EU Calls Top Officials to Meet on Greece Aid

The Wall Street Journal

By RIVA FROYMOVICH

European Union President Herman Van Rompuy has called a meeting of top EU policy makers Monday to discuss plans for a second bailout package for Greece, EU officials said on Sunday.

The gathering comes as Europe continues to struggle with a contentious issue: whether and how Greece's private-sector creditors should share the burden when the anticipated second aid package is doled out to the debt-burdened country.

Was it worth it?

Jul 4th 2011, 14:10 by R.A. | WASHINGTON

STEVE WALDMAN asks the burning question:

Suppose that Greece had never adopted the Euro and the terms of its external borrowing had remained subject to “market discipline”, as it had been in the 1990s. Would Greece today be better off or worse off, in real terms, looking forward?

The abuses of austerity

A new plan to cut Greece’s debt looks doomed to fail

SOME years back a Greek finance minister, fed up with his country’s waste and extravagance, claimed that he could save money by shutting down the national railway and driving its passengers around in taxis. He was accused of hyperbole but seems, rather, to have been guilty of understatement. In 2009 the Greek railway collected just €174m ($250m) in fares and other revenues. Meanwhile, it spent €246m on wages and lost a total of €937m.

Portugal Rating Cut on Possible Greek Follow

Moody’s Investors Service cut Portugal’s credit rating to below investment grade on concern the southern European country will need to follow Greece in seeking a second international bailout.

The long-term government bond ratings were lowered to Ba2, or junk, from Baa1, and the outlook is negative. Discussions to involve private investors in a new rescue plan for Greece make it more likely that the European Union will require the same pre-conditions in the case of Portugal, Moody’s said in a statement.

“That’s very significant because not only does it affect current investors, but it is likely to discourage new private- sector lending going forward, and therefore reduce the likelihood that a country like Portugal will be able to regain access to the capital markets at a sustainable cost,” Anthony Thomas, a senior analyst at Moody’s in London, said in a telephone interview yesterday.

Greek Rescue Snarled by Sales

By STEPHEN FIDLER And MATTHEW KARNITSCHNIG

Europe's hopes for a significant contribution by private bondholders to a new bailout for Greece are fading, as it becomes clear that banks have sold off a substantial proportion of their Greek government-bond holdings despite pledges by some of the institutions not to do so.

Greece has about €64 billion ($93 billion) of benchmark bonds coming due in the next three years, among other liabilities, and euro-zone leaders had hoped that private lenders would voluntarily take on longer maturities in order to improve the country's battered finances

Greek Finance Minister Moves From Crisis to Crisis

By LANDON THOMAS Jr. and RACHEL DONADIO

Published: July 5, 2011

ATHENS — As he approached the end of another 16-hour workday, Evangelos Venizelos had one question on his mind: Will Europe come up with the money that Greece so desperately needs? As the new Greek finance minister, Mr. Venizelos is the man in charge of steering a nearly bankrupt economy back on track — and, perhaps, preventing another global financial crisis.

No sooner had he presided over the close passage of a new austerity bill last week, than he was contending with the growing controversy over how much money private banks would contribute by taking on more Greek debt.

Greek Opposition Slams Tax Rises

Samaras—Potential Contender for Prime Minister—Says Bailout Plan Is 'Failure

By ALKMAN GRANITSAS And MARCUS WALKER

ATHENS—The international plan to fix Greece's finances is failing and needs a rethink, the head of Greece's main opposition party said in an interview.

Instead of strangling the Greek economy with tax increases, Europe and the International Monetary Fund should let Greece cut taxes to jump-start growth, said Antonis Samaras, leader of the center-right New Democracy party and possibly the country's next prime minister.

The austerity program for Greece "is a failure," Mr. Samaras said in an interview with The Wall Street Journal, his first with international media since becoming Greece's opposition leader. Citing Greece's poor tax revenues amid a worsening recession, he said: "I think our lenders will have to change their policy. My question is why do we have to go further down the drain in the meantime?"

Πρόγραμμα Οικονομικής Προσαρμογής της Ελλάδας

 Τέταρτη Επανεξέταση – 'Ανοιξη 2011

ΠΕΡΙΛΗΨΗ

Κοινό κλιμάκιο της Ευρωπαϊκής Επιτροπής, της Ευρωπαϊκής Κεντρικής Τράπεζας και του Διεθνούς Νομισματικού Ταμείου συναντήθηκε με τις ελληνικές αρχές στην Αθήνα από 3 Μαΐου έως 2 Ιουνίου και από 21 έως 23 Ιουνίου 2011. Το κλιμάκιο αξιολόγησε τη συμμόρφωση προς τους όρους της τέταρτης επανεξέτασης βάσει του Προγράμματος Οικονομικής Προσαρμογής.

Κατά το τελευταίο έτος το πρόγραμμα οικονομικών πολιτικών φάνηκε να είναι το κατάλληλο πρόγραμμα συνδρομής προς την Ελλάδα ώστε η χώρα να περιορίσει τις μακροοικονομικές και δημοσιονομικές της ανισορροπίες. Οι στόχοι του προγράμματος είναι η αποκατάσταση της δημοσιονομικής διατηρησιμότητας, η διατήρηση της χρηματοπιστωτικής  σταθερότητας και της ενδεδειγμένης ρευστότητας του τραπεζικού τομέα καθώς και η αποκατάσταση της ανταγωνιστικότητας.

Greek fiscal survival vital for euro zone FinMin

(Reuters) - Greece will stave off default not only for its own sake but because its survival is vital for the euro zone and the global economy, Greek Finance Minister Evangelos Venizelos told Reuters on Monday.

With help from its EU partners and fresh determination, the debt-ridden euro zone member will regain its fiscal sovereignty as soon as possible and aims to return to markets in the middle of 2014, as expected, the minister said.

S&P Says Bank Plan Opens Door to Default

By STEPHEN FIDLER in Brussels and COSTAS PARIS and NEELABH CHATURVEDI in London

European efforts to encourage private investors to contribute to a new international bailout for Greece hit new problems Monday when the Standard & Poor's rating company said the leading proposal under consideration would likely bring the country into default.

S.&P. Warns Bank Plan Would Cause Greek Default

PARIS — Greece risks being judged in default on its debt obligations if banks are forced to bear part of the pain, Standard & Poor’s said Monday, suggesting that current proposals for rescuing the euro zone’s weakest member may have to be reconsidered.

In particular, a plan proposed by the French government and banks “could require private sector debt restructuring in a form that we would view as an effective default,” S.&P. said in a statement.

The rating agency also said it was cutting its long-term rating on Greece three notches deeper into junk territory, to CCC from B.

S&P warning adds default threat to Greece's bailout

(Reuters) - Greece would likely be in default if it follows a debt rollover plan pushed by French banks, S&P warned on Monday, deepening the pain of a bailout that one European official said will cost Athens sovereignty and jobs.

European politicians and bankers had expressed confidence last week that the French proposal would not trigger a default, but ratings agency Standard & Poor's said it would involve losses to debt holders, most likely earning Greece a "selective default" rating. "It is our view that each of the two financing options described in the (French banks') proposal would likely amount to a default under our criteria," S&P said.

French banks, major holders of Greek sovereign debt, proposed voluntarily renewing some of the bonds when they fall due, but on different terms.

Greece Awaits Further Rescue

Εuro-zone finance ministers signed off on a new slice of bailout money for Greece, avoiding a financial meltdown this month, but left themselves with a heavy task ahead to work out details for a new rescue package for the country.

The ministers' agreement in a teleconference call on Saturday evening leaves only the expected approval of the board of the International Monetary Fund before €12 billion ($17.4 billion) is handed over to Athens. The payment is expected by July 15.

What have we become?

The Economist 1-7-2011

Some Greeks are angry about their paralysed, corrupt country. Others just want the good times to come back

THEY had been warned. As Greece’s 300 legislators debated, and finally approved, an internationally backed financial-rescue plan with many clear downsides—it will pile pain onto hapless firms and citizens who already pay taxes, for instance, and so subsidise those who do not—some dire pronouncements on the possible consequences of saying “no” to the world were ringing in their ears.

A group of 18 Greek economists (mostly from the nation’s academic diaspora, in flight from the cronyism and disorder that mar campuses back home) listed some of the likely results if the country opted for autarky: in other words, if it stopped paying its debt and rejected the idea of moving, with foreign help, towards fiscal and administrative health.

Timeline: Key hurdles for Greece in coming weeks

29-6-2011

(Reuters) – With Greece close to bankruptcy, Prime Minister George Papandreou is trying this week to push through parliament an austerity package needed to secure international funding by mid-July, when the country could otherwise default on its debt.

Here are challenges and deadlines that Greece will need to meet in coming weeks:

Το πάρε-δώσε του Μεσοπρόθεσμου

Πάσχος Μανδραβέλης

 Τρίτη, 28 Ιούνιος 2011 10:34

Προς τι ο κλαυθμός και ο οδυρμός των ΜΜΕ για «τσουνάμι φόρων», τη «φοροκαταιγίδα», «χαράτσια»;

Προς τι ο κλαυθμός και ο οδυρμός των ΜΜΕ για «τσουνάμι φόρων», τη «φοροκαταιγίδα», «χαράτσια»;

________________________________________

Σύμφωνοι! Να χειροκροτήσουμε όλοι τη ΓΕΝΟΠ-ΔΕΗ και να συμπαρασταθούμε στον μεγάλο αγώνα που κάνει για να μην περάσει το Μεσοπρόθεσμο και για να μην ιδιωτικοποιηθεί η ΔΕΗ. Να συμφωνήσουμε επίσης ότι ορθώς πήρε το ασφαλιστικό της ταμείο 710 εκατομμύρια ευρώ (μόνο πέρυσι) και να συμφωνήσουμε ότι φέτος πρέπει να πάρει άλλα τόσα. Πριν, όμως, τα πάρουν, πρέπει ταυτόχρονα να συμφωνήσουμε ότι πρέπει να τα δώσουμε. Διότι, παρά τα όσα ισχυρίζεται ο κ. Μίκης Θεοδωράκης, ούτε Ρώσοι ούτε Κινέζοι είναι διατεθειμένοι να πληρώσουν το ασφαλιστικό της ΔΕΗ. Εμείς πρέπει να το κάνουμε, οπότε ας βάλουμε αυτό το κονδύλι στο Μεσοπρόθεσμο.

Να συμφωνήσουμε επίσης ότι μας αρέσει ο σιδηρόδρομος. Επειδή, δε, ανέκαθεν υπήρξαμε οικολόγοι και κιμπάρηδες, αποφασίσαμε το 2010 να δώσουμε στον ΟΣΕ 917 εκατ. ευρώ. Κι αυτά πρέπει να μπουν στον λογαριασμό του Μεσοπρόθεσμου, διότι εμείς χαιρόμασταν να βλέπουμε τα τρένα (έστω άδεια) να περνούν και όχι οι Ταϊλανδοί. Οπότε ας βάλουμε κι αυτό το κονδύλι στο Μεσοπρόθεσμο, συν τα 156 εκατομμύρια του 2011 (αν εφαρμοστεί καταλεπτώς το Μνημόνιο).

Μέτωπο λογικής κατά της ΓΕΝΟΠ - ΔΕΗ

Πάσχος Μανδραβέλης

Παρασκευή, 24 Ιούνιος 2011 17:03

Αν το ηλεκτρικό ρεύμα είναι τόσο κοινωνικό και τόσο σημαντικό αγαθό που δεν πρέπει να ιδιωτικοποιηθεί, τότε δεν θα πρέπει να κόβεται ποτέ και για κανένα λόγο.

Ένα από τα βασικά επιχειρήματα της ΓΕΝΟΠ κατά της ιδιωτικοποίησης της ΔΕΗ -ή έστω κατά οποιασδήποτε περαιτέρω μετοχοποίησής της- είναι η φύση του ρεύματος. Ανάμεσα στα παχιά λόγια και στα βαριά συνθήματα, π. χ. «Ρεύμα φθηνό - ΔΕΗ για τον λαό», ορθώνεται το επιχείρημα ότι το ηλεκτρικό ρεύμα είναι κοινωνικό αγαθό που απειλείται από την ιδιωτικοποίηση των μονάδων παραγωγής του. Αν και μ’ αυτό το σκεπτικό θα έπρεπε να κρατικοποιηθούν ακόμη και οι ηλιακοί συλλέκτες στις στέγες των σπιτιών που παράγουν ηλεκτρική ενέργεια, εκ του επιχειρήματος προκύπτει μια λογική αντινομία. Αν το ηλεκτρικό ρεύμα είναι τόσο κοινωνικό και τόσο σημαντικό αγαθό που δεν πρέπει να ιδιωτικοποιηθεί, τότε δεν θα πρέπει να κόβεται ποτέ και για κανένα λόγο. Οι εργαζόμενοι στη ΔΕΗ πρέπει να είναι υπό διαρκή επιστράτευση, διότι αλλιώς μπαίνουμε στ σφαίρα του παραλόγου· να κόβουν, δηλαδή, σήμερα οι εργαζόμενοι το τόσο ζωτικό ηλεκτρικό ρεύμα για να μην το παράγουν αύριο οι ιδιώτες. Ποιος, όμως, σ’ αυτήν τη χώρα είδε τη λογική και δεν την παρέκαμψε;

Vote Calms Markets—for Now

The Wall Street Journal

ATHENS—Financial markets breathed a sigh of relief Wednesday after the Greek Parliament approved a five-year austerity plan demanded by international creditors, but investors remain wary that the fix fails to resolve problems facing Greece—and Europe—in the long run.

The measures, which were demanded by international creditors as a condition of a new bailout, eased fears of an imminent default, but market reaction was muted by gains over the past two days, partly on expectations the budget-cutting package would pass.

The Dow industrials ended the day 72.73 higher at 12261.42, capping their biggest three-day winning streak since late March. The Stoxx Europe index jumped 1.7% at 269.8, and London's FTSE 100 index gained 1.5% to 5855.9. Asian markets opened mixed on Thursday, with Japan's Nikkei average unchanged.

The euro climbed to better than $1.44 against the U.S. dollar, though still well below its peak this year near $1.50.

Greek bond yields, which move in the opposite direction of price, fell a bit. But Greek bond prices still suggest investors are expecting a default, a reflection of the continued doubts about the region.

Στο Συμβούλιο του ΑΕΙ, άσυλο και φύλαξη

Εφημερίδα Καθημερινή 29-6-2011

 Ο ρόλος του θα είναι ελεγκτικός και εποπτικός σύμφωνα με το νομοσχέδιοΤου Αποστολου Λακασα
Στο Συμβούλιο Ιδρύματος ανατίθεται η κατά νόμο τήρηση του πανεπιστημιακού ασύλου. Αυτό προβλέπει σαφής διάταξη του νομοσχεδίου για την τριτοβάθμια εκπαίδευση. Ταυτόχρονα προβλέπεται η θεσμοθέτηση ειδικής υπηρεσίας φύλαξης του ιδρύματος, ενώ τα οικονομικά κάθε ΑΕΙ θα τα διαχειρίζεται Νομικό Πρόσωπο Ιδιωτικού Δικαίου. Το νομοσχέδιο οδεύει προς τη Βουλή καθώς αύριο η αρμόδια υπουργός Παιδείας, κ. Αννα Διαμαντοπούλου, θα το παρουσιάσει στο υπουργικό συμβούλιο. Χθες προηγήθηκε η παρουσίαση των βασικών αξόνων του στον Κοινοβουλευτικό Τομέα Παιδείας του ΠΑΣΟΚ.

In a Greek Default, Higher Risk for Money Market Funds

By GRAHAM BOWLEY

Published: June 28, 2011 for International Herald Tribune

Money market funds have long been a popular haven for conservative investors, but they could become one way that the tremors of the financial crisis in Greece touch the pocketbooks of Americans — about 50 million of them.

For years, the funds in the United States have taken investors’ money and lent it out where they can get the best returns. European banks have been a target lately — so much so that about 50 percent of the funds’ $1.6 trillion in prime money market assets is in the debt of European banks.