Greece: Austerity fuels public health fears

Researchers say they have found more evidence that Greece’s financial crisis is taking a toll on the health of its citizens, including rising rates of HIV, tuberculosis, depression and infant deaths. Since the economic crisis hit in 2009, the ...

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G20 Finance Ministers in Need of Some Old 'Know-how': Jobs and Decent Wages

Listening to optimistic talk of an economic recovery among the world's financial elites is a bit like hearing a smoker describe their latest heart attack as they light up another cigarette. As G20 Finance Ministers and Central Bankers responsible for 85 per cent of the global economy prepare to meet in Sydney this weekend they must confront the underlying problems that still stymie growth and prosperity for all. The talks have been characterised as traditional, with no new "know-how" from policy makers. Investment in infrastructure, adequate training, an end to precarious work, and reforms such as social protection, minimum wages and collective bargaining, are concrete steps governments must take to narrow the growing gap between the haves and have-nots. Anything else is merely a continuation of the complacency and fanciful thinking that characterised the World Economic Forum in Davos last month. At that event, in the rarefied air of the Swiss Alps, the widening gulf between rich and poor was lamented - after all, those present made up almost two-thirds of the world's wealth. There was even some recognition that such obscene inequality could put economies and democratic institutions at risk, though there was little or no discussion of how to set a new course. Pundits suggested the United States and United Kingdom economies were rebounding strongly, and that even the sick economies in Europe were finally on the mend. There were confident predictions the global recovery would strengthen significantly in 2014. Such forecasts gloss over the massive backlog of unemployment and stagnant worker incomes, which restrict consumption and represent a drag on aggregate demand. Data suggesting that deflation in Europe remained a distinct possibility were also ignored. Now just a few weeks later the official outlook appears far less rosy. Emerging markets are struggling to contain capital flight and their currencies are under attack despite the best efforts of central bankers to prop them up. Confidence in several large emerging economies has been shaken by a sharp slowdown in growth, concerns over political stability, the outlook for commodity prices and confirmation that the days of cheap and plentiful dollars are drawing to an end. The causes of this new crisis can be traced to deregulated global financial markets, which create boom and bust cycles for capital movements. After several years in which the emerging economies had to absorb massive inflows of capital from speculators seeking higher returns than they could expect at home these flows are suddenly reversed as foreign investors race for the exit, causing panic as they leave. In our globalised economy the consequences of these recent events in emerging markets will not be easily contained. They have already impacted on equity prices in advanced economies. The risks are particularly acute for the fragile southern European states that need to compete for tourists alongside emerging economies. In emerging economies large currency depreciations have just made these countries bargain destinations for holidaymakers. While prices in Greece, Spain and Portugal are edging upwards as the Euro strengthens. At a minimum, a real and enduring recovery will require re-regulation of financial markets and policies to correct the explosion in income inequality. These issues are now openly -- though superficially -- discussed, but no one is taking responsibility for implementing reforms that will reduce risk in markets or restore the middle class. Talk of policies that might actually help shift the massive income and power imbalances in our societies was confided in secret to the few representatives of civil society and trade unions at Davos. These were the subjects for stage whispers or quiet corners. Instead of dealing with rising income inequality in developed economies we can now expect pressure for reforms in emerging and developing nations that will exacerbate the already high levels of income inequality in these regions. Whenever there is a currency or financial crisis developing countries are told they must implement reforms to help attract foreign direct investment and capital inflows. Often this is accompanied by demands for further reductions in wages and labour costs. Workers and the poor are invariably expected to bear the weight of rectifying the results of poor economic management. During the economic upswing in emerging market,s workers in most countries did not receive their fair share of the gains in productivity or prosperity. This is why income inequality increased dramatically in many parts of Asia, Africa and Eastern Europe. In a few Latin American emerging countries income inequality did marginally diminish, but this was from unacceptably high levels. Now as emerging economy currencies fall, the price of imports will increase rapidly and the cost of living for the poor will jump. It is the poor who suffer in these circumstances. They are the ones who cannot protect themselves and in a further economic tragedy more jobs might disappear. One clear step governments and central banks must take in Sydney is the introduction of country-by-country tax reporting by multinational corporations. In this way the G20 can show their resolve to end the complacent, business-as-usual approach and give meaning to the OECD Action Plan on "Base Erosion and Profit Shifting" endorsed at last year's summit in Saint Petersburg. If we are committed to strong, sustained and balanced growth lets forgo for once, asking the poor and the working class to carry the full burden of adjustment. Instead let us focus on protecting their jobs and real living standards. To the surprise of economists and policy makers, it might just work

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2.16 Percent Drop in Uninsured Employment

During the high tourist season, the government only uncovered seven uninsured employees in Rhodes, three in Mykonos and none in Santorini, making it easy to assume that something in the process went wrong. However, it explains why the effort made by the Greek Minister of Labor Yiannis Vroutsis to eradicate the uninsured employment in Greece within six months is described by the media as extraordinarily successful. It was only last February that the Federation of Hellenic ICT Enterprises (SEPE) controls showed that uninsured employees came up to 40 percent. Today, after the operation of the “Artemis” system inspired by Mr. Vroutsis, the numbers have changed and the uninsured employment seems to have dropped to 2.16 percent. According to the data published by Mr. Vroutsis, in the period of time between September 16 2013 and January 31 2014, the Ministry operated controls in 7,878 enterprises, 684 of which were found to have engaged uninsured employees (8.68 percent). In a total of 49,126 employees of those enterprises, only 1,063 were uninsured (2.16 percent) while the fines imposed for the uninsured employment amounted to 10,839,987 euros. However, an analysis of the data shows that Mr. Vroutsis attempts to convey an ideal illustration that is far from the reality that employees experience daily. Someone could easily reach this conclusion if they are aware of the labor market on the Greek islands during the tourist season. Thus, the controls that took place from last September on the Greek islands – when the tourist season for islands such as Mykonos, Santorini, Crete, Corfu and Rhodes is at its peak – showed that from Islands on the Aegean, only 16 employees were uninsured, in Crete the number reached 100, while on the Ionian Islands there were only 13.

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21st International Education Fair Underway in Cyprus

The 21st International Educational Fair began today, February 21, with 295 exhibitors that will inform the public on matters related to higher education. The fair is organized by the Cyprus Ministry of Education. This year’s fair will present all Cypriot Universities and Institutions of Higher Education, along with other educational establishments from 19 countries. Australia, Bulgaria, Britain, France, Germany, Switzerland, Greece, the U.S., Ireland, Spain, Israel, Italy, Canada, Holland, Hungary, the Czech Republic and Finland will all be participating in the fair. In addition, Lithuania and Sweden will send representatives to the fair for the first time. SFA Chairman, Othon Theodoulou stated during a press conference that the Fair has contributed significantly to the society’s development over the last 21 years in operation. Eight Universities and eighteen institutions of Higher Education, including the University of Cyprus, Cyprus University of Technology, Open University and five private institutions the European University, the University of Nicosia, University of Technology Frederick, Neapolis University in Pafos and the University of Central Lancashire will represent Cyprus at the Fair. Among the Tertiary Education is the Higher Hotel Institute and the Research School of the Institute of Neurology and Genetics for graduate programs. Theodoulou also mentioned that the Greek Minister of Education is in attendance at the 21st International Educational Fair, as well as some representatives from Greece’s universities. From the remaining countries, there will be either direct or indirect participation from 169 universities and 25 colleges. The gates of the International Educational Fair will remain open until Sunday, February 23 and it will be held on the Cyprus International Fair Grounds. The exhibition will be inaugurated by the Minister of Education and Culture.

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Real estate investment firms’ future looks better

Things are looking up for real estate investment companies in Greece as the slide in the prices of commercial properties they have in their portfolios appears to be coming to its end. The first clear sign of the new trend was the return to profit of blue ... ...

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Greek Investigating Judges Question Golden Dawn’s Legitimacy

Radical developments concerning the Greek neo-Nazi political party Golden Dawn are taking place in the Greek political scene as the two investigating judges forwarded their verdict over Golden Dawn to the Greek Parliament. After this new ...

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​Malaria returns to Greece as austerity wreaks havoc on healthcare

​Malaria returns to Greece as austerity wreaks havoc on healthcareRT (blog)Unemployment in Greece has more than tripled from 7.7 percent in 2008 to 24.3 percent in 2012, while long-term unemployment has reached 14.4 percent. In a country where health insurance is linked to employment, an estimated 800,000 have been left ...

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