Financial Crisis in Greece

[Brian]

Originally Posted by Risto the Great

Should we change the title of the thread to "Greece has exploded"?

Step by step, one step closer.

Germany Would rather see Greece out of Eurozone

http://macedoniaonline.eu/content/view/20091/46/

Friday, 13 January 2012
Lawmakers from Chancellor Angela Merkel’s party are stepping up pressure on Greece as it struggles to meet the terms of its second bailout, saying that a Greek exit from the euro region would be manageable and less costly.

The comments by senior members of Merkel’s Christian Democratic Union, made before a meeting of the CDU leadership that begins today, keep the focus on the Greek government as it strives to reach a debt-swap deal with private creditors that Merkel has said must be struck to win more aid. They are also a challenge to the chancellor’s public stance as she steers European efforts to keep the 17-member single euro area intact.

Such “threats” should be taken seriously, said Moritz Schularick, an economy professor at the John F Kennedy Institute of Berlin’s Free University. “The costs of rescuing the euro are so outrageous it’s no surprise that Merkel’s lawmakers are beating the drum on what’s at stake,” he said by phone. “At some point, a euro exit may become a real option. That wasn’t the case before.”

Michael Meister and Michael Fuchs, both Christian Democratic Union deputy parliamentary caucus leaders, called into question Greece’s future in the euro zone in separate interviews, saying that crisis-fighting bulwarks introduced since Greece tapped aid in 2010 have made contagion “significantly” less likely.
Greece will have no other option than to exit the euro area as it struggles under a mountain of debt, unable to regain its competitiveness without having its own currency to devalue, said Fuchs, the CDU’s parliamentary economy spokesman.

For Greece, “the problem is not whether they are capable of paying their loans -- they will not, not at all, never,” Fuchs said by phone from his Berlin office on Jan. 11. Greece is still a “special case” and the other 16 euro members will resolve their debt problems and retain the currency, he said.

Fuchs dismissed the prospect that letting Greece go would trigger speculative attacks against indebted countries such as Spain or Italy. Italy is a “rich” country and banks would be able to withstand any contagion effect, said Fuchs. Talk of contagion from Greece would be “right if we’re talking about two years ago.”

[The LION will ROAR]

Originally Posted by Phoenix

That's great news, the more money greece spends on arms purchases the more money it needs to take away from public programs...it's the quickest route to 'failed state' it can take...

BTW, just out of curiosity...I'm a traditional news 'gatherer', I have a look at the internet news sites, maybe get the weekend papers, (remember the paper variety?) radio and tv services...has FB replaced these?

Hey Phonix, no FB hasn't replaced them, I get allot of articles being posted by Macedonians in FB, just another way to spread the news & information to the mass...poz

[Bill77]

You know things are really bad, when the show "The Simpsons" start mocking you.

[Phoenix]

Originally Posted by The LION will ROAR

Hey Phonix, no FB hasn't replaced them, I get allot of articles being posted by Macedonians in FB, just another way to spread the news & information to the mass...poz

Thanks TLWR...I was only kidding

[Daniel the Great]

That is how the US makes there money, they start wars and conflicts and then they get countries to buy weapons from them.

[Brian]

Another nail (or 2) in the coffin?

Greece Waging Diplomatic Battles vs. Sweden, UK...

http://macedoniaonline.eu/content/view/19771/45/

Wednesday, 07 December 2011

Greek PM Lucas Papademos waged diplomatic battles with Sweden and the UK over Macedonia until midnight last night.

Official Athens has pressed the panic button and is working the phones day and night. PM Papademos was involved in a discussion with the UK and Sweden who vehemently oppose Athens stance on Macedonia's EU integration.

Papademos pleaded with the Swedes and the Brits that if Macedonia started EU negotiations it would be a dagger to the hearts of common Greeks at a time when the country is in the midst of a financial crisis. Very poetic by the Greek PM.

Official Athens is under increased pressure within EU circles for preventing Macedonia to join the EU especially after an ICJ decision in which Athens was the guilty party in breaking an official agreement that states Greece can not oppose Macedonia from joining any international organization.

To make matters worse, the EU is also not looking well because it is requiring a country to change its name in order to start accession talks, despite this not being part of the Copenhagen accession criteria.

Meanwhile, the Macedonian PM was once again a key note speaker, this time at a gathering of the EPP party in Marseille which saw over 1,200 participants from 29 countries, including presidents and primie ministers.
The EPP party holds the most seats in EU Parliament.

[Brian]

Originally Posted by Bill77

You know things are really bad, when the show "The Simpsons" start mocking you.

How much for - I have a few bucks. LOL.

[Brian]

At least some Greeks (aham...Goldman Sachs lackeys) are still partying.

Greek Citizens Drowning in Debt, Politicians Swimming in Cash

http://macedoniaonline.eu/content/view/19934/1/



Friday, 23 December 2011

Greece may be drowning in debt, however the political elite seems to be doing much better than everyone else. This perhaps isn't very surprising considering the fact Greece has been run by few political dynasties (families) for the past 60 years.

While ordinary Greeks are relocating for good (even to China's Hong Kong), MINA's research shows every single Greek politician has at least 200,000 euros in bank accounts and this is only what the politicians are reporting themselves.

Lets take PASOK leader George Papandreou - he earned 123,000 euros in salary last year. In various bank accounts, Papandreou reported having 51,435 and 9,944 euros in separate accounts. George's wife has 248,000 euros in two separate accounts. They also reported having two houses over 300 sq meters and an apartment.

Nea Demokratia leader Antonis Samaras last year claimed to have saved 107,000 euros. In four separate bank accounts he reported having 8,951, 285,000, 9,312, 3,775 euros. Samaras also has commercial space of 1,000 sq meters, land in Lavrion and Evia and apartments in Athens.

The leader of Greek communists Aleka Papariga reported earning 91,000 euros in salary, has 40,000 euros in a bank account and owns one apartment.
Kostas Karamanlis reported 130,000 euros in salary, bank savings accounts of 830,000 euros and 168,000 US dollars.

Dora Bakoyannis reported having around 200,000 euros on her bank accounts. Her husband reported a salary of 273,000 euros, and a savings account of 1.5 million euros. Bakoyannis owns numerous apartments in Glyfada (true number of apartments isn't known), several commercial real estate properties in Athens and abroad.
Interestingly enough, the biggest earner was LAOS leader Georgios Karatzaferis reporting 268,000 euros in salary only.

According to Greek media, 300 policitians has thus far submitted their net worth. According to Kathimerini, the source of this wealth which by all accounts is 'under-reported' isn't very clear. Back in 2009, 11 Greek MPs emptied their bank accounts and show 0 euros in assets on their reports.
A new Greek law would make it illegal for politicians to be transferring money to Switzerland. According to the anti-corruption body, no Greek politician has money in foreign banks, in other words no politician reported having money in foreign banks.
Greek media is convinced just the opposite is true, that many Greek politicians have substantial amounts in various foreign banks.

[Brian]

I've seen on some sites Greeks calling Macedonians Fyromians and Monkeydonians, but look who can't take a joke now.

Greece pleads to Ban Ki Moon to do something about Mocking...

http://macedoniaonline.eu/content/view/20149/1/



20 January 2012
You know you have some serious issues when you request a meeting with UN head Ban Ki Moon and plead with him to do something about the mocking at the expense of Athens.

The only problem is, Greece is being mocked by virtually every country, every newspaper and dozens of TV shows throughout the world. This means Ban Ki Moon will be very busy for the next few years.

Greece sent their UN representative to complain to Moon that 1,400 year old world famous carnival in Macedonia (Vevcani), has mocked their country by setting up a mock funeral. The NY Times, the Financial Times, the Economist, the Guardian, Deutche Welle and dozens more have all had mock funerals for Greece.

Rest of article in Link.

[Brian]

The End is near (and certain) for Greece according to Fitch rating agency.

Makes you wonder what all the fuss was about the above post?

Fitch: Greece Bankruptcy will be "Orderly"

http://macedoniaonline.eu/content/view/20137/46/

18 January 2012
Rating agency Fitch said on Tuesday that Greece would default on its debt, although it said that such a default was likely to take place in an orderly manner.

"It is going to happen. Greece is insolvent so it will default," Edward Parker, Managing Director for Fitch's Sovereign and Supranational Group in Europe, the Middle East and Africa told Reuters on the sidelines of a conference in the Swedish capital. "So in that sense it shouldn't be a surprise to anyone."

The Fitch comments come after Moritz Kraemer, head of Standard & Poor's rating agency's European sovereign ratings unit, said on Monday Greece would default shortly on its debt obligations.

Parker said that Fitch believed that even a voluntary agreement by private investors to take a haircut on Greek debt would constitute a default.

"We have said for a long time that we don't think this PSI is the way to go and we would treat it as a default. It clearly is a default, however they try to spin it," he said.

Parker said the worst result would would be a disorderly default.

"That, would be, for us, the really damaging situation, but one which we are certainly not expecting to happen because, clearly, in a rational situation you would think Greek politicians and European policy makers would ensure that it doesn't happen."