Financial Crisis in Greece

[Prolet]

You dont understand Jankovska, UK is part of the EU i personally dont think they can afford it.

Its not like Spain,France and Germany are going to take the food out of its citizens mouths in order to give it to Greece so they can pay off their debt. Its like you giving money to a Komardzija or a Pijanica they will go ahead and piss it away anyways. Greece has been over spending for decades, its not like they got to this huge debt over night.

[Jankovska]

Our gov here stated loud and clear that the UK will not be giving Greece any money and will not contribute towards any rescue. The UK is partly part of the EU and frankly has debt problems on it;s own. I don't see us offering any help to Greece because that will push the British taxpayer over the edge. Remember, most people in Britain don't want the EU. Plus we have a different currency so the ones that want to save the euro should pay up.

[Bill77]

EC only sugested suport. But what suport?

No details yet of what type of suport they offer Greece. There is no detail of this suport yet. Greece stated that they do not want financial suport.

[Bill77]

Greek Tragedy with a Twist: Merkel Says No to Bailout

Angela Merkel, the German chancellor, mounted stiff resistance tonight to any swift bailout of Greece, as a rift opened up between European capitals over how best to tackle the risks posed to the euro.

Despite a show of Franco-German unity on the crisis and the first statement from EU leaders pledging to safeguard the currency's stability, hopes on the markets of a German-led rescue plan to shore up Greece's critical public finances were dashed by Merkel, who repeatedly emphasised that Athens would need to put its own house in order and brushed aside all questions of financial support.

"Germany is stepping totally on the brakes on financial assistance," said a senior EU diplomat. "On legal grounds, on constitutional grounds and on principle." Another senior diplomat said of the Germans: "They're not waving their chequebooks."

Merkel's tough stance reflects her awareness that voters could react angrily to having to contribute to a bailout at a time of tough budget discipline at home.

Berlin also argues it has scant scope for manoeuvre legally as the German constitutional court would be likely to rule, under the terms of the Maastricht Treaty setting up the single currency, that Germany cannot come to the bilateral aid of a single currency country in trouble.


Jean-Claude Trichet, president of the ECB, complained that the Papandreou medicine was not strong enough, and he was supported by Berlin in demanding tougher action by the Greek government.

http://macedoniaonline.eu/content/view/12412/46/

[Risto the Great]

Greek PM Papandreou calls EU response 'timid'

http://news.bbc.co.uk/2/hi/europe/8513430.stm

Greek Prime Minister George Papandreou has criticised the European Union's response to the country's financial crisis as timid and too slow.

Mr Papandreou told cabinet members at a televised meeting in Athens that the EU lacked coordination and undermined Greece's credibility.

At a summit in Brussels on Thursday, the EU offered Greece its backing but gave no details of any plans to help.

Greece's debt crisis has put pressure on the euro, causing it to lose value.

Speaking on his return from Brussels, Mr Papandreou said that while Greece had received a statement of support, delays and conflicting statements over the past few months had made things worse.

"But in the battle against the impressions and the psychology of the market, it was at the very least timid, " he added.

He said that speculation about the country had "created a psychology of imminent collapse".

Mr Papandreou also accused EU institutions - the Commission, the member states and the European central bank - of a lack of coordination.

After the Brussels summit, EU leaders said Greece must take further measures to tackle its huge debts and cut its budget deficit by 4% this year.

Greece's deficit is, at 12.7%, more than four times higher than eurozone rules allow.

Mr Papandreou said after the summit that his country was ready to take the extra action needed to reduce its deficit.

Thursday's talks followed a public sector strike that brought many services to a standstill in Greece.

The government's decision to freeze public sector salaries and raise the retirement age are among the austerity measures that have angered Greek trade unions.

IMF help

Analysts say that powerful eurozone members such as Germany may be able to help by buying Greek government debt or by providing loan guarantees.

But EU leaders appear reluctant to call on the International Monetary Fund to shore up the Greek economy. That would be a big blow to pride in the single currency.

They have asked the European Commission to draft additional measures to be taken by Greece, "drawing on the expertise of the IMF".

The EU will assess Greece's implementation of the austerity plan next month.

Well it is tempting to to tell Greece not to bite the hand that feeds it. But it can also be argued that the EU is actually looking like it has no idea what it is going to do. Another fine case for justifying the question to Macedonians as to why they desperately seek membership.

[Bill77]

George Papandreou must have said this in that same televised meeting

Quote "Mr Papandreou blamed the European Commission for failing to crack down on the previous conservative government’s “criminal record” in falsifying statistics".

so its the EC who is to blame that caused this dilema, Now again The EU is to blame that lacked coordination and undermined Greece's credibility. So the Greeks are realy the victims here. hahahahahah

This should be a lesson to the world. Snakes Bite.

[fyrOM]

The Euro zone is not a bad idea as it was supposed to work. I think the timid response from the eu is to gauge public opinion in their own countries. If it were to economic hardship or natural disaster people might feel we are all in this together and want to help but this is due to theft. They do not deserve to be bailed out.

The eu public should voice their opinion. Maybe Macedonians in these eu countries who may have connections with the media could highlight this point. Not as Macedonians but as German or French or British ect citizen not wanting to pay higher taxes for years to come to validate someone else’s theft. Likewise if this topic is raised on talkback radio they could call in their point of view not with a simple no but inflammatory emotive wording. Shout your voice. Its not a lie that it will cost you more in tax and you have noting to feel bad about it.

More importantly it could be worded by the media such as economic hardship which the whole world has seen recently. As a member of the mto you are aware this organisation is all about destroying the Greek myth and multitude of lies. This is just another Greek lie. You owe it to yourself as a taxpayer a member of the mto and as a Macedonian. Do what you can.

Providence has brought an opportunity to bring down a sworn enemy of the Macedonian people ie you. Do your bit. Consider it your duty.

[Bill77]

Ozi, you don't have to convince the Germans mate. This is what there public think.

Poll: Germans want Greece Kicked Out of Eurozone

Quote: "A majority of Germans want debt-ridden Greece to be thrown out of the euro zone if necessary and more than two-thirds oppose handing Athens billions of euros in credit, a poll published on Sunday showed".

http://macedoniaonline.eu/content/view/12428/46/

[fyrOM]

The Macedonian people have shown themselves as good citizens. We are peaceful minded and the pace of reform has been according to media report exemplary. We have laws to respect minority rights and we uphold them. Economically we are stable due to good governance and not dumb luck. We are a positive light of stability in the region. Our police is actively thwarting drug smugglers and other illegal activities and for a tiny nation we have put forward proportionally a huge number of military personal in the war against terror. In fact we have more servicemen in Iraq and Afghanistan than Greece has. All our servicemen have proven themselves as exemplary. If you were the eu or usa who would you rather have as a member and as a friend. We are good citizens in every sense of the word unfortunately not everyone in the world knows this yet.

Be prowed of being Macedonian. you have every reason to. For holding these views I once had someone say to me what kind of a racist prick was I. my answer was of course I am a racist prick. The kind that can hold up a mirror to your 99 pure Greek state. Do your bit. Whatever you can legally. Your identity is at stake.

[fyrOM]

good on you bill77. stire it up. this is a rare chance to watch the dusman fall. fan the fires. unfortunately the german government and eu are still talking about how they can help greece. sometimes popular opinion can change governments policies when they realise the people will hold them to account at the next election. rock on bill77 and every true macedonian.

[Jankovska]

No one can help Greece. They can only help themselves. Wake up, stop spedning money on military that they will never use, stop spending millions on a propaganda against Macedonia,start living within your means and get of your arses and do some work.

[osiris]

No one can help Greece. They can only help themselves. Wake up, stop spedning money on military that they will never use, stop spending millions on a propaganda against Macedonia,start living within your means and get of your arses and do some work.

exactly jankovska well said

[Napoleon]

EU Suspends Greece's EU voting rights!!!

The European Union has shown its righteous wrath by stripping Greece of its vote at a crucial meeting next month, the worst humiliation ever suffered by an EU member state.

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7252288/Greece-loses-EU-voting-power-in-blow-to-sovereignty.html

Considering that Greece has now temporarily lost their EU voting rights together with the general anti-Greek attitutes prevailing in Europe lately, I hope the politicians in Macedonia are taking advantage of this situation. This is the perfect time for lobbying EU members for recognition of Macedonian under its constitutional name.

The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its own tax and spend policies altogether. It if fails to do so, the EU will itself impose cuts under the draconian Article 126.9 of the Lisbon Treaty in what would amount to economic suzerainty.

While the symbolic move to suspend Greece of its voting rights at one meeting makes no practical difference, it marks a constitutional watershed and represents a crushing loss of sovereignty.

"We certainly won't let them off the hook," said Austria's finance minister, Josef Proll, echoing views shared by colleagues in Northern Europe. Some German officials have called for Greece to be denied a vote in all EU matter until it emerges from "receivership".

The EU has still refused to reveal details of how it might help Greece raise €30bn (£26bn) from global debt markets by the end of June. Investors are unsure whether this is part of Kabuki play of "constructive ambiguity" to pressure Greece and keep markets guessing, or reflects the deep reluctance by Germany to be drawn deeper in an EU fiscal union. Greek bonds sold off as ten-year yields jumped to 6.42pc, but the euro rallied to $1.3765 against the dollar as broader issues resurfaced in currency markets.

Jean-Claude Juncker, head of the Eurogroup, hinted that ministers have already agreed on a support mechanism, should it be necessary. It will most likely involve by bilateral aid by eurozone states. He said proposals for an IMF bailout - backed by Britain - were "absurd" and would shatter the credibility of monetary union.

Many Germans disagree, including Otmar Issing, once the backbone of the European Central Bank. He said an EU rescue for Greece would be fatal, arguing that unflinching rigour is the only way to hold monetary union together without political union.

Tuesday's EU verdict amounted to a thumbs down on Greece's earlier austerity efforts, viewed as too reliant on one-off measures and too light on spending cuts. Greece must reduce its deficit from 12.7pc of GDP to 3pc in three years. Greek customs officials expressed their anger by kicking off a three-day strike, the first of many stoppages set to culminate in a general strike next week.

However, premier George Papandreou has won support from key political parties and a majority of the people. Greece may yet surprise critics by mustering its Spartan Spirit.

[Risto the Great]

If we take away the name of the country "Greece" ... I feel sorry for any country that signs up to the EU and then suffers the following fate:

The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its own tax and spend policies altogether. It if fails to do so, the EU will itself impose cuts under the draconian Article 126.9 of the Lisbon Treaty in what would amount to economic suzerainty.

How badly does any country want to give up its sovereignty?

[makedonche]

If we take away the name of the country "Greece" ... I feel sorry for any country that signs up to the EU and then suffers the following fate:



How badly does any country want to give up its sovereignty?

RTG
Good find!!! - I read last week in FT or some other online source that if Greece is bailed out they stop damage to Euro, if Greece is not bailed out the greenback will surge/strengthen, I can't see US backing any bailout, what do you make of it?
PS - take their vote away is a minimum requirement in my view, kick them out of EU for corruption & dishonesty is my preffered option otherwise EU is laughing stock of world!!