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Economy

The Athens Riots-December 15 Video

Last night I was in  Athens downtown. It was around 7.30. However the center of  the once vibrant Greek capital resembled a festive decorated but abandoned city. Few cars, few passers by, dark side streets. And lots of broken glasses, burnt down trash, holes in many shops’ windows. Unfortunately I realized too late that …

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Athens: Huge demonstration, lots of molotov and tear gas

Thousands of Greeks protested the harsh austerity measures that crack down economically every household. The general strike called for December 15 may have deserted the public administration, courts, airports, sea ports and vital functions of the state, but filled the streets of major Greek cities with angry people. However in Athens even …

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Is Greece buying weapons from Israel despite the economic crisis?

Is Greece readying to spend millions and millions of dollars to buy advanced weaponry from Israel despite the economic crisis? According to reports coming from Tel Aviv and Washington, the answer is “Yes!”.  Executives of Israel’s defense industry are reportedly talking to Greece’s Armed Forces about a possible multimillion-dollar sale of advanced weaponry in Athens and Greek …

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Strikes paralyze life in Athens as anger grows over austerity measures

It’s difficult to start posting with positive news this morning. There is traffic chaos on the streets of Athens and people’s nerves are blank as today’s strikes  hinder the flow of everyday life. The country faces an unprecedented unrest that will reach its peak tomorrow, Dec 15, with the general strike ( I …

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Spending cuts can benefit Greek wrongdoers

Spending cuts in debt-driven Greece can come to the benefits of the citizens. This morning a man blocked with his car the main road of  Trikala town, but he managed to avoid a fine ticket by the police. Then the two municipality police officers, who arrived at the point,  had no …

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US-Economist Nouriel Roubini’s Greek Delight

Renowned US based economist Nouriel Roubini might have shocked the Greeks when he advised a controlled bankruptcy or else “a debt restructuring” last week.  He himself though, he seems to have enjoyed his short paid vacation in Athens where he came upon an invitation to speak to a congress of  the local leading business …

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EU Commissioner Olli Rehn’s Greek Drama

European Commissioner for Economic and Monetary Affairs Olli Rehn is desperate. The sacrifice he makes in the altar of the Greek economy shows an selflessness unprecedented for an EU Commissioner.  The pensions and wages cuts of low income Greeks are nothing in compare to Olli Rehn’s deprivation of his life securing activity. i.e. …

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The Night that rained Measures… New Austerity Measures!

I know it is depressing to write (and read) about a cracked-down economy on a Friday but more depressing is when you have to live with it. Thursday night, December 9, 2010 will remain in the history of Greece as the night that rained … measures! Shortly before Christmas and while Greeks had been waitiing …

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Are you ready for the new VAT hikes?

One, two, three weeks… Ready? Go! A new waves of price hikes are going to hit the Greek households as the low Value Added Tax is going to increase from 11% to 13% as of January 1, 2011.These sweeping hikes covering from food items to utilities and from cinema tickets …

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Middle Ages in Greek Labor Market: Wages cuts & layoffs liberation in private sector

Greeks are shocked! Employees rights have been infringed. Collective bargaining is been completely reversed as the bill of Labor Minister Luka Katseli was approved  by the cabinet, Thursday night. The new labor reforms cut wages in private sector down to 35% and eases layoffs.  The percentage of wages decreases, of layoffs …

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One in two Greeks believe the country will go bankrupt

I know it, we know it. We hear it when we speak with friends, relatives, neighbors and colleagues… The economic situation sucks! No, not the country’s. It is our personal economy that sucks. Our decreasing income and what is left in our wallets at the end of the month. We see …

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Greece: Strikes on the day – Dec 8, 2010

Good morning! What a striking day, today!  Public transportation workers are on strike with the effect that buses, metro, tram, trolleys and trains remain parked today. Banks will not operate after 12:00, while the ATE bank is on a 24h strike. Athens municipality workers responsible for trash collection will continue their “warning” …

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Strauss-Kahn in Athens: Ce que vous dites, Monsieur Le Governeur

IMF Executive Director Dominique Strauss-Kahn must have said terrible things during a joint press conference with Greek Prime Minister George Papandreou. From what I read and hear, Greek commentators and bloggers were not happy at all to see Mr. IMF appear like an patronizing Grand Maestro in front of an orchestra …

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ALDI Hellas:Final Count-Down for German discounter in Greece

ALDI Hellas workers are preparing to spend “Black Christmas”  as the German discount supermarket chain ALDI Süd will have put locks to the last six operating stores in Thessaloniki, northern Greece, by next Saturday, December 11, 2010. The rest 32 of the total 38 outlets nationwide have already been closed  making hundreds of employees …

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Trade Unions prepare hot welcome to IMF Chief in Athens

IMF Chief Dominique Strauss-Kahn will be starting  his two-days visit to Athens today under the massive protests of  Greek opponents of the IMF/EU-Greece bailout Memorandum. While Strauss-Kahn will be holding meeting with Prime Minister George Papandreou, President Karolos Papoulias and main opposition leader Antonis Samaras, trade unions of public and private …

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Greek banks on 3h work stoppage, Dec 8

Talking about strikes…. The banks will be closed tomorrow, Wednesday, December 8, 2010  from 12:00 to 15:00 as Bank Employees’ Trade Union (OTOE) will go over to a work stoppage. OTOE is seeking to end attacks on collective bargaining and employees’ rights. After Piraeus Bank sabbatical years plans  and Agricultural Bank’s …

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Greece’s repayment extension to be decided in January – Terms & Preconditions

The decision on the extension of  Greece’s loan repayment is scheduled to be taken in January 2011. It will be needed to be approved by the European Council and then voted by the parliaments of some EU member countries. Although the Greek  issue was not taken up  in detail on …

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Greek Communists prepare resonant welcome to IMF’s Strauss-Khan

Greek Communist Party KKE will not be sitting  inside the Greek Parliament to listen to IMF Chief Dominique Strauss-Kahn speaking in front of the Parliament’s Finance Commission. Greek Communists will be standing outside and protest! The anti-Memorandum protest will be held tomorrow, Tuesday, at 17:00 p.m. at Syntagma Square. Economy heavyweights …

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