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Sunday, November 17, 2013
Thousands march in Greece to mark 1973 student uprising
Greek militants claim responsibility in Golden Dawn killings
Thousands of Greeks take to the streets
Greece corporate bond issuance bounces back
Leftist militants claim Golden Dawn killings as rally honours 1973 uprising
As demonstrators commemorate anniversary, anti-establishment leftists vow to move far-rightists to 'the dustbin of history'
Thousands of Greeks, marking the 40th anniversary of the Athens Polytechnic uprising – an event that would trigger the end of military rule in Greece – took to the streets on Sunday after socialist militants claimed responsibility for the murder of two members of the extremist Golden Dawn party.
As demonstrators prepared to commemorate the symbolic anniversary, a previously unknown group of anti-establishment leftists raised the political temperature by vowing to relocate the far-rightists to "the dustbin of history".
"The Militant People's Revolutionary Forces assumes responsibility for the political executions of … the neo-Nazis," said the gang in an 18-page proclamation sent to a local news portal.
"The armed attack-response … is the starting point of the people's campaign to send the neo-Nazi scum of Golden Dawn where they belong, the dustbin of history."
Amid heightened fears of escalating violence in the debt-stricken country, the assailants described the drive-by shootings as retribution for the fatal stabbing of Pavlos Fyssas, a leftwing rapper killed by a self-confessed Golden Dawn supporter in September. And, in chilling language, warned more attacks would follow.
"The revolutionary movement has to proceed with the material destruction of the infrastructure of Golden Dawn and in a coordinated [fashion] attack those who belong to it … their heads should be cracked open with a hammer, their hands cut off, by way of example, with a sickle."
Some 8,000 policemen were seconded to patrol the boulevards of Athens as a sea of Greeks paid tribute to those killed when the military junta sent a tank crashing through the polytechnic's gates to repress a student revolt.
At least 24 are believed to have died in the bloody suppression with most of the casualties among the 150,000 non-student civilians who had converged on the streets outside the campus in an unprecedented display of opposition to the regime.
For a nation that has become increasingly polarised in the midst of economic crisis, the event is a defining moment, hallowed in the minds of many as the catalyst of the collapse of seven years of military rule only decades after a brutal left-right civil war.
"The mood this year is very similar to 1973 when there was a feeling that the junta was disintegrating and people were full of expectation," said Panos Garganas, a prominent leftist and editor of the newspaper Workers Solidarity.
"After five years of worsening levels of austerity and poverty there is a sense that things are coming to an end, that the situation cannot continue," he told the Guardian as he marched through the streets. "We give the government six months at most."
Dissatisfaction with an administration called to enforce deeply unpopular spending cuts in return for international funds to prop up the country's moribund economy has been reflected in rising support for the radical left main opposition Syriza party.
A poll released on Saturday showed the neo-fascist Golden Dawn also gaining in strength in the aftermath of the November 16th attack, which saw two of its members gunned down outside a local party branch in Athens.
Despite accusations of being a criminal organisation – and a government crackdown that has seen its leader and two other deputies imprisoned pending trial – backing for the anti-immigrant group grew by 2.2 percentage points over the past month. With 8.8% of the vote, the far-rightists remained Greece's third biggest political force according to the survey conducted by Alcofor for the weekly Proto Thema newspaper.
As in 1973, radio broadcasts were boomed from the campus on Sunday – only this time by fired employees from the former public broadcaster ERT denouncing the belt-tightening police of prime minister Antonis Samaras and his two-party coalition.
The protest march, which traditionally ends at the US embassy to denounce Washington's controversial support for the regime, followed two days of unusually poignant commemorations at the polytechnic, with politicians, unionists and ordinary Greeks laying wreaths at the site.
"With our country basically under foreign occupation, the slogans and lessons of the uprising are as relevant today as they were back then," said Christina Minassa, selling leftist literature at a stall outside the campus. "The battle against fascism goes on. In Greece those on the left have suffered greatly."
President Karolos Papoulias, who has become an increasingly vocal critic of the austerity meted out by the EU and IMF in exchange for aid, called the student rebellion "deeply didactic".
"The way in which they laid claim to the freedom of all of us … is deeply didactic," he said. "Their battle was decisive and dynamic but peaceful, they didn't promote violence, they suffered violence," he said in a clear reference to the resurgence of political violence now haunting the country.
GreeceEuropeGolden Dawn partyThe far rightHelena Smiththeguardian.com © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More FeedsThousands in Greece take to streets to commemorate 40th anniversary of student uprising
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Deflation could drag Ireland back into the eurozone crisis
Just as Enda Kenny announces his nation's break with its creditors, the threat of another meltdown rears its ugly head
For Ireland, it reads like a happy ending. Enda Kenny announced on Thursday that Dublin would make a clean break with its creditors next month, after a gruelling three-year economic fitness programme of tax rises, spending cuts and reforms.
Instead of requesting a precautionary credit line from the International Monetary Fund, to be triggered in the event of a future crisis – as most investors had expected – Ireland will kick out the hated "troika" of the IMF, the ECB and Brussels, and go it alone.
With Spain, too, signalling last week that it wouldn't need any more money from its eurozone partners to bail out its crippled banks, and Cyprus pledging to lift restrictions on cross-border capital flows that have been in place since its fumbled bailout last March, it would be tempting to think that the worst of the turmoil that has gripped the eurozone over recent years had come to a neat and tidy close, and that "normalcy", as Irish finance minister Michael Noonan calls it, had been restored.
Yet while Noonan was right to say that the eurozone currently looks quite tranquil – making it a good moment for Ireland to dip its toe back into the public debt markets, instead of relying on the troika to fund its deficits – last week brought a host of reminders that there may still be trouble ahead.
For one thing, the economic weather across the 17-member single currency bloc is deteriorating. While the 18-month eurozone recession came to an end in the second quarter of 2013, the latest data, published last week, showed GDP expanding by a paltry 0.1% in the third quarter, with the French economy recording a contraction.
Alongside that sluggish growth performance, there is an increasingly credible threat that the eurozone could slip into deflation: indeed, some of the hardest-hit peripheral economies are already there.
Across the eurozone as a whole, prices rose by a negligible 0.7% in the year to October. In Greece, they fell by almost 2%.
It was undoubtedly the fear of deflation that prompted Mario Draghi to cut European Central Bank interest rates to a record low earlier this month: it is most central bankers' worst nightmare.
If falling prices become entrenched, it can be extremely difficult to escape from a vicious cycle of declining profits, wages and growth – and unlike US Federal Reserve chairman Ben Bernanke, Draghi won't just be able to turn on the money taps and implement quantitative easing, as it's not clear the ECB even has the authority to do so – QE is certainly taboo in Germany, still haunted by memories of Weimar-era hyperinflation.
For debtors, of which there are many across the eurozone – households, companies and governments – deflation is particularly pernicious, as liabilities tend to be fixed, unlike the incomes from which they must somehow be paid. And when debtors get into trouble, so do banks – still the weakest link in the eurozone recovery story.
Meanwhile, the ECB is preparing to shine a light on banks' balance sheets through its asset quality review – and with negotiations about a eurozone-wide banking union still ongoing, no one quite knows what will happen if they find a black hole. Oh, and with the Federal Reserve contemplating withdrawing the $85bn-a-month of cheap money it has been pumping into world markets through QE, government bond yields worldwide – and thus their borrowing costs – are expected to drift higher over the next 12 months.
And just in case all that wasn't enough to fret about, Friday saw Brussels deliver its sinisterly named "fiscal surveillance package", part of the new co-ordination regime put in place in the wake of the crisis, which doled out homework to a whole list of countries. Spain and Italy were urged to revise their budgets or risk missing stringent debt targets; France was told to get its act together on structural reforms; and even Germany, which likes to see itself as a shining example to its eurozone neighbours, was criticised for ignoring the commission's calls for reform.
In other words, even if Dublin's politicians have made the right judgment and Ireland is fit enough to stand on its own, it could yet be sucked back into the mire by a eurozone-wide crisis not of its own making.
From On the Buses to on your bikeForty-five years have passed since Reg Varney – aka Stan Butler in On the Buses – became the first person to withdraw cash from a hole-in-the-wall machine. It heralded a revolution in banking. No longer was cash accessible only from a teller sporting a rubber thimble between 9am and 3pm on weekdays and for a couple of hours on a Saturday morning. It was available 24/7. There have been other revolutions since – debit cards, telephone banking, call centres, which have all resulted in fewer high street banks and tellers. And now another is under way.
The proliferation and popularity of online banking means that an average customer now visits a branch just twice a month, while mobile banking services are used more than once every two days. A survey out on Friday showed that one in six of 18-to-30-year-olds had never stepped inside a bank branch.
So it is not exactly a shock that last week Barclays said it wanted 1,700 of its 33,600 branch staff to put their hands up for voluntary redundancy. That is just over one job going from every branch in the Barclays network. People are being replaced by iPads and smartphones: customers can sort out their bills and standing orders from their sofas. And even those who still venture inside branches are being encouraged to think digital, with iPads available for use there too. The labour and other costs of offering a retail banking service are, basically, being transferred to the customer.
There are other huge changes under way: customers can transfer cash directly to their friends in bars and restaurants with the Pingit app. The UK's three largest mobile phone networks, EE, Vodafone and O2, have joined forces to turn smartphones into virtual wallets. Shoppers will walk into a store, pick out a purchase, scan the barcode, and pay by tapping their phone on an Oyster-card-style reader, rather than at the till. There are even safety deposit boxes in the cloud.
Antony Jenkins, the Barclays boss, has been talking about automation ever since he took the top job a little over a year ago. Analysts believe he could slice 40,000 off the 140,000 workforce. It will be brutal. And it will be universal. Tellers could soon be history.
PPI scourge could do with a bank jobThere was a bit of moaning when Natalie Ceeney was named chief financial ombudsman four years ago. What does this former director of the British Library know about the financial services industry, was the cry. She went on to treble the size of the Financial Ombudsman Service so it could tackle 500,000 cases a year – up from 150,000 – as it was swamped by complaints about mis-sold payment protection insurance. "The biggest clean-up in financial services history," is how she has described the scandal, refusing to heed the banks' whines that claims management firms are to blame for the high level of complaints. The banks are still cleaning up the PPI mess – and, knowing how the industry operates, we are no doubt not far away from another scandal. Now Ceeney has quit, those same banks might consider giving her a job sorting out their customer service operations.
DeflationEuroEuropean UnionEuropean monetary unionEconomicsBankingEuropean banksFinancial crisisFinancial sectorPayment protection insuranceIrelandEuropetheguardian.com © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More FeedsGolden Dawn shootings: group claims responsibility
Militant People's Revolutionary Forces says killing of far-right Greek party's supporters was retaliation for stabbing of rapper
A Greek anti-establishment group has claimed responsibility for a drive-by shooting this month that killed two supporters of the far-right Golden Dawn party and raised fears of an escalation of political violence.
The previously unknown group, the Militant People's Revolutionary Forces, said the attack had been carried out in retaliation for the fatal stabbing of anti-fascism rapper Pavlos Fissas, to which a Golden Dawn sympathiser has confessed.
Police could not confirm the authenticity of the claim, which came on the eve of rallies to commemorate the 40th anniversary of a bloody student uprising against the military junta that ruled Greece at the time.
"The brazen murder of Pavlos Fissas was the drop of blood that made the glass overflow," the group wrote in an 18-page letter filled with anti-establishment invective published on a news website. It called the rapper's killing a turning point.
"The armed attack-response ... is the starting point of the people's campaign to send the neo-Nazi scum of Golden Dawn where they belong, to the dustbin of history," it said.
The shooting of the two young Golden Dawn supporters outside the party's offices in Athens on 1 November came at a time of growing public anger against a party widely regarded as neo-Nazi and accused of attacks against migrants and leftists.
Golden Dawn denies accusations of violence, rejects the neo-Nazi label and says it had no involvement in Fissas's killing.
An opinion poll released on Saturday indicated that support for Golden Dawn had grown since the two men were gunned down.
The party, Greece's third most popular in recent surveys, shed almost a third of its support after Fissas's death in September. A poll by Alcofor Sunday's Proto Thema newspaper, conducted on 12-15 November, put support for Golden Dawn at 8.8%, up 2.2 points in a month but still below the 10.8% it enjoyed in June.
A government crackdown on Golden Dawn after evidence linking it to Fissas's killing has led to party leader Nikolaos Mihaloliakos and five more of its politicians being charged with belonging to a criminal group. Mihaloliakos and two of the politicians have been remanded in custody until their trial.
Golden Dawn partyGreeceThe far righttheguardian.com © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds