Greece and the euro

Crisis revisited

The Economist

http://www.economist.com/news/leaders/21636036-euro-still-vulnerable-and-greece-not-only-problem-crisis-revisited

The euro is still vulnerable, and Greece is not the only problem

Dec 13th 2014

IT WAS almost exactly five years ago that the euro crisis erupted, starting in Greece. Investors who had complacently let all euro-zone countries borrow at uniformly low levels abruptly woke up to the riskiness of an incompetent government borrowing money in a currency which it could not depreciate. There is thus a dismal symmetry in seeing the euro crisis flare up again in the place where it began.

Greece and the euro

Crisis revisited

The Economist

http://www.economist.com/news/leaders/21636036-euro-still-vulnerable-and-greece-not-only-problem-crisis-revisited

The euro is still vulnerable, and Greece is not the only problem

Dec 13th 2014

IT WAS almost exactly five years ago that the euro crisis erupted, starting in Greece. Investors who had complacently let all euro-zone countries borrow at uniformly low levels abruptly woke up to the riskiness of an incompetent government borrowing money in a currency which it could not depreciate. There is thus a dismal symmetry in seeing the euro crisis flare up again in the place where it began.

The euro is heading for disaster - what luck for David Cameron!

The final unwinding of the disastrous single currency could give Britain everything it wants from Europe

By Peter Oborne

6:00AM GMT 10 Dec 2014

As Karl Marx was one of the earliest to point out, economics (though so much less interesting) is far more important than politics.

Marx considered all political events as epiphenomena. He viewed great men as blind instruments of irresistible forces which they themselves could hardly comprehend.

The Marxist vision of society has been disproved many times, always at epic human cost. However, his doctrine that productive forces propel history has stood the test of time – and is invaluable for an understanding of the current predicament of the European Union

Γιατί ψήφισα "όχι" στην τροπολογία για τον Ρωμανό

11/12/2014

13:13

Από τον ιστότοπο Capital.gr

http://www.capital.gr/gmessages/showTopic.asp?id=4731017

του Αδώνιδος Γεωργιάδη

Χθες η Βουλή ομοφώνως ψήφισε την αλλαγή του Νόμου χορηγήσεως εκπαιδευτικών αδειών των Φυλακισμένων, για να πειστεί ο κ. Νίκος Ρωμανός να σταματήσει την απεργία πείνας την οποία είχε ξεκινήσει. Ομοφώνως; Όχι! Τρεις βουλευτές –τουλάχιστον- ο Θάνος Πλεύρης, ο Γιάννης Καράμπελας (για τον οποίον δεν έγινε ευρύτερα γνωστό) και εγώ ψηφίσαμε Όχι! Οφείλω λοιπόν μία δημόσια εξήγηση του γιατί αποφάσισα τουλάχιστον εγώ «να χαλάσω» αυτήν την «γιορτινή» ατμόσφαιρα εθνικής συνεννοήσεως που ζήσαμε χθες.

Και για λόγους Αρχής αλλά και για λόγους ουσίας λοιπόν καταψήφισα μία τροπολογία που –μακάρι να βγω ψεύτης-

Euro weakens on fears of political instability in Greece

BY ANIRBAN NAG

LONDON Wed Dec 10, 2014 4:09am EST

(Reuters) - The euro fell broadly on Wednesday amid growing concerns over the political situation in Greece that could increase the chances of monetary policy easing early next year by the European Central Bank.

The euro was down 0.5 percent against the yen at 147.40 EURJPY= and gave up early gains against the dollar to trade slightly lower on the day at $1.2370 EUR=. The common currency had risen to a high of $1.2448 on Tuesday as investors trimmed long dollar positions, booking profits ahead of the year-end.

Ο Τσίπρας και τα... φύκια για μεταξωτές κορδέλες!

http://www.euro2day.gr/specials/opinions/article/1283180/o-tsipras-kai-ta-fykia-gia-metaxotes-kordeles.htmlhttp://www.euro2day.gr/specials/opinions/article/1283180/o-tsipras-kai-ta-fykia-gia-metaxotes-kordeles.html

Αθανάσιος Χ. Παπανδρόπουλος

Είναι ξεκάθαρο από το οικονομικό πρόγραμμα του ΣΥΡΙΖΑ ότι θέλει να προσφέρει στην διαπλοκή αυτά που η τελευταία έχασε από τα μνημόνια. Όμως τώρα «λεφτά δεν υπάρχουν». Γράφει ο Αθαν. Χ. Παπανδρόπουλος.

«Στην Ελλάδα, ο κ. Αλ. Τσίπρας έχει ταχθεί κατά οποιασδήποτε μεταρρύθμισης και δεν θέλει περικοπές στον προϋπολογισμό, παραμένοντας στο πλευρό των συμφερόντων». Αυτά, μεταξύ άλλων, επισημαίνει στην γνωστή αμερικανική οικονομική εφημερίδα Wall Street Journal ο αρθρογράφος της, Σάιμον Νίξον, που κάθε άλλο παρά τυχαίο πρόσωπο είναι. Προφανώς δε, ο Αμερικανός αρθρογράφος δείχνει να γνωρίζει πολύ καλά την ελληνική πραγματικότητα, η οποία, σήμερα, για μιαν ακόμη φορά, «προκαλεί ανησυχίες στις αγορές».

German finmin: Greece may get credit line in Feb, no new money needed

BRUSSELS Tue Dec 9, 2014 10:02am EST

Dec 9 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Tuesday that a credit line may be made available to Greece at the end of February but no fresh money would be needed.

"Greece has asked for an extension of the (bailout) programme," Schaeuble told reporters after a meeting of European finance ministers in Brussels.

"The application will be limited to an extension of two months - we will put this to the Bundestag in the next week of parliament, discuss it and hopefully agree it. If other member states agree, we will get an extension. Then it may come to a credit line in February, but we don't need new money," he said. (Reporting by Tom Koerkemeier; Writing by Madeline Chambers in Berlin)

Greece Turns Triumph Into Tragedy

Six Months Ago, Greece Seemed Past the Worst: The Mood Today Is Different

http://www.wsj.com/articles/greece-turns-triumph-into-tragedy-1417988877

The Wall Street Journal

By SIMON NIXON

Dec. 7, 2014 4:47 p.m. ET

Greece’s latest drama has the potential to turn into a tragedy. Six months ago, the country seemed to be past the worst and there was widespread optimism among policy makers and the markets that the overhauls had laid the foundations for an investment- and export-led recovery.

Greek Government Bonds Drop as Presidency Vote Brought Forward

By David Goodman  Dec 9, 2014 11:27 AM GMT+0200

http://www.bloomberg.com/news/2014-12-09/greek-government-bonds-drop-as-presidency-vote-brought-forward.html

Bloomberg

Greek bonds fell, with the nation’s 10-year yield climbing the most in almost six weeks, amid speculation that early Presidential elections will trigger renewed political turmoil.

German bunds advanced, with the nation’s 30-year yield dropping to a record low on demand for the safest assets as stocks and crude oil tumbled. Greek Prime Minister Antonis Samaras yesterday brought forward the process of choosing a new head of state to this month, a move that risks triggering parliamentary elections in the nation, which returned to the bond market this year. Anti-bailout group Syriza, which currently leads in opinion polls, welcomed the announcement.

Greek gamble

By Mike Peacock December 9, 2014

 Reuters

http://blogs.reuters.com/macroscope/2014/12/09/greek-gamble/

The Greek government has taken a huge gamble, bringing forward by two months to next a week a parliamentary vote on a new president. Two further rounds of voting will be held before the year-end.

A super majority is required for the government’s pick so Prime Minister Antonis Samaras needs to secure the backing of about 25 lawmakers who are not in his coalition. If he falls short, he will be forced to call a snap election that opinion polls suggest left-wing anti-bailout Syriza would win.

Greece Needs Debt Forgiveness

February 13, 2014

http://www.businessweek.com/articles/2014-02-13/europe-should-extend-greece-some-debt-relief

Greece and its creditors are wrestling with the country’s debts yet again. In 2010, Greece was given one of the biggest bailout programs in history. It got new lending in return for fiscal austerity, but its debts weren’t reduced: Creditors were spared any write-offs. Experts objected that the program put too big a burden on Greek taxpayers, was neither politically nor economically sustainable, and would need creditors to absorb some losses. They were right then, and they still are.

It's Time to Start Paying Attention to Greece Again

By Joe Weisenthal  December 08, 2014

http://www.businessweek.com/articles/2014-12-08/its-time-to-start-paying-attention-to-greece-again

It’s been awhile since Greece was front-page news, so here’s a refresher: A few years ago, it looked as though Greece might be forced to leave the euro zone, as investors lost faith in the country’s ability to pay its debts. In late 2011, 10-year Greek bonds were trading with a yield around 35 percent. The crisis began to dissipate in the summer of 2012, when the center-right New Democracy party eked out the narrowest of election victories and cobbled together a coalition that agreed to a bailout under harsh terms. Since then financial markets have eased considerably, although the economy is still in the gutter.

Turkey, Greece to Develop Economic Ties Despite Differences

Renewed Tensions Over Gas Fields Off Cyprus

The Wall Street Journal

By STELIOS BOURAS

Dec. 6, 2014 8:22 a.m. ET

ATHENS—Greece and Turkey confirmed Saturday their commitment to developing economic ties between the two countries but admitted to disputes over energy and Cyprus separating the two sides.

Turkish Prime Minister Ahmet Davutoglu on Saturday wound up a two-day trip to the Greek capital Athens where he attended a forum on confidence-building measures between the two countries that have nearly gone to war three times in the last four decades.

Σοκ στην Υγεία: «Επιδημία» πλαστών πτυχίων τινάζει στον αέρα τα νοσοκομεία

http://www.imerisia.gr/article.asp?catid=26510&subid=2&pubid=113404354

Από την εφημερίδα Ημερησία

Της Ελένης Πετροπούλου

Μπροστά σε μία επαπειλούμενη «επιδημία» πλαστών πτυχίων κινδυνεύει να βρεθεί το ΕΣΥ, με την ολοκλήρωση του ελέγχου των τίτλων γιατρών και εργαζομένων στην Υγεία. Ήδη οι αρμόδιες υπηρεσίες έχουν εντοπίσει σημαντικό αριθμό εργαζομένων με πλαστούς τίτλους ξένων γλωσσών, για τους οποίους μάλιστα λάμβαναν και ειδικά επιδόματα.

Στα «δίχτυα» βρίσκονται και πολλοί γιατροί οι οποίοι, για λόγους αδιευκρίνιστους, δεν έχουν παρουσιάσει το πτυχίο τους, καθώς και γιατροί των οποίων οι τίτλοι σπουδών ελέγχονται για τη γνησιότητά τους. Μάλιστα, στο Σώμα Επιθεωρητών Υγείας βρίσκεται σε εξέλιξη έλεγχος σε τουλάχιστον τέσσερις γιατρούς, οι οποίοι έχουν καταθέσει πτυχία από Ιταλία και Ρουμανία και υπάρχουν καταγγελίες ότι δεν είναι γνήσια.

Ωστόσο, ο έλεγχος δεν φαίνεται να αποδίδει καρπούς σε όλες τις περιπτώσεις, καθώς κάποιες καταγγελίες μπαίνουν στο συρτάρι! Χαρακτηριστική είναι η περίπτωση μεγάλου φορέα του οποίου ο πρόεδρος και μέλη του Δ.Σ. δεν έχουν προσκομίσει τα πιστοποιητικά γλωσσομάθειας. Μάλιστα, εργαζόμενοι στον συγκεκριμένο φορέα υποστηρίζουν ότι οι συνομιλίες με την τρόικα γίνονται με τη βοήθεια παλαιότερου μέλους του Δ.Σ., ενώ τα κείμενα στην αγγλική γλώσσα τα έχουν αναλάβει δύο υπάλληλοι.

COLUMN-China is the elephant in the situation room

Mon Dec 24, 2012 5:43pm GMT

 http://uk.reuters.com/article/2012/12/24/bremmer-china-idUKL1E8NO3DF20121224

(Reuters) - Earlier this month the U.S. National Intelligence Council released its Global Trends 2030: Alternative Worlds report - a document that comes out once per presidential administration - mapping out likely geopolitical trends over the next two decades or so. As usual, it's a must-read, offering comprehensive analysis of the disparate factors that will drive global politics through 2030.

Further, the NIC took bold steps to correct some previous weaknesses in past reports. In the past the report nailed the "what" more often than the "when." That is particularly the case with its treatment of the United States, for which "past works assumed U.S. centrality." This time around the NIC sets an increasingly "multi-polar world" - which I call the G-Zero - as the backdrop of its report, acknowledging that the lack of global leadership has accelerated in the wake of the global financial crisis of 2008-09. America's status as a "hegemonic power" is eroding, and no country is likely to take its place.

China's Economy: Don’t Bet on Beijing

A recent report makes clear the enormous challenges facing China’s economy.

The Diplomat

http://thediplomat.com/2014/12/chinas-economy-dont-bet-on-beijing/

By Sam Winter-Levy

December 02, 2014

The Financial Times recently reported that China has wasted nearly $7 trillion since the global financial crisis. According to research by China’s state planning agency, the National Development and Reform Commission, “ineffective investment” made up nearly half the total amount invested in the Chinese economy since 2009. The soaring ranks of empty skyscrapers and residential complexes that crowd the skylines of so many of China’s third- and fourth-tier cities are the most obvious sign of this prodigality, although alongside extraordinary levels of misallocated capital, billions of dollars of post-crisis stimulus has simply disappeared into the opaque pockets of Communist Party officials. Following the widely hailed conclusion of the Asia-Pacific Economic Cooperation forum earlier this month in Beijing, where Chinese President Xi Jinping insisted once again on a “new type of great-power relations” between the United States and a rising China, these reports of waste on an immense scale should be a salutary reminder of the extent of the challenges the Chinese Communist Party faces before any supposedly inevitable transition of global power takes place.

Πώς προσπάθησε να σβήσει τα «ίχνη» ο Γ. Καρατζαφέρης

ΙΩΑΝΝΑ ΜΑΝΔΡΟΥ

Εφημερίδα Καθημερινή

http://www.kathimerini.gr/793137/article/epikairothta/politikh/pws-prospa8hse-na-svhsei-ta-ixnh-o-g-karatzaferhs

Πλήρη «χαρτογράφηση» των χρημάτων που διαθέτει σε υπεράκτια εταιρεία (Catalina) o πρόεδρος του ΛΑΟΣ, Γιώργος Καρατζαφέρης, και υπολογίζονται σε περίπου έξι εκατομμύρια ευρώ, έχουν στα χέρια τους οι αρμόδιες αρχές, με αποκαλυπτικά στοιχεία για κινήσεις που έκανε προκειμένου να αποκρύψει τα ίχνη του χρήματος και να εξαφανίσει τα σε βάρος του στοιχεία. Οπως προκύπτει από τα έγγραφα της δικογραφίας, που έχει σχηματιστεί για τις παράνομες πληρωμές που αφορούν την προμήθεια των ελικοπτέρων έρευνας και διάσωσης Super Puma, τα οποία έφερε στο φως η έρευνα της Αρχής για το ξέπλυμα με επικεφαλής τον αντεισαγγελέα του Αρείου Πάγου Παν. Νικολούδη και η Εισαγγελία Διαφθοράς, μόλις άρχισαν οι έρευνες, ο πρόεδρος του ΛΑΟΣ «από κάπου» πληροφορήθηκε τις ενέργειες των δικαστικών αρχών. Και η αντίδρασή του ήταν να προσπαθήσει να εξαφανίσει τα ίχνη του χρήματος, αλλάζοντας πιστωτικά ιδρύματα, φορολογικούς παραδείσους, επωνυμίες στην υπεράκτια εταιρεία του, εκπροσώπους της και κατευθύνοντας τελικά τα χρήματα από την offshore σε trust.

Greece Expects Primary Budget Surplus for 2015

But Spending Plans Not Agreed with Creditors

The Wall Street Journal

By STELIOS BOURAS and  ALKMAN GRANITSAS

Updated Nov. 21, 2014 7:03 a.m. ET

0 COMMENTS

ATHENS—Greece’s 2015 budget, submitted by the government to parliament on Friday, aims to meet the fiscal demands of the country’s creditors but comes without the prior approval of its troika of international inspectors.

Give Greece a Chance

8 NOV 21, 2014 12:02 AM EST

By The Editors

Bloomberg

Greece's creditors are testing the country's endurance -- again. If they keep pressing, they could split the euro area apart, which would be a disaster for them as much as for Greece. They need to stop insisting on the impossible, and find a way to relieve the country's debts.

The European Commission, the European Central Bank and the International Monetary Fund have told the government of Prime Minister Antonis Samaras to cut the country's debt burden, the biggest in the euro area, by reducing public spending even further. In return, they propose a last injection of bailout money and an emergency credit line.

Επιβαρυντικό για τον Γ. Καρατζαφέρη το πόρισμα των ορκωτών λογιστών της Βουλής

Η εταιρεία Καταλίνα είναι αυτή που δέχθηκε τα τρία επίμαχα εμβάσματα ύψους 1,65 εκατ. ευρώ

ΔΗΜΟΣΙΕΥΣΗ:  14:02

Εφημερίδα ΤΟ ΒΗΜΑ

Επιβαρυντικό για τον αρχηγό του ΛΑΟΣ Γιώργο Καρατζαφέρη είναι, σύμφωνα με πληροφορίες, το πόρισμα των ορκωτών λογιστών της Βουλής.

Η εταιρεία Catalina International που δέχθηκε τα τρία επίμαχα εμβάσματα ύψους 1,65 εκατ. ευρώ από την εταιρεία εξοπλιστικών Κεστρέλ φαίνεται ότι ιδρύθηκε το 1992.