This is a tale. The truth is not here , the truth is in the hands of the masters.The winners write the history and claim it is true.The losers tell tales.
YES, Remember
Once upon the time Slovenia became an independent state. It made its own Public owned Central Bank and invented from scratch a currency. It had virtually no reserves. It did not forcefully change the savings of the Slovenian people, which held their savings denominated in German marks, to the new Tolar named currency, and that was the winning choice.
In less than a couple of years, thanks to France Arhar, the silver fox banker and the others, the currency was free floating and convertible world wide- and the people started saving in Tolars, but still had the free choice to save in any currency they preferred.
The currency was made by a local famous artist, was beautifully colored and had on the banknotes the famous Slovenian poets and writers, no generals or warriors.
Then, Slovenia entered the Eurozone… The Euro banknotes were the ugliest possible,but they gave the impression to be even more stable…
And that was the price for entering the so called club of West democracies, now brain dead…
Slovenia entered in the Euro and the Slovenian public owned Central Bank became a mouse dropping in the Eurosystem of, you know….read this blog.
The 20 10 (hehe, 20 20 followed by 21.. numerology) crash reached Slovenia.
Suddenly there was the talk that roughly 9 billion euros was sitting as NPL-bad loans in the mostly OWNED PUBLIC BANKS making money- loans- in Slovenia.
And then, the subterranean GREEK scenario of , this time, a hidden hand of the EU TROIKA came in play. Not as in Greece, where TROIKA was announced and came running, but in a hidden way through a sort of orders which were not orders but suggestions… which had no official source order from the ECB Mario Draghi or the EU commission or from the IMF.
The hit men came.
Some subcontractors which drove around in cold winter with their cars and calculated the collateral for this BAD LOANS. The collateral, the guarantee for the bad loans was given to the public banks as insurance for the loans this businesses gave for ensuring their loans with the banks. .
They factually assessed the value of collateral while driving around this factories, or by hastily browsing the accounting books .
THE Hit men had this scenario in mind, written by some hidden source, not to be disclosed: In the next year the Slovenian GDP will fall for 8-10% and the price of this ASSETS was to be calculated on a mark to market basis.This meant that the price of the collateral, the guarantee assets for the loans was calculated as if this assets have to be sold NOW, at any cost, to a first bidder.
Slovenia has 2 million of population. The GDP at the time was maybe 32 Billion max. The 9 billion of PRESUMED Bad Loans was, what! 36% of the GDP. Adding to this a projected – 8-10%fall in GDP, Slovenia was having a 45% loss of GDP! IT was a default.
NOW, dear reader, nothing of this was TRUE.
Next year there was not a 10% fall of GDP, Slovenia witnessed a rise in GDP!.
BUT, the 9 Billion of accounting value of bad loans was, first covered with 3,3 billions from the banks and since the whole capital was 1,8 bil, by evaluation of the almost anonymous Hit Evaluators, Which calculated the collateral in 2.7 bil, the capital was pushed to minus 1.5 Billion of assets worth. So, the Slovenian people had to pay with their taxes and new debt the difference. Lets say 3, 3,2 Billions of euros. Which the State had to put back into the banks for new capitalization, and, sell them after to international private corporations for a pittance, not even getting back the capital the State had invested back!
BUT, this was not enough. Before this happened, the international rating firms approved the banks balance sheets as true and there were never this amounts of bad loans in the books.
But this was not enough. 500 Million was taken from the investors as a Bail in. It was the first “bail in” guinea pig experiment in the EU. They held 500 mil of Subordinated Bonds, which at that time were guaranteed as equal as the primary bonds and had changed status in this hit proceeding. 100.000 people lost money. 2, 7 + 0,5 = 3.2 billion.
ONE Billion was given by the state, plus another 2,2, billion more of State money for capitalizing back the banks. This is all debt still today.The hit men evaluation proved in next years to be under valuated up to 10 times for certain assets and all looked just a scam for privatizing the banks and making more debt for the State and the ECB and EU had hit the shit fan. FOR the First time.
Hitting The FAN, second time
The Slovenian Central Bank is one of the few Public, State owned central Banks. Not like others in Europe or the USA or whatever.
On day, some time ago, the forensic police knocked on the Slovenian Central Bank, which, so they thought was a proud member of the Eurosystem ECB.
The Audit forensic police wanted to see clear this terrible scam or a good deed of the hidden hand. They sized the documents, computers, to see who was doing what, who was evaluating the assets, who was inflating the bad loans and on what legal, economical, technical basis this was done.. The forensic AUDIT police was thinking that the Slovenian Central bank was a public bank and that they had all rights to search and audit the public institution, which was instituted by the Slovenian State..They were thoroughly trying to AUDIT the Central Bank.
The First AUDIT of the Central Bank in the recent history of the West.-.
You know , when in the US they ask for auditing the FED, it is only words,. Slovenian Prosecutors and the forensic police DID IT!
AND, the ECB and EU hit the fan.
They tried to stop it by all means while in action, and they stopped it and the The European Commission sued Slovenia before the EU Luxembourg Court.
REGARDLESS of the fact that Slovenian Constitutional Court gave the approval for the Slovenian Public Attorney to make the search and issue warrants since the Public Central Bank of Slovenia doings are in the public interest, regardless of its so called “indenpendence”, since the many billions involved are taxpayers money.
THE EU COURT RULED and guess what?
The Obvious, but even the obvious is strange in the EU. The classic.Slovenia Lost.
ON what grounds Slovenia lost is not so complicated. The Court ruled that the Slovenian forensic police in this history crime scene were breaking the IMMUNITY and CONFIDENTIALITY AND SECRECY of the Eurpean Central Bank ARCHIVES and of the Archives of the European Commission!. They have to pay hundreds of millions of EUROS fines if they persist doing it!
The best part of the ruling is, that BEFORE THE RULING, NOBODY knew exactly in the EU, legally,what parts of the police search was, is ,and which are the exact ECB and EU commission archives documents!
By ruling, the court made a decision, very broadly, what are the archives which have immunity. In the court ruling they say that definitely a part of sized documents are belonging , are a part of immunity archives and so Slovenia lost, even if there are no lists of breached documents produced on behalf of the EU commission which Slovenia has breached !
BUT that is not enough. The COURT, EX POST defined in the ruling which part broadly is a part of the secret immunity bearing documents. Before the ruling, nobody knew what exactly was that, By losing, Slovenia at least made a precedent, but of no use for anybody.
That is law, is it not,they ruled how to define what is a crime in the course of ruling and not before .
But that is not enough.
Since all documents and decisions, like the ones in the Slovenian central bank, are linked together in the Eurosystem , what exactly belongs to whom, is impossible to now.
BUT that is not enough.
If one wants to search, one has to ask permission. If the permission is not given, which is obvious since the party searched has immunity and also do not wants to disclose,especially this 9 billions of bad Loans and how they are concocted, so one has to go to court and sue for getting the access.. What exactly, which document to sue for, to get it is not clear, since one is not allowed to Make a search and so find out what to look for, in order to incriminate?
BUT this is not enough…….
NOW you know, what this blog is about, also.
Add up.
IF you are interested how the European Court of Human Rights works for a normal person, this is the link
Witchdoctor