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Debt Crisis in Greece and her Ruined Public Policy by the EMU

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Dr. Ioannis N. Kallianiotis
Economics/Finance Department
The Arthur J. Kania School of Management
University of Scranton
Scranton, PA 18510-4602
Tel. (570) 941-7577
Fax (570) 941-4825
E-Mail: jnk353(at)





--Ου μόνον δέ αλλά καὶ καυχώμεθα εν ταις θλίψεσιν,
ειδότες οτι η
θλιψις υπομονήν κατεργάζεται,
η δέ υπομονή δοκιμήν, η δέ δοκιμή ελπίδα.

Ρωμ. ε ́ 3-4









August 2011

Debt Crisis in Greece and her Ruined Public Policy
by the EMU



This paper explores the political economy of Greece (Hellas) since the Treaty of Rome (1957) up to her European integration and today with the common currency and the uncommon debt crisis; and discusses some of the advantages and problems that the current European Union has created to all European citizens and especially to Greeks. The most severe difficulties are the social chaos, which is increasing every day, due to the overvalued euro, an enormous debt, the current financial crisis and the worst recession (double digits unemployment) since the war, occupation, hunger, and great depression of the 1940s; the economic and political corruption, which are underrated by the officials; the European Constitution; and the tremendous uncertainty that this artificial and controlled Economic and Monetary Union has generated to its member-nations and their citizens. Greece, in her journey, experienced many difficulties, conflicts, and invasions by barbarians and other neighboring countries, but never an “invasion” by her creditors (usurers) of the West, as the current Troika with its memorandum (μνημόνιον). Greece, at the same time, had many good and glorious periods with tremendous contribution to the global scene, which are recorded in her long-lasting history. Lately, after the political changeover of 1974, the European integration and the accession to EMU, which abolished the domestic public policies, have destroyed the sovereign state-nation and it is ruling undemocratically not only Greece, but an entire continent. Greece, due to her history, idiosyncrasy, and values should have not become a member of the Euro-zone.



My objective in this paper is to provide an outline of the political economy of Greece ( ̔Ελλάς) during the modern times and up to the creation of the European Union (EU) and the Economic and Monetary Union (EMU). Also, a socio-economic analysis by considering her interdependence with EU, her loss of public policies, and her absorbed sovereignty are pointed out for instructive purpose. “Europe” and “European Union” are nowadays two very political words and we will try to see what they have in common. The answer is that “Europe” has been different things at different times, but always preserving the independence of the nation-states, and has caused similar problems all the times. But, “EU” and “EMU” are new imposed political “innovations” going against the member-nations (the catastrophic “new age” philosophy). The goal of the study is to present and to emphasize the severe changes that have taken place in this EU country-member after the 1957 Common Market idea. Of course, history and political economy now get less attention among economists and at Business Schools, than it was once the case and that makes current economies more vulnerable compared to the past ones because they do not learn from their mistakes.1 Human beings are making history and most of the time, do so unconsciously. Hellenic history took its unique direction (with the “Providence of God”) because the country occupies an incomparable position and her people have a particular objective, which is to offer some possibilities to all humans to become persons (perfect personalities). It is very hard to describe truthfully, and impossible to analyze the contribution of Greeks and their nation to European history and at the same time to rationalize her submission without any resistance to EMU.2 “The most important of them are to be found in ancient Greece, the world the Romans made, early Christianity, [the spiritual and guarded by God Byzantine Empire],3 and the barbarian incursions into Western Europe in the closing of antiquity. Between them, they constituted the foundations of a future Europe.”4

In brief, proposals for some kind of supranational organization in Europe have become increasingly frequent since 1945 and have been issued from ever more influential and suspicious sources. The proposals spring from unidentified and strange motives that they do not want to make them public because they are afraid of citizens’ reactions. What they maintain as motives for the public are political and economic. On the one hand, the political motive, manifested somewhat tenuously in the Council of Europe, is rooted in the belief that only through supranational organization can the threat of war between European powers be permanently eradicated. Some proponents of European political unity further believe (have been misled) that the compact state-nation of the past is now outmoded; if the nations of Europe are to resume their role in world affairs, they must be able to speak with one voice and have at their command resources and manpower comparable with those of superpowers.5 So far, the U.S. and the other dark powers have not allowed this to happen in European Union. On the other hand, the economic motive rests upon the argument that larger markets will promote greater specialization and increase competition; thus, higher productivity and standards of living will occur. But, countries have different value systems, work ethics, and objective in life, and they cannot be equalized. Unfortunately, nothing of these has happened. So far the cost of integration has exceeded the benefits for the Europeans.6 Citizens have lost their jobs, due to competition from the other country-members. Prices have increased because of the common market, goods are moving to markets with higher income and prices, and to attract them you have to pay the same high prices, which is impossible because your income is lower compared with the wealthy manufacturing members of the North. An overvalued common currency has destroyed exports, foreign investments, tourism, and many other activities. Salaries are completely different among the members; thus, poor nations cannot afford to acquire these highly priced goods and services. Furthermore, illegal immigrants,7 drug dealers, terrorists,8 anarchists,9 international mafia, every corrupted person, and every kind of criminality move freely from one nation to the other because borders have been abolished. Greece is facing all these evils of the Union and in a higher degree relative to the other members because of her extended borders and her thousands of islands.10

Finally, the two world wars and the communist war (συμμοριτοπόλεμος) of the 20th century, with their accompanying horrors, show the weaknesses, the poverty, and the malice of our controlled leaders, who have accepted some inferior philosophies and heresies11 and try to impose them on peoples and sovereign nations through wars, integrations, and globalization. All these will fail because above their actions is the “Divine Providence”, who guides humanity. These pseudo-leaders did and unfortunately, continue to do everything to undermine the security, the safety, the stability, the faith, the hope, and the progress of Greeks12 and the other Europeans. Furthermore, while advances in science, increases in material wealth and goods, and progresses in technology greatly improved the material quality of life, they also increased the debt, the uncertainties, the unhappiness, and the threats confronting humanity, and they are becoming worse day after day. As a consequence of these experiences of the 20th and the new 21st century, people and especially young are completely disoriented, without traditional values, misinformed, without teachers, and without true models. Of course, every individual must be optimistic and work hard to become a true person, independently of what the rest of the world is doing. The same must hold for a nation; Greece must work hard by using her recourses, her civilization (which is her unique comparative advantage), and her peoples to reach the highest welfare by pursuing her own public policies, according to her value system and independently from this forced integration of Europe.




The “Holy Roman Empire’s” suspicious revival started again in 1957 (including as founding members those areas it had in the 8th century),13 which will destroy the independence, the sovereignty, and the identity of so many European nations that are not Franks and share completely different values and beliefs; and above all they do not want to be part of this “New Empire”, the prototype of the “Global Empire” (the global slavery of humanity). The grandiose plan (pushed by communists, liberals, and all enemies of Europe) is, now, to expend this former Christian “European Union” to the allodox Asians (Turkey),14 and soon to other continents. Obviously, a non-European plan, imposed on Europeans.


After World War I and II, European imperialism and colonialism started declining. Nationalism and patriotism became the new ideas globally. In 1948 Jews with the help of Britain and the United States proclaimed the State of Israel and made Chaim Weizmann president and David Ben-Gurion premier.15 The Zionism movement started in the beginning of 20th century by a Jew, Theodor Herzl (1860-1904), in Austria and was “successful” (sic). Also, the barbarism of Englishmen is old and big towards all the nations and people, Irishmen (IRA),16 Cypriots (EOKA)17 and others, but they are over protecting towards Jews and Turks.18 Their policies towards EU are pro-American and anti-European, too. Then, when World War II ended in 1945, the prospects for Western Europe appeared dim. Millions of people had been killed, and property damage had been immense.19 Beneath the ruins, however, there lay the potential for a spectacular economic recovery and a strengthening for their sovereignty of all European nations. This economic recovery came in 1960s and 1970s; but with the movement towards European integration (directives, European institutions, Maastricht criteria, ECB, European constitution, etc.), the members’ independence, autarky, welfare, and national sovereignties have been negatively effaced; thus, the future for European nations and their citizens seems uncertain.20


Following World War II, the idea of economic integration was promoted in Western Europe. Who were these people and what was their ultimate objective of this experiment is still unknown.21 The world is waiting to see the conclusion of this union of nations, peoples, cultures, dogmas, histories, economies, politics, and civilizations.22 The majority of Europeans are very skeptical and anxious for the future of their continent and of their nations.23 In 1950, Jean Monnet (1888-1979) convinced Premier Robert Schuman (1886-1963) to support a plan for the integration of the coal and steel industries of France and West Germany. Negotiations on the Schuman Plan led to the establishment in 1951 of the European Coal and Steel Community (ECSC). The ECSC included France, West Germany, Italy, Belgium, the Netherlands, and Luxembourg. The success of the ECSC helped advance an even bolder proposal developed by Monnet. In 1957,24 the six members of the ECSC signed the Treaty of Rome establishing the European Economic Community (EEC), known as the Common Market. The members of this Common Market committed themselves to eliminate trade barriers and to promote free movement of capital and labor (with high interest rates and low wages).


Thus, the Common Market treaty took effect on January 1, 1958 and on July 1, 1968, all tariffs between member nations (France, Germany, Italy, Belgium, the Netherlands, and Luxembourg) were completely eliminated; several years earlier than the date originally foreseen. In 1961, Britain signified its willingness to enter the Common Market if certain conditions could be met, but in January 1963, president de Gaulle of France in effect vetoed Britain’s membership, an action he repeated in 1967 and 1969. The accession of Britain, Ireland, and Denmark took effect on January 1, 1973. Greece acceded to the Community on January 1, 1981, without a referendum,25 and Spain and Portugal on January 1, 1986. On January 1, 1995, the EU-12 became EU-15, with the accession of Austria, Finland, and Sweden.26 On May 1, 2004 ten new members joined the Union: Poland, Hungary, the Czech Republic, Slovakia, Slovenia, Estonia, Latvia, Lithuania, Cyprus, and Malta. Lately, on January 1, 2007, Romania and Bulgaria became EU members, reaching the implausible number of EU-27. More than half a dozen nations are waiting for their acceptance to the Union.


Of course, what is obvious in Europe is the accelerated pace of change, scientific and technological progress, infrastructures, etc., which has affected Greece, too; but nothing positive happened on the social, educational or spiritual side of Europeans. The increasing influence of the United States in world affairs, especially after the fall of communism, notably in the two world wars and the Korean war, is very drastic to Europe. American methods, fashions, music, politics, economics, education, American slang expressions (catchwords), technology, culture, patterns of behavior began to be imitated in Europe. The Americanization of the European society is obvious27 and globalization is doing “very well” except for the people on whom it has been applied. In the future, Greek generations will face many problems, due to integration and globalization. Are they going to retain their freedom? Are they going to retain their basic Hellenic-Christian values? Are they going to retain their seven thousand years old civilization and identity? Non-Christian, oriental “values” have started having a significant influence on Western and Greek civilization. Oriental and pagan religions have influenced religious thought and expression in the contemporary secular West. The creation of a new non-European and non-Orthodox civilization and value system, the abandonment of the Greek language and paideia,28 which will affect negatively mostly Greece, is a matter of a few decades or one generation because of the uncontrolled illegal migration. The current trend towards a global civilization will destroy all civilizations. These cultural, religious, and social mixtures will pose a serious threat to the future of the true human civilization. Revelation, Truth, and tradition are the biggest enemies of this current cultural assimilation, human amalgamation, and individuals’ apostasy. Historical memory requires Greeks to honor their national heroes and martyrs who have enlightened the past, so the nation can continue its existence in the future.


Consequently, the Maastricht Treaty was signed in February 1992, but it had to be ratified by all the member-nations. This process went “well”, too because the national governments did not hold a referendum for ratification of the treaty by their citizens.29 Denmark voted "no" on June 2, 1992 in a referendum and then the following day France announced that it would hold a referendum. Eleven years later, on September 14, 2003, Sweden had a referendum and 56.2% said “no” to the EMU.30 For this monetary union to begin on January 1, 1999, prior to 1999 (on December 31, 1997), a majority of countries should have met the five criteria (gross government debt/GDP, budget deficit/GDP, 10-year government bond yield, inflation rate, and ERM member)31 established by the Maastricht Treaty. Nevertheless, in 1999, according to the treaty, EMU would commence for those countries, which had converged (however it looked, they were only very few, actually, Luxembourg and France), but eleven of them had been confirmed by the European Commission that proved to be a wrong action and European citizens are paying its cost today. The twelfth country (Greece) joined a little later32 and the thirteenth one (Slovenia) became an EMU member on January 1, 2007. Cyprus and Malta qualified in 2007 and were admitted on January 1, 2008. Slovakia qualified in 2008 and joined on January 1, 2009 and Estonia joined on January 1, 2011. At the moment there are 17 member nations with over 330 million people in the euro-zone.33


The European Union has to develop a "social dimension" together with the "social free market" model, which must be regulated, because of the Maastricht treaty and its serious unemployment, inflation, and recession problems that it experiences since the integration. During the 1960-73 periods up until the first oil price shock, the average annual level of unemployment was around 2.6% with an economic growth rate of 4.8%.34 Between 1974 and 1985 the unemployment rate rose to 10.8% by 1985, while economic growth dropped back to 2%. In the period 1989-90, with an increase in economic growth to 3.2%, the unemployment rate dropped to 8.3% in 1990.35 In the meantime, it can hardly be said that there have been dramatic improvements in the EU unemployment situation because in 2003 it was over 9% with an economic growth of 0.5% for the Euro Area.36 Today (Summer 2011), the unemployment is 9.9% and in Greece must be double digits (16%) up to 40% in some regions;37 and the real GDP growth is negative (deep recession) all over Europe (except in Germany and France that started a weak recovery). The underground economy is thriving and the unfair distribution of wealth is broadening even in the Orthodox Greece. The integration has increased unemployment further as Roberts (1996, p. 205) has said. Also, the reduction of National Debt, through privatization of public enterprises, has contributed to the growth of unemployment.38 Troika is pressing Greece to privatize every public enterprise and to make up €50 billion towards the national debt. The uncontrolled illegal migration has caused, except a high crime and unemployment, too39 and it would be worse in the near future, due to the current financial crisis. Greek government bonds have been downgraded to junks.40


Their objective is towards a closer union and nothing else, which can be attained with the abolition of the national constitutions. Then, after many rejections and oppositions towards a European Constitution, the undemocratic European Union froze this unpopular “creature” for two years and by making a few minor changes, they brought it back with the name, “The Reform Treaty of the EU” (Treaty of Lisbon, actually this is the same “European Constitution”),41 which was finalized at an informal Lisbon summit on October 19, 2007 by the 27 leaders. This new treaty was signed on December 13, 2007 and then would be ratified by the parliaments of the country-members. They were afraid that all Europeans were going to vote against the new treaty and for this reason they did not allow citizens to participate in “EU democratic decisions”.42 European citizens are in their most dreadful moment in their entire history so far, due to all these restrictions, the debt crisis, and the austerity measures, too. Of course, their future will be worse with the trend that the EU is following daily. The Treaty does not determine the geographical region of the European Union. Their covered objective is “one nation, one government” and not the European Union. This Union-Trap will enslave humanity globally very soon.43 Unfortunately for Europeans, Poland’s parliament was the first that voted for ratification of the EU’s “New Treaty” on April 1, 2008.44 On June 12, 2008, Ireland held a referendum on this “Lisbon Treaty”, which was a stripped-down for the renamed constitution (53% voted against it).45 Greece did not have any referendum.46 Unfortunately for Europeans, EU does not hold referenda; otherwise there will be no Union today. Democratic rules do not hold in this new “creature”, the EU.


It is encouraging that Britain, Denmark, and Sweden did not join the EMU and many British believe that the U.K. will never join the euro-zone. The U.K. Independence Party wants Britain to withdraw from the EU, too. Joining EMU, a country might produce lower inflation (depending on the price and income elasticities), cheaper credit (based on the financial distress, the intension of speculators, and the risk premium of the country), and a stable exchange rate (actually, an overvalued common currency), but this union can hurt their economies because they lose their public policies and their independence; they do not have their own currency that they could pursue an effective trade policy, too. By staying out of the EMU,47 they can achieve all these objectives with sound domestic policies and can enjoy the sovereignty of their nations. People have given their lives for seven thousand years for their independence and freedom and now, they surrender themselves without any reaction.48 Something must be wrong with our degenerated generation; it must be completely dwindled compared with the previous continuously ameliorated ones. A big economic risk in joining EMU lies in vulnerability to Europe-wide policies that are not appropriate for an individual country’s economic conditions. Each country has its own needs, its own social structure, its own business cycle, and its own objectives. The common central bank (ECB) and common currency have a destabilizing effect.49 EU was pressing Greece to impose property tax of 9% on the first home of her citizens. So far Greece had no property taxes.50 It seems that capitalism is gradually imitating communism; we are going to end up without property with all these mortgages, interests, risks, duties, compulsory insurance, and taxes on ownership of homes and on other physical assets (dwellings).51


Lastly, the conclusion is that European citizens and the leaders of the member-nations of the EMU do not rule their own countries anymore.52 With its regulations, EMU unilaterally revoked the sovereignty of nations that made the mistake to join the Euro-zone. This is the econo-monetary “culture” that independent domestic economic and monetary policy must be forcefully rejected and the country must pay high fines. Its directives have become economic “doctrines” and the leading countries have their “visions” for the future of these poor Europeans, who became members, even without their will. This “vision” is the “vision” of destroying the sovereign nations of Europe. For this reason, there is no support from European citizens towards this “vision of integration” and they see that their leaders are liars and puppets. Countries cannot follow EU’s orders! Historic Greece is the number one victim of this nightmarish “vision”.53





Public policies are necessary for every nation to exist. The financial market and the rating firms have to be controlled because they have caused serious global crisis. All public policies must have the same objective, maximization of the social welfare of the nation’s citizens (human beings). The objective of individuals is the optimization of their utility, which includes different goods, services, leisure, values, virtues, knowledge, improvements, accession, interactions, sociability, freedoms, social status, and others.54 The individual is assumed to be rational, informed, knowledgeable, and wise.

The objective of every well-governed, developed, ethical, uncorrupted, and sociable democratic independent nation is the optimization of its social welfare function (citizens’ utilities). The goal of public policy is to pursue approaches, rules, and regulations, which should be evaluated from the point of view of the society’s well-being and not from the profit maximization of multinational institutions, firms, risk-taking billionaires, financial market, rating firms, and European Union’s objectives. The total welfare of a country (given the growth of population, the factor endowments, and the state of the economy) must be improved continuously. General concerns about the state of the economy or anxiety about crime rate, high risk, restrictions from EU or job losses are negatively affecting the social welfare. Also, the measurement of social welfare requires some ethical and country-specific standards, which involve internal and eternal value judgments that are not common to other member-nations. As a welfare criterion, can be the growth of the wealth of the society (nation’s GDP), which increases employment (reduces unemployment rate to zero) and production (keeping prices stable). This implies that the income distribution will be ethical and just (not exactly equal). A high (out of control) growth can lead to reduction in social welfare, due to waste, pollution, large fluctuations of business cycles, and negative mental, physical, and spiritual effects on humans. Efficiency (saving of recourses) is very important in social welfare (respect of the creation and individuals). Financial markets stability (normal return) and low risk to attract long-term investments and prevent speculators and opportunists through regulations improves the wealth of the investors and their utility. We cannot accept an action, which increases some individuals’ utilities (or nations’ welfare), while others utilities decrease, as all individuals are equal (have the same “worthiness”). Thus, the criterion must be objectively measured and a Pareto-Optimal one.55

The giant out-of-control private institutions and firms are concerned mainly about their profits. Private businesses are producing where marginal cost is equal to marginal revenue; actually, the uncontrolled private firm is becoming gradually a monopolist, producing the lowest output at higher prices, through the risk-seeking processes. Their first concern is the reduction of the labor cost, increase in earnings, the determination of CEOs’ pay by themselves, and the maximization of the market price of their stocks. Behind the anonymity of the market exists serious anti-social behavior (“white collar criminality”).

European Union’s objective is the power that its integration gives to the union through treaties,56 laws,57 institutions,58 EMU, ECB, citizens’ policies,59 sectoral policies,60 external policies, and European constitution. Of course, this EU power is in control by the dark powers, too and the creation of the EMU has ruined the domestic public policies.

When a nation does not optimize its social welfare and experiences tremendous social cost (welfare losses), the social benefits (full employment, low risk, moderate interest rates, price stability, balanced growth, high saving and closed to zero debts and deficits, reasonable money supply, and stability in financial markets), due to sub-optimal public policy, might not exceed the social costs. This stems from the deregulation, dependence, depravity, and huge gaps between the potential economic values and the actual ones. The social benefits and costs can be measured with a social loss function. The loss to society function61 can be expressed as a weighted average of deviations in the important macro-variables (social benefits) from their targets (optimal values), like unemployment from its target, risk, interest rates (short-term and long-term), inflation, output, saving, money supply, trade balance, national debt, and financial market from their potential levels.62 Any deviation of the actual value of the above variables from their targets will cause a loss for the society.

Finally, the social objective will be the minimization of this social loss (L).63 When social losses are increasing the financial market is deteriorating, the results tend to be the economic movement towards recession. The opposite occurs when the social losses are declining or social benefits are improving; the value of this social loss could predict the forthcoming bear financial market and the creeping recession. Public policies (monetary, fiscal, trade) have to work towards these target values of the variables. Individuals must try to satisfy the social objective of higher savings and lower debt; the government has to become more efficient, more independent, and to reduce its deficit and debt; private enterprises (especially, financial institutions) have to be regulated for the benefits of the people. Through incentives, regulations, education, and a more social policy, the social loss can be minimized and the economy could be at its potential level (absolutely full employment,). Of course, when people are concerned about the security of their income, they make choices (such as delaying purchases, hoarding cash, distrusting each other) that are acts of self-preservation, but that worsen an already bad situation. People’s optimism and favorable expectations are necessary for our full information (misinformation and propaganda = “new age” political warfare) era. Unfortunately, the media are, today, controlled by the same dark powers.



We tried to give a small summary of the recent history and the political economy of the oldest nation-member of the EU and EMU, the “chosen by God’s Providence” nation, the historic and Orthodox Greece. In this European integration and in the world economy the interdependence is highly asymmetric and unfair, with substantial negative processes that work mainly to the detriment of most of the countries, especially the small and peculiar ones. The autarkic societies in the past had been led almost to success (at least in full employment, happiness, homogeneity, independence, safety, and security), but the current economic system with the competitive advantage and the loss of manufacturing, reduction in agriculture, and enormous debts is against self-sufficiency (autarky) and insensible to small businesses. It encourages interdependence (unilateral dependency), forces (imposes) free but unfair trade (based on competitive advantage, exploitation of labor, and dumping), sale-offs of state-own enterprises, and augments uncertainty for the future of this falling world. The first results were shown during the 2007-2011 financial crises, the deep recessions of 2009-2011, and the enormous social cost of unemployment and loss of wealth. There is no need for someone to be an economist to understand these basic economic rules that countries in recession need expansionary public policies to grow and exit from the crisis or a historian to avoid the same mistakes of the past or a philosopher to conceive these social problems or a prophet to predict the future of our world,64 if we allow the current trend to continue.

The historic, economic, and social indicators reveal that Greece from a moral, ethical, just, independent, and self-sufficient society, after 1974 with the corrupted politicians in power and her European integration is becoming less and less competitive and more and more contaminated from all these foreign influences; and EU is becoming less friendly with its members (especially the small ones) and the rest of the world.65 European Union and Economic and Monetary Union (the forced integration of 27 and 17 nations, without referenda) will prove that it is the worst “innovation” in human history. It is a mixture of twenty seven nations without domestic public policies, without self-determination, without sovereignty, and of course, without any future.66 All these strange evolutions have increase the global uncertainty, have caused unemployment and recessions in EU67 and in Greece; have reduced competitiveness, and have augment anxiety and health problems (mental and physical) to citizens. The free-market system has failed and needs more government regulation and better corporate governance (big firms do not pay even taxes, they receive only tax-savings=subsidies from the poor citizens tax-payers).68 Governments had to bailout a corrupted financial system, especially when the budget deficits and the national debts are astronomical. But, they had no other option, except to “rob responsible [citizens] and pay the robbers of the financial market”.69 Then, what are the social benefits of our socio-economic system? Why we need these global changes, “innovations”, and “evolutions”, which are against humanity? What are the social benefits of the European Union and the EMU?

Lastly, everyone (especially Greeks) must be aware that we are undergoing changes in our financial, economic, geopolitical, cultural, political, spiritual, and risk contexts and we must be sensitive and act with attention to these changes. Russia is not an enemy of the west and there is no need to encircle her with missiles, west is actually an enemy for Russia and the rest of the world. Atheist and Muslim Asia may be proven to be a future “enemy” for the entire west, the EU and the U.S. Greece has this bad experience since the 7th century A.D. We cannot be opportunists and we cannot be danger-speakers, but realists, altruists, humanists, and truthful. “From the start, the construction of Europe was an extravagant political idea designed to imprison the nations of Europe into an 'ever closer' union of states.”70 The best will be to reassess the need to move forward with the union or to hold back. Holding back might preserve whatever remains of each nation’s sovereignty and culture. Blissful are the nations that rejected their entrance to the EMU with referenda (England, Denmark, and Sweden). We do not need any type of integrations and of course, we do not want to have a supra-nationality, as a minority of people believes; but it has louder voice, powerful control, belongs to a specific club, and exercises global influence than the majority. In recent years, citizens of Greece, Europe, and of the U.S. have shown their disappointment in and apprehensions for whom to vote.71 They try to elect the least evil in their questionable, corrupted, and immoral “democracies”. The elected representatives are unable to act in favor of their countries’ interest. Their corruptive practices have become a national way of life. In EU there are different Europeanized domestic parties that all have the same beliefs and objectives, to ignore their countries;72 and they have created a class of ignorant citizens through favoritism and job offering to them that these voters support and fight for these parties. Territorial changes and political upheavals, as well as a public sense of lost identity and a public loss of faith in the government and all their leaders have become citizens’ every day problems. Euro-communism is doing relatively better in EU (and in Greece is terrorizing businesses and universities) than in Russia, now. All these can have a profound negative effect on individual member-nations and on the current interdependence between the EU and its members. But, the current problem is to recover from the financial crisis and its recession, and to send illegal immigrants back to their countries of origin, which seems as a very long process. Of course, Greeks have a big obligation towards their history and ancestors, who have created their civilization, the Hellenic-Orthodox one, which is unique on earth for those who have cultivated their intellect and are able to do objective comparisons. Even though that Greece is (has been led) in her worst economic crisis, her future will be bright again because of her historic dynamism. Hellenes cannot be afraid of any difficulties because they constitute the cradle of the European civilization and they have a very important role to play again in the future. Hellas does not belong to the West; the West belongs to Hellas. ( ̔Η ̔Ελλάς δέν ανήκει εις τήν Δύσιν· η Δύσις ανήκει εις τήν ̔Ελλάδα).




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1 See, Kallianiotis (2011a).

2 They placed in power, as prime minister, from nowhere, Kostas Semitis (Semite) to put Greece to the EMU, without a referendum, to cause the gray zones in Aegean (Imia island) and to contribute to the redistribution (loss) of wealth in the Stock Exchange. He was successful in all these objectives with the costly help from Goldman Sachs, too. The same history is repeated since the time of Leonidas in Thermopylae (480 B.C.).

3 At the day of the fall of Constantinople (end of the Byzantine Empire), people show a red cloud leaving the dome of Hagia Sophia; an indication that the grace of God abandoned them.

4 See, Roberts (1997, p. 1).

5 See, Blum, Cameron, and Barnes (1970, p. 1032).

6 See, Kallianiotis (2009a).

7 Since 2003, more than €2.3 billion were sent to Albania by Albanian immigrants, €1.5 million to Pakistan, and €0.2 million to Afghanistan. These are huge capital outflows from a small country like Greece without any control from the authorities. Then, all these uncontrolled illegal immigrants have created very serious problems for the country; the imported unemployment and the exported capital. Later, these allodox and anti-Greek foreigners will cause grave security and identity problems for the country. (dailynews24, August 5, 2011). See, .

8 A French court sentenced nine men to prison for belonging to an Islamist group accused of plotting bombings. (The Wall Street Journal, October 24, 2008, p. A1).

9 Anarchists from different European countries are often going to Greece demonstrating with Greek anti-government groups, burning, looting, and hitting policemen. (TV News ALTER, MEGA, and ALPHA December 5, 6, and 7, 2009). This pseudo-socialist government has distained completely the Greek police.

10 Turkey has started a war against Greece by smuggling thousands of Muslims to wipe out her Hellenic-Orthodox identity. TV News ALPHA, June 22, 2009. EU has put, lately, some ineffective European border-guards, the FRONTEX and the Greek government is digging a trench at the Greek borders with her allodox “best men”, but it would be difficult to keep Turkish tanks out of the country.

11 Christians have been divided in many denominations, leaving the tradition of the First Church. The largest Christian denominations among 37,000 total Christian churches, in 2005, world-wide membership, were (in millions): Roman Catholics: 1,120; Orthodox: 220; Anglicans: 80; Lutheran World Federation: 80; World Methodist Council: 70; and Presbyterians: 60. See, The Wall Street Journal, September 20, 2007, p. A1.

12 The EU and the European media have started an anti-Greek propaganda against her economy and social structure, pressing her to say “yes” to Turkey’s acceptance into the EU. (, December 8, 2009).

13 See, Kallianiotis (2011a).

14 See, Kallianiotis (2006).

15 See, Ignatius Kapnisis, The Messiah and His Enemies, Thessaloniki, Greece, 1991, p. 36, for Ben-Gurion’s plans for the world during his political campaign on January 16, 1962, which actually are materialized in our days.

16 Twenty two provinces constitute a uniform and independent Ireland, while six provinces of the North Ireland are under British occupation, even today. On May 18, 2011, Queen Elizabeth visited Ireland for the first time and there was a massive demonstration against her visit. TV News ALPHA, May 18, 2011.

17 See, Stavros Karkaletsis,, May 13, 2007.

18 Christofias said that the EU tolerates Turkey more than what it ought to do. (, August 8, 2011). .

19 Greece has not received the indemnity from Germany yet.

20 See, Viault (1990, pp. 517-529).

21 As the time is passing, this integration reveals itself; it is actually a “new age” movement, the predecessor of globalization (=the global slavery).

22 Does this remind the Biblical Babel or not? With all these confusions of languages and cultures, this “construction” would have no good future.

23 From polls, 83.3% of Greeks are against the Euro-Constitution. (, 5/4/2009).

24 On March 25, 1957, two treaties were signed in Rome that gave birth to the European Economic Community (EEC) and the European Atomic Energy Community (Euratom): the Treaties of Rome. The signatories of this agreement were Christian Pineau on behalf of France, Joseph Luns from the Netherlands, Paul Henri Spaak from Belgium, Joseph Bech from Luxemburg, Antonio Segni from Italy, and Konrad Adenauer from the Federal Republic of Germany. The Treaties were ratified by National Parliaments over the following months and came into force on January 1, 1958. (


25 The most stranger is that the person, who signed the accession agreement, was the charlatan prime minister Andreas Papandreou. He won the elections by promising to the Greek voters that he will take Greece out of NATO and EEC (sic).

26 The people of Norway voted against membership to the Union and if there were referenda in other countries, the EU would have less than half of its current members.

27 “Many Europeans were influenced by developments in the United States. Rock music, blue jeans, the cult of the automobile and coca-cola were obvious signs of the phenomenon sometimes labeled the ‘Americanisation’ of Europe.” See, Tipton and Aldrich (1987b, p. 197).

28 See, Kallianiotis (2011c).

29 But, as we see every day in EU member-nations, demonstrations and burnings of the EU=s flag are going on, showing citizens= opposition to this artificial monetary-political union that caused to its members to lose their sovereignty (their freedom).

30 Margaret Thatcher had said that she denyed to surrender her country to the EMU even though that she was pressed by the Bilderberg Club. (The Spot Light, July 10, 1995). ––Γιά μένα ειναι τιμή η απόρριψί μου από τήν Λέσχη Μπίντελμπεργκ. Οποιος δεχθη νά παραδώση στήν Λέσχη τήν αυτοκυριαρχία της Χώρας του, ειναι εκλεκτός, αλλιως απορρίπτεται ... Θέση της Λέσχης ειναι νά υποβαθμιστουν τά Εθνη καὶ νά υπάρξη μία Νέα Παγκόσμια Τάξη Πραγμάτων, αλλά θά αποτύχουν. Μέ παραμέρισαν γιατί αρνήθηκα νά παραδώσω τήν κυριαρχία της Βρετανίας στήν Ευρωπαική Ενωση, πού αποτελει τό απαραίτητο βημα της Λέσχης γιά τήν δημιουργία μιας Παγκόσμιας Κυβέρνησης.” (δήλωση της πρώην πρωθυπουργου της Βρετανίας Μάργκαρετ Θάτσερ στήν εφημερίδα The SpotLight, 10/7/1995). Ορα, Βοανεργές, ̓Αρ. Τεύχους 45, Σεπτέμβριος- ̓Οκτώβριος 2009, σ. 93.

31 Unemployment rate or the real GDP growth is not part of the criteria for the EMU. What type of social policy satisfies this Treaty?

32 With the complicity of Goldman Sachs and the treachery of Kostas Semitis.

33 Three states, Monaco, San Marino and Vatican City, have signed formal agreements with the EU to use the euro and to mint their own coins. However, although they have formally adopted the euro and mint coins, they are not considered part of the euro-zone by the ECB and do not have a seat in the ECB or Euro Group. Several other countries have officially adopted the euro as their sole currency, such as Andorra, Guadeloupe, French Guyana, Martinique and Reunion, as well as Madeira, the Canary Islands, Saint-Pierre-et-Miquelon and Mayotte, Kosovo, and Montenegro, without even an agreement. These states are also not considered part of the official euro-zone by the ECB, however in some usage, the term euro-zone is applied to all such states and territories that have adopted the euro as their sole currency. What a paradox fabrication is this union? See,

34 Because of the existence of a good balance among the three different sectors of the economy (agriculture, manufacture, and service) and the self-sufficiency of its member-nations.

35 See, Roberts (1996, p. 205).

36 See, International Economic Trends, August 2003, p. 3; July 2004, p. 5; and November 2004, p. 3.

37 Spain has an unemployment rate of 21% and 45% among young people. TV News ERT World, May 19, 2011.

38 See, Kallianiotis (2009b). The Greek government is hoping to sell off up to all of its remaining 16% stake in OTE in June 2011, but did not make clear how much would be offered to Deutsche Telekom, which currently holds a 30% stake in the company. OTE shares closed up 4.8% on the Athens Stock Market, on May 26, 2011. See, On June 6, 2011, Greece agreed to sell a 10% stake in Hellenic Telecom (OTE) to Germany's Deutsche Telekom AG as the Mediterranean state kicks off privatisation deals to cut its debt pile. The European Union and IMF have been pressing Greece to conduct large-scale privatisations to raise funds for reducing its huge debt. Cash-strapped Greece has pledged to raise €50 billion ($73.2 billion) from privatisations by 2015 and the pre-arranged OTE sale is the first state asset to be shifted as part of the programme. The Greek government exercised its "put" option to sell a 10% stake in OTE for around €400 million ($585.7 million). Once the shares have been transferred, the Greek state will hold 10% plus one vote in OTE, with Deutsche Telekom owning 40% plus one vote. Greece wants to sell a further 6%, but Deutsche Telekom is unlikely to buy it, unless the government agrees to scrap working rules that make staff at OTE's Greek fixed-line virtually unsackable. See, idUSLDE7551BN20110606?feedType=RSS&feedName=mergersNews. Polls showed that 71.7% of Greeks are against OTE’s privatization. See,, November 14, 2008.

39 See, Kallianiotis (2004a and b and 2005).

40 S&P downgraded the U.S. government bonds from AAA to AA+. This action could be disastrous for the entire global economy. These “white collar criminals” (the markets) are out of control and have to be regulated or to be ceased. (TV News CNN and ERT World, August 6, 2011).

41 This is a lengthy document of 271 pages. The future of Europeans will be very dark and uncertain because this treaty overrides the national constitutions. See, Europa, Official Journal of the European Union, C 306, Volume 50, 17 December 2007.

42 TV News ANTENNA and ERT, October 19, 2007. Also, “Reform treaty finalized in Lisbon,, European Commission, 10/19/2007.

43 Τό Κοινοτικό Δίκαιο εχει προβάδισμα ακόμη καὶ εν σχέσει μέ τό Σύνταγμα των χωρων - μελων.

̔Η ̔Ελλάς καὶ η Κύπρος χάνουν τάς θέσεις των μονίμων ̓Επιτρόπων, τάς οποίας εχουν εις την Κομισιόν. Τέλος, η ρήτρα αμοιβαίας συνδρομης̈̈ δέν καλύπτει τήν ̔Ελλάδα καὶ τήν Κύπρον εις περίπτωσιν επιθέσεως της Τουρκίας εναντίον χώρας- μέλους της ΕΕ. See,, December 13, 2007.

44 See, The Wall Street Journal, April 2, 2008, p. A1.

45 Europeans were and still are against the creation of the EU and EMU without their approval. In June 1992; Danish voters narrowly reject the Maastricht Treaty, which made the creation of the euro currency possible. A revote in May 1993 approved the treaty with a very small margin. In September 2000, Danes voted against adopting the euro currency. In June 2001, Irish voters rejected the Treaty of Nice, which adjusted EU voting rules for the EU’s coming expansion from 15 to 25, and later 27 members. A revote in October 2002 approved the treaty in the margin. In May 2005, French voter rejected EU’s draft constitution. Key concerns were French sovereignty, the EU’s “ultra-liberal” free-market policies, and unhappiness with then-President Jacques Chirac. In June 2005, Dutch voters rejected the constitution. See, The Wall Street Journal, June 12, 2008, pp. A1 and A12.

46 Polls showed that 83.3% of Greeks are against the European Constitution. (, 5/4/2009). From December 1, 2009, the European Constitution (Lisbon treaty) would be in effect, which overrides the domestic constitutions of the country-members. (The Wall Street Journal, November 4, 2009, p. A1).

47 One after the other, the Euro-zone country-members are in trouble with their tremendous debts (the GIPSI nations so far).

48 See, Hill (1998, p. 65). The member-nations’ legislative power has been move from their parliaments to the EU. Their executive power from their ministries to the ECOFIN and EU, their judiciary power is completely controlled, due to globalization and “terrorism” (sic), and their sovereignty has been lost. Then, Europeans and especially Greeks have to react to this “enslavement” or to cry on the ruins of their thousand years old culture, education, and history of their nations, but the current generation is responsible for the future ones and they have no right to make these types of mistakes.

49 Now, with the downgrading of the U.S. debt, China is asking for a new global currency, other than dollar, which can be safe and stable and it will be used as an international reserve currency. (, August 8, 2011).

50 TV News MEGA, May 8, 2005.

51 TV News MEGA, September 14, 2005. With today trend, the owner will become soon only the maintenance of an asset (home) that belongs to the state (by paying rent as property tax) and to the bank (mortgage) for thirty years. This banks’ ownership of housing has caused the current financial crisis. It looks like a confiscation of the real assets through high property taxes.

52 Eurogroup chief Jean-Claude Juncker said that Greece's financial woes were well known among top EU officials, but kept quiet until the crisis erupted in 2009. "It was quite obvious that one day Greece would have to face this kind of problem, and we knew that this problem would occur," Juncker told a forum on the sidelines of the International Monetary Fund and World Bank meetings in Washington on October 8, 2010. Juncker said German and French officials along with European Central Bank chief Jean-Claude Trichet had for some time been discussing "the perspectives of what was not at that time known as so-called Greek crisis." "I could not go public with the knowledge that I had," he added. "The Greek crisis could have been avoided, but not starting last year, starting two or three decades ago," the European finance ministers chief said. Juncker said he tried at one point to seek a solution to the problems with an unnamed Greek prime minister who told him: "I am governing a country of corruption." This was actually a crime against the European Citizens (said Giorgos Vamvakousis). Germany and France culpability about Greece's deficit is confirmed by the Eurogroup President Mr. Juncker. Germany and France have been only interested to sell to the Greek corrupted politicians at overdrafted prices. This way, they created a problem not only to Greece, but to the Euro and to their own countries’ Citizens, too. A problem to the Eurozone and to the European Union. Mrs. Merkel and Mr. Sarkozy are fully responsible for the problem and should be put in trial as political criminals. We should not forget that who is corrupting somebody else, he is corrupted, too. Those are our “friends” in EU. See, 08 October 2010.

53 In addition, 70.7% of Greeks want to return to drachma. See,, March 12, 2008.

54 A prudent individual tries to maximize his efforts to become a better (perfect) human being by undertaking different actions towards his only true objective. Of course, he faces many social constraints (influences) from the ignorant world and the “enemy”.

55 See, Kallianiotis (2009b) and Kallianiotis and Dragone (2009).

56 European treaties are the ones that established: European Coal and Steel Community (ECSC), European Atomic Energy Community (EAEC), European Economic Community or Treaty of Rome (EEC), Treaty on European Union or Treaty of Maastricht, Treaty of Amsterdam, Treaty of Nice, Treaty of Lisbon, etc. See, Moussis (2003, pp. 19-26).

57 Theses laws are superimposed on national laws and in many cases replace the national laws.

58 The European institutions are: (1) European Council, (2) European Commission, (3) Economic and Social Committee, (4) Committee of the Region, (5) European Parliament, (6) Council of Ministers, (7) European Commission, (8) Court of Justice, and (9) Court of Auditors. See, Moussis (2003, pp. 39-63).

59 One of the citizens’ policies is the Schengen Agreement, which developed the Schengen Information System (SIS), a computerized data bank (the “beast”, τό θηρίον) containing all information on European citizens.

60 They are: Industrial and Enterprise Policies, Research and Technology Policy, Energy Policy, Transport Policy, Agricultural Policy, and Common Fisheries Policy. See, Moussis (2003, pp. 285-400).

61 See, Kallianiotis and Petsas (2006).

62 See, Kallianiotis (2004a and b and 2005).

63 Our objective must be to minimize the deviations from the target value of the variables. A negative deviation is reducing the overall social loss and a negative loss represents social benefits. We do not want a high negative L either because it means exaggeration, inefficiency, waste, and lack of optimality (Moderation is everything in our lives).

64 It is a possibility to move to moon, now that they found water on it (sic). See, The Wall Street Journal, November 16, 2009, p. A1.

65 The U.S.A. was the biggest economic power in the world and is declining daily. Greece was the biggest spiritual power on earth and is descending daily. We must grieve for the plight of these two nations and some people are responsible for this. The problem must be the bad and controlled leadership in these two “model” nations.

66 For example, in EU, 73.8% are against privatization, 80.9% are against Turkey’s entrance to EU, 83.6% are against Euro-constitution (Treaty of Lisbon), 71.6% want to go back to their previous national currencies, 71.5% of Greeks are in favor of vetoing Skopje’s (Vardarska’s) entrance to NATO and EU, Europeans are against the independence of Kosovo, and 86.1% of Greeks are against the marriage of homosexuals. (, different polls). Europeans are actually against these “anti-European creatures”, the EU and the EMU. Also, 64% of Swedes are against euro. (, June 16, 2011).

67 The main reason for unemployment in Europe is the illegal and uncontrolled immigration. Europe is in trouble to lose its thousands years old identity.

68 See, “Big majority says GE, other firms aren’t paying fair share of taxes”, Rochester Business Journal, April 15, 2011.

69 Dr. Shannon Grimes in Tahlequah Daily Press, September 25, 2008.

70 Serfaty (1996, p. 75) tells us a big truth without wanted to say it.

71 This is common in every day discussions because the U.S. had presidential elections on November 4, 2008, EU had European elections on June 7, 2009, and Greece had national elections on October 4, 2009. There was a lot of hope by Europeans on the new U.S. president, Barack Obama, but lately, his policies proved that he cannot do anything different; everything is controlled by the dark powers. Political leaders (from the president of the U.S. to the president of Uganda) have zero power, today. During the European parliament elections, the turnout in Greece was 52.63% and for the entire EU was only 42.94%.

72 In Greece, the most of the political parties (communists, socialist, and centrists-N.D.) have the same ideology; are just agents of the “new age” movement.



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