Greeks took to the streets by the tens of thousands on Saturday to commemorate the 39th anniversary of a deadly student uprising against the country's former dictatorship.
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How the world sees Greece
Saturday, November 17, 2012
Greeks march to commemorate student uprising
Greeks march to commemorate student uprising
With more than 6,000 police deployed in the city center, protesters marched from the National Technical University of Athens, where the 1973 uprising kicked off, to the U.S. Embassy.
Some burned a European Union flag, angry over EU demands to cut Greek spending in order to get a desperately needed bailout loan.
After violent clashes with police on the 16th, the army intervened and tanks stormed the National Technical University in the early hours of the 17th.
While the student uprising failed to overthrow the dictatorship, a coup by army hardliners deposed the dictator, George Papadopoulos, on Nov. 25, 1973.
Some burned a European Union flag, angry over EU demands to cut Greek spending in order to get a desperately needed bailout loan.
After violent clashes with police on the 16th, the army intervened and tanks stormed the National Technical University in the early hours of the 17th.
While the student uprising failed to overthrow the dictatorship, a coup by army hardliners deposed the dictator, George Papadopoulos, on Nov. 25, 1973.
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Greece Odyssey heading to Class B girls soccer title game
Greece Odyssey heading to Class B girls soccer title game Rochester Democrat and Chronicle CORTLAND — It took only 10 minutes for Greece Odyssey to show that Saturday's Class B state soccer semifinal would be different than last year's championship against Schalmont. Kelsey Lafferty's header gave the Leopards the early lead and they held on ... |
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Privatizing Greece, Slowly but Not Surely
As Greece redoubles its efforts to cut its debt and stoke its economy, privatization is viewed as a last hope for luring foreign cash. But the effort has been sputtering.
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As eurozone economy shrinks, govt debt loads grow
The eurozone's combined debts are equal to about 93 percent of the region's gross domestic product this year and that figure is forecast to rise to peak at 94.5 percent next year.
The panic in European financial markets has eased in recent months largely because of aggressive action by the European Central Bank.
The ECB said on Sept. 6 that it was willing to buy unlimited amounts of government bonds issued by countries struggling to pay their debts.
The U.S. economy remains weak several years after actions by the Federal Reserve helped arrest its financial crisis.
Whether they got into trouble by overspending or after rescuing banks from a real-estate collapse, European governments are tackling their debts the same way:
By raising taxes and cutting spending, including wage cuts for public sector workers.
Wage cuts have weighed on family budgets, and people are saving more because they're worried about further economic shocks.
[...] in a September survey on global competitiveness by the World Economic Forum, Greece, Portugal, Spain and Italy ranked low because of poor access to financing and rigid labor markets.
The panic in European financial markets has eased in recent months largely because of aggressive action by the European Central Bank.
The ECB said on Sept. 6 that it was willing to buy unlimited amounts of government bonds issued by countries struggling to pay their debts.
The U.S. economy remains weak several years after actions by the Federal Reserve helped arrest its financial crisis.
Whether they got into trouble by overspending or after rescuing banks from a real-estate collapse, European governments are tackling their debts the same way:
By raising taxes and cutting spending, including wage cuts for public sector workers.
Wage cuts have weighed on family budgets, and people are saving more because they're worried about further economic shocks.
[...] in a September survey on global competitiveness by the World Economic Forum, Greece, Portugal, Spain and Italy ranked low because of poor access to financing and rigid labor markets.
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IMF'S Lagarde says Greek deal should be 'rooted in reality'
 Business Recorder | IMF'S Lagarde says Greek deal should be 'rooted in reality' Reuters India MANILA | Sat Nov 17, 2012 10:24pm IST. MANILA (Reuters) - An agreement among Greece's international creditors on reducing its large debt pile should be "rooted in reality and not in wishful thinking," the head of the International Monetary Fund said ahead ... Euro zone, IMF making progress on Greece: Eurogroup's Jean-Claude Juncker |
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Euro zone, IMF make progress on Greece: Juncker
Business Recorder (blog) | Euro zone, IMF make progress on Greece: Juncker Fox Business "We are working intensively on a compromise with the IMF on Greece and are making progress," he said, adding it remained to be seen how much the differences had been narrowed by Tuesday's meeting of euro zone finance ministers and the IMF. Lagarde to Defend IMF Credibility in Euro-Area Talks on Greece Eurogroup's Juncker says euro zone threats do not help Greece The troika calls for further cuts in Greece |
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March commemorating 1973 student uprising underway in Athens, amid heavy police presence
ATHENS, Greece - Several thousand marchers are commemorating the 39th anniversary of a deadly student uprising against the then ruling dictatorship, with more than 6,000 police deployed in the centre of the Greek capital.
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Lagarde to Defend IMF Credibility in Euro-Area Talks on Greece
 Wall Street Journal (blog) | Lagarde to Defend IMF Credibility in Euro-Area Talks on Greece Businessweek International Monetary Fund Managing Director Christine Lagarde said she'll defend the IMF's credibility in talks on Greece this week, signalling a potential clash with euro finance chiefs over Greek debt sustainability. Lagarde cut short a visit to ... Greece: It's Not About the Numbers Greece looks past Europe in search for new funds 'Greece would have to earn haircut' |
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IMF'S Lagarde says Greek deal should be "rooted in reality"
 PublicServiceEurope.com | IMF'S Lagarde says Greek deal should be "rooted in reality" Chicago Tribune MANILA (Reuters) - An agreement among Greece's international creditors on reducing its large debt pile should be "rooted in reality and not in wishful thinking," the head of the International Monetary Fund said ahead of a tense meeting with European ... Greek debt — a riddle, wrapped in a mystery, inside an enigma UPDATE 2-Top euro policymakers at odds over Greek debt fix IMF's Lagarde Refrains From Predicting Outcome of Greek Talks |
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Greek banks face extra monitoring: bankers
 Party for Socialism and Liberation | Greek banks face extra monitoring: bankers Taipei Times Greek pensioners and employees march in front of the Greek parliament in Athens on Oct. 30 to protest against austerity measures. On Friday, senior bankers announced that international lenders are set to enforce additional supervision on the country's ... Greek workers fight back against austerity Debt writedown only possible solution to crisis facing Greece Euro zone, IMF make progress on Greece: Juncker |
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Greeks march to mark 1973 student revolt against junta
ATHENS (Reuters) - Thousands of Greeks protesting against austerity policies rallied in Athens on Saturday to mark a bloody student uprising almost four decades ago against the military junta that then ruled the country.
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UPDATE 1-Euro zone, IMF make progress on Greece- Juncker
 My Moinfo | UPDATE 1-Euro zone, IMF make progress on Greece- Juncker Reuters BIELEFELD, Germany Nov 17 (Reuters) - Euro zone governments and the International Monetary Fund (IMF) are making headway in settling a row over how to make Greece's debt manageable, Eurogroup President Jean-Claude Juncker said on Saturday. Eurogroup's Juncker says euro zone threats do not help Greece Euro zone, IMF making progress on Greece: Eurogroup's Juncker Euro zone, IMF making progress on Greece: Eurogroup's Jean-Claude Juncker |
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The Week Ahead: Gaza, Greece or the Fiscal Cliff?
Macro bears have their pick of worries, but the longer-term technical picture still appears favorable. MoneyShow's Tom Aspray shares which sectors and plays look the strongest as we enter a busy holiday week.
It has been another rough week for the stock market. The Spyder Trust (SPY) lost 1.3% for the week, after it managed to close Friday well off the lows.
The worst-hit sector has been technology, as the Apple-heavy Select Sector SPDR Technology (XLK) is down well over 13%. Though the majority of world markets are also lower, the German Dax is down just 6.4% from its September high.
This week does not appear to be any less volatile. Tensions in Gaza are high, Greece’s euro debt problems have not yet been resolved, and we have the ongoing discussions in the US over the fiscal cliff. So which of these three clouds on the horizon worries me the most?
The potential for another war in Gaza and the chance that it could spread is my biggest worry. It could cause a deep shock to the financial markets, if not the global economy. Unfortunately, neither side is big on compromise, which is the same problem facing the US and the Eurozone.
Despite the rally Friday, the market could still see another sharp break to the downside before we get a strong oversold rally. From a technical perspective, we need to see more than a one- or two-day rally to bring us closer to the formation of a market bottom.
As for the fiscal cliff, I still think that those who sold in fear over its consequences will regret it. I expect many stocks to surpass their pre-election levels in the coming months.
It has been another rough week for the stock market. The Spyder Trust (SPY) lost 1.3% for the week, after it managed to close Friday well off the lows.
The worst-hit sector has been technology, as the Apple-heavy Select Sector SPDR Technology (XLK) is down well over 13%. Though the majority of world markets are also lower, the German Dax is down just 6.4% from its September high.
This week does not appear to be any less volatile. Tensions in Gaza are high, Greece’s euro debt problems have not yet been resolved, and we have the ongoing discussions in the US over the fiscal cliff. So which of these three clouds on the horizon worries me the most?
The potential for another war in Gaza and the chance that it could spread is my biggest worry. It could cause a deep shock to the financial markets, if not the global economy. Unfortunately, neither side is big on compromise, which is the same problem facing the US and the Eurozone.
Despite the rally Friday, the market could still see another sharp break to the downside before we get a strong oversold rally. From a technical perspective, we need to see more than a one- or two-day rally to bring us closer to the formation of a market bottom.
As for the fiscal cliff, I still think that those who sold in fear over its consequences will regret it. I expect many stocks to surpass their pre-election levels in the coming months.
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Debt writedown only possible solution to crisis facing Greece
 Economic Times | Debt writedown only possible solution to crisis facing Greece Las Cruces Sun-News One way or another, the governments and other official lenders that have bailed out Greece and now hold its debt are going to lose some or all of that money. They can let it go now, by providing Greece with debt relief, or they can lose it later ... The troika calls for further cuts in Greece As eurozone economy shrinks, gov't debt loads grow |
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Euro zone, IMF making progress on Greece: Eurogroup's Juncker
My Moinfo | Euro zone, IMF making progress on Greece: Eurogroup's Juncker Reuters BIELEFELD, Germany (Reuters) - Euro zone governments and the International Monetary Fund (IMF) are making progress in solving their row over how to make Greece's debt manageable, Eurogroup President Jean-Claude Juncker told Reuters on Saturday. Eurogroup's Juncker says euro zone threats do not help Greece Euro zone, IMF making progress on Greece: Eurogroup's Jean-Claude Juncker |
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Would Karl Marx have been a banker today? Not likely | Peter Thompson
The richest man in China worries about the social disparity in his Communist country. Marx recognised the roots of that inequality
It is often said that if you want to be a proper Marxist then the first thing you must do is subscribe to the FT. The house journal of capital does not dress its business in fine, embroidered veils but lets you know exactly what is going on. There are sometimes exceptions though. In an impeccably moderate and yet wrong-headed article in the Financial Times on 15 November, Karl Sternberg argued that if Karl Marx were alive today he would be a banker, on the grounds that by 2007 the banks had reached a state of "communist perfection" in that the workers had managed to take control of their institutions and accrue to themselves more than the full fruits of their (rather meagre) labours. Nice try and a good journalistic trick, but no cigar and top hat, I'm afraid.
Apart from the fact that Marx would, were he alive today, be continuing to play the markets while waiting for them to collapse – and oh how he would be enjoying this crisis – the idea that the banking crisis was caused just by the greed of a few bankers has always been risible. He would be showing in volume four of Das Kapital (as he had started to do already in volume three) that rentier and finance capitalism is not the antithesis but the logical consequence of an industrial capitalism that has grown so vast (see China and India today) that only vast and flexible sums of imaginary money can lubricate it.
In other words: the debt that is now dragging us all down is not the result of lazy Greek workers, benefit scroungers or illegal immigrants being personally handed bundles of cash by Gordon Brown, but was absolutely necessary for the massive transition from national to globalised production during the 1980s and 1990s. The credit bubble was not a mistake, but a necessity and now that it has burst the costs are being passed on to those who did not create it but who are chained into an economic system that allows no escape, unless you have access to offshore havens. As Marx himself put it:
"The two characteristics immanent in the credit system are, on the one hand, to develop the incentive of capitalist production, enrichment through exploitation of the labour of others, to the purest and most colossal form of gambling and swindling, and to reduce more and more the number of the few who exploit the social wealth; on the other hand, to constitute the form of transition to a new mode of production."
Point one? Tick. Real wages in the west have not risen since the 1970s and, combined with improved technology the rate of exploitation has increased everywhere. The French call the period from 1945-1975 "le trente glorieuses" ("the glorious thirty"); three decades of almost full employment in Europe and the US, expansionary policies, rising wages and the development of a welfare state that transferred daily concerns about things such as housing, health and education to the state. This allowed people to spend their hard-earned cash on consumer goods, creating effective demand in the economy. China will have to move in this direction soon.
The crisis we are living through in the west dates from the mid-1970s, when the decision was taken to drive down real wages and replace state with private spending on all of those things we took for granted. This crisis has sped up the transition to the pay-as-you-go society of the Wall Street consensus and the privatisation of everything that moves, while the division between rich and poor has constantly increased.
The mistake is to think, however, that the golden years from 1945-1975 were anything other than a temporary exception. In fact, normal capitalist service is now being resumed, but in a more advanced and brutal form. Austerity will become the new normal until our wages are low enough to compete globally.
Point two? Tick. The Chinese walls of national capital have been well and truly battered down and we have become the new barbarians, being forced on pain of extinction to adapt to the lowest wages and the cheapest commodities. This is not, of course, the new mode of production Marx wanted to see, but it may work out to be the transition to it.
On Thursday on the BBC we had the fine sight of the richest man in China, worth some $20bn (£12.6bn), sitting at a desk with the hammer and sickle prominently displayed, worrying about the social disparities that have led to more than 12,000 major and minor popular uprisings in the last year alone. So on second thoughts, maybe Marx would have been a Chinese banker.
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Greek workers fight back against austerity
Party for Socialism and Liberation | Greek workers fight back against austerity Party for Socialism and Liberation The austerity measures serve the dual purpose of boosting the profits of Greek capitalists and meeting the conditions to secure the next installment of bailout money from the Troika—the International Monetary Fund, European Central Bank and European ... Greek debt — a riddle, wrapped in a mystery, inside an enigma Debt writedown only possible solution to crisis facing Greece The troika calls for further cuts in Greece |
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Eurogroup's Juncker says euro zone threats do not help Greece
Eurogroup's Juncker says euro zone threats do not help Greece Chicago Tribune "Threats in the Austrian, German or Bavarian language that Greece will soon leave the euro zone do not do Greece any good," he said in a speech in the north-western town of Bielefeld. "We must show solidarity with Greece and watch our words." He also ... |
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