Thread: Greek Police Threaten IMF Arrests Due To "Austerity Demands"

Greek Police Threaten IMF Arrests Due To "Austerity Demands"



Submitted by Tyler Durden on 02/10/2012 09:10 -050

As the headlines from Europe become more and more realistic (and ironically more and more Onion-worthy), Reuters notes one of the more interesting examples of just how the Greek people are feeling. The Federation of Greek Police have accused EU/IMF officials, in a formal letter, of "...blackmail, covertly abolishing or eroding democracy and national sovereignty".

While violence erupts among the largely unemployed youth, the supposedly 'grown-up and responsible' segment of the Greek society, which for now at least appears not to be on strike, is recognizing the wholesale destruction of their society (as 22% cuts in minimum wage for instance are thrust upon them). The Greek police, who have stood against the protesters and done their jobs facing threats and anger, are seemingly expressing solidarity with the antagonists as they call out ECB, European Commission, and IMF leaders for their destructive policies. At what point do the police throw down their riot shields and follow the Greek people into their 'Bastille'?

Reuters: Greek Police Union Wants To Arrest EU/IMF Officials

Feb 10 (Reuters) - Greece's largest police union has threatened to issue arrest warrants for officials from the country's European Union and International Monetary Fund lenders for demanding deeply unpopular austerity measures.

In a letter obtained by Reuters on Friday, the Federation of Greek Police accused the officials of "...blackmail, covertly abolishing or eroding democracy and national sovereignty" and said one target of its warrants would be the IMF's top official for Greece, Poul Thomsen.

The threat is largely symbolic since legal experts say a judge must first authorize such warrants, but it shows the depth of anger against foreign lenders who have demanded drastic wage and pension cuts in exchange for funds to keep Greece afloat.
"Since you are continuing this destructive policy, we warn you that you cannot make us fight against our brothers. We refuse to stand against our parents, our brothers, our children or any citizen who protests and demands a change of policy," said the union, which represents more than two-thirds of Greek policemen.
"We warn you that as legal representatives of Greek policemen, we will issue arrest warrants for a series of legal violations ... such as blackmail, covertly abolishing or eroding democracy and national sovereignty."

The letter was also addressed to the European Central Bank's mission chief in Greece, Klaus Masuch, and the former European Commission chief inspector for Greece, Servaas Deroose.

Policemen have borne the brunt of the anger of massed protesters who frequently march to parliament and clash with police in riot gear. Chants of "Cops, pigs, murderers!" are regularly hurled at policemen or scribbled on walls.
Thousands turned out on Friday for the latest protest in Athens, this time against new austerity measures that include a 22 percent cut in the minimum wage.

A police union official said the threat to 'refuse to stand against' fellow Greeks was a symbolic expression of solidarity and did not mean police would halt their efforts to stop protests getting out of hand.

Greek Police Threaten IMF Arrests Due To "Austerity Demands" | ZeroHedge

Let My People Go


Submitted by Tyler Durden on 02/10/2012 07:09 -0500

• Submitted from Peter Tchir of TF Market Advisors

Let My People Go!

So yesterday I became pre-occupied with the French Revolution. With the comments coming out of Europe, and Germany in particular, the mud pit scene from the 10 Commandments is all I can think about. The slave master whipping the slaves to crush the straw into the mud until they are collapsing.

The situation in Greece has taken a more sinister turn. The outrage in Greece is growing. More and more of the people on my distribution list with ties to Greece are pointing out how bad things are there. Daily life is getting more difficult by the day for most people, yet the EU has told the Greeks that their current offer isn’t enough and that they have doubts about its implementation. At least they got that right, the austerity measures, will not remain implemented. It seems obvious to anyone who hasn’t become locked into a negotiating stance that the whole austerity idea isn’t working.

It is possible over the weekend that the Greek parliament will defer to EU demands and vote in a plan that is “acceptable” but I don’t see it lasting. The people are fed up and more and more realize that defaulting and costing the foreign bankers money is worth a shot. Default is NOT the end of the world or of Greece. For all the politicians who keep saying default is the end, they are just wrong. It will cause problems, but Greece will survive, and for the first time can start focusing on a plan to move forward rather than dealing just with problems of the past.

The German and Portuguese Side Deal here is appalling. It is a stark reminder that Portugal and Ireland are waiting in the wings to get a better deal. It is also clear that the Finance Ministers are politicians and at some level this is all just politics and a game to them. They are so far removed from the day to day concerns that they are not creating solutions that can deal with the real problems.

European credit indices are weak – again. The Financials index is out 12 bps this morning and at the wides of the day. That is in spite of the impending LTRO – with watered down collateral requirements. IG17 looks like it is opening a couple of bps wider, no surprise given how weak it went out yesterday.

Those betting on a “solution” are likely to be wrong. The focus now should be what happens with a Greek default. How bad will it be. There is no way it is priced in. The carnage for Greek banks and the knock-on effects haven’t been included. A default will impact all the debt floating around that is guaranteed by Greece and funded by the ECB or Greek Central Bank. It is not the end of the world, but it seems hard to maintain 1300 on the S&P in the event of a default (especially with an earnings backdrop that has been mediocre and raised as many questions as it has answered). The buy the dip mentality is still intact and too many people want to believe in a solution that the market may continue to bounce, but the reality is that too many people in Greece are being pushed over the edge to where they think default can’t be worse than more bailouts.

I’m just happy that the movie that came to mind was the 10 Commandments and not The Sound of Music.

Let My People Go | ZeroHedge