coward once penned a paean to misery , ” Bad Times Are Just Around The Corner ” ,the lyrics of which could easily fit into the prevailing discourse on the continuing and worsening economic crises ( plural ) . The German political class and its obsessive/compulsive disorder , popularly referred to as  ” The European Union ” , is going to bring down the entire house which capitalism has built.The only real remaining question is when. The Daily Usury supporting ,mortgage enslaved ,conformist Telegraph reports the following in its edition of 24 March 2015 :-

” The European Central Bank is set to tighten the noose on Greece a day after the president of the Bank denied that the institution was blackmailing Athens into agreeing to bail-out conditions.

According to reports, the ECB will move to officially ban Greek banks from increasing their holdings of the country’s short-term sovereign debt, in a bid to break a potentially toxic link between lenders and the stricken sovereign.

The restriction will place a further squeeze on the cash-strapped Greek government, which could run out of money to pay wages and pensions by the end of next month.

Speaking to the European Parliament on Monday, Mario Draghi denied the ECB was acting unfairly towards the Leftist government: “We haven’t created any rule for Greece, rules were in place and they’ve been applied,” said Mr Draghi.

The ECB has emerged as the chief disciplinarian amongst Greece’s three main creditors.

The central bank has so far rebuffed pleas to increase the issuance of treasury bills or to resume its ordinary lending to the country.

This toughened stance led to criticism from Athens who accuse the institution of “asphyxiating” the country.

In a letter addressed to the German Chancellor and Mr Draghi, Alexis Tsipras warned the Bank’s stance could turn a “small cash flow issue” into a “large problem for Greece and for Europe.”

Athens is also due to request a return of €1.2bn which was erroneously handed to creditors from a European rescue fund, as it races to avoid bankruptcy and make its debt obligations of €450m to the IMF over the next few weeks.

But the ECB’s fresh curb comes as depositors have rushed to withdraw their money from Greek banks. ”

Which is all rather splendid news and a filip to all those who wish to see the timely demise, e.g. catastrophic and manifest failure and disintegration ,of  the entire European Superstate project,and all of its institutions. ” Another helping of Schadenfreude ? “…” Yes please ! ”

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