JVP’s pack of lies on Greek Bonds
Posted on January 13th, 2015
Hot News
The Janatha Vimukthi Peramuna (JVP) today complained to the Bribery Commission against 12 persons including, Mahinda Rajapaksa, Basil Rajapaksa, Gotabaya Rajapaksa and Namal Rajapaksa about alleged financial frauds committed by them. Complaints were made against former Central Bank Governor Ajith Nivard Cabraal, Carlton Super Sports Club, former Internal Trade Minister Johnston Fernando, former Ports Minister Rohitha Abeygunawardane, Tourist Board Chairman Senanka Guneratne, Managing Director of Sri Lanka Tourism Promotion Bureau Rumy Fawzer and Chairman of National Lotteries Board, as well.
The complaint states that it was a widely accepted fact that the default of the bonds by the Greek Government is only matter of time. The JVP’s conclusion appeared to be on the basis of some hypothetical report produced by uncorroborated group called Center for Geoeconomic studies published on the internet in september 2010. The complaint was cut and paste from the report appeared on the internet
http://blogs.cfr.org/geographics/2010/09/02/greek-debt-2/
Greek Debt Crisis – Apocalypse Later
September 2, 2010
The difference between Greek and German government bond yields can be used to estimate the market’s view of the likelihood of a Greek default. The chart above shows these probabilities over different time frames on three different dates. On April 30th, no European plan was yet in place to address the ballooning Greek debt, and default was considered a real possibility in the short term. On May 11th, just after the European Stabilization Mechanism (ESM) was announced, markets sharply cut their view on the odds of default across all time horizons. However, the market’s analysis of the ESM has become much more nuanced since then. On September 1st, the market’s view of the probability of default within two years was lower than before the ESM was announced, but higher over longer time frames.
Greece will happily borrow from the ESM to avoid having to close its primary deficit (that is, excluding interest payments) too rapidly. Yet if Greece is successful in eliminating its primary deficit, its temptation to default will actually grow, as it can wipe out huge amounts of accumulated debt without any longer needing the financial markets to fund current expenditures. If faced with the choice between paying Greek debts and letting Greece default, its northern neighbors may, once their banks are on more solid footing, find it more attractive simply to let Greece default. This is the story line that the markets are now pricing into government bond spreads.
The Truth
The truth of the fact is diagonally opposite as following reports say. JVP should not venture into unknown territories and just waste Bribery commissioner’s precious time on issues that they do not comprehend at all.
Bloomberg report
Greek Bond Advance with Stocks as market softens view of Syriza
Bloomberg reported yesterday Greek Bond Advance with Stocks as market softens view of Syriza
http://www.bloomberg.com/news/2015-01-12/greek-government-bonds-advance-as-market-softens-view-of-syriza.html
Greece’s bonds climbed, sending 10-year yields down by the most since October, amid easing concern that a victory for the anti-austerity Syriza party in this month’s elections would result in the nation leaving the euro region.
Huge investor demand for Greek five year bond
10 April 2014
http://www.bbc.co.uk/news/business-26967027
The sale of long term debt by the Greek government was eight times over subscribed, the government has said.
Greece’s deputy prime minister Evangelos Venizelos said demand for 3bn euros (£2.4bn) worth of five year bonds proved the country’s debt is sustainable.
The sale attracted interest from 550 investors.
Greece is retuning to the capital markets for the first time since its economy nearly collapsed in 2010.
The Greek government had initially priced the bond to provide a return of between 5% and 5.25%.
But with investor orders running at 20bn euros (£16.5bn) it was able to lower the yield to 4.95% – far lower than analysts had expected.
Why hedge fund managers are betting on Greek debt
Friday, 9 Jan 2015 | 2:32 PM ET
http://www.cnbc.com/id/102325631
Call it hedge-fund shuttle diplomacy. Flights from New York and London to Athens are seeing a lot of hedge fund managers.
Louisa Gouliamaki | AFP | Getty Images
Pensioners gather outside the Labour ministry in Athens, on December 18, 2014, during a rally against pensions cuts.
The investors are meeting with the economic team of leftist leader Alexis Tsipras who, if the polls are right, could become the next prime minister of Greece after elections this month.
The political leader has been consistent with rhetoric that the European Union and International Monetary Fund need to change the terms of a their 2012 bailout of Greece, and it’s gotten some market watchers concerned that the Mediterranean country will end up leaving the euro zone—either of its own accord or by being pushed out.
The Janatha Vimukthi Peramuna’s (JVP) complaint to the Bribery Commission
http://www.lankaweb.com/news/items12/Copmplant_English.pdf
January 13th, 2015 at 3:09 pm
Now the “Latest” and the “Novel” introduction is “HOT NEWS”. Who takes responsibility for this type of “GOSSIP”? Are we to be guided by “Gossip”? In this particular case: Did anyone read or is in possession of the complaint made to the Briber Commission?. If so, please come forward and tell the “Truth” and “Quote”.
January 13th, 2015 at 3:30 pm
Douglas,
At least we can talk now , hot or cold lies, compared to election time MUD News. So let us be grateful and enjoy freedom My3’s win brought us.
January 13th, 2015 at 3:46 pm
I just checked the appropriate hyperlinks and the JVP.s complaint, it is not a gossip, its the truth about Greek Bonds
The JVP’s complaint is a pdf file
http://www.lankaweb.com/news/items12/Copmplant_English.pdf
January 13th, 2015 at 4:44 pm
Nanda: I Google “military purge under Sirisena government Sri Lanka and got this:
Sri Lanka’s new leader purges Rajapakse’s placemen
COLOMBO: Sri Lanka’s new president has axed hundreds of officials and diplomats appointed by his predecessor as he prepares to form his new cabinet, a senior aide said on Monday.
Lawmaker Rajitha Senaratne also said President Maithripala Sirisena would announce his cabinet later on Monday.
“He has asked all political appointees of the former president to resign immediately,” said Senaratne, adding politically appointed diplomats had been asked to return to the country.
“We are going to have a cabinet of 29 ministers,” Senaratne told AFP.
Sirisena invited all parties to join his cabinet on Sunday, two days after ousting Sri Lanka’s longtime leader Mahinda Rajapakse in a surprise election victory.
The new president quit Rajapakse’s cabinet in November to emerge as an opposition unity candidate in the January 8 polls, triggering a mass defection of lawmakers.
Analysts have already warned that he may struggle to satisfy the diverse coalition that backed his campaign.
As he got to work on Monday, Sirisena spoke to top US diplomat John Kerry after pledging to mend ties with the West. The US secretary of state said Washington wanted to strengthen its relations with Sri Lanka, which soured under Rajapakse.
Senaratne said the new government had secured wide support, including from parties outside the coalition.
The main party representing the country’s Tamil minority, who played a significant role in ousting Rajapakse, declined to take any cabinet positions but agreed to support the president, Senaratne said. Sirisena, who needs a majority in the 225-member assembly to push through ambitious reforms, has moved to strengthen his hold on parliament by securing further defections.
He has pledged to reverse many of the constitutional changes made by the former president, who gave himself huge powers over all key institutions, including the judiciary.
Rajapakse’s Sri Lanka Freedom Party (SLFP) split on Sunday night when a section of its policy-making central committee broke away and pledged support to Sirisena.
THE PURGE HAS JUST BEGUN AND THIS NEW GOVERNMENT HAS NOTHING TO DO WITH DEMOCRACY, OR TO REPRESENT THE VOICE OF THE MAJORITY.
January 13th, 2015 at 5:59 pm
JVP the Sinhala terrorist arm of the Indian Empire. Where did the JVP get all that money to mislead Sinhala youth kill other Sinhalese and get them killed?
January 13th, 2015 at 9:38 pm
No one in Sri Lanka except the people who has blood on their hands believe this pain in the ass Party JVP. They do not have a voter base in Sri Lanka to dictate to any Govt. We saw the crowds in their meetings this past elections. In some cases not even 10 people were there. So I do not think any value in their saying or even support them for their ugly politics.
Anura is a tool of the west. He do not have any vision to my country except just barking like a dog to divide the people. Their main aim is to take revenge form the people who do not agree to their demands. They create unnecessary work stoppages,Destroy property,disturb the peace in the country etc.Nothing good coming from them for the benefit of our public. Just some blood suckers who never cooperate to do anything good for the country. First of all we must investigate their crimes against humanity during the dark days of their struggle in 70′ & 80′ They were all guilty of many crimes in the past and they should be given punishment before anyone give punishment for others.
January 14th, 2015 at 1:14 am
If you read JVP’s Complaint sheet carefully , apart from accusation on bank reinvestment of funds on Greek bonds, other accusations are trivial and insignificant. At the moment investment on Greek bonds is more appropriate and better than investment on share market can attract best returns. Regarding other accusations, under BOI facilities provided for foreign investors, vehicles and machineries can be imported to the country without paying import tax. So,There is no corruption involved .
January 14th, 2015 at 2:22 am
All those who screamed the roof down caliming corruption have become babies suddenly. Champika and Ranja yesterday calling the general public to come forward with their complints and evidence if they knew of any corruption.
Why not those who accused of corruption come out first with their proof of allegations.
The biggest election malpractice was the money pumped from western countries for the campaign of the swan,which was caught red handed but no one seems even to notice it. The same happened when fonnie ran but it is quietly under the carpet now.
‘Hooray for a yahapalaya’.
January 14th, 2015 at 2:57 am
BW,
Purging the Ali Baba’s political appointments is a part of “yahapalanaya”. Keep searching and inform me ONLY when he purges military.
Do you believe Sajin Vass, Mohan Pieris , should not be purged ?
Why did the big brother left the country. Please search that too.
January 14th, 2015 at 3:01 am
NAK
You say
“The biggest election malpractice was the money pumped from western countries for the campaign of the swan,which was caught red handed but no one seems even to notice it.”
We would be very much interested to know more details. Please provide source or newspaper reports etc.
Caught red handed you say, please provide a link to this so that we can all notice it.
No point making a bland statement without backing it up.
January 14th, 2015 at 3:02 am
Purge of Kudu Started too ! Ex PM will be arrested Soon.
Jan 14, Colombo: A wanted Sri Lankan drug lord who has fled the country has been arrested in Pakistan, local media reported.
The underworld kingpin Gampola Vidanalage Don Samantha Kumara aka ‘Wele Suda’ has been arrested in Pakistan, and deported to Sri Lanka today (14).
An Interpol Red Notice was issued last year on Wele Suda, one of the major drug traffickers in Sri Lanka. Sri Lanka Police Narcotics Bureau said at the time the drug kingpin lives in Peshawar in Pakistan.
The suspect has amassed a massive wealth from drug trafficking and fled the country with his wife last year when police moved on him. However, the police arrested his wife when she returned to Sri Lanka at a later date
January 14th, 2015 at 3:15 am
More Purge ? – from Lanka Truth
Weerawansa charged with fraud & corruption
Wednesday, 14 January 2015 15:00
A complaint has been filed at the Commission to Investigate Allegations of Bribery or Corruption against former Minister of Housing and Construction of Mahinda Rajapaksa government Wimal Weerawansa and his wife.
The complaint filed by Attorney at Law Namal Rajapaksa states Wimal Weerawansa and his wife led very ordinary lives when Mr. Weerawansa joined Mr. Mahinda Rajapaksa’s government but during the last 6 years they have become millionaires and owners of luxury houses, lands and businesses.
The manner they possessed such wealth is suspicious states the complaint and requests the Commission to Investigate Allegations of Bribery or Corruption to carry out an investigation and to take legal action if they had been involved in frauds and corruption.
January 14th, 2015 at 7:20 am
Well a lot of the “thoththa babas” of the new cabinet have many skeletons in the closet.
Guess its time to open these cans of worms.