Tag Archive: default

”The history of Greece is that of its loans”, wrote the historian Andreas Andreadis some 89 years ago.

Nothing can be more true today.

.Much has been written of recent, both in the Greek and international Press  on whether Greece will default. Moreover, it has been claimed that Greece has already technically defaulted – because , what is ”debt restructuring” if not default, i.e. the inability of paying debts?

The definition of default, in its financial sense, is The failure to meet a financial obligation (in default on a loan).

Greece has not up to date defaulted on payments of bonds as yet, but did reach an agreement with the IMF, IN anticipation of its inability to meet fiscal obligations, in May 2010:

The actual announcement of the Agreement was as follows:

”Greece reached agreement with the International Monetary Fund (IMF), the European Commission, and the European Central Bank (ECB) on a focused program to stabilize its economy, become more competitive, and restore market confidence with the support of a €110 billion (about $145 billion) financing package.

Negotiators over the weekend wrapped up details of the package, involving budget cuts, a freeze in wages and pensions for three years, and tax increases to address Greece’s fiscal and debt problems, along with deep reforms designed to strengthen Greece’s competitiveness and revive stalled economic growth. ”

Since then, and due to the severe austerity measures imposed, Greece’s economy went from bad to worse. Finally, on Oct.26, 2011, a restructuring of debt was decided,the so-called PSI ( Private Sector involvement), which is now under way. By March 12th, we should know the results of whether this will be actually consentual or forced bond exchange and whether CDS”s will be triggered.

Can  astrology help us in identifying  defaults in a  country’s astrological chart, and perhaps distinguish the various stages and details of these procedures, as of course, a default is not a momentary event , burt a drawn out process with various stages and consequences ?

In Greece’s case, since its emergence as a sovereign country, has actually defaulted three times in the past, and paying off loans with further loans with high interest.

AS a matter of fact, Greece defaulted EVEN BEFORE IT BECAME A sovereign State. Greece was trying to liberate itself from the Turkish occupation , and Britain was happy to loan the leaders of the freedom fighters , in 1824, actually demanding as collateral the  ”national land” . The loans  only arrived severely chopped to the Greeks, due to priorly held commissions and interest payments. The default took place in 1827.

The  defaults , after Greece became a sovereign state, took place in 1843,  the second in 1893 ( and was placed under international monetary control in 1898), and the  lasttodate  in 1932.

As we have stressed in previous articles in the past on Greece’s present financial Armageddon, the natal aspect of the Pluto-Jupiter square ( Jupiter ruling the 7th house and placed in the 8th, and Pluto ruling the 6th and placed in the 11th), signifying the country’s dependence on loans from its ”allies”, played a key role in the present situation. This will be shown to be also triggered in most cases where Greece defaulted.

Let’s start from the present fiscal difficulties, before we go back in history:

Greece had been having difficulty for as of 2009  to finance its heany debt repayment. Finally,The decision for the agreement with the IMF, European Commision and ECB was taken, end April 2010, by the PASOK Govt. under George Papandreou as Prime Minister..

The following chart shows the natal chart of Greece ( internal circle) and the secondary progressions (external circle) for April 27, 2010.

The aspect in question was triggered both by sec. Venus, forming a T-square, and by transiting Pluto at 5 degrees of capricorn ( not shown).

In addition, we have the opposition of multiple planets in the 3rd-9th houses, which signified the beginning of the overturn of every given and known situation, financial, political, social and so on.

WE shall attempt to find out whether this holds true for the previous defaults, and whether any additional factors reveal themselves.

Going back in time, at the first default of Greece, in the year 1843 – Greece , after the revolution against the Turks and its independence, became a sovereign state in 1830. The three ”protector Powers” , England, France and Russia installed as governor King Otto, from Bavaria. A loan ha been decided to be given to the country by these Poers. but the loan was squandered amongst the creditors, the King and his acolytes, to the extent tht the country was unable to pay the loan installments in 1843. Then, the ”Protectos” decided to enforce high taxation, austerity measures, and actively intervene in the country;s internal affairs.They wanted to ensure the installments of the loan would be paid, confiscating to that end the income from customs duties. In short, they imposed Fiscal and Political Control.

But then, the people, that lived under extreme poverty, took matters into their hands. There was an uprising, and as a result, the ”Powers” backed off from tying to impose Fiscal control, and concentrated on saving the throne instead.

There followed a period of political turmoil , and extreme poverty, at least till 1848.  Each of the ”Powers” supported different politicians, who would support their interests locally.

This is just an outline of the historical events of the time.(1843)

Let;s now look at the astrological part of affairs of the time:

The chart above is for the period just after the announced default.

The natal chart of Greece is in the internal circle, the Solar Arc chart is in the middle , and the transits are shown in the outer circle.

We notice that the natal square of Pluto to Jupiter is triggered by the conjunction of Solar Arc Venus to Pluto and the square to Jupiter. S.A.Moon is forming a T-square with the latter combination indicating the inability to pay off the loans and the accompanying imposition of Control by the Powers/creditors/allies. In addition, transit Venus is conjuncting Natal Pluto at 6 degrees Aries, aided by Transiting Uranus, that has just entered Aries at 0 degrees.

Transiting Mars is forming a T-square, with n. Venus and n. Moon, usually present at social upheavals in the country.

Transiting Mars remained at around 21 Degrees Sagitarius for months, the uprisings continued till September 3rd, ( 15th September with the New calendar) when the people demanded the granting of a constitution and the departure of the  bavarian officials that dominated the government. The revolution succeeded, ushering the period of constitutional monarchy in Greece, that started on March 30th, 1844.(New Calendar)

The relative success of the uprising may be attributed to the sextile of S.A. Mars to natal Sun.

An important combination of aspects is  the conjunction of S.A. Jupiter to Neptune , the latter being the ruler of the 10th house  , and the conjunction of S.A.Neptune to natal Uranus, plus the conjunction of transit Saturn on both. , indicating the complex

An additional point, which wi will see in future defaults is the triggering of natal Neptune at 21 degrees Capricorn by  the square of Solar Arc  Pluto   and transiting Pluto, plus the conjuntion of Solar Arc Jupiter and Transiting Saturn.

Saturn indicates the poverty and hardship of the people.

Neptune in the 8th house of a chart indicates deceptive  or secret circumstances in relation to loans, and when afflicted, shows losses under bizarre financial conditions related to partners, or creditors’ financial affairs.

Jupiter and Uranus are the allies/partners from foreign lands.

Natal Neptune is conjuncted by S.A. Jupiter, ruler of the 7th ( the allies/partners, from foreign lands), while Trans. Neptune conjuncts  S.A. Uranus, in the 9th house.

This complex astrological ‘story’ describes quite well the indeed complex historical facts, with all the foreign powers involved , influencing all affairs to their own benefit, and aided and abated by local bankers and merchants, while the peoepl lived under conditions of extreme hardship.

The next default took place in  December 1893,during the administration of the prime Minister Harilaos Trikoupis.

The cartoon below comes from a newspaper of the time :

H. Trikoupis cartoon

He had accomplished a lot in laying down the foundations of  creating an infrastucture for Greece, such as roads, the Korinth Canal etc. However, he did resort to loans with extremely harsh terms.  Despite his efforts, and being actively opposed by the King,  he did try to make a settlement with the creditors. They, in order to agree, asked to have complete fiscal  control of the country. Trikoupis refused, considering that the country would thus lose its sovereignty.  Extreme social unrest ensued, due to Trikoupis’s efforts to raise taxes. Greece, being unable to secure further loans to repay the  exorbitant interest rates, defaulted in 1893.

Trikoupis remained as Prime Minister till 1895. The administration that followed led the country into a disastrous war in 1897, followed by INTERNATIONAL FISCAL CONTROL in 1898, which secured all income from major taxation in order to pay back the creditors. The latter ended 80 years later – in 1978!!

The chart below is depicting the secondary progressions ( middle circle) and transits ( external circle) at the time of the default in 1893. The natal chart is  as always in the internal circle.

The main points here are  prog. Mercury approaching the conjunction to natal Pluto and square to natal Jupiter, ( this is always triggered  when the payments of loans by foreign creditors reach a critical point), the  square of the prog. Sun to prog. Jupiter ( exorbitant terms set by creditors / ”partners”), and transiting Saturn square natal Neptune ( hardship, inability to pay loans, financial chaos), and transit Uranus is square to the natal opposition  Sun-Uranus to Saturn ( political upheaval, social unrest)

Below is  the progressed chart of 1897-98 :

The progressed Sun  squares natal Neptune ( loss of sovereignty, as control of the country’s income is given towards loan payments), Transiting Neptune conjuncts  natal Moon, squares Venus( fluctuation,sadness, longing, loss) and Tr. Jupiter oposes natal Pluto and squares natal Jupiter ( the excessive demands for the repayment of the loans by the creditors/partners/allies)

The Solar Arc chart for the same period ( below)  gives us additional information :

SA Pluto is opposing  natal Mars, SA Jupiter squares it ( indicating the disastrous war of 1897), and SA Saturn squares natal Neptune ( hardship in finances, poverty , caused by the authorities  -as Neptune is in the 8th house and Saturn rules it)

The next default occured in1932.

Greece had again taken heavy loans in order  to participate in   the first world war ( as requested by its allies, who never paid them back the funds spent for war expenses, as originally promised).

In addition, it took more loans to assist the  deposed Greeks  of Asia Minor in Turkey, who fled to Greece as refugees, after the 1922 Catastrophe.

In 1932, and following the international financial crisis of 1929, Greece’s finances were in direstraits again. In addition, the drachma currency was linked to the ‘Rule of Gold’ so it could not be leveraged ( something like the hard currency of the Euro today).

Greece, under the leadership of Prime Minister Eleftherios Venizelos, asked the INTERNATIONAL MONETARY CONTROL for a 5- year moratorium of interest payments  plus an additional loan. The I.M.C. just gave them a 1-year moratorium.

Thus, Greece was forced to cut the interest payments by 25%, this amounting to default, and disengage the drachma from the Rule of Gold.

Eleftherios Venizelos

The stalling of interest payments was not so bad for the finances of the State, as it helped to balance the budget. However, the situation was extremely difficult for farmers and workers due to the low wages imposed by Venizelos. This led to social unrest, strikes, that led to the ‘bloody’ May 1st of 1936 events in Thessaloniki. In addition, the poorer farmers suffered extensive damage from the crisis, while they swa the income of richer land owners increase significantly.

A period of short-lived governments and military coups ensued till 1936, as the political system had lost the support of the people.  The period ended with the dictatorship of Aug. 4, 1936, imposed by Ioannis Metaxas ( he was actually elected prior to the dictatorship). The latter established the payments of external debt again, and took more loans with dire terms from England and Germany.

Below is the sec. progressed chart  for 1932.

Sec. Venus is conjuncting sec. Pluto, while Transit Pluto opposes natal Neptune, and transit Uranus squares it ( imposition of hard measures ,inability to pay Loans ) . Transiting Neptune is found on the IC, while both transiting Saturn and Jupiter are aspecting the natal opposition of Sun-Uranus to Saturn ( political and social unrest due to hardship, many changes in leadership)

The chart below is the Solar Arc one for the same period.

We notice that both SA Venus and SA Moon are in range of forming a grand square with the natal Pluto-Jupiter square.( indicating the imposition of hard rules for repayment of excessive loans)

Also, SA Sun and SA Saturn are in range of forming a T-square with natal Mercury on the MC. ( overthrow of democratic regimes, militant leadership)


Sec. prog.  chart 1932:

The Solar Arc 1932:

Before coming back to today, let’s take a brief look at the events in the meantime.

Greece was occupied by Germany during the 2nd World war , and its infrastructure and economy was ruined. Germany did not pay any war compensations for damages. The country did receive some funds from the US marshall plan, but a large part was spent on military expenses as there was a civil war after WWII.

The country did have some growth, and improvement of living standards after 1953, and during the period of the dictatorship (1967-74), while still receiving loans. Indications of the  debt as % age of GDP, are shown below:

1974 22,5%
1981 31,2%
1987 56,1%
1990 80,7%
1993 111,6%
2004 108,5%
2008 97,16%

Source: Bank of Greece

It is noticeable that the debt started to go haywire after 1981, when Greece entered the European Economic Comunity -EEC- and  when the PASOK party came into power. it remained in power up to Nov. 2011, with a brief interval in 1989-92 ( coalition govt. and  2 years of New Democracy party administration).  This party , under Andreas Papandreou at first,  received large loans, spent lavishly, appointed large numbers of employees in the public sector, and living standards went up, while productivity went down. Still, the high Debt/GDP was managed by the fact that Greece had its own currency, the drachma.

In Jan. 2000, the drachma was actually overvalued , and Greece entered the Eurozone, under the administration of PASOK Govt. with K. Simitis as Prime Minister, and director of the Bank of Greece Loukas Papademos ( the current Prime Minister of the coalition Govt who is managing the present  bailout / default).

Greece , as mentioned, with the fear of default in April 2010, was placed under a ”Memorandum of Understanding ‘ with the IMF ,ECB and the EU ( Troika) to receive a bailout loan , in order to repay its debts. The debt /GDP at the time was 120%. The austerity measures imposed  were such that threw the country into a deep recession, the country having lost 20% of its GDP in 2 years, unemployment doubled, heavy taxation was imposed  and the debt/GDP reached 165%.  In Nov. 2011, a second bailout was determined which, optimistically, plans for the debt to reach 120% GDP in 2021, meanwhile imposing even harsher austerity measures and having no concrete measures that aid growth, except decreases in salaries and pensions and increase in taxation, and selling off at low prices public land and profitable public companies. This entails a large haircut ( 53%) of present debt only with the Private sector ( PSI), but not the ECB or debt held by countries or the IMF. In exchange, the country is signing its sovereignty away, in the new ”Loan Treaty’ to be signed in March 2012.

Technically, as Fitch ratings mentioned, the PSI and accompanying deal is a ‘Default’ , although ‘restricted’.

Below is the secondary chart and the transits for March 15, 2012 ( the PSI will have been completed, by March 12, provided there is wide participation by bond holders). There is still animation amongst bondholders whether this will be considered as a ”credit event”, thus triggering CDS’s, or not.

An abundance of difficult aspects are triggered on that date ( and around it )”

–  Prog. Moon opposition Prog. Sun and Mercury, Prog. Asc. squares the natal opposition of Sun-Uranus opps. Saturn, and Trans. Jupiter-Venus turns this into a Grand Cross..

– The T-square formed by sec.Venus to the natal Pluto -Jupiter square , is triggered by trans. Uranus -Mercury and by Pluto-Moon.

From the political point of view, the inevitability, and the rigidity of the Grand cross in fixed signs, shows that Greece has been pushed against a wall and  is in ”lose-lose” situation, from  the side of partners, foreign interests , and its own Government.

This can be linked to the fact that ,  as many analysts have written,the said ‘bailout’  does not appear to get Greece out of  deep fiscal depression, on the contrary, it drives it more deeply into depression. However, it does rescue  banks from bankruptcy, with European taxpayers money , through the ‘back door”.

The latter astrological aspect shows the political upheaval within Greece. The political parties are in a fluid situation, new alliances are formed by parties with an Anti-Memorandum of Understanding / Troika stance. Still, it is unlikely Greece will be able to get out of signing the disastrous  new ”Treaty” with the Troika, thus giving up sovereignty in the case it is not able to meet its fiscal obligations to them in future.

One point worth mentioning , with reference to the astrological plot at play, is that natal Neptune has been squared by Saturn at Oct. end 2011 ( when the present bailout was decided, accompanied by additional extreme austerity measures.By then,it had become obvious that the bailout determined only 3 months before was in no way adequate). In addition,  beg. Nov. 2011, the PASOK Govt. resigned an a coalition Govt.supported by three political parties, came into power under L. Papademos as Prime Minister.

Saturn will square natal Neptune  again in June 2012.  But as  we have seen , natal Neptune is always involved in the ”final act” of defaults in Greece, and the political upheavals/changes that the periods entail. This happens several times in future : It will be opposed by Tr. Jupiter in Oct-Nov. 2013 while at the same time the previously mentioned opposition In the 3rd-9th house wil be squared by Tr. Saturn.  That time will be particularly tumultuous for Greece – and not only Greece, because the Euro astrol. chart is triggered adversely at the same time ( but that is another long story).

Later on, Neptune will be squared by tr.Uranus  ( summer 2015- spring 2016). The conjunction of tr.Pluto will start in 2018.

So, next week is in no way the end of the Greek tragedy : it is rather a stage of a long, very bumpy ride that Greece has to go through, more like the route Odysseus had to take to escape both the two terrible monsters, Skylla and Charybdis!

We shall follow the coming  events concerning the Bailout ( or default, or credit event,  as the case may be)  of Greece , and try to correlate events with the relevant astrological indicators, as defaults are never isolated , clearly marked events, but a complex puzzle of fiscal and political aspects.

References in Greek:

defaults 1827-1843-1893

Greek defaults

Default 1843

Default 1932

El. Venizelos -default 1932

References in English the present crisis and past defaults:

Seven myths about the Greek debt  crisis 

The road to serfdom

Reuters:What happens if Greece defaults?

Greek Bailout a Farce designed to save banks

Fitch downgrades Greece over PSI

Present fiscal crisis and past defaults

Default of 1893

Forbes- History of Greek defaults

 Greek Default ,March 9 2012

Additional comments following the restructuring process:

Debt restructuring = default, March 9 :

Following the completion of greek debt restructuring, and the use of CAC’s for bondholders who did not voluntarily accept the restructuring, the triggering of CDS’s was determined. This means the restructuring has been classed as a ”CREDIT EVENT” i.e. a default.

In the chart of Greece, ( see previous chart for MARCH 15 ) the T-square  of  prog. Venus- natal Pluto-natal Jupiter was triggered by the transiting T-square  Mercury  conj. Uranus square Pluto opposition Moon.  As we have already mentioned, the Venus-Pluto-Jupiter T-square is has been triggered in  past cases of default as well.

Along with the latter transits, the transit of Jupiter conj. Venus, creating a trine to natal Jupiter, made this whole affair  to be presented  as a ”success” in Greece, and interantionally it did not make a big stir as it was expected, or ”priced in” , as it is called in market terms.  However, the effect of Jupiter is short-lived . The same transit by Jupiter occured in July 2011, when a first restructuring of only 21% was decided. That soon proved to be totally inadequate and the Jupiterian exuberance quickly died down.

Article by: By Mike Whitney

“We are facing destruction. Our country, our home, has become ripe for burning. The centre of Athens is in flames.” – Costis Hatzidakis, conservative parliamentarian 

February 13, 2012 “Counterpunch” —  On Sunday, the Greek parliament approved a new round of austerity measures that will further deepen the 5-year depression and sever the last fraying threads of social cohesion. In order to secure a 130 billion euro loan, Greek political leaders agreed to comply with a “Memorandum of Understanding” (MOU) that will not only intensify the sacrifices of ordinary working people, but also effectively hand the control of the nation’s economy over to foreign banks and corporations. 

The Memorandum is as calculating and mercenary as anything ever written. And while most of the attention has been focused on the deep cuts to supplementary pensions, the minimum wage, and private sector wages; there’s much more to this onerous warrant than meets the eye. The 43 page paper should be read in its entirety to fully appreciate the moral vacuity of the people who dictate policy in the EZ. 

Greece will have to prove that it’s reached various benchmarks before it receives any of the money allotted in the bailout. The Memorandum outlines, in great detail, what those benchmarks are— everything from reduced spending on life-saving drugs to “lift(ing) constraints for retailers to sell restricted product categories such as baby food.” 

That’s right; according to the author’s of this fuliginous memo, the only way Greece is going to be able to lift itself out of the doldrums is by poisoning its kids with banned baby food.

The MOU also calls for a 10 percent cut to government workers wages, cuts to “social security funds and hospitals”, and more privatizing of publicly-owned assets, all of which will only further shrink GDP.

On Privatisation: “The Government stands ready to offer for sale its remaining stakes in state-owned enterprises, if necessary in order to reach the privatisation objectives. Public control will be limited only to cases of critical network infrastructure.” 

Instead of providing fiscal aid so Greece can meet its budget targets and can get back on its feet again, the troika (the European Commission, European Central Bank, and International Monetary Fund) is using the crisis to snatch vital state assets and deliver them to its corporate friends. The MOU is opening new avenues for exploitation and plunder. And there’s more: 

“The Government will neither propose nor implement measures which may infringe the rules on the free movement of capital. Neither the State nor other public bodies will conclude shareholder agreements with the intention or effect of hindering the free movement of capital or influence the management or control of companies. The Government will neither initiate nor introduce any voting or acquisition caps, and it will not establish any disproportionate and non-justifiable veto rights or any other form of special rights in privatised companies.”

Well, that’s pretty clear: Capital Rules. The interests of corporations and banks will take precedent over those of the people. The proclamation limits the role of government to rubber stamping the predatory actions of cutthroat speculators whose only interest is fattening the bottom line for their shareholders. 

There’s also a long section on “Growth-Enhancing Structural Reforms” that never explains how the economy is supposed to expand when austerity measures are reducing the amount of consumer spending and business investment. Instead, the Memo focuses laserlike on eviscerating trade barriers and slashing workers’ wages. Here’s a sample: 

“Given that the outcome of the social dialogue to promote employment and competitiveness fell short of expectations, the Government will take measures to foster a rapid adjustment of labour costs to fight unemployment and restore cost-competitiveness, ensure the effectiveness of recent labour market reforms, align labour conditions in former state-owned enterprises to those in the rest of the private sector and make working hours arrangements more flexible. This strategy should aim at reducing nominal unit labour costs in the business economy by 15 percent in 2012-14. At the same time, the Government will promote smooth wage bargaining at the various levels and fight undeclared work.” 

Don’t you think, dear reader, that if you had recommended policies that resulted in a severe two-year recession and record-high unemployment (Greek unemployment is now at a peak of 20.6 percent), that you’d keep your mouth shut and admit that you don’t know what the hell you were talking about? 

Not if you were a EU finance minister, you wouldn’t. You’d prescribe the very same policies that had failed throughout; the policies that have reduced spending, shrunk government revenues, increased joblessness, and deepened the slump. This is the type of idiocy that passes as policy in the eurozone. 

The Memorandum also contains an illuminating section on “Business environment”, which covers everything from perks for industry to unrestricted free trade. Here’s a typical example:

“…cease to earmark the non-reciprocating charge calculated on the fuel price infavour of Mutual Distribution Fund of the Oil-Pump Operators of Liquid Fuel.”

Ka-ching! More freebies for big business. The whole memo reads like this, just one corporate handout after another. 

“Implementation of law 3982/2011 on the fast track licensing procedure for technical professions, manufacturing activities and business parks and other provisions”.

What does this have to do with anything, you ask? 

It doesn’t. It just shows what the MOU is really all about. It’s a corporate “wish list”; a mix of punitive belt tightening policies for working people and perks for big oil, big gas, electric, aviation, railroads, communications etc. “Fast track licensing” and “baby food” have nothing to do with helping Greece reach its budget targets. It’s a joke. Just look at this: 

Memo: “In line with the policy objectives of Law 3919/2011 on regulated professions, the Government removes entry barriers to the taxis market… in line with international best practice.”

So even taxi drivers get a spot at the trough? Doesn’t that seem a bit irrelevant? 

None of this has anything to do with helping Greece. It’s just corporate pillaging gone haywire. Greece is a big pinata that’s just been cracked open and everyone is pushing and shoving to grab their fistful of candy. 

Memo: “The Government establishes a task force (to) review the ….judicial case management, including the possibility of removing dormant cases from court registers.” ….Following on the submission of the work plan for the reduction of the backlog of tax cases in all administrative tribunals and administrative courts of appeal in January 2012, which provides for intermediate targets for reducing the backlog by at least 50 per cent by end-June 2012, by at least 80 per cent by end-December 2012 and for the full clearance of the backlog by end-July 2013, the Government presents by end-May 2012.”

If Greece wants to increase its revenues, then why restrict the pursuit of tax cheats? Isn’t that counterproductive? This is just another sign that the Memo was crafted by powerful men operating behind the cover of their political lackeys. 

Memo: “The Government implements the Presidential Decree on the reform of the magistrates’ court by creating their new structure, filling vacant positions with graduates from the National School of Judges and redeploying judges and administrative staff on the basis of existing resources available within Greece’s judiciary and public administration.[Q4-2012] The Government launches, jointly with an external body of experts, a study on the costs of civil litigation, its recent increase and its effects on workload of civil courts, with recommendations due by end-December 2013.”

Sure; just let big finance and corporate elites “streamline” the courts or load the bench with their “picks” and lawsuits will be cut in half. What does say about the men who authored this text?

You can see what a farce this so-called Memorandum of Understanding really is. It won’t help Greece emerge from its depression, and it won’t lead to more eurozone integration. It’s just another feed for the corporate hyenas. 

What Greece needs is a radical restructuring of its debt. It needs to wipe out bondholders, recapitalise its banks, and increase fiscal support until the economy gets back on its feet. Another loan package won’t help to achieve those goals. It will only delay the day of reckoning. It would be better for everyone, if the country defaulted quickly and began the process of digging out now rather than later. 

MIKE WHITNEY lives in Washington state. He is a contributor to Hopeless: Barack Obama and the Politics of Illusion, forthcoming from AK Press. He can be reached at fergiewhitney@msn.com

Article published at:


Yesterday’s article by the British paper ‘The Telegraph’, with the title

”Germany’s secret plans to derail a British referendum on the EU”,

Describes Germany’s secret plans , not only for Britain, but also on other countries in the Eurozone, in particular the ones with fiscal problems.

The article in detail:

Germany has drawn up secret plans to prevent a British referendum on the overhaul of the European Union amid concerns it could derail the eurozone rescue package, leaked documents obtained by The Daily Telegraph disclose.

Angela Merkel the Germal Chancellor

Angela Merkel, the German chancellor, is today expected to tell David Cameron that Britain does not need a referendum on EU treaty changes, despite demands from senior Conservatives for more powers to be repatriated to Britain Photo: AFP

Bruno Waterfield

By , in Brussels

10:02PM GMT 17 Nov 2011

Angela Merkel, the German chancellor, is today expected to tell David Cameron that Britain does not need a referendum on EU treaty changes, despite demands from senior Conservatives for more powers to be repatriated to Britain.

The leaked memo, written by the German foreign office, discloses radical plans for an intrusive new European body that will be able to take over the economies of beleaguered eurozone countries.

It discloses that the EU’s largest economy is also preparing for other European countries, which are too large to be bailed out, to default on their debts — effectively going bankrupt. It will prompt fears that German plans to deal with the eurozone crisis involve an erosion of national sovereignty that could pave the way for a European “super state” with its own tax and spending plans set in Brussels.

Britain would be relegated to a new outer group of EU members who are not in the single currency. Mr Cameron will today travel to Brussels and Berlin for tense negotiations with Mrs Merkel amid growing disagreement between the leaders over how to deal with the eurozone.

The Prime Minister is increasingly exasperated that Germany refuses to provide more financial help for Italy and other struggling countries amid concerns that the crisis is having a “chilling effect” on the British economy. Mrs Merkel yesterday said she expected Mr Cameron to “examine a stronger involvement with other countries” once the eurozone crisis had been resolved.

Amidst the Eurozone crisis, Greece has been  undergoing its own fiscal plight for two years now. This has come to the dramatic events of the last two weeks, which ended  in , with the mutual agreement of the two majority parties and one minority party,  the election of Mr. Lucas Papadimos as the new Prime Minister , for a transitory period ( length still uncertain) .

Who is Lucas Papadimos, the new Greek PM?

Below follow comments from the recent article on Mr. Papadimos, from the British conservative newspaper ”Telegraph”: (link)

”Mr Papademos, 65, is a widely respected figure in Greece, with a strong background in both academics and finance.

And the article continues:
”During his time as Governor of the national bank, Mr Papademos was involved in Greece’s transition from the drachma to the euro as its national currency.

In a speech made at the Euro Information Conference in 2001, he praised the euro for shielding small economies from the “exogenous shocks” that emanated from the September 11 terrorist attacks in America.

Mr Papademos argued the euro ensured price transparency and increased competition, concluding: “The macroeconomic and microeconomic benefits for Europe and Greece from the introduction of the euro are numerous”.

After leaving the Bank of Greece in 2002, Mr Papademos became the Vice President to Jean-Claude Trichet at the European Central Bank, before leaving the position in 2010 to serve as an advisor to Mr Papandreou.

He has emphasised the responsibility of governments to take control of their own debts, saying: “The ECB’s interventions in sovereign bond markets should not be perceived or interpreted as a ‘freebie’ for governments. ‘           (‘My italics)

Let’s  have look at Mr. Papadimos’s astrological chart ( Solar sign, no exact time of birth is known):

Below is the natal chart ( internal circle) and the progressed chart (external circle):

A Libra Sun, with a wide conjunction of Sun with Neptune, Mr. Papadimos appears as a polite man, and could have idealistic   interests, and other aspirations, and inspirations, indicated by Neptune , which can cause a subtle form of  ambition or self-importance  .  He is stable and organized in pursuing goals ( sun sextile Saturn) , as well as strong, enduring and  very determined in his aims ( Sun sextile Pluto). The presence of Pluto and Satun in the 11th house , trining the Sun, signify the support he receives from old , well-established and determined,strong structures which belong to a wider group.

Venus in Libra, as well as the Sun, aids him in relating with grace and diplomacy to others.

His success as an economist, is denoted by Mercury   in Scorpio( 2nd house) square Pluto and widely square Saturn in Leo in the 11th house, signifying an intuitive , perceptive, and determined  mind, that can carry out plans in secret, and plot, if need be.  The square to Saturn gives the  ability to  carry out plans slowly, patiently and payning attention to detail.

The above traits are indeed useful to a financier.

Let’s take a look at the progressed chart now:

We see an exact square of Venus to the Sun, both at 17 degrees og Cardinal signs. The square signifies a great effort with small results, while Venus signifies relationships, as wel of course as fiscal matters.

In addition, the prog. Moon is close to forming a conjunction to prog. Venus and a square to Neptune ( we cannot unfortunately know the exact position of the Moon, as we don’t have the exact time of birth) indicating a misleading situation, the aspects of which cannot be clearly known – an aura of conspiracy, or a ‘set-up ” situation is likely.

It is not known whether this aspect refers to personal matters, still, in reference to the specific purpose of the Government he is to preside upon ( i.e. the negotiation of terms and the closure of the Loan Treaty  that Greece is to sign with its creditors- a treaty which could have extremely harsh terms, and crucial consequences, on the future of Greece  – fiscally as well as from a national sovereignty point of view – for decades to come)

Still, prog. Mercury in conjunction to prog. Jupiter, in sextile to natal Neptune, shows the  existing optimism -grounded or not- and wider fame, as well as the support he has in this venture from foreign sources ( Mercury rules the 9th house and is in Sagittarius, conjunct Jupiter).

The conjunction, is in square to the natal Moon ( again , if the position of the Moon were exact), signifying great mobility of mind, many contacts , discussions,communications, nervousness, much travelling, a change of residence, but can be at odds with other figures of authority regarding practical matters, as the Moon rules the 10th house  and is in Virgo in the 12th house.

The prog. Sun is in trine to Natal Saturn, signifying stability, form, and support from established, strong structures in authority , as wel as taking on great responsibility.

And below is the natal chart (internal circle) and the solar arc ( external circle) :

Regarding the Solar arc progressions, two aspects stand out :

– The exact conjunction of Mars to Neptune, signifying the element of misguided and/or misleading actions and perceptions , and strengthening the aspect of a ‘set-up’ situation that we talked about earlier on.These may come from the ”partners’ , or other influences from a strong group( Mars rules the 7th house, and natally is in the 11th, in Leo)

In the Solar Arc chart, we notice that S.A. Mercury is in square aspect to the Sun. As Mercury rules the 9th house and is in Scorpio in the 2nd, it means that strong pressure will be applied by foreign forces, in order to achieve their financial goals.

The anouncement of Mr. Papadimos as the New PM,( around 14.35 , Athens time), at the time of the Full Moon in the Taurus-Scorpio axis, signifies an end, rather than a new beginning, and is certainly not an optimistic sign. The transiting oposition of Mars to Neptune reinforces the S.A. conjunction comments we made earlier on the S.A. Mars conjunction to natal Neptune.

The  other transits indicate  , as tr. Saturn will soon conjunct  natalVenus and this will last till autumn 2012,   the hardship of this undertaking as well as  ‘austerity measures’ and the ensuing poverty imposed on the greek people.

The transit of Jupiter in Taurus, forming a T-square  with the natal square of Mercury to Pluto in the spring of 2012 ( aprrox. mid- March to mid- May 2012) will most likely be the hardest period for Mr. Papadimos- and for Greece.

The decisions  taken, and Treaties signed, by this Government will be indeed crucial – if not ‘terminal’- for Greece, and their full consequences will be most prominent after mid 2013 to beg. 2014.