Εβδομάδα Είναι … Και Κυλάει

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Athens adopts austerity plan – SMH

Posted by evdomada on June 30, 2011

It was only a matter of time that after Papandreou successfully managed to “win” a vote of confidence in parliament that the austerity measures “requested” by the “foreigners” would be passed as well.

Of course the people will protest both peacefully and for a handful of cases violently.

In fact the violence has had a “positive” effect for the government because the peaceful protesters were troubling the politicians more so. The violence has distracted media and others, the pain of the people.

Click here to read the article.

 

Posted in Greek Economy Crisis | Tagged: | Leave a Comment »

Fret not over European debt, says Citi expert – SMH

Posted by evdomada on June 28, 2011

Another Buiter related article that brings up the Greek financial crisis to the fore.

Willem Buiter: Bloomberg

Again the key point to make here is that Buiter warns about the panic and nervousness that is being propagated.

He labelled as ”scaremongering” the ECB’s comparisons of Greece to Lehman Brothers.

He said Lehmans was unanticipated and Greece’s default would not be. He also said Lehmans had a bigger balance sheet and was more complex than Greece.

Click here for the article

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Eurozone could handle Greek loan defaults – Inside Business ABC

Posted by evdomada on June 28, 2011

Willem Buiter was in Australia this week … in fact he could still be around. To be honest prior to today I had not heard of him but I have since found out that he is Citigroup’s cheif economist and in his past was a contributor to the Financial Times.

There are a number of articles going around with interviews and quotes from Buiter but those of interest to me have been the questions posed to him about the Greek economy.

Maybe it’s his Dutch background but he seems to be less in a panic over Greece than other economists. He isn’t saying that Greece won’t default but he does say that in the case it does that the world economy won’t collapse overnight.

The link in this post is of an interview on Australia’s ABC Inside Business.

My personal highlight of the interview is Buiter’s following statement:

But all in all, the sovereign default of Greece, if and when it comes, can be handled in an orderly way. There are many historical examples of that. And the ECB should not make things worse than they need to be by making markets more concerned and nervous.

Click here for the article

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Solon’s Ghost: Greek Default Scenarios – Macro Business Blog

Posted by evdomada on June 26, 2011

This blog entry looks at default scenarios that are a possibility for Greece. It’s a month old but still is relevant to where some of Greece’s options lay.

As I’ve mentioned before, defaulting is not something new for the Greek economy. However this time around some of the big fish have “invested” in the Greek debt. To default could mean that some of the larger European banks have to bear the brunt of any losses. The effects on the economies could be more harmful than just handing out more money to the Greeks.

One can only hope that this time around that the Greeks will try to utilise the borrowed money to inject the economy and not only pay off debts that create more debts and continue the vicious cycle.

Click here to read the blog.

Posted in Greek Economy Crisis | Leave a Comment »

The Great Greek Illusion – NYTimes.com

Posted by evdomada on June 26, 2011

Another opinion article on Greece’s financial woes and someone’s idea on what should be done.

I will always stand by the fact that some articles need to be read with an open mind. The situation requires positivity and belief that Greece will get through this by some means.

It’s not the first time that Greece has required to default and managed to survive … even if only just.

Click here for the article

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Smashing Plates Won’t Rescue This Taverna – Tim Harford

Posted by evdomada on June 26, 2011

An interesting dialogue that puts some perspective on the European-Greek economy situation …

Here’s a very small part of the dialogue that I found interesting:

“So if I understand the situation, you’re lending money to Georgios that you know he can never pay back, and demanding that his staff make sacrifices they are transparently unwilling to make, in order to protect Mr Saville’s bank, in order to protect José, who in some unspecified way is connected to Georgios’s fate.”

“It does sound a bit strange when you put it like that. I think the theory is that if we don’t throw money and yell impractical and unwelcome management advice at a transparently bankrupt business, then maybe a perfectly viable business will be damaged. Especially since there won’t be any money left, because we’ll have given it all to Georgios, who will have given it all to his waiters. Does that make sense?”

“You tell me.”

“You’re right. It makes no sense whatsoever.”

Enjoy the read … click here

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The window and the ladder … and a chair apparently

Posted by evdomada on June 26, 2011

One of our evdomada readers sent me an interesting story about a window and a ladder at the church of the Holy Sephulcre in Jerusalem.

There are 6 churches that claim ownership or custodianship of the church and a resolution put in place by the Ottoman’s – known as a firman – in 1852 called for a status quo on these churches to somehow share the church peacefully.

That hasn’t always been the case of course. I personally remember the “brawl” between the Greeks and the Armenians at the same church. I can’t exactly remember the reason of the argument which resulted on being reported in the news. From memory, someone was in the church when someone else should’ve been present as well …

The article also mentions another similar brawl when a monk moved his chair approximately 20cm to avoid the sunlight in the heat of the day. The minor move resulted in an argument that led to people being hospitalised.

Then comes the story of the ladder that supposedly cannot be moved due to the 1852 firman. However someone claims that for one day, someone decided to move it … then move it back.

Enjoy … click here for the post and here for the ladder moving event

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ekathimerini.com – Hey Merkel, leave the Greeks alone

Posted by evdomada on May 22, 2011

Amidst the bad publicity that we see about Greece’s economic problems, it’s encouraging to see that some of Greece’s newspaper editors are doing their best to focus on the reality of the situation.

Nick Malkoutzis, the deputy editor of the English edition of the Greek newspaper Kathimerini, hits a resounding note with this article and in particular this paragraph that I liked from his editorial commentary:

“However, in a time of crisis, the lines of distinction between the innocent and guilty are often blurred. Greeks who work hard, who spend wisely, who abide by the law and who pay their taxes — yes, such people do exist — have had to endure months of generalizations and stereotyping. They have had to develop thick skins as a growing number of comments indiscriminately refer to all Greeks as feckless, lazy and corrupt. In some cases these epithets are deserved, but in many cases they are a complete distortion of reality, bordering on racism. Unfortunately, Merkel’s latest claims fall into the latter category.”

Read the complete article here

Posted in Greek News | Tagged: | Leave a Comment »

The Australian: Just Keep Digging

Posted by evdomada on May 17, 2011

I don’t usually post Australian political news but in light of what has been going on lately I think this article by George Megalogenis was worth sharing.

Personally I feel stuck with the current political situation. Only because I usually prefer one party over the other at any particular time, and in particular when it comes time to voting.

But at the moment I feel that both parties are inept at looking after us and our future and we have no acceptable alternative.

Australia is riding on a mining boom but how long is this going to keep our economy strong. We need more than just words and doing things to keep the poll results positive from our politicians.

This part of the article I found personally interesting …

“Labor’s loss of governing confidence is becoming a genuine national tragedy. Advisers were taking comfort this week that the budget had seemed to draw no big complaints, as if the government just wanted all that yelling to go away for a day or two to give it more time to think.

Australia deserves a more assertive government that can seize the opportunity that comes with being the last rich country standing after the GFC. But Labor has allowed itself to be bullied by the Coalition and the media into a ridiculous place where people call on it to be tough to get the budget back into surplus, then lacerate it for taking a single dollar off some poor upper-income earner.

Abbott’s approach is no different in spirit from Malcolm Fraser’s in 1975, when Australia was last faced with a global economy as temperamental as this one.

The essence of Fraserism was a belief that Labor had so badly managed the nation that it deserved to be run out of office by whatever means, fair or foul. But once power was restored to the conservatives, the nation really fell in a hole.

Fraser expected the economy to behave as it had before the public had made the mistake of voting Labor. He didn’t see the recession of 1975 as an early warning that the old model was broken.”

Click here for the article

Posted in Australian News | Leave a Comment »

eKathimerini: Greece’s Lost Soul

Posted by evdomada on May 17, 2011

A friend found this article that I believe is worth sharing, especially at a time when the publicity about Greece is mostly degenerative propaganda.

My favorite paragraph from the article was the following:

“There is a line from a poem by Nobel Prize winner Odysseas Elytis currently on display in the Athens metro. It reads: “Make a leap faster than decay.” It’s exactly what Veggos, Santas, Papazoglou, Rasoulis and Kambanellis did. Through their own skill, devotion, honesty and fortitude, they managed to rise above and beyond the complacency and malaise that set in over the last few decades.”

I think Hellenes throughout the world, not just those living the economic hardships in the homeland, need to do our best to move ahead of the decay. It’s not good enough to accept the news that we are being fed by the mass media agencies. What is worse, is that many Hellenes gloat and find humor in propagating the “bad” news rather than trying to understand what is going on.

Enjoy the read … click here for the article

Posted in Greek Culture, Greek News | Tagged: | Leave a Comment »

 
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