With the smart money on an early Greek exit, the two main questions to arise are: what will happen to Greece, and what future then for the Eurozone? If Greece leaves, the exchange rate will drop sharply from 340 drachmae to €1 at entry to the euro to perhaps 1,000 drachmae, a loss of value [...]
Posts Tagged ‘Greece’
New poll points way to Syriza-led Greek government after new election
May 11th, 2012 by Jon Lansman.A new poll by Marc for Alpha TV in Greece puts left coalition Syriza in first place with 23%, up 6% from the result last Sunday. The poll asked how respondents would have voted had they known the result. Syriza gained support from across the board, 18% of those who voted at the weekend for [...]
Another credit crunch looms
Mar 9th, 2012 by Ann Pettifor.The finance sector is signalling alarm, and our politicians are once again asleep at the wheel. Another “credit crunch” may be looming. The most significant evidence emerged from the ECB’s second Long Term Refinancing Operation (LTRO) on Thursday last week. The LTRO is simply language intended to disguise the “printing of money” by the ECB [...]
Where is austerity working well? In Greece, say Tories
Mar 8th, 2012 by Jon Lansman.Conservatives in the Welsh National Assembly have revealed, when looking for the benefits of austerity measures, they look to Greece and claim that it’s working well there. No mention of Britain. No mention of 20% unemployment in Greece. Nor the cut of 22% in the minimum wage (32% for young people). Nor cuts of 12% in [...]
Austerity Isn’t Working – time to invest in growth and jobs
Feb 28th, 2012 by Lee Brown.Austerity isn’t working. The disastrous Tory economic experiment has left the economy stagnating, household incomes falling at their fastest rate in decades and unemployment soaring towards three million. Even by the criteria the government has set itself, that of reducing the deficit, it is failing. The Tories are set to borrow £158 billion more than [...]
The Ukrainian goose & Greek gander
Feb 21st, 2012 by Ann Pettifor.The following is about the Ukraine, hardly a model of transparency, accountability and democracy. But it is interesting for what it tell us about the thinking of the great imperial powers (GIPs). On the one hand today’s GIPs make a great to-do about the need for democracy, often insisting that it is a condition for [...]
The French goose and the Greek gander
Feb 15th, 2012 by Ann Pettifor.Inside the Eurozone, what’s good for the French democratic Goose it appears, is not necessarily applicable to the Greek democratic gander…. From the Financial Times of 13 February, 2012: Bookmarks Hide Sites
Solidarity campaign to support the people of Greece
Feb 14th, 2012 by Newsdesk.The following appeal for solidarity was today made in a letter to the Guardian. It can be signed here. The people of Greece face an unprecedented economic and political crisis (Violence grips Athens, 13 February). They are being driven to poverty and mass unemployment by the demands of the so-called Troika. Hospitals in Greece are running [...]
Greece: the explosion of a revolution
Feb 9th, 2012 by David Osler.My next scheduled visit to Athens is only four months away, and I guess the city will still look pretty much the way it did last time I was there, its skyline dominated as ever by the Parthenon and the Acropolis. But in social and political terms, Greece is going to feel very different. Such [...]
The odds for the euro are shortening in 2012
Dec 23rd, 2011 by Michael Meacher.The take-up by the eurozone banks of €489bn from the European Central Bank (ECB) ought to be good news as a sign that the ECB is now at last, having refused to do so in 2011, ensuring eurozone banks can fund themselves adequately next year. The ECB believes they will need €720bn of loans in [...]
