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The whole truth hidden from the people! How the "ravens" won bundle of money buying Greek debt bonds with rates from 40% to 70% and will be paid at 100%. NEWSBOMB reveals that the current civilian personnel of the country shift stratospheric debts to future generations by presenting the current situation as a success.
Because in this country, lie has become a profession and as a response to the imminent exit of the country from markets and memorandums, as espoused by the government, some have indulged in an unprecedented communication misinformation, it is good for Greek people to know that the if a new configuration of the debt isn't done, then the country will have to pay the lenders of 45 to 62 billion euros in interest and amortization payments over the next 15 to 20 years, while by 2060 it will have to pay the princely sum of 213 billion euros!
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The two burning questions that arise are:
-Where will this money be found, when the government failed to show a slight excess after 5 years of continuous and very hard, to inhuman, fiscal austerity?
-With what right the current political staff commits future generations with both stratospheric and unsustainable debt burdens; who of all these will be in the political scene in 2040, 2050 or 2060?
THIS IS HOW THE RAVENS TREASURED FROM THE GREEK DEBT
The amazing part of the story is that in 2010, when we entered the famous mechanism of support, individuals and the ECB bought bonds at prices below their true value due to the Greek dept and after gambling on the risk on premiums insurances, now return these bonds that are expiring or will expire and are paid full price. Who hasn't heard about the funds, the "ravens" who bought Greek bonds from the secondary market, refused to enter the haircut, requiring additional payment in full? And all this while the interest are sinking and thus will reap from there extra profits.
They bought insurance bonds at 70% of the price (and some much lower at 30-40%), gambled on insurance premiums with unknown gain and now ask to be paid at 100% of the price. This is the business success of the century! To understand what is happening, a few days ago, the Public Debt Management Agency (PDMA), after a question from the member of Democratic Left, Maria Giannakaki, in the Parliament about the situation with interest and amortization of debt, estimated that up to 2030: (amounts in billions of euros):
-Year-2013: amortization 12,890 - Interest 5,887
-Year 2014: amortization 24,900 - Interest 6,026
-Year 2015: amortization 16,018 - Interest 5,878
-Year 2016: amortization 7,075 - Interest 6,028
-Year 2017: amortization 7,480 - Interest 6,405
-Year 2018: amortization 4,672 - Interest 6,590
-Year 2019: amortization 9,949 - Interest 6,622
-Year 2020: amortization 7,052 - Interest 6,360
-Year 2021: amortization 7,169 - Interest 10,956
-Year 2022: amortization 8,873 - Interest 24,489
-Year 2023: amortization 11,186 - Interest 17,551
-Year 2024: amortization 10,864 - Interest 13,641
-Year 2025: amortization 8,795 - Interest 9,030
-Year 2026: amortization 8,569 - Interest 8,642
-Year 2027: amortization 8,453 - Interest 8,215
-Year 2028 : amortization 8,060 - Interest 7,779
-Year 2029: amortization 7,308 - Interest 7,290
-Year 2030: amortization 7,329 - Interest 6,853
OVER 213 BILLION WILL BE PAID UP TO 2057...
According to the announcement of PDMA on debt, in the period 2030-40 Greece will need 114.2 billion euros, in the period 2041-50 we will pay 53.1 billion euros, while the last years of debt repayment in 2057 bonds of 1.1 billion will expire. The total amount by 2057 causes a stroke. We must pay in interest and repayments over 213 billion. This for those who argue that lenders are our friends and did everything they could to save us. The evolution of amortization has to do with the bonds withhold today by the European Central Bank (which they bought at about 70% of their nominal value and that we are currently paying off at 100%). These expire mainly until 2017.
Also, a large portion of amortization is due to IMF loans, which we will begin to repay this year. These are an important part of the formal public sector and according to reports were envisaged to be trimmed, also known as OSI. The ECB decided to return to Greece the profits from these bonds, the IMF, however, pushing for OSI, does not accept any haircut and no change in repayment. This uneven distribution of interest is due to the fact that lenders in the country, according to the agreement of 2012, gave Greece a 10-year grace period for payment of interest. They knew since then that Greece will be unable to meet its obligations. However, the interest remains.
What they agreed on was not far from the transportation in the future. Thus, only the period 2021-24 (when they have put a target to reduce its debt to 120% of GDP) the interest required to pay will reach 46.5 billion! The key point is that all this money has been calculated according to the rate euribor rate, which is variable. This means that the money we have to pay can be much more than what the current euribor estimates.
To understand how the variation in the interest rate affects the debt of our country it's worth noting that the euribor can increase or decrease by 1% (depending on the direction of change) the annual interest by € 1,7 billions! So if euribor is increased by 1%, the burden of our country until 2024 will increase by € 17 billion and the interest we will owe will reach € 62 billion instead of € 45 billion that is currently estimated. It is clear that the game is rigged well for the lenders and has tied our country and the Greek people to such an extent that any discussion of debt sustainability is impossible.
CARRYING THE DEBT TO THE NEXT GENERATIONS
Where will we find these billions by 2024? Why no one is talking about these funds? They are confident that we will yield a success story in what they call Greek economy? Or do they want next governments to manage the new crisis? Which of them will be present in the Greek political scene in ten or twenty years from now? Nobody, the entire current political staff that decides and signs treaties for 2040, 2050 and 2060 will be extinct. The country has entered a vicious cycle of debt from that it doesn't seem to be able to exit. Instead for the money given to be used for the development of the country, they promote the solution of a debt refinancing that from the first moment seemed unsustainable.
The solution seems to lie in the so-called "development clause", which was never reflected in any of the two loan agreements in the country. With this clause, according to economists, Greece would require, at least, to freeze sinking funds in order to restore growth in the Greek economy over a percentage. With the money it would save, it would be able to finance the real economy and to lead the country on a growth trajectory. Because, the primary surplus, which is practically income without the interest costs, goes to debt repayment and not to the country's economy.
Read more:
http://www.newsbomb.gr/en/story/425343/we-will-pay-over-213-billion-euros-until-2060#ixzz4DRy3yl00
