Financial Crisis in Greece

[Risto the Great]

"courageous" measures might include growing the hell up and trying to help the citizens of Greece rather than inciting hatred.

[Bill77]

This is continuation of earlier reports just over a week ago 29-Nov. So Problem is not and will not go away for Greece.



Greece can expect no gifts from Europe
"If the Greek government refused to comply, which is quite possible, the next step could be the penalty procedure under the stability pact. So instead of helping Greece, the EU might be asking Greece to pay a penalty. This in turn would aggravate Greece’s financial position in the... unlikely event that the government would agree to pay it. "

http://www.ft.com/cms/s/0/de16732a-d...nclick_check=1

[Bill77]

"The situation in Greece is very difficult," ECB chief Jean-Claude Trichet told the European Parliament's economic committee.

"So this calls for very difficult, very courageous but absolutely necessary measures."


Being a Forex Trader, i will tell you usualy when Trichet speaks the Markets move in a way that many Traders loose there shirts. For Trichet to comment, this is serious shit.

[Risto the Great]

Let me be the first to donate to their pension fund.

But first .... kiss my flag.

[Risto the Great]

http://news.bbc.co.uk/2/hi/business/8402406.stm

Falling confidence in Greece's economic policies and ability to pay its debts have seen Greek shares slump 6%.

The decline came after the Fitch credit rating agency cut Greece's rating to a 10-year low. Greek bond prices also fell as a result.

Fitch's move underscores the fact that Greece's debt is the most expensive to service in the eurozone.

The European Commission urged the Greek government to take "more measures" to reduce its deficit.

Greece has the highest debt of the 16-member eurozone - forecast at 125% of gross domestic product next year.

Fitch's downgrade follows recent warnings by two other agencies that they were considering such a move.

"A difficult situation in one euro area member state is a matter of common concern for the euro area as a whole," warned outgoing European Union economic and monetary affairs commissioner Joaquin Almunia in a statement.

"It is clear that Greece faces very substantial economic and fiscal challenges... but more measures are required."

'Asphyxiating stranglehold'

On Monday, Jean-Claude Trichet, the president of the European Central Bank (ECB), said the Greek government needed to take "courageous" measures.

Greece's Finance Minister George Papaconstantinou has acknowledged growing fears about its ability to pay its debts, fuelled by Dubai's financial problems.

Some analysts say Greece could at some point be unable to use its own government debt as collateral for borrowing from the ECB.

"Greece finds itself in an asphyxiating stranglehold to prod the government to undertake structural reforms and measures to combat tax evasion," said Manos Hatzidakis, an analyst with brokerage firm Pigasos.

The BBC's economics editor Stephanie Flanders said that although there are no formal bail-outs for eurozone economies, Greece has been getting the next best thing to a bail-out, from the ECB.

The financial blow came as the government struggled to settle two days of youth riots.

They mark the anniversary of the police shooting of a 15-year-old boy last year. That triggered widespread violence also fuelled by anger over the economy.

Governments and companies issue bonds to raise money on the financial markets.

Markets are worried about the vulnerability of government bonds following comments from Dubai's government minister that it would not guarantee troubled property firm Dubai World's debt.

Other countries seen as weak include the Republic of Ireland, Spain and Portugal.

[makedonche]

RTG
Hopefully the beginning of the end!

[Bill77]

German MP asks Greece to Leave the EU for the Good of the Union


Thursday, 10 December 2009

Things have picked up steam as more information pours in from Brussels. Though politicians have been tight lipped over what was said during the debates in Brussels, Deutche Welle released information regarding Macedonia's EU accession talks.

DW was not the only one to release information, apparently PM Gruevski felt at ease to say what was said during his talks with Papandreou few weeks ago, but more on that later.

DW reported on a heated exchange between German parliamentarian Angelika Beer and Greek MP Micias Marutkiotis.
Beer’s reaction came after Marutkiotis wrapped up a speech of how helpful his country had been in the EU integration process of Balkan countries adding "Greece had helped the economy of each Balkan country" This could be a new investment model: a bankrupt country helping others.

Walter Kolbo, former MP and head of the “Macedonian Greek Partnership” reminded his Greek colleague that the German Bundestag had passed a resolution back in 2003 asking Athens to cease their obstructions towards Macedonia, adding Macedonians and Greeks are “Europeans”, there is no need for blocking neighbors from getting into NATO and the EU.

MP Angelika Beer, in comparison to Mr. Kolbo, was somewhat sharper and clearer in her reply to the Greek delegation: “You must decide how far you like to push your policies against the wishes of the Europeans. It would be best for you to decide whether you wish to stick to your policies or leave the European Union.”

MINA finds Athens received support from Bucharest in Brussels, which is understandable considering Greece (over 60%) has the second largest Vlach population after Romania. But here is the irony with this support. Several months ago, Romania placed the Macedonian language (as minority language) under ‘protection’, thus informing the EU of their decision which made the language automatically protected under EU laws. The Macedonians who live in Romania are refugees from you guessed it, Aegean Macedonia. Greek politicians at the time were furious with Romania’s decision because it caught them by surprise and countered Athens’ wishes for no Macedonian language at EU level.

Back to the Macedonian PM. In an interview with DW in Bonn, the PM revealed he had told the Greek PM (during their meeting in Prespa) that no Macedonian Government in the next 100 years will accept Greece’s blackmail.

http://macedoniaonline.eu/content/view/10703/45/

[makedonche]

A lesson in democracy for the so called "cradle" of democracy! They should use one of their other democratic rights available to them - the right to leave the EU - instead of blackmailing any country that makes continuous legitimate attempts to enter!

[Pelister]

I hope more European politicians stand up to Greece's lies and bully boy tactics.

The Germans have courage I will say that much.

[Risto the Great]

Originally Posted by Bill77

DW reported on a heated exchange between German parliamentarian Angelika Beer and Greek MP Micias Marutkiotis.
Beer’s reaction came after Marutkiotis wrapped up a speech of how helpful his country had been in the EU integration process of Balkan countries adding "Greece had helped the economy of each Balkan country" This could be a new investment model: a bankrupt country helping others.

I think the EU is well tired of Greece and its agenda of hatred and racism in modern Europe. This is the tip of the ice-berg. There will be more anti-Greek sentiment coming from all corners of the EU in the months to come. What will they do to redeem themselves is the question.