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 [...]
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 [...]
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 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 [...]
AFP photo It can not be stressed enough that the Greek bailout is really about getting present investors some return on their money. It is not a loan to tide over the Greek economy while they look to carry on helping their own people. The ultimate price to be paid is for Greeks to become [...]
Germany at odds with Dutch and IMF boss over eurozone bailout fund You could be excused for thinking that there is a very short story to the Greek bailout. Apparently Greece is less than 2% of the Eurozone capability. Letting it sink, if that is the correct term, may very well mean nothing [...]
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 – 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 [...]
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 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 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’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. [...]
Greek MPs vote through fresh cuts This is what governing in the national interest is all about. Keep those who say you owe them money paid up as much as possible from the people’s funds then make the people keep paying for the folly of others. It is governing in the elite’s interests and once [...]
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 [...]
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 [...]
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 [...]
