Could it be that as this year’s Bilderberg conference ended, enactment of their undisclosed agenda was already about to begin in Greece? Or is it coincidence that only one day after Bilderberg concluded, Standard and Poor’s, the American credit rating agency, dropped Greece an unprecedented 3 full grades making it the least credit-worthy country in the entire world…yes, and that includes Albania, Mongolia and Zambia 1:
Standard & Poor’s has cut Greece’s credit rating, making it its least credit-worthy country.
The ratings agency cut Greece three notches from B to CCC and said the country was likely to default on its debts at least once by 2013.
Click here to read the full report from BBC News.
Speculation is certainly rife in Greece about why Giorgos Papaconstantinou, the Greek Finance Minister, had attended the annual Bilderberg gathering, and now it seems that his invidious task of revealing the terms for yet another “bail-out” package, so quickly following on from the last, and plunging Greece into even deeper debt, has been made much easier by S&P‘s announcement. Although, with the deal apparently struck by the banking troika (European Central Bank, The EU and the IMF) over a week ago, the details of this latest “bail-out” have still yet to be officially announced to the Greek public.
We might imagine the kind of meeting that took place between Papaconstantinou and his Bilderbuddies last weekend when asked why his government hadn’t announced the new loan deal at home:
Papaconstantinou: “But it’s really not a good time for mentioning another bail-out with all these people camping outside of the Parliament building for the last three weeks”.
And then the reply from a higher ranking Bilderboss: “Well, look Georgy, you’ve just got to convince them – twist their arms a little. Look, they’ve got to accept this deal… [pause] hey, I’ll have a word with some friends and maybe we’ll see a credit rating drop, then you can make them an offer they can’t refuse”.
Incidentally, Standard and Poor‘s are one arm of The McGraw-Hill Companies, Inc, which has its headquarters in the Rockefeller Center in New York City. Nice and handy then for the old boy David Rockefeller…
However, many of the Greek people are now starting to see past the media-driven narrative, increasingly aware of duplicity and fraud that has brought their country to the brink of financial ruin. A series of national strikes are already planned, which one can only hope will be backed up and supported by unions across the whole of Europe ––after all, we are all becoming victims of this same financial terrorism, the smaller economies being just a little further behind on the Corporatocracy road than others. Indeed, the UK itself provides a sorry example of how easy it has become to steal a country’s national assets, the drip, drip, drip of privatisation for the last thirty years, steadily shifting power from the people to the corporations.
Interestingly, one member of the Greek Parliament is already asking what Papaconstantinou discussed/decided at the Bilderberg meeting. Meanwhile, Swiss ministers are also reportedly chairing questions in their Parliament this week.
As for Standard and Poor’s, well they played a pivotal role in this current and ongoing crisis. Indeed, all three of the major credit rating agencies stand accused of instigating, whether by accident or design, the 2008 banking crisis, by giving triple-A rating to the kinds of “junk assets” that directly led to the current debt spiral:
Credit ratings of AAA (the highest rating available) were given to large portions of even the riskiest pools of loans. Investors, trusting the low risk profile that AAA implies, loaded up on these [collateralized debt obligations] CDOs that later became unsellable. Those that could be sold often took staggering losses. For instance, losses on $340.7 million worth of CDOs issued by Credit Suisse Group added up to about $125 million, despite being rated AAA by Standard & Poor’s.
Companies pay Standard & Poor’s to rate their debt issues. As a result, some critics have contended that Standard & Poor’s is beholden to these issuers and that its ratings are not as objective as they should be.
The above extract is taken from wikipedia.
But then it turns out that when Standard & Poor’s, Moody’s and Fitch were issuing credit ratings for “securities” in the lead up to the 2008 banking crisis, the grades were given merely on the basis of “opinions”, as the documentary film Inside Job makes abundantly clear:
Thus having helped to infect the world with “toxic assets”, S&P and the other agencies then attacked more directly by their lowering sovereign credit ratings (in Greece, Ireland and Portugal). According to wikipedia they have also meddled more directly:
In April 2009 Standard & Poor’s called for “new faces” in the Irish Government, which was seen as interfering in the democratic process. In a subsequent statement they said they were “misunderstood”.
On April 27, 2010, the Greek debt rating was decreased to ‘junk’ status by Standard & Poor’s amidst fears of default by the Greek Government. They also cut Portugal’s credit ratings by two notches to A, over concerns about Portugal’s state debt and public finances on April 28, 2010.
In all cases, the path of no return to truly independent sovereignty has been laid.
Before the first Greek bail-out package, you may recall Standard and Poor’s slowly lowered Greece’s credit rating before announcing the terms and conditions to the Greek people (even though we now know that Prime Minister Papandreou had previously sounded out the IMF about a loan). However, this time, no slow downgrading, a 3-point fall will do instead.
The latest “opinion” from Standard & Poor’s does, however, present the Greek finance minister with an answer to his critics. “What’s the choice?” he’ll say when he gets home, “How else will we ever pay off these debts?” Although, of course, the truth is that the bail-out is actually for the bankers not the country. Since in the long-term these bail-outs will solve nothing, merely postponing the inevitable default for a few more months and years. Meanwhile, it offers Papaconstantinou an excuse for further “austerity measures”, already so crippling to the real economy and to Greek society, whilst denying the kinds of “New Deal” investment that could actually stimulate an economic recovery.
Tomorrow morning will see the first 7 a.m. protest outside of the Greek parliament. The Greek people look set to fight on.
This message of support was written by greek gadfly.
Click here for further information on the protests taking place in Greece.
1 A list of the long-term sovereign credit ratings as issued by the three major credit rating agencies is available here: http://en.wikipedia.org/wiki/List_of_countries_by_credit_rating