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How the world sees Greece
Wednesday, August 28, 2013
Angela Merkel Says Letting Greece Join Euro Was 'Fundamentally Wrong'
Angela Merkel Says Letting Greece Join Euro Was 'Fundamentally Wrong'Huffington Post UKAngela Merkel has admitted that Greece should never have been allowed to join the euro back in 2001, criticising her predecessor Gerard Schroeder's "wrong" decision as one of the "starting points" for the eurozone's current economic strife. Speaking at ...
Ex-minister rebukes Angela Merkel for remarks on Greek euro admission
Greece's former Finance Minister, who steered the country into the single currency, has chided Angela Merkel after the German Chancellor said the debt-strapped country should have never been allowed to join the ...
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A new New Hellas Greek restaurant opens Thursday in Farmington Hills
A new New Hellas Greek restaurant opens Thursday in Farmington HillsDetroit Free PressA legendary restaurant name from Greektown's past will be resurrected Thursday in Farmington Hills, when a new New Hellas Greek restaurant opens in the former home of Morels. And running the kitchen will be Demetrios (Jimmy) Papatriantaflyllou, 75, ...
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Three foreign publicists awarded Goethe Medal
Germany's Goethe Institute has awarded its annual medal to publicists from Iran, India and Greece, saying culture and education remained essential for the world's coexistence and even its survival.
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Eurozone eyes holding company to manage Greek €20bn real estate sell-off
Under the plan, the new holding company would be empowered to manage the real estate portfolio independently from Greek government interference, including raising cash against the portfolio’s value to either pay down government debt or improve some of ...
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Greek Fest endures as Labor Day Weekend tradition
It was converted into a banquet facility providing revenue for the church and space for the church’s social functions and special events. In 1994, the church bought the former Golden Door Restaurant adjacent to the center and converted into ...
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Austria's Fekter takes hard line on more Greek aid
"Before it comes to additional help, I will surely demand compliance with the (existing programme's) terms," she told Reuters in an interview. She declined comment on the potential extent of more aid until international lenders get a report back ...
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Is the price too high to keep Greece in the euro?
Spreads on Italian and Spanish bond yields have pulled back from the brink and European stockmarkets have rebounded – Italy’s MIB is up more than 25pc and Spain’s Ibex is up a third. Meanwhile, Greece has gained breathing space ...
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The loss of ERT, the 'Greek BBC', is a cultural calamity
The GuardianThe loss of ERT, the 'Greek BBC', is a cultural calamityThe GuardianGreek prime minister Antonis Samaras, who had personally negotiated the deal, announced that the government would re-advertise the sale and not take further austerity measures to fill the financial gap created. Under the terms imposed by the troika ...Eurozone eyes holding company to manage Greek €20bn real estate sell-offFinancial TimesExpired products are to be re-released at lower prices in Greek marketsBalkans.com Business NewsGreece eyes fresh aid, but wary of more austerityChannel News Asiaall 6 news articles »
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IMF and Greece: Institutional Monstrous Failure
IMF and Greece: Institutional Monstrous FailureThe GuardianIn a chapter of their new book, The Body Economic, academics David Stuckler and Sanjay Basu calculate the toll austerity has taken on the health of ordinary Greeks. Their assessment is sobering: an HIV epidemic; medics unable to afford gloves, gowns ...
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Merkel blames former chancellor for letting Greece join the euro in 2001 and admits that is when the financial rot set in
‘We are not talking about a new bailout but an economic support package without new (austerity ... financial lifeline would have to be extended to save Greece from collapse. Germany’s commissioner to the European Commission, Guenther ...
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Bring on euro debate, Merkel aide tells rivals before TV duel
BERLIN (Reuters) - Angela Merkel is relishing the chance to debate the euro zone crisis with challenger Peer Steinbrueck in their only TV duel of the election campaign, despite a row over Greek aid that has put her government on the defensive, her campaign chief said.
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Intralot Takes Over Majority in Turkish Bilyoner
Greek company Intralot announced yesterday that, by utilizing its right of first refusal, it has entered into an agreement to acquire an additional stake of approximately 25.01% in its associated company Bilyoner, which would bring its total stake in the company to approximately 50.01%. Bilyoner is a Turkish company that operates as an electronic agent offering the sports betting games of the ...
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Eurozone's latest game of financial hide-and-seek
The game started with the bailout fund for Greece, which was followed by the European Financial Stability Facility, the European Financial Stability Mechanism, and the International Monetary Fund, which in turn were relieved by the ESM
Last June, the European Commission announced its about-face on bank restructuring. The money for recapitalising distressed banks would now come primarily from creditors, not European taxpayers, with a pecking order to specify which lenders would be repaid first. All of this is welcome, at least in principle. In practice, however, the scheme leaves much to be desired.
The problem is that a very long list of exceptions reduces the recoverable assets to such an extent that in many cases it will still be impossible to make do without public money. The long-term plan is that this money should come from a fund created by European banks themselves. But the Eurogroup (a meeting of eurozone finance ministers attended by the European Union's economic and monetary affairs commissioner and the European Central Bank president) is suggesting that, until then, the European Stability Mechanism (ESM) – and thus the taxpayers – will fill the gap.
Given that taxpayers are thus supposed to finance guarantees for deposits up to €100,000 (£86,283) – the median level of Dutch household wealth and twice the German median – the Eurogroup's proposal boils down to a massive redistribution of wealth in Europe, the dimensions of which are not understood by the public.
The idea of exempting banks' secured debt from the pecking order for repayment is extremely problematic as well. While this proposal may sound harmless and almost self-evident, it is not; secured debt needs no further protection, because it is already secured. Viewed from this perspective, the additional protection afforded by the exemption is highly surprising.
The exemption for secured debt undoubtedly concerns mainly the refinancing loans that the ECB has extended to commercial banks against increasingly weak collateral. For the eurozone's crisis-ridden economies (Cyprus, Greece, Ireland, Italy, Portugal, and Spain), the combined total is €732bn. These loans extend far beyond providing the liquidity that these countries need for internal circulation, for which a maximum of €335bn – their available stock of central-bank money – would have sufficed. Instead, by weakening safety standards, bailing out foreign investors, and financing current-account deficits, the ECB has undercut and replaced the private European interbank market.
With several banks in the crisis countries on the verge of bankruptcy, many of these loans have now turned toxic. After all, if one takes the average of estimates reported by reputable sources, the write-off losses of the six crisis countries' banks amount to about €670bn. Participating in these write-offs would put huge strain on the Eurosystem (the ECB and the central banks of the eurozone member states), which has only around €500bn in equity capital. The riskiness of the ECB's strategy of using the printing press to bail out banks, including their public and private clients, would become apparent to everyone.
Thus, it is clear how the losses incurred by the ECB's de facto regional fiscal policy are to be avoided: the write-off costs will be transferred from the ECB to the ESM. This makes no difference to taxpayers, who will have to pay for both institutions' losses in the same manner. But it has the advantage of allowing the ECB to present itself as having a clean balance sheet, thereby enabling it to maintain its current policy.
Ultimately, this is merely a new round of the eurozone's old game of financial hide-and-seek, whereby losses are obscured by distributing them among different institutions and time horizons. The game started with the bailout fund for Greece, which was followed by the European Financial Stability Facility, the European Financial Stability Mechanism, and the International Monetary Fund, which in turn were relieved by the ESM. In each case, a major objective was to reduce the burden on the ECB, which had advanced the money by printing it and would have run into serious difficulties without help.
The entire arrangement is highly problematic from the standpoint of democracy, because the initial decisions about undercutting the capital markets by means of public credit were taken by the ECB's governing council, in which large countries like France or Germany have the same voting power as Cyprus or Malta. Indeed, the national central banks' allocation of emergency liquidity assistance required approval by only one-third of the Governing Council's members, and the six crisis countries had these votes. According to the Eurogroup's proposal, these self-awarded loans, too, are now to be secured by ESM funds.
While the European Union's national parliaments must still decide on the scheme, they essentially have no option but to assent, because to do otherwise would severely harm the ECB. When they finally get to vote on the matter – years after the ECB's risky credit manoeuvres – they will have no choice but to bail out the ECB, the true hegemon of the eurozone.
• Hans-Werner Sinn is professor of economics and public finance, University of Munich, and president of the Ifo Institute.
Copyright: Project Syndicate, 2013.
European Central BankEuropean UnionEconomicsEuropeEurozone crisisEuropean banksFinancial sectorHans-Werner Sinntheguardian.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 |
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Greece looms as election fodder in Germany
BERLIN, Aug. 28 (UPI) -- German Chancellor Angela Merkel's assertion that creditor investment in Greece is safe is not accurate, a political rival said.
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The EU budget is a disaster that cannot save Greece
The EU budget is a disaster that cannot save GreeceTelegraph.co.uk (blog)Ever driven on a motorway in Spain or Portugal? You'll notice it's not exactly the M25 – often, cars are few and far in between (some pretty heavy congestion around Gibraltar not included). According to some estimates, 25 per cent of the EU's so-called ...and more »
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Prominent Greek fashion designer dead in Athens
ATHENS, Greece — Greek police say Michalis Aslanis, one of the country's most prominent fashion designers, has been found dead in his Athens apartment. His death Wednesday comes a week after Aslanis told a Greek newspaper that he had been "ruined" by ...
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Angela Merkel blames former chancellor Gerhard Schroder for letting Greece join the euro
The German chancellor blamed her predecessor Gerard Schroeder for the 'wrong' decision' during an election rally in front of 1000 supporters yesterday in the northern German town of Rendsburg.
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Greek designer Michalis Aslanis found dead in Athens apartment
Greek ReporterGreek designer Michalis Aslanis found dead in Athens apartmentKathimeriniFashion designer Michalis Aslanis has been found dead in his apartment in Kolonaki, central Athens. He was 65. Reports said prescription pills were found at his home, but it is unclear if his death was a suicide or accidental. An autopsy is underway to ...Greek Fashion Designer Mihalis Aslanis Found DeadGreek Reporterall 2 news articles »
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Schaeuble: On the campaign trail
One of the eurozone's most powerful politicians, Germany's Wolfgang Schaeuble, granted CNN's Nina dos Santos a rare interview. She asked him about Germany's elections and Greece's cash crunch. This is what he said.
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Greece joining euro was a mistake: Merkel
Related: Germany sees no further eurozone bailouts Speaking to CNN this week, Schaueble said Greece may need further help but he saw no further bailouts in the eurozone. He also ruled out a repeat of last year's debt "haircut," which forced ...
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German minister: Woes far from solved
One of the eurozone's most powerful politicians, Germany's Wolfgang Schaeuble, gives a rare interview to CNN's Nina dos Santos. She asked him about Germany's elections and Greece's cash crunch. This is what he said.
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Desperation Mode: Yunanistan (Greece) to Sell Expired Food to citizens
Desperation Mode: Yunanistan (Greece) to Sell Expired Food to citizensMINAIn just a few years we've seen the country of Yunanistan (Greece) go from being a popular tourist destination in one of the world's largest economic regions, to being on the brink of complete and utter collapse. With untold billions (officially $400B ...and more »
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Teachers Plan Strike Suit Against Transfers
With the beginning of the Greek school year looming, the teachers federation OLME said may strike to protest the transfer and firing of its members, and would ask the courts to intervene to stop a scheme being carried out by the government on the orders of international lenders. OLME told teachers to be at their posts on Sept. 2, ahead of the return of students, as the union plans militant ...
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Merkel Says Greeces Euro Entry Mistake
(Photo/Reuters) German Chancellor Angela Merkel says a strong single currency can only be achieved through reforms in struggling countries such as recession-hit Greece. German Chancellor Angela Merkel has said Greece should never have been allowed into the euro and put the blame on former chancellor Gerhard Schroeder. The German leader's outburst came as she attempted to prove to voters she ...
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Long Odds For GOP In N.Y. Mayors Race
(AP Photo/New York Daily News, James Keivom, Pool, File) The Republican candidates for the New York City Mayor's office on stage at the WABC-TV studios for a televised debate. From left are: Joe Lhota, George McDonald and billionaire Greek-American businessman John Catsimatidis. New York City is one of the nation's most liberal cities, yet the Republican Party has won the last five ...
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Tax Office Awaits 600000 Returns
With the deadlines for tax returns pushed back several times because of a breakdown in the electronic system which all taxpayers are required to use this year, Greece’s tax offices are still waiting on 600,000 returns to be submitted before the last day they are due – so far – which is Aug. 30. The tax department said, however, that it would accept returns up to 8 a.m. on Sept. ...
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Merkel tells voters Greece shouldn't have joined euro
German Chancellor Angela Merkel has charged, a month before elections, that struggling Greece should never have been allowed into the eurozone, blaming her political rivals for letting it happen. She heaped blame for Europe's debt and recession troubles on ...
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Greek Estate With a Sea View
Wall Street JournalGreek Estate With a Sea ViewWall Street JournalZakynthos, Greece. Waterfront. Close. This private estate of three villas on the Greek island of Zakynthos enjoys 180-degree views over the Ionian Sea. —Javier Espinoza. previous; next. prev; next. "The attraction is the panoramic view and the privacy ...and more »
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Merkel outburst over Greece joining euro
In a rare outburst, German Chancellor Angela Merkel has said Greece should never have been allowed to join the single currency. Speaking at a rally ahead of elections on September 22, Merkel told a crowd of around 1,000 German voters that the ...
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Greek-Catholic Patriarch for the return of displaced people to Mount Lebanon
But he also said it was necessary to prepare for their return by setting up infrastructures for drinking water, electricity ... back to their daily work full of hope. The list of Christian churches, schools, institutions, shops torched by the Muslim ...
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EU’s Rehn Says ‘Premature’ to Put Numbers on Greek Financing Gap
“The troika will do its job and make the analysis of the potential financing gap and we in the normal order of things will make possibly a proposal in the course of this autumn.” Greece’s widening needs have intruded on the election ...
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Greek bank deposits fall slightly in July- cenbank
Deposits of businesses and households fell 0.2 percent from the previous month to 162.39 billion euros ($217.50 billion) from 162.67 billion in June, according to the Bank of Greece. Greek banks lost about a third of their deposit base, about 90 ...
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More than 1 mln French tourists expected to visit Greece in 2013
More than 1 mln French tourists expected to visit Greece in 2013KathimeriniMore than 1 million French tourists are expected to visit Greece this year, backing predictions of a very strong year for the debt-hit country's tourism sector, Kathimerini understands. French visitors are expected to inject about 900 million euros ...Greece: foreign tourist arrivals expected to surge this fallANSAmedall 3 news articles »
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'Greece Should Not Have Been Allowed Into The Euro'
Angela Merkel has admitted that Greece should never have been allowed to join the euro back in 2001, criticising her predecessor Gerard Schroeder's "wrong" decision...
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Amr Diab continues music projects in Greece despite naked women scandal
Egyptian superstar Amr Diab has been in the news a lot those past few weeks, as he spends his time in Greece filming for his new music videos.The video clips were being filmed for the singer's latest album, which was leaked on the internet in full last week. ...
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Azerbaijan`s top diplomat meets newly appointed Greek ambassador
Foreign minister of Azerbaijan Elmar Mammadyarov has today accepted a copy of credentials of newly appointed Greek ambassador Dimitrios Tsoungas. Mammadyarov praised the Azerbaijan-Greece relationship. He expressed confidence that the ambassador would contribute to deepening relationship between the two countries, AzerTAc reports. Tsoungas expressed satisfaction with his new appointment as ...
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National Flags Created From The Foods Each Country Is Commonly Associated With
Basil, pasta, and tomatoes create the stripes on Italy’s flag, while hot dogs and buns were used for the U.S., olives and feta cheese for Greece, and curries with rice for India and Indonesia.
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My Hero – Ben Miller on Tony Hancock; Ancient Greece: The Greatest Show on ...
The GuardianMy Hero – Ben Miller on Tony Hancock; Ancient Greece: The Greatest Show on ...The GuardianFew people, though, can possibly appreciate tragedy quite as much as classicist Dr Michael Scott, whose documentary Ancient Greece: The Greatest Show on Earth (BBC4) began with a shot of him sitting alone in a dingy cinema, watching a series of ...and more »
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Greece should never have been allowed to join euro: Merkel
In a rare outburst, German Chancellor Angela Merkel has said Greece should never have been allowed to join the single currency. Speaking at a rally ahead of elections on September 22, Merkel told a crowd of around 1,000 German voters that the debt crisis ...
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Greece puts hand out for extra 10b euros
Recession-mired Greece is unsure of what an inevitable third package of financial aid will look like. Since the beginning of the debt crisis in 2010...
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Greek Orthodox special assembly reinstates clergy salary
On Sunday, Aug. 25, members of the embattled Greek Orthodox Church of Greater Salt Lake met behind closed doors to discuss their current financial situation. City Weekly wrote last week about some of the complex, controversial issues currently facing the ...
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Photo exhibit among the many attractions at Greek Festival
Photo exhibit among the many attractions at Greek FestivalThisWeekNewsThis photograph by Peter Yalanis is included in "All Sides of the Parthenon, A Touring Exhibition," a photographic exhibition that will be presented throughout this year's Greek Festival, to be held Friday through Monday, Aug. 30-Sept. 1, at the ...
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Greece Wants More Aid Not Austerity
(AP Photo/Petros Giannakouris) Pedestrians walk next a clothes store in central Athens, Aug. 26, 2013 that's advertising the Greek sun in hopes of luring customers who've been staying away in droves because of harsh austerity measures that have closed 110,000 stores. Greece wants another $13.34 billion bailout to stay afloat - but said it will not accept any more austerity measures. ...
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Oikos vs. Chobani For Greek Yogurt Supremacy
Yogurt giant Danone is hoping its Oikos brand can catch Greek yogurt market leader Chobani while the only one that comes from Greece, Fage, has faded after failing to mount an aggressive marketing campaign, losing the American market niche fast. Chobani Inc. got Americans hooked on Greek yogurt. Now Danone wants to slip the stuff into products from dips to dessert in a bid to unseat the market ...
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Another 40000 Greek Stores Shuttering
While Greek Prime Minister Antonis Samaras says the country is on a course to begin a recovery by the end of next year, the lingering effects of austerity measures are continuing to kill businesses with another 40,000 expected to close by the end of the year, according to a report published by the Institute of Small Enterprise of the General Confederation of Professionals, Craftsmen and Merchants ...
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Greek arrested in Caracas with 6.4 kg of cocaine
A Greek national has been arrested in Venezuela after trying to board an airplane to Rome carrying 6.4 kilogram of cocaine, the Latin American country's drug enforcement agency announced on Tuesday.The unnamed suspect was allegedly flying from Caracas to the Italian capital when police discovered that he was toting 6.4 kilograms of the potent narcotic in the lining of a duffel bag, the ...
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Lower deposits bad loans block liquidity
The wave of nonperforming loans (NPLs) has cost Greek lenders more than 30 billion euros over the last few years, hampering the normalization of conditions that would allow for the provision of desperately needed liquidity to the economy, bank officials claim.The other major block has been the steep drop in deposits, which shrank from 237 billion euros at the end of 2009 to 162 billion last June. ...
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Greece eyes fresh aid, but wary of more austerity
Stuck in its debt crisis but confident of progress made after two major bailouts, recession-mired Greece is unsure of what an inevitable third package will look like.
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The Trinity in Greek Religious Belief
God created human beings in his image and intended for them to participate in his own divine nature ... He previously worked in information technology as a network engineer. Allen earned a bachelor's degree in history and religion/philosophy from Indiana ...
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