THE GREEK AND SACRED EURO SOLUTION

No Official Communiqué has been published by EU political leaders. However, in European Newspapers comments of an informed nature have been made on what seem to be "official leaks" of the intended solution for the Greek and Euro crisis.


To summarise this very simply;


1)  Greece will not leave the Euro and then declare itself Bankrupt.
2)  To protect the EURO a stability fund will be created of more than 1 Trillion Euros (Trillion, not Billions).
3)  EU banks will write-off a certain percentage of the Greek debt they hold. How the banks will be compensated remains to be specified.


There is now much speculation as to how the intentions of the EU politicians can be legally realized.  It goes without saying that the Lisbon Treaty does not confer on EU policians the right to do whatever they want, particularly when now we are talking about guarantees of more than one trillion Euros. They need the authority of local EU parliaments.


Likewise it would seem that the EU has realized that Greece cannot repay all its borrowings.  Only one part of the Greek problem has been covered by writing-off a percentage of their debts with the EU banks.  There are other creditors not in the EU !!!  By side-stepping a Greek bankruptcy, which would have lead to the readoption of the old drachma and then a devaluation, Greece has been denied the chance to make its industries competitive internationally.

Many problems will certainly have to be ironed out before these current intentions will become law.  Not least is the necessity to redraft the Treaty of Lisbon, which when done, must this time be adopted by a vote in all countries of the EU.  The way the current Treaty of Lisbon was adopted and made law, was politically incorrect and scandalous.

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