How the world sees Greece
Call me a naïve American, but there’s an important issue that everyone seems to be glossing over regarding Greece’s elections last week. Is it that Alexis Tsipras and his SYRIZA party are setting records of all sorts – based on his relative youth (40) and the party’s shattering of the status quo to rise to […] The post Is Alexis Tsipras the New Walmart Greeter of Greece? appeared first on The National Herald.
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THE cost of borrowing for Greece shot above the symbolic 10pc rate today after the European Central Bank has abruptly cancelled its acceptance of Greek bonds in return for funding, shifting the burden onto Athens' central bank to finance its lenders and ...
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Taoiseach Enda Kenny travels to Brussels tomorrow for meetings with the head of the European Commission and European Council amid increasing signs that a limited form of debt renegotiation will be agreed for Greece. Mr Kenny is not expected to use the ...
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The Greek finance minister has achieved little on his whirlwind grand tour of Europe and time is running outWhat has Yanis Varoufakis, Greece’s finance minister, achieved during his grand tour of European capitals this week? Not much. He has collected a few rave reviews for his dress sense and sounded a model of sweet reasonableness in his press conferences. But on the substance?Yesterday in Berlin Wolfgang Schäuble, Germany’s finance minister, said Greece’s European partners had already gone as far as they would go on debt relief. He invited Athens to help itself. Varoufakis was left in the odd position of disputing Schäuble’s assertion that the pair had agreed to disagree. Continue reading...
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Stocks rallied on Thursday ahead of Friday's big January jobs report, which is expected to show the economy added more than 200,000 for the 12th straight month. First, the scoreboard: Dow: 17,877.8, +204.8, (+1.1%) S&P 500: 2,062.5, +21, (+1%) Nasdaq: 4,763.7, +47, (+1%) And now, the top stories on Thursday: 1. Greece is now at the center of world markets. Late Wednesday, the European Central Bank announced that it would no longer accept Greek sovereign bonds as collateral, reversing an earlier waiver. On Thursday, Greek finance minister Yanis Varoufakis and his German counterpart Wolfgang Schaeuble spoke at a news conference, with Varoufakis making a number of strongly worded statements, including: "Germany should understand the most what it's like to be stuck in a gruesome deflation and debt crisis … When I go home today, I will go home to a country where the 3rd biggest party is not a neo-Nazi but a nazi party." 2. Newly elected Greek prime minster Alexis Tsipras also addressed the financial screw-tightening from the ECB in a speech on Thursday, saying that, "Greece is no longer the miserable partner who listens to lectures to do its homework. Greece has its own voice." The bottom line though, as Business Insider's Mike Bird outlined, is that in a worst-case scenario, Greece's government has about a month's worth of cash left. 3. After falling as much as 9% on Wednesday, crude oil prices bounced back on Thursday, rising as much as 7% as West Texas Intermediate crude prices moved back above $50 as crude now looks poised for its second straight week of gains. 4. On Friday morning, we get the premier economic data point of the month: the Jobs Report. Expectations are for the unemployment rate to remain unchanged at 5.6% with nonfarm payrolls growing by 230,000. In a note to clients ahead of the report, Goldman Sachs economist David Mericle said he expects payrolls to grow by 210,000 — less than expected — noting that in January, labor market indicators were a bit weaker on balance. If payroll gains exceed 200,000 in January, it would mark the 12th straight month that the US economy hit or exceeded this level. 5. In central bank news, the Danish central bank — the Danmarks Nationalbank — cut its main deposit rate for the fourth time in three weeks on Thursday, this time taking its deposit rate to -0.75% from -0.50%. The latest cut in interest rates comes as the bank continues to defend its peg for the Danish krone against the euro in the face of a euro that has been steadily declining in value. 6. The latest weekly report on initial jobless claims showed claims rose to 278,000 for the week ended January 31, up from 265,000 the prior week, but marking the first time since April 2000 that claims came in below 280,000 for back-to-back weeks. 7. The US trade deficit unexpectedly ballooned in December, widening to a deficit of $46.6 billion from $39.8 billion in November. Economist had expected the trade balance to narrow to a $38 billion deficit. This marked the largest balance deficit since November 2012. 8. Thursday saw a huge merger in the pharmaceutical industry, with Pfizer announcing a deal to acquire drugmaker Hospira in a $15 billion deal. The total enterprise value of the deal, including Hospira's long-term debt, is worth $17 billion. Don't Miss: 21,322 jobs were cut in January due to crashing oil prices »Join the conversation about this story » NOW WATCH: Nationwide's Super Bowl commercial about dead children is about corporate profits ... in a way that we can all appreciate
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Greek Prime Minister Alexis Tsipras tore into his European Union allies on Thursday, pledging to "put an end once and for all" to the EU's austerity policies. In a defiant first speech to his left-wing parliamentary group after returning empty-handed from a European tour, Tsipras said Athens was no longer open to being told what to do. "Greece won't take orders any more, especially orders through emails," he said. "Greece is no longer the miserable partner who listens to lectures to do its homework. Greece has its own voice." However, it's not really clear what the Greek voice is trying to say. The new government's rhetoric has been all over the place since the radical leftist Syriza party came to power two weeks ago. They continue to insist they won't negotiate or take orders, but seem to know they will have to eventually seeing as they have very little leverage to demand new terms from their creditors. And yet, in an apparent reference to the tough stance taken by the European Central Bank and others, Tsipras said: "Greece cannot blackmailed because democracy in Europe cannot be blackmailed." Tsipras and his finance minister, Yanis Varoufakis, have been crisscrossing Europe to win support from partners for their plan to win debt relief and end austerity policies but have so far received little other than warnings to avoid reneging on commitments under the country's existing bailout program. But they have received little if any concrete support — instead, they ran into a concrete wall. The European Central Bank announced late Wednesday evening that it would stop Greek banks from being able to use the country's government debt as collateral for loans. Instead, Greece now has to use emergency measures to borrow. It was a move many see as a shot across the bow for European politicians. Then, Thursday morning, Varoufakis had what seemed to be a tense meeting with his German counterpart, Wolfgang Schaeuble. "We did not even agree to disagree," Varoufakis said in the press conference after the meeting, contradicting his host, before comparing to the current economic situation in Greece to Weimar Germany. “Germany should understand the most what it's like to be stuck in a gruesome deflation and debt crisis … When I go home today, I will go home to a country where the 3rd biggest party is not a neo-Nazi but a Nazi party," he said as Schaeuble looked on. Tsipras, on the other hand, seemed to think that he got something out of his trip across Europe. "In only a week we won allies that we haven't won in the last five years of the crisis," he said. And eventually is coming soon. Greece's current bailout terms expire on February 28, and the government has said it will not extend them as they currently stand. Not doing anything isn't really an option. (Reuters reporting by George Georgiopoulos and Angeliki Koutantou)Join the conversation about this story » NOW WATCH: Paul McCartney and Rihanna just released a music video featuring Kanye — and it's actually pretty awesome
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Banking system remains adequately capitalised, says finance ministry
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Investors must work out whether the Greeks or Germans might sacrifice position
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France supports better bailout deal but not debt write-off
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The central bank is wise to push the big decisions to governments
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Decision exposes bank to claim it was interfering in politics
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… Central Bank’s stand-off with Greece, Mr Osborne somehow contrived to … are not going to turn Greece around till we have concluded …
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… declining to comment specifically on Greece. Greece’s Finance Ministry said the … collateral for Greek banks is something that can be reversed, Greek central-bank … in an interview with Kathimerini newspaper in November. Greece might run out …
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Lorcan Roche Kelly of Bloomberg reports, Greece: Here's What Happens Next: The ECB made it clear yesterday that the suspension of Greek sovereign debt as eligible collateral was due to it having become impossible to assume a successful conclusion of the ...
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In Berlin, as in Frankfurt, Greece’s new finance minister receives few signs that creditors are open to renegotiating his country’s bailout loans.
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The euro also fell from around 1.141 against the U.S. dollar to close to 1.132 overnight, while the yield of Greece's 10-year sovereign bond rose above ...
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Greece's new finance minister Yanis Varoufakis met Germany's Wolfgang Schauble to ask for a reduction of his country's massive £240 billion debts - but the two men are far from agreement.
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Greek Prime Minister Alexis Tsipras has said his country will no longer take "orders" from other countries. The premier's speech to party members after parliament met for the first time was greeted with keen applause.
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New Democracy leader Antonis Samaras on Thursday, during the first meeting of the party’s parliamentary group after the January 25 elections, expressed his concern over the recent developments and defended his policy while criticizing the new Greek government’s first moves. “What government Ministers say is either to prepare for a confrontation with the European Union or to prepare for a change of stance,” Samaras said and underlined that “If the government chooses to continue our policy in its own way, we will support it. If it implements what it has promised, there will be difficult times ahead for Greece. We have already warned them and these warnings still apply in full.” “If the government chooses to ‘steer the ship onto the rocks,’ then we will oppose to it. If they try to destroy scheduled reforms, then we will also oppose it,” he added. Samaras referred to the European Central Bank (ECB) decision, saying that it caused concern, as European Parliament President Martin Schulz said that the country is in danger of a default if it does not abide by its commitments, adding that the country is in the most critical moment of its recent history. “We are always a party of national responsibility. From the position of the main opposition, we will support what is right and criticize what is wrong. We will not hesitate to vote for something that is right, or to vote against something that is wrong,” he said. “The government of New Democracy has successfully dealt with Greece’s recovery. We took over chaos and handed over a state; we got the country out of the crisis, although this has not been recognized by some [that are] petty-minded,” Samaras noted. In an assessment of the election result in relation to the difficulties his government had to deal with, Samaras said that “New Democracy lost the elections but stood on its feet… It suffered a small loss compared to the percentage it got in 2012.” Finally, during the meeting of New Democracy’s parliamentary group, Yiannis Plakiotakis was elected new secretary of the party.
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The Political Secretariat of newly-elected SYRIZA issued its first statement since the party’s victory on the January 25 Greek general elections. The statement emphasized the support toward the governmental policy as well as its intention to stay on the path of development, social movements and solidarity. Regarding the electoral victory, SYRIZA is stressing that “this is a historic victory of the entire Greek population, flips the page in the country’s history, puts an end to the policy of internal devaluation and austerity and sends a strong signal to Europe in the direction of democracy, solidarity and social cohesion.” In addition, referring to the new government’s policy, it noted that “from the very first week in office, it took a number of important initiatives at an international level that promote the European dimension of the debt issue and the need for wider alliances for its resolution. The Greek voice is being heard after years in Europe, highlighting the realism, reliability and the need for an alternative strategy for European integration, as well as the exit from the crisis on the basis of serving social needs. Unlike previous governments, who wanted society to passively monitor developments, SYRIZA stresses the importance of active participation and that society must be present to control and shape the policies to be pursued.”
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The new Greek government has not formally approached the International Monetary Fund (IMF) to table its proposals, according to the organization’s spokesperson, Gerry Rice. Rice said there is no official dialogue between the Greek government and IMF. “Therefore, we can neither assess the state of the economy nor discuss further steps,” the IMF spokesperson stressed. The statement comes following confusion as to whether the IMF and the new Greek government have discussed the future of the country’s financial aid. The IMF holds a small portion of Greece’s overall debt and the new government has so far largely focused its efforts to establish a new loan agreement with its European partners. Earlier this week, Greek Finance Minister Yanis Varoufakis stated that Greece would no longer deal with the Troika inspectors tasked with assessing Greece’s implementation of the current program, but would only deal with the individual bodies represented in the Troika at a leadership level. Athens is seeking a new agreement that will relax certain requirements in the bailout program. Varoufakis has argued in favor of a renegotiation that would reduce the level of primary surpluses (but not return to primary deficits) Greece was required to achieve in order to enable the economy to grow again. However Greece’s lenders – and Germany in particular – seem adamant that Greece should stick to the previous agreement. According to Rice, while the Greek Finance Minister reportedly had an informal meeting with Poul Thomsen over the weekend, the two did not discuss the specifics of the support program.
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Addressing the first meeting of SYRIZA’s parliamentary group, Greek Prime Minister Alexis Tsipras promised the coalition government that his party will engage in tough negotiations and put a final end to the Troika and its policies. He stressed that Greece will present its own road map for an exit from the crisis and a “new social contract in our shared European home, without landlords and tenants.” Greece will no longer take orders and will have its own voice and negotiating strength, he added, pointing out that in just one week, the government has succeeded in changing the agenda of the talks taking place in Europe. Austerity, he stressed, is not a founding rule of the European Union. Tsipras also underlined that it was the government’s obligation not to allow the citizens to be deceived again, repeating that the agreement with the people will be upheld. The Greek Premier sent a message to “all those, within and outside the country, that have a strategic plan to undermine Greece, to respect democracy and not undermine the country’s future.” He also promised “lightning action” to strike down clientelism and corruption through sweeping changes. Tsipras said that the new government is moving within a European framework, respects the rules and asks of everyone to do the same. He expressed strong concern over the things currently being said, at a time when far-right forces are becoming stronger in Europe. It was not the Greek government’s intention to blackmail anyone, but “neither to be blackmailed or threatened, because it is democracy in Europe, which cannot be blackmailed,” he said. Tsipras also advised all sides, “even the proponents of the harshest policies,” not to underestimate the intelligence of European citizens. Greece wanted neither charity nor “trusteeship,” he clarified, noting that deliberation has begun and both Europe and Greece need time. “Anyone that does not understand this, does not offer a service to our common future,” he added, repeating that the government would do everything to change things and not betray the voters’ trust. According to the Greek Premier, the government guarantees an end to sacrifices, especially pointless sacrifices without results, as well as people’s savings and a European course for the country. In a message to Greece’s creditors, he underlined that Greece was not a threat to any balance in Europe. “On the contrary, the new government comes to restore balance in Europe,” he added and warned MPs to be careful “because you are part of the people’s contemporary history, you are the voice of social struggles and you must not forget this.” Tsipras underlined the need to end the humanitarian crisis in the country, stressing that SYRIZA would not serve the financial markets and sell off state property. He also expressed satisfaction with poll results showing that public opinion expresses satisfaction with the government’s moves and stressed that there was a carefully worked-out strategic plan for the negotiation and a vision for the country’s reconstruction. Commenting on the results of his meetings in European capitals in the last few days, Tsipras said he has presented his positions and his plan for a new deal, underlining that the government has already gained allies that had not been won in the last five years. “Greece is no longer the wretched partner that listens to speeches about studying hard and doing its homework. It has a voice and proposals,” Tsipras noted, adding that he was waiting to hear the German side’s proposals as “we have not heard anything specific.” In the last few years, Greece has been living through a nightmare with the implementation of a failed program and “no sane person wants this nightmare to continue,” Tsipras underlined. In spite of this, he added, there are people within and outside Greece that have served and continue to serve this “experiment” of inhuman policies, underlining that the choice made by Greeks on January 25 ruled out a return to the “years of hardship.” (source: ana-mpa)
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(Joep Bertrams) Newly-elected Prime Minister Alexis Tsipras is an enigma to Greek people, the European Union and those who follow politics around the world. The 40-year-old leader of the leftist SYRIZA party has won January’s Greek election promising crisis-stricken Greek people debt relief, an end to austerity and growth through state spending. After forming Greece’s first left-wing government, Tsipras announced that Greece will renegotiate the country’s 240-biillion-euro bailout program, thereby causing an uproar in international markets and making European leaders nervous over the continent’s economy. Many Greeks fear that he may lead the country out of the Eurozone. Tsipras is an unconventional leader: he’s an atheist, lives with a partner instead of a wife, refuses to wear a tie. No wonder he became fodder for political cartoonists across the globe: (Gary Clement) (Marian Kamensky)
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A 4.4-magnitude earthquake has hit south of the island of Crete, Greece, according to a preliminary reading by the Athens Geodynamic Institute. The tremor struck at 6:18 p.m. local time on Thursday, with the epicenter at 5km (3.1 miles) below sea level. There are no reported casualties but the quake was strong enough to worry locals. Earthquakes have historically caused widespread damage across central and southern Greece, Cyprus, Sicily and other neighboring regions. In January 2014, a series of strong earthquakes on the island of Kefalonia damaged hundreds of homes and injured more than a dozen people.
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Thousands of people gathered in front of the Greek parliament in Athens on Thursday evening in support of the new government's efforts to renegotiate Greece's international loans and end austerity.
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Greece's new SYRIZA government spent its first week in power trying to make friends with European policymakers and wary investors. The firm that says it is one of Athens's largest private creditors is already on board.
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Greece's ambitious hard-left government on Thursday ran into trouble with Germany and the European Central Bank but vowed to push ahead with its electoral pledge to renegotiate the country's unpopular bailout. After a positive start to this week's meetings with European leaders, Berlin poured cold water on Greece's hopes just as the ECB dealt a blow to its funding. "We even didn't agree to ...
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A whistle-stop tour of European capitals netted Greek Finance Minister Yanis Varoufakis few, if any, concessions over Greece's debt, and he ran into a wall in Berlin trying to deal with hardline Finance Minister Wolfgang Schaeuble who champions austerity. The post Greece EU Charm Offensive Runs Into Berlin Stonewall appeared first on The National Herald.
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“It was great. There were people jumping up and down,” said the young American journalist, one of an estimated 800 people working for the foreign press who came to Athens to cover Greece’s national election. She was describing the scene when newly elected Prime Minister Alexis Tsipras’s gave his first speech.
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Brussels predicts GDP growth in Ireland will reach 3.5% in 2015, down from 2014’s 4.8% high but still ahead of Britain and GermanyIreland’s tiger economy roared back to life last year and will retain its crown in 2015 as the fastest growing in the European Union, according to Brussels’ latest forecasts.An export boom has put Dublin at the top of the growth league while the bulk of the EU continues to pay the price of internal wrangling over Greece and the after-effects of strict austerity measures. Continue reading...
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Many Syriza deputies break with tradition by forgoing ties and taking civic oath in parliamentThey began to pull up outside the Athens parliament earlier than expected at a little before 10am. The big cars belonged to foreign dignitaries determined to get the best seats in the house for the blockbuster about to begin. The small cars belonged to those who were starring in it: Greek MPs born and bred in the age of austerity.Then came the jeeps: silver vehicles with blacked-out windows ferrying the neo-fascists who had been granted special dispensation to attend after being elected to the Greek parliament from behind bars. Continue reading...
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Whether you care more about the atmosphere or the food, picking the right restaurant for Valentine's Day dinner can be a stressful task. And though Silicon Valley would usually remind you of bytes, not bites, there are still plenty of quality restaurants to choose from in this tech hub. Our friends at The Infatuation helped us compile a list of the best Silicon Valley restaurants for date night. These restaurants are bound to be a hot ticket this Valentine's Day.Evvia 420 Emerson Street, Palo Alto This Greek taverna is always crowded, but top-notch dishes like grilled octopus and moussaka make Evvia well worth the wait. Zagat diners say that "everything's delicious," though it is a bit pricey. Lure + Till 180 Hamilton Avenue, Palo Alto Located on the ground floor of the new Epiphany Hotel, Lure + Till is a swanky restaurant serving up delicious New American dishes and craft cocktails. The squid ink campanelle — served with lobster, dried cherry tomatoes, Calabrian chilis, botarga, and arugula — is a crowd favorite. Madera 2825 Sand Hill Road, Menlo Park This Michelin-starred restaurant, located inside the Rosewood Sand Hill hotel, is known for being a go-to spot for VCs looking to close a deal. But it also has an intimate atmosphere and some amazing food, like a grass-fed veal chop served with black truffle. See the rest of the story at Business Insider
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Greece’s Finance Minister Yanis Varoufakis nazi comment during the press conferencewith his German counterpart Wolfgang Schaeuble dominates Twitter.
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The 73 year-old Swabian said the root cause of Greece's troubles was “in Greece, not in Europe, and definitely not in Germany,” and was scathing ...
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Greece's unemployment rate is painfully high at 25.8%. When this many people are jobless, the economic story quickly becomes a sociology story. People with no jobs have lots of time and little to lose. High unemployment means an escalation in civil unrest. Back in 2011, then Societe Generale strategist Dylan Grice circulated a controversial chart linking Weimar-era unemployment in Germany to the rise of the Nazi party. From Grice: "The depression broke something in the German people. Even after the horrors of hyperinflation, which peaked in 1923, and the subsequent currency stabilisation of 1924, which caused a deep depression in 1925, the Nazis were barely on the electoral radar. But, by the time Germany’s late 1920s depression was in full swing, the situation had changed. (As the chart shows, the depression began sooner in Germany than in America. This was because the US, as Germany’s main creditor and most important financier of its reconstruction, began to repatriate funds back to the US in the late 1920s, first to earn better returns in the then booming US economy, then to cover the losses caused when the boom turned to bust). Economic depression and crushing debt characterizes Greece today. And just a month ago, Greece's Neo-Nazi Golden Dawn party took third place during the election. "When I go home today, I will go home to a country where the third-biggest party is not a neo-Nazi but a Nazi party," Greek finance minister Yanis Varoufakis said during a press conference with German finance minster Wolfgang Schauble. "Germany can be proud of our fight against Nazis. We now need the German help." It sounds a bit extreme. But Varoufakis isn't kidding.SEE ALSO: How Greece's rhetoric evolved in the past two weeks Join the conversation about this story » NOW WATCH: Nationwide's Super Bowl commercial about dead children is about corporate profits ... in a way that we can all appreciate
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A Russian city might go back to its old name: Stalingrad. Volgograd, famous as the site of a major WWII battle, might once again be renamed Stalingrad after a referendum, the chairman of the Federation Council Valentina Matviyenkom, said, according to RT. "This battle is known all over the world as a turning point [in the Second World War]," she said. And there's definitely some strong support for this decision: Russia's Deputy prime minister Dmitry Rogozin agrees with the idea of a referendum, and last year Vladimir Putin said that renaming the city isn't out of the question. "In this case, residents should hold a referendum where they will decide on [the name change]," Putin said according to TASS. "It wasn't me who changed the name... we'll mull over how it can be done." Interestingly, there's actually already an unusual rule from 2013 in which Volgograd is already officially sometimes referred to as Stalingrad. "The city's renaming [is] on a temporary but permanent basis. That is, all city measures or mayoral proclamations will officially bear the name Stalingrad on May 9 and on four other days. May 9 is celebrated as Victory Day, in commemoration of the USSR's victory over Nazi Germany," according to the New American. Over the last few years, Stalin's popularity has gone up in Russia. In the mid-2000's, high school textbooks "praised his work in industrializing Russia" and in 2008 a poll showed the he was the leading historical figure in Russia, according to Newsweek. And, on top of that, a recent poll showed that a majority of Russians think that the dictator played a "positive role" in Russia's history. Still, not everyone is so pro-Stalin. The leader of Russia's Liberal-Democratic party Vladimir Zhirinovsky has been strongly opposed to renaming Volgograd, noting that "millions of people died in Russia during Stalin's political repressions before and after WWII," according to RT. But despite some opposition, we could see the city once again renamed in honor of a dictator.SEE ALSO: Putin just invited the new Greek prime minister to Russia Join the conversation about this story » NOW WATCH: The Taiwan Navy Just Unveiled A Stealth Missile Warship Dubbed The 'Carrier-Killer'
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Greek Finance Minister Yanis Varoufakis (pictured) and his German counterpart, Wolfgang Schaeuble, acknowledged after talks on Thursday that deep divisions remain over how to solve Greece's debt problems.
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On Wednesday the European Central Bank (ECB) announced that it would no longer accept Greek government bonds and government-guaranteed debt as collateral. Although Greece would still be eligible for other, emergency lending from the Central Bank, the immediate effect of the announcement was to raise Greek borrowing costs and squeeze its banks, and to increase financial market instability within Greece. We should be clear about what this means. The ECB's move was completely unnecessary, and it was done some weeks before any decision had to be made. It looks very much like a deliberate attempt to undermine the new government. They are trying to force the government to abandon its promises to the Greek electorate, and to follow the IMF program that its predecessors signed on to. Clarity is important here because the European authorities, or the troika, as they are commonly called, plunged the eurozone into at least two additional years of unnecessary recession that began in 2011 because they were playing a similar game of chicken. The ECB, for its part, deliberately and repeatedly allowed the eurozone to go the brink of financial meltdown during this period. It was not because the financial markets had the power to collapse the euro when they pushed the yield on the 10-year sovereign bonds of Italy and Spain to unsustainable levels in the range of 7 percent. It was because the ECB deliberately allowed these market actors to create an existential crisis for the euro, in order to force concessions from the governments of Spain, Italy, Greece, Portugal, and Ireland. These concessions were not just about paying off debt but also "structural reforms" that sought to remake the European welfare state in the weaker countries, including shrinking the size of the state; cutting spending on health care, pensions, and unemployment compensation; and changing labor laws that favored workers. The European authorities were willing to take great risks in order to force these changes, and as is now widely recognized by most economists, their macroeconomic policies added additional years of unnecessary recession and mass unemployment (currently at 11.5 percent, more than twice that of the United States). If we understand this recent history, we can see clearly what they are doing to Greece right now. The main difference is that, since the ECB reversed course and made a firm commitment to the survival of the euro in July of 2012, the blows that they are dealing to the Greek economy are much more contained. The yields on Italian and Spanish bonds have risen a bit since Syriza was elected but are still very low -- 1.58 percent for Italy, and 1.47 percent for Spain. The ECB could also stabilize Greek bond yields at low levels, but instead it chose this week to go to the opposite extreme -- and I mean extreme -- to promote a run on bank deposits, tank the Greek stock market, and drive up Greek borrowing costs. Syriza's leadership, headed by Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis, are playing it smart. They responded to the ECB's assault without animosity or denunciations. They are not going to voluntarily leave the euro or even suggest the possibility. Like the peaceful protesters of the U.S. civil rights movement in the 1960s, they are facing down the police dogs and fire hoses with courage and equanimity. They want the world to know who is the aggressor here and who is being reasonable. This is important because we are witnessing a political battle for democracy in Europe, and the outcome of this chapter will be partly decided by what the troika can get away with politically. Much noise is made about German voters opposing concessions to the Greeks, but this is only possible because the whole fight has been misrepresented to them for years. The European authorities transferred massive amounts of debt from reckless private lenders to EU governments (including Germany) and at the same time increased Greece's debt load from 115 percent to more than 170 percent of GDP by shrinking the Greek economy at a rate comparable to the worst of the U.S. Great Depression. Most Europeans, including Germans, would not blame the Greek people for the resulting unpayable debt if they understood what really happened. The troika should be happy with what they have already "accomplished." The Greek state has been shrunk by 19 percent of its labor force. Six years of depression and a 25-percent decline in living standards (actually much greater than that if you count the decline in imports) should discourage any European country from ever reaching the terrifying predicament of having to borrow from the punishers at the troika. The economic adjustment has been done: The country is running a primary (not including interest payments) budget surplus and a current account surplus. Syriza has backed off from its initial demand that Greece's debt stock be reduced and is offering reasonable proposals to allow them the fiscal space to be able to recover (i.e., a primary budget surplus of 1 to 2 percent of GDP rather than 4 to 5 percent under the troika's program). After six years of depression, that is hardly too much to ask. Nor is reversing some of the worst abuses such as the minimum wage cuts. The ECB should be ashamed of its latest assault on Greek democracy. And they should not be able to get away with disguising it as anything less than that.
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| READ THE ORIGINAL POST AT www.huffingtonpost.com |
Greek central bank governor Yannis Stournaras said on Thursday that Greek banks were solid and under control, a day after the European Central Bank denied them use of Greek bonds as collateral for loans. "Deposits and liquidity are absolutely safe," Stournaras, who is also a member of the European Central Bank's Governing Council, told reporters. It was a calm day today," he said referring to ...
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| READ THE ORIGINAL POST AT finance.yahoo.com |
Tensions grow as Greek rescue programme nears expiry
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| READ THE ORIGINAL POST AT www.ft.com |
… its homework. Greece has its own voice." “Greece cannot blackmailed because … a haircut says the Greek finance minister. "Greece's woes … Tsipras, the prime minister of Greece. Greece's decision to elect …
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| READ THE ORIGINAL POST AT world.einnews.com |
Young people are dissatisfied and disengaged, but they're not the only ones. Dominic Harris/PA Wire/Press Association ImagesWe are becoming very familiar with repeated warnings that citizens in Britain are increasingly disillusioned with democratic politics, rejecting the institutions of national government, and leaving British democracy in a state of relative crisis as a consequence. In particular, young people are often singled out for critical attention. The young are condemned either for their declining presence at the ballot booths, or for their active participation in high-profile student protests and youth-led occupations of public spaces in major cities. But the apparent rupture between citizens and institutions of democratic governance is not an exceptionally “British” issue, and nor is it a uniquely young persons' one. In recent years, a deepening disconnect between citizens and formal politics has developed in many advanced democratic states. Participation declines Certainly, across Europe, evidence would seem to indicate that people of all ages, and in all countries, seem less committed to national political systems and mainstream political parties. People are increasingly moved by radical parties and their rhetoric. They also appear to be deeply sceptical of governments and of the political classes in general. The recent European Assembly elections are a case in point. In May 2014, nearly 400 million EU citizens in 28 countries were eligible to vote for candidates to represent them, yet only 43% opted to do so. This represents the lowest turnout rate since direct elections to the European Assembly were first held in 1979, when 62% of the European electorate voted. The rise of new parties of the right and the left In many countries, significant numbers of people rejected traditional and mainstream parties, choosing instead to vote for anti-EU and anti-system parties. In Britain, the anti-EU UKIP topped the poll with 27% of the vote, scoring a notable victory over the traditional Westminster parties. The Green Party (on 8%) pushed the Liberal Democrats – the traditional “third” party – into fifth place. Elsewhere across the continent, anti-immigration and far-right parties have made significant advances in countries like Greece and Denmark, while the Front National in France claimed victory over its rivals. Meanwhile, left and anti-system parties rejecting austerity and neoliberalism scored impressive results in Greece, Spain and Portugal. An unlikely alliance The recent national election in Greece stands out as a landmark case, representing an eclipse of the traditional parties by relative newcomers. The centre-right New Democracy party and their social democratic governing partners Pasok have long dominated the Greek political landscape. Each were left languishing on election night, with New Democracy securing only 76 seats, while Pasok returned only 13 MPs as the sixth-placed party. Instead, the contest belonged to emergent parties of the left and right. The left-wing Syriza party under the leadership of Alexis Tsipras arrived on the scene in 2004. This year, it came close to winning a majority with 149 of the 300 seats in the Greek Parliamentary chamber. Syriza’s Alexis Tsipras (right) sits with the leader of the Independent Greeks party, Panos Kammenos (left), after coalition talks. Lefteris Pitarakis/AP/Press Association Images Committed to an anti-austerity platform and a programme of employment growth and social justice, Syriza has developed a strong social base amongst those social groups who have borne the brunt of several years of economic and social uncertainty and hardship in Greece, especially young people and public sector workers. They have now formed a coalition with an emergent party of the right. The Independent Greeks party was formed in 2012 and share Syriza’s goal of re-scheduling the EU/IMF debt. But their broader programme would seem to be at odds with the expansionist and left orientation of Syriza. The Independent Greeks are considered to be socially conservative and nationalist, with a strong anti-EU rhetoric. How long this unlikely alliance between Syriza and the Independent Greeks will last is open to question. An age of change Such radical and ideological re-shaping of a traditional party system is not unique. In Canada’s 1993 election, the governing Progressive Conservatives party lost all but two of their 156 seats in the Canadian House of Commons, largely because of unpopular tax reform and unpredictable regional factors. At the 1994 general election in Italy, the previously dominant Christian Democracy and Socialist parties were marginalised following the emergence of new political forces based around Silvio Berlusconi’s Forza Italia, the post-fascist National Alliance and the post-communist Democratic party of the left. When all these trends are taken together, it signals that there may be a new phase of party system shift and transformation underway. The traditional parties who have dominated European politics over the post-war decades are certainly vulnerable to the forward march of emerging parties beyond the mainstream. Matt Henn receives funding from the Economic and Social Research Council.
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| READ THE ORIGINAL POST AT theconversation.com |
… permissible for Greek banks to borrow from the Bank of Greece, under … provided by the Bank of Greece. Credit crunch Now €60bn may … would allow the Bank of Greece to lend more than €60bn … will be seen in Greece to have punished Greek people for daring …
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| READ THE ORIGINAL POST AT world.einnews.com |
When was the last time you saw Greeks protesting in support of the government? Exactly this is happening right now outside the Parliament with crowds of people flocking to Syntagma Square and raise their voice against the decision of the European Central Bank, to stop accepting Greek bonds as collateral […]
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| READ THE ORIGINAL POST AT www.keeptalkinggreece.com |
Imprisoned MPs from the extreme-right Golden Dawn party were temporarily released to take part in today's inauguration ceremony of the new Greek parliament.
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| READ THE ORIGINAL POST AT www.europeanvoice.com |
During a "cordial and constructive" phone conversation the Russian president invited the prime minister of Greece to visit Russia at any convenient time, Russian presidential aide Yuri Ushakov says
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| READ THE ORIGINAL POST AT itar-tass.com |
Europe's stock markets shrugged off concerns about Greece Thursday after the ECB restricted Greek banks' access to a key source of cash, and Germany signalled its unwillingness to reduce Athens' debt. With Greek banks practically the only buyers of the government's debt, the ECB move is seen as adding extra pressure on Athens' new government to strike a deal on the massive debts stemming from ...
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| READ THE ORIGINAL POST AT news.yahoo.com |
Greek National Defense Minister Panos Kammenos held a brief meeting with NATO Secretary General Jens Stoltenberg yesterday in Brussels, a day ahead of the Alliance Defense Ministers’ meeting to be held today and which Kammenos could not attend due to today’s new Greek Parliament swearing-in ceremony. As he highlighted, during the 20-minute-long meeting, Greece remains committed to the Alliance, while he also informed Stoltenberg of Prime Minister Alexis Tsipras’ interest to meet him in the near future. Kammenos’ assurance regarding the country’s role in the Alliance comes amid what is seen as a Greek pro-Russian shift, which according to National Defense Ministry sources does not affect Athens’ obligations to NATO. “We gave assurances that the new government will continue its cooperation and good relations with the Alliance in joint exercises, in joint military operations and of course respecting international agreements,” the Greek National Defense Minister stressed in a statement issued after the meeting. Furthermore, according to Greek newspaper “To Vima,” Kammenos underlined that Greece is among the few countries exceeding the 2% limit of defense spending, while he expressed his confidence to revive the Greek defense industry. In addition, the Greek Minister noted that NATO’s Readiness Action Plan (RAP) for Eastern European countries must also have a southern dimension, as Greece and other countries of the European South are facing waves of migrants from the Middle East and North Africa, among whom might sneak in dangerous jihadists, plotting attacks against European targets. The meeting was also attended by the Chief of Hellenic National Defense General Staff (HNDGS), General Mikhail Kostarakos, and NATO Deputy Secretary General Alexander Vershbow. The Greek National Defense Minister stated the following: “The meeting with NATO Secretary General, Mr. Stoltenberg, and NATO Deputy Secretary General and responsible for military affairs, Mr. Vershbow, was completed shortly before. We came today, as a Greek delegation, along with General Kostarakos, the Chief of HNDGS, with the Greek NATO representative who will represent Greece also in the Defense Ministers’ Meeting tomorrow. We assured each other about NATO’s good relations with Greece and the continuation of the cooperation with the Alliance. We assured them that the new government will continue the cooperation and good relations with the Alliance in common exercises, in common military activities and with respect to international agreements. I clarified that relations with third countries, non-NATO members, will not affect our good relations with the Alliance and that we will remain in the frameworks provided for by the agreements.”
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Greece’s newly appointed Alternate Minister of Migration Policy Tasia Christodoulopoulou introduced the Ministry’s initiative policies regarding migration. Among others, the program includes granting Greek citizenship to second generation migrants who were born and raised in Greece, as well as the disruption of Greek Police’s “Xenios Zeus” operation for the arrest of migrants that was introduced by the previous administration and specifically by the former Public Order and Citizen Protection Minister Nikos Dendias and continued by his successor Vassilis Kikilias. As Christodoulopoulou highlighted, all born in Greece and who have not known any other country as their homeland, will immediately be granted Greek citizenship. In addition, she committed to shut down all operating migrant detention centers, such as the controversial Amygdaleza camp, near Athens. As she said, they will rather operate as open welcoming centers. In addition, Christodoulopoulou appeared optimistic regarding the review of the Dublin Regulation determining the European Union member-states’ responsibilities toward migrants and asylum seekers. Referring to the chaotic procedures needed to grant a political asylum, she said that they also need to be reviewed and supported, particularly at the country’s entry points, in order to expedite the examination of thousands of applications. Finally, she stressed that the practice of “pushing” migrants back to their countries must end and that European Union member-states should take joint initiatives for receiving refugees.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
The situation in Ukraine and other international matters, such as the South Stream and Turkish Stream pipeline projects, dominated a telephone call between Russian President Vladimir Putin and Greek Prime Minister Alexis Tsipras earlier on Thursday, the Kremlin announced. Putin invited Tsipras to visit Moscow on May 9 when celebrations will take place, commemorating the people’s victory over fascism. On his part, the Greek Prime Minister underlined the importance he attributes to the fight against Nazism, expressing his intention to accept the invitation. The Russian leader’s top foreign policy adviser, Yuri Ushakov, said that Putin congratulated Tsipras on his victory in last month’s general elections and on the assumption of his duties as the new Prime Minister of Greece. The discussion was very warm and constructive, he said, noting that Putin invited Tsipras to Russia. He also said that the will for a more active development of bilateral relations was reaffirmed. The Russian Ministers of Foreign Affairs and Defense have already invited their Greek counterparts to visit Moscow. (source: ana-mpa)
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