Tuesday, January 1, 2013
عملاء اميركيون يقودون جبهة النصرة وقوات الاخوان المسلمين والوهابيون...في سورية, وفي لبنان
وهابيون يقتلون السُنة... والشبق الى منصب السلطان رجب طيب اردوغان..., وهابيوه يقتلون السُنة, اضعاف ما قتلوا من العلويين...
اكثر من نصف السُنة في سورية يناصرون الجيش السوري...
مثلت بلدة حارم السورية في مدينة ادلب (بيزنطية الهوى وبلدة مسيحية تاريخيا زارها القديس يوسف كاتب تاريخ المسيح والشاهد الوحيد من بين المؤرخين الذي كتب ما يمكن اعتباره الدليل التاريخي الوحيد على صلب المسيح...) وفي حارم اليوم سكان من السنة وليس فيها علوي واحد... ومع ذلك ناصرت المدينة الجيش واستبسل رجالها ونسائها في قتالهم للوهابيين الغزاة, القادمين من ليبيا خصوصا... ومن تركيا والسعودية... ومن اربعة وخمسين دولة اخرى حول العالم... ليقاتلو السوريين باسم نصرة اهل السنة... ولكنهم قضوا على اكثر من اربعين الف سني من انصار النظام بينما قتل في المعارك فقط ثلاثة الاف مسيحي وثمانية الاف علوي ، اي ان الوهابيين الذين يزعمون انهم سنة, قتلوا من اهل السنة اربعة اضعاف ما قتلوا من العلويين على وجه التقريب
حارم قاتلت الوهابيين فنزعت عن المسلحين السوريين وانصار القاعدة الاجانب, المقاتلين معهم... نزعت عنهم صفة " الدفاع عن الاغلبية كما يزعم الشبق الى منصب السلطان رجب طيب اردوغان...
قوات الجيش السوري في الاصل تضم ريفيين والويته تضم اقل من الثلثين من السنة وليس صحيحا ان العلويين هم اغلبية الجيش (وكيف يمكن ان يكونوا وهم اربعة ملايين من اصل خمسة وعشرون مليونا, وليس ثلاثة وعشرون كما يزعم النظام...) اذا السنة يقاتلون مع النظام وان كان تسع وتسعون بالمئة من التكفيريين المسلحين في سورية, هم من السنة ايضا ممن تحولوا بسبب المال والسلاح الى وهابيين... وجاري غسيل ادمغتهم أو انهم محتالون حاقدون, يقاتلون تحت لواء الوهابيين لاجل المال والنهب والسرقات والنفوذ والسلطة. فكل كتيبة مقاتلة سورية صرفة فيها على الاغلب بضع وهابيين, ولكن عناصرها يجري غسيل ادمغتهم بعد تجنيدهم, وهي وسيلة نجحت في العراق, وستنجح في سورية حيث يمكن القول ان مليون وهابي في سورية, سيصبحون خلال السنة الحالية ثلاثة الى اربع ملايين وهابي...
لماذا يقتلون السنة إذا كانوا قد جاؤوا للدفاع عنهم ؟؟
سؤال يمكن طرحه على اي عاقل ولن يلقى المرء جوابا, ولكن الاصح القول ان الهدف من الحرب السورية, هو قتل السنة لا قتل العلويين فقط . اي سني لا يقبل بالقاعدة... وبمحاكمها الشرعية... وبأمنها الثوري... وبرجال ادارتها المدنية للقرى, التي تسيطر عليها يقتل فورا ... المطلوب استبعاد السوري... للليبي وللسعودي القادم باسم الوهابية للتحكم بمصير الشعب السوري...
قتل الوهابيون في حمص الافا من السنة المعادين لهم, وقتلوا في حلب اكثر من عشرين الف سني باسم الثورة ، واي ثورة هي التي ينتقل رعاع ريفي الى اجمل مدن بلادها, لا بهدف عسكري... بل للانتقام من رفض سنة حلب الانخراط في الثورة التكفيرية... دمروا اكبر مدينة سنية في بلاد سورية الكبرى، ودمروا اقتصادها, ونهبوا مصانعها... ووهبوها بثمن بخس لتجار اتراك, اشتروا كل شيء من المسلحين شرط ان يكون نافع صناعيا...
عملاء اميركيون يقودون جبهة النصرة وقوات الاخوان المسلمين...
ليس من الصعب اكتشاف العلاقة الامنية التي تربط قيادات تنظيم جبهة النصرة العراقي الاصل في سورية بالاميركيين, وبالاستخبارات السعودية بقيادة بندر بن سلطان... قائدين من كبار قادة التنظيم معتقلون سابقون في سجون الاميركيين (مفترض انهم معتقلون) محمد المحمد ( ابو محمد الجولاني, كان معتقلا في العراق عند الاميركيين... واطلقوا سراحه, بعدما علم الامنيون انه من رجال المخابرات السعودية, وليس في الاصل متطرفا دينيا, بل مفتاح مخابراتي للسعوديين في اوساط مسؤولي القاعدة في العراق...) واما الثاني فهو صالح عبوش, وهو ايضا كان معتقلا (يفترض) واطلق الاميركيون سراحه, رغم انه ظهر في كل الصور التي ظهر فيها ابو مصعب الزرقاوي...
يمكن اعتبار العراقي ابو بكر السلفي زعيما عاما للقاعدة في العراق... ويمثله في سورية الجولاني. والجولاني يتشارك في امارة القاعدة في سورية, مع اثنين من رجال السلفي البغدادي, وهما يسر الجبوري (عراقي ويحتل منصب امير جبهة النصرة الشرعي... اي هو الخبير بالاحكام الدينية وقاضي قضاة التنظيم ) واما القائد التنظيمي, فهو صالح العبوش, وهو ايضا عراقي, والعسكري هو الاردني ابو انس الصحابة... وهو ضابط مخابرات اردني... سلمه السوريون للاردن ليعدمه في عام 2007 , بسبب تورطه في تفجيرات عمان... لكنه ظهر حيا في سورية... مقاتلا مع القاعدة وزعيما عسكريا لها... يليه في الاهمية, يوسف الهجر... وهو سوري, من قبيلة العقيدات... طالب في كلية الطب...
خطوط التنظيم الخلفية تتوزع بين القامشلي والبوكمال والشحيل وريف دمشق... واما في العراق, فأغلب قيادات القاعدة في الموصل...
عمليات النصرة : اغلب عمليات ضرب الفروع الامنية, وخاصة فرع القصاع والقزاز ومخابرات إدلب و حلب, اغلبها (خمس واربعون من ثلاثة وخمسون عمليات انتحارية كبرى...) نفذتها جبهة النصرة... ومنها عملية اقتحام رئاسة الاركان في ساحة الامويين...
حيوية عمل النصرة : النصرة عناصرها كلهم معبؤون ليكونوا إنتحاريين... بينما اغلب قياداتها مرتبطة امنيا بواحد من ثلاث جهات : الاميركيين... والاردنيين... والسعوديين...
تقول المعلومات ان جبهة النصرة شاركت في القتال في سورية منذ نيسان 2011 , اي قبل اي حديث عن السلاح والمسلحين بفترة طويلة، وخاصة في حمص... وتؤكد مصادر متطابقة, ان شخصا سوريا من كوادر تنظيم القاعدة الأم... هو من كان يقود العمليات الامنية الخاصة في سورية... تحت اسم الجيش السوري الحر... ويدعى ذاك الارهابي الدولي, عمر مصطفى البدوي... وهو أحد الأمنيين في تنظيم القاعدة... و من مواليد مدينة حمص... وعمل فيها على تشكيل قوة عسكرية, واجهت الجيش السوري ونفذت عمليات ارهاب وخطف بحق الاقليات السورية في حمص وجوارها في بداية الثورة... وهو يحمل عدة اسماء, وهو من يقود فعليا المعارك في ريف المدينة, بينما السمعة هي للمجلس العسكري الغير فعال, والسارق للمال الذي تقدمه الدول الخليجية له... بينما فعليا قائد المسلحين هو البدوي... وتسلحه وتموله جهات سعودية بقيادة بندر بن سلطان...
وتورد المعلومات اسماء عدد من المتطرفين الأصوليين في مخيم عين الحلوة... الذين يقدمون الدعم اللوجستي لتنظيم القاعدة في سورية... وإن هؤلاء العناصر, بحوزتهم مستندات مزورة, ووثائق أوروبية... وعراقية, إضافة الى وثائق سفر بحرية, تسهل عملية خروجهم ودخولهم الى البلدان التي يتحركون فيها ومنها لبنان... ، وتضيف المعلومات ان التنسيق بين القاعدة في لبنان والقاعدة في سورية... التي اندمجت في تشكيلات المعارضة السورية المسلحة التي تحمل اسم جبهة النصرة... يقود احدى مجموعاتها المدعو عدنان الحاج علي (وهو اسم غير معروف سوريا...) مسؤول تنظيم النصرة والجهاد السوري في ريف دمشق والمرتبط مع تنظيم القاعدة...
Al-Nusra, Al-CIAda, Al-Qaeda, Wahhabi-Takfiri-Salafist Killers, are all one and the same, under the guidance, financing, arming, command and control of the Siamese Twins, CIA/MOSSAD & the UKUSA alliance of utter evils...
Sunday, December 2, 2012
كل ذلك كان الوزير الراحل شهيدنا البطل الرئيس ايلي حبيقة: قدرات لا متناهية, طاقة "سوبر" إيجابية, قناعة ذاتية, تواضع رهيب, براءة , غيرة الصديق, يبعث بك فرح داخلي, عذراً هناك الكثير الكثير لكني لن أكمل , فذكراه بكافة مزاياه مكلفة جدا في الصميم
Thursday, November 15, 2012
Washington- CIA Director and former Army general David Petraeus
has abruptly resigned, after impetuously scuttling his impeccable
record, and extinguishing his un-distinguished career...
Petraeus confessed to an extra-martial affair with an
extra-terrestrial, Ginger Gloxymxyzptlk, a glowing female
manifestation of D5-brane solitonic quark-gluon plasma.
While he was at it, Petraeus confessed sheepishly to a sundry
assortment of sordid affairs, including Natasha Zhmerinka,
a red-haired Russian spy-witch, Helga Olssen, a Swedish massage
therapist, another "ho" whom he described simply as "his bitch",
a stocky, big-boned fraulein, Eva von Hemlich, a former spy for
the East German Stasi; Mademoiselle Gigi le Rue, a honeypot for
the French intelligence service, "Bessie", a cow from the CIA
training facility that is known affectionately as "The Farm",
and a sweetheart whom Petraeus described as the "fairest of all
my affairs- a broad by the name of Broadwell", who had written
his highly flattering biography.
CIA spokesman Jack Hammond explained that experience in foreign
affairs was key qualification for the position of CIA Director,
but that such a laundry list of lovers was not in keeping with
the spirit of that objective.
Conspiracy theorists immediately speculated that the Petraeus
resignation was deliberately delayed to help Obama's reelection.
Others argued that it was delayed to help Romney's election,
since after all, Petraeus was a Republican and a conservative
darling whom Obama had selected only in one of his many
futile efforts to make nice with the Republicans.
After many hours of mutual, hostile glaring, the two
opposing camps of conspiracy theorists called it a draw.
Petraeus also raised the specter of conspiracy, saying
that the scandal over his affairs was unfair and that
that he had probably been hit by a super-secret
hormone-drone weapon that had overpowered him with
Petraeus, a man who rose to the pinnacle of success from
humble origins, is expected to live out his days in quiet
The CIA, having become innured to scandal and humiliation,
through long exposure, is expected to continue with business
as usual, as if nothing happened, namely with more scandal
Ms. Broadwell told reporters that she is very excited about
the imminent release of her sequel to the Petraeus biography,
"Let's Roll (in the Hay) with the CIA and the most Infamous
Saturday, September 29, 2012
May KHREICH, A powerful voice of Reason, Smarts, Wit and Charm. GOD Bless her, & her family and keep her from harm's way...
May KHREICH, A powerful voice of Reason, Smarts, Wit and Charm. GOD Bless her, & her family and keep her from harm's way in the wild west of the Levant...
Wednesday, September 19, 2012
اسخف خبر قرأته في حياتي في الديار...
Charles Ayyoub, the publisher of ADDYARONLINE newspaper is the most despicable and low-life skunk, ever to inhabit Planet Earth
Tuesday, August 28, 2012
by Sherman H. Skolnick, moderator/producer of Chicago public access Cable TV Show "Broadsides" since 1991, and chairman/founder since 1963, Citizen's Committee to Clean Up the Courts...
A trip-wire is a concealed trigger that when crossed sets in motion some disaster. Linda Tripp was indicted on Maryland state charges of wire-tapping. Here is the cast of characters:
LINDA TRIPP, former covert operator for super-secret Delta Forces, one of the few women in such a group. She had been a secretary in the Clinton White House in or near the office of deputy counsel Vincent W. Foster, Jr., one of the last persons [other than the assassins] to see him alive. She knows plenty. Later, she was assigned to the Pentagon and was with Monica Lewinsky assigned to the Pentagon spokesman, Kenneth Bacon. Linda wire-tapped Monica both to protect herself and upon further orders of so-called Independent Counsel Kenneth W. Starr.Linda supplied information to intelligence agency assets within the monopoly press, such as reportedly Michael Isikoff of Newsweek Magazine.
MONICA LEWINSKY, reportedly an espionage double-agent. Acting for the apparent deputy station chief for North America, of Israeli intelligence, the Mossad, RAHM EMANUEL. She at the same time was assigned later by Clinton to a key position in the Pentagon, to the staff of the Pentagon spokesman Kenneth Bacon. Her job: to find out by performing sexual numbers on Pentagon officials, who among the top U.S. Military were vowing to arrest Commander-in-Chief Clinton on charges, under the Military Code, of treason. Her parents reportedly had been "sleeper agents" planted by the Mossad. Clinton gave Monica topmost security clearance at the Pentagon without requiring her to go through the usual screening process. She traveled with William Cohen, Secretary of Defense, and took notes of his meetings although not fully competent as a secretary.
RAHM EMANUEL, top reputed black-mailer,extortionist, and arm-twister for the Clinton White House. About 1991 moved from the Chicago-area, his residence to Arkansas to help conduct Clinton's presidential campaign. Raised funds reportedly by knowing secret workings of major covert operations of the American CIA. Such as, HOUSEHOLD INTERNATIONAL and HOUSEHOLD BANK, headquartered in Chicago, successor to CIA's proprietary dope and assassination funding operation, NUGAN HAND BANK. General counsel of Nugan Hand as well as Household was former Director of Central Intelligence William Colby [murdered because he knew too much about Rahm Emanuel, the Mossad, and Clinton]. Rahm Emanuel latched onto a 50 million dollar portion of federal funds parked with Household to cover the pending claims of Chicago-area caulking contractor, Joseph Andreuccetti, who claimed various Chicago-area banks were implicated, with top corrupt IRS officials, in stealing millions of dollars of properties and monies belonging to Andreuccetti. Rahm Emanuel grabbed a portion of the parked funds to jump-start Clinton's 1992 campaign. Other portions of the funds were secretly transferred from Chicago to Little Rock to try to cover up an embezzlement of Madison Guaranty S & L for which Bill and Hillary Clinton were subject to being prosecuted on federal bank misappropriation criminal charges. Emanuel is reportedly a double-dealer, purporting to act for the Mossad at the same time acting against. He is reportedly chief arranger of Red Chinese and other illicit funds massively flowing through the Chicago markets, disguised as soybean trading, foreign currency dealings, and such, on the Chicago Board of Trade, the Chicago Mercantile Exchange, and the Chicago Board Options Exchange. Currently Rohm plays a key role with Wasserstein & Perella, New York-based alleged investment firm apparently fronting for various Red Chinese interests in U.S.
VINCENT W. FOSTER, Jr.,prior to his short term in the Clinton White House, was long-time covert fund handler for Systematics, Arkansas-based reputed CIA/NSA proprietary in the bank computer software services field. Foster was expert on money laundering for espionage agencies as well as their dirty tricks. Foster was the unnamed middle man in the Jonathan Pollard spy case of 1986. Vice President Bush and Secretary of Defense Caspar Weinberger secretly worked deal with Israel, using Foster, to steal a room full of records on nuclear missile tracking. This was pay-off for Israel staying mum on their knowledge of Bush's treason in 1980, in arranging to delay the release of 52 U.S. hostages held by Iran, to aid the Reagan/Bush ticket win over Jimmy Carter's bid for re-election as President. The delay caused Carter to seem to be a wimp. Hostage release was done at the moment in January, 1981, when Reagan and Bush were inaugurated. Pollard was the lower level naval intelligence analyst, who removed the records, upon secret orders through Foster, and Pollard became the "patsy" sentenced to life in prison, served in the basement of a maximum security jail, in the dark 23 hours of the day. Foster's testimony could have sent George Herbert Walker Bush and Weinberger, later chairman emeritus of Forbes Magazine, to prison for treason.
Foster was murdered in July, 1993, near the White House by three Israeli contract assassins, not representing the State of Israel. The proof of Foster's body being moved from near the White House to Fort Marcy Park, Virginia, is contained in satellite images of the super-secret National Reconnaissance Office. NRO official in charge of the imaging, Daniel Potter, was murdered in March, 1998, an unsolved crime. Fort Marcy Park is near the CIA headquarters, under 24 hour satellite surveillance of every square inch nearby. Clinton knows he benefits from the Independent Counsel Starr's fraudulent "suicide" verdict of the death of Foster. Linda Tripp reportedly has been in a position to know about much of this.
KENNETH W. STARR, former federal judge, and since 1994, Independent Counsel investigating Bill and Hillary Clinton. Starr is part of cover up because he is subject to blackmail. Starr has been the reported UNREGISTERED FOREIGN LOBBYIST for the Red Chinese government, an offense for which Clinton's Justice Department could send Starr to prison at any time. Further, Starr's PRIVATE LAW CLIENT, Wang Jun, is the head of the Red Chinese Secret Police. Wang Jun has met with Clinton in or near the White House repeatedly. Clinton has committed treason as known to several dozen U.S. Admirals and Generals who have vowed to arrest him under the Military Code but several of these flag officers have been assassinated.[I am about the only journalist writing exclusive stories about that.] Clinton through Wang Jun has reportedly given over to the Red Chinese, U.S. industrial, financial, and MILITARY secrets, in violation of various federal criminal statutes. As part of a blackmail scheme directed against Israel, Starr ORDERED Linda Tripp to continue taping phone conversations with Monica Lewinsky, as mentioned Monica being a double-agent, for Israel.
Starr has apparent knowledge, and possible participation with, his private law client WANG JUN. In that, Wang Jun heads the Red Chinese government and military enterprise, Poly Technologies, making and shipping AK-47 submachine guns. Some secretly sent to the U.S. headed for inner-city narco-terrorist street gangs. Did Starr aid Wang Jun promote shoot-em-ups with the American big city police?
MARY CAITRIN MAHONEY, White House intern, and as a lesbian was well aware of goings on inside the Clinton White House,including Hillary's apparent love affair with another White House woman, who was able to reportedly get top secrets from Hillary. Mahoney was murdered in a Starbucks Coffee Shop, right in the District of Columbia, July, 1997, and covered up by the FBI. It was a intelligence agency contract "hit" and the FBI is covering it up by blaming a "lone assassin", an FBI specialty. Newsweek reporter and reputed foreign intelligence agency asset, MICHAEL ISIKOFF, was working on getting details which led up to the murder of Ms Mahoney. If there was a proper grand jury inquiry into the Mary Mahoney murder, would Isikoff be a target? Was it just accidental that he reportedly caused her to be murdered? Isikoff's employer, Newsweek, is a British-owned firm tight with foreign intelligence agencies and dirty tricks, including disinformation. Isikoff's book, supposedly a best-seller, is a whitewash.Ms Mahoney reportedly knew about the Clinton-Wang Jun treason.
In a reported conversation between MONICA LEWINSKY and LINDA TRIPP, discussed was they did not want to end up like Mary Mahoney, a sort of mutual understanding that people in the White House who know too much sometimes get murdered.
If the Linda Tripp wire-tapping criminal prosecution proceeds toward trial, some of the foregoing details might even get into the state court records. The various characters mentioned have a variety of things to lose. Was the vehicle accident of Monica Lewinsky a few days after the release of the indictment against Linda Tripp, merely an "accident"? And why was Ms Lewinsky taken by ambulance apparently to a military hospital? Just another story suppressed by the liars and whores of the press, those with the fifty dollar hairdos and the nickel heads....
Sunday, August 26, 2012
These muftis are Sunni Islamic clerics and leaders of the Sharia pack. The Balkans mufti, Muamar Zukorlic in Sandzak, ties all the way back to Donmeh roots since the Ottoman Empire put his tribe into the Balkans - this is the crypto-Jewish corner of Sharia law...looks like they have one of those embedded in Russia as well....this on the face of it would be illogical as Pussy Riot has close ties to FEMEN and FEMEN just denounced all of Islam at the Olympics and at one prior occasion in Turkey this summer....but these muftis do not mind one bit that they are being smeared by these female groups in Russia as they are all Zio-controlled...
So as soon as the mufti decided that vulgar lyrics and chickens crammed inside vaginas do not violate his sense of Islam and that he in fact wants to support this Pussy Riot 'art', this message by the chief Islamic mufti in Russia was picked up by Navalny (one of the usual top NED suspects along with Udaltsov, Nemtsov, Kasparov...)...and the mule carrying the story to Twitter was, of course, Voina....the militant twin of Pussy Riot. That lineup is a beautiful snapshot out of the Zionist family album in Russia...
And on another front, here is proof positive that embedded Zios still rule Iceland ....the mayor of Reykjavik wore a dress at the Gay Pride parade in support of Pussy Riot....he called himself the Gayor, not Mayor, for this event and the Gayor came out in total support of freeing the pussies...
Whenever we see right-wing Sharia Islamists and people like Madonna and Hillary form an impossible amalgam and join hands in support of something...there is always the same common denominator behind it: Soros/CIA....of the ultra-Zioconned and utterly criminal and corrupt USA.
Saturday, July 28, 2012
The government of Cyprus is desperate. It is deliberately slowing down paying its contractors. “We are talking about final payments and settling of bills for work that was carried out and passed through the inspections, and for which an order was issued for payment,” said Nicos Kelepeshis, head of the Federation of Associations of Building Contractors. 120 days, and more. The government also told inspectors to delay inspections in order to slow down payments.
In June, Cyprus had held its nose and requested aid from the Troika, those despised austerity thugs made up of the European Union, the European Central Bank, and International Monetary Fund that have, in Cypriot eyes, wreaked havoc in neighboring Greece. And this week, once again, these despised Troika inspectors are swarming over Cyprus to find out how much money the banks would need to deal with their putrefying balance sheets, and how much the government would need to stay afloat.
If a deal is reached—sticking point are the conditions, namely structural reforms, budget cuts, privatizations, and tax increases—the first bailout money might arrive in October. But Cyprus is bankrupt now! So, the government is raiding the “semi-state“ sector. Last week, it pilfered €101 million from the Cyprus Telecommunications Agency, €50 million from the Ports Authority, and €24 million from the Human Resource Development Authority. Now it’s going after the pension fund of the Electricity Authority to get a couple hundred million. This place is seriously out of money.
At first, it was just a funding crisis. After markets closed the door, Cyprus went begging to Russia and got €2.5 billion late last year. That money has now evaporated.
Then it was the banks. In June, the Bank of Cyprus needed €500 million and Popular Bank €1.8 billion—in total €2.3 billion. A black hole in their regulatory capital had developed when they were forced to write down the defaulted Greek government bonds on their balance sheets [“We owed it to our children and grandchildren to rid them of the burden of this debt,” sneered Greek Finance Minister Evangelos Venizelos at the time as private sector investors got whacked with a 74% loss. Read.... “A harder Default To Come”].
But the banks were joking about the €2.3 billion. They’ve also been eviscerated by Greek corporate debt—40% of the loans on their balance sheets. They’re turning to trash as Greece slithers deeper into its fifth year of recession. Then there are the loans left over from the real estate bubble and title-deed scandal that the banks themselves colluded in. An estimated 130,000 properties are without title deeds—in a country with only 838,000 souls. Those who think they own these properties don’t legally own them. A nightmare gumming up the future of the country [I warned about it in October.... Another Eurozone Country Bites the Dust].
And so in June, as bailout talks with the Troika took off, the €2.3 billion were declared a joke. “Eurozone sources” mumbled something about €10 billion, including a government bailout, which hadn’t needed one before.
Cyprus has been trying to triangulate its bailout negotiations by adding China and Russia. They’re ogling the vast natural gas reserves found off the coast. Awash in natural gas, Russia is the major supplier to the EU through a system of pipelines, and it wants to keep control over its export market. China wants to grab resources around the world. And on July 6, Russian Finance Minister Anton Siluanov confirmed, “Yes, we have a request from Cyprus. They’re looking for €5 billion.”
So since Monday, the despised Troika inspectors have been plying their trade. And it didn’t take long for it to seep out that the banks alone would now need a bailout of €9 billion—a stunning amount for the banks in such a tiny country. Plus, the government would need €4 billion. For total package of €13 billion.
But the €9 billion for the banks is likely to grow even further—because bad debt isn’t bad debt in Cyprus. Under Cypriot rules, loans on the banks’ books that are over 90 days past due aren’t considered bad debt, and no losses have to be recognized, if the loans are secured. Hence, a mortgage that is in default doesn’t have to be written down because the bank might eventually obtain the property, which takes many years, and then sell it to recuperate its money. But property values have collapsed. And worse: the title-deed fiasco resulted in banks securing two or more mortgages with the same property—and only one of them has any value at all. But they’re all “secured”; hence, none have been written down.
The Troika inspectors are circling. They want those loans written down. Government and banks resist. The outcome of this clash will be a big factor in determining the bailout amount for the banks. And the government bailout of €4 billion will certainly rise. The first time is only the beginning—Greece, if it were to stay in the Eurozone, would require a third bailout. Standard and Poor’s tacked on some extra billions and came up with €15 billion. 83% of GDP. €18,000 ($22,000) per resident. Another bottomless pit. Is that why Russia and China haven’t jumped into the fray?
In the run-up to this crisis, people have gotten rich and taken their money to Switzerland. What’s left is debt. But instead of letting it blow up and disappear, wiping out creditors and equity holders in the process, it’s being replaced with new money, but from taxpayers elsewhere: 29% from Germany, 22% from France, even from teetering Italy and Spain....
But Spain is on the brink. The word is out: default. Or bailout. Read.... The Extortion Racket Shifts to Spain.
And here is a great perspective by George Dorgan, a portfolio manager in Switzerland who used to live in Italy. Read.... Italian Euro Exit: why it might come in 2-3 years and why it will help the Eurozone and Italy.....
Thursday, July 26, 2012
Greece may run out of money and go bankrupt by Aug 20, a British government analysis of the ongoing eurozone crisis has warned....
The beleaguered country will have to refinance billions of euros worth of government bonds in less than a month and requires international assistance — which may not be forthcoming — to repay the money.
International inspectors arrived back in Greece on Tuesday to assess the country’s austerity programme with European officials warning that it was “hugely off track”.
David Cameron is now receiving daily written updates on the deteriorating situation and was warned earlier this week that a Greek bankruptcy in the next month is now a serious possibility.
Official economic figures to be published today are expected to show that Britain suffered from a third successive quarter of negative economic growth — suggesting that the country is still in recession. If the figures are negative, it will be the longest double-dip recession for more than 50 years.
Ministers are expected to blame the continuing economic turmoil in ZIOCONNED Europe for this country’s failure to recover from the last slump.
One senior source said: “Europe is now paralysing almost every economic initiative.
“The daily analysis of the situation is filled with doom and gloom. Spain is in turmoil and Greece may run out of money by Aug 20.”
The crisis has dropped down the political agenda in this country, but behind the scenes it is still the major issue facing Whitehall officials and the Prime Minister as problems once again come to a head.
International Monetary Fund experts arrived back in Greece this week but may be reluctant to authorise the release of further funds to the new government without seeing evidence that the country’s austerity programme is progressing.
There are also growing fears that Spain will soon need a full-scale bail-out after its government borrowing costs rose above seven per cent this week. Reports in Spain on Tuesday said the country had not ruled out leaving the euro.
The cost of Italian borrowing has also risen to the highest level since Mario Monti took over from Silvio Berlusconi as the country’s prime minister last autumn.
On Tuesday, credit ratings agency Moody’s warned that it may cut the creditworthiness of Germany amid renewed concerns it will have to bail out southern European countries.
The eurozone crisis is entering a dangerous new phase as most European leaders are preparing for lengthy summer breaks. Mr Cameron is expected to be on holiday on Aug 20 and now faces the prospect of a second successive interrupted summer break.
On Tuesday, Ed Miliband, the Labour leader on a visit to Paris to meet François Hollande, the new French President, suggested that an emergency European summit may be necessary.
Mr Miliband said: “I think it is very, very important for countries to work together not just at each summit but between summits. It is a grave and urgent situation we are seeing in Europe and it can’t simply wait until the next summit in October.”
Spain is now widely expected by City experts to require a full-scale international bail-out, following the recent assistance offered to its banks. “It’s a desperate situation they’re in and markets are slowly closing to them so I don’t think there’s much doubt they’ll need an international package at some point soon,” said Robin Marshall, a director of Smith & Williamson Investment Management.
European officials said yesterday that a visit to Greece by international inspectors was likely to conclude that the country was unable to repay its debts, despite a previous restructuring programme. The IMF and EU are likely to face trying to renegotiate the deal with Greece, a move likely to be resisted by some countries.
“Greece is hugely off track,” said one European official. “The debt-sustainability analysis will be pretty terrible.”
“Nothing has been done in Greece for the past three or four months … the situation just goes from bad to worse, and with it the debt ratio.”
Monday, July 23, 2012
Why France is on the road to becoming the new Greece....
By Thomas Pascoe;
The Euro is headed south today against all comers except The Great British Krona (as FT Alphaville calls sterling) which is engaged in a nosedive of its own. The reason this time? Spanish 10 year debt is yielding 7.5pc, half of what it ought to yield but enough to spook markets not yet ready to face the inevitable deflation of what has long been a bond super-bubble.
This bubble is particularly evident in Zioconned France. The debt levels which the country has are as unsustainable as Britain’s, yet its policies are more irresponsible and its remedies more restricted. Although it is considered a core country in the eurozone, France’s economic profile now bears more resemblance to Greece’s the Germany’s.
Public debt in France is at 86.1pc of GDP (146pc if ECB liabilities and bank guarantees are included). The projected budget deficit this year is 4.5pc, with France having exempted itself from the EU’s instruction to bring deficits down to 3pct by the end of the year.
These numbers are not unusual in the context of eurozone economies in general. What distinguishes France is the lack of political will to address them and, as a consequence, a projected debt to GDP ratio which would place it firmly amongst the PIIGS grouping,
A 2010 paper by the Bank of International Settlements – cited by economist John Mauldin in his brilliant recent dispatch on ‘hidden lions’ – sought to model the likely effects of three separate policy paths by European governments. These range in severity from governments essentially carrying on as they are, to the most extreme austerity the authors believe to be politically possible, a gradual downwards movement in government spending while age related entitlements are frozen.
The results are captured in the graphs below, which show public debt/GDP projections:
At first glance you would be forgiven for thinking that the authors had simply copied and pasted the French graph into the Greek column:
Even under the most savage of these austerity models, French public debt reached 200pc of GDP within 30 years. Using the baseline scenario, debt reaches 400pc of GDP in the same time frame thanks to an aging population, relatively high structural unemployment and perpetual over-spend in government.
The worst case scenario is not unique to France. Of the eurozone countries both the Dutch and Greece would fare as badly as France were the base case to turn out to be correct. Unlike France, the Dutch are able to exert significant control on their own destiny through austerity measures. The best case scenario sees Dutch debt under 100pc of GDP.
The figures also outline the extent of the British problem. Not only will current spending and demographic patters leave Britain facing a similar debt to GDP ratio to the French 30 years down the line, but interest payments alone would reach 26pc of GDP.
That said, the British and the Americans both have two options not open to eurozone France. Firstly, they can continue to print paper to honour their debts and thus sustain otherwise impractical debt payments. I suspect both will do this, although it will devalue the savings and wages of their citizens.
Secondly, both have the option of cancelling the bond issues purchased by their central banks using Quantitative Easing. In a stroke, this would reduce public debt back to less than 50pc of GDP. This is politically impossible for the eurozone given that costs and benefits would be felt very differently across the different sovereigns.
Japan, the other vitally important debtor state in the global economy, also has a get out which is closed to France. While its debt levels are out of control, its borrowing costs are low thanks to Japanese pensioners investing their life savings in government bonds. Irrespective of global demand, domestic appetite for debt will keep rates low.
France has access to none of these remedies – it must therefore rely on making cuts domestically. This is why the euro arrangement is so difficult for many eurozone countries – Germany will not allow them to 'cheat' in the way that Britain and the US are doing by debasing their currencies.
Enter stage left Monsieur François Hollande. At a time when France is in dire need of a plan to re-invigorate private industry, reduce spending and encourage the return of capital, the French have elected a man committed to driving capital from the country and increasing government spending still more.
Mr Hollande’s attempts to rectify the French problem have so far involved the following:
- Lowering the pension age from 62 to 60.
- Increasing the minimum wage above inflation (albeit not much above inflation).
- Demanding that the EU take even more money from the national governments than was planned, violating a prior agreement and potentially adding £3bn to Britain’s annual tribute.
- Introducing a top rate of income tax at 75pc for those earning €1m or more – a move which gives a marginal rate of tax of 90.5pct on certain types of income.
- Introducing a tax on anyone owning assets in France but living abroad which will see 15.5pc of the rent or capital gain on property transferred to the state.
- Introducing a one off wealth tax at double the rate which had been previously trailed.
These reforms may have had some chance of working in the 1960s, when there were sufficient exchange rate and immigration controls in Europe to prevent the mass exodus of people and capital overseas. They have not the slightest prospect of working now.
Britain discovered, when it raised taxes on what it termed the ‘super-rich’, that these do not raise any additional income. The very wealthy now are too footloose to submit to any taxation regime they decide in iniquitous. Those who get hammered tend to be the mid-level operatives nearing the end of their career. The really big catch often gets away.
As it is, ZIOCONNED Hollande’s policies rely on the political view that Orwell believed he discerned in Dickens, the notion that rich people should be nicer and more amenable to taxation, and that were this the case all would turn out for the best.
This is not likely to happen soon. France’s economic course makes bankruptcy under the present system likely, her political course makes it inevitable. She is too large to be bailed out, but will eventually need to print currency to honor her debts. To do that she will need to leave the euro.
France's economy can and will survive for some time yet in its present form. The sharks are circling other bodies in the water, and until the bond markets make borrowing costs today's problem and not tomorrow's, the issue can be deferred. The time will come, however, when France's domestic inaction will translate into a break-up of the currency as a whole. The hour is not yet known, but the course seems set....