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What Assets Did Greece Just Hand Over To Europe: "Airports, Airplanes, Infrastructure And Most Certainly Banks"
Submitted by Tyler Durden on 07/13/2015 22:45 -0400

The Simpsons had it right all along:



With the provocative and dramatic Greek "time out" language pulled from the final finmin and summit draft language, the two most humiliating aspects of the latest extend and pretend "deal" for the Greek people will be the return of the Troika's (surely we can call it the Troika again as part of the Greek capitulation) IMF mission to Athens, and the escrowing of some €50 billion in Greek assets in a liquidation fund.

Granted said fund will not be domiciled in Luxembourg as was originally envisioned, but Europe will still have control and first refusal rights over what are technically Greek properties, in the process Athens handing over about 25% of Greek GDP (and sovereignty) over the Brussels.

What are these assets? For the answer we go to the horse's mouth, Jeroen Dijsselbloem, who laid out the holdings of the proposed Greek privatization that would be sold off as follows: "it still is going to be an independent fund, valued at €50 billion which can be airplanes, airports, infrastructure and most certainly banks.”

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In other words, Greece will be liquidated piecemeal to repay creditors. In even other words, the proceeds from the Third Greek Bailout will not only not reach the Greek people, but Greece will have to sell itself in pieces to top off the creditors' funding needs.

Dijsselbloem concludes: "That is good for Greece, but also good for us. We are in the end the ones from whom the money is borrowed."

It was not exactly clear why this would be good for Greece.

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More:
http://www.zerohedge.com/news/2015-07-13...structure-and-m

Another article:

The Great Greek Yard Sale
Written by Bob Adelmann
Tuesday, 14 July 2015
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As Jeroen Dijsselbloem, the president of the Eurogroup and the author of this part of the so-called “agreement,” told Bloomberg, the fund “is going to be an independent fund … [made up of Greece’s] airplanes, airports, infrastructure and most certainly banks.” He added that this is good for everybody: "That is good for Greece but also good for us. We are, in the end, the ones from whom the money was borrowed."

Anthony Fatola, writing in the Washington Post, called this a “fire sale” of Greek assets, much like the liquidation at auction of a farm that could no longer meet its financial obligations. It would include “even plots of land on its famed islands.”

Sources close to the Greek government say that Tsipras has successfully cobbled together a gaggle of members of parliament from both Left and Right sufficient to pass the “agreement,” an agreement that only “starts the negotiations with the Greek authorities.” Assuming that is true, by midnight Wednesday Greece will have passed into history as a sovereign nation and will begin its new status as a vassal or slave state, a mere inconvenient and formerly noisy province of the supranational European Union.

http://www.thenewamerican.com/world-news...greek-yard-sale