For some reason, weddings seemed to be on people’s minds over the past few weeks. Along with tying the knot, anniversaries were also a popular subject. While Britain revelled in Will and Kate’s moment in the sun, Greeks had a less pleasant moment of their own to share: a few days before the royal wedding, Greece marked a year since it made an official appeal to the European Union and the International Monetary Fund for an emergency loan package.
Understandably, there was no flag waving or street parties to accompany the one-year anniversary of Greece admitting its political and economic failure. There was no puffing out of chests or swelling of pride to mark the 12 months since Prime Minister George Papandreou accepted that the party was over for Greece and it needed help to pay a bill that would have made even the Windsor’s wince.
Posted in Economy, Greece, Greek politics
Tagged Akis Tsochatzopoulos, Athens Olympics, C4I, Debt restructuring, George Papandreou, Goldman Sachs, Greece, Greece corruption, Greece debt restructuring, Greece submarines, Greek debt crisis, Johnson & Johnson, Royal wedding, Siemens, Wall Street
Brussels – A restructuring of Greece’s debt or a second bailout from the European Union and the International Monetary Fund coupled with austerity measures and structural reforms will not be enough to ensure the country’s long-term economic future, according to the chief economist at a leading Brussels think-tank who is urging the EU to generate greater investment in the debt-ridden country.
“The key here is to create a positive economic and political future,” Fabian Zuleeg of the European Policy Centre told Kathimerini English Edition. “It is abundantly clear now that simple austerity measures are not enough: they are not going to lead the Greek economy to a higher growth path. If we want to give economic and monetary union a long-term perspective than we need to find vehicles to channel investment from the stronger countries to the weaker countries: true investment, not a transfer – something that will give returns.”
Posted in Economy, European Union, Greece
Tagged austerity measures, Debt restructuring, EU, euro, euro crisis, European Investment Bank, European Policy Centre, European Union, eurozone, Fabian Zuleeg, Greece, Greece austerity, Greece bailout, Greece debt restructuring, Greece economy, Greece euro, Greece eurozone, Greece IMF, Greece investment, Greek bailout, Greek crisis, Greek debt crisis, Greek economy, Growth and Stability Fund, IMF, International Monetary Fund, project bonds
Following the frenzied speculation prompted by Friday’s Spiegel Online report that Greece was involved in secret talks in Luxembourg about the possibility of it leaving the eurozone, the only thing that was missing was Finance Minister Giorgos Papconstantinou standing outside the medieval chateau where several eurozone officials were in discussion and telling reporters that no meeting was actually taking place.
The whole episode was poorly handled – at the same time the European Commission was denying any meeting, the Germans were confirming there was one. This only added to the jumpiness that already exists within Greece and other eurozone countries as well as on the international markets.
Posted in Economy, European Union, Greece
Tagged Debt restructuring, Der Spiegel, euro, eurozone, Felix Salmon, George Papandreou, Greece, Greece debt restructuring, Greece economy, Greek economy, Reuters, Spiegel Online
Anyone who is a parent or has looked after a small child will be familiar with the dreaded moment when a toddler tells you, “I didn’t do anything.” Once you hear these words, it’s a sure bet that you will find food on the floor, toys smashed to pieces or crayon scrawls on the wall. But it’s not just kids that employ these naively transparent methods, politicians are pretty adept at using them too.
Graffiti by Absent
It was, therefore, pretty easy to see through the government’s spin doctors this week as they insisted that the issue of debt restructuring did not come up at all during a meeting in Athens between Prime Minister George Papandreou and renowned financier George Soros. Visiting George did not mention the subject even once, government sources told journalists.
Posted in Economy, European Union, Greece, Greek politics
Tagged Bruegel, Competitiveness, Debt restructuring, Der Spiegel, Dimitris Vayanos, Dominique Strauss-Kahn, EU, European Commission, European Union, George Soros, Greece, Greece competitiveness, Greece debt restructuring, Greece haircuts, Greece reforms, Greek bonds, Greek debt, Greek economy, IMF, International Monetary Fund, London School of Economics, Sovereign debt crisis, Zsolt Darvas