With Greece suffering the biggest economic depression in decades, all so a few rich men can preserve their wealth and not have their EUR-denominated savings wiped out (even if the alternative means finally being able to rebalance externally using the Drachma instead of forcing internal rebalancing via unemployment and plunging wages), it was only a matter of time before we found out just how humiliating the conversion of the entire [...]
Gregor Peter‏@L0gg0l39 s
Greece needs extra funding because of bigger than expected bank-recapitalization needs, Kathimerini says
Pushed by its European creditors amid its crippling economic crisis, Greece began this week to do something it hasn’t done in more than 100 years: fire public-sector workers en masse.
Following weeks of tough negotiations with its lenders – the “troika” of the International Monetary Fund, theEuropean Union, and the European Central Bank – the Greek government started laying off public-sector workers in an effort to implement the austerity that the troika has demanded. The first [...]
The world is heading into a horrific economic nightmare, and an inordinate amount of the suffering is going to fall on innocent children. If you want to get an idea of what America is going to look like in the not too distant future, just check out what is happening in Greece. At this point, Greece is experiencing a full-blown economic depression. As I have written about previously, the unemployment rate [...]
28 migrant workers working at a strawberry production farm in Manolada, Greece were shot because they demanded to get paid, after six months of unpaid work. According to the press reports, there were no fatal injuries among the Bangladeshi workers.
New Manolada is in Peloponnese and according to Greek daily Kathimerini the farm owners have a history in abusing migrants. The incident occurred when approximately 200 workers demanded six months’ worth [...]
Greece will fire 4,000 civil servants this year as part of programme of austerity measures agreed with the EU-IMF “troika” as the condition for the next €8.8bn of payments in its €270bn bail-out.
by Bruno Waterfield, The Telegraph:
The redundancies will begin a savage round of job cuts in the Greek public sector, with another 11,000 officials due to be sacked by the end of next year.
Greece is in deep recession, GDP has [...]
Wealth tax to pay for EU bail-outs
Senior advisers to Chancellor Angela Merkel are pushing for better-off households to pay towards the cost of any future bail-outs for the weaker members of the single currency.The proposals, from members of Germany’s council of economic experts, raise the prospect of taxes being imposed on property in a country like Spain if its government was forced to seek a bail-out.
Senior figures in Germany are now [...]
Greece’s jobless rate has soared to a new high. The younger generation remains the worst hit by a protracted recession and austerity measures the government needs to implement in return for foreign loans.
Unemployment in crisis-stricken eurozone member Greece hit a new record of 27.2 percent in January, the national statistics agency ELSTAT reported on Thursday.
ELSTAT confirmed that unemployment continued to hit the younger generation hardest, with the jobless rate in [...]
Greece is considering slapping a €162 billion invoice on Germany as compensation for the Second World War.
Athens has compiled a top-secret report that says the cash – enough to solve the Greeks’ debt crisis – is owed in war reparations, Der Spiegel reported.
Schäuble: “No hope for reparations”
German Minister of Finances considers reparations matter resolved and warns Greece of “not losing focus”
Greek Unemployment Soars By 1.5% In One Month, Hits Record 27.2%
There was much hope in the feudal states of Europe that the monthly December drop in Greek unemployment – the first in years – was the beginning of the end for local misery. Alas, it appears the Greek statistics office leaarned a thing or two from the BLS and it was all seasonal adjustments. As reported earlier today, things just [...]
April 6, 2013
A wave of corrosive political scandals at a time of economic woe is exacerbating the outrage of European citizens, who are channelling resentment into street protests or at the polls.
Italy, Spain and Greece have all been hit by fraud or graft cases allegedly involving the top brass. France joined the ranks of scandal-hit nations this week after its former budget minister was charged with tax fraud.
“Everything is coming [...]
by Mats Persson, The Telegraph:
One of the biggest mistakes so far in the eurozone crisis was to not properly write down Greece’s debt. The country is therefore stuck in a downward spiral: high levels of debt require more cuts, negatively affecting growth and tax revenues, in turn requiring revised targets and more cuts.
One of the initial benefits of the Cypriot bailout was to actually get debt down to a level which could [...]
Odious debt, is the national debt incurred by a regime for purposes that do not serve the best interests of the nation or it’s people. Such debts are thus, considered to be personal debts of the regime that incurred them and not debts of the state or it’s people.
‘Cyprus should leave the Eurozone.’
British MEP Daniel Hannan on Cyprus. Start watching at 1:30.
April 1, 2013
Just last week Yiannakis Omirou, Cypriot House of Representatives President, was calling for the nation to accept it is “time for responsibility” as they progressed towards a final solution; and yet today, as Cyprus’ Famagusta reports, he believes the ‘Troika-imposed’ responsibility will, “turn Cyprus into a colony of the worst possible type.” His ‘Icelandic’ solution is to “leave the Troika and EMS behind,” to ensure “national independence, national sovereignty, moral [...]
Surge in Britons mulling euro transfer, says firm
“Independent financial advisory company deVere Group on Tuesday reported a “surge” in the number of British expats seeking advice about moving funds out of some of the eurozone’s most troubled economies following the Cyprus bailout deal.
According to deVere Group chief executive Nigel Green, “more and more expats in Spain, Italy, Portugal and Greece are now not unreasonably worried for their deposits in these [...]
March 27, 2013
[Editor's Note: The following post is by TDV Editor-in-Chief, Jeff Berwick]
While European politicos negotiate in Brussels, deciding the fate of other people’s money in Cyprus, the free market has already moved in to help Cypriots get access to their money via other means…
Banks have been closed for the last week in Cyprus and if they do re-open on Tuesday, it has now been announced that daily withdrawal limits at [...]
Andy Hoffman of Miles Franklin is back to dissect all of the chaos in Cyprus and the inevitable COLLAPSE of the European Union, which in case anyone has forgotten, will probably be led by Greece with $500 Billion in debt, followed by the Trillions owed by Italy and France. Cyprus, although in serious trouble, is just a zit on the arse of the gigantic shaky house of cards known as the [...]
By Kari Huus, Staff writer, NBC News
Lawmakers in Cyprus approved three bills late Friday aimed at securing a bailout for its troubled banks from the European Union and averting a financial meltdown.
The legislation includes one bill that allows the government to divide the wobbling lenders into good and bad banks — a law that would likely to be applied first to Cyprus Popular Bank. The goal is to restructure without [...]
March 18, 2013
There’s only one reason people leave money in a bank: because they think it’s safe there. They think they can get their money back out when they ask for it. This trust is what makes bank accounts possible, and without this trust, there is no longer any reason to put money in any bank.
The government of Cyprus just destroyed that trust across the entire EU. How did it accomplish [...]
When I was younger, so much younger than today,
I never needed anybody’s help in any way.
But now these days are gone, I’m not so self assured,
Now I find I’ve changed my mind and opened up the doors.
– John Lennon, the Beatles
(From Cafayate, Argentina) There are some who worry whether the path that Argentina has taken to monetary ruin on multiple occasions (and that it seems intent on taking again) is [...]
Having stressed publicly that Greece was an exception and that no other rescue would impose losses on senior private creditors, European officials embarked this weekend on a controversial path for Cyprus. They did so for understandable reasons, which they will argue are unique. Yet the specifics of the rescue will bring implementation challenges that will undermine its effectiveness and may lead to negative side-effects. Read more
Beppe Grillo, the former comedian who holds the balance of power in Italy, has suggested the country may have to abandon the euro and return to the lire.
In an interview with a German magazine published on Saturday, Mr Grillo said that “if conditions do not change” Italy “will want” to leave the euro and return to its former national currency.
The 64-year-old comic-turned-political activist also said Italy needs to renegotiate [...]
from Spiegel International:
The euro crisis may have dropped out of the headlines recently, but Spain and Italy would seem to be doing their best to bring it back. Real estate giant Reyal Urbis’ bankrupcy has raised fresh concerns about Spanish banks and many fear that a Berlusconi election victory could drive Rome to seek emergency aid.
It had become a trend among top European politicians to forecast that the worst of the [...]
Comment from one of the readers:
“I was in Greece last May. In Athens most fo the shops are shut. I was walking in the city centre and asked someone for directions – she was a uni student – had a chat as we walked along and she said THERE ARE NO JOBS – MOST GRADS SHE KNOWS ARE LEAVING THE COUNTRY
I went to Crete – my cab driver was telling me [...]
Many Americans look at the crisis in Greeceand shake their heads wondering how it is possible for an entire country to derail the future of its younger generation. One big problem in Greece was massive government liabilities funding very generous pensions. Yet this came at an enormous cost. The US is facing a different crisis but the markets have already responded over the last few decades. In the early 1980s, roughly [...]
The US national debt is twenty times higher than is officially reported, approaching $222 trillion, and today’s children could soon be paying their parent’s debts, reputed American economist Laurence Kotlikoff told RT….
LIVE: Thousands Of Companies Around The World Reveal The Truth About The Economy
SCORECARD (All Time ET)
SCORECARD (All Time ET)
7:00 PM South Korea: HSBC Manufacturing PMI — 49.9, down from 50.1 in Dec.
7:30 PM Australia: AIG Manufacturing PMI — 40.2, down from 44.3
8:00 PM China: NBS Official PMI —50.4, down from 50.6
8:00 PM Netherlands: NEVI Manufacturing PMI — 50.2, up from 49.6
8:45 PM China: HSBC Manufacturing PMI —52.3, up from 51.5
9:00 PM Taiwan: HSBC Manufacturing PMI — 51.5, up from 50.6
9:00 PM Vietnam: HSBC Manufacturing PMI — 50.1, up from 49.3
10:00 PM Indonesia: HSBC Manufacturing PMI — 49.7, down from [...]
EURO Crisis is OVER – Portugal Deficit On Track, Returns to Markets Tomorrow
EURO CRISIS IS OVER
PORTUGAL, IRELAND RETURN TO FINANCIAL MARKETS, DEFICITS UNDER CONTROL, GREECE DEFICIT BETTER THAN EXPECTED, SPAIN YIELDS DROPPING BIG TIME
ALL EXTERNAL DEFICITS HAVE SURPLUS
Eat that stupid american fearmongers! Euro didn’t brake your financial terrorists have failed ahaha
You couldn’t kill us, we are returning even stronger than before!!
Prepare yourselves Euro will rule, dollar will crash
from Silver Vigilante:
The IMF announced Friday that Greece might need more financing to the tune of 5.5 billion and 9.5 billion euros for 2015 and 2016 and said it had assurances from Europe the aid would be forthcoming for Athens in the final years of its international bailout. This is the first instance in which the IMF estimated the range of possible financing needs for Greece’s international bailout between 5.5 billion and 9.5 [...]
Europe slides deeper into recession
Germany is currently the only major European country to be experiencing even a minimal level of growth. According to figures from the French Central Bank, the continent’s second largest economy, France, barely avoided sinking officially into recession by posting 0.1 growth in the third quarter of 2012. In both the second and fourth quarters the national economy contracted.
Inside the euro zone itself, seven countries are officially [...]
Assault weapons in Greece fired at Samaras.
Details from the New York Times…
Greece’s New Democracy Party Condemns Attack On HQ…
Details from the New York Times…
The economic implosion of Europe is accelerating. Even while the mainstream media continues to proclaim that the financial crisis in Europe has been “averted”, the economic statistics that are coming out of Europe just continue to get worse. Manufacturing activity in Europe has been contracting month after month, the unemployment rate in the eurozone has hit yet another brand new record high, and the official unemployment rates in both [...]
While the US continues to digest the details of the US Fiscal Cliff Deal (the only important item is that it does nothing to address our debt or deficit problems), the EU continues to proclaim the worst to be over… while its financial system crumbles from within.
The latest EU official to sound the all clear is German Finance Minister Wolfgang Schauble. On Friday he told German newspaper Spiegel Online that [...]