Graph: Greek "public debt" to GDP ratio 2001-1013 (in billions of Euros)
In fact, a high-level ECB official clearly stated today that the ECB was not willing to write off any of the Greek debt it holds: " Mr Stripas must pay. Those are the rules of the game", stated ECB executive board member Benoit Coeuré. However, he further stated that the ECB "did not rule out a rescheduling of the debt."
Furthermore, Yanis Varoufakis - the newly appointed Greek Finance Minister - has also clearly stated that he wishes to find a "mutually beneficial agreement between Greece and the troika" and that he does not want Greece to exit the EU and to abandon the Euro; "no Grexit" he stated in a Bloomberg interview.
First meeting between Yanis Varoufakis and Jeroen Dijsselbloem - president of Eurogroup, Athens 30 January, 2015.
However, simply renegotiating and rescheduling the payment on the "debt" will not resolve the root constitutional cause of the Greek "debt" crisis and/or put an end to the vicious and deadly debt-austerity trap cycle. In fact, the Troika will continue to dictate Greek budgetary, fiscal, structural, and economic policy to force Greece to pay the interest on the so-called "debt", and they will continue to impose further austerity measures to "privatize" (i.e. economically loot) the wealth and resources of Greece and to financially bankrupt both the Greek people and the country.
The root constitutional cause behind the (so-called) "debt" crisis in Greece and in the EU
"A well defined problem is half resolved." Einstein
The root constitutional cause behind the current Greek and EU “debt" and austerity crisis is contained in the following two Articles of the Maastricht Treaty (EU Constitution).
ECONOMIC AND MONETARY POLlCY
1. Overdraft facilities or any other type of credit facility with the ECB or with the central banks of the Member States (hereinafter referred to as “national central banks”) in favour of Community institutions or bodies, central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of Member States shall be prohibited, as shall the purchase directly from them by the ECB or national central banks of debt instruments.
1. The European Central Bank shall have the exclusive right to authorize the issue of bank notes within the Community. The ECB and the national central banks may issue such notes. The bank notes issued by the ECB and the national central banks shall be the only such notes to have the status of legal tender within the Community.
Article 104 and 105a of the Maastricht Treaty explicitly forbids EU member nations from printing, issuing and circulating their own national currencies (the inviolable constitutional right of any sovereign nation) to fund their own economic activities and socio-economic development.
Currently, hundreds of billions of Euros are paid annually by Greek and other EU member citizens to private banks to pay the interest on the so-called "debt", while the the ECB, the IMF and the EC (Troika) imposes deadly austerity measures in Greece and in other EU member countries. Of course, the (hidden) objective and aim of the austerity measures is to loot ( i.e. "privatize") the wealth, resources and public infrastructures of Greece and other EU member countries and to transfer Greek/EU taxpayer money into the pockets of the private banksters...
Indeed, the main (hidden) agenda and objective behind the formation of the European Union was to centralize, consolidate and take over complete control over the money supply of sovereign states in Europe through the Euro and through the privately-owned European Central Bank, which is of course entirely owned and controlled by the same international private banksters who control the privately-owned Federal Reserve Bank (FED) in the US, the IMF, the World Bank and all Central Banks in Western countries.
As Goethe rightly said:
“None are more hopelessly enslaved than those who falsely believe to be free.”
And as Henry Ford (prophetically) stated:
“It is good that people do not understand the workings of the banking system, for if they did, I believe that there would be a revolution before tomorrow morning…”
That “morning” is not far…
Please see this BBC article and video of the demonstrations and of the riots.
As Tolstoy rightly stated:
"Money is a new form of slavery, distinguishable from chattel slavery simply from the fact that it has no visible master-slave relationship.”
Meet the EU "invisible" master - Mario Draghi, Head of the privately-owned European Central Bank (ECB) - laughing all the way to the bank...(literally)
Greece and other EU member countries MUST break free from the EU, the ECB and the Euro
As Abraham Lincoln and Thomas Jefferson rightly stated:
"The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity." Abraham Lincoln
As president Kennedy and Thomas Jefferson stated:
Both president Kennedy and Thomas Jefferson were also assassinated for their opposing & fighting the private banksters...
As Meyer Amschel Rothschild - the "father" of the fraudulent global "fractional reserve banking" and central private banking system arrogantly said:
Odious Debts are legally defined as "debts which are contracted against the interests of the population of a State, without consent and with the full awareness of the creditors." The doctrine stipulates that in such cases, the debt is odious under international law and unenforceable against the alleged debtor State.
International law scholar Alexander Nahum Sack was the first to popularize the doctrine of odious debt. Sack explained that the reason that these odious debts cannot attach to the territory of the State is that they do not fulfill one of the conditions determining the lawfulness State debts, namely that "State debts must be incurred and the proceeds used for the needs and in the interest of the State. Odious debts contracted and utilized for purposes which, to the lenders' knowledge, are contrary to the needs and the interest of the nation are not binding on that nation, unless the debt is within the limits of real advantages that these debts might have afforded."
It is thus now up to Prime Minister Alexis Pristas, Finance Minister Yanis Varoufakis and his government to use these legal instruments to declare and argue that the Greek debt is an "odious debt" under international law and thus unenforceable against Greece. As Yanis Varoufakis himself recognized and publicly stated on BBC: "The largest loan in history was granted to the most insolvent of EU nations..., with a list of reforms that was just a fig leaf. This could not end well."
See also this link.
“We are here because the negotiations failed. What we now have in front of us is a new Versailles Treaty” said Yanis Varoufakis.