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Bankers responsible for eurozone debt crisis

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A financial analyst says the eurozone bankers and policy makers are responsible for the bloc’s deepening economic crisis, Press TV reports.

“The eurozone is really not in the bad shape that the policy makers tell us it is in. They are basically extorting us into accepting things like transforming the European stability mechanism, the new financing fund into a bank which allows them to get ten to hundred times leverage to recapitalize and refinance five to ten trillion euros in debt. Of course that will make a lot of bankers fabulously wealthy,” said Max Keiser, financial journalist and broadcaster, in a Tuesday interview with Press TV.

Referring to the newly started scrutiny of Greece’s austerity program by the troika -including European Union, International Monetary Fund (IMF) and the European Central Bank (ECB)-, Keiser noted that “Greece has given their sovereignty away to the troika”.

He went on to say that, “Greece unfortunately gave their sovereignty away to the troika so it is not up to Greece to leave the euro. They do not have that choice. They are not a sovereign state.”

The analyst further argued that the troika is planning to acquire Greek’s income producing assets including the ports, the lottery, the airports and the toll roads for the benefit of the patrons of the IMF.

“It is working. It is working beautifully. Of course it would be great for Greece to leave the euro. That would be fantastic but they do not have that choice and they are not going to because it is not up to them,” he added.

Keiser also explained that the EU leaders keep interest rates low in order to keep the debt service on the junk that the central banks are taking on.

“it is causing a two tear global economy where the added liquidity needed to take on this toxic debt is driving asset prices of the top one or two percent of wealth owners higher so rare paintings, yachts, exotic islands all of these prices are going up because of all the money that the central banks are using to keep interest rates low but because the interest rates are low, the savings return and wages are also low,” he concluded.


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