Marshall Auerback — The Troika In All Of Its Awfulness Exposed

What happens when a nation gives up its sovereignty, which is the foundation of democracy, even if oligarchical. Democracy disappears as the country is dictated to by outsiders, just as it would if defeated in war.

According to Irish newspapers, senior European and European Central Bank (ECB) officials agreed to threaten Ireland with national bankruptcy if the government made any attempt to burn bondholders (http://www.independent.ie/irish-news/politics/revealed-the-troika-threats-to-bankrupt-ireland-30621197.html#sthash.wBft9fCO.yVNqF4zi.dpuf).
Yet another case of the Troika acting in the interests of a few bankers who went way over the top in Ireland, but still get paid 100 cents on the dollar for their egregious banking mistakes. Ireland’s central bank governor, Dr. Patrick Honohan, revealed the account to the Irish Independent last Sunday. 

“The Troika staff told Brian in categorical terms that burning the bondholders would mean no programme and, accordingly, could not be countenanced,” Dr Honohan writes. 

“For whatever reason, they waited until after this showdown to inform me of this decision, which had apparently been taken at a very high-level teleconference to which no Irish representative was invited.”

Marshall concludes:

The truth of the matter is this: the Eurozone seems rotten to the core, literally. This latest revelation simply confirms the fundamental corruption that lies at the heart of the European Monetary Union.

Macrobits by Marshall Auerback
The Troika In All Of Its Awfulness Exposed
Marshall Auerback