Tag Archives: Greece

cnn

Call Team America.

Gerry writes:

That was quick. Are we going to bomb Athens? Hummus eating surrender monkeys….

ψikęs.

Add this to Greece’s list of problems: It’s an emerging hub for terrorists (CNN)

Earlier: Greece Is The Word, Is The Place, Is The Motion

Meanwhile…

demis

Jumbo-sized cape-wearing Greek vocal god Demis Roussos.

Demised.

Demis Roussos Dies Aged 69 (BBC)

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Alexis Tsipras of Syrzia on the cover of  Greece’s’ Ta Nea newspaper (above) this morning and Syrzia supporters (top) in Athens in the early hours.

The headline reads: ‘Greece starts new chapter’

In a functional market economy, the classic couple in a posh restaurant are young and close in age. In my travels through the eurocrisis – from Dublin to Athens – I have noticed that the classic couple in a dysfunctional economy is a grey-haired man with a twentysomething woman. It becomes a story of old men with oligarchic power flaunting their wealth and influence without opprobrium.

The youth are usurped when oligarchy, corruption and elite politics stifle meritocracy. The sudden emergence of small centrist parties led by charismatic young professionals in Greece is testimony that this generation has had enough. But by the time they got their act together, Tsipras was already there.

From outside, Greece looks like a giant negative: but what lies beneath the rise of the radical left is the emergence of positive new values – among a layer of young people much wider than Syriza’s natural support base. These are the classic values of the networked generation: self-reliance, creativity, the willingness to treat life as a social experiment, a global outlook.

Greece shows what can happen when the young revolt against corrupt elites (Paul Mason, Guardian)

Greece Chooses Anti-Austerity Party in Major Shift (New York Times)

People walk past a banner with an image of Tsipras at the party's pre-election kiosk in Athens

A sign for for anti-bailout party Syrzia in Athens, Greece yesterday

Ahead of elections in Greece this Sunday.

(which may see the country exiting the Euro).

Greg Palast writes:

The euro is simply the deutschmark with little stars on it. Greece cannot adopt Germany’s currency without adopting Germany’s finance minister, Wolfgang Schäuble, as its own.

And Schäuble has determined that Greece must be punished. As my homey Paul Krugman points out, there is no credible economic theory that says that austerity—that is, cutting government spending, cutting wages, cutting consumer demand—can in any way help a nation in recession, in deflation. That’s why, in 2009, Obama ordered up stimulus, not a sleeping pill.

But austerity has nothing to do with economics. It is religion: the belief by the stern Lutheran Germans that Greeks have had too much fun, spent too much money, and spent too much lazy time in the sun—and now Greeks must pay a price for their sins.

Oddly, I hear this self-flagellating nonsense from Greeks themselves: we are lazy. We deserve our punishment. Nonsense. The average Greek works more hours in a year than any other worker in the 34 nations of the OECD; Germans the least.

Trojan Hearse: Greek Elections and the Euro Leper Colony (Greg Palast, Dissident Voice)

Greece Election 2015: the politics and economics in numbers (Guardian)

(Reuters)

greece euro

If Greece goes.

Can we be far behind?

RUN!

Economist Roger Bootle writes:

…the real risk for the eurozone, though, is that Greek default and euro departure go relatively well, and after a year or so Greece is beginning a vigorous recovery on the back of a weak drachma. In that case, the people of Italy, Spain and Portugal would ask: “if Greece can do it that way then why can’t we?” And there wouldn’t be a good answer. The euro-zone would do the splits as soon as you could say Jean-Claude Juncker.

Of course, virtually no one in the Greek establishment wants Greece to leave the euro. Yet the country desperately needs decent economic growth. An end to austerity and a debt write-off would only do half the job. The other half is improved competitiveness. Achieving that through sustained deflation would be slow and painful, and would intensify the debt problem all over again.

It is not unusual for governments to cling on to what is the source and origin of a painful economic predicament. This is a version of what is known in the psychological world as Stockholm Syndrome, when prisoners become emotionally dependent upon their captors and do not want to escape.

Don’t believe the scaremongering: Greece leaving the euro would be no disaster (Roger Bootle, The Telegraph)

‘Grexit’ Could Happen By Accident (Wall Street Journal)

Alternatively: No Exit For Greece (Josef Joffe, New York Times)

Pic: Business Insider

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ERTPRO Broadcasters take their seats in the studio for last main news program on ERT in Athens, Greece last night before the state broadcaster was shut down at midnight (10pm, Irish time), bringing demonstrators to the street.

Earlier: Greece Shuts Down Its RTE

Via Matina Stevis, Raul PinaSpyros Gkelis, Roi Haikou, Daniel Trilling

Greece Shutting Down State Broadcaster to Cut Costs, New York Times

28aa29103a1526a3792ceafe9db576ef_LAn ERT newsreader this evening.

Outlook: not scorchio.

The government in Greece announced it is shutting down the country’s national broadcaster ERT. Government spokesman Simos Kedikoglou announced the corporation’s television and radio stations will go off-air at midnight tonight. He said the corporation  is a “characteristic case of lack of transparency and waste”, that it has not been audited for eight years and that it costs Greek licence payers 300 million euros a year through their electricity bill. Kedikoglou said ERT had 3-7 times higher costs than private channels and low ratings. The sposkesman added that a new, leaner organisation will be created but did not specify when this would happen.

Greece shuts down national broadcaster (NewEurope)