Tag Archives: second bailout

Greek Parliament approved the new €130-billion loan agreement in the early morning hours of Wednsday. 213 MPs voted in favor, while 79 deputies voted against it and 8 MPs did not cast a vote. The loan agreement was voted in favor by coalition government deputies from socialist PASOK, conservative Nea …

Read More »

Greeks’ sacrifices are finally redeemed 🙂 After cutting wages to a level enough to live in a hole, eat bread and tomato sauce and replace electricity with candle lights, the Eurogroup gave its provisional blessing for the second bailout, a package worth 130 billion euro. Loan, it is understood. Not a …

Read More »

 It is commonly accepted: the second bailout for Greece is not about saving Greece (the country) or the Greeks (citizens). It’s all about saving banks, lenders and the eurozone. Recently I asked the Cheshire Cat to write about the two bailouts that will enslave Greeks for the rest of their …

Read More »

Greece is ‘saved’ by giving up some of its sovereignty by accepting a strong and permanent control mechanism, while a Constitution amendment will give priority to repayment of the loan. Instead of one powerful  state commissioner  many ‘little’ commissioners will be sent to Greece to monitor that the bailout terms are …

Read More »

Italian Prime Minister Mario Monti, German Chancellor Angela Merkel and Greek Prime Minister Lucas Papademos are hopeful that an agreement can be reached on Greece at Monday’s Eurogroup meeting. The three leaders held a teleconference on Friday afternoon upon the initiative of the Italian PM. His office issued a statement saying that …

Read More »

 Greece’s Prime Minister Lucas Papademos made a final warning on Saturday night, just hours before the crucial voting on the new austerity bill at the Parliament. In a TV address to the nation, Papademos said Greece was just a breath away from Zero”, that the second bailout and the austerity measures secure that the …

Read More »

That was the longest day and night in Greece, yesterday. PM Lucas Papademos met the three political leaders of the coalition government for 7 hours. Short after the leaders the PM’s office, the Troika cars were entering the Maximos Mansion. Papademos-Troika meeting ended at 6 o’ clock in the morning. At 8 …

Read More »

We could also title this article “Greek-Troijan War” with the Troika being on the Trojan front riding a Trojan horse. A trick-offer apparently aiming  to save the country but in fact targeting to economically destroy the Greek citizens. Dramatic negotiations without results so far are taking place under an extreme time …

Read More »

While Greece struggles in Brussels to convince its European partners of its good intentions, Portugal seems to follow the path of Greece. The IMF prescription programme didn’t help the Portuguese economy either. On Monday borrowing costs for Portugal rose to euro-era highs. The same happened with CDS that hit a record of …

Read More »

Greece and its private creditors are apparently one step away from completing the voluntary Greek Bond Swap (PSI).  “We are one step away from PSI deal”, Greek Finance Minister Evangelos Venizelos said. “We are close to the finalization of a voluntary PSI”, head of Institute of International Finance Charles Dallara said …

Read More »

A real tsunami of austerity measures with massive layoffs, additional tax hikes, further  pensions, wages and social benefits cuts, dozens of painful interventions and structural reforms, is being prepared by Greece’s lenders in order to collect 13 billion euro in the period 2012-2015. According to economic news portal Capital.gr, these measures that will …

Read More »

Greek political parties need to provide clear commitments before a second bailout can be offered to the country, Olli Rehn, European Commissioner in charge of economic and monetary affairs, told reporters Tuesday.    O. Rehn Gazing at  the Greek Commitment “The political party leaders are expected to commit to the …

Read More »

From time to time there are similar leakages in the European media. That Greece’s lenders, preferably the Germans and the French, put Athens under pressure for lucrative arms deals. There has been talk about German submarines, French frigates and American Apache helicopters. The latest story by German Weekly DIE ZEIT …

Read More »

While the Greek PM Lucas Papademos blackmails the coalition government partners and terrorizes trade unions to accept the Troika demands, with the dilemma “Support anti-social measures or Greece will default” German Chancellor Angela Merkel blackmails Papademos to accept the Troika conditions with the dilemma “PSI and 2nd bailout package now or No next …

Read More »

 Ops! It seems I have missed this important news. Greek Prime Minister Lucas Papademos has warned us that the country may face an uncontrolled default in March should we be unable to sign a second bailout agreement with our lenders, the esteemed members of the International Monetary Fund and our …

Read More »

 Greece’s lenders  tabled a seven-conditions “manifesto” so that the debt-ridden country will be able to get the €110-billion bailout, the second after May 2010. The Troika consisting of IMF/EU/ECB urges the Greek government to adopt laws that they should have been adopted long ago like the opening of closed professions or …

Read More »

Prime Minister George Papandreou is proud and optimist. And stuns about the obvious, i.e. the success of the tourism industry on Greek islands like Kos. “I am proud about Greece, Greece that gives a battle everywhere, like here in Kos, where with collective effort, with common effort we promote our culture …

Read More »