Tuesday, 10 May 2011

Eurozone Clown: JC Juncker

Jean-Claude Juncker is to the eurozone what Comical Ali was to Saddam Hussein's regime:

 a buffonesque, tragic pawn in the service of an unelected junta, posing as a spokesman with an oratory filled with lies, half-truths, grotesquely delusional and in denial of reality. The eurozone is bound to implode but the captain from tiny Luxembourg (it fits on a stamp) presses on, reinvoking the image of the Titanic when its skipper boasted, "we just pushed an iceberg aside."

"There is no crisis in Greece," the pompous Juncker blarred into microphones in 2009; a few years earlier he signed off on a presentation from the Greek government, full of book-keeping tricks and shady maneuvres at best, but outright misrepresentations and deceit in reality, in order to "qualify" the Hellens for the eurozone. In 2010 the vicious cycle of tax & spend exploded with the realization that Greece is virtually bankrupt. "Bankruptcy in the eurozone is an impossibility," lectured the representative from one of the smallest countries in the world last year. Only to be succeeded by massive downgrades of Greece by leading rating agencies - last time was yesterday. Fact is that government bonds issued in Athens are of junk bond status.

"Restructuring of Greek sovereign debt is ruled out," Juncker meowed in Brussels 2 months ago; just as Greece leaving the eurozone, according to the EU's Comical Ali.

And so the world laughs heads off while glancing at the EU, and a defiant Juncker, with most of his limps hacked off, tumbles up and down the continent and challenges financial markets with his daft "Pull my finger" mimics.

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