Tobras To Stournaras - "Karamanlis Never Handed Over The Keys Of Greece To Its Creditors"

Written by Dr. Kyriakos Tobras
Translated by HellasFrappe
olympia

Doctor of Economics & Finance, Business Administration and Direct Marketing, Mr. Kyriakos Tobras, from stopspeculators.com, on Wednesday lashed out at Finance Minister Yiannis Stournaras for recently claiming that former premier Costas Karamanlis was responsible for bringing on "English Law" To Greece and thus handing over the country to its creditors.

In simple terms: In the case of the demise of the territorial status of Greece, the Greek Government and it’s Justice system must rely upon the Troika for its legal rights. These terms equate to an unacceptable and unconditional surrender of the legal protection of Greece while simultaneously transferring the country’s jurisdictional power over to foreign forces.

Tobras said that Stournaras should stop spreading lies, and madness. English law was ONLY introduced in Greece in 2010, 2011, 2012 and 2013, under the George Papandreou, Papademos, Antonis Samaras, George Papakostantinou, Evangelos Venizelos and Yiannis Stournaras leadership!

Indeed, he adds, Karamanlis borrowed via English Law but the difference is that he took care to safeguard the Greek State first, by going over all details and especially on the special condition in the agreements that speaks about waiving the immunity of state assets. Thus, in principle this automatically excluded the inclusion (or demand) of additional guarantees in case Greece was ever downgraded by any rating agency, and at the same time ensured that the investment risk of the lender would remain the same and would never be suddenly (and undemocratically) thrown on the backs of the Greek people.

"In the event that the rating of the Hellenic Republic is downgraded by any rating agency, there is no requirement for the Hellenic Republic to post collateral or obtain a guarantee or co-obligor in respect of its obligations in respect of the Hellenic Receivable or to novate its rights and obligations under the Hellenic Receivable to a third party. As a result, any downgrading of the Hellenic Republic may also result in a downgrading of the rating of the Notes notwithstanding that there may not have been any default by the Hellenic Republic under the terms of the Hellenic Receivable."

On the special condition that spoke about sovereign immunity, Karamanlis explicitly and categorically stipulated that certain assets of the Greek government, or in particular real estate embassies and consulates and other assets in Greek government abroad, were exempted from its execution, thus not allowing lenders and creditors any room for alternative interpretations (and or windows).

"certain assets and other property of the Hellenic Republic may be considered to be immune from execution and attachment or similar process and therefore this waiver given by the Hellenic Republic does not mean that the Trustee or holder of any Notes will be able to enforce any judgment against such assets and property of the Hellenic Republic either in the Hellenic Republic or against any diplomatic assets and other property outside the Hellenic Republic. Therefore, any judgment obtained against the Hellenic Republic may not be capable of enforcement against such assets and property."

At this point, Tobras even posted the relevant contracts so that he could support his argument. Here are the specific terms of the contract TITLOS 2009. Please refer to pages 18-19. http://www.tavakolistructuredfinance.com/titlos.pdf

2. RISKS RELATED TO THE HELLENIC RECEIVABLE

Credit Risk on the Hellenic Republic

The ability of the Issuer to make payments in respect of interest, principal and any other amounts due under the Notes depends ultimately upon the due performance by the Hellenic Republic of its obligations under the Hellenic Receivable. Any failure on the part of the Hellenic Republic to pay amounts under the Hellenic Receivable as and when such payments become due could result in a default by the Issuer in payment of interest, principal or other amounts under the Notes.

In the event that the rating of the Hellenic Republic is downgraded by any rating agency, there is no requirement for the Hellenic Republic to post collateral or obtain a guarantee or co-obligor in respect of its obligations in respect of the Hellenic Receivable or to novate its rights and obligations under the Hellenic Receivable to a third party. As a result, any downgrading of the Hellenic Republic may also result in a downgrading of the rating of the Notes notwithstanding that there may not have been any default by the Hellenic Republic under the terms of the Hellenic Receivable.

Sovereign Immunity of the Hellenic Republic.

The Hellenic Republic has irrevocably waived any sovereign immunity from jurisdiction and execution or attachment of judgment to the extent permitted by applicable law. Notwithstanding the foregoing, under the laws of the Hellenic Republic, a final judgment against the Hellenic Republic will be recognised in Greece, but certain assets and other property of the Hellenic Republic may be considered to be immune from execution and attachment or similar process and therefore this waiver given by the Hellenic Republic does not mean that the Trustee or holder of any Notes will be able to enforce any judgment against such assets and property of the Hellenic Republic either in the Hellenic Republic or against any diplomatic assets and other property outside the Hellenic Republic. Therefore, any judgment obtained against the Hellenic Republic may not be capable of enforcement against such assets and property.

As one can see, the above texts are from a loan agreement under the Karamanlis government, and under English law, but they have no association (and or similarities) with the present loan contract Gazette 240/12-12-2012.

Moreover, they do not indiscriminately bind with colonial and execute permissions, the total assets of the government or the private property of the taxpayer, nor do they commit the assets of the BoG and the gold of Greece.

This proves that Karamanlis never handed over the keys of Greece to its creditors. Karamanlis never sold out the public and private properties of the Greek people, the gold, bank deposits, loans, mortgages, etc and he never financed the banking system with taxpayer money!

Instead, Karamanlis tabled an amendment in Parliament restricting dividend payments by domestic banks participating in a government-sponsored 28-billion-euro program to boost liquidity in the Greek economy. Under the terms of the deal devised by Karamanlis, under capitalised banks needing to take part in a five billion euro capital injection, had to issue the government with preferred shares, paying a 10 percent dividend. On the other, banks wishing to use 15 billion euros in government debt guarantees had to allow a state representative on their boards with a veto over dividend payments and executive pay.

In a few short words, the only money that the Greek State ever received back from the banks -throughout this whole damn crisis- is from Karamanlis move in 2008!

And after all of this, even the most naive Greek, or someone who has no concept of economics can understand that the hundreds of billions that were given from the Papandreou government -and all governments thereafter- are not only scandalous but can also be characterized as being one of the biggest ponzi, if not scams of the century! Bankers, creditors, the EU, the ECB and the IMF, needed prompt "yes men" to do their bidding in Greece. 

And finally some justice ... Even Mr. Tobras openly admits that this was another primary reason why "they (interests) wanted Karamanlis out of the way!"

The article, which was published on olympia is Tombras' message to Yiannis Stournas, who instead of being tried for felonies from the Athens Stock Exchange scandal of 1999-2000 and for the Commercial and scandalous "sea loans" (absorbed by large media conglomerates), as he says, "today has the audacity and the gall to criticise a man such as Costas Karamanlis who never -and with no price- sold out Greece and the Greeks!"

"If Stournaras wants to criticize Karamanlis", adds Tobras, "then he should slam Karamanlis for not sending him and everyone associated with Stournaras to the Special Court. But don't you worry Yannis Stournaras, we will send you."

Editor's Note - Pesssssss ta!!!!!! Finally some truth!