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How the world sees Greece
Wednesday, October 31, 2012
Euro Watch: Finance Ministers Add to Pressure on Greece Bailout
European finance ministers warned on Wednesday that Greece must undertake further economic revamping before it can receive the next portion of bailout funds.
Finance Ministers Add to Pressure on Greece Bailout
 Globe and Mail | Finance Ministers Add to Pressure on Greece Bailout New York Times ... October 31, 2012. BRUSSELS — Greece must undertake further economic revamping before it can receive the next portion of bailout funds it needs to keep from defaulting on its loans, finance ministers from euro area countries warned Wednesday. 25% and Rising: Unemployment in Spain and Greece Is Still Spiralling More than one in four people out of work in Greece Eurozone unemployment hits new record of 11.6 percent in September; Spain ... |
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UK's Cameron rocked by defeat in Europe budget vote
 Business Recorder | UK's Cameron rocked by defeat in Europe budget vote Reuters LONDON (Reuters) - British Prime Minister David Cameron suffered a humiliating defeat in parliament on Wednesday after Conservatives rebelled over Europe, an issue that has divided his party for decades and helped bring down previous leaders. EU budget vote: Rebel MPs defeat government over spending cut call Haunted by the ghosts of Major and Maastricht EU spending policies create dissent in UK |
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Hurricane Sandy as Greek Tragedy
Hurricane Sandy as Greek Tragedy New America Foundation Sandy is short for Cassandra, the Greek mythological figure who epitomizes tragedy. The gods gave Cassandra the gift of prophecy; depending on which version of the story one prefers, she could either see or smell the future. But with this gift also ... |
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Eurogroup delays decision on Greek aid until Nov 12
 FXstreet.com | Eurogroup delays decision on Greek aid until Nov 12 NASDAQ FXstreet.com (Córdoba) - Eurozone finance ministers said there's no guarantee Greece will be given its next round of aid in a couple weeks, according to media reports. Ministers held a conference call to discuss possibly giving Greece extra room to ... Greek Democratic Left set to light the fuse Germany says no deal on Greek debt crisis talks EU FinMin conference call to discuss Greek aid |
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New debt forecasts dash Greece hopes
 Telegraph.co.uk | New debt forecasts dash Greece hopes Financial Times The magnitude of Greece's fiscal challenge was painted in sharp relief yesterday as Athens unveiled new budget projections exceeding the worst-case scenarios envisioned by international lenders when they agreed an €174bn rescue eight months ago. Debt crisis: Greece debt to GDP to hit 190pc - Live Austerity measures self-defeating; worsening Greece's growing debt (Video) Germany, France Say November Key to Keeping Greece in Euro |
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German finance minister: Progress with Greece, but no deal
 AFP | German finance minister: Progress with Greece, but no deal AFP BERLIN — German Finance Minister Wolfgang Schaeuble said on Wednesday there had been considerable progress made with Greece to tackle its debt crisis but no deal had been done, contrary to reports from Athens. "The negotiations are progressing ... Schaeuble says troika work in Greece far from done Eurogroup urges Greece to solve 'remaining issues' Greece: troika negotiations rumble on |
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Cameron Loses Nonbinding Budget Vote
 Wall Street Journal | Cameron Loses Nonbinding Budget Vote Wall Street Journal By CASSELL BRYAN-LOW. LONDON—British Prime Minister David Cameron lost a showdown with members of his own party who want him to play a tougher hand with Europe, as he prepares to wrangle with his continental counterparts over setting the ... EU budget vote: Rebel MPs defeat government over spending cut call PMQs: David Cameron says he's prepared to use veto on EU budget PMQs and EU budget vote: Politics live blog |
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Eurozone unemployment figures hit a new high
 Telegraph.co.uk | Eurozone unemployment figures hit a new high Los Angeles Times Greece-protest. LONDON — Europe's economic gloom deepened Wednesday on the back of news that unemployment in the 17-nation Eurozone hit another record high in September as the region's debt crisis continued to sap the confidence of business ... Eurozone Unemployment Hits 11.6% The Depressing Truth About Europe's Youth Unemployment Nightmare Euro-Area Unemployment Rate Rises to Record: Economy |
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Greek Parliament Approves Privatization Of Public Utilities
Greek Parliament Approves Privatization Of Public Utilities ForexLive (blog) Greek Parliament Approves Privatization Of Public Utilities. By Market News International || October 31, 2012 at 13:00 GMT. || 0 comments || Add comment. PARIS (MNI) – The Greek parliament Wednesday approved a plan by the government to sell its ... |
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EU spending policies create dissent in UK
EU spending policies create dissent in UK USA TODAY 2012 - LONDON — Disputes over the spending and lending policies of the European Union bubbled over into a revolt against the British prime minister by his own party and a massive strike announced for next week in Greece. The political unrest comes as ... |
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Greece Outlines New Austerity as Debt Load Rises
 ABC News | Greece Outlines New Austerity as Debt Load Rises ABC News Greece's government on Wednesday outlined the new austerity measures it intends to take over the next two years, a series of painful spending cuts and tax hikes that its international bailout creditors are demanding in exchange for rescue loans. Greece recession and debt problems even worse Greece Urged by Europe to Overcome Last Hurdles to Aid Greece outlook grim as EU holds onto loan funds |
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Greek unions commit to two-day strike next week
Unions strike in protest at the latest round of welfare and wages cuts as the Athens government outlines a raft of austerity measures in its revised 2013 budget
Greek trade unions vowed on Wednesday to bring the country to a halt next week after agreeing a two-day general strike in protest at the latest round of welfare and wages cuts.
The strike call came after the Athens government outlined a raft of austerity measures in its revised 2013 budget that predicts a sixth year of contraction and an escalation in its debt to GDP ratio to 167%.
Prime minister Antonis Samaras said negotiations with the major lenders were concluded and it was now time for MPs to vote through the measures to secure €31bn (£24bn) of fresh loans.
The €13.5bn worth of cutbacks for 2013-14 include a two-year increase in the retirement age from the current average of 65, salary and pension cuts and another round of tax increases, including raising taxes for the interest on bank deposits from 10% to 15%.
The vast majority of the measures are to be taken in 2013 and include a €4.6bn cut in pensions and a €1.2bn cut from salaries.
Unions responded by announcing a 48-hour general strike that could persuade some coalition MPs to join opposition groups in rejecting a bill to be tabled by finance minister Yannis Stournaras next week.
However, there was confusion on Wednesday after some European finance ministers warned they still needed to address some outstanding budget issues before before releasing funds to the Greek government.
German finance minister Wolfgang Schäuble was pessimistic the chances of a quick decision on the payout of the bailout instalment.
"To secure the tranche being paid out, we need preconditions to be met that still have not been achieved," he said.
The strain in the governing coalition was evident earlier in a parliamentary vote on a bill to allow the government to privatise public utilities. The bill passed by majority, but 15 MPs from the Pasok party, which is a junior partner in the coalition, voted against certain articles. Dissenters included former prime minister George Papandreou, who voted against one article.
Stournaras submitted the revised budget to parliament on Wednesday. The deputy finance minister, however, canceled a scheduled presentation of the budget due to a 24-hour journalists' strike in protest at their industry healthcare plan being drawn into spending cuts of €455m.
The coalition is under pressure to pass the budget before the 11 November deadline set by Greece's international creditors. Officials are also concerned that Greece must find a way to re-finance more than €3bn of loans due for renewal on 16 November.
Ben May, an analyst at Capital Economics, said he was concerned that Greece's debts were already unsustainable and further austerity would make the situation unsustainable. He pointed out the International Monetary Fund's warning in its recent world economic outlook that the country's debts were more likely to reach 183% of GDP next year.
He said the expectation of a recovery from 2014 to bring the figure back to 120% by 2020 was an illusion.
"There is still a significant risk that Greece will not survive another year inside the eurozone."
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Judy Bolton-Fasman: My Grandmother's Prayer Shawl
Nobody wielded a needle and thread like my Abuela. With deft rhythm and mesmerizing patterns, she conveyed a life story of painstaking work and imposed silence.
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Journalist's arrest spreads fear in debt-stricken Greece
 The Guardian (blog) | Journalist's arrest spreads fear in debt-stricken Greece GlobalPost LONDON, UK — The Greek authorities have been accused of shooting the messenger by arresting a journalist for publishing a list of alleged tax cheats. They may have also shot themselves in the foot by drawing attention to a culture of fear that could ... Shining a light into Greece's dark corners should not be a crime Greece gave birth to democracy. Now it has been cast out by a powerful elite Kill the Messengers: Greece Can't Handle The Truth |
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Eurozone unemployment hits record level
Globe and Mail | Eurozone unemployment hits record level Financial Times Unemployment in the eurozone hit a record level in September, with 18.5m people out of work, in the latest sign that the debt crisis is far from abating. Joblessness in the 17-country bloc increased to 11.6 per cent in September compared with 11.5 per cent in ... The Depressing Truth About Europe's Youth Unemployment Nightmare Eurozone unemployment hits record high 11.6% Eurozone Jobless Rate Hits Record High |
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GlaxoSmithKline warns on European drug prices
Boss Sir Andrew Witty appeals to governments to rethink the sharp cuts that have seen prices fall by an average of 7-8% across the continent
GlaxoSmithKline boss Sir Andrew Witty said on Wednesday that pharmaceutical companies could scale back on innovation and decamp to Asia or the US if European governments continued to impose drug pricing cuts as part of austerity programmes.
Speaking as he announced a review of the drugmaker's European business he appealed to governments to rethink the sharp cuts that have seen prices fall by an average of 7-8% across the continent. The fall was twice as big as GSK had assumed at the beginning of the year.
It led to a 9% slide in the group's European sales in the third quarter, and an 8% fall in overall sales to £6.5bn. The company, Europe's biggest pharmaceutical group, had hoped to return to "sustainable growth" this year but now anticipates no sales growth.
Sir Andrew said: "It is not reasonable for governments to believe that they can continue to make these sorts of price reductions and delay the introduction of novel medicines without that creating unintended consequences."
He would not be drawn on whether the European review would entail job cuts. Asked about the UK, where the company has its headquarters and employs 15,000 people in research labs and factories, Sir Andrew reiterated that GSK would be hiring more people in the long run.
He said government-imposed price cuts in crisis-hit countries like Greece had cascaded through Europe, with Germany also enforcing big price reductions in respiratory medicines and vaccines. "The effect of a Greek price cut in February, for example, could still be rippling through the market a year later."
He recounted that in one European country, which he would not name, drug prices were now 50% below where they were in 1996. "Could this be the new normal? It could. I hope very much it isn't. It will erode the attractiveness of Europe for innovation, and for the entire industry."
Mick Cooper, analyst at Edison Investment Research, said: "Austerity measures in Europe are having a significant impact on GSK's growth but fortunately the company has a strong late-stage pipeline." GSK plans to file for regulatory approval by the end of the year for new treatments for HIV, type II diabetes and chronic obstructive pulmonary disease – an umbrella term for chronic bronchitis or emphysema.
The group's consumer healthcare division - which sells products such as Sensodyne, Horlicks, Panadol and Lucozade - is also doing well. For example, it sold 3.5bn cups of Horlicks in India last year.
Sir Andrew recently wrote a letter on behalf of the industry in his capacity as president of the European Federation of Pharmaceutical Industries and Associations, in which he warned: "Europe is already a world leader in the pharmaceutical sector ... However, other locations such as the US and certain Asian countries present increasingly strong competition. Cost-containment policies that create market distortions - will drive investment elsewhere and consign Europe to a gradual decline, to the second rank of the new global order."
Medicine pricing systems vary across Europe. In the UK, drugmakers set their own prices but there is a profit cap. Every five years, guidance for pricing is established through the Pharmaceutical Price Regulation Scheme, a voluntary agreement between the government and the industry. They are currently thrashing out a new regime for 2014, which is expected to include value-based pricing for all new medicines for the first time. Medicines would be assessed on the basis of how well they meet unmet clincial needs, and how innovative they are. Germany also has value-based pricing. The NHS spends about £9bn a year on branded prescription drugs.
As governments slash healthcare costs, speculators are buying medicines cheaply in one country - such as Greece or the UK - to sell in another at a much higher price, according to business intelligence firm GlobalData.
Keith Bowman of Hargreaves Lansdown Stockbrokers, said: "GSK's results have again failed to inspire. Europe continues to weigh, whilst hoped for new product sales are yet to compensate for disposals and tough comparatives."
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David Harris: European Union's Nobel Prize
Others questioned why, if the Norwegian committee was so enamored by the European Union, is it that Norway has consistently rejected joining, preferring to go its own way unencumbered by a Brussels-based bureaucracy?
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Debt crisis: EU budget debate
 Telegraph.co.uk | Debt crisis: EU budget debate - Live Telegraph.co.uk Debt crisis: EU budget debate - Live. Speaking in the Commons today, the PM reiterated his stance that he will veto any EU budget deal if he is not satisfied with the outcome, which is at best cut, at worst frozen. Cameron at PMQs. Cameron said this ... WSJ UPDATE: Greek Parliament Narrowly Approves Privatization Law Progress in euro zone talks on Greece, no deal yet Eurozone crisis live: Two-day strike called in Greece against austerity plan |
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