Greece and that Giant Sucking Sound™

That Giant Sucking Sound™ you hear is the sound of the Greek tax system sucking up Euros and funneling them to France and Germany.

The tax system operated as a siphon collecting revenue to pay the German and French banks that were buying government bonds (at rising interest risk premiums). The bankers are now moving to make this role formal, an official condition for rolling over Greek bonds as they come due, and extend maturities on the short-term financial string that Greece is now operating under. Existing bondholders are to reap a windfall if this plan succeeds.

It's an amazing world we live in.  Naomi Klein was exactly right.  Shock Doctrine indeed!  What's next? Well, our Galtian Overlords need to keep Greece running on life-support while they exit their Euros from the Greek economy before the big default.

The opportunity never had been better for pulling the financial string to grab property and tighten the fiscal screws. Bankers for their part were eager to make loans to finance buyouts of public gambling, telephones, ports and transport or similar monopoly opportunities. And for Greece’s own wealthier classes, the EU loan package would enable the country to remain within the Eurozone long enough to permit them to move their money out of the country before the point arrived at which Greece would be forced to replace the euro with the drachma and devalue it.

As always, the wealthy look out for the wealthy and fuck everyone else.

Is it time for a Global Revolution yet?