The Toxic Euro Government Bonds


Last year I have been looking in the Bank Al Maghrib‘s (BKAM) annual reports 2014 (1,2) (income of 2013), and I noticed a very curious public debt of 63.5 % of the GDP, of which 75.5 % is an outstanding public debt, with a total amount of 659.2 billion MAD (Moroccan Dirhams)

I am not a banker, but according to my understanding this debt has nothing to do with the performances of the Moroccan economy. The outstanding amount has to do with treasury bonds that didn’t yield.  A further analysis of the annual report of the Bank Al Maghrib shows that the outstanding government debt is related to bonds in Euro.

Moroccan investors, banks and other financial institutions must have lost their money on toxic government bonds in Euro or in a gigantic fraud related to the Euro. I’ve been busy analyzing all that. I’ve put it together in a comprehensive report for the Moroccan press named

“The Toxic Government Bonds”

In the beginning of last year, I discreetly emitted my willingness to investigate how these treasury bonds in Euro look like, in order to find out to which government investment programs the public debt is related.  I also wanted to know which central banks in the Euro-zone emitted the bonds, because they didn’t describe that in the Bank Al Maghrib annual reports (1,2).  There are many other aspects that I highlighted for the investigation and the is to find the money and to bring it back to the Bank Al Maghrib.  That is what I want to do.  That is why I wrote

“The Toxic Government Bonds”

When discovering the huge Moroccan Public debt, I started looking into the annual report 2014 of the Belgian National Bank, of course, with income of 2013 (3, 4) because the National Bank of Belgium seems to me the ultimate governor of the Eurosystem!Al4sCEk6vevMmVA_k5X0hL6q6y-W That is what I found when searching more about the Eurosystem by using the abbreviation ESCB instead of ECB.  The database which I consulted are .  The Eurosystem is not only a European interbanking payment system, but it is also the coins and the bank notes in


Find out how the Euro makes big holes in the budget of my country, in the “The Toxic Government Bonds”

The annual reports of the National Bank of Belgium (3, 4) reveal that the Belgian Central Bank supervises in a way the activity of the European Central Bank (ECB).  It is an authority overlooking the activity of the ECB, but you have to read between the lines for finding this truth.   In the corporate annual report of 2013 on page 10, I found a text indicating this as well as a concern of the credit risks related to the Eurosystem.

It says : “In line with the Eurosystem missions concerning monetary policy and also for the purpose of its prudential activities, the Bank established an In-House Credit Assessment System (ICAS). The credit risk of non-financial corporations (I suppose they mean the governments) in fact plays a key role in the exercise of the Eurosystem’s monetary policy, because it is a crucial factor in the assessment of the collateral that financial institutions deposit in return for the provision of liquidity. In the exercise of prudential supervision, too, a thorough, independent and objective idea of the credit risk relating to financial institutions’customers is a significant advantage”

On page 22 of the NBB corporate report 2013 is an organization chart at director level you will find Mr Pierre Wunsch.  First of all, they have withheld the exact role of the directors which puts into question the transparency of the NBB as a whole.  Secondly you will find underneath Mr Pierre Wunsch, the International and eurosystem Coordination Mr D. Servais.   I have not found such a position at the other central banks in the Euro-zone. If this concerns the international coordination of the entire eurosystem, Mr D. Servais should normally be sitting at the ECB in Frankfurt and not at the NBB in Brussels.

The Belgian State has enormous debts too, just like Morocco, but these debts are definitely related to bad performances of the economy, because they obviously don’t have any outstanding treasury bills like the BKAM. The 2013 annual report of the NBB (5),confirms this fact. My discovery is that this bank has nothing to do with the Belgian government. The NBB is not a central bank like the BKAM is, but it is a marginal bank in Belgium. The NBB is not interested in the Belgian people and their government. The NBB is more concerned with the Eurosystem, and could therefore be the rules of the Euro, as well as the

“The Toxic Government Bonds”

The NBB also “lends” money to the ECB, the European Commission,the OECD, as well as to the IMF, but the NBB does not give money to the Belgian people and their government. The NBB also can’t do anything about the Belgian debt which is making a hole through the roof of their bank. It was approaching the 105 % of the GDP when I was writing the bond report concerning the Moroccan government debt.  The debt has slightly risen to 106.1 % in 2015

So Greece’s reaction was right when they decided not to speak to the Troika (IMF, European Commission and the ECB), because it is a catch 22.  They would ultimately be speaking to the same mafia.  You will agree that a problem, particularly related to money, doesn’t get resolved in this way.

The NBB is also the government body of the IMF/ IBRD of which Morocco is a loyal customer.  For solving the Moroccan government debt, we need to speak to the exact owners of the Eurosystem to examine together to which government investments the “The Toxic Government Bonds” are related

This Euro bond report of the Bank Al Maghrib highlights the true value of the Euro.

Naima Mouali

United Chambers of Commerce and Industry