The New American
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| Lucas Papademos |
November 16, 2011
Trilateral Commission member Lucas Papademos (right in picture at left), an unelected career central banker with decades of experience, is taking over the Greek government after being sworn in as Prime Minister last week. His main priority will be to keep Greece in the crumbling euro-zone he helped erect by raking in more bailout money from European taxpayers.
“Our membership in the euro is a guarantee of monetary stability and creates the right conditions for sustainable growth,” Papademos claimed after rising to power. “Our membership of the euro is the only choice.”
“Our membership in the euro is a guarantee of monetary stability and creates the right conditions for sustainable growth,” Papademos claimed after rising to power. “Our membership of the euro is the only choice.”
Other reforms at the top of his agenda include chipping away at what little remains of national sovereignty in Europe and instituting better Brussels “oversight” of member states. He also hopes to expand the emerging bailout regime — which critics have referred to as a “dictatorship” — by giving it more “firepower.”
"Dealing with Greece's problems will be more difficult if Greece is not a member of the euro-zone," Papademos alleged in parliament on November 16. "We must take more radical measures to deal with the crisis which include ... boosting the resources and the flexibility of the [European Financial Stability Facility bailout machine] and creating a stronger framework of economic governance in the euro-zone."
Papademos officially seized power on November 11 following weeks of political turmoil in Greece. Years of economic problems and government mismanagement finally culminated in a debt crisis that threatens to cause massive losses for bankers — and now taxpayers as the toxic bonds are shifted to public balance sheets. The potential implosion of the single currency is being widely discussed, too.
Former Greek Prime Minister George Papandreou of the Socialist Party was recently forced to resign by furious foreign leaders and European Union officials. After initially agreeing to EU bailout demands in late October, Papandreou caused a panic by announcing that citizens would be able to vote on the measures — such as higher income taxes, tougher tax enforcement, and spending cuts — in a popular referendum.
The decision to allow citizen input was eventually reversed. But it ultimately led to the end of Papandreou’s reign as EU chieftains celebrated news of the regime change.
"Dealing with Greece's problems will be more difficult if Greece is not a member of the euro-zone," Papademos alleged in parliament on November 16. "We must take more radical measures to deal with the crisis which include ... boosting the resources and the flexibility of the [European Financial Stability Facility bailout machine] and creating a stronger framework of economic governance in the euro-zone."
Papademos officially seized power on November 11 following weeks of political turmoil in Greece. Years of economic problems and government mismanagement finally culminated in a debt crisis that threatens to cause massive losses for bankers — and now taxpayers as the toxic bonds are shifted to public balance sheets. The potential implosion of the single currency is being widely discussed, too.
Former Greek Prime Minister George Papandreou of the Socialist Party was recently forced to resign by furious foreign leaders and European Union officials. After initially agreeing to EU bailout demands in late October, Papandreou caused a panic by announcing that citizens would be able to vote on the measures — such as higher income taxes, tougher tax enforcement, and spending cuts — in a popular referendum.
The decision to allow citizen input was eventually reversed. But it ultimately led to the end of Papandreou’s reign as EU chieftains celebrated news of the regime change.
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