BILD-newspaper is relieved! Hopes for cancellation of the Greeks’ Loan!


xanax.jpg xanax image by TeacherStu

XANAX: YOUR DRUG AGAINST ANXIETY !

——————————————————

 For months newspaper BILD-Zeitung has been living in hell and agony, anxiety and stress.

The German daily has been fiercly  opposing  any loan to the ‘bankrupt-Greeks” and their “bankrupt-Prime Minister“as it loves to call the modern Hellenes.  Deeply devoted to a Anti-Greeks smear campaign, the populist yellow-press daily has seen an increase of  readers’ comments in its online edition.

But finally BILD-Zeitung is relieved! Revealing the Secret Loan Agreement between EU & Greece, the newspaper finds out that if a court decides the Agreement is against EU or national law, Angela Merkel will not pay a cent to Greeks!

What if no court take a pro-BILd decision?

Below is the English Translation of main Bild-Agreement points:

“BILD.de shows the secret Greek’s Loan Agreement

 

” 80 billion euros from the EU + + + When we CAN GET OUT++ + How much interest the bankrupt -Greeks PAY

by DIRK HOEREN

Greece  is not obliged to repay the € 80 billion EU-loan for 3 years.

This is revealed by the Loan Agreement between the 15 EU- donor-countries and Greece.

According to the Agreements,  Greeks can claim not to pay off the Loans from the Euro-countries for a certain period of time. The maximum pay-off free time is three years after the disbursement date.

Main points of the Agreements according to BiLD.de :

. • Term: The loan may have a running time of maximum  five  years.

Loan amount: The total amount to be available is € 80 billion.  . If the Greeks need money, they must get at least one billion Euros.

Exit clauses: If a donor country must take a loan and pay higher interests than the country gets back from the Greeks, this country should have the difference replaced.  Are the other Euro-countries not willing to pay the difference, the country can refuse its participation to the Greeks-Loan.

. • Fees: The Greeks must pay the donor-country a “Service Fee” for the provision of loans. This Fee consists  of  0.5 percentage points of the loan.

If Germany credits the Greeks with 22,3 billion Euros, Greece will pay a Fee of . € 112 million.

 • Interest rate: In the first three years, Greeks have to pay in the a  3 percent surcharge on the so-called “Euribor” rate.

After that time, surcharge will be increased to 4 percentage points. 

In case of pay back delay an extra charge of 2 percentage points is to be added.

 • Redemption: Greeks have to “to pay back the loan pro rata”.  Eine Bevorzugung einzelner Staaten bei der Rückzahlung ist strikt verboten. A preference for individual states is strictly prohibited.

 • Corruption / Fraud: Greeks are obliged to undertake adequate measures “to prevent and combat fraud, corruption and other irregularities”.

The EU Commission may even control with own representative in Greece, to make sure the funds are flowing in the right channels.  Athens needs to allow the inspectors unrestricted access to the authorities and institutions.

 • Cancellation: If an EU court or a constitutional court of an EU-country decides that the entire Greece-EU-Loan is contrary EU law or national law, the Treaty as a whole or for the country concerned will “immediately and irrevocably be canceled “.

In diesem Fall darf aber nicht die sofortige vorzeitige Rückzahlung des Darlehens von den Griechen verlangt werden. In this case,  the immediate & early repayment of the loan will not requested by the Greeks.

 In Plaintext: If the German Constitutional Court decides against the Billion-Euro-Loan our contract with the Greeks will be invalid. Wir müssen nichts mehr zahlen! We will need to pay nothing!”

http://www.bild.de/BILD/politik/wirtschaft/2010/05/24/griechenland-hilfe-deutschland-milliarden-euro/schwarz-auf-weiss-die-dokumente.html

Advertisements

Tags: , , , ,

3 Responses to “BILD-newspaper is relieved! Hopes for cancellation of the Greeks’ Loan!”

  1. Manos Says:

    The problem was not created by Greece, but is an inherent problem of the Euro. It is a symptom of the different levels of ability of the national economies to compete in the Eurozone. By “deficinition” half of the countries are below the median competiveness in the Eurozone, and half are above. Given enough time, all of the countries in the aforementioned first half will get a debt burden that cannot be sustained by their growth. Much of the debt in the Eurozone economies was vreated by the effort to bailout its financial institutions. It is these same financial institutions that then attacked the Eurozone, biting the hand that fed them.

  2. keeptalkinggreece Says:

    Tha’s correct, Manos. At the very end we all sit at the same sinking Euro-boat. If the EU will not take measures against those financial institutions, the boat will go under.

  3. Tom Kelly Says:

    Manos. It’s wrong to compare greece and the greeks to the rest of the Europeans (even the southern ones) and even insulting for the rest. They do not systematically vote for criminals as a government for the past 35 years, nor were defrauding the EU with falsified data; not to mention the corruption and “mafia style” governance.

    You have made us Diaspora-Greeks to be ashamed to say we originated from that “sorry of a country”. At least shut up.!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: