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German election's message to Greece: looks like Grexit is coming

Election result calls into question prospect of future Greek bailouts paving way for Grexit.

Alexander Mercouris

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One little debated consequence of Sunday’s German election is that it significantly increases the prospect of Grexit, i.e. of Greece leaving the eurozone.
The last bailout of Greece in 2015 was not uncontroversial.  The IMF bureaucracy has never made any secret of its doubts about it.  Some of the other creditor states of the EU – for example Slovakia and Finland – are known to have been unhappy, whilst economists in the US and Britain were outspoken in their opposition.
However the bailout agreement was in the end railroaded through because it had the backing of Germany, by far the strongest state in the EU.
The bailout agreement was however also controversial in Germany itself.  The Finance Ministry and the Bundesbank are known to have had their doubts, as did many members of Chancellor Merkel’s CDU party.
The best known skeptic was however Germany’s Finance Minister Wolfgang Schäuble, who proposed at the height of the bailout crisis that Greece leave the eurozone “temporarily” in return for a haircut of its debt.  Unofficially it is reported that he also proposed that Greece be given a 50 billion euro parting gift to tide it over the inevitable turbulence that would follow in the aftermath of its leaving the eurozone.
Chancellor Merkel is known to have given serious thought to Schäuble’s proposal, and he at least seems to have thought for a short time that it had her backing.
However in the end the proposal was ditched in favour of another bailout of Greece following strong objections to Schäuble’s proposal from France and Italy (who were worried for the future of the eurozone if one of its member states left) and above all from the US, which saw Greece’s continued membership of the eurozone and of the EU as vitally necessary for NATO’s continued presence in the eastern Mediterranean  It was in fact apparently a telephone call from US President Obama that finally persuaded Chancellor Merkel to drop Schäuble’s proposal and give instead the proposed bailout of Greece her backing.
Though there was some unhappiness in Germany that the country had again been pushed into bailing out Greece, in the absence of any parties in the Bundestag opposed to the bailout Merkel had no difficulty getting it through.
That position has however now changed.
The AfD was originally set up to oppose bailouts by Germany of the eurozone’s weakest states, and it is a certainty that if any further bailouts are ever proposed whether of Greece or of any other of the eurozone’s weaker states it will vehemently oppose them.  That means that unlike in 2015 if any further bailout of Greece is proposed in future, unlike in 2015 there will be a party in the Bundestag which is guaranteed to oppose it.
However of even greater importance than the opposition of the AfD is that the FDP – Merkel’s all but certain future coalition partner – has also clearly signalled its strong opposition to any future bailouts, whether of Greece or of anyone else.  In the words of the FDP’s leader Christian Lindner during the election campaign

If there was a debt cut for Greece, as the International Monetary Fund suggests, then we should be open-minded to finally solving the problem.  Greece gets a debt cut, the money is gone, but for that Greece has to leave the euro zone, gets a new currency of its own which it can devalue and increase its competitiveness in tourism

In other comments Lindner is also reported to have said that Greece should be given a payoff to help it through the expected turbulence it will suffer once it leaves the eurozone.
What Lindner is proposing is of course the same as what Wolfgang Schäuble proposed in 2015.  Moreover it appears that Lindner is angling to replace Schäuble as Finance Minister.
Here it is necessary to make a number of points.
Firstly, it is a certainty that sooner or later Greece will need a further bailout if it is to remain in the eurozone.
At the present time the official view in Greece is that the worst of the crisis has passed, and that the country is recovering.
I do not know anyone in Greece who shares that view.
What is for the moment sustaining Greece’s economy is a temporary revival of the eurozone economy caused by the European Central Bank’s bond buying and quantitative easing programme.
However it is debatable whether the European Central Bank will be able to continue with this programme for much longer.  Not only is opposition to the programme in Germany since the election certain to grow, but the general global tightening of monetary conditions as a result of the US Federal Reserve Board’s unwinding of its quantitative easing programme appears to make the European Central Bank’s own bond buying and quantitative easing programme unsustainable.
All it will take is a dip in the economy of the eurozone for Greece to fall back into crisis, and with the European Central Bank’s bond buying and quantitative easing programme certain to end before long I know scarcely anyone in Greece who is properly informed about the situation who doubts that sooner or later this is what will happen.
When it does Greece will need another bailout if it is to stay in the eurozone.
Secondly, though Lindner’s statements and those of the FDP could not be more emphatic, it is likely that if a further Greek bailout situation arises he and the FDP will come under strong pressure to reverse their stance.  The same economic and geopolitical factors that lay behind the 2015 Greek bailout will still be there, making it a certainty that Lindner and the FDP will face demands from the EU bureaucracy, from the European Central Bank, from the Atlanticist wing of the German establishment and from the US to soften their stance.
However it is doubtful they will do so.  The FDP lost its position in the Bundestag following the previous parliamentary elections of 2013 in part because as Chancellor Merkel’s junior coalition partner it went along with all her orthodoxies.  The FDP will not want to be put in the same position again.
Given the strong position against further a bailout that Lindner and the FDP have taken, and the likely popularity within Germany of that stance, there will be strong opposition within the FDP if Lindner shows any inclination to reverse it, and it must be unlikely he will do so.
The odds must therefore be that when the next demand from Greece for another bailout comes the FDP will oppose it, in which case Merkel will risk the future of her coalition if she insists on it.  Moreover she will do so in support of a policy which is unpopular, and which will be opposed in the Bundestag and in the country by the AfD, leading to a high probability that opposition to a further bailout within the CDU will also crystallise.
Indeed it is likely that as the crisis within Greece resumes – as sooner or later it will – the knowledge of the opposition to a further bailout in Germany will have a chilling effect, and will harden opposition to the bailout in other countries in the eurozone which would have to agree to it, like Slovakia and Finland.
In that case it becomes extremely difficult to see how a further bailout could take place, in which case despite the opposition of France, Italy, the EU bureaucracy, the US and the Greek elite, a Grexit (ie. Greece’s exit from the eurozone) will finally have to take place.
Whilst it is too soon at the moment to say that the German election has definitely paved the way for a Grexit, realistically that looks like the most likely outcome.
There is a commonly expressed view that if a Grexit takes place and Greece finally leaves the eurozone, the eurozone itself will unravel as it is exposed as nothing more than a currency union rather than a true single currency
I have never shared this view.  On the contrary I believe that the eurozone will continue better without Greece, which will remain in all other respects a member state of the EU.
Following the German election it now looks as if before long this opinion will be put to the test.

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Russia Gives US Red Line On Venezuela

Political force is out. Military force is out. Respect international law and Venezuela’s sovereignty. That’s Russia’s eminently reasonable ultimatum to Washington.

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Authored by Finian Cunningham via The Strategic Culture Foundation:


At a high-level meeting in Rome this week, it seems that Russia reiterated a grave warning to the US – Moscow will not tolerate American military intervention to topple the Venezuelan government with whom it is allied.

Meanwhile, back in Washington DC, President Donald Trump was again bragging that the military option was still on the table, in his press conference with Brazilian counterpart Jair Bolsonaro. Trump is bluffing or not yet up to speed with being apprised of Russia’s red line.

The meeting in the Italian capital between US “special envoy” on Venezuelan affairs Elliot Abrams and Russia’s deputy foreign minister Sergei Ryabkov had an air of urgency in its arrangement. The US State Department announced the tête-à-tête only three days beforehand. The two officials also reportedly held their two-hour discussions in a Rome hotel, a venue indicating ad hoc arrangement.

Abrams is no ordinary diplomat. He is a regime-change specialist with a criminal record for sponsoring terrorist operations, specifically the infamous Iran-Contra affair to destabilize Nicaragua during the 1980s. His appointment by President Trump to the “Venezuela file” only underscores the serious intent in Washington for regime change in Caracas. Whether it gets away with that intent is another matter.

Moscow’s interlocutor, Sergei Ryabkov, is known to not mince his words, having earlier castigated Washington for seeking global military domination. He calls a spade a spade, and presumably a criminal a criminal.

The encounter in Rome this week was described as “frank” and “serious” – which is diplomatic code for a blazing exchange. The timing comes at a high-stakes moment, after Venezuela having been thrown into chaos last week from civilian power blackouts that many observers, including the Kremlin, blame on American cyber sabotage. The power grid outage followed a failed attempt by Washington to stage a provocation with the Venezuelan military over humanitarian aid deliveries last month from neighboring Colombia.

The fact that Washington’s efforts to overthrow the elected President Nicolas Maduro have so far floundered, might suggest that the Americans are intensifying their campaign to destabilize the country, with the objective of installing US-backed opposition figure Juan Guaido. He declared himself “acting president” in January with Washington’s imprimatur.

Given that the nationwide power blackouts seem to have failed in fomenting a revolt by the civilian population or the military against Maduro, the next option tempting Washington could be the military one.

It seems significant that Washington has recently evacuated its last remaining diplomats from the South American country. US Secretary of State Mike Pompeo commented on the evacuation by saying that having US personnel on the ground “was limiting” Washington’s scope for action. Also, American Airlines reportedly cancelled all its services to Venezuela in the past week. Again, suggesting that the US was considering a military intervention, either directly with its troops or covertly by weaponizing local proxies. The latter certainly falls under Abrams’ purview.

After the Rome meeting, Ryabkov said bluntly: “We assume that Washington treats our priorities seriously, our approach and warnings.”

One of those warnings delivered by Ryabkov is understood to have been that no American military intervention in Venezuela will be tolerated by Moscow.

For his part, Abrams sounded as if he had emerged from the meeting after having been given a severe reprimand. “No, we did not come to a meeting of minds, but I think the talks were positive in the sense that both sides emerged with a better understanding of the other’s views,” he told reporters.

“A better understanding of the other’s views,” means that the American side was given a red line to back off.

The arrogance of the Americans is staggering. Abrams seems, according to US reporting, to have flown to Rome with the expectation of working out with Ryabkov a “transition” or “compromise” on who gets the “title of president” of Venezuela.

That’s what he no doubt meant when he said after the meeting “there was not a meeting of minds”, but rather he got “a better understanding” of Russia’s position.

Washington’s gambit is a replay of Syria. During the eight-year war in that country, the US continually proffered the demand of a “political transition” which at the end would see President Bashar al Assad standing down. By contrast, Russia’s unflinching position on Syria has always been that it’s not up to any external power to decide Syria’s politics. It is a sovereign matter for the Syrian people to determine independently.

Nearly three years after Russia intervened militarily in Syria to salvage the Arab country from a US-backed covert war for regime change, the American side has manifestly given up on its erstwhile imperious demands for “political transition”. The principle of Syrian sovereignty has prevailed, in large part because of Russia’s trenchant defense of its Arab ally.

Likewise, Washington, in its incorrigible arrogance, is getting another lesson from Russia – this time in its own presumed “back yard” of Latin America.

It’s not a question of Russia being inveigled by Washington’s regime-change schemers about who should be president of Venezuela and “how we can manage a transition”. Moscow has reiterated countless times that the legitimate president of Venezuela is Nicolas Maduro whom the people voted for last year by an overwhelming majority in a free and fair election – albeit boycotted by the US-orchestrated opposition.

The framework Washington is attempting to set up of choosing between their desired “interim president” and incumbent Maduro is an entirely spurious one. It is not even worthy to be discussed because it is a gross violation of Venezuela’s sovereignty. Who is Washington to even dare try to impose its false choice?

On Venezuela, Russia is having to remind the criminal American rulers – again – about international law and respect for national sovereignty, as Moscow earlier did with regard to Syria.

And in case Washington gets into a huff and tries the military option, Moscow this week told regime-change henchman Abrams that that’s a red line. If Washington has any sense of rationale left, it will know from its Syria fiasco that Russia has Venezuela’s back covered.

Political force is out. Military force is out. Respect international law and Venezuela’s sovereignty. That’s Russia’s eminently reasonable ultimatum to Washington.

Now, the desperate Americans could still try more sabotage, cyber or financial. But their options are limited, contrary to what Trump thinks.

How the days of American imperialist swagger are numbered. There was a time when it could rampage all over Latin America. Not any more, evidently. Thanks in part to Russia’s global standing and military power.

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With RussiaGate Over Where’s Hillary?

Hillary is the epitome of envy. Envy is the destructive sin of coveting someone else’s life so much they are obsessed with destroying it. It’s the sin of Cain. She envies what Trump has, the Presidency.

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Authored by Tom Luongo:


During most of the RussiaGate investigation against Donald Trump I kept saying that all roads lead to Hillary Clinton.

Anyone with three working brain cells knew this, including ‘Miss’ Maddow, whose tears of disappointment are particularly delicious.

Robert Mueller’s investigation was designed from the beginning to create something out of nothing. It did this admirably.

It was so effective it paralyzed the country for more than two years, just like Europe has been held hostage by Brexit. And all of this because, in the end, the elites I call The Davos Crowd refused to accept that the people no longer believed their lies about the benefits of their neoliberal, globalist agenda.

Hillary Clinton’s ascension to the Presidency was to be their apotheosis along with the Brexit vote. These were meant to lay to rest, once and for all time, the vaguely libertarian notion that people should rule themselves and not be ruled by philosopher kings in some distant land.

Hillary’s failure was enormous. And the RussiaGate gambit to destroy Trump served a laundry list of purposes to cover it:

  1. Undermine his legitimacy before he even takes office.
  2. Accuse him of what Hillary actually did: collude with Russians and Ukrainians to effect the outcome of the election
  3. Paralyze Trump on his foreign policy desires to scale back the Empire
  4. Give aid and comfort to hurting progressives and radicalize them further undermining our political system
  5. Polarize the electorate over the false choice of Trump’s guilt.
  6. Paralyze the Dept. of Justice and Congress so that they would not uncover the massive corruption in the intelligence agencies in the U.S. and the U.K.
  7. Isolate Trump and take away every ally or potential ally he could have by turning them against him through prosecutor overreach.

Hillary should have been thrown to the wolves after she failed. When you fail the people she failed and cost them the money she cost them, you lose more than just your funding. What this tells you is that she has so much dirt on everyone involved, once this thing started everyone went along with it lest she burn them down as well.

Burnin’ Down da House

Hillary is the epitome of envy. Envy is the destructive sin of coveting someone else’s life so much they are obsessed with destroying it. It’s the sin of Cain

She envies what Trump has, the Presidency.

And she was willing to tear it down to keep him from having it no matter how much damage it would do. She’s worse than the Joker from The Dark Knight.

Because while the Joker is unfathomable to someone with a conscience there’s little stopping us from excising him from the community completely., even though Batman refuses.

Hillary hates us for who we are and what we won’t give her. And that animus drove her to blackmail the world while putting on the face of its savior.

And that’s what makes what comes next so obvious to me. RussiaGate was never a sustainable narrative. It was ludicrous from the beginning. And now that it has ended with a whimper there are a lot of angry, confused and scared people out there.

Mueller thought all he had to do was lean on corrupt people and threaten them with everything. They would turn on Trump. He would resign in disgrace from the public outcry.

It didn’t work. In the end Paul Manafort, Michael Cohen and Roger Stone all held their ground or perjured themselves into the whole thing falling apart.

Andrew Weissman’s resignation last month was your tell there was nothing. Mueller would pursue this to the limit of his personal reputation and no further.

Just like so many other politicians.

Vote Your Pocketbook

With respect to Brexit I’ve been convinced that it would come down to reputations.

Would the British MP’s vote against their own personal best interests to do the bidding of the EU?

Would Theresa May eventually realize her historical reputation would be destroyed if she caves to Brussels and betrays Brexit in the end?

Always bet on the fecklessness of politicians. They will always act selfishly when put to the test. While leading RussiaGate, Mueller was always headed here if he couldn’t get someone to betray Trump.

And now his report is in. There are no new indictments. And by doing so he is saving his reputation for the future. And that is your biggest tell that HIllary’s blackmail is now worthless.

They don’t fear her anymore because RussiaGate outed her as the architect. Anything else she has is irrelevant in the face of trying to oust a sitting president from power.

The progressives that were convinced of Trump’s treason are bereft; their false hope stripped away like standing in front of a sandblaster. They will be raw, angry and looking for blood after they get over their denial.

Everyone else who was blackmailed into going along with this lunacy will begin cutting deals to save their skins. The outrage over this will not end. Trump will be President when he stands for re-election.

The Wolves Beckon

The Democrats do not have a chance against him as of right now. When he was caving on everything back in December it looked like he was done. That there was enough meat on the RussiaGate bones to make Nancy Pelosi brave.

Then she backed off on impeachment talk. Oops.

But the Democrats have a sincere problem. Their candidates have no solutions other than to embrace the crazy and go full Bolshevik. That is not a winning position.

Trump will kill them on ‘socialism.’

The Deep State and The Davos Crowd stand revealed and reviled.

If they don’t do something dramatic then the anger from the rest of the country will also be palpable come election time. Justice is not done simply by saying, “No evidence of collusion.”

It’s clear that RussiaGate is a failure of monumental proportions. Heads will have to roll. But who will be willing to fall on their sword at this point?

Comey? No. McCabe? No.

There is only one answer. And Obama’s people are still in place to protect him. I said last fall that “Hillary would indict herself.” And I meant it. Eventually her blackmail and drive to burn it all down led to this moment.

The circumstances are different than I expected back then, Trump didn’t win the mid-terms. But the end result was always the same. If there is no collusion, if RussiaGate is a scam, then all roads lead back to Hillary as the sacrificial lamb.

Because the bigger project, the erection of a transnational superstate, is bigger than any one person. Hillary is expendable.

Lies are expensive to maintain. The truth is cheap to defend. Think of the billions in opportunity costs associated with this. Once the costs rise above the benefits, change happens fast.

If there is any hope of salvaging the center of this country for the Democrats, the ones that voted against Hillary in 2016, then there is no reason anymore not to indict Hillary as the architect of RussiaGate.

We all know it’s the truth. So, the cheapest way out of this mess for them is to give the MAGApedes what they want, Hillary.

And hope that is enough bread and circuses to distract from the real storm ahead of us.

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Trump’s CIA Now Unbound And Back To Its Traditional Hijinks

There is further evidence that suggests the neo-cons, in cahoots with Haspel at the CIA, set out to disrupt the Hanoi summit.

Strategic Culture Foundation

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Authored by Wayne Madsen via The Strategic Culture Foundation:


Under the directorship of torture and black site maven Gina Haspel, Donald Trump’s Central Intelligence Agency has returned to its traditional roots of conducting “black bag” operations and disrupting electrical grids through cyber-attacks.

The Venezuelan government has accused the Trump administration of giving the green light for a series of crippling power failures in Venezuela, which affected 22 of Venezuela’s 23 states, including the capital of Caracas. The long-duration power failures were cited by US Secretary of State Mike Pompeo as a reason for the US withdrawing its diplomats from Caracas. Venezuelan President Nicolas Maduro announced that an international commission assisted by specialists from Russia, China, Iran, and the United Nations would help his country analyze the sources of the Venezuelan electrical grid cyber-attack. Initial cyber-forensics by Venezuela traced some of the cyber warfare being waged against Venezuela to nodes in Houston and Chicago.

In addition to electricity, water service was disrupted in Venezuela. From Miraflores presidential palace in Caracas, Maduro tweeted on March 12: “From the Presidential Command Post, we monitored minute-by-minute the progress of the recovery of the National Electric System.”

Cyber-attacks on a country that puts its civilian population in jeopardy might, at first glance, appear to be a violation of the Geneva Conventions on warfare. However, without a Digital Geneva Convention, civilian populations are not covered by the current Geneva Conventions. However, in 2015, the United Nations Group of Governmental Experts on Developments in the Field of Information and Telecommunications in the Context of International Security (UN GGE), which included experts from the United States, China, Russia, France, the United Kingdom, and other nations, agreed that current international law does apply to cyberspace. Most international legal experts agree that the Geneva Conventions require a digital annex to cover the type of cyber-disruption of the Venezuelan electrical grid carried out by the US intelligence services.

Hybrid warfare against Venezuela, which includes economic, diplomatic, and cyber, has the backing of the neo-conservatives who now call the shots for the Trump White House. They include, in addition to Pompeo, national security adviser John Bolton; Iran-Contra felon Elliott Abrams, Trump’s special envoy to the US-backed opposition-led rump Venezuelan government of Juan Guaido; Cuban-American Mauricio Claver-Carone, the senior director for Western Hemisphere affairs at the National Security Council; and Florida Republican Senator Marco Rubio, a Cuban-American, who represents the interests of South Florida’s right-wing oligarch exiles from Venezuela and other Latin American countries.

While Trump was preparing for his Hanoi summit meeting with North Korean leader Kim Jong Un, Trump’s second summit with Kim, Haspel’s CIA dug into its old bag of black operations, while also engaging in the more modern form of cyber-attack in targeting North Korea.

On February 22, 2019, ten males, all wearing masks, broke into the North Korean embassy, which is located in the residential suburb of Aravaca, north of Madrid, Spain, and subjected eight embassy staff members to brutal interrogation tactics, including tying up the diplomats, throwing black bags over their heads (a specialty of Ms. Haspel), and subjecting them to beatings. One female diplomat managed to escape through a second-floor window and her screams alerted a neighbor, who promptly called the police. Two embassy employees required medical attention from their injuries.

The Spanish police and National Intelligence Center (CNI) linked two of the embassy invaders to the CIA. “El Pais,” a Spanish national newspaper, reported that the CIA issued one of its standard “denials,” however, the paper stated that Spanish authorities found the denial from Langley, Virginia to be “unconvincing.” “El Pais” reported that the invasion of the North Korean embassy by the CIA had severely harmed relations between Madrid and Washington.

The National Police Corps’ General Commissariat of Information (CGI) and CNI concluded that the attack and occupation of the North Korean embassy was not carried out by common criminals but was the work of a “military cell” that stole mobile phones and computers. Two of the embassy invaders were identified as Koreans and, based on CGI’s and CNI’s analysis of security camera video footage, they were further recognized as Koreans linked to the CIA. Spanish authorities did not rule out the possibility that South Korea’s National Intelligence Service assisted the CIA in the embassy invasion. The embassy invaders escaped from the embassy using two North Korean luxury sedans bearing diplomatic plates. The cars were later found abandoned.

The criminal inquiry into the incident is now before the Spanish High Court, the Audiencia Nacional, which could order the arrests of the embassy attackers and, if they are in the United States or South Korea, have Spain’s INTERPOL national bureau put out a Red Notice for their arrest and extradition to Spain to stand trial.

Spanish authorities believe the CIA’s embassy attackers were looking for information on Kim Hyok Chol, the former North Korean ambassador to Spain, who was declared “persona non grata” by the Spanish government in 2017. Kim Hyok Chol, a career diplomat from one of North Korea’s elite families who studied French at the Pyongyang University of Foreign Studies and speaks fluent English, is now one of Kim Jong Un’s trusted diplomatic advisers on nuclear talks with the Trump administration and he traveled with Chairman Kim to the failed Hanoi summit with Trump.

With certainty, Kim Hyok Chol thoroughly briefed Kim Jong Un on the CIA’s storming of his old diplomatic post in Spain. When Trump and Chairman Kim met in Hanoi on February 27 and if the issue of the CIA’s siege of the North Korean embassy was brought up, that could have been enough to derail the summit. Considering the fact that war hawks like Bolton, Abrams, and Pompeo are now calling the foreign policy shots for the Trump administration, the attack on the North Korean embassy in Madrid, just five days prior to the Hanoi summit, may have been ordered by Washington’s neo-con cell with the intention of scuttling the second meeting between Trump and Kim and put on ice any future meetings.

There is further evidence that suggests the neo-cons, in cahoots with Haspel at the CIA, set out to disrupt the Hanoi summit. While Trump was meeting with Kim in Vietnam, the CIA is believed to have launched a cyber-attack on the Korean American National Coordinating Council (KANCC) in New York, an organization with ties to the Pyongyang government. KANCC is a non-governmental organization with offices in the Interchurch Center building, near Columbia University in Manhattan. It champions the dropping of US sanctions against North Korea, a sore point in Hanoi between Trump and Kim.

The Trump-Kim Hanoi summit was reported to have hit a roadblock over North Korea’s request for a partial lifting of US sanctions on North Korea, in return for the continued North Korean moratorium on nuclear testing and a partial freeze on production of fissile material. With the CIA’s attack on the North Korean embassy in Spain still fresh in the minds of the North Korean side and the neo-cons’ insistence, pushed by Bolton and Pompeo, for complete North Korean nuclear disarmament, the Hanoi summit was destined for failure. And, with Bolton, Abrams, Pompeo, and other dangerous neo-cons in charge at the White House and the State Department — and Haspel dancing to their tune at the CIA – North Korea and Venezuela are not the only countries currently in the gunsights of the Trump administration.

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