Is New Zealand headed towards a Greek financial crisis

avatr Mana News editor Joe Trinder


In a TVNZ interview Prime minister John Key blamed the Greek people for not paying their taxes properly like it was “hobby”. To be realistic tax avoidance has been overstated as the cause of the Greek Financial crisis .

Prime minister Key a former derivatives trader doesn’t want you to know is Investment Banks caused the Greek financial crisis. The blame falls squarely on the shoulders of Banks not the Greek people.

In the Great financial crisis of 2008 Banks started offering shonky mortgages to anyone including peoples pet Dog. Investment banks around the world started to collapse. The Greek government was forced to bail out the banks to the sum of $30 Billion dollars.

In 2009 the Greek economy was downgraded by banks to make it impossible for the government to borrow. From 2009-2010 Greek bonds tripled the Banks made a profit of 110 Billion Euros at the expense of the Greek taxpayer.

In 2012 the Greek parliament was forced by the banks into a bailout referred to as “Austerity” (A difficult economic situation caused by a government reducing the amount of money it spends) . In return Greece was forced into a Neo-liberal policy of selling every state owned asset that made a profit. The sale included water, electricity, post offices, airport services, national banks, telecommunication, port authorities.

Sound familiar ? New Zealand pioneered Neo-liberal policy during the economic policy of Rogernomics and Ruthanasia. The 4th Labour and National government sold off water, electricity, post offices, airport services, national banks, telecommunication, port authorities.

The same financial crisis is incrementally happening here in Aotearoa New Zealand, with rising government debt reaching $80 billion more than any small south pacific nation is capable of repaying. Finance minister Bill English has delivered seven deficit budgets and is still to deliver a surplus budget, under a National government that has shown little interest in regulating the banking industry.

To survive the financial crisis the  Greek parliament need to cut the serpents throat and Nationalise the Banks because the Bankers have exploited Greece.