Showing posts with label Debt Crisis. Show all posts
Showing posts with label Debt Crisis. Show all posts

Tuesday, July 7, 2015

The end game of the Welfare State!

July 07, 2015 Debt Crisis , Greece 0 Comments
Greece Votes No: The European Union Is Dying Before Our Eyes

By Nigel Farage, Jul. 6, 2015, The Telegraph
Despite the scaremongering and bullying from those in Brussels, we are waking today with Greece having delivered a resounding No.

That comes despite EU bosses saying that it would mean a Greek exit from the Euro, not to mention the heavy economic pressure placed on the Greek people to go along with the wishes of Brussels. It is a crushing defeat for those Eurocrats who believe that you can simply bulldoze public opinion.

Chief bully-boy Martin Schulz, President of the European Parliament, and other supposed leaders of the European Union did their best to terrify the Greek people into submitting to the wishes of the European Union. But they utterly failed. The fear espoused by the Yes campaign was rejected. Opinion polls that put the Yes side ahead just days before were way out, as thousands upon thousands of Greek citizens lined the streets chanting “Oxi”.


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Monday, July 6, 2015

Now What?

July 06, 2015 Associated Press , Debt Crisis 0 Comments
Grease Votes No On Austerity

By Associated Press, Jul. 6, 2015

ATHENS, Greece (AP) -- Despite triumphing in a popular vote against austerity, Greece on Monday faced the urgent need to heal its ties with European creditors and reach a financial rescue deal that might prevent it from falling out of the euro - possibly within days.

Prime Minister Alexis Tsipras won big in Sunday's referendum, in which 60 percent of Greeks rejected the economic measures creditors had proposed in exchange for loans the country needs to remain afloat. He also received the rare backing of opposition parties to restart bailout negotiations.

But his bolstered mandate to push for better concessions from creditors hit the hard reality of the country's deteriorating finances, with the banks facing the risk of collapse within days unless a rescue deal is reached.

In a sign that he hopes to reach a deal as soon as possible, Tsipras appointed a new mild-mannered finance minister to lead talks with bailout creditors and replace Yanis Varoufakis, the hard-talking professor who clashed regularly with his European counterparts.

Euclid Tsakalotos, a 55-year-old economist, appears more willing to reach a compromise with creditors and will be tested as soon as Tuesday, when he will meet the other 18 eurozone finance ministers in Brussels.

That meeting is meant to seek the basis for a deal that European leaders, including Tsipras, might discuss at an emergency summit later in the day. Ahead of the summit, Tsipras spoke by phone with German Chancellor Angela Merkel.

Greece's financial situation is getting more difficult by the day. It had to close the banks last week to prevent their collapse in the face of a run, and imposed limits on cash withdrawals and transfers.

More: www.ap.org

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Sunday, July 5, 2015

Spain's next!

July 05, 2015 Debt Crisis , Greece 0 Comments
Forget Greece-- Here’s The Country We SHOULD Be Panicking About 

By Mike Gonzales, Jul. 3, 2015, The Daily Signal

Sick of what Greece is doing to your 401(k)? Well, there’s a bigger threat looming in the form of a far leftist movement in a larger Mediterranean country. Spain’s Podemos party has just taken over the country’s biggest cities. Oh, and it really doesn’t care about your capitalist savings.

Podemos, or “We Can” in Spanish—one of its regional affiliates is actually called “Si, se puede,” or literally “Yes, We Can”—might quibble with being identified as leftist, or even as an organized party at all. It sometimes calls itself “an alternative project,” or a “social movement,” and it insists it is all about transcending the left-right paradigm. All the other parties, from left to right, are disparaged as “the caste.”

Podemos leader Pablo Iglesias, a 36-year-old ponytailed academic-turned-media-darling, also insists the party did not borrow its name from Barack Obama but that both borrowed it from Latino activists in the 1960s and ‘70s. “Obama was quite clever using that, but it’s not a creation of Obama,” Iglesias eagerly told Democracy Now’s Amy Goodman in a Feb. 17 interview.


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"The Truth Finally Emerges"

July 05, 2015 Debt Crisis , John Cassidy Greece 0 Comments
New Yorker: Greece’s Debt Burden 

By John Cassidy, Jul. 3, 2015, The New Yorker

Just when you thought that the Greece saga had run out of plot twists, another one emerged on Thursday—and it was an important one. A few days before a referendum that will probably decide the fate of Greece’s Syriza government, one of the country’s creditors, the International Monetary Fund, came out and acknowledged that the stricken country is unlikely to recover until a good portion of its huge debt load is wiped out.

Echoing the argument that Yanis Varoufakis, Greece’s controversial finance minister, has been making for months, the I.M.F. published an internal analysis that described Greece’s debt dynamics as “unsustainable.” At a minimum, the analysis said, the maturity dates of Greece’s loans, which total more than three hundred billion euros, “will need to be extended significantly.” And if Greece doesn’t push through all of the structural and fiscal reforms that the Fund believes are necessary, “haircuts on debt will become necessary.” (A “haircut” is the financial term for reducing the face value of outstanding debt. If you owned a $1,000 bond and it was subjected to a haircut of ten per cent, it would entitle you to collect just $900 when it became due.)

More: www.newyorker.com

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Saturday, July 4, 2015

In 25 years, will this be OUR fate?

July 04, 2015 Debt Crisis , Ekathimerini.com 0 Comments
Greece: Leaflet-Throwing Youths Loot Athens Supermarket 

By Ekathimerini.com, Jul. 3, 2015

A group of around 30 people raided a supermarket in the Athens neighborhood of Vyronas on Friday, throwing anti-austerity flyers into the air and grabbing food off the shelves.

The youths, who were believed to belong to anti-establishment groups, left the supermarket without paying and shared their loot with passers-by in the street before fleeing.

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