Sunday, June 14, 2015

Josef Ackermann & Alexis Tsipras

On the surface it would appear that Josef Ackermann (ex-CEO of Deutsche Bank) and Alexis Tsipras are strange bedfellows. But not necessarily so.

In the fall of 2011, when the Greek crisis was heading for boiling point again, Ackermann said in a CNBC interview the following: "Measures must be taken that sovereign loans are made risk-free again, which is what they should be!" Put differently: "Governments, bail us out or else!"

Ackermann was then in an advisory role to Chancellor Angela Merkel. This at a time when Deutsche was probably one of the most exposed banks in Greece worldwide. It's only fair to assume that he gave Merkel the same advice which he broadcast over CNBC. And, presumably, he added a subtle warning that, if governments would not bail out the banks, there would be a catastrophy.

Alexis Tsipras is now warning that there would be a catastrophy if no deal is reached.

Ackermann was in the role of a prudent adviser. Tsipras is in the role of a blackmailer. Life is all about perceptions...


  1. Deutsche-Bank-Boss a prudent adviser???
    Which century you are talking about?
    Ackermann was the boss in a time, when Deutschbanker degenerated toward Deutsch-Bankster.

    I am quite critical toward Syriza and Tsipras. But I think it would be offending to compare them with the Banksters of Deutsche Bank or GoldmanSachs.

    1. There will be a day that you will consider this compare as rather mild.
      I am old enough to dare to say that, and... what is going on in Greece, what Tsipras has achieved in the minds of too many, has created in the society, the economy, and all other effects and after-effects of his destructive government will echo for decades before it stops hurting the ears.

      All who have the eyes open see it, hear it coming and stand there powerless.

    2. I doubt that.
      What the banksters of GoldmanSachs, DeutscheBank and all the others achieved with their extreme self-enrichment, followed by the mega-bail out of financial institutions and hence their moral hazard victory, has shown destructive results for tens of years for the whole western world, not only for Greece.
      It is interesting to listen to Mr. Kastner that there has been a moral compass and a longshowing orientation in the financial industry years ago, but much of that was destroyed by the ruling bankster-manners. I wouldnt take that lightly, not at all.

      Tsipras may further devastate Greece (he would not be the first one on that track) if his gamble fails, but he cannot harm the whole western world.

    3. I agree 100%, Roger. And note that all attention has been diverted away from the primary cause of our global and European problems -- the criminal and irresponsible greed of most of the banking sector. This is not accidental...

  2. Nice obsevation and nice wording..


  3. Please, don't call Tsipras a blackmailer! You will see that at the end of all this, they will be all smiling in the european family photo. Solidarity is sometimes a difficult sentiment to express. Tsipras is building now relationships, that will allow some of his colleagues to discover their inner solidarity. SYRIZA is a party with 30 years of experience in building relationships. The main difference is that in the past, they were doing so only with the greek goverments. Now they extend their experience with foreign goverments. But at the end, just like with greek goverments, they always found a solution.
    For example, a greek goverment was having difficulty to feel solidarity with a workers union or with clandestine immigrants. SYRIZA would organize the occupation of a ministry or of a state building, would call the press and explain the human tragedies and the justified demands and then wait, for the heartless goverment ministers to repent and feel their lost solidarity within. In this case, SYRIZA's mission is more difficult, because of the colder temperament of some northern politicians. But, still, 30 years of experience are not to dismissed so easily!

    1. Please help me:
      You speak about solidarity, but it is a two-directions-road. When did ever a Greece government show solidarity toward poorer Eastern European Countries and help them financially?
      Why do they now expect to be bailed out these poorer countries? And why do you call that wish "discovering their inner solidarity" and not "blackmailing"?

    2. Dear Roger,

      Maybe you missed the sarcasm. The way i knew things, i knew that "there are no friendships in foreign policy, only interests". But it is entertaining how the vocabulary of politicians has been enriched during the crisis with new euphemisms! The greek goverment has shows "solidarity" only towards Germany in 1953. It was a moment of great "solidarity". It is not blackmailing, because in politiquese, the terms, are the following:
      - Saving my banks = showing solidarity.
      - Internal devaluation = reform.
      - Cutting low pensions (EKAS) = we never asked to cut pensions.
      - Raising VAT = Important reform.
      - Blackmailing = boosting solidarity / building relationships.

      To answer your question, Greeks are lovely people,so only Greece managed to awaken a heartwarming feeling to all other countries, enough to show solidarity, while eastern european countries, could not achieve the same.

  4. Following the advice of banks? ;-)
    (Sorry, only in German)