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Keyword: countdown2war

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  • EU calls euro membership ‘irrevocable’ but renegotiable

    01/05/2015 7:28:29 AM PST · by Olog-hai · 14 replies
    Associated Press ^ | Jan 5, 2015 10:25 AM EST | Raf Casert
    The European Union’s executive Commission said Monday that membership in the euro bloc is “irrevocable” but left it open to what extent Greece could renegotiate the terms after elections on Jan. 25. Greece’s left-wing Syriza party leads the polls ahead of the elections and is in favor of changing the conditions of the country’s international bailout deal. That would likely anger the rest of the eurozone, which has given Athens the bulk of the rescue loans. […] EU spokeswoman Annika Breidthardt said Monday that if the Greek elections call for a need to reconsider the conditions of Athens’ membership within...
  • French Socialists Revolt Against Prime Minister, Threaten Vote of No Confidence

    04/07/2014 12:10:52 PM PDT · by Kaslin · 12 replies ^ | April 7, 2014 | Mike Shedlock
    Further compounding president Francois Hollande's problem with the European Commission Rejection of France's Proposal for Deficit Target Leniency, the socialists are in open revolt against new Prime Minister Manuel Valls. The socialists consider Valls as too pro-business. They want less austerity and a reduction in personal taxes, not corporate taxes. And they are against Hollande's "responsibility pact" proposal that would reduce labor costs and cut government spending. Via translation from Les Echos, please consider Socialist MPs Threaten a Vote of No Confidence on Account of Valls Nearly a hundred of Socialist deputies signed a document calling for political change of...
  • IRS Warns: Obamacare Tax Must Be Paid with Tax Return

    02/25/2014 8:01:51 PM PST · by Mariner · 125 replies
    Americans for Tax Reform ^ | Tuesday, February 25, 2014 6:20 PM EST | John Kartch
    GET INVOLVED Email:* Zip Code: *Required Privacy Policy Email Print Tuesday, February 25, 2014 6:20 PM EST John Kartch Related Items Grover Norquist discusses the Obamacare Cover Up Obamacare Exchanges Enroll Only 51,000 Uninsured Americans The Obamacare Signup Cover-up Daily Media Spotlight for August 15, 2013 Read More IRS Warns: Obamacare Tax Must Be Paid with Tax Return Agency employs Orwellian term “Shared Responsibility Payment” to describe Obamacare individual mandate tax. President Obama’s Internal Revenue Service today quietly released a series of Obamacare “Health Care Tax Tips” warning Americans that they must obtain “qualifying” health insurance – as defined by...
  • 20 Signs That The Next Great Economic Depression Has Already Started In Europe

    05/02/2013 3:04:43 PM PDT · by Lorianne · 17 replies
    Economic Collapse Blog ^ | 29 April 2013 | Michael
    The next Great Depression is already happening - it just hasn't reached the United States yet. Things in Europe just continue to get worse and worse, and yet most people in the United States still don't get it. All the time I have people ask me when the "economic collapse" is going to happen. Well, for ages I have been warning that the next major wave of the ongoing economic collapse would begin in Europe, and that is exactly what is happening. In fact, both Greece and Spain already have levels of unemployment that are greater than anything the U.S....
  • “We’re ready to walk out on Europe”: Michael Gove sparks EU furor with dramatic admission

    10/14/2012 5:11:14 AM PDT · by Olog-hai · 22 replies
    Daily Mail (UK) ^ | 16:24 EST, 13 October 2012 | Simon Walters
    The chances of Britain leaving the EU rose dramatically last night after it emerged that one of David Cameron’s closest Cabinet allies believes it is time to tell Brussels bluntly: “We are ready to quit.” Education Secretary Michael Gove has told friends that, if there was a referendum today on whether the UK should cut its ties with Brussels, he would vote to leave. He wants Britain to give other EU nations an ultimatum: “Give us back our sovereignty or we will walk out.” …
  • Barroso: EU Treaty 'needs to be renewed'

    09/03/2012 9:13:39 AM PDT · by Olog-hai · 3 replies
    EU Observer ^ | 09/03/2012 @ 09:14 | Andrew Rettman
    European Commission chief Jose Manuel Barroso has said EU institutions need more power over member states to fight the crisis. Speaking on Saturday (1 September) in The Hague at a meeting of constitutional court judges organized by Yale University, he called for a "European renewal" and for a further "leap" of integration. "We are experiencing a situation in which we need greater unity and coherence between our policies, as well as greater legislative harmonization ... We need greater institutional integration. We need to consolidate a transnational order that through shared sovereignty guarantees the protection of our citizens," he said. …
  • France declares war on illegal migrants

    08/10/2012 5:12:10 AM PDT · by NCjim · 29 replies
    Daily Mail ^ | August 9, 2012 | Peter Allen
    French police were yesterday breaking up gipsy camps and deporting illegal immigrants found in them. Dozens of officers in riot gear descended on a settlement near Lille shortly after dawn to oversee the evacuation of some 200 Roma living in mobile homes. One hundred people were evicted from a site in Lyon, with similar round-ups happening in other major cities including Marseille. Caravans and huts were destroyed in the Belleville area of central Paris on Wednesday, making another 100 people homeless. ‘Many of those evicted will be flown home to Romania,’ said an interior ministry source, who insisted the deportations...
  • All the bail-out systems under the sun cannot make the eurozone work

    06/24/2012 11:07:31 PM PDT · by bruinbirdman · 4 replies
    The Telegraph ^ | 6/24/2012 | Roger Bootle
    Another week, another summit. This week's shindig of EU leaders in Brussels will be bound to focus on efforts to shore up the euro. Once again, it is likely to disappoint. The main issue is well-known; bail-outs for indigent, non-tax-paying southerners at the expense of hard-working northerners. The form book tells us that even if they come up with something, the proffered solution will be too little, too late. But the real issue goes deeper. All the bailout mechanisms under the sun cannot make the euro-zone work. Such bailouts are still, in the end, loans. Even if the interest rates...
  • Spain's Economy On the Edge of Collapse as Protests Turn Violent

    06/20/2012 10:59:42 AM PDT · by ex-Texan · 51 replies
    UK Daily Mail ^ | 6/20/2012 | Hugo Duncan
    Europe plunged deeper into crisis last night as Spain lurched closer to needing a full-blown bailout to save it from collapse. The government in Madrid was forced to pay prohibitively high interest rates to borrow money on another bruising day for the single currency bloc. It raised fears that Spain is on the verge of becoming the biggest victim of the euro crisis so far – following the bailouts of Greece, Ireland and Portugal. Please read the rest at the source
  • Spain pleads for ECB rescue as bond markets slam shut

    06/18/2012 8:32:26 PM PDT · by bruinbirdman · 39 replies
    The Telegraph ^ | 6/18/2012 | Ambrose Evans-Pritchard
    Europe's leaders have vowed to mobilise all possible means to counter the region's escalating crisis after Spain's borrowing costs threatened to spiral out of control. Yields on 10-year Spanish bonds surged to a record high of almost 7.3pc as investors ignored the victory of pro-bailout parties in Greece's elections. The closely-watched two-year yield rocketed by 65 basis points in a matter of hours, signalling a near-total collapse of confidence in Spain's €100bn (£80.3bn) rescue from the EU last week to shore up its banking system. Cristobal Montoro, the economy minister, warned that Spain is now in a "critical" condition and...
  • Greece Dodges Leftist Bullet, But Bigger Battles Loom

    06/18/2012 5:43:08 PM PDT · by Kaslin · 1 replies
    IBD Editorials ^ | June 18, 2012 | Editor
    EU: Staring down the abyss of isolation offered by the far left, Greece's voters had the sense to pull back, electing a pro-bailout center-right party in Sunday's vote and staying in the euro. But are they ready for real austerity? As surprising and relieving as it was to see Greeks vote for the New Democracy party which took 29.4% of the votes in Sunday's multiparty election, the result is the best of bad alternatives. Voting in New Democracy for a second time since the government failed in May bought time, but the real issue is whether Greece has the will...
  • Europe: She’s Come Undone.

    06/18/2012 5:35:32 PM PDT · by Lowell1775 · 8 replies
    Open Source Survival ^ | June 17, 2012 | Ronin Gael
    snip.... Old News and Current Events: I have written before that the fundamentals of the Euro and European Union didn’t bode well. They still don’t. Each step of these “rescues”, Iceland in 2008, Ireland in 2009, Portugal in 2011, Italy and Greece in 2011 and 2012….and now Spain ….are all just shocking the dying patient back to life for a few more moments of pain and chaos. The inevitable and permanent straight-line on the EKG is coming. It will be a collapse of the Euro and a financial crisis of a size not seen since WWII or the Great Depression....
  • 12 Signs of the Europocalypse

    06/14/2012 5:01:31 AM PDT · by Rummyfan · 7 replies
    Foreign Policy ^ | 12 June 2012 | Douglas Rediker and David Gordon
    From the Chinese buying spree to the rise of extremism, here's what to watch for as the continent teeters on the brink of disaster. Two short years ago, if anyone had suggested that we would be considering pan-European bank regulation, cross-border deposit guarantees, joint and several Eurobonds, and the very survival of the common currency, they would have been dismissed as nothing short of crazy. But what was unthinkable then appears to be verging on the inevitable now. With last weekend's announcement of a bailout for Spanish banks and with potentially euro-shaking elections in Greece this weekend, we can now...
  • Greeks are pulling cash out of banks, stocking up on food in panic ....

    06/13/2012 8:07:01 AM PDT · by TigerLikesRooster · 92 replies
    Financial Post ^ | 06/13/12 | Dina Kyriakidou and George Georgiopoulos
    Greeks are pulling cash out of banks, stocking up on food in panic ahead of make-or-break election Sunday Dina Kyriakidou and George Georgiopoulos, Reuters Jun 13, 2012 – 8:41 AM ET ATHENS — Greeks pulled their cash out of the banks and stocked up with food ahead of a cliffhanger election on Sunday that many fear will result in the country being forced out of the euro. Bankers said up to 800 million euros (US$1 billion) were leaving major banks daily and retailers said some of the money was being used to buy pasta and canned goods, as fears of...
  • It Starts: The Government’s Plan To Steal Your Money.

    06/12/2012 9:01:19 PM PDT · by blam · 34 replies
    Sovereign Man ^ | 6-12-2012 | Simon Black
    It Starts: The Government’s Plan To Steal Your Money. Simon Black June 12, 2012 New York City There are consequences to being flat broke. There are consequences to investing any level of confidence in a financial system underpinned by debt and the creation of paper currency. There are consequences for ignoring reality and pretending that everything is normal.This is one of them: European officials yesterday flat out admitted that they were discussing rolling out a series of harsh capital controls across the continent, including bank withdrawal limits and closing down Europe’s borderless Schengen area. Some of these measures have already...
  • This latest euro fix will come apart in less than a month

    06/11/2012 11:21:55 PM PDT · by bruinbirdman · 3 replies
    The Telegraph ^ | 6/11/2012 | Jeremy Warner
    Another day, another sticking plaster solution from beleaguered eurozone policymakers. Only this one may not even succeed in buying time – I give it less than a month before some such other piece of bad news comes along to fire the crisis anew. Like all the others, the latest fix seems to create as many problems as it solves. The euphoria in markets at Spain's rescue lasted all of a few hours; having bounded away at the opening, they ended broadly flat. But please don't call it a bail-out. It may walk, talk and look like a bail-out, but to...
  • Merkel calls for 'political union' to save the euro

    06/09/2012 11:22:02 PM PDT · by Olog-hai · 36 replies
    EurActiv ^ | 08 June 2012 | ( with Reuters)
    In a television interview, German Chancellor Angela Merkel said the eurozone was moving inevitably towards a "political union" requiring nations to cede more sovereignty, and that would lead to more of a multi-speed Europe with non-euro states in the slow lane.“We need more Europe, we need not only a monetary union, but we also need a so-called fiscal union, in other words more joint budget policy,” Merkel told ARD on Thursday (7 June). “And we need most of all a political union—that means we need to gradually give competencies to Europe and give Europe control,” she added. European Council President...
  • EC plot to use competition rules to close down eurozone banks

    06/08/2012 2:18:59 PM PDT · by bruinbirdman · 2 replies
    The Telegraph ^ | 6/8/2012 | Bruno Waterfield
    The European Commission is threatening to use EU competition rules to close down the failing Greek, Spanish and Portuguese banks that have pushed the eurozone into a new crisis, with Greece's ATEbank the first in its sights. Already in Greece, Spain and the Netherlands, the voters are rejecting austerity – and once they start to link that austerity to eurozone membership, monetary union will collapse quite quickly EU state-aid rules, designed to stop government subsidies distorting competition, give the commission sweeping powers to impose restructuring conditions on bank bailouts or even to block the rescue. Over the past two years,...
  • Spain may speed up EU 'banking union'

    06/02/2012 10:50:53 AM PDT · by Olog-hai · 14 replies
    EU Observer ^ | 01.06.12 @ 09:26 | Valentina Pop
    The US has joined ranks with EU officials exploring ways to pump eurozone money directly into Spain's troubled banks instead of having to further burden the state budget. "We were talking about the possibility that the banks, not only Spain's but also in other countries who need it, could access funds directly without intervention from the governments and without conditions," said Spanish deputy PM Soraya Saenz de Santamaria after meeting US finance minister Timothy Geithner in Washington on Thursday (31 May). "The treasury secretary indicated that we are working in the same direction and that we must find a solution...
  • Biggest Greek bank warns of dire euro exit fallout

    05/29/2012 3:29:05 PM PDT · by Oldeconomybuyer · 21 replies
    Reuters ^ | May 29, 2012 | By Karolina Tagaris
    (Reuters) - If Greece left the euro, living standards would plummet, incomes would be slashed by more than half, and inflation and unemployment would skyrocket, the National Bank of Greece warned on Tuesday. In a report released ahead of an election on June 17 that may determine whether the country stays in the single currency, the country's biggest bank said the risk of Athens exiting the euro was no longer just a theoretical possibility, warning that the fallout from such a move would be dramatic. "An exit from the euro would lead to a significant decline in the living standards...
  • No German money for Greek ''bottomless pit'': minister

    05/26/2012 10:45:38 AM PDT · by tobyhill · 6 replies
    reuters ^ | 5/25/2012 | Erik Kirschbaum
    Germany will not "pour money into a bottomless pit" and patience with Greece is growing thin ahead of a new election in the Mediterranean country, a conservative member of Chancellor Angela Merkel's cabinet was quoted on Saturday as saying. Interior Minister Hans-Peter Friedrich told the Leipziger Volkszeitung newspaper that Germany, Europe's largest economy and the biggest contributor to rescue efforts, is glad to help Greece help itself but expects it to honor its agreements. "We're not willing to pour money into a bottomless pit," he told the newspaper. "Anyone who wants to see help and solidarity from us has to...
  • Greece: Mulligan Election, Mulligan Economy

    05/23/2012 7:47:10 AM PDT · by Kaslin · 5 replies ^ | May 23, 2012 | Austin Bay
    Greece wants two mulligans -- like a golfer demanding second chance, a do-over tee shot, times two. The immediate and obvious mulligan is a new national election. The teed-off Greek electorate teed up on May 6, but fractious voters produced a scattershot result. No single party achieved a parliamentary majority. The leaders of Greece's three largest political parties subsequently failed to form a coalition government. Their disagreements are fundamental. During the coalition discussions, the Syriza Party (Coalition of the Radical Left/Unitary Social Movement) announced it would not participate in any government that imposed austerity. Austerity is shorthand for economic reform,...
  • EU commission to outline plans for political union

    05/22/2012 2:56:52 PM PDT · by Olog-hai · 23 replies
    EU Observer ^ | 2012.05.22 @ 17:16 | Honor Mahony
    The European Commission has said it will soon bring forward plans for an economic and political union it says is necessary for the creation of debt-mutualizing eurobonds—one of the most controversial proposed solutions to the current eurozone crisis. "We need to reflect what kind of European union would be required to deepen economic and political integration, for instance so that joint issuance of debt would make sense for all member states sharing the single currency," economics commissioner Olli Rehn told MEPs on Tuesday (22 May). He said the commission would "soon" come up with a "medium to long term roadmap"...
  • When in Doubt, Call Them Nazis: Ugly Stereotypes of Germany Resurface in Greece

    02/29/2012 7:05:35 AM PST · by C19fan · 19 replies
    Spiegel ^ | February 29, 2012 | Julia Amalia Heyer and Ferry Batzoglou
    reeks have gone from being big fans of Germans to comparing them to Nazis dead-set on using financial means to establish the "Fourth Reich." What was once the type of exaggeration mostly found in caricatures has now become a genuine, widespread and worrisome belief among Greeks. Stathis Stavropoulos is tired of constantly drawing evil Germans, but he does it again and again, slightly varying the theme each time. In his drawings, the well-known Greek cartoonist has dressed German Chancellor Angela Merkel in sinister-looking uniforms, placed her in a tank and depicted her frightening little Greek boys.
  • Inalienable Rights: Is the U.S. 'Coming Apart'

    02/23/2012 9:13:48 AM PST · by Aspenhuskerette · 17 replies
    The Aspen Times ^ | February 23, 2012 | Charlie Leonard
    For more than 200 years, the United States has embraced a set of beliefs that set us apart from the rest of the world. We almost universally put faith, family and community at the center of our lives. And we believed that if we lived by the twin values of hard work and determination, anything was possible. Our American virtues became a defining characteristic of our culture and permeated all facets of our lives, beyond just family and work, and included scholarship, the arts, athletics and more. On the smallest scale, we saw these virtues propel immigrant farmers and shopkeepers...
  • Battle over EU financial firewall threatens to derail Greek bailout

    02/21/2012 9:02:03 PM PST · by bruinbirdman · 11 replies
    The Telegraph ^ | 2/21/2012 | Bruno Waterfield
    At a G20 summit in Mexico in two days the EU will plead for increased IMF contributions by non-euro countries to help shore up a eurozone "financial firewall" seen as vital to protecting Spain and Italy from Greek debt contagion. The IMF will refuse to make extra cash available to the EU and will threaten to pull the plug on its contribution to Tuesday's €130bn bailout of Greece unless the eurozone creates a €750bn fund, a move opposed by Germany. In the wake of this week's deal to prevent a Greek default, Olli Rehn, the EU's economic and monetary affairs...
  • Obama Steals Inhabited, Oil-Rich Alaskan Territory for Russia:

    02/21/2012 12:00:56 PM PST · by CaptainKrunch · 20 replies
    Infiltrated Nation ^ | February 20, 2012 | Maggie's Notebook
    Alaska Not Consulted – More Sabotage from the Marxist Mole President It appears Congress had nothing to do with this 7-island giveaway with tens of thousands of square miles of oil-rich seabeds. The Department of the Interior says these islands are a source of billions of barrels of oil. 
  • The ECB Has Opened Pandora’s Box (with Ann Barnhardt's take)

    02/20/2012 9:14:48 PM PST · by No One Special · 36 replies ^ | 02/19/2012 | Tyler Durden
    I am not going to speculate about anything this morning. No guesses about what the Finance Ministers might do on Monday, no simple addition or subtraction that the data used to forecast Greece’s return to a 120% debt to GDP ratio is a falsification of the numbers, no mention that only nineteen cents of any bailout for Greece would actually go to the country; I am not going to discuss anything except what the European Central Bank has actually done and what we now know with a one hundred percent (100%) certainty and the horrifying implications of their actions. The...
  • Germany bows to global pressure and signals Greek rescue deal

    02/19/2012 8:04:18 PM PST · by bruinbirdman · 30 replies
    The Telegraph | 2/19/2012 | Ambrose Evans-Pritchard
    Europe’s key powers are on the brink of a €130bn (£108bn) debt deal to rescue Greece and avert the first sovereign default in Western Europe in over half a century. Germany’s finance minister Wolfgang Schäuble toned down threats to force Greece out of the euro, bowing to intense pressure from France, Italy, and the US-led bloc of global leaders. Mr Schäuble said the country is "on the right path" and signalled that pension cuts agreed by the Greek cabinet over the weekend would be enough to secure approval for the loan package from EU ministers on Monday. "If Greece can...
  • Can a return to the drachma save Greece as unemployment soars?

    02/19/2012 5:26:46 PM PST · by DeaconBenjamin · 29 replies ^ | 8:50PM GMT 19 Feb 2012 | By Ambrose Evans-Pritchard
    Greece’s unemployment bomb detonated. The surge in job losses since last summer is shocking even for those who never believed that combined fiscal and monetary contraction could lead to any result other than ruin. In November alone 126,000 Greeks lost their jobs in a country of 11 million, equivalent to three and a half million Americans in a single month. The unemployment rate jumped from 18.2pc to 20.9pc.This has not yet led into social breakdown. Greeks receive unemployment support for an average of thirty weeks, with a ceiling of €454 a month. Those with civil service tenure are placed on...
  • Athens Burning: Banks in Flames After Athens Passes Austerity Bill

    02/13/2012 6:08:45 AM PST · by Kaslin · 17 replies ^ | February 13, 2012 | Mike Shedlock
    The Financial Times reports Athens passes demanded austerity bill. Greek lawmakers on Thursday approved a tough austerity package aimed at averting a default, but the vote was overshadowed by violent street protests in central Athens and dozens of arson attacks against shops and banks. The legislation passed by 199 votes in favour to 74 against, a convincing majority for Lucas Papademos, the caretaker prime minister who has been given the job of pushing through painful reforms demanded by the European Union and the International Monetary Fund in return for a second €130bn bail-out.Athens Burning: Tens of Banks in Flames From...
  • Athens - The Morning After: 48 Buildings On Fire, 150 Looted, Hundreds Arrested

    02/13/2012 5:56:19 AM PST · by Zakeet · 41 replies
    Zero Hedge ^ | February 13, 2012 | Tyler Durden
    Greece: once the origin of Western civilization. Now, a burned-down debt penal colony owned by Goldman Sachs... There is a silver lining to Athens' ever uglier transition to a third world country: the massive GDP boost that awaits it as it sets off to fix broken windows and burned down buildings. In fact, we eagerly await Krugman's OpEd praising some of the more recent developments out of Greece in the past 48 hours. Granted, the country will need to get even more bailout funding from the Troika for said GDP boost to occur, but who cares about details anymore. From...
  • Athens By Night

    02/12/2012 7:14:07 PM PST · by Kartographer · 21 replies
    ZeroHedge ^ | 2/12/12 | Tyler Durden
    The Troika went to bail out Europe's banks (for the nth time) and all we got was this postcard of night time Athens...
  • Riots spread as Greek lawmakers OK austerity bill

    02/12/2012 6:04:45 PM PST · by EBH · 66 replies
    MSNBC ^ | 2/12/12
    Legislation will allow country to cut debt; protesters set fire to 34 buildings; deputies expelled for opposing vote The Greek parliament approved on Monday a deeply unpopular austerity bill to secure a second bailout from the European Union and International Monetary Fund and avoid a messy default. The vote occurred after 100,000 demonstrators marched to the parliament and buildings were burned down in central Athens. Following the vote, black-masked protesters created a wall of fire with petrol bombs and set fire to cinemas, cafes, shops and banks. Fifty police officers and at least 55 protesters were hospitalized. Forty-five suspected rioters...
  • Greece's grim choice: deep budget cuts or default

    02/12/2012 6:29:48 PM PST · by Hojczyk · 13 replies
    Yahoo Finance ^ | February 11,2012 | Christina Rexrode
    Greece's grim trade-off: Impose deeper spending cuts or abandon euro and default on debts Why would Greece accept more pain when unemployment is at 21 percent, the economy is enduring its fifth year of recession and rioters are hurling gasoline bombs in the streets of Athens? Because the alternative might be worse. Greek leaders are gritting their teeth as they move forward with a plan to further slash spending in return for a bailout of about $172 billion (€130 billion) from other countries in Europe and around the world. The Greek Parliament is scheduled to vote on the plan Sunday....
  • Athens buildings burn as lawmakers weigh austerity

    02/12/2012 12:53:20 PM PST · by NormsRevenge · 61 replies
    Yahoo ^ | 2/12/12 | Harry Papachristou and Yannis Behrakis - Reuters
    ATHENS (Reuters) - Historic cinemas, cafes and shops went up in flames in central Athens on Sunday as black-masked protesters fought Greek police outside parliament, while inside lawmakers looked set to defy the public rage by endorsing a new EU/IMF austerity deal. As parliament prepared to vote on a new 130 billion euro bailout to save Greece from a messy bankruptcy, a Reuters photographer saw the buildings engulfed in flames and huge plumes of smoke rose in the night sky. The air over Syntagma Square outside parliament was thick with tear gas as riot police fought running battles with youths...
  • Greek lawmakers approve austerity bill as Athens burns

    02/12/2012 3:52:09 PM PST · by mandaladon · 36 replies
    Yahoo News ^ | 12 Feb 2012 | Harry Papachristou and Yannis Behrakis
    ATHENS (Reuters) - The Greek parliament approved a deeply unpopular austerity bill to secure a second EU/IMF bailout and avoid national bankruptcy, as buildings burned across central Athens and violence spread around the country. Cinemas, cafes, shops and banks were set ablaze in central Athens as black-masked protesters fought riot police outside parliament. State television reported the violence spread to the tourist islands of Corfu and Crete, the northern city of Thessaloniki and towns in central Greece. Shops were looted in the capital where police said 34 buildings were ablaze. Prime Minister Lucas Papademos denounced the worst breakdown of order...
  • EU: Germany's Carthaginian terms for Greece

    02/12/2012 5:18:42 PM PST · by bruinbirdman · 33 replies
    The Telegraph ^ | 2/12/2012 | Ambrose Evans-Pritchard
    The last time Germany needed a bail-out from world creditors, it secured better terms than shattered Greece last week. The austerity policy being forced on Greece by Germany and the eurozone cannot command democratic consent over time The US, Canada, Britain, France, Greece, and other signatories at the London Debt Agreement of 1953 granted Chancellor Konrad Adenauer a 50pc haircut on all German debt, worth 70pc in relief with stretched maturities. There was a five-year moratorium on interest payments. The express purpose was to give Germany enough oxygen to rebuild its economy, and to help hold the line against Soviet...
  • Greece: Default would lead to 'chaos'

    02/11/2012 3:51:04 PM PST · by Clintonfatigued · 36 replies
    The College Station Eagle ^ | February 11, 2012 | Nicholas Paphitis
    Debt-stricken Greece does not have the money to cover a (euro) 14.5 billion bond repayment on March 20, and must reach a vital debt-relief deal with private bond investors before then. Papademos said the bailout and the deal with private creditors would return Greece to growth next year, and deliver a 4.5 percent primary surplus in 2012 -- better than an earlier official prediction of 1.1 percent of gross domestic product. "A disorderly default would cast our country into a catastrophic adventure. It would create conditions of uncontrollable economic chaos and social explosion," he warned. "Greeks' standard of living in...
  • Greece: [Six] Cabinet walkouts deepen crisis

    02/11/2012 2:23:40 AM PST · by bruinbirdman · 17 replies
    Athens News ^ | 2/10/2012
    The coalition government has been thrown into crisis after six cabinet members quit over renewed European demands for more economic austerity. Laos four ministers - Transport Minister Makis Voridis, Alternate Defence Minister Georgios Georgiou, Deputy Shipping Minister Adonis Georgiadis and Deputy Rural Development and Food Minister Asterios Rondulis - announced their resignations after party leader Yiorgos Karatzaferis said he would vote against the new austerity measures, that cuts deep into the minimum wage and other private sector pay. Deputy Foreign Minister Mariliza Xenoyiannakopoulou, a Pasok MP, also resigned her post on Friday. "They are trying to impose measures that will...
  • Down, Not Out, in Paris as Crisis Whittles Away Welfare State

    02/08/2012 10:25:50 AM PST · by Cincinna · 8 replies
    SF Gate ^ | February 8, 2012 | Vidya Root   
    On a crisp, cold day last month, Inaya, an unemployed former Ikea manager, waited with about 100 people in a large, dingy hall at Credit Municipal de Paris to pawn a Gucci bag and some jewelry. Out of work for two years, Inaya, 35, sporting a tweed jacket and dark pants, was tapping the broker for cash for the first time as her unemployment benefits dwindled. "The structure of the French welfare state is such that you don't see acute poverty, but the model has reached its limit," said Philippe Chalmin, a professor at Universite Paris Dauphine. "It's clear France...
  • Greece Talks Postponed Due to Political Suicide

    02/08/2012 6:13:10 AM PST · by Kaslin · 12 replies ^ | February 8, 2012 | Mike Shedlock
    Greece bailout talks were postponed on Friday to Saturday, then Saturday to Sunday, then Sunday to Monday, then Monday to Tuesday. They have been postponed again, this time for a reason that makes perfect sense "Political Suicide". The New Work Times reports Greece Puts Off Decision on Austerity Measures Amid a Strike Protesting Them As thousands of Greeks walked off the job in a general strike on Tuesday to protest stringent new austerity measures, there was a growing sense that the country was reaching a critical point in its efforts to survive the debt crisis. Greek political leaders postponed for...
  • Volunteers wanted--Greece’s creditors would have to take a massive hit to right its finances

    01/24/2012 4:49:20 AM PST · by DeaconBenjamin · 2 replies
    Economist ^ | Jan 21st 2012
    A CATCHY new phrase has been added to the Orwellian lexicon of Euro-speak, where terms such as “stability and growth” actually mean the opposite. This is “private-sector involvement” (PSI), which is code for imposing losses on Greece’s private creditors. The International Monetary Fund’s most recent review of the Greek economy, in December, gives an indication of the scale of the pain that these creditors need to take. Even if almost all of Greece’s private creditors agreed to write off half of what they are owed, its debt would still be about 120% of GDP by 2020. More likely, participation in...