Greek budget deficit improves but savings cuts push jobless rate to new high

By Associated Press, Updated: Thursday, January 10, 7:27 PM

Nikolas Giakoumidis/Associated Press

ATHENS, Greece — Greece’s coalition government on Thursday reported a steep drop in the budget deficit in 2012, but unemployment rose again at an alarming rate as state savings cuts continued to hurt the economy and erode living standards.

Economic change depends on culture and society

By Anne Applebaum, Thursday, January 10, 6:31 PM

Washington Post 

PARIS — For a brief moment before Christmas, self-doubt gripped France. The beloved French actor Gerard Depardieu — who recently played Obelix, an even more beloved French comic book character — announced he was moving to Belgium because President Francois Hollande had threatened to tax millionaires at 75 percent of their income.

TEXT-S&P: eurozone could start to overcome debt crisis in 2013

Reuters

Jan 9 - This could be a decisive year in determining whether the eurozone

(European Economic and Monetary Union) can emerge from its sovereign debt

troubles, says Standard & Poor's Ratings Services today in the report: "The

Eurozone Debt Crisis: 2013 Could Be A Watershed Year."

A surprising map of the best and worst countries to be born into today

Posted by Max Fisher on January 7, 2013 at 9:00 am

If you came into the world today and could pick your nationality, there are at least 15 better choices than to be born American, according to a study by the Economist Intelligence Unit. The firm looked at 80 countries, scoring them across 11 variables to determine “which country will provide the best opportunities for a healthy, safe and prosperous life in the years ahead.” The results, mapped out above, are both surprising and not.

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.