Adonis Diaries

Archive for July 5th, 2015

In what sense you are more Pious? Are you running for a public office?

More pious

Tribe members often fall into a trap, a trap created by the fear of standing out, and a natural avoidance to question things.

“You’re not wearing the proper tie.”

“That’s not how someone like us gets married.”

“My tweets are of the proper format, yours aren’t.”

“The way you are teaching your kids the rules is wrong.”

“That symbol of purity isn’t good enough for my family.”

“Your version of the way things should be is a compromise.”

“What, you’re not wearing an official jersey to the game?”

As soon as someone says, “I am more pious than you,” they’ve chosen to push someone down in order to pull themselves up, at least in feeling more secure as a member of the tribe.

This might be good for the hegemony of the tribe, but it ultimately degrades the spirit that the tribe set out to create.

 

IMF has made €2.5 billion profit out of Greece loans

Today, the Greeks are asked to vote on a referendum for Yes or No to submit to the EU bail out plans that has been very harsh on Greece since the financial meltdown of 2008.

The EU, particularly Germany and France, are exercising terror tactics on Greece and spreading all kinds of fears since they know that the Greeks want to remain with Europe. About half the citizens would like an agreement that Germany enjoyed after WWII. For example:

1. Only 3% on its export instead of 30% that is totally untenable. Tagging the repayment on export will encourage the EU to start importing from Greece and invest in producing sectors.

2. Reducing the debt loans to 50% as Germany enjoyed for its recovery program

Ahead of the payment of €462 million by Greece to the IMF on Thursday 9 April, figures released by the Jubilee Debt Campaign show that the IMF has made €2.5 billion of profit out of its loans to Greece since 2010.

If Greece does repay the IMF in full this will rise to €4.3 billion by 2024.

Christine Lagarde

The IMF has been charging an effective interest rate of 3.6% on its loans to Greece.

This is far more than the interest rate the institution needs to meet all its costs, currently around 0.9%. If this was the actual interest rate Greece had been paying the IMF since 2010, it would have spent €2.5 billion less on payments.

Out of its lending to all countries in debt crisis between 2010 and 2014 the IMF has made a total profit of €8.4 billion, over a quarter of which is effectively from Greece.

All of this money has been added to the Fund’s reserves, which now total €19 billion. These reserves would be used to meet the costs from a country defaulting on repayments.

Greece’s total debt to the IMF is currently €24 billion.

Tim Jones, economist at the Jubilee Debt Campaign, said:

The IMF’s loans to Greece have not only bailed out banks which lent recklessly in the first place, they have actively taken even more money out of the country. This usurious interest adds to the unjust debt forced on the people of Greece.”

Andrew Bossone shared this link

Out of its lending to all countries in debt crisis between 2010 and 2014 the IMF has made a total profit of €8.4 billion, over a quarter of which is effectively from Greece.

All of this money has been added to the Fund’s reserves, which now total €19 billion. These reserves would be used to meet the costs from a country defaulting on repayments. Greece’s total debt to the IMF is currently €24 billion.

Ahead of the payment of €462 million by Greece to the IMF on Thursday 9 April, figures released by the Jubilee Debt Campaign show that the IMF has made €2.5…
jubileedebt.org.uk

adonis49

adonis49

adonis49

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