Developments confirm EuroFora view that €uroArea is Turning the page on the way out of Debt Crisis

The signature of the €uroArea Governance Treaty, which involves permanently ECB's President in €uroArea's "regular" Heads of State/Government Summits (See specific "EuroFora"s NewsReport on the EAG Treaty, herewith), one day after ECB's second and stronger move to offer 539 Billions € for 3 Years' loans with just 1% of interest to Bank of €uroCountries, was welcomed by Financial players, as it was clearly indicated by much lower Spreads for National Governments' bonds, as well as by Higher gains in Stock Markets :

Several statements by EU key players and recent Facts, confirm the estimation made earlier by "EuroFora" that the "Europen Economy" entered in 2012 at a "Turning Point", on its way Out of the Debt Crisis : (See : http://www.eurofora.net/newsflashes/news/eustats2012turningpoint.html )

German Chancellor Angie Merkel observed, from the outset, that, "recently, the (Sovereign Debt's) situation seems Calm inside €uroZone", ..

=>  - "We (EU) are turning the page of the Debt Crisis", even if "we are not yet out of the Economic Crisis", observed French President Nicolas Sarkozy from the outset, at his concluding Press Conference after this latest EU Council, which advanced forward by starting too apply the Decisions taken by the previous two EU Councils of December 2011 and January 2012, (See "EuroFora"s NewsReports from the spot).

- "The Strategy that we (€uroarea)'ve set up is bringing its fruits", Sarkozy concluded.

 - "I don't say  that we (EU)'ve already got  out of it, but we are at a Turnig point of the Crisis", added also EU and €uroarea's 2009-2014 Chairman , Herman Van Rompuy, who has just been confirmed in his Top Job for 2,5 more years, up to 2014. He was echoed also by EU Commission's President Barroso, who found "new perspectives".

>>> Indeed, "Spreads", i.e. interests that States have to pay in order to raise Money in the Financial Markets with Government Bonds, lowered down at moe afordable levels : F.ex. Ireland, who had previously to accept Interests as High as up to 14% in order to borrow Money, now can do so with just 7,9%. While  Italy, who was earlier obliged to borrow with interests up to 7,28%, is now able to do so with just an interest of 4,95%, and Spain, who had earlier to pay 6,7% in interests, now gives just 4,8, (i.e. both Countries' interests droped lower than 5%). As for France, it managed to lower Interests from some 3% down to just 2,7%, Sarkozy observed.     

- "We (€uroArea) set up a Monetary Policy of Massive Support to Financial Stability and Growth : Between December (2011) and February (2012), two Operations for (a duration of 3 Years (each), whose Total Sum exceeds 1.000 Billions €", and which, as I explained to you on December (2011 : See "EuroFora"s NewsReport from Brussels then), allowed to calm the pressure on Sovereign Debts. This worked OK. .. It consists into puttingt at the disposal of Banks an unlimited amount of Liquidity with 1% of interest rates for 3 Years", he reminded. As I had indicated then, this supply of liquidities remunerated with 1% for 3 Years, allowed to European Banks to buy Sovereign Debt and lower the presssure on the (€uroArea Member) States' Debt funding : (And) that's exactly what happened !", Sarkozy observed.
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+ In addition, meanwhile,  France's CAC Stock Market in Paris jumped up + 1,37% yesterday, winning + 1,74% this Week, similar to Germany's DAX in Frankfurt, which jumped + 1,25% yesterday, winning +1,05% in a Week, (both according to a Growing  positive Trend since December 2011's EU Brussels Summit's decisions : See "EuroFora"s NewsReport from the spot, then).

In comparison, USA's Nasdaq rose just+ 0,74% yesterday, and only +0,34% in a Week), while Dow Jones rose just + 0,22% yesterday, but fell - 0,03% this week., (almost followed by UK's FTSE, which rose + 1,02% yesterday, but fell; however,  down to - 0,07% for the whole week).

+ Ireland's reforms'  initial results were welcomed, with a Debt reduced from 20% down to 10% of its GDP between 2010 and 2011, and an estimated Growth of +0,5% in 2012, thanks to Exports mainly of Digital and Drugs' products, while IMF decided to provide an aid of 3,2 Billions €, added to another 3 Billions € from the EU.
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+ Meanwhile, in addition to the 83 Billions € in Grants recently made available by EU Commission by Re-programming unspent Structural Funds, (See "EuroFora"s relevant NewsReports), €uroArea's Stabilization Mechanism, (whose Entry into force was "accelerated", from 2013 to June 2012 : See "EuroFora"s previous NewsReports from Brussels earlier Summits), is due to have 500 or 750 Billions € at its disposal, (alone or in liaison with the previous, Urgent action mechanism already set up earlier by the EU, as Sarkozy wondered today), so that if IMF releases soon up to 670 Billions € probably, in the framework of the conclusions of the November 2011 "G 20" Summit of Heads of State/Government in Cannes (See "EuroFora"s NewsReports from the spot), at the eve of its forthcoming  2012 Summit in Mexico, then, the Total of the Funds made available in order to support €uroarea may even reach more than 1,4 Trillions €...

As  for ECB's new, active role in €uroArea's Governance, (See supra), it had been already prepared by the Historic, "Compromise of Strasbourg", when the 3 Biggest €uroArea Countries : Germany, France and Italy, had decided, at an exceptional Merkel - Sarkozy - Monti Summit, end of November 2011, to "avoid unilateral declarations for or against ECB's independent decisions", which was closely followed by the 1st ever participation of ECB's President Draghi to the December 2011 EU Summit in Brussels, (as "EuroFora" had observed in EU Parliament's Press Conferencies, later on in Strasbourg : See relevant 12/2012 publications). But, in fact, there was already a strong "Feeling floating in the air" in this direction, as early as since the landmark August 16th, exceptional Franco-German Summit Sarkozy - Merkel at the Elysée Palace in Paris, i.e. precisely when the Idea  to create "regular €uroArea Summits" was anounced for the 1st time, (See "EuroFora"s NewsReports from Paris/Elysée palace, then).

In fact, such institutional developments had been politically scheduled already by the Historic Fathers of the €uro Currency :  - "European People will start revolting and ask to create a Governance of the €uroArea", since most Tools traditionaly used by Keynesianist reforms in order to overcome the cyclic Crisis, (f.ex. State Budget's Deficit, absorbed by Monetary creation and/or Public Debt, Fiscal policy, etc),  had been transfered from the National States up to a €uropean Level", (mainly  ECB itself) : This was, indeed, a leitmotiv in EU Parliament Plenary's landmark Debates, as early as since October 1995 in Strasbourg, when MEPs, EU Commission, EU Council and even UNO's leaders had dissussed "Europe's Future"....

So that after the Economic Reforms for the creation of €uro Currency entered into force, back since 1999, followed (according to the Schuman theory for the edification of Europe "step by step") by Political, Institutional Reforms contained in the Referendum for EU's "'Constitution"' (2005), then, the EU was practically ready to start  a New, Fresh round of Negotiations for the "Missing" Reform due to create an €uroArea"s Governance, long BEFORE the 2008-2009 Global Crisis, which would have been able to prevent, alleviate, better face and sooner overcome the USA-imported upheaval.

But, as it's well known, the attempt by some fomer "Socialist" Governments to impose the controversial and unpopular Turkey's EU bid since 1999, provoked strong reactions by EU Citizens, which resulted to an unprecedented Majority Abstention in EU Parliament Elections and 3 "No"' to EuroReferenda during that "Dark" period of EU - Turkey so-called "Accession Negotiations between 1999/2000-2005, practically Blocking EU's Institutional/Political Reforms and Europe's development for many Years...

Until French President Sarkozy's crystal-clear "No" to Turkey's controversial and unpopular EU bid, strengtherned also by German Chancellor Merkel's "No" since 10/2005 and mainly 9/2009, added to the Debates and Results of the latest, June 2009 EU Parliament's Elections, (See "EuroFora"s analysis and cited Facts), followed even by more National Elections' results in a similar direction afrerwards, up to 2010/2011, notoriusly made it possible to overcome that Blockade, rapidly prepare and start working with New EU Institutions (thanks to the "Lisbon Treaty"), from December 2009-January 2010 until now.

Meanwhile, however, the USA-imported Global Crisis had hit also Europe, from the end of 2008 - beginning of 2009, which was, then, found Unprepared, contary to the initial Plan of the Historic "Fathers" who had created the "Euro" Currency back in the 1990ies (See supra). So that the Franco-Gertman couple Sarkozy-Merkel and their €uroZone allies from other Member Countries, had to hastily try to start building up from scratch the obviously necessary €uroZone's Governance DURING the Global Crisis, and particularly on the "occasion" of the huge Debt provoked by previous Financial and Political Errors to Greece, which "exploded" between 2009-2012, (aggravated, also, by an obvious exploitation by some hypocritical, in fact Anti-European networks).
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But Now, even this (in fact, artificially provoked problem) seems ready to be fixed soon, at least as a matter of urgency, as most players and observers expect during this Month of March 2012, and both President Sarkozy as well as Chancellor Merkel, echoed by EU President Van Rompuy and EU Commission's President Barroro, as well as the competent EU Commissioner Oli Rehn and even new EU Parliament's President Martin Schulz, (etc), have just declared.

No real risks of any eventual "Contagion" which might affect also other €urozone Countries exist, in fact, simply because Greece's case is both Articifically provoked, i.e. in reality Not due at all to €uroCurrency's characteristics, (See "EuroFora"s Analysis on this crucial point from 12/2009 up to 2012), and "Central" to Europe's future :

    (a) "NOT DUE to €uroCurrency's characterics", because it's both EARLIER to the introduction of the €uro on 1999, since the Debt originates mainly back to Errors committed by an excessive Clientelism, Neoptism and Corruption in some Former "Socialist" Governments in Greece as early as since back from the Decade of 1980ies, and because, both its Causes and its best Remedies, are less "Economic", than largely POLITICAL : Indeed, at first, that problem was provoked only because, back on 1999-2001, some former "Socialist" Governments in Big EU Countries, (f.ex. Mr. Jospin in France, Joschka Fischer/Schroeder "B" in Germany, Blair in the UK, d' Alema in Italy, Gonzales in Spain, etc), brokered a kind of "Politico-Financial Deal" including to close their eyes on Greece's unprepared, precosious Entry into €uroZone, (i.e. even before and without doing necessary Reforms to absorb an excessive Debt existing since he 1980ies), in exchange of Greece closing its own eyes on all Turkey's failures to respect EU's Conditions for Accession process, (on Human Rights, Democracy, International Law, Ethnic and/or Religious Minorities,  Geographic-Cultural Identity, Development, etc), so that lucrative "Accession Negotiations" between EU - Turkey could start, and another former "Socialist" Government in Greece could snap the April 2000 National Elections (staying in power up to 2004) only with less than 1% of votes, (even them, mainly obtained by controversial "Nationality  papers"-distibution among .. Turkish and other immigrants, at the last minute). ..

    => That 1999-2001 Politico-Financial Deal, (naturally supported also by another former "Sociaist" USA Government, which systematically presses to impose Turkey inside the EU, so that it would stay Weak, as it's notorious in the hard struggle for World-wide Competition : Comp. US Multinational Goldman Sachs' deal to "Hide" the Debt provoked in Greece by using an expensive Swaps, in addition to  "EuroStat''s scandal, etc), resulted in the "Explosion" of an articifically provoked Debt ro the detriment of Greece and the entire €urozone, as well as in Lucrative EU - Turkey "Accession Negotiations", (where EU pays some 1 Billion € each year to Turkey in Grants, i.e. the equivalent of more than 200 Billions € in Loans of 5% !), wasting Money which lack even for EU's most important High-Tech infrastrural Program on Space Monitoring for Environment and Security (GMES : See relevant "EuroFora"'s NewsReports on EU Parliament's Resolutions, etc), even during the present period of Financial Crisis and hard Economies....

    So Big Politico-Financial Blunders, with seriously grave Institutional and Financial consequences to the detriment of the EU and one or another among its Member Countries, having been committed only against Greece (since 1999-2001), obviously, nobody should fear anything similar to suddenly appear in any other among €urozone's Member Countries, (which have the chance not to be mixed up with Turkey-related, complex issues of Global Competition : Comp. supra)...

    (b) Therefore, even the Best and most Efficient Solution to seek in the case of the Debt provoked in Greece, is mainly Political, and, therefore, mush easier to set up, than many think,  (See previous "EuroFora"s Analysis on this topical matter) :

-  I.e., Not to persist in the notoriously Failed policy of former "Socialist" Governments in Greece, which refuse to even touch upon the excessive number of Cushy Job Holders, Political Lackeys, Corrupted or even Criminals, scandalously appointed in the Public Sector mainly since the 1980ies, but only focus into merely pressuring (with always more Taxes, Restrictions, Prohibitions, etc) both the Productive Businesses and Poor People, resulting into more and more Recession than expected  (provoking less and less Fiscal Resources....), and Giant Popular Protests, (resulting into serious, dangerous troubles, and politically and financially "Costly" oppression), etc.

    But better focus mainly into real, deep Structural Reforms, which could drastically reduce the Number of cushy job holders, Political Lackeys, Corrupted and/or even Criminals scandalously appointed to the Public Sector mainly by former "Socialist" Governments in particular since the 1980ies, so that the Need to pay Huge amounts of Money for more or less Unproductive, useless and undeserved Salaries, Retirement benefits, etc., which constitute the bulk of the Public Expenses covered by expensive New Loans, as well as the main Cause for that exceptionaly Huge Debt of the Past which recently hit Greece and €urozone.

    On the contrary, the main part of EU's aid,  should be invested in Productive activities able to create Growth in order to pay  the Debt of the Past, and in order to alleviate at least the worst sufferings faced by innocent, Poor People in Greece and elsewhere throughout the EU, who were obliged to face serious Hardships precisely because of this arbitrary waste committed by comparatively a few..

    Most important : EU could find in Greece various, real Allies in any such Political movement sincerely amiming to ally Economic Efficiency and Social and moral Justice, simply because of the notoriously grave Unpopularity of most among those unproductive  Cushy Job Holders, Corrupted or even Criminal Political Lackeys, who have multiplied Arbitrariness, Discriminations, Nepotism, Corruption, and even, sometimes, Criminal behavior to the detriment of many Greek People, during this same 1980-2010 period in which they practically emptied the coffers of EU aids. So that many among those Greek EU Citizens who seriously suffered during 1980-2010, either themselves or in their Families and/or Friends, would be among the first to be sincerely motivated in order to urgently help, at least now, any real Political Movement aiming to Fight against Counter-Productive and UnPoplarWaste, Corruption, Criminal and other Scandals committed inside the Public Sector in Greece during that crucial period of 1980-2010, (f.ex. inspired by a smiliar "Manu Pulite" - "Proper Hands" - Historic operation in the Past of Italy, as well as in other Countries wheer a Healhy and Democratic purge succeded to regenarate a New, Efficient and really Democratic State.

    Both the Greek People's obvious aspiration to unearth all serious Scandals committed during that 1980-2010 Historically crucial period, (including even various reported Killings or Murders, etc), in order to really clear and open the way for a Beter Future for the Country and all Europe, as well as some recent Facts and developments in certain other, key EU Countries, (from topical Politial Debates up to Fresh Reviews of serious Crimes of the Past, since the 1980ies : Key decade also for the Corruption and Nepotism which notoriously provoked the Debt that both the Greek People and the rest of the EU are paying today), have a strong potential for the present and the future, and might be precursory signs for possible imminent developments in this regard.

    A good concrete example recently, is also this week's Court proceedings brought by Families of Victims of a Deadly Terrorist attack against innocent Civilians back on 1988 in Greece, against those responsible for the Tragic affair of the Ship "City of Poros", where 9 Tourists were brutaly killed (French, Hungarian, Danish, Swedish and Greek), and almost a Hundred injured, many seriously, by an armed Commando which, apparently searched to push the Greek Government of that period to stop the Extradition to Italy and/or the US of at least 2 jailed suspects for Terrorism, one being accused by Italy for similar brutal Killings of innocent People, including a new-born Baby in a previous armed attack against a Jewish Sunagogue in Rome. Both the Lawyers and the Families of the Victims themselves, strongly denounced the fact that the then "Socialist" Government didn't really search to find and punish anyone among those responsible for that Deadly Terrorist attack, on the contrary let some corrupted Policemen slander certain among Victims (including a Couple of young French tragically killed) by false claims that they would have been "Terrorists"  (sic !)themselves, (an accusation reportedly droped a few Months later, but sometimes repeated by a "Socialist" Press in Greece even many Years later, f.ex. by "Vima" Newspaper, etc); and, finally, gave satisfaction to the Terrorist Group hidden behind the Deadly Attack against Civilians by not extraditing, but liberating,  some Months later, 2 aparently dangerous Suspects for grave Terrorist attacks elsewhere, who were transported to Libya..

    By a "coincidence", those Officials who were notoriously most involved in this exceptionally serious Scandal of the "City of Poros" affair, (the former vice-Prime Minister, responsible for the Police and Public Order, Kutsogiorgas, and the former Minister for Maritime Transport, later also Justice Minister, Yannopoulos, were among those known for having been strongly accused - particularly the 1st - both for Clientelism, Nepotism and Abritrariness, (i.e. for the initial and main Causes which provoked the "Debt" problem afterwards : Comp. supra), but also  for the most serious Corruption Scandals in Greece's History, (Escro Media tycoon Millionaire "Koskotas", etc), on the occasion of which various People (f.ex. Judges, Investigating Experts, Journalists, etc) were even threatened or actually Died, either in suspicious circumstances denounced as probable Murder by their Family, or openly in brutal attacks, (f.ex. Bakogianis, etc). To the point that a Majority of People exceptionaly voted for a New, Coalition Government, uniting "Right" and "Left" political parties with the only exception of the former Ruling "PASOK" party, mainly in order to make a Purge against Corruption, back on 1989-1991, in a short-lived new Government, which was undermined and fell after a provocation set up in Foreign Policy issues, which divided the participants, suddenly interrupting the much needed Anti-Corruption Purge from 1993 until today (2012)... To the point that several among the protaginsist of the 1988 "City of Poros" Scandal of covering up even a Deadly, Brutal Terrorist armed Aggression against Innocent Civilian People, live totally free, having exploited all that for their Political Carrer, one of them reportedly holding at present a very important Job towards the Top of the State...

(See specific "EuroFora"'s NewStory on the "City of Poros" affair, already sent earlier to "EuroFora"s Subscribers/Donors).

    => Now that it was notoriously revealed that several officials who were involved in exceptionally serious, even Deadly Scandals and other Crimes committed during the crucial 1980-2010 period were also among those whose Clientelism, Nepotism and Corruption - sometimes even Criminal behavior - provoked, in fact, that Huge Debt from which suffer today most innocent, simple Greek People, as well as all €uroArea's 17 Member Countries, (etc), Bureaucratic  pretexts provoking any (Time-limit, i.e. "prescriptipon", etc. or other) Obstacles to a Timely and Efficient Enquiry, able to unviel all the Truth on what really provoked that Huge Debt which currently empoisons Greece's and all €uroZone's political life (comp. Supra), -and who is responsible for that, would obviously be unacceptable.  Investigations should not be limited nor excluded for Crucial Events which affect EU's present and future, even if they might have mainly taken place some 20 or 30 Years  earlier, at least as far as it concerns responsibilities for the most serious acts with particularly grave consequences : Otherwise, Europe would risk to abandon its advance even on Rule of Law and Human Rights issues,  to .. Latino-American Countries, like Argentina, f.ex., which notoriously, still investigates the fate of People gone "Missing" even some ...40 Years ago, and has already persecuted and condemned some even very High STanding former Officials responsible for grave Crimes which occured during the 1970ies, succeeding to find the Truth and render Justice, in addition to overcoming some well known, exceptionally serious Debt problems, even without any €uro ni Federal Reserve system...

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