GREECE AND THE EU FINANCIAL CRISIS
Posted: February 23, 2012 Filed under: Economy, EU | Tags: Default Leave a comment »An interview with Dr. Stathis Kouvelakis, Professor at Kings College London, discussing the financial crisis in Greece and the probability of defaulting on its EU debt. Filmed on 31 January 2012 by Global Voices for Justice at UCLA.
VIDEO: GREECE SHOULD EXIT THE EURO
Posted: February 23, 2012 Filed under: Economy, EU | Tags: Greek Exit Leave a comment »by Andrew Loewen on February 21, 2012 originally published http://www.thepaltrysapien.com/2012/02/video-greece-should-exit-the-euro/
The Paltry Sapien‘s Matthew Payne has been posting excellent running commentary and analysis on Greece’s political-economic situation here in the Chatterbox. Back in July, meanwhile, I presented University of London (SOAS) professor Costas Lapavitsas’ analysis that Greece should default and exit the Euro. Here’s Lapavitsas making the case anew on The Real News. (For a counter-perspective, that Greece should default but wait to exit the Euro, see Economics professor Yanis Varoufakis.)
Crisis Appeasement: The new Greek Bailout as a ‘Euro in Our Time’ moment
Posted: February 22, 2012 Filed under: Economy | Tags: Bailout, Crisis 1 Comment »By Yani Varoufakis, originally published at http://yanisvaroufakis.eu
According to the official narrative, the euro was saved (again) by preventing a ‘disorderly’ Greek default and against the background of Mario Draghi’s Central Bank ‘activism’. So much for the official narrative. For in my estimation, the sight of our leaders proclaiming such victory against the Crisis has a strong whiff of the moment Neville Chamberlain returned from Munich, to tell a relieved British public that agreement had been struck and to promise them ‘Peace in Our Time’. All he had, of course, achieved, was to buy time for War to become stronger, more menacing, lethal beyond comprehension. Similarly, our European leaders only indulged in a form of Appeasement. Not of Germany (since our leaders are, for better or for worse, Germany) but of the Crisis. A Crisis that is, under the cover of inane celebrations of ‘resolution’ and ‘bailouts’, growing ever stronger, more divisive, efficient in the manner in which it eats into the very foundations of the eurozone. Read the rest of this entry »
Greece: Eurogroup imposes terms of debt servitude
Posted: February 21, 2012 Filed under: Economy, EU | Tags: Bailout, bankruptcy Leave a comment »“Greece will pay amount corresponding to coming quarter’s debt service directly to a segregated account. Within 2 months Greece will pass law ensuring priority is granted to debt servicing payments and include in Greek constitution ASAP”
Posted at http://storify.com/asteris/greece-eurogroup-imposes-terms-of-debt-servitude?awesm=sfy.co_aZW&utm_campaign=&utm_medium=sfy.co-twitter&utm_source=facebook.com&utm_content=storify-pingback
Press Release: Statement by IMF Managing Director Christine Lagarde on the Meeting of the Euro Group Press Release No. 11/53 February 20, 2012 Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the f…Imf
ΓΡΑΦΕΙΟ ΤΥΠΟΥ ΠΡΩΘΥΠΟΥΡΓΟΥ Αθήνα, 21 Φεβρουαρίου 2012 Π. ΚΑΨΗΣ: Κυρίες και κύριοι καλημέρα σας. Μετά από μια δύσκολη βραδιά ολοκληρώθηκε …
Exclusive: Greek debt may remain at 160 percent in ’20: IMF/ECB BRUSSELS | Mon Feb 20, 2012 4:21pm EST BRUSSELS (Reuters) – Greece will need additional relief if it is to cut its debts to 120 percent o…Reuters
Eurozone crisis live: Deal reached on Greece after all-night talks – as it happened
Marathon talks wrap up with minimum Greek deal | EurActiv
Eurozone finance ministers asked Greek political parties to underscore their commitment to economic reforms in order to secure a new €130…Euractiv
Papademos hails ‘historic’ deal for new loans, debt reduction
Prime Minister Lucas Papademos hailed as “historic” an agreement struck after 13 hours of talks in Brussels that will lead to Greece rece…
Venizelos says Eurogroup deal better than expected
Finance Minister Evangelos Venizelos says the deal struck between Greece and its eurozone partners in Brussels early on Tuesday was bette…
On BBC tv, hours after Greece’s Bailout Mk2, commenting on the deal
posted by Yani Varoufakis http://yanisvaroufakis.eu/
Latest PSI Terms Leaked; Imply Greek Redefault Within 2 Years
Posted: February 20, 2012 Filed under: Economy, EU | Tags: redefault 1 Comment »Submitted by Tyler Durden on 02/20/2012 15:26 -0500 http://www.zerohedge.com/news/greek-psi-terms-leaked-imply-greek-redefault-within-2-years
The first details of the Greek bond deal are leaking out via Reuters, and we now learn the reason for the Greek bond sell off in recent days:
- UNDER GREEK DEBT SWAP, PRIVATE SECTOR WILL GET 3% COUPON ON BONDS FROM 2012-20, 3.75% COUPON FROM 2021 ONWARDS [2021... ]
- PRIVATE SECTOR WILL ALSO GET A GDP-LINKED ADDITIONAL PAYMENT, CAPPED AT 1 PCT OF THE OUTSTANDING AMOUNT OF NEW BONDS [If it appears that nobody gives a rat's ass about this bullet point, it's because it's true]
- GREEK BANK RECAPITALISATION NEEDS MAY NOW BE AS MUCH AS 50 BLN EUROS-DEBT SUSTAINABILITY ANALYSIS Read the rest of this entry »
Debts, promises and coups
Posted: February 20, 2012 Filed under: Economy, EU, Politics 1 Comment »
By Talos. This is a reproduction of the original article posted at the blog Histologion. Please visit the blog for the full version, with links and images
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Master and servant
“In Greece the realisation that something has to change, and dramatically, still has to take place among many,” said Schäuble yesterday.
This gem of wisdom, comes from someone who supposedly is in charge of the Greek experiment, the chief of the German economy. I’m not sure how he forms an opinion on what is occurring in Greece, the effects his austerity programmes have on society and the population as a whole, nor do I understand what sort of people advise him on the mindset of the Greek population as a whole. But this didactic tone, coming from someone who obviously, from the effects of the policy he supervises, has not the faintest clue of either the society, or the economy he is helping to demolish and on which he is imposing a developing humanitarian disaster, is colonial in its contempt for the natives. Read the rest of this entry »
After the Crisis is Before the Crisis
Posted: February 20, 2012 Filed under: Aesthetics, Art & Politics 1 Comment »A solo exhibition by Oliver Ressler curated by Marco Scotini
Galleria Artra, Milan, Italy
http://www.artragallery.com
February 29 – April 15, 2012
Opening: February 28, 06:30 pm
Oliver Ressler has returned to Milan for his third solo show at Galleria Artra, entitled After the Crisis is Before the Crisis. The exhibition, opening on Tuesday, Feb. 28, 2012, is the second stage of a new project that started at Basis in Frankfurt, and is meant to develop as a series of exhibitions. Following a 14-metre wide slide projection with sound featured in his last show, the Vienna based artist is now presenting a series of works realized over the past two years.
Directly engaged as usual with the here and now, Oliver Ressler’s new project focuses on one of today’s most complex and urgent issues: the crisis of financial capitalism. For Ressler, however, the theme is not new. Read the rest of this entry »
I Witness: The Greek debt crisis with Aris Chatzistefanou
Posted: February 19, 2012 Filed under: Politics | Tags: austerity, debtocracy, Default Leave a comment »by Islam Channel 15/2/2012 http://www.counterfire.org
Debtocracy director Aris Chatzistefanou joins James Meadway of the New Economics Foundation for this edition of the I Witness programme with John Rees.
More clashes on the streets of Athens as the Greek Government imposes another round of austerity measures in a bid to ease the country’s economic woes. The policies will ensure Greece receives yet more financial aid from its European lenders but at what price to the Greek people?
The measures put in place are so severe that many fear that they are impossible to implement in a democratic state. But has democracy now been subverted in Greece?
Many Greeks now say that their country has become a slave to it’s lenders in the IMF and European Union.
John Rees is joined by James Meadway of the New Economics Foundation and Aris Chatzistefanou, Director of the films Debtocracy and Catastroika.
Produced for the Islam Channel by Alex Crutcher.
The Greek Paradox
Posted: February 19, 2012 Filed under: EU, Politics 1 Comment »by Tony Mckenna 18.2.2012
Those who nurture stereotypes about the Greek national character are concerned with a much more immediate agenda – turning workers of different countries against each other.
The mainstream media image, which has emerged from the triangulations of the volatile European financial landscape, seems to promote a clear North-South divide. The hotter countries of the south Mediterranean, such as Greece, Spain, Italy and Portugal are portrayed as having cultivated a languid and hedonistic lifestyle among their citizens, creating a deficit of effort thereby, and compelling those in other places to work all the harder. It is because the Greek worker retires on average at 61, that the retirement age of his or her German counterpart will now be raised to 67, or so the argument goes. Read the rest of this entry »
