Lessons from Greece on democracy and debt-bondage BY DAVID MCNALLY | FEBRUARY 28, 2012 It is a truism to say that democracy began with the Greeks — less so to say that it originated in popular rebellion against debt and debt-bondage. Yet, with the Greek people ensnared once more in the vice-grip [...]
Greece and Stock Market
Be austere, live in fear. You’ll find your feet with the help of the elite. Get on the side that wins.
Many Greeks resent the troika‘s demands for economic austerity in Greece [GALLO/GETTY] This page has consistently said that austerity is simply a lie foisted on an unwilling public by the elites and their managers and then espoused by an army of dishonest intellectuals who have constructed entire parts of logic and reasoning based on [...]
Economists Predict ‘No Gain, More Pain’ for Greece If alternatives are not pursued, Greece faces many years of economic pain along austerity path
People shout during a huge anti-austerity demonstration in Athens’ Syntagma square. (Photo: Reuters)“The IMF has consistently underestimated the depth of the Greek recession,” saidMark Weisbrot, CEPR Co-Director and lead author of the paper. “At some point, it becomes rational for Greeks to ask, is the euro worth this kind of punishment?” Published on [...]
The Nitty Gritty on How and Why Greece Will Leave the Eurozone As riots rage across Greece, financial blogger Ed Harrison outlines a proposal for the country’s exit from an unworkable eurozone and the creation of a New Drachma. February 13, 2012 | Note from author: This post is a special members-lengthweekly (for Credit Writedowns) that I am making [...]
The European Union and the rhetoric of immaturity The EU’s infantalisation and animalisation of individual members is not surprising explains author.
“The leadership of the EU thinks that Greek people are, collectively, childish enough to require adult supervision to ensure they spend the so-called bailout package in the most responsible way possible,” says author [GALLO/GETTY] Vitoria-Gasteiz, Spain - More than two hundred years after the death of Immanuel Kant, the question of political enlightenment is still a [...]
Greece on verge of breakthrough in deal to cancel 70% of debt • Agreement secured on interest rate for new bonds • Athens hopes to brief EU meeting on Monday
Greece‘s finance minister, Evangelos Venizelos, talks to reporters on Friday. Photograph: Louisa Gouliamaki/AFP/Getty Images Greece is on the verge of a breakthrough in talks with its creditors that could wipe out up to 70% of its debts and alleviate the crisis in the eurozone. An outline deal, hurriedly endorsed by Brussels, came after a frantic three [...]
Thousands Hit Athens Streets Demanding End to Austerity Strikes affect public transportation, other services
Thousands Hit Athens Streets Demanding End to Austerity Strikes affect public transportation, other services – Common Dreams staff watch video at http://www.commondreams.org/headline/2012/01/17-1 Agencies are reporting that thousands of Greeks have taken to the streets and have taken part in strikes in ongoing protests over the country’s harsh austerity measures. Greece has entered its [...]
DPA Concerns are growing once again about Greece. Hopes that Greece can be saved are dwindling. Athens had hoped to reach a deal with its creditors on a 50 percent debt haircut, but banks have now made it clear that efforts to reach an agreement could fail. Should the country go bankrupt, the European Central [...]
Greece in chaos Personally and collectively, the Greeks don’t understand and can’t cope with what’s happening now, let alone what will happen next. The welfare state is being swiftly and deliberately dismantled without any time to set up replacements by Noëlle Burgi “Who knows what tomorrow will bring?” people ask in Athens, Salonika and right across [...]
Greek passes new austerity budget Parliament approves next year’s plan, extending spending cuts that have already proved unpopular with many citizens. The people paying for the excesses of the elite
As lawmakers debated the budget, hundreds of youths clashed with police outside the parliament [Reuters] Greece‘s parliament has approved an austerity 2012 budget aimed at shrinking its debt mountain with tax hikes and spending cuts, hours after protesters clashed with police outside parliament. Three major parties backing Prime Minister Lucas Papademos voted on Wednesday for the [...]
Greece braced for major protests Uprising of 1973 against military rule to be remembered on a day expected to be marked by anti-austerity protests
Greece braced for major protests Uprising of 1973 against military rule to be remembered on a day expected to be marked by anti-austerity protests Demonstrators are set to gather in Athens for a march marking the anniversary of the 1973 uprising that helped bring down the military rulers. The march on Thursday is [...]
Papademos named Greek prime minister President asks former central banker to lead unity government tasked with tackling country’s debt crisis.
Papademos will lead a coalition to push through a bailout to prevent the country from going bankrupt [Reuters] Greek party leaders have agreed to name Lucas Papademos, a former European Central Bank vice-president, as prime minister of a new interim government until early elections, the president’s office said. “The president, after recommendations by political leaders [...]
Greece edges towards naming new cabinet Opposition and ruling parties locked in negotiations to decide who should be the debt-crippled country’s next leader.
Greece edges towards naming new cabinet Opposition and ruling parties locked in negotiations to decide who should be the debt-crippled country’s next leader. Greece’s two main parties are reportedly close to forming a new government, and naming a new prime minister, after extended talks to appoint an interim [...]
Photo by AFP The talk is all of EFSF, firepower, leverage and haircuts. But amidst all the jargon of the Eurozone crisis, it’s easy to forget that there are livelihoods at stake, and that real people are seeing their world turned upside down. Nowhere more so than in Greece. So here are a couple of reminders. [...]
• Athens parliament passes austerity package amid violent protests • Trade unionist killed as police use tear gas to break up fighting
Greek MPs pass austerity measures There were chaotic scenes as violence flared on the streets of Athens Continue reading the main story Global Economy Eurozone crisis explained Q&A: Eurozone rescue proposals Experts debate eurozone options Euro crisis originsWatch The Greek parliament has given its final approval to the latest package of austerity measures. All but [...]
Beyond the anti-Greek media campaign lies the story of a weary people caught between a corrupt political system and rapacious financiers. Sound familiar? It should it is happening everywhere.
The Greeks Are Being Unfairly Maligned by Global Financiers: The Truth Is Very Different Photo Credit: AFP Yiannis manages a small inn in Crete. The 50-year-old from Heraklion with salt-and-pepper hair and a hefty moustache has a son just graduating from college. “We tell the young people to leave,” he says quietly. “There’s nothing for [...]
Clashes in Greece as strikes begin – European debt crisis live People demonstrate in front of the Greek parliament in Athens Photograph: Angelos Tzortzinis/AFP/Getty Images • Shop windows smashed in protests in Athens and Thessalonikias 48-hour strike begins • Shares rise as euro deal nears • Bank of England MPC unanimous on QE • Lunchtime round-up • Today’s agenda [...]
Thousands of protesters have marched in the Greek capital Athens at the start of a two-day general strike, as parliament prepares to vote on sweeping new austerity measures designed to stave off a default that could trigger a crisis in the wider eurozone. Police were deployed in force in central Athens on Wednesday [...]
Greek protester ” Soon there will be nothing left that is Greek. It will all have gone to those who are supposedly helping us in the EU.”
General strike brings Greece to a standstill as public sector closes down Greeks protesting in Athens over the austerity measures. Photograph: KeystoneUSA-Zuma/Rex Features Greece edged deeper into chaos as workers brought the country to a standstill with a general strike. The closure of the entire public sector – from schools to hospitals to government [...]
European debt crisis: Osborne talks up the UK recovery as markets tumble on Greek fears This page will update automatically every minute: On | Off • Lunchtime round-up • Osborne: ‘You cannot borrow your way out of debt’ • Osborne announces ‘credit easing’ for small businesses • Euro hits 8 1/2 month low against dollar • FTSE [...]