Chapter 2298: Bankruptcy of the Central Bank of Greece
In less than a week, Greece saw 134 strikes and marches.
Carter and her management team were even afraid to leave their homes.
Because she received news that the Greeks were planning to assassinate her.
Carter has lost his appetite these past few days and even couldn't fall asleep after taking sleeping pills instead of meals.
She really couldn't understand how Chen Mo knew Greece's true debt situation, as well as the welfare and tax situation that only Greek citizens, or even only Greek senior officials, could know about.
She had originally thought of acting as a dog for the Tyrant Country and the Foundation in exchange for some benefits to earn bargaining chips for her next election.
As a result, he lost more than he gained!
That morning, as soon as Carter arrived at the palace, countless senior leaders of the Greek government departments surrounded him.
"Lord Emperor, the stock market has completely collapsed. Now it's not a question of how much it will fall, but a complete loss of liquidity! In the stock market, there are only sellers left, no buyers!"
"House prices can no longer hold up. Although the government has set a limit on price drops, everyone knows that houses are worthless. If you really want to sell, you can only sell at 30%-40% of the official price."
“The foreign exchange market is even worse. Now no country accepts Greek currency for trade, not even our own people are willing to accept it.
Our money is almost worthless.”
"The economy has collapsed so badly that all previous benefits have been cancelled, and tax collection has been of no help at all. What's even more frightening is that inflation has spread all over the country! A loaf of bread that costs 2 yuan in the morning may cost 10 yuan in the afternoon. Many businesses simply don't put labels on the goods. When you check out, you either have to pay in foreign currency or just give you a very high price."
"..."
Carter's head was buzzing.
In a trance, she recalled the tall, slightly thin man who broke into the palace alone a week ago, wearing a well-ironed suit and holding a cigarette in his mouth.
At that time, she just felt that Chen Mo was talking in his sleep, and she also felt that this man was seriously ill.
As a result, despite its all-round defensive response, the Greek stock market, foreign exchange market, housing market and prices all jumped in just one week.
All the high welfare benefits that were previously envied by the world have been cancelled.
Even the people’s food and clothing will soon become a headache for the authorities!
Carter couldn't figure it out.
Why does even the foundation have to follow the script written by Chen Mo?
Why is it that his open conspiracy has no solution?
Carter couldn't figure it out, and she didn't have the energy to think about it. There were a lot of troubles waiting for her to deal with.
"The stock market is being shut down urgently. You can make up any reason you want. There is no point in keeping it open anyway."
"Don't worry about the foreign exchange market. Just let it take its course. Once the economy is fixed, the exchange rate will naturally go back up. It shouldn't be a problem to use the euro instead for the time being."
"As for housing prices, don't worry about it. Ordinary people can hardly afford to eat, and no one will buy houses. The liquidity of the housing market has completely dried up a few days ago. Even if the housing prices rise to 100 million yuan per square meter or fall to 1000 yuan per square meter, it is meaningless."
"Finally, I'll ask the Central Bank of Greece to quickly use the 1 trillion euros I borrowed to release liquidity and revitalize Greece's basic foundation first! Go!"
Everyone was speechless.
Because Carter's approach is essentially spending money that he doesn't have.
The 1 trillion euros are borrowed, so there is interest and it must be repaid!
Now the whole world knows that Greece’s debt is outrageously high. What should it do if the creditors come to demand repayment?
Seeing that none of the officials on the scene moved, Carter said angrily: "Go quickly! Do you have any better ideas?
Take care of the present first, and as for the problems in the future, trust the wisdom of future generations!"
The officials then nodded.
Just as the group of Greek officials were about to leave, the Governor of the Central Bank of Greece, Giannis Stonaras, came over with a pale face and said weakly: "Everyone...you don't have to go..."
Carter frowned. "Giannis, what do you mean? Are you trying to disobey me?"
Giannis Stonelas smiled bitterly and shook his head: "It's not that I want to disobey the order, but I have to."
Carter knocked on the table. "What on earth do you want to say? If you don't want to do it, there are plenty of people who will do it!"
Giannis Stonellas sighed and said, "My Lord Emperor, my dear Lord Emperor. The Central Bank of Greece has just gone bankrupt."
Substantial bankruptcy means that although the company has not been declared bankrupt in name, the actual situation is already bankruptcy.
boom! ! !
Carter fell off the throne, looking at Giannis Stonelas in disbelief, his whole body shaking as he asked, "You...what did you say? Say it again!!!"
Giannis was also a little angry: "Are you deaf? I said that the Central Bank of Greece is essentially bankrupt!!! There is no money!!!"
Not only is he broke, he also has a ton of debts!!!
Do you understand? My dear, the only great empress in Greek history!!!"
"Impossible! Absolutely impossible!!! How could this happen... It doesn't make sense... We clearly didn't participate in the subprime mortgage market of the hegemonic country, why would the central bank go bankrupt..."
Carter collapsed on the ground, talking to himself hysterically, asking himself questions and answering them.
Giannis Stonelas snorted coldly: "Isn't that because of the great Queen's contribution?"
"Our country of Greece is a small country with few resources, high welfare and a single industry. The main industry is fishing.
It’s just that after you came to power, you thought that finance was still the way to make money, so you started to vigorously develop finance and real estate, and started the path of moving away from the real economy and toward the virtual economy.”
“From 2005 to 2007, the growth of private credit in Greece accounted for 154.8% of GDP, ranking first in the world!!!
The fishing industry, the only real industry in our country, has dropped from 1996% in 54 to 6.6% this year!!!
Finance and real estate increased from 4.3% to 64.2%!!!
Therefore, although the Greek central bank did not participate in the MBS and CDO investments of the hegemonic countries, we spread it to the whole world through a high leverage of 53 times.
Last year, Greek banks had 42% of their assets abroad, 58% of their income came from abroad, and 60% of their funds were financed by foreign debt.
Moreover, one-third of the staff of our official financial regulatory departments jumped to the top three banks in Greece under the temptation of high salaries in the banking industry.
The financial supervision, which was already ineffective, is now completely gone.
A country without real industry, relying entirely on finance and real estate speculation, is like a castle in the air, understand?"
Giannis got angrier and angrier.
"Bells and other investment banks are the biggest financing targets you have chosen, a smart guy! Chen Mo can even figure out the timing of Bells and other banks, so can't he easily deal with us?"
