The Plight Of Greece And What it Portends For The World

Submitted by the People Democratic Congress (PDC)


The very dire financial economic debt situation facing Greece at this stage is one that warrants significant study by many people in Barbados and beyond. Greece, which has been described on, as the cradle of Western civilization, the birthplace of Western democracy,  the founder  of  classical Western political philosophy, the originator of European art and literature and mythology, and the Olympic games, among other things, has since 2009 been experiencing muchly severe economic and financial crises of prodigious proportions enough to shake the historical foundations of that society.
So, as it verily stands now, this vastly under populated Hellenic country – much of which lies scattered in the Aegean, Ionian and Mediterranean Seas, has been forced to undertake a draconian hell-like IMF/EU bail out, since May 2010.

Such a gargantuan political financial catastrophe will surely make it seems that much of the social development that Greece has recently achieved and that has led many others to describe it  as a developed country, one with a consistently high quality of life rankings ( 22nd on the United Nations Human  Development Index),  and with a  high income economy, would be in the process of being reversed most disgracefully by such turn of events.

This financial bail out – worth over 110 bn euros – has come about as a  direct result of some very adverse complications of the Greek government carrying a very staggering persistent government deficit to GDP status, its continuing with very shocking government debt to GDP profiles ( latest Eurostat reports gross government debt to GDP ratio of 142%) , and its inability to weather the international financial economic crisis of 2008.

The major international credit rating agencies like Moody’s and Standard and Poor’s have also down graded Greece’s sovereign debt profile to junk status. Greece has also been recently assigned by Standard and Poor’s the worst rating presently for any country with a sovereign debt profile.

What is very repugnant to the majority of Greek masses, is that, the Greek government – in order to access the final draw down of this particular bail out package – would have had to go to parliament last week to secure approval for this 12 bn euro installment, but not without first agreeing with the IMF/EU to introduce a further oppressive 28 bn euros worth of spending and tax cuts, as well as it would have had to agree to the elimination of government ownership and control over many public assets.

Whereas many international news people have commented that these austerity measures have been put in place to also avoid the likelihood of any contagion effects going through Europe and the rest of the world, these said measures have obviously led to trade union-led street public demonstrations, so-called anarchist-led riots, and various other forms of civil unrest, and the usual anti-riot police responses and tactics in the country.

So, what has the PDC observed primarily about these events that have been taking place in that EU country, and what major lessons can Barbados learn from the Greek situation, given that the Barbados government, like the current Greek regime, has created serious deficit and debt problems for itself and the people of Barbados; and given that this DLP Government has been, like that country’s political regimes, NOT telling the truth with regard to many of the government’s official statistics pertaining to the rate of growth of the Barbados economy recently, and as this variable itself relates to the calculating the government debt to GDP ratio; and given that Barbados too is, like Greece, a tourism dependent economy which relies less on manufacturing and agriculture; and given that Barbados like Platos’ country is about to enter into a very difficult tumultuous phase of political capitalist economic financial development.

What we in the PDC have primarily realized is that Greece is suffering from the effects of a very dastard form of inward European colonization, wherefore more and more Germany and France are seen to be dominating the political material financial military affairs of the smaller EU countries – Ireland, Portugal, Greece, via their control of the megabloc – EU ( Germany seems to be controlling the purse strings, whereas France is emerging as the dominant European military force given its aggressive role in Libya, Ivory Coast).

So, not being any longer able to colonize and devalue the people and resources of Africa, Latin America, and South/Asia to the extent that it once used to, as a result of America’s global imperialism (dying?), and as a result of the former Soviet Union led socialist expansionism, which is helping to produce the former – America’s dying globalist agenda – and now the rise of the Chinese as an increasingly modern and global material and financial behemoth, Europe is now seen to be turning on itself more and more aggressively, with – thankfully – harmful consequences for its own viability and integrity as a political trading military bloc ( a commentator on a recent BBC world Service Radio news program suggested the invading of Greece ( he did not say which countries) if Greece did not honour its present financial debt obligations to the EU).

The essentialist truth is that Greece ( and esp. Portugal, Ireland, Spain) has finally become very vulnerable and exposed to an avalanche of baleful and dreadful effects that has been falling from an old archaic dehumanizing Eurocentric political economic financial system that has clearly for a long time, that has for centuries been failing miserably and functioning atrociously, but that which would have been coming towards Greece and the relevant European countries every since – but which primarily because of the above three major factors – were slowed in its eventual approach towards Greece.

Indeed, such a system and its failures have had their greatest resonation in this protracted but seemingly intractable debt crisis in the Euro-zone countries of Europe.

Finally, what the vast majority of Barbadian people must therefore recognize though is that evil scourges such as WORK, TAXATION, INTESTEST RATES, INSTITUIONAL REPAYABLE PRODUCTIVE LOANS, the notion of LAND OWNERSHIP, MOTOR VEHICLE INSURANCE, myths such as Inflation, have been involved in the destabilizing of Europe and the decline of the Age of America, and that they must seek to do what the majority of Greeks and the majority of Americans have failed to do – to minimize the cost of maintenance of their own political, social, material and financial existences, whilst at the same time pursuing a very indigenous progressive egalitarian model of political material financial development for their respective countries and for others.

Really, Greece stands at the frontline of these adverse and interrelated global regional developments.

0 thoughts on “The Plight Of Greece And What it Portends For The World

  1. they haven’t slapped it with a default yet. they have stated the plans would amount to default. greece continues fight with it high deficient and debt to gdp there is no easy solution in sight for them. i expect them to default by end of the year latest.

  2. The problem with Greece was that for years it was classified as a developed nation when in fact its financial operation was run like a third world country.The governent command the heights of the economy and employ the majority of the work force. Coupled with the fact that only a few people pay taxes. It also suffers from a huge underground economy, where tax collection is a big issue. All of the above is the characterisation of a third world country. Greece is caught swimming naked.

  3. From article”Finally, what the vast majority of Barbadian people must therefore recognize though is that evil scourges such as WORK, TAXATION, INTESTEST RATES, INSTITUIONAL REPAYABLE PRODUCTIVE LOANS, the notion of LAND OWNERSHIP, MOTOR VEHICLE INSURANCE, myths such as Inflation,”



  4. 40 Acres is bang on!

    Greece should never have been accepted into the ECU, they have been in default for about 55% of the last 200 yrs. Most of the peripheral countries are and were suspect and being part of the Euro removes a key policy tool of slow currency devaluation. Greece lied to gain admission. The only reason Greece has not/ will not be kicked out is that they owe French/German and other banks too much money and so bankruptcy would be in the cards and crisis would and will be the likely outcome. When it hits 2008-09 will seem like mock sport. Greece is a prime example of why utopian Socialism cant work.

    The critical point here is that Barbados will suffer when Europe and the USA cave in. The Bajan leadership had better thoroughly research and develop concepts on how to mitigate this impending disaster’s effect on the people of BIM. The people and Govt of Greece, the world’s oldest democracy, are a bunch of lazy/ stupid fools.

  5. While I admire your (writer’s) enthusiasm, it is unfortunate that your approach to social and economic realities is ‘off the field’, as opposed to ‘out of left field’.

    As I have been over the issue repeatedly for a very long while, of the current global crisis, I will stick to impending issues.

    The reality is that Greece IS going to default, in essence, although one may consider a debt rescheduling that needs to take place as changing the short term issues, thus the rating agencies are being harsh.

    If you reschedule your mortgage, you may no longer have a liquidity issue, thus there is no need to foreclose.

    Similarly, IF it can be demonstrated that a rescheduling of Greece debt will enable it to reinvest, create liquidity and ensure all of short, medium and long-term viability, then the issue should be overcome.

    However, that in itself has problems.

    Firstly, many European banks are heavily exposed. Thus, whether Greece defaults or the banks reschedule, it will create pressure on the European banking system, including in the strongest territories of Germany and France, thus cutting liquidity and the availability of further credit, not only to Greece, but to all.

    Hence, we have a situation of extended aggragvation of the recession.

    Now, there is also the issue of Greece itself being put back into the position of denying its citizens what they see as their right i.e. lifestyle issues, such as salry rises etc.

    Back to the same issue, just aggravated and postponed, for the worse.

    Ultimately, we have a bucketload of trouble.

    The most l;ogical conclusion is the breakup of the European common currency and economic relationship, such that Greece and others go their own way and do not weigh the rest of Europe.

    This breakup will most likely be heralded by the refusal of Germany and France to support the ‘weakened’ nations.

    The problem is, that both of those are exposed, or at least their banking system is, so it is in their interest to prevent a Greece collapse.

    But, at some point they may realise that they do not want to go down with the sinking ship and bail out.

    This issue is going to have major repercussions and must not be underestimated.

    As with the other nations in trouble, it still derives from over-leveraging.

    That is the core of the matter and put simply, one can only spend what one produces and thus earns.

    But, as we have been saying for some time, we must brace ourselves for more economic shocks.

    It is also interesting that during times of heavy economic crisis, war comes to the fore, as of now and the Middle East.

    Remember too, that in times of crisis, no man is ‘financially secure’, as money on the stock market can be eliminated in one fell swoop.

    And still our Caribbean leaders find times to bicker.

    Alas, leaders are born, not made.

    As others have said oft before, we live in interesting times.

  6. The principles of an incentive based ownership system of Economic activity are still very much intact and Greece and the West’s economic/ financial mess is NOT proof of failure. This mess was created by greedy bankers who have control of the politicians and who were permitted to break the rules designed to prevent major economic catastrophes. It was obvious that we were going in this direction since the late 1990s.

  7. The point of this post, and I say this slightly hesitantly as it is always difficult to tell what a PDC post is about, appears to be that the major EU countries were trying to colonise Greece.
    I am not sure what planet the writer is on.
    It is true that the banks, principally out of Germany and France, lent lots of money to Greece but I don’t think most people would consider that to be a bid to colonise the country. I think the majority would believe that those banks were after a financial return which they are unlikely to make now it is clear Greeks managed their economy so badly. Such things as retirement for public sector workers while in their 40s and the fact that public funding was in place for the political parties to fly Greeks from abroad to vote in elections were clear signs of public sector spending madness.
    Oh, but I forgot, this is the same PDC which wants to abolish tax, do away with interest on lending and by the looks of the penultimate paragraph, now wants to stop land ownership.
    I wonder what state the Barbados economy would be in if the PDC was in power?

  8. When did Europeans stop colonising Africa and devaluing its people ?

    “According to Africa Action, a Washington, D.C. organization that has been around since 1953 trying to improve the plight of African countries and foster policies that spur their development, the World Bank and the IMF’s policies have hurt Africa. Over the years, the IMF has forced Africa to adopt structural adjustment programs in order to get badly needed loans.

    But the conditions for the loans – such as privatization of basic services such as water – often undercut availability, lead to disease and misery and leave everyday Africans impoverished and struggling.

    They also leave the countries more in debt.

    Then in 2005, when the French were trying to quell a conflict in the Ivory Coast, a number of its soldiers began to see the country as a place to act out their crudest fantasies. Twelve soldiers were sentenced by a French military court for repeatedly robbing a bank, while four were accused of sexually abusing an Ivorian girl.

    Then there’s Didier Bourguet, a senior United Nations official from France, who, during that same time, was supposed to be in Congo trying to help keep the peace, but instead used young Congolese girls for Internet sex porn. He took photos of himself having sex with the girls.

    In one photo, it was reported that a tear could be seen rolling down the cheek of one of his victims.

    Bourguet wasn’t the only UN official who sexually exploited African women and girls during that time – and the French certainly weren’t the only ones doing it. Peacekeepers from countries raped young African girls – many times after luring them with foodstuffs such as jam and peanut butter – and then forcing them to have sex.

    They did it because deep down inside, they saw these African females as objects and not humans. Therefore, their mission to protect them came second to their duty to act on their crudest impulses, using girls as young as 11 as if they were a piece of tissue or a toothpick.”

    Case Underscores the Devaluing of Africans
    By: Tonyaa Weathersbee,

    What do do expect from the IMF,which was headed by racist rapist French Jew ,Dominique Gaston Strauss-Kahn .

    “IMF Boss – is French Racist Serial Rapist.
    Mega raping Jew Dominique Gaston Strauss-Kahn makes claim that “Jews don’t rape”, as he attempts to abscond from Harlem New York rape scene on Air France plane back to Paris where extradition back to America is difficult. Vicious Sadistic Strauss-Kahn, who would know more than most about the poverty & desperation of those from Least Developed Countries (LDC’s) but him. Uber Raper Jew Strauss- Kahn saw a Black African woman from an LDC country and decided to treat her like a colonial ‘African slave-girl’ by doing to the victim what white men normally do to colonial African slave-minded woman or (increasingly) to western European diasporan women (such as Black-Americans & Black-English women) – Rape Her! ”

    Posted by MarciaKiaSimpson-James , Human Rights Activist.

    The ruling class in Europe is full of sexual pedators and paedophiles.

    “A top French politician nicknamed “the great seducer” was dragged off a flight at Kennedy Airport Saturday after he was accused of sodomizing a Manhattan hotel maid, sources said.
    Port Authority cops grabbed Dominique Strauss-Kahn, the head of the International Monetary Fund and a presidential hopeful in France, moments before his Air France plane took off about 4:45 p.m.
    Strauss-Kahn, 62, allegedly crept up behind a maid after she entered his room and forced her to perform oral sex on him, sources said.”
    NY Daily News
    BY Michael Daly, Alison Gendar, Joe Kemp and Rich Schapiro .

    Sarkozy and a gang of paedophiles ruling France.

    ” France’s Socialist Party (PS) MP and former Culture Minister Jack Lang speaks during the Canal Plus channel TV broadcast show ‘Le Grand Journal’ on June 3, 2011. Lang reacted after French former Education Minister Luc Ferry alleged in a TV debate that a former minister was caught molesting boys at a Moroccan orgy and that senior figures covered it up.
    That is what authorities in Morocco are now investigating, following claims by France’s former education minster during a recent television interview, according to the Associated Press.
    The allegations were made by Luc Ferry, the former head of France’s ministry of education from 2002 to 2004, during an on-air debate on the “Le Grand Journal” show, which first aired on June 3.
    Ferry did not name the ex-minister allegedly involved. He did, however, indicate that he had well-informed sources.”

    Morocco investigates allegations that former French minister had sex with underage boys .
    John Jensen, Associated Press, June 9,2011.

    ” President Sarkozy’s new Culture Minister, Frédéric Mitterrand, was struggling to save his name and possibly his job last night amid a storm over his past accounts of paying “boys” for sex.
    The nephew of the late President Mitterrand, who is openly gay, was thrown on the defensive after opposition politicians homed in on a memoir in which he described his delight in visiting brothels in Bangkok.
    “I got into the habit of paying for boys … The profusion of young, very attractive and immediately available boys put me in a state of desire that I no longer needed to restrain or hide,” he wrote.
    The autobiography, La mauvaise vie (The Bad Life), was a critically acclaimed bestseller in 2005 and Mr Mitterrand, 62, a popular television presenter, was praised for his honesty.”

    Sex with boys admission haunts French Culture Minister Frédéric Mitterand.
    The Times
    by Charles Bremner .

  9. Killbeast, you ain’t seen nothing yet! The new world colonisers are the Chinese, buying up huge tracts of land all over the world from Afghanistan to Africa to South America, using their huge surpluses of foreign exchange. They are buying-up the worlds natural resources – coal, oil, iron ore, uranium etc etc. The West can’t even get close and when the Chinese take over, human rights disappear. Like I said – you ain’t seen nothing yet.

  10. Killbeast’s post should of course have been titled “off topic”. It’s an interesting list of all the worse things that human beings can do to one another but not relevant to a discussion about the financial situation in Greece.
    Maybe we should start another thread where people can search the internet and post information about horrendous crimes like the forced rapes in Libya and the mass killings in Rwanda. On second thouights, let’s not.

  11. Will Italy be next?

    The Baseline Scenario What happened to the global economy and what we can do about it Italy And Systemic Risk In The United States with 3 comments By Simon Johnson In recent days, Greece’s parliament adopted new austerity measures and Europe’s finance ministers approved another round of Greek loans. So the European debt crisis is under control, right? Probably not. One obvious reason is Standard & Poor’s July 4 threat to declare a default if banks roll over Greek government bonds coming due over the next year. That could force everyone back to the drawing board. Less obvious, but no less worrisome, is Italy. With a precarious fiscal picture, it could be the next to come under pressure. And this time, U.S. banks are in the line of fire, with about $35 billion in loans to Italy and potentially more exposure to risk through derivatives markets. U.S. regulators should call for a new round of stress tests that assume sovereign-debt restructurings in Europe and take a realistic view of counter-party risks in opaque markets such as foreign exchange swaps. Based on those tests, the biggest banks probably need to suspend dividends and raise more capital as a buffer against losses. To read the rest of this post, click here (this link is to the full article on Bloomberg:

  12. When will you ‘bright’ economic guru’s with all of your fancy ‘theories’ of how to survice this world wide crisis, come to understand that IT* IS* all coming together as planned, with the very APEX* of economic, and militarly MIGHT, the USA, on the way out, again deviously planned and orchastrated by the EVIL, WICKED, ‘World Order’ elite, and, the ultmate source of ALL Truth and revelation, God’s Word, the Bible, speak specifically TO, this ‘End-Time’ scenario!

    For God’s sake, people, take your heads of the sand, remove your feet, that are presently, firmly planted in ‘Mid-air’ and get right with Almighty God, and His Son, the Lord Jesus Christ, for there is NO* other answer!

  13. Hi Zoe,

    I am ‘right’ with the Almighty and always have been. It is as it should be. I have no worries in that respect.

    You follow your understanding and I follow mine.


  14. @Zoe… At the risk of getting a few hundred (or a few thousand) quoted words cut and pasted…

    @Zoe: “For God’s sake, people, take your heads of the sand, remove your feet, that are presently, firmly planted in ‘Mid-air’ and get right with Almighty God, and His Son, the Lord Jesus Christ, for there is NO* other answer!

    There are many other answers….

  15. @ Zoe
    I am very keen to learn from you exactly how many times is the world going to come to an end BEFORE it actually comes to an end?


    Is it Nibiru, Gama rays from the blackhole at the centre of the Milky Way, Alien Gods as referenced in the Bible, solar storms, a comet????????

    Any interesting revelations from the Bilderbergs recent meeting ?

    These sick bastards at the UN et al need some serious discipline! Sentence them to Pelican Bay for remediation! The UN and IMF et al require disolution they are useless!

  16. @Moneybrain
    If only the IMF and UN were useless,unfortunately they are performing exactly to the plan their masters laid out.
    It is left to the individuals, being blatantly robbed of their wealth, liberty and citizenship, who need to draw the line, and say enough, try and hang the scoundrels for global treason.

  17. ” Globalists Like To Rape Women, As Well As Nations

    Habit of sexual molestation and perverted depravity illustrates sordid underbelly of the elite

    Given the fact that the likes of IMF head Dominique Strauss-Kahn and other top globalists are intent on raping the national and monetary sovereignty of countries in pursuit of their new world order, it’s no surprise that they also seem pre-occupied with raping women, amongst a host of other sordid and predatory perversions.
    Strauss-Kahn was pulled off a jet at Kennedy Airport in New York by police Sunday after a hotel maid accused him of attacking and attempting to sodomize her. The fact that Strauss-Kahn left his mobile phone in the hotel room suggests he tried to make a quick getaway.

    However, it’s not the first time the IMF chief has been accused of rape. French writer Tristane Banon is now considering legal action against Strauss-Kahn for an alleged sexual molestation that occurred in 2002. According to Banon, during the course of an interview Strauss-Kahn acted like a “rutting chimpanzee” as he violently attempted to tear off her clothes. ”

    Paul Joseph Watson
    Monday, May 16, 2011.

  18. indeed very familiar statements. S&P current rating for Portugal is quite similar to our own. the difference is T&C and outlook

  19. David,

    However, I would not hold the rating agencies as being the ultimate be and end all.

    They failed to predict the global crisis, at least one was at the heart of the mortgage repackaging fiasco, deeply embedded albeit they are, not necessarily justifiably, still recognised as the ‘official’ line in assessing investments, debt instruments and economies.

    All one has to do is look at the economic fundamentals of a nation, including comparing its productive capacity to its debt burden and fiscal position, to assess the realities.

  20. @Crusoe and David

    Who pays the rating agencies???????????

    Always follow the MONEY!

    It does not have anything to do with knowledge or competency BUT everything to do with what would happen if you report the unadulterated facts. This is true for Govt reporting of economic/ financial info. Does anyone really believe that inflation numbers reported in China or the US are accurate? The US has utilised the last 30 yrs to invent completely new methods for conning the public. If you calculate inflation today using the models of the 1970s the resulting number would be comparable to that inflationary era. WHY? Baby boomers are retiring and Govts want the stated inflation and interest rates low to save cash when indexing and paying interest on enormous debts!

    The real problem with the agencies now is that they will pick on the weak entities now to appear professional ie Bim. However, the problems indicated are probably true.

  21. @Moneybrain

    On side with your last comment. Read somewhere only yesterday that some analysts believe China maybe understating debt to the amount of 450 billion. Also there is the challenge that the US social security is stated as a contingent liability and not pure debt. eve China maybe understating debt to the amount of 450 billion. Also there is the challenge that the US social security is stated as a contingent liability and not pure debt.

  22. The global power elite are responsible for the economic crisis.

    “Dominique Strauss-Kahn, the Director of the International Monetary Fund, an elite supra-national organization which rapes and pillages small, defenseless countries and their citizens, allegedly has a history of doing the same to defenseless women. Today he was arrested at the New York John F. Kennedy Airport for assaulting a maid at one of the top hotels in New York City according to CNBC….”

    “The IMF and the World Bank have worked together to advance the monetary and political interests of the power elite for decades. They use a good cop and bad cop strategy. Basically the World Bank loans money to corrupt governments and politicians that loot and squander the funds. Then this is followed by the IMF to the rescue by insisting on an “austerity program” of higher taxes and lower government spending to ensure the loans are paid.
    While the IMF is willing to provide either loans or an outright funding stream to the country in question, there are inevitably provisions to be followed. The IMF will likely insist on higher taxes, cuts in services and often privatization of industries. The IMF has received a bad reputation with developing countries because its solutions often eviscerate the middle class while the privatizations end up involving fire-sales bid out to Anglo-American corporations.
    If you would like to see how this business model works between the major banking elites, the IMF and the World Bank, just research what has happened to Greece. ”

    Strauss-Kahn and IMF: Will the Rape and Pillage Continue?
    by Ron Holland

  23. A cursory look at the list of sovereign states by public debt ( access link through will show that Italy is the Eurozone/European country with the second highest government debt to GDP ratio after Greece.

    So, whereas the former has a government debt to GDP ratio of 116%, the latter has a 142% government debt to GDP ratio.

    And St. Kitts and Nevis is second on the list with 185%.

    For some strange reason Barbados does not show up on the list.

    If some Barbadians do not take this local depression seriously, then political financial events that are starting to and continuing to gather around the said Italy might be a wake up call to them, as to the severity and profoundity and duration of this local depression, given the current and historic political, trading and financial connections between Barbados and the EU.

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