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Tag Archives: default

Is the “Euro-Drachma” a solution for Greece?

Is the “Euro-Drachma” a solution for the Greek crisis? No, not, a coin featuring Euro on one side and Drachma on the other side, as an internet user posted in a Greek economic forum. But the  Euro-Drachma would be the currency to be used for the internal trade within Greece, …

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Additional Greek Bailout: A Blessing or a Curse?

The new bailout for Greece is unofficially sealed according to international and national media. A pretty packed additional aid of estimated €30-35 billion, revenues of €25 billion through privatizations and a kind of debt ‘recycling’ for €20 billion through private investors will apparently help Greece meet its creditors’ expectations and state expenditures needs. Details of the new deal …

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Moody’s downgrades Greece lower than …Egypt

Another brick in Greece’s wall and in the heads of our government in general, and Finance Minister’s in particular. Rating Agency Moody’s downgraded Greece and placed it below … Egypt! Reuters just reported that Moody’s slashed Greece’s credit rating by three notches on Monday due to an increased default risk, raising …

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Greeks worry about their savings – 9 billion euros withdrawn in 1Q 2011

More and more Greeks turn to local banks and withdraw their deposits out of fear of  a possible bankruptcy leads people to withdraw their deposits from banks. News portal news247  has a very good report on the issue, a report that coincides with the fears of my friends and relatives. The …

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Total Failure of IMF-Program in Greece

Eleven million Greeks are depressed – one day after the news austerity measures package proclaiming the sale off of the country, taxes hikes and pensions decreases. And there comes the Finance Minister George Papaconstantinou admitting the total failure of the economic program as dictated, imposed and implemented with the consulting aid of Greece’s …

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German BILD: Must Greece sell the Acropolis?

I have been wondering… should I comment cynical, satirical, offended or just angry? I can’t decide… But slowly an answer comes up in my mind. Yes, we can sell the Acropolis for 1 trillion euro but only to Bild readers and only if they manage to collect this sum with the social care …

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German Handelsblatt to Greek PM: You’re a bankrupt… hero!

As if our life isn’t hard enough, a German newspaper writes an open letter to George Papandreou and declares more or less ‘You are an insolvent …hero’. Moreover, Gabor Steingart, Editor-in-Chief of business daily Handelsblatt triumphs that “There is a life after death” -as the article title assures. However as it has not been …

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Get Defense Position! The IMF/EU/ECB Troika is back!

The representatives of Greece’s lenders International Monetary Fund, European Union and European Central Bank will visit Athens today. The Bad, the Cursed and the Ugly will have a serious talk with the Greek fellas on privatization, tax evasion, opening of closed professions, labor relaation and the medium-term budget plan for 2012-1015. Poul …

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It rained denials – Greek FinMin: SPIEGEL article is provocation

It rained denials on the screen of DER SPIEGEL online after a challenging and provocative article claiming that Greece considers to exit the Euro Zone and that it mulls plans for own currency.  Greek Finance Ministry denied with an official statement the claims of German weekly DER SPEGIEL that Athens considers …

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Greece: A Poor & Broke Country, but with Dignity…

I don’t quite understand why people – media included- are upset about Greece’s Finance Minister flight to Washington with prime-ministerial jet. George Papaconstantinou, the finance minister of a debt-hit and disparaged country, had to attend the spring session of International Monetary Fund. Instead of taking a commercial flight, he jetted …

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Greece’s Debt: “Voluntary Agreement” -What’s that?

This is an economic term you will probably be reading and hearing in the upcoming weeks – or at least until Greece’s obeys to the calls for a debt restructure: “Voluntary Agreement” What is this? This is originally designed to provide relief to debts generated as a result of business …

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DER SPIEGEL: Germany Unwilling to Provide Aid to Greece-Debt Resutructuring inevitable

Despite all the denials, there is a growing realization that a so-called haircut for Greece’s debt can no longer be avoided, reports DER SPIEGEL. The  German weekly claims that Germany is opposed to giving Greece any more financial aid and therefore Athens will have little choice but to restructure its debt. Last …

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German FinMin: Greece’s repayment extension agreement maybe not sufficient

The March 11- agreement on loan repayment extension and interest rate reduction may not be enough to restore the economy of Greece, said German Finance Minister Wolfgang Schaeuble on Saturday. Speaking at a press conference in Codollo, Hungury after the Eurogroup finance ministers meeting Schaeuble stated that should Greece be unable to …

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Eurogroup Juncker warns Greece over Control Spending

It looks as if Greece can not quite convince its lenders that the debt-driven country is adamant on proceed to control spending. Eurogrou-Chief Jean Claude Juncker warned Athens of the importance of spending control and said that “We reminded the Greek authorities that it is important to stick to the targets for …

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Greek FinMin rules out Debt Restructuring

Greek Finance Minister George Papaconstantinou said Friday he “absolutely” rules out the prospect his country΄s sovereign debt might be restructured, economic portal Capital.gr reported. “I am not the only one” who rejects the idea, Papaconstantinou said on the sidelines of a conference in the northern Italian town. The minister spoke …

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The Economist: GR, IE & PT should restructure debt – They’re bust!

That’s a nice article to boost our spirit. And thus on April Fool’s Day, on the first day of the month. Stoned-aged old grannies used to say “How the month begins, so the month ends”. They meant that if the first day of the month is good/bad, the whole month would be good/bad. Old grannies …

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Greek PM: Restructuring Could Bring Banks’ Collapse

Restructuring Greece’ss debt would probably cause the collapse of Greek banks, Prime Minister George Papandreou was quoted on Wednesday as saying, Reuters reported. “A restructuring would probably lead to the collapse of Greek banks,” Papandreou said in an interview to  German Stern weekly magazine. “Even German banks could collapse and …

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When The German Beatles rule the EFSF

Remember the lyrics from the Beatles’ song Yellow Submarine? There is a line “And the band begins to play” followed by trumpets playing “PrAMPrAMPrAM-PrAM!”  That was in the late 60’s but associative thinking to today’s world make songs like that a ‘classic’. Because they are diachronic.  The Beatles have fallen …

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