Greece bailout: Eurozone agrees ‘breakthrough’ debt deal – BBC News

English: Various Euro bills.

English: Various Euro bills. (Photo credit: Wikipedia)

The BBC reports that Eurozone finance ministers agree to extend a further bailout loan to Greece as well as debt relief, in what they call a “major breakthrough”.

Source: Greece bailout: Eurozone agrees ‘breakthrough’ debt deal – BBC News

The breakthrough is that the IMF‘s insistence on debt relief has finally won the day.

Whilst I am no great fan of the IMF and its bitter medicine, I respect it as an internationally institution with some of the finest economic brains in the World. As for the other members of the troika, they are part of the problem, just as much as Greece herself.

The ECB has repeatedly had its powers curtailed by Germany.

Similarly, the EU has been Angela Merkel‘s puppet.

It’s no surprise they Greece has pulled back from further austerity. Look at the terrible lives of the Greek people. They have made mistakes but they deserve better.

BUT the true villains who have escaped attention are the French and German banks who gave uncommercial loans to Greece in the first place. So far, these banks have not suffered because they have had the patronage of Angela Merkel’s government.

Ultimately, it’s the Euro and the structure supporting it that has been responsible for the context. Germany has benefited enormously from the Euro and is not prepared to adjust its economic policy for Europe benefit.

It is time for the German and French banks to be held accountable.

Thoughts?

Opinion – Will Turkey get preferential treatment for visa-free travel? | Europe | DW.COM | 02.05.2016 – John Gelmini

English: Seal of the United States Department ...

English: Seal of the United States Department of Homeland Security. (Photo credit: Wikipedia)

Homeland Security Advisory System scale.

Homeland Security Advisory System scale. (Photo credit: Wikipedia)

Visa free travel for Turkey is not going to scupper the Merkel, Tusk and Erdogan deal on migrants but it leaves Turkey free to encourage and finance pele smugglers to use Italy as a point of entry whilst notionally sticking to the letter of the agreement in order to keep on getting the £3 billion GBP a year from the EU for taking in Syrian refugees.

This article from DW, brought to us by Dr Alf, shows just how bad the migrant deal with Turkey is and demonstrates to anyone with a modicum of commonsense that Merkel and Tusk have been out foxed by the cunning and streetwise Recip Erdogan, who now holds all the cards despite what Weber lamely says.

Already, it is being reported that Turkish guards are willing for virtually pocket change(less than £25 GBP) to let Syrian refugees escape rather than remain in Turkey and because so much bogus documentation exists in Europe the US Department of Homeland Security has suspended its “Visa Waiver Programme”. If they have no faith in European documentation, border controls, migration protocols and deals then why should the rest of us?

Secondly, as oil prices slowly rise and the Syrian rebels get rearmed by the CIA and Turkey, it is likely that if the ceasefire breaks down (probable) and the West refuses to lift sanctions on Russia, that Vladimir Putin will resume and intensify his bombing campaign and Caspian Sea based missile strikes and by so doing create more refugees than Turkey can cope with under the present flawed agreement. In that event, Turkey will want more money or if Merkel refuses Erdogan will open the floodgates to force the issue.

Wiser counsels have to prevail along with an element of Realpolitik which might mean a federal solution for the Ukraine, the orderly transition of power in Syria from Assad to someone more acceptable (the Russians are fed up with him) and concerted action to deal with ISIS in Libya, Syria and Iraq and to cut off ISIS funding from the Gulf states which is fuelling the growth of ISIS like proxies all over the world and in time more inflows of unwarranted and unwanted refugees on a scale we have not yet seen.

John Gelmini