The Big Fail

By PAUL KRUGMAN

Published: January 6, 2013

The New York Times

And this year, as in past meetings, there is one theme dominating discussion: the ongoing economic crisis.

Greece’s Rotten Oligarchy

By KOSTAS VAXEVANIS
Published: January 6, 2013
The New York Times
Unfortunately, the bicycle of Greek democracy has long been broken. After the military junta collapsed in 1974, Greece created only a hybrid, diluted form of democracy. You can vote, belong to a party and protest. In essence, however, a small clique exercises all meaningful political power.

Why Paul Krugman should be President Obama's pick for US treasury secretary

Not only is he the world's best-known economist, Krugman has the intellect and integrity to resist Wall Street's calls for austerity

Mark Weisbrot

guardian.co.uk, 
Saturday 5 January 2013 13.00 GMT

President Obama hasn't picked a treasury secretary yet for his second term, so he has a chance to do something different.

New Year Resolutions

Posted: 01/04/2013 2:57 pm

Marian Wright EdelmanPresident, Children's Defense Fund

http://www.huffingtonpost.com

As New Year’s Eve countdowns wound down, many people turned to the familiar ritual of taking stock of where they are now to make resolutions for what they can do better in the new year. We all measure our accomplishments and shortcomings in different ways. Some people count numbers on a scale or in a savings account. But what if we decided to take stock as a nation by measuring how we treat our children?

IMF Officials: We Were Wrong About Austerity

By Mark Whitehouse Jan 4, 2013 9:51 PM GMT+0200

Bloomberg

Sharp spending cuts and tax increases have long played a central role in the International Monetary Fund's prescriptions for governments in financial distress -- most recently for the struggling members of the euro area. Now, officials at the world's primary arbiter of fiscal prudence are recognizing that such austerity can do a lot more damage than previously thought.

Clock ticking for resolution of Greece's Postbank

By George Georgiopoulos

ATHENS | Fri Jan 4, 2013 6:44am EST

Jan 4 (Reuters) - Greek banks eyeing state-controlled Hellenic Postbank (TT) are expected to express initial interest by Friday, marking the next stage of the sector's consolidation designed to help cope with the debt crisis.

Greece's only certainty in 2013? Predictions are futile

Forecasts of collapse, 'Grexit' and even civil war proved unfounded but Greek society is under immense pressure

Nick Malkoutzis

The Guardian, Thursday 3 January 2013 19.30 GMT

Greek bank deposits up in November, but credit shrinks

(Reuters) - Greek business and household bank deposits rose again in November as doubts over the country's euro zone membership eased, but credit to the private sector continued to contract, official data showed on Thursday.

Scandal Hits Greek Tourism Agency

By ALKMAN GRANITSAS and NEKTARIA STAMOULI

ATHENS—A multimillion-dollar embezzlement case involving Greece's national tourism agency has dealt a new blow to the crisis-hit country's political establishment, which already is reeling from a scandal over its failure to go after wealthy suspected tax evaders.

Euro-Zone Manufacturing Shrinks in December

By ALEX BRITTAIN

 The Wall Street Journal

Activity among euro-zone manufacturers shrank further in December, a gauge of activity showed Wednesday, as factories across the currency area's biggest economies cut back on their output.

Most Greeks say government crackdown on tax evaders failing: poll

ATHENS | Sat Dec 29, 2012 3:51pm EST

(Reuters) - More than two-thirds of Greeks say their government is failing to fight tax evasion, a poll showed on Saturday, a major focus of popular discontent along with austerity measures imposed to unlock bailout aid.

Treasury 10-Year Yields Head for Record Low on Demand for Haven

By Daniel Kruger - Dec 29, 2012 7:00 AM GMT+0200

Bloomberg

Treasury 10-year note yields were poised for the lowest annual average since at least World War II as investors spent 2012 seeking haven from Europe’s debt crisis, tepid global growth and a U.S. budget showdown.

Greek tax cheats list altered to hide names -court sources

Fri Dec 28, 2012 11:39am EST

* Relatives of ex-minister were removed from accused tax dodgers list -officials

* Former finance minister denies tampering with list

* PASOK party expels him over "Lagarde List" affair

By Harry Papachristou

How Europe's Currency Survived 2012 Intact

The Wall Street Journal
http://online.wsj.com/article/SB10001424127887323300404578205580657203900.html

Leaders Muddled Through, but Bought Time for the Euro Area, Which Enters 2013 With All 17 Members Along for the Ride

With three days left of the old year, there's still time for even this prediction to go awry. But let's stick our necks out: Contrary to some expectations, the euro zone will end the year as it entered it—with 17 members.

 

Education falls victim to Greek debt crisis

Deutsche Welle

http://www.dw.de/education-falls-victim-to-greek-debt-crisis/a-16481846

As part of Greece's austerity policies, salaries for teachers and educational funding have dropped rapidly. Students who can afford private tutoring may come to depend more heavily on tutors than teachers.

Greek Bank Capital Needs at EU27.5 Billion, Bank of Greece Says

Bloomberg

By Marcus Bensasson & Christos Ziotis - Dec 27, 2012 7:34 PM GMT+0200

Greece’s four largest banks need to boost their capital by 27.5 billion euros ($36.3 billion) after taking losses from the country’s debt swap earlier this year, the largest sovereign restructuring in history.

Greek prosecutors send Swiss account list to parliament

ATHENS | Thu Dec 27, 2012 2:11pm GMT

(Reuters) - Greek prosecutors sent a list of possible tax cheats to parliament, court sources said, in a case that has highlighted Athens' failure to crack down on the tax evasion that has contributed to the country's financial crisis.

German economy to grow "decently" in 2013 - Finance Minister

BERLIN | Thu Dec 27, 2012 12:37pm GMT

 (Reuters) - Germany's economy will expand at a decent rate next year, underpinned by exports to countries outside the euro zone, Finance Minister Wolfgang Schaeuble said.

Bleak Christmas in Greece

deutsche welle
Cheerful decorations, good food and gifts for the children are part of the traditional Greek Christmas. But as the country's financial crisis continues to wreak havoc, the country is in for a scaled-back holiday in 2012.

Greece Urged to Get Tough on Tax

The Wall Street Journal

By STELIOS BOURAS And PHILIP PANGALOS

ATHENS—Greece's international creditors have called on the country to do more to tackle tax evasion, particularly among wealthier residents, as Athens scrambles to check up on thousands of taxpayers suspected of having sent money abroad illegally.