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 …
Read More »
Greece at Crossroads or Deadlock?
Pressure is mounting against the Greek government, pressure is coming from inland and abroad. In Greece opposition parties refuse to bless the ‘midterm IMF/EU/ECB plan for 2011-2015’. Ordinary people occupy the major squares of 38 cities and chant “Thieves! Thieves!”. A governing party EU official drops a bombshell and threatens – some call it ‘blackmailing’ – “More …
Read More »
Greeks worry about their savings – 9 billion euros withdrawn in 1Q 2011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 …
Read More »
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 …
Read More »
Public Poll: 75% Greeks Negative on IMF, 33% Favors Changes through ‘Revolution’
Greeks are tired – tired of uncertainty, of recession, of empty pockets, of grim future, of political parties, of seek-and-hide governmental games and most of all, Greeks are tired of Greece’s lenders, the esteemed ladies and gentlemen of IMF (Strauss-Kahn excluded lol), EU (Merkel included) and ECB (bankers in any form …
Read More »
Merkel to Greece: Reduce Vacation Days!
I am indeed speechless today from the German …creativity! First the BILD newspaper, now DER SPIEGEL magazine featuring the German Chancellor, Ms Angela Merkel. In an rare outbreak of populism the conservative politician blasted “Greece and demanded that Athens raise the retirement age and reduce vacation days!” “We can’t have a …
Read More »
Sleepless in Greece: 2 MM suffer from insomnia – economic crisis
Millions of people around the globe spend sleepless nights due to economic crisis. In Greece the phenomenon hits mostly unemployed aged 35-55 and according to latest data more than 2 million Greeks have difficulties to find peace at night said Athanasio Skourleti, President of Athens Medical Society. Unemployment in Greece has …
Read More »
Unemployment hits 16% – 220K Greeks lost their job within a year
Recession is raging and unemployment is galloping reaching almost 16%. According to Greek Statistical Authority unemployment reached 15,9% in February after 89,000 jobs went lost within a month period. Within a year 220,000 work places vanished in the austerity atmospheric level. Most hit by unemployment are ages 15-24, where 40% …
Read More »
Athens: Police Fired Teargas at Anti-Austerity Protest (video)
Small scale incidents and tension occurred between protesters and riot police near Syntagma Square in Athens downtown on Wednesday. Riot police fired teargas and according to several Greek news portals, 7-8 protesters were taken to the hospital with respiratory problems due to teargas. Video A young woman was injured after …
Read More »
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 …
Read More »
Still Pressure on Greece to leave the Euro zone
It takes no end! The scenarios and the articles pushing Greece to exit the Euro Zone. The articles appear mainly in the German press and the flag of economic sinners is been held by Ifo-Institute head H-W Sinn (what a name coincidence!) even though the German Economy minister Rainer Bruederle …
Read More »
Truths & Myths in the Speculation about a Greek Debt Restructuring
The whole speculation about Greek Debt restructuring in connection with spreads and CDS flying high cannot but be considered as blackmail by money markets. It’s not a secret that millions if not billions have been put on the betting table for the Greek bankruptcy. Below, is an article we received by Polyvios …
Read More »
It’s official! Unemployment kills!
Yes, it is official! Unemployment leads not only to financial extermination but also to biological. This is said more or less by Lazlo Andor, EU Commissioner responsible for Employment, Social Affairs and Inclusion Building a fairer future. Each percentage increase in national unemployment attributes to a 0.8% increase of suicides by …
Read More »
One year with the IMF: Young enterpreneurs’ broken dreams
Cousins Spyros,35, and Costas,29, opened their own business three years ago: An internet cafe in Thessaloniki. The business was running good. In fact, it was running excellent! The internet cafe was open 24/7. They had even had two employees. Last October Spyros and Costas started to realize the economic crisis and the …
Read More »
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 …
Read More »
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 …
Read More »
Athens: Tear Gas at Temporary Municipality Workers
Tear gas and sound flares were fired against protesters, temporary workers at the Athens municipality. The incidents started when the protesters climbed the rails of the yard where the municipality council was holding a meeting in the premises of Athens 9,84 FM. The workers even managed to set aside the strong riot …
Read More »
Did you know Greek Post Office closes down branches?
I admit I didn’t know that. In fact I hadn’t even realized it as I personally haven’t took advantage of a post office services for years – even in the years I was living abroad. But I took notice of this otherwise not known issue by reading a local newspaper. …
Read More »
Ireland and Greece will help to bail-out Portugal
That’s lovely and shows real solidarity among the impoverished of the euro zone. After they got bailout themselves, Greece and Ireland are going to put on the counter their own part of their own bailout loan to bailout Portugal. Then Portugal, a country seeking now a €90 billion bailout, had …
Read More »
CMA-report: Greece tops Debt Risk List 1Q 2011 – Again
Greece is considered as the world’s most risky to default and tops again the CMA list of Sovereign Debt Risk Report with a 58% chance of a debt restructuring occurring within five years. The London-based CMA released Global Sovereign Credit Risk Report refers to the first Quarter of 2011. On the Top …
Read More »