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A Tangled Web: The Vested Interests of the EU Right
by Admin • 13 July 2015
To understand the Greek crisis and the stream of ever worsening deals
between the EU and Greece, it is essential to understand just how
involved the EU main players have been in the creation of this situation
over the past decade. Across much of the media there has been a focus on
the character of Syriza as a movement and Tsipras or Varoufakis as
politicians and economists. Again and again we have seen aspersions
being cast on the credibility or competence of the left. Curiously,
there has been little interest in the mainstream on the web of vested
interests on the EU side. On The Automatic Earth Raul Ilargi Meijer
celebrated the emergence of little ‘factoids’ which complicate the
claimed purity of the EU’s financial interests. We thought it would be
interesting to begin collecting these little factoids, and hope that you
will help us. As you come across reports of EU actors with vested
interests in foisting austerity and privatisation on Greece, please post
them on our Facebook page or in the comments below. We will try to
update this page with more details as they come in. In the mean time,
here is some well sourced information on the key players.
Wolfgang Schäuble (German Finance Minister): While the Greeks resisted
the proposal, one of the key demands was to transfer fifty billion euros
of assets to an independent fund like the Luxembourg based Institution
for Growth in Greece.[1] However, it turns out that the Institution for
Growth is in fact a wholly owned subsidiary of the German KfW Bank, of
which Schäuble serves as the chairman of the board.[2] We are not aware
of similar funds existing, so the wording suggests a very big hint at
where the 50 billion in assets should go. The KfW bank is a German
institution, where the bank invests 1.5 billion euros, and yields 3 – 4
billion euro.[3]
Schäuble is no stranger to financial controversy: In 1999, Schäuble took
100,000 marks from Canadian/German arms lobbyist Karlheinz Schreiber
for the CDU party. ‘He initially denied in parliament that he had
received money… but then conceded’ that he had received it.[4] This was
the scandal that brought down Helmut Kohl as head of the CDU, and paved
the way for Angela Merkel. ‘The case has never been entirely solved, no
charges were laid against Kohl or Schäuble.’[5] There were other
suspicious cash transfers during his time as leader of the parliamentary
party – including an apparently illegal one million deutschmark transfer
in 1997.[6]
full:
http://criticallegalthinking.com/2015/07/13/a-tangled-web-the-vested-interests-of-the-eu-right/
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