OLLI REHN PANICKS ABOUT THE OCTOBER-18 MAFIA

The bailout for the Cradle of Kleptocracy is taxpayers' hard-earned money blown out with the wind, because the October-18 Mafia continues corruption, squander, marilizardism, incivility, stupidity, charge stacking, and junketing. The October-18 Mafia's spending is over last year's bloated levels, the deficit is bigger than ever, and it has utterly failed to meet the promised sell-off of government assets. Not a single public bureaucrat has been laid off so far.  http://venitism.blogspot.com
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Cradle of Kleptocracy can pay its debt by selling off shares the government owns in publicly traded companies and much of its real estate holdings.  The October-18 Mafia owns stock in casinos, hotels, resorts, railways, docks, as well as utilities providing electricity and water. But Greek unions fiercely oppose even partial privatizations. Blackouts are promised to dissuade the government from selling of even 17 percent of its stake in the Public Power Corporation.
Investors seem unconvinced that October-18 Mafia's debt will be put on a sustainable track. Olli Rehn hoodwinks this is not the right conclusion. The 21st July agreement did deliver major improvements in the terms and conditions for financing October-18 Mafia debt. There will be a significant extension in the average maturity of all loans and a lowering of interest rates on official loans.
October-18 Mafia uses marilizardist tools to manipulate netizens.  Marilizard Libel is accusing dissident bloggers of treason,  Marilizard Spaghetti is hurling charges against innocent people, Marilizard Tower is a stack of imaginary charges to scare a blogger, and marilizardism is terrorizing dissident bloggers.  October 18 is the international day against marilizardism, and October-18 Mafia is the marilizardist government of Greece.   http://venitism.blogspot.com
Marilizardists use charge stacking, which is the ability to charge a large number of overlapping crimes for a single course of conduct, building a Marilizard Tower of charges. This is the most disgusting tool used by the freakish October-18 mafia to jail innocent dissident bloggers.  Combining crimes enables prosecutors to get convictions in cases where there may be no misconduct at all.  By stacking enough charges, freakish marilizardists try to jack up the threat value of a trial and thereby induce a guilty plea, even if the government's case is weak.  
There is no way any prudent investor will throw a euro in the Cradle of Kleptocracy, which is infested with marilizardism, the October-18 Mafia, charge stacking, and the cancer of socialism.  Rehn points out a reduction of interest rates to about 4% should reduce cumulative interest payments by some €25 bn between 2011 and 2020. This implies a reduction in the debt ratio in 2020 (without private sector involvement) of around 10% of GDP.
Greeks apparently believe that they have Europe and the world over a barrel, that they can make the rest of the world pay their bills by threatening to default. The Cradle of Kleptocracy's full bankruptcy would be painful for everyone, but for the world, the alternative would be even worse. If politicians in PIGS and elsewhere think that their bills will be picked up by taxpayers in other countries, they won't control their spending and they won't sell off assets to pay off these debts.
Countries such as the Cradle of Kleptocracy have to be convinced that they will bear a real cost if they don't fix their financial houses while they still have the assets to cover their debts.  The real problem is the incentives we are giving to other countries. We have to make sure that kicking the can down the road isn't an option.
Rehn notes the offer of private sector involvement (PSI) implies further important benefits for Greek public debt sustainability. PSI considerably stretches the average maturity of October-18 Mafia debt even further and reduces substantially the amounts that October-18 Mafia will have to raise in the markets by the end of the programme in 2014. PSI and the accompanying debt buy-back entail a further estimated net debt reduction by some €26bn or 12% of GDP by 2020.
Only stupid investors would squander their money in a country addicted to kleptocracy, socialism, charge stacking, and marilizardism. Rehn admits it is correct that PSI entails certain costs, but these costs impact more on gross debt than on net debt.
The costs relating to PSI include the recapitalisation of Greek banks (€20 bn) and credit enhancements (€35 bn), in the form of AAA rated bonds paid on an escrow account, for the new government bonds that are exchanged for existing bonds maturing during the period 2011-20. This escrow account is an asset for October-18 Mafia and has a positive impact on net debt.
Banks cannot participate voluntarily in illegal acts, such as fiduciary imprudency. Bank directors are committed to bank's welfare, and not the public interest. If bankers waive outstanding debts at the expense of the bank, this is a breach of trust and punishable by law. All those bankers, that IIF claims plan to participate in rollovers, might go to jail for violating the fiduciary duty of prudency!  Venizelos of October-18 Mafia pressures the banks to participate, but he really opens a Pandora's box.
Rehn hoodwinks Graecokleptocrats are doing what is necessary to implement their various commitments. They are developing the proposals for the PSI along the lines of the IIF proposal. Preparatory work is continuing for the new support programme for October-18 Mafia, in liaison with the ECB and together with the IMF. The Commission's Task Force set up at the end of July is starting to coordinate technical assistance to Greece. Importantly, it will help ensure measures are taken to accelerate take-up of EU funds which make a visible impact on competitiveness, growth and employment.
October-18 Mafia is the most disgusting predator of internet on Earth! Civil society was shocked by the brutality and stupidity of October-18 fiasco, initiated by the Ministry of Foreign Affairs of the government of Greece. That's why October-18 Mafia is the new name of the government of Greece!  http://venitism.blogspot.com
Rehn muses the situation of October-18 Mafia is exceptional, and that's why it requires a special and unique solution with regard to PSI. Rehn can therefore only reiterate what the Heads of State and Government said on 21st July – PSI will be restricted only to Greece, and will thus not be a feature of crisis management in other Member States. This is because Greece is a basket case of political corruption! The impunity of the 300 Graecokleptocrats of the Grand Brothel on Syntagma Square is the most freakish thing on Earth. 
Even though Graecokleptocrats looted many billion euros in kickbacks and churning, not a single Graecokleptocrat has ever gone to jail!  They are protected by the parliamentary immunity, and nobody can touch them, no matter what. Moreover, they have the nerve to jail dissident bloggers.  It's a long way from the 300 Spartans of Leonidas!  Allons enfants de la Grece!  http://venitism.blogspot.com
October-18 Mafia is the real enemy of the Greek people.  Papandreou hoodwinks that October-18 Mafia will go straight, but nobody believes him anymore! Papandreou did not keep his promise to abolish sinecures, government ownership, kleptocracy, Kangaroo Justice, marilizardism, Marilizard Libel, Marilizard Spaghetti, and Marilizard Towers.  Christine Lagarde of IMF has made it absolutely clear she does not trust Graecokleptocrats, because they never apply what they vote in the Grand Brothel on Syntagma Square!  That's why she sends her inspectors to Athens to see things are done as promised and voted.
October-18 Mafia uses religion, patriotism, public education, and the mainstream media to manipulate Greeks.  Greek rabblerousers believe their job is to get kickbacks!  These kickback collectors are masters of bribery and cronyism, serving not the people, but the pullpeddlers.  These freaks try to gag all dissident bloggers, manipulate justice, churn the pension funds of poor workers, and equate truth with treason.
Atlas shrugged in the Cradle of Kleptocracy.  It's impossible for Greeks to produce when Graecokleptocrats loot them with heavy taxes, especially the 23% VAT, demand kickbacks, confiscate computers and personal files, impose stupid laws and regulations, harass dissident bloggers, condone cybercop brutality, and spread the cancer of socialism.  http://venitism.blogspot.com