Greece in dire straits
Greece was badly hit this year by the global financial crisis and local mismanagement. While the gaping budget deficit undermined the stability of the euro, drastic austerity measures exacerbated Greek fears of social decline. All of Europe was caught up in the crisis read the commentaries here. (You can find current texts on this topic at Ways out of the debt crisis.)
Süddeutsche Zeitung - Germany | Thursday, 12. April 2012
Early parliamentary elections will be held on May 6 in Greece, Prime Minister Lucas Papademos announced on Wednesday. These elections are really the last thing the country needs but precisely because of the crisis they are vital, writes the left-liberal daily Süddeutsche Zeitung: » more
Early parliamentary elections will be held on May 6 in Greece, Prime Minister Lucas Papademos announced on Wednesday. These elections are really the last thing the country needs but precisely because of the crisis they are vital, writes the left-liberal daily Süddeutsche Zeitung: "The last time the Greeks went to the ballot, in autumn 2009, they gave their votes to a party whose slogan was: 'Here's the money'. ... It's good that they are now being allowed to vote. But it would be better if they had a real alternative and not just the choice between a rock and a hard place. The Greeks won't give their votes to the party they trust most but to the one they despise least. ... If [the conservative] ND and the [socialist] Pasok end up in front then it will be because they seem to be the only ones who can guarantee that Greece remains in the Eurozone. ... Many Greeks can only hope that the election produces another coalition of the two parties and - more importantly - forces them to finally come to their senses."
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Trouw - Netherlands | Monday, 13. February 2012
The speculation about Greece exiting the Eurozone was an effective means of putting pressure on the country, the Christian-social daily Trouw writes with renewed optimism: » more
The speculation about Greece exiting the Eurozone was an effective means of putting pressure on the country, the Christian-social daily Trouw writes with renewed optimism: "The open statements that a Greek exit wouldn't be a tragedy also showed that the Eurozone is slowly regaining its self-confidence. There is now the conviction that the euro would survive a Greek bankruptcy, and that Greece's failure wouldn't send Rome, Madrid and Lisbon into a downwards spiral. No one can give any guarantees, but clearly there is now greater confidence that the emergency measures at a national and European level as well as the Eurozone's new agreements will have an impact. Perhaps many also believe that the time of fear has gone on for too long. … Crises don't just pass, but it helps if we let the mood shift from one of pessimism to one of optimism."
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La Stampa - Italy | Monday, 13. February 2012
The violent protests in Greece are the payback for the rampant corruption in politics and should serve as a lesson for Italy, the liberal daily La Stampa warns: » more
The violent protests in Greece are the payback for the rampant corruption in politics and should serve as a lesson for Italy, the liberal daily La Stampa warns: "We should pay close attention to events in Greece, because they can teach us a few things. The leaders of the two major parties agree with the technocratic prime minister that new sacrifices are inevitable. But the people have no more to give, since the sacrifice has been unevenly distributed. What we have here is a thoroughly corrupt political administration that puts all the burden on the weak, namely those who don't belong to the protected professional associations or the parties' clientele. For the MPs it's easier to increase the tax burden than to cross the interest groups. And worse still, the inability to scrap privileges is blocking any attempt to revive the economy."
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All available articles from » Stefano Lepri
To Vima Online - Greece | Monday, 13. February 2012
During the mass protests in Greece against the austerity package heavy rioting broke out in Athens and other cities. Several buildings were set alight and the police used truncheons and tear gas against the demonstrators. The scenes of unrest show what awaits Greece if it comes to an uncontrolled bankruptcy, writes the left-liberal online paper To Vima: » more
During the mass protests in Greece against the austerity package heavy rioting broke out in Athens and other cities. Several buildings were set alight and the police used truncheons and tear gas against the demonstrators. The scenes of unrest show what awaits Greece if it comes to an uncontrolled bankruptcy, writes the left-liberal online paper To Vima: "What we saw on Sunday points to a very a dark future indeed, similar or worse than the situation in Argentina a decade ago. Even those who favour halting interest payments and insolvency have recognised the danger. ... Uncontrolled insolvency could lead to blind violence and chaos. For that reason bankruptcy must be avoided at all cost."
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Dagens Nyheter - Sweden | Monday, 13. February 2012
The austerity plan is only logical since Greece lived above its means for far too long, writes the liberal daily Dagens Nyheter and urges the Greeks to make a great effort: » more
The austerity plan is only logical since Greece lived above its means for far too long, writes the liberal daily Dagens Nyheter and urges the Greeks to make a great effort: "Salaries have risen markedly since the introduction of the euro, while the amount of economic revenues channelled into social transfers has doubled in the course of a decade. The alternative to cutting public spending would by to use exports to work our way out of the crisis. But as the American professor Ricardo Hausmann has stressed, Greece doesn't produce 'machines, electronic devices or chemicals'. To balance the enormous deficit in the balance of payments the export basis must be made broader. This takes time. The Baltic countries were forced to undergo radical treatment to fight their crisis. Ireland is on the road to recovery after a crash landing. Greece cannot be an impossible case. But even with the support of the EU it will take many years of major effort on its part."
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Correio da Manhã - Portugal | Monday, 13. February 2012
The austerity dictate from Brussels will impoverish the Greeks, and that will ultimately work against the entire Eurozone, the tabloid Correio da Manhã warns: » more
The austerity dictate from Brussels will impoverish the Greeks, and that will ultimately work against the entire Eurozone, the tabloid Correio da Manhã warns: "What remains of the draconian austerity package for Greece is the image of violence on Syntagma Square in the heart of Athens. On the same day the German finance minister warned the Greeks that they could not continue being a bottomless pit. The troika is enforcing another dose of poverty with wage cuts and rising unemployment. Europe has allowed the Greek politicians to make a fool of it in recent years: they used the times of a cheap and easy euro to wrack up debts for the country beyond all limits. Now all Europe has to offer is frugality. And the rejection of this painful remedy is causing more poverty. If the EU doesn't start offering citizens a ray of hope it will very soon plunge into the abyss."
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All available articles from » Armando Esteves Pereira
Hospodárske noviny - Slovakia | Friday, 10. February 2012
Greece's submission will give it a reprieve, but not for long, writes the business paper Hospodárske noviny: » more
Greece's submission will give it a reprieve, but not for long, writes the business paper Hospodárske noviny: "The politicians in Athens had no choice but to fulfil the troika's conditions. Otherwise the country would have faced bankruptcy, which would also plunge the entire Eurozone into a storm. Greece needs the 130 billion package. The costs are enormous: high unemployment, dwindling industrial production, pension and salary cuts, spending cuts, weak economic growth, social unrest, an artificial political stability. In return, some of its debts will be waived and bankruptcy avoided. Once again time has been bought. How much remains unclear. But to judge by the experiences of the last two years it won't be very long."
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All available articles from » Ivan Szabó
Tages-Anzeiger - Switzerland | Friday, 10. February 2012
Previous experience leaves little hope that Greece will be able to implement the austerity measures required of it, the liberal daily Tages-Anzeiger writes, surmising that ... » more
Previous experience leaves little hope that Greece will be able to implement the austerity measures required of it, the liberal daily Tages-Anzeiger writes, surmising that the second rescue package is above all meant to soothe the fears of private creditors. "In view of all the uncertainties, one is led to suspect that with the new rescue plan for Greece the IMF and euro countries are primarily aiming to appease Athens' private creditors. The latter must decide in the next weeks whether to participate in the 'voluntary' credit writedown and exchange their current Greek bonds for new securities with half the value and longer maturities. Such an exchange, and the hoped-for Greek debt relief of 100 billion euros will only have a chance of success if the private creditors are led to believe at least until next month that the crisis-ridden Mediterranean country is now on secure financial footing."
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All available articles from » Robert Mayer
Les Echos - France | Friday, 10. February 2012
Now that the Greek parties have accepted the austerity requirements the country - like the rest of Europe - must find its way back to the path of growth, affirms the liberal daily Les Echos: » more
Now that the Greek parties have accepted the austerity requirements the country - like the rest of Europe - must find its way back to the path of growth, affirms the liberal daily Les Echos: "Good, the country has a bit of a respite. Now it must once more learn to breathe, that is to create more wealth to be able to repay more debt. There's no point getting impatient: the process will take at least a decade. And that doesn't just apply to Greece. All of Europe has slowed down for some time to come. ... Of course it is indispensable that all of the European countries return to a sustainable budget trajectory without being at the mercy of investor hiccups. That is the objective of the European 'fiscal compact' adopted officially at the end of January. But this package won't be enough. If Europe sinks deeper into its 'lost decade', the public accounts of its member countries will remain in the deep red."
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All available articles from » Jean-Marc Vittori
Naftemporiki - Greece | Friday, 10. February 2012
The Eurozone finance ministers demanded that Athens provide further guarantees on Thursday evening before they make their decision next Wednesday on whether to give Greece the second instalment of the rescue package. The conservative business paper Naftemporiki asks what goals the EU partners are pursuing with this strategy: » more
The Eurozone finance ministers demanded that Athens provide further guarantees on Thursday evening before they make their decision next Wednesday on whether to give Greece the second instalment of the rescue package. The conservative business paper Naftemporiki asks what goals the EU partners are pursuing with this strategy: "What are they trying to achieve? Is this another strategic manoeuvre ahead of the vote on the austerity agreement in the Greek parliament [on Sunday] aimed at ruling out any possibility of negative behaviour on the part of the Greek parliamentarians? … One thing's for sure, this approach is causing more and more Greeks to turn their backs on the European project and philosophy. … In addition a growing number of Greeks are less and less afraid of the prospect of Greece exiting the Eurozone. … This is evident in the increased determination of a people to take their fate into their own hands if necessary."
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All available articles from » Nikos Frantzis
Süddeutsche Zeitung - Germany | Thursday, 9. February 2012
The constant delays of the Greek politicians are irresponsible and dishonest, the left-liberal daily Süddeutsche Zeitung complains: » more
The constant delays of the Greek politicians are irresponsible and dishonest, the left-liberal daily Süddeutsche Zeitung complains: "There are no words for how irresponsible this behaviour is towards their own people and also their partners in the Union. … Transparency and candidness are the virtues needed right now, but instead the Greek party machinery is caught up in murky interest games and spreading half-truths about the real state of the country and the role of the rescuers. This type of communication in such an emergency situation leads to only one conclusion: … We urgently need a bad guy who finally voices the ugly word 'insolvency'. The creditors are provoking Greece (with threats like the idea of deploying supervisors from Brussels). And the Greek politicians are provoking with their annoying couldn't-care-less attitude. The result: on both sides the aggression is intensifying."
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All available articles from » Stefan Kornelius
De Morgen - Belgium | Thursday, 9. February 2012
The austerity measures enacted in Greece have led to shrinking incomes and social problems, writes the left-liberal daily De Morgen and warns Europe not to drive the country into misery: » more
The austerity measures enacted in Greece have led to shrinking incomes and social problems, writes the left-liberal daily De Morgen and warns Europe not to drive the country into misery: "In just a few months Greece has slipped to the level of a fourth-world country. … The Greek austerity plan is partly based on extra taxes for the workers who no longer have any leeway, never mind the strength to boost the economy. … The European project grew out of the idea that solidarity and cooperation are far better than rivalry and war. What we are now seeing in Greece has little to do with the European dream. … If Europe wants to prove that it is a truly great project then the moment has come to do so, not by holding a knife to the citizens' throats but by offering them clever and caring support."
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All available articles from » Koen Vidal
Ta Nea - Greece | Wednesday, 8. February 2012
Germany is divided over the Greek problem, columnist Giannis Politis concludes in the left-liberal daily Ta Nea, considering the mixed signals reaching Greece from Germany: » more
Germany is divided over the Greek problem, columnist Giannis Politis concludes in the left-liberal daily Ta Nea, considering the mixed signals reaching Greece from Germany: "There are two Germanys and two recipes for saving Greece. The first we all know. It is advocated by Angela Merkel, her cronies in government and the banks. They treat us like protestant monks: first meting out harsh punishment and humiliations, then offering redemption. … But even the quasi-religious commitment with which the chancellor is pursuing her tough tactics has not borne fruit. Fortunately there is another Germany - that of Helmut Schmidt and his supporters, who are convinced of the European project. Together with important media, this Germany is calling for an end to the farce of the Greece rescue and proposes rebuilding the country with a new Mashall Plan instead. … It's obvious that the present leadership in Germany is not in possession of the only truth."
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All available articles from » Giannis Politis
De Volkskrant - Netherlands | Wednesday, 8. February 2012
Even if EU Commissioner Neelie Kroes and Dutch Prime Minister Mark Rutte are speculating openly about a Greek withdrawal from the Eurozone, allowing Greece to go bankrupt is a risk move, warns the left-liberal daily De Volkskrant: » more
Even if EU Commissioner Neelie Kroes and Dutch Prime Minister Mark Rutte are speculating openly about a Greek withdrawal from the Eurozone, allowing Greece to go bankrupt is a risk move, warns the left-liberal daily De Volkskrant: "In the countries of the north the euro crisis is being represented as a matter of budget discipline, yet Spain, a problem country, has always strictly adhered to the rules. The fundamental problem of the Eurozone is the enormous gap between the productivity of the northern countries and that of the southern ones. Greece is an extreme case, but Spain and Portugal will have great difficulties bringing their economies up to northern European levels. ... This structural fault of the euro makes northern Europe responsible for the crisis. Greece is rightly being called on to make greater efforts to put its finances in order. But northern Europe can be expected to show solidarity. The Greeks cannot be left to pay the price of the crisis alone."
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All available articles from » Peter Giesen
To Vima Online - Greece | Wednesday, 8. February 2012
Athens should immediately end its talks with the creditors and the troika and start working out a plan B with the Americans, writes the left-liberal online paper To Vima: » more
Athens should immediately end its talks with the creditors and the troika and start working out a plan B with the Americans, writes the left-liberal online paper To Vima: "After the extreme pressure of the last two days and the idea of a 'special blocked account' is there anyone in Greece who still believes that the words 'bailout' and 'solidarity' can be in any way connected to what is being demanded of Athens - with a gun to its head? ... Greece still has the power to blow up the whole thing. And this is the only remaining alternative. What will happen then? After the country has gone through hell - which at this point is inevitable anyway - the same people who are now blackmailing the country and plunging it into the abyss will come back and resume talks. ... The only task for the Greek government now would be to prepare special mechanisms for surviving the days of the big shock. It must turn to international agents like the US, which by the way have remained silent so far."
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All available articles from » Giorgos Malouchos
Pravda - Slovakia | Wednesday, 8. February 2012
Europe is putting the Greeks under too much pressure, writes the left-leaning daily Pravda and warns that this could trigger a social explosion that reverberates throughout the continent. "The picture of the European public being presented by the Greeks is unbelievable. The news about the negotiations between the government in Athens and the creditors is constantly accompanied by politicians and investors making disgruntled comments about the lack of progress being made. The remarks are always the same: » more
Europe is putting the Greeks under too much pressure, writes the left-leaning daily Pravda and warns that this could trigger a social explosion that reverberates throughout the continent. "The picture of the European public being presented by the Greeks is unbelievable. The news about the negotiations between the government in Athens and the creditors is constantly accompanied by politicians and investors making disgruntled comments about the lack of progress being made. The remarks are always the same: Athens isn't moving forward, the reforms are inadequate. One hears much less about how harsh the cuts in salaries and pensions already are and how much public spending and debts have already been reduced. The real problem is the unrealistic expectations of the authors of the 'recovery programme'. Cutbacks alone won't trigger new growth but they may cause the already tense social situation to escalate."
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All available articles from » Ivan Lesay
Il Sole 24 Ore - Italy | Wednesday, 8. February 2012
Neelie Kroes has said what many are thinking, writes the business paper Il Sole 24: » more
Neelie Kroes has said what many are thinking, writes the business paper Il Sole 24: "The words of the Vice-President of the European Commission, Neelie Kroes, conceal an obvious impatience with the way Greece is behaving. The Netherlands in particular - perhaps even more than Germany and Finland - is toying with the idea of abandoning Athens to its fate. The EU Commissioner's words are no longer an attempt to exert pressure on the Papademos government. In certain European circles the bitterness has taken on a whole new quality. Their trust in Greek politicians has been exhausted. They fear that the upcoming elections in April will only worsen the situation in the debt-stricken country, rather than improving it."
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All available articles from » Romano Beda
Cinco Días - Spain | Tuesday, 7. February 2012
German Chancellor Angela Merkel and French President Nicolas Sarkozy cranked up the pressure on Greece to enact the promised reforms on Monday. Europe should start thinking about what will happen if Greece really files for bankruptcy, writes the business paper Cinco Días: » more
German Chancellor Angela Merkel and French President Nicolas Sarkozy cranked up the pressure on Greece to enact the promised reforms on Monday. Europe should start thinking about what will happen if Greece really files for bankruptcy, writes the business paper Cinco Días: "The Eurozone needs an emergency plan to deal with a potential explosion in Greece. Athens' most recent provocation will likely lead to a temporary solution. Otherwise the Greek banks will go bankrupt. And the rest of the Eurozone needs a plan to prevent the panic from spreading in the financial world. Europe's hard liners, led by Germany, have lost their patience with the repeated broken promises of the Greek government. ... But is the rest of Europe really ready to throw in the towel? If that happens it won't just be the Greek government that goes bust."
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All available articles from » Hugo Dixon
Financial Times Deutschland - Germany | Tuesday, 7. February 2012
With their calls for setting up a special account for Greece German Chancellor Angela Merkel and French President Nicolas Sarkozy have launched a new attempt to strip Athens of its financial sovereignty. The account, to which Greece would not have access, is meant to guarantee payment for creditors. This demand is as impossible as that for an EU budget commissioner for Greece and simply serves to prepare for Greece's bankruptcy, the liberal business paper the Financial Times Deutschland concludes: » more
With their calls for setting up a special account for Greece German Chancellor Angela Merkel and French President Nicolas Sarkozy have launched a new attempt to strip Athens of its financial sovereignty. The account, to which Greece would not have access, is meant to guarantee payment for creditors. This demand is as impossible as that for an EU budget commissioner for Greece and simply serves to prepare for Greece's bankruptcy, the liberal business paper the Financial Times Deutschland concludes: "No one wants to face accusations of not having done everything possible to prevent the first bankruptcy of a Eurozone member. ... Making such unrealisable demands is therefore much more convenient than having to muscle through unpopular rescue packages for Greece in one's own country, especially for Angela Merkel. If the worst comes to the worst and the Greeks refuse to go along with the demands they would then only have themselves to blame for their insolvency and their euro exit. After all they could have accepted the EU budget commissioner, or alternatively the blocked account (and the other reforms and rescue packages)."
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De Tijd - Belgium | Monday, 6. February 2012
Greece should not under any circumstances be allowed to plunge into a disorderly insolvency, writes the business paper De Tijd: » more
Greece should not under any circumstances be allowed to plunge into a disorderly insolvency, writes the business paper De Tijd: "Europe itself is pursuing a hopeless course because it is relying on a one-sided recipe that doesn't work. Therefore Europe's leaders should assume responsibility and place the country under close supervision while at the same time providing help to avoid the present hopeless situation from further deteriorating. But is there the will to do this? One may surely doubt it. ... Even if Greece approves the reforms it won't solve the debt problem but merely postpone it. The stakes are high in the gambling over Greece right now. But it's questionable whether all the parties truly realise what is at risk. It won't be just Greece's future that is at stake if the country can't service its debts in March, but that of the entire Eurozone."
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All available articles from » Jean Vanempten
Imerisia - Greece | Sunday, 5. February 2012
Government leader Lucas Papademos aims to secure domestic support for the additional austerity measures that the Troika is demanding from Athens today. The business paper Imerisia finds the pressure from Europe unbearable: » more
Government leader Lucas Papademos aims to secure domestic support for the additional austerity measures that the Troika is demanding from Athens today. The business paper Imerisia finds the pressure from Europe unbearable: "Will we allow these hard, unfeeling, unhistorically-minded technocrats to open fire on Greek society and prompt a rebellion? Because what the troika really wants is to incite us to reject the new loan instalment, forcing the country into insolvency. ... These people are dangerous, not just for Greece but for all of Europe, because as Deutsche Bank CEO Josef Ackermann and other serious economics have stressed: if Greece collapses, all of Europe is in danger. ... For that reason Merkel, Sarkozy and Juncker should stop threatening us in this shameless way - which is being met with increasing resentment by a growing number of citizens. Together with the Greek government the trio should seriously look for an advantageous solution for Europe and Greece."
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All available articles from » Thanasis Lirtsogiannis
La Repubblica - Italy | Monday, 6. February 2012
The creditors are demanding that Athens draw up a list of the labour market and tax reforms that have yet to be enacted for the country to receive further loans. But the politicians are not willing to introduce reforms, which means that the fate of the country is sealed, writes the left-liberal daily La Repubblica: » more
The creditors are demanding that Athens draw up a list of the labour market and tax reforms that have yet to be enacted for the country to receive further loans. But the politicians are not willing to introduce reforms, which means that the fate of the country is sealed, writes the left-liberal daily La Repubblica: "Greece is turning once again into a walking menace for the financial markets. After a relatively positive week on Europe's stock markets the Greek Prime Minister Lucas Papademos has turned up with almost empty hands. The credit negotiations will continue but owing to the lack of domestic unity in Greece things do not bode well for them. If the negotiating parties haven't reached an agreement by February 13 the insolvency of Greece will be a fact and national bankruptcy inevitable."
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All available articles from » Valentina Conte
Avgi - Greece | Thursday, 2. February 2012
Several media have reported that the Greek government plans to make its creditors an offer to exchange their old government bonds for new ones in a bid to secure a new rescue package from the EU and IMF. The Greeks must once again demonstrate against further austerity measures, the left-leaning daily Avgi urges: » more
Several media have reported that the Greek government plans to make its creditors an offer to exchange their old government bonds for new ones in a bid to secure a new rescue package from the EU and IMF. The Greeks must once again demonstrate against further austerity measures, the left-leaning daily Avgi urges: "The decisions that will be made in the next few days in a swift and undemocratic process will have an impact on the future of entire generations. Involving the private sector in the planned debt restructuring and the second rescue package from the EU and IMF will drive Greece even further into recession and turn it into a state with limited sovereignty. ... It's time the citizens of Greece returned to the streets. If the country now stages demonstrations like those of last June the political class that has always supported these rescue packages would be defeated. The political carnival would come to an end, and the blackmailing would be ineffectual."
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Eleftheros Typos - Greece | Wednesday, 1. February 2012
The EU summit on Monday spurned Germany's idea of appointing a budget commissioner for Greece but the debate about the proposal continues in Greece. Anna Panagiotarea writes about her fears regarding German Chancellor Angela Merkel in the conservative daily Eleftheros Typos: » more
The EU summit on Monday spurned Germany's idea of appointing a budget commissioner for Greece but the debate about the proposal continues in Greece. Anna Panagiotarea writes about her fears regarding German Chancellor Angela Merkel in the conservative daily Eleftheros Typos: "Many of Merkel's political decisions testify to the fact that she was raised in the GDR. ... She heartily embrace the idea of a budget commissioner because she believes that he would function like a commanding officer. I believe that Frau Merkel sees the European as something like the Warsaw Pact - but with Germany replacing the Soviet Union in the leading role. She doesn't appear to be interested in the Community acquis or the 'Union of free and democratic states'. Her logic of demanding strict discipline from the weaker members of the Eurozone and pushing through a 'stimulus programme' in these countries even though it will only plunge them into recession is frightening."
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All available articles from » Anna Panagiotarea
Ta Nea - Greece | Monday, 30. January 2012
Participants in an annual neo-Nazi march in Athens on Saturday attacked several immigrants, leaving two people injured. The left-liberal daily Ta Nea warns against extremist tendencies in the debt crisis: » more
Participants in an annual neo-Nazi march in Athens on Saturday attacked several immigrants, leaving two people injured. The left-liberal daily Ta Nea warns against extremist tendencies in the debt crisis: "The neo-Nazi attacks confirm a widespread fear: ... In the midst of the crisis Athens is vulnerable to the activities of criminal gangs. And the general sense of insecurity makes these gangs feel stronger. The state's tolerant attitude towards extreme behaviour makes such sinister deeds all the worse. ... The calls for racial purity, the feelings of hatred towards fellow human beings as well as a civil-war-like nationalism in combination with hooligan violence threaten the already disrupted social peace. ... The democratic state is duty-bound to protect society from its enemies."
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All available articles from » Kanellis Ilias
Main focus of Monday, 30. January 2012
Athens has rejected the German proposal for an EU budget commissioner to be appointed to oversee Athens' finances. If the debt-stricken country continues to resist ... » more
Athens has rejected the German proposal for an EU budget commissioner to be appointed to oversee Athens' finances. If the debt-stricken country continues to resist it will have to leave the Eurozone, some commentators write, while others doubt the measures called for by Germany will be at all productive.
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Blog Coulisses de Bruxelles - France | Monday, 30. January 2012
The negotiations over partial debt-relief for Greece have not reached completion as anticipated. Above all there is still one problem with the policy, writes Jean Quatremer on his blog Coulisses de Bruxelles: » more
The negotiations over partial debt-relief for Greece have not reached completion as anticipated. Above all there is still one problem with the policy, writes Jean Quatremer on his blog Coulisses de Bruxelles: "One question still remains open. Must public creditors also say goodbye to part of their money? Because even if the private investors - that is banks, insurance companies, hedge funds etc. - accept a loss of over 50 percent, the Greek debt burden would only drop by 28.5 percent. ... A further problem isn't being talked about at all: the 80 billion euros granted in May 2010 as bilateral loans are linked to a punitive interest rate. ... In other words: this means an automatic increase in the Greek deficit, and consequently its public debt. What an irony!"
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Mladá fronta Dnes - Czech Republic | Friday, 27. January 2012
Private investors are currently negotiating with the government in Athens over a partial write-off of the country's debts, but the talks are faltering. A write-off of roughly 100 billion euros is the pre-condition for Greece receiving its second bailout from the IMF and euro states totalling 130 billion euros. The liberal daily Mladá fronta Dnes calls for a swift end to the country's suffering: » more
Private investors are currently negotiating with the government in Athens over a partial write-off of the country's debts, but the talks are faltering. A write-off of roughly 100 billion euros is the pre-condition for Greece receiving its second bailout from the IMF and euro states totalling 130 billion euros. The liberal daily Mladá fronta Dnes calls for a swift end to the country's suffering: "If Greece had gone bankrupt two years ago the Greeks would be better off now. And Europe would have money for other, more important cases. ... Now the tension is growing in Europe and it is not to be ruled out that Greece could collapse within a few days or weeks. Prolonging this agony is counterproductive. A Greek collapse would not be a catastrophe. In cooperation with the EU the situation could be stabilised very quickly, even before the start of the holiday season. Tourism is still Greece's most important source of revenue and will remain so for the foreseeable future."
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All available articles from » Pavel Paral
To Ethnos - Greece | Wednesday, 25. January 2012
Greece's Minister for Development, Competitiveness and Shipping, Michalis Chrisochoidis, admitted in an interview on Tuesday that he is completely unfamiliar with the austerity requirements imposed by the Troika on Greece because he hasn't read the agreement. Chrysochoidis is unfortunately no isolated case, writes the left-liberal daily To Ethnos, and criticises the irresponsibility of many members of government: » more
Greece's Minister for Development, Competitiveness and Shipping, Michalis Chrisochoidis, admitted in an interview on Tuesday that he is completely unfamiliar with the austerity requirements imposed by the Troika on Greece because he hasn't read the agreement. Chrysochoidis is unfortunately no isolated case, writes the left-liberal daily To Ethnos, and criticises the irresponsibility of many members of government: "Our country's biggest political tragedy is also demonstrated by a further admission, this time by ex-finance minister Louka Katseli. ... She said that before the first vote [in 2010] she only had three hours (!!!) to study the agreement. Ministers and members of parliament who don't know what they're voting on and who evidently don't care to find out are not only useless and incompetent, but also dangerous. Dangerous both for the country and for our democracy. And from the people's perspective they undermine the credibility of the democratic system."
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Naftemporiki - Greece | Wednesday, 25. January 2012
Greece is said to have falsified its deficit figures for 2009 under former prime minister Giorgos Papandreou, so as to remain eligible for aid from ... » more
Greece is said to have falsified its deficit figures for 2009 under former prime minister Giorgos Papandreou, so as to remain eligible for aid from the euro bailout mechanism. The financial prosecutor Grigoris Peponis has filed charges against former leader Papandreou and ex-finance minister Giorgos Papakonstantinou with parliament. The conservative business paper Naftemporiki regrets the falsifications, which it says could seriously harm the country's credibility. "The word statistic comes from the Latin 'status', which refers to the state. When this science was established it focused on gathering data required by the state. In addition, this science registered other data, such as for instance surface area, population, productivity and other relevant figures, which those in power absolutely needed to know. ... Now Greece's politicians have been able to distort mathematical principles and discredit the country. Theory says, by the way, that no state can exist without correct and reliable data on the basis of which prognoses can be developed and rational decisions taken. Unfortunately we've known that for a long time."
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Ta Nea - Greece | Monday, 23. January 2012
The Greek government published a 170-page-long list of 4,152 tax evaders on the Internet on Sunday, including ex-politicians, artists and athletes. They owe the Greek state roughly 15 billion euros in total. The left-liberal daily Ta Nea calls for a concrete plan to collect the money owed: » more
The Greek government published a 170-page-long list of 4,152 tax evaders on the Internet on Sunday, including ex-politicians, artists and athletes. They owe the Greek state roughly 15 billion euros in total. The left-liberal daily Ta Nea calls for a concrete plan to collect the money owed: "This list is impressive. ... But equally impressive are the two questions it raises. Firstly: Why did the state allow the already huge mountain of debt to increase instead of reacting earlier? And Secondly: what punishment will be handed down to those who continue to refuse to pay - which is probably the case with most of these people? To answer the first question one must seek those responsible. And to answer the second, the sentence simply needs to be fixed. Only then will the list not only remain impressive but also perform a meaningful function."
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More from the press review on the subject » Fiscal Policy, » Tax Policy, » Crime, » Greece
Protagon - Greece | Thursday, 19. January 2012
Inhabitants of the village of Vevčani in the western extremity of the Republic of Macedonia staged a symbolic burial of Greece last Friday during carnival celebrations. This has further deteriorated the relations between the two countries, already tense because of the ongoing name dispute. The Greek Foreign Ministry has called on the government in Skopje to denounce the act. The Greeks can do a better job of digging their own grave anyway, comments blogger and journalist Stavros Theodorakis on the news portal Protagon.gr: » more
Inhabitants of the village of Vevčani in the western extremity of the Republic of Macedonia staged a symbolic burial of Greece last Friday during carnival celebrations. This has further deteriorated the relations between the two countries, already tense because of the ongoing name dispute. The Greek Foreign Ministry has called on the government in Skopje to denounce the act. The Greeks can do a better job of digging their own grave anyway, comments blogger and journalist Stavros Theodorakis on the news portal Protagon.gr: "Burying Greece is a matter for Greek politicians, religious leaders, entrepreneurs, trade unionists, socialists, communists, liberals, right-wing extremists, left-wing extremists, but also for the Greek tax evaders, crooks, those wearing masks, the police, the bandits and in fact all Greeks. It may be that we Greeks differ from each other considerably, that we fight with each other, but over the last two years we have proven that we all agree on one thing: We ourselves - and no other - will bury Greece. ... Greece belongs to the Greeks and it will have a Greek burial. Both our friends and our enemies need to understand this."
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Protagon - Greece | Friday, 13. January 2012
Slow progress is being made regarding the involvement of the private sector in the restructuring of Greek debt decided last October, according to media reports. Economist Giannis Varoufakis says on web portal Protagon that it was a mistake from the start to count on the participation of private banks and investors: » more
Slow progress is being made regarding the involvement of the private sector in the restructuring of Greek debt decided last October, according to media reports. Economist Giannis Varoufakis says on web portal Protagon that it was a mistake from the start to count on the participation of private banks and investors: "Here in Greece, the country that has been harder hit than any other by the crisis, the participation of the private sector is still being hailed as a chief strategy for emerging from the crisis! ... But this strategy was a mistake right from the start. ... Since last July it has only led to the crisis intensifying. ... The question is: What is the alternative? If the European Central Bank issued euro bonds it would be a unique chance for Greece and the Eurozone to overcome the crisis together."
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Kathimerini - Greece | Tuesday, 10. January 2012
Greece's Prime Minister Lucas Papademos called on the trade unions this week to approve further wage cuts so that the next instalment of the EU and IMF loan can be paid out in February. Columnist Nikos Xidakis calls on Papademos to explain the truth about further austerity measures to the Greeks in the conservative daily Kathimerini: » more
Greece's Prime Minister Lucas Papademos called on the trade unions this week to approve further wage cuts so that the next instalment of the EU and IMF loan can be paid out in February. Columnist Nikos Xidakis calls on Papademos to explain the truth about further austerity measures to the Greeks in the conservative daily Kathimerini: "Papademos has neither calmed us with his statement nor helped us get any further. On the contrary, our worries are growing: when and how will our country be rescued? What is the place of the people in this country that must be rescued? Or is the country to be rescued but the people abandoned to their fate? ... Why do the additional labour costs, which are among the lowest in Europe, put the Greek economy at a competitive disadvantage? ... How can a Greek survive on a salary as low as a Romanian salary when the cost of living is as high as it is in London? ... Telling a few basic truths is a great service Mr Papademos can do for his people at this historical moment - provided he knows them himself."
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Kathimerini - Greece | Saturday, 7. January 2012
A Eurobarometer survey shows that 27 percent of all Greeks between 15 and 35 would be willing to leave their home country at least temporarily in search of work. The conservative daily Kathimerini asks whether they will ever come back: » more
A Eurobarometer survey shows that 27 percent of all Greeks between 15 and 35 would be willing to leave their home country at least temporarily in search of work. The conservative daily Kathimerini asks whether they will ever come back: "The worse the recession gets, the less likely it is that they will return. The quest for a better future abroad is no longer a choice but a necessity. ... But the decision to emigrate is only the beginning. Once they have done so young people face the next dilemma: will there be a return? And if so, under what conditions? ... Each individual faces the dilemma of 'staying or leaving'. But the decision of the individual has repercussions for society as a whole. For the family, for those close to him and for the country. ... It is a social phenomenon caused by the crisis."
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Epikaira - Greece | Thursday, 5. January 2012
Greece's Prime Minister Lucas Papademos on Thursday talked of the country facing an "uncontrolled national bankruptcy" and called on the Greeks to accept salary cuts so as not to jeopardise a new 130 billion rescue package from the EU and IMF. Prior to the address government spokesman Pantelis Kapsis speculated openly about Greece leaving the Eurozone. The left-liberal magazine Epikaira criticises the pressure being exerted on the population: » more
Greece's Prime Minister Lucas Papademos on Thursday talked of the country facing an "uncontrolled national bankruptcy" and called on the Greeks to accept salary cuts so as not to jeopardise a new 130 billion rescue package from the EU and IMF. Prior to the address government spokesman Pantelis Kapsis speculated openly about Greece leaving the Eurozone. The left-liberal magazine Epikaira criticises the pressure being exerted on the population: "The administrators of the rescue package and their international helpers are doing all they can to ensure that the people accept the incredible demands. ... They pressure, threaten, terrorise, and blackmail, all to keep the country in the Eurozone. ... We are witnessing a catastrophe with increasingly far-reaching consequences, taking on the proportions of an avalanche or tsunami. ... The most shocking aspect however is the uncertainty and insecurity about what will happen the next day. Many important political thinkers have said that a sense of major injustice can trigger a social explosion."
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To Vima Online - Greece | Thursday, 5. January 2012
Greece's ex-prime minister Giorgos Papandreou on Wednesday announced his resignation as chairman of the socialist Pasok party. It is expected that he will leave the post in June and that he won't run for prime minister again. The left-liberal online paper To Vima takes stock: » more
Greece's ex-prime minister Giorgos Papandreou on Wednesday announced his resignation as chairman of the socialist Pasok party. It is expected that he will leave the post in June and that he won't run for prime minister again. The left-liberal online paper To Vima takes stock: "This is the only family in the Western world that has produced a prime minister over three successive generations. Giorgos Papandreou's mother was the bride, wife and mother of prime ministers. ... But most impressive is the fact that as prime minister and Pasok leader Papandreou had promised to dismantle the [corrupt] system. ... As if he hadn't himself been a prominent member of this system for years. ... Papandreou ruined the country he led. ... And now he is dissolving his party, which above all wants to bring down the Papandreou dynasty with it. Why? For the simple reason that the dynasty doesn't want to lose control over the family business: the dynasty prefers to close it down."
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Kathimerini - Greece | Tuesday, 3. January 2012
Yannis Kapeleris, a high-ranking official at the Greek Ministry of Finance, was charged with breaching his duties by failing to collect fines from certain companies on Monday. Two Athens public prosecutors had previously tendered their resignations last week on the grounds that their investigations into the Kapeleris case were being politically obstructed. Two days later, however, they withdrew their resignations. The conservative daily Kathimerini calls for the circumstances surrounding the resignations of the two prosecutors to be thoroughly investigated: » more
Yannis Kapeleris, a high-ranking official at the Greek Ministry of Finance, was charged with breaching his duties by failing to collect fines from certain companies on Monday. Two Athens public prosecutors had previously tendered their resignations last week on the grounds that their investigations into the Kapeleris case were being politically obstructed. Two days later, however, they withdrew their resignations. The conservative daily Kathimerini calls for the circumstances surrounding the resignations of the two prosecutors to be thoroughly investigated: "The withdrawal of their resignations, the lack of public explanations and evidence and the subsequent prosecution of high-ranking government officials raise questions about the way this case has been handled. ... The country is on the brink of disaster because of corruption and impunity. White-collar crime has led to huge tax deficits which law-abiding citizens have to pay for. The prime minister, his finance and justice ministers and the public prosecutors of the supreme court owe the citizens a few explanations."
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To Vima Online - Greece | Friday, 23. December 2011
The notion of the lazy Greeks who lived above their means and are to blame for the euro crisis must be swiftly and firmly set aside, the left-liberal daily To Vima urges: » more
The notion of the lazy Greeks who lived above their means and are to blame for the euro crisis must be swiftly and firmly set aside, the left-liberal daily To Vima urges: "We must understand that the perpetuation of this propaganda is a great crime against the future of our country. ... We can't accept that European citizens come to see the Greeks as largely responsible for the continuing crisis. ... It's unbelievable that this propaganda is being spread even in our country. ... The damage to Greece and the Greeks is enormous - perhaps much greater than that caused by the debt crisis itself. This is because not just the governments of some countries have been influenced by this propaganda but everyone in Europe. ... The Germans have once again conjured up the spectre of the 'super-baddie' who is to blame for all evils. Greece must banish this spectre."
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To Ethnos - Greece | Sunday, 18. December 2011
Forty percent more Greeks committed suicide in the first six months of 2011 than in the same period of 2010, according to the Greek Health Ministry. This is another consequence of the debt crisis, author Dimitris Papachristos worriedly concludes in the left-liberal daily To Ethnos: » more
Forty percent more Greeks committed suicide in the first six months of 2011 than in the same period of 2010, according to the Greek Health Ministry. This is another consequence of the debt crisis, author Dimitris Papachristos worriedly concludes in the left-liberal daily To Ethnos: "Everyone is asking what this situation will lead to: the martyrdom of permanent postponement [of a solution to the debt crisis] and looming new austerity measures at the expense of employees and pensioners. ... The fear of unemployment continues to grow. A million people are without work now. ... Society is getting crazier and people are losing touch with each other. ... Depression is spreading everywhere and the number of suicides is growing. Everywhere people are nervous, tensions are growing and more and more family dramas are being played out. The aggressive and stressed people swimming in a sea of uncertainty are becoming a threat to themselves and killing themselves in their attempts to survive."
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All available articles from » Dimitris Papachristos
Ta Nea - Greece | Thursday, 15. December 2011
Paul Thomsen, envoy for the International Monetary Fund, conceded during a visit to Athens on Tuesday that the austerity agreement signed between Greece and the so-called troika was in need of improvement. If even the IMF admits that the plan has failed then the austerity policies should no longer be pursued, writes columnist Giannis Pretenteris in the left-liberal daily Ta Nea: » more
Paul Thomsen, envoy for the International Monetary Fund, conceded during a visit to Athens on Tuesday that the austerity agreement signed between Greece and the so-called troika was in need of improvement. If even the IMF admits that the plan has failed then the austerity policies should no longer be pursued, writes columnist Giannis Pretenteris in the left-liberal daily Ta Nea: "So it's not only the 'populist' opponents of the agreement who say that it's failed. ... The IMF itself agrees with most of the points the critics have used for the past 20 months to argue that the package was doomed to failure. According to the IMF report and the explanations of Paul Thomsen the agreement contained many mistakes. For example the capacity to boost state revenues by raising taxes was overestimated. ... The maximum tax burden for Greek citizens has been reached. But have our politicians understood this? And even if they have, how are they going to react? I fear they won't do anything about it."
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Naftemporiki - Greece | Wednesday, 7. December 2011
The Greek parliament passed on Tuesday night its budget for 2012, which includes tax hikes, privatisations and drastic cuts in the public sector. The conservative business paper Naftemporiki welcomes the measures as an important step out of the crisis: » more
The Greek parliament passed on Tuesday night its budget for 2012, which includes tax hikes, privatisations and drastic cuts in the public sector. The conservative business paper Naftemporiki welcomes the measures as an important step out of the crisis: "The budget includes important measures both for the state's revenues and its expenditure. ... The targets are not based on optimistic prognoses for gross domestic product growth. They are based on structural reforms the implementation of which the troika sees as absolutely crucial. ... For these reforms are aimed at creating the conditions for the country to consolidate its budget."
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Blog Stefan Niggemeier - Germany | Tuesday, 29. November 2011
The Europa-Union Deutschland, a German pressure group that supports further EU integration, handed the German tabloid Bild its "European Thistle" award on Saturday for its negative reporting on Greece, which Stefan Niggemeier claims in his blog amounts to incitement of the masses: » more
The Europa-Union Deutschland, a German pressure group that supports further EU integration, handed the German tabloid Bild its "European Thistle" award on Saturday for its negative reporting on Greece, which Stefan Niggemeier claims in his blog amounts to incitement of the masses: "For months now 'Bild' has worked systematically to ensure that no one thinks of the Greek people without the word 'bankrupt' automatically popping into their minds. ... 'Bild' is systematically making not just a state but also everyone who belongs to it seem despicable. This is a form of incitement of the masses. The resentment, or at least the reflex, was no doubt already there. 'Bild' simply stoked it, nurtured it and intensified it for its own profit. The more 'Bild' stirred up resentment, the greater the resentment became, and the greater the resentment the more 'Bild' came across as the voice of the people. Imagine if the argument that stirring up resentment wasn't so bad because it was already there anyway were applied to what happened in the 1920s and 1930s. The anti-Jewish sentiment was already there, too."
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Eleftherotypia - Greece | Thursday, 24. November 2011
Antonis Samaras, leader of Greece's conservative Nea Demokratia party, gave his written support for long-term austerity measures in compliance with EU demands on Wednesday. With this move he has sentenced his party and Greek politics as a whole to death, writes the left-liberal daily Eleftherotypia: » more
Antonis Samaras, leader of Greece's conservative Nea Demokratia party, gave his written support for long-term austerity measures in compliance with EU demands on Wednesday. With this move he has sentenced his party and Greek politics as a whole to death, writes the left-liberal daily Eleftherotypia: "The two major parties, Pasok and Nea Demokratia, will now faithfully pursue the austerity policy even though it has proved catastrophic for our economy. ... The two major parties are therefore signing the end of their policies, and perhaps even their own death sentences. On the face of it this may come as a relief for all those Greeks who have long since realised that the two-party system in Greece was on its last legs. ... But the political forces, especially those on the Left, that oppose the austerity programme dictated by the EU and the International Monetary Fund are disunited. They have no joint alternative proposal and no policy to offer, and nor are they willing to cooperate with each other."
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To Ethnos - Greece | Monday, 21. November 2011
During his first visit to the EU in Brussels as Greece's new prime minister Lucas Papademos aimed to instil trust in his government. However he turned up without a written affirmation that Greece's two main parties would implement the austerity measures in the long-term. The left-liberal daily To Ethnos appeals to the leader of the conservative party Nea Demokratia, Antonis Samara, to sign the declaration: » more
During his first visit to the EU in Brussels as Greece's new prime minister Lucas Papademos aimed to instil trust in his government. However he turned up without a written affirmation that Greece's two main parties would implement the austerity measures in the long-term. The left-liberal daily To Ethnos appeals to the leader of the conservative party Nea Demokratia, Antonis Samara, to sign the declaration: "Those who believe that by participating in government they can annul decisions that have already been made and have them renegotiated are hindering the prime minister in his work. The decision [at the EU summit] of October 26th has been taken. ... The economic situation demands that the EU and IMF give the go-ahead for the loans they have promised soon. For this to happen we must be consistent and stick to the promises we made to our creditors back then."
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O Kosmos tou Ependiti - Greece | Sunday, 20. November 2011
A growing number of European media are raising the question of whether Greece should be part of the European Union at all, including most recently the French daily Le Monde. This is one of many signs that European identity is being weakened, writes the business paper O Kosmos tou Ependiti in its leading article: » more
A growing number of European media are raising the question of whether Greece should be part of the European Union at all, including most recently the French daily Le Monde. This is one of many signs that European identity is being weakened, writes the business paper O Kosmos tou Ependiti in its leading article: "The erosion gathers speed each time the two leading forces in Europe, France and Germany, bombard Europeans with more divisive terminology: The Northern and Southern Europeans, the indebted and the non-indebted, the productive and the lazy, the disciplined and the undisciplined, the rich and the poor. ... Without Merkel and Sarkozy ever having attempted to find out why after so many decades of European integration and convergence the inequality gap in terms of GDP per capita is still gaping, with it being eight times as high in Luxembourg, the richest country, as it is in Romania, the poorest. In this way 'European identity', whose content is dissolving, is changing in meaning and turning into the opposite: otherness. All of a sudden people see themselves more as Greeks, Germans, French or Romanians, and less as Europeans."
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Politis - Cyprus | Thursday, 17. November 2011
Greek tax inspectors had Georgios Petzetakis, one of Greece's best-known industrialists, arrested on Tuesday. He allegedly owes the state more than two million euros in taxes. At least the new transitional government is serious about fighting tax evasion, the liberal-conservative daily Politis writes approvingly: » more
Greek tax inspectors had Georgios Petzetakis, one of Greece's best-known industrialists, arrested on Tuesday. He allegedly owes the state more than two million euros in taxes. At least the new transitional government is serious about fighting tax evasion, the liberal-conservative daily Politis writes approvingly: "When the two big parties Pasok and Nea Demokratia were in power, not a single tax evader was arrested. ... The new prime minister Lucas Papademos used the word 'fairness' in his first official address. ... Will further tax fraudsters be arrested now? There are dozens who have cheated the state. But it was unable to hold them to account. ... The state only has itself to blame, because it became a willing accomplice. ... If anything is to change in Greece, it must happen in the next three months [before the planned elections in February]. After that we will once more be lumped with the 'saviours' from Pasok and Nea Demokratia. ... They will not give up so easily because they've got used to the system of clientelism."
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Dilema Veche - Romania | Thursday, 17. November 2011
If Greece exits the Eurozone this could endanger the peaceful developments on the Balkans, writes Ovidiu Nahoi in the conservative weekly Dilema Veche: » more
If Greece exits the Eurozone this could endanger the peaceful developments on the Balkans, writes Ovidiu Nahoi in the conservative weekly Dilema Veche: "What message is conveyed to these countries when people toy with the idea of expelling Greece? We shouldn't forget that in these parts Greece - whether rightly or wrongly - is seen as the country that most resembles the West thanks to it long membership in the EU and Nato. If Greece was 'thrown out', regardless of how, this would certainly be interpreted as a sign that the process of integration is being suspended, if not ended. The old friendships and hostilities would be revived and outdated nationalist projects would be dragged out of the attic. Conflicts that until now have smouldered under the surface could be reignited. And this in a political environment that has changed considerably since the 1990s."
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To Vima Online - Greece | Monday, 14. November 2011
For the first time since the end of the military dictatorship in 1974 a far-right nationalist party, the Popular Orthodox Rally (Laos), is to participate in the Greek government. Prime Minister Lucas Papademos has made his first major mistake with this decision, the left-liberal online paper To Vima complains: » more
For the first time since the end of the military dictatorship in 1974 a far-right nationalist party, the Popular Orthodox Rally (Laos), is to participate in the Greek government. Prime Minister Lucas Papademos has made his first major mistake with this decision, the left-liberal online paper To Vima complains: "We shouldn't forget: Laos chairman Giorgos Karatzaferis has called for an amnesty for junta members. Let's examine the deeper meaning of this demand: He asked the citizens to forgive those who toppled democracy. Laos is not simply a far right party like many others all over Europe. ... It resembles these parties in its basic characteristics: xenophobia, repression, Christianity, distrust of all things cosmopolitan. But Laos has a trait that makes it different from the others: its nearness to a dictatorship. ... The new government has made its first big mistake. ... Papademos didn't need the right-wing extremists. He chose them."
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Le Figaro - France | Tuesday, 15. November 2011
With Lucas Papademos and Mario Monti, financial experts are now at the helm of two European countries. That raises serious questions for democracy, writes the conservative daily Le Figaro: » more
With Lucas Papademos and Mario Monti, financial experts are now at the helm of two European countries. That raises serious questions for democracy, writes the conservative daily Le Figaro: "The extent and duration of their mandates must allow them to work efficiently. But in both cases these mandates must be limited to allow a return to democratic legitimacy under optimal conditions. It must not be said that European policy is being created by trampling the Europeans underfoot. If we have come this far it's because Giorgos Papandreou used the idea of a referendum to wriggle out of the commitments he made at the Brussels summit. Since then the question of how to democratically control the decision-making process has once again become central. It cannot be avoided when the time comes to put in place a veritable European economic government."
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O Kosmos tou Ependiti - Greece | Sunday, 13. November 2011
Since Friday Greece has a caretaker government led by banker Lucas Papademos. This means the brutal euro junta now definitively has the country under its thumb, columnist Giannis Kibouropoulos gripes in the business paper O Kosmos tou Ependiti: » more
Since Friday Greece has a caretaker government led by banker Lucas Papademos. This means the brutal euro junta now definitively has the country under its thumb, columnist Giannis Kibouropoulos gripes in the business paper O Kosmos tou Ependiti: "We are witnessing a pan-European putsch. A euro junta is trying to establish itself in all the countries threatened with bankruptcy. ... Instead of using weapons it is bombarding the people with the fear of insolvency, blackmailing them with the threat of being kicked out of the Eurozone and 'raping' the sovereignty and democracy of their countries. ... If the euro junta calls into question the existence of a state, its sovereignty, its democracy and the conditions for the survival of its citizens, then what exactly is the incentive to stay in the Eurozone? ... What is the incentive to avoid bankruptcy and a return to the national currency, which are being presented to the politically mutilated citizens as a nightmare scenario?"
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Main focus of Friday, 11. November 2011
The independent Lucas Papademos will be sworn in as the head of a new transitional government in Greece today, Friday. After days of negotiation the ... » more
The independent Lucas Papademos will be sworn in as the head of a new transitional government in Greece today, Friday. After days of negotiation the conservatives and socialists agreed on Thursday on the former vice president of the ECB. Papademos now faces a Herculean task and if he fails his country must leave the Eurozone, commentators write.
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Frankfurter Allgemeine Zeitung - Germany | Friday, 11. November 2011
Greece's designated Prime Minister Lucas Papademos faces a Herculean task in view of the critical situation in his country, writes the conservative daily Frankfurter Allgemeine Zeitung: » more
Greece's designated Prime Minister Lucas Papademos faces a Herculean task in view of the critical situation in his country, writes the conservative daily Frankfurter Allgemeine Zeitung: "The EU Commission estimates that next year the Greek national debt will be almost 200 percent of the GDP. Faced with this unimaginable situation it comes as no surprise why it took so long to find a new prime minister in Athens after Papandreou announced his resignation. It speaks for the statesmanship of Lucas Papademos that rather than being deterred by the sheer magnitude of the need for consolidation he agreed to lead a transitional government. ... There couldn't be a more dismal starting point: unemployment is at a new high and Europe is menaced with recession. In keeping with the season, the mood is bleak indeed."
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To Ethnos - Greece | Wednesday, 9. November 2011
The Greek Prime Minister Giorgos Papandreou announced his resignation on Wednesday but his intention is to only withdraw temporarily from the post, the left-liberal daily To Ethnos writes: » more
The Greek Prime Minister Giorgos Papandreou announced his resignation on Wednesday but his intention is to only withdraw temporarily from the post, the left-liberal daily To Ethnos writes: "While the entire country is talking about the future prime minister it underestimates the ramifications of Papandreou remaining leader of his party Pasok. No one is demanding that he give up this post. This is a great mistake on the part of his opponents within the party. They have failed to understand his plan. Because he has instructed the minister for economic affairs Evangelos Venizelos and the opposition leader Antonis Samaras to ratify the agreement for an eternal austerity programme and the nation's submission Papandreou can be sure that these two will 'burn themselves' politically. His temporarily giving up responsibility for the 'dirty work' but remaining Pasok's leader means that the ruling party will be running for election in four months' time! ... He, and no other, will be the candidate for the office of prime minister, and his reputation will be undamaged by the new measures!"
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Blog Pitsirikos - Greece | Tuesday, 8. November 2011
Greece still lacks a new government; it is due to be announced today, Wednesday. The blogger Pitsirikos makes fun of the delay in forming an interim government: » more
Greece still lacks a new government; it is due to be announced today, Wednesday. The blogger Pitsirikos makes fun of the delay in forming an interim government: "The explanations given by the candidates for why they won't accept the office of prime minister are justifying the foreign media in all they have said and written about us Greeks in recent years. We see that there are jobs but no one wants to take them. This confirms the opinion of foreigners who describe us as lazy. If the Greeks don't even want the job of prime minister then perhaps their aversion to hard work in agriculture is also more comprehensible. ... And then we complain about the high level of unemployment."
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Politis - Cyprus | Monday, 7. November 2011
In Greece the tug of war over a National Unity government and socialist Prime Minister Giorgos Papandreou's successor goes on. According to media reports the talks are faltering because opposition leader Antonis Samaras doesn't want the MPs of his conservative party to participate in the government since it would entail approving unpopular austerity measures. The liberal daily Politis sees Samaras as an irresponsible opportunist: » more
In Greece the tug of war over a National Unity government and socialist Prime Minister Giorgos Papandreou's successor goes on. According to media reports the talks are faltering because opposition leader Antonis Samaras doesn't want the MPs of his conservative party to participate in the government since it would entail approving unpopular austerity measures. The liberal daily Politis sees Samaras as an irresponsible opportunist: "It's obvious that Samaras wants to turn the disgruntlement with Papandreou's government and his Pasok party to his own advantage. He wants to rise to power, but not as the chosen leader of the people but as the man who charges against the current government on the wave of protest. What an adventure! Ignoring the huge problems the country is facing Samaras simply says to himself: Now that I have the chance to take charge I'll seize it. This is a brand of political alchemy that has no regard for the future of the country."
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El País - Spain | Monday, 7. November 2011
The successor of Greek Prime Minister Papandreou will have more political leeway than he himself has, writes the left-liberal daily El País: » more
The successor of Greek Prime Minister Papandreou will have more political leeway than he himself has, writes the left-liberal daily El País: "It's a paradox: Although Papandreou was forced to resign his successor will have more room for manoeuvre - at least regarding domestic politics - than he does. This is because Papandreou - whether intentionally or unintentionally - has made the potential dangers clear to both the country's allies and his own citizens. It's difficult to predict how the situation will develop in this country which is facing not just an economic crisis but also falling apart politically and socially. The solution that is beginning to emerge doesn't appear to be the worst even if the instability that poses a threat to all Europe remains."
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Naftemporiki - Greece | Monday, 7. November 2011
The tug of war between socialists and conservatives over an interim coalition government in Greece shows how incompetent they are, writes the conservative business paper Naftermporiki: » more
The tug of war between socialists and conservatives over an interim coalition government in Greece shows how incompetent they are, writes the conservative business paper Naftermporiki: "The game of political poker between the two sides - witnessed not just by the Greeks but by the whole world - demonstrates above all one thing: ... Even though we are in free fall the personal interests of the politicians take priority. ... In recent days the fact that we are facing a political rather than an economic problem has been confirmed. It is a purely political problem when the very same political leadership that in the past few years contributed to the bankruptcy of the country cannot agree on solutions to save the country."
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Trouw - Netherlands | Monday, 7. November 2011
An interim government without Prime Minister Papandreou still doesn't ensure Greece's rescue, the Christian-social daily Trouw warns: » more
An interim government without Prime Minister Papandreou still doesn't ensure Greece's rescue, the Christian-social daily Trouw warns: "One can hardly accuse Papandreou of lacking courage. He has said bluntly in parliament that the agreements for saving the euro and the tough austerity measures this entails are the price for decades of corruption and cronyism. Papandreou's bravery however turned into recklessness when he announced a referendum. This venture cast doubts on the rescue plan and caused the Greek drama to further escalate. ... The biggest opposition party now seems willing to assume responsibility. But the party's leader Samaras will have to prove that he was not just out for Papandreou's scalp. And he must realise that the survival of the Greek economy is at stake here. If this is the outcome of the past turbulent week then perhaps a small victory has been won."
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Upsala Nya Tidning - Sweden | Monday, 7. November 2011
The formation of a transitional government in Greece is a first tentative step towards solving the country's problems, the liberal daily Upsala Nya Tidning writes: » more
The formation of a transitional government in Greece is a first tentative step towards solving the country's problems, the liberal daily Upsala Nya Tidning writes: "Now at least there is a chance that the parties will reach agreement on a package for solving the crisis. This was a change of course in the shadow of the gallows. But for this change the loans Greece needs to avoid bankruptcy would have been withheld. Responsibility now weighs heavily on the shoulders of opposition leader Antonis Samaras. The new coalition is fragile - as fragile as the economic recovery of Greece."
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Main focus of Friday, 4. November 2011
Greek Prime Minister Giorgos Papandreou on Thursday cancelled his plan for a referendum, clearing the path for negotiations with the opposition. Papandreou did not rule ... » more
Greek Prime Minister Giorgos Papandreou on Thursday cancelled his plan for a referendum, clearing the path for negotiations with the opposition. Papandreou did not rule out the possibility of resigning should it facilitate the formation of a transitional government. He is not the leader Greece needs right now, some commentators write. Others call on citizens all over Europe to participate in solving the crisis.
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Imerisia - Greece | Friday, 4. November 2011
Prime Minister Giorgos Papandreou will propose a vote of confidence in parliament late on Friday evening. But to judge by recent political developments it is clear that Greece no longer has a political leader, writes the business paper Imersia: » more
Prime Minister Giorgos Papandreou will propose a vote of confidence in parliament late on Friday evening. But to judge by recent political developments it is clear that Greece no longer has a political leader, writes the business paper Imersia: "Everywhere people are talking about the lack of a strong leadership, both in Europe and in our country. The Eurozone's misadventures are commonly attributed to a weak political leadership. ... The same could be said of the political leadership in Greece. ... Instead of assuming their responsibilities and serving the interests of our country, which entails defending it from threats posed by its EU partners as well as the threat of begin expelled from the Eurozone they are only interested in their own power. All the citizens have realised this. We hear the politicians repeat monotonously that they are fighting for the interests of the people but no one believes them any more. All the trust has evaporated."
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Le Figaro - France | Friday, 4. November 2011
In not going through with the announced referendum Prime Minister Papandreou is ignoring the will of the people, and that is a mistake, the conservative daily Le Figaro writes: » more
In not going through with the announced referendum Prime Minister Papandreou is ignoring the will of the people, and that is a mistake, the conservative daily Le Figaro writes: "The arrogance of the powerful reached it peak this week in the hefty comments criticising the prime minister for rashly announcing a referendum on austerity measures that his fellow citizens must support. Such invective is reminiscent of 2005, when the French voted against the European constitution. Greece is called the cradle of democracy. But if you expect people to tighten their belts when they were not really responsible for the crisis, the least you can do is ask them first. ... One thing is certain: Europe will not come together as long as it ignores the indignant, as it is now doing. The people are the key to the crises, and they are currently gaining the upper hand. Without their support there can be no solution."
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De Volkskrant - Netherlands | Friday, 4. November 2011
After the flurry over the referendum Greek Prime Minister Papandreou will face a motion of confidence in parliament today, Friday. But he is no longer the right man for the job, writes the left-liberal daily De Volkskrant: » more
After the flurry over the referendum Greek Prime Minister Papandreou will face a motion of confidence in parliament today, Friday. But he is no longer the right man for the job, writes the left-liberal daily De Volkskrant: "Chancellor Merkel and President Sarkozy have for the first time said that bailing out the euro is more important than bailing out Greece. This pressure has got things moving in Athens. No only the important Finance Minister Venizelos adopted a clear stance against the referendum. Even the opposition, which until now had been characterised only by opportunism, has shown its readiness to push through the bailout package by political means. But for that to be the case there must be a transitional government of national unity led by a prime minister who stands above party affiliations. A logical demand, but a bitter pill for Papandreou, who has weathered many a storm with honourable steadfastness. But Greece is undergoing a true national crisis that calls for the greatest political skills."
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Der Standard - Austria | Friday, 4. November 2011
Greece has learned the hard way that individual countries don't really have much say when the euro is at stake, the left-liberal daily Der Standard concludes: » more
Greece has learned the hard way that individual countries don't really have much say when the euro is at stake, the left-liberal daily Der Standard concludes: "The country urgently needs money, in four weeks at latest. But for the euro partners and the IMF to transfer their billions there must be functioning decision-making structures in Athens. A vicious circle for which Papandreou, under pressure from all sides, is ultimately responsible. He played poker too long for stakes that were too high. This no longer works in the euro community - that is the most important consequence of the crisis in the past two years. And when the euro ship does start to tilt badly it is euro power politics that calls the shots. This may be necessary but it is nonetheless a backward step for the Union."
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The Guardian - United Kingdom | Friday, 4. November 2011
The Greek opposition party Nea Dimokratia is calling for a transition government to organise new elections within six weeks. Far from calming the situation in the country elections will have the opposite effect, the left-liberal daily The Guardian fears: » more
The Greek opposition party Nea Dimokratia is calling for a transition government to organise new elections within six weeks. Far from calming the situation in the country elections will have the opposite effect, the left-liberal daily The Guardian fears: "Greece will now enter a tense election period that will put more strain on public finances (with collapsing revenues and rising expenditures) and, more importantly, will not resolve the problems of political instability and legitimacy. It is very unlikely that the elections will bring into power a strong and stable government. More likely, they will bring new rounds of political bargaining for the formation of a coalition government and for an agreement on a policy programme consistent with the Eurozone bailout agreement. The events of today are, in one way or another, a positive development. But the future does not look any brighter - not yet and not any time soon."
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Main focus of Thursday, 3. November 2011
Athens will receive no more financial help before the referendum in early December. German Chancellor Merkel, French President Sarkozy and IMF head Christine Lagarde were ... » more
Athens will receive no more financial help before the referendum in early December. German Chancellor Merkel, French President Sarkozy and IMF head Christine Lagarde were clear on this point after their crisis meeting on Wednesday evening in Cannes. Such tactics are justified to pressure Greeks into voting for the Eurozone, commentators write.
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Naftemporiki - Greece | Thursday, 3. November 2011
If in the referendum in early December the Greeks decide against the austerity measures and by extension against staying in the Eurozone, the government will have a real problem, writes the business paper Naftemporiki: » more
If in the referendum in early December the Greeks decide against the austerity measures and by extension against staying in the Eurozone, the government will have a real problem, writes the business paper Naftemporiki: "There is probably no Plan B because the claims made by members of the government that in such an event the EU summit agreement would be renegotiated are not to be taken seriously. The announcement that a referendum will be held will no doubt delay the agreement on a debt restructuring. The original plan was that it would take effect at the start of 2012, after the negotiations with the banks. But what foreign bank could take negotiations with the Greek government for waiving 50 percent of its debt seriously when it knows that the agreement could go up in smoke at any time? The only thing that is certain before the Yes or No is that we are in a very critical phase, and without any plan once more."
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Hospodářské noviny - Czech Republic | Thursday, 3. November 2011
The Greek Prime Minister has caused a sort of European marital dispute, the business paper Hospodářské noviny writes: » more
The Greek Prime Minister has caused a sort of European marital dispute, the business paper Hospodářské noviny writes: "The biggest problem is the injured egos of Merkel and Sarkozy. All of their reactions can be brought down to a single denominator: 'How can Papandreaou do this to us, when all we had in mind was his best interests?' They summoned the Greek prime minister to explain what he thought he was up to and what he planned to do next. ... You can understand their reaction. There they were at the last summit until four in the morning, depriving themselves of sleep to come up with what looked like a realisable plan, and then this. That can be really galling. But you can also understand the Greek prime minister, who's got a revolution on his hands that he'd gladly put behind him. All in all the situation is reminiscent of a marriage dispute about faithfulness and the big question 'Why?' Not a good starting point for a sensible compromise."
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Diário de Notícias - Portugal | Thursday, 3. November 2011
Internationally the Greek referendum may have caused a commotion but in Greece Prime Minister Giorgos Papandreou is hoping it will calm the general mood, writes the daily Diário de Notícias: » more
Internationally the Greek referendum may have caused a commotion but in Greece Prime Minister Giorgos Papandreou is hoping it will calm the general mood, writes the daily Diário de Notícias: "The puzzling decision that has caused veritable chaos on the financial markets can only have one explanation: Papandreou is reacting to the contradictory responses in the opinion polls. It's true that almost 60 percent spoke out against the austerity package imposed by the stability measures, but it's also true that asked whether they want to leave the Eurozone 76 percent responded that they wanted to stay. Protesting on the streets is fine but turning their backs on Europe - that's not an option. In other words, the Greek parliament has - explicitly or implicitly - decided to turn the referendum on the agreement with the troika into a plebiscite in favour of Greek staying in the Eurozone in a bid to legitimise the policy of long-term austerity measures that remaining in the Eurozone implies. And he expects to win."
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Main focus of Wednesday, 2. November 2011
Greek Prime Minister Giorgos Papandreou will hold the planned referendum despite massive criticism and plunging share prices around the world. His cabinet approved the referendum ... » more
Greek Prime Minister Giorgos Papandreou will hold the planned referendum despite massive criticism and plunging share prices around the world. His cabinet approved the referendum on the austerity measures on Tuesday. While some commentators say Papandreou is acting irresponsibly with regard to Europe, others praise what they say is a stony but necessary path to democratic legitimation.
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Süddeutsche Zeitung - Germany | Wednesday, 2. November 2011
Europe has shown that it is willing to assume responsibility for Greece. The Greek referendum, on the other hand, testifies to a lack of responsibility towards Europe, the left-liberal daily Süddeutsche Zeitung comments reproachfully: » more
Europe has shown that it is willing to assume responsibility for Greece. The Greek referendum, on the other hand, testifies to a lack of responsibility towards Europe, the left-liberal daily Süddeutsche Zeitung comments reproachfully: "By resolving to hold a referendum without consulting others Papandreou has cast Europe back into the uncertainty that reigned in the days leading up to the EU summit. ... Worse still: while in the past weeks there was still room to negotiate there is now the threat of a complete standstill. ... It's difficult to see a way out of this situation: if Papandreou pulls back again now he will be disavowing his own actions and the anger on Athens' streets and within his own government will only intensify. If he goes through with the plan Angela Merkel and Nicolas Sarkozy, the Eurozone states and the EU as a whole, the ECB and the IMF - in other words pretty much the rest of the world - will have to come up with an idea for how to fill in the time until the decision is made and also what to do if a majority of Greeks votes against the rescue plans."
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Dienas Bizness - Latvia | Wednesday, 2. November 2011
The drop in share prices after the Greek referendum was announced is a worrying development, the business paper Dienas Bizness writes: » more
The drop in share prices after the Greek referendum was announced is a worrying development, the business paper Dienas Bizness writes: "In essence Papandreou wants a referendum on the following question: 'Dear people, do you want us to settle our debts with our international creditors?' ... One could laugh at the southern Europeans and their ability to get the better of their creditors but unfortunately this policy has far-reaching consequences: immediately after the referendum announcement share prices plummeted on Europe's stock exchanges. It's no secret that Germany in particular is very apprehensive about the fate of Greece, because many German pension funds hold Greek government bonds. So the Germans are less concerned about the Greeks than about their own money. However you can't blame them for that, and if the German financial system suffers a blow it would trigger a new crisis all over Europe."
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The Daily Telegraph - United Kingdom | Wednesday, 2. November 2011
The flurry over the Greek referendum highlights Europe's true problem, writes the conservative newspaper The Daily Telegraph, namely the Eurocrats' fear of the bitter truth about the common currency: » more
The flurry over the Greek referendum highlights Europe's true problem, writes the conservative newspaper The Daily Telegraph, namely the Eurocrats' fear of the bitter truth about the common currency: "Eurocrats are prepared to pay any price rather than admit that the single currency was a mistake - or, more precisely, to expect their peoples to pay, since EU officials are exempt from national taxation. The peripheral countries are to suffer poverty, unemployment and emigration, the core countries perpetual tax rises, so that supporters of the euro can save face. It's chilling to write these words, but EU leaders are evidently prepared to vitiate Greek democracy and wreck the Greek economy rather than allow the euro to break apart."
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Libération - France | Wednesday, 2. November 2011
The referendum in Greece is the right way to bring more democracy to Europe, writes the left-liberal daily Libération: » more
The referendum in Greece is the right way to bring more democracy to Europe, writes the left-liberal daily Libération: "Papandreou is posing the only legitimate question: what do the people think of the brutal austerity measures that will come crashing down upon their heads? One must be thankful to the Greeks, on the avant-garde of despair, for asking the question and being the first to answer it. And for reminding us in passing that economic crises are always a prelude to a decline in democracy. We are experiencing the effects of a purely negative catastrophe-federalism that is leading to certain states to being placed under guardianship, robbed of their sovereignty, controlled by their creditors and effectively governed by leaders elected in other countries. According to this schema the people are no more than a variable and democracy a risky endeavour. In Europe even a positive federalism, equipped with governing and control mechanisms, will also lead to partial losses of sovereignty. ... This must be counterbalanced by democratic institutions."
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Blog Jugular - Portugal | Tuesday, 1. November 2011
The hefty reactions from politics and industry to the announcement of the referendum in Greece prove four things, writes economics expert João Pinto e Castro on the blog portal Jugular: » more
The hefty reactions from politics and industry to the announcement of the referendum in Greece prove four things, writes economics expert João Pinto e Castro on the blog portal Jugular: "Firstly: the idea behind last week's agreement was not to cut the Greek debt by 50 percent but to ensure that 50 percent is paid. Now that the agreement is looking wobbly again the shares have plunged once more. Secondly: the German government is not the only one entitled to worry about public opinion. The Greeks have the say in their own country and their government must answer to them, even if this entails enormous risks. Thirdly: even countries in major difficulties have a certain amount of room to negotiate. It has become clear that both debtors and creditors have a problem because both made mistakes in assessing the risks and in the end both will have to give up something. Fourthly: when muscle-flexing is the only language recognised in international relations everyone uses all the trumps at their disposal to achieve the desired effect."
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Les Echos - France | Tuesday, 1. November 2011
After correcting a massive accounting mistake, the nationalised German bank Hypo Real Estate is now worth 55 billion euros more than it was previously valued at, lowering Germany's public debt by 2.6 percent. That highlights the difference between Germany and Greece, writes the business paper Les Echos: » more
After correcting a massive accounting mistake, the nationalised German bank Hypo Real Estate is now worth 55 billion euros more than it was previously valued at, lowering Germany's public debt by 2.6 percent. That highlights the difference between Germany and Greece, writes the business paper Les Echos: "It is written in the Bible (after all, it's All Saints' Day): 'The first will be the last.' Here however the first remain the first. When Greece falsifies its accounts of course it's to hide the fact that everything is going wrong. But when Germany makes a mistake naturally it's in its favour. ... Germany is more than ever the anti-Greece. On paper, Germany's accounting mistake should and could compensate for that of the Greeks. But as we do not share our debts on this continent, that's not how things work. ... As today is a holiday there's no harm in a little joke: in the countries of Northern Europe people are serious and drink beer. In the countries of Southern Europe people are less serious and drink wine. We all know where France stands."
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To Vima Online - Greece | Tuesday, 1. November 2011
The Greeks are to vote on the new bailout for their country and the proffered "haircut", Prime Minister Giorgos Papandreou announced on Monday evening. But the decision puts Greece's rescue at risk, the left-liberal online newspaper To Vima fears: » more
The Greeks are to vote on the new bailout for their country and the proffered "haircut", Prime Minister Giorgos Papandreou announced on Monday evening. But the decision puts Greece's rescue at risk, the left-liberal online newspaper To Vima fears: "After the numerous social and political reactions the prime minister has announced a referendum in a bid to defuse the tension. ... However this is a risky decision. ... There is no guarantee that there will by any financial aid in the next quarter for the Greek people to say yes or no to. No one can be sure that banks and investors will accept the Brussels deal if it becomes the subject of a referendum. ... The referendum puts the agreement reached at the EU summit at risk. ... Worrying is also the fact that through this referendum we are indirectly being asked whether we want to stay in the Eurozone or not."
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Naftemporiki - Greece | Monday, 31. October 2011
With the haircut decided last Wednesday, Greece is to reduce its debt to GDP ratio from the current 160 percent to 120 percent by 2020. Since the country's indebtedness was already at 127 percent of GDP in 2009, the conservative daily Naftemporiki asks why anyone should endure ten years of austerity measures only to reach the same level of indebtedness as in the days when Greece first had to ask for international help: » more
With the haircut decided last Wednesday, Greece is to reduce its debt to GDP ratio from the current 160 percent to 120 percent by 2020. Since the country's indebtedness was already at 127 percent of GDP in 2009, the conservative daily Naftemporiki asks why anyone should endure ten years of austerity measures only to reach the same level of indebtedness as in the days when Greece first had to ask for international help: "Were the decisions taken back then the wrong ones? Unfortunately that's what the facts point to. ... Unemployment has now reached 20 percent. By next summer an additional 183,000 businesses will presumably close down. In addition pensions and salaries will continue to shrink, and people will be taxed at higher than average rates. But do we really need all that just to reach the level we were at in 2009 by 2020? ... These decisions now give every citizen the right to judge the 'damaged political system'. ... We need clear words and clear solutions."
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Bild - Germany | Monday, 31. October 2011
The Hypo Real Estate bank, which was nationalised by Germany in 2009, made a huge miscalculation by mistaking a plus for a minus, which now means the institution is worth 55.5 billion euros more than previously calculated. This lowers Germany's sovereign debt for 2011 by 2.6 percent. The tabloid Bild fears that this error will cost the Germans the trust they enjoy in Europe: » more
The Hypo Real Estate bank, which was nationalised by Germany in 2009, made a huge miscalculation by mistaking a plus for a minus, which now means the institution is worth 55.5 billion euros more than previously calculated. This lowers Germany's sovereign debt for 2011 by 2.6 percent. The tabloid Bild fears that this error will cost the Germans the trust they enjoy in Europe: "The Germans of all people, considered the world over as the epitome of reliability, clearly cannot count. The Germans of all people, who wanted to help the Greeks construct solid financial management, confuse profits and losses. The disaster at the [state-owned] junk bank FSM shows in addition: state-run banks don't manage their assets any more carefully than the disgraced private bankers. The term 'bad bank' - a bank for bad debts - fits perfectly here: an incompetent, lowest-quality bank, and that's that. As delightful as the sudden windfall may be: the loss in trust is far greater."
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România Liberă - Romania | Monday, 31. October 2011
The euro was not well thought out as a project, the British political scientist Tom Gallagher writes in the daily România Liberă, and criticises the EU's plan to bail out the euro passed at the crisis summit last week: » more
The euro was not well thought out as a project, the British political scientist Tom Gallagher writes in the daily România Liberă, and criticises the EU's plan to bail out the euro passed at the crisis summit last week: "It has been shown that the euro - the key pillar of European integration - stands on a brittle foundation. Instead of being the basis for a common European economy, the common currency has led the EU into an unparalleled crisis. ... The euro groups together 17 states whose economic and financial situations could not be more different. No thought was put into that in advance, nor was there any serious debate on the sustainability of the project. We were naive and thought that the huge differences between the heavyweight industrial countries and the financially weak countries whose economies was primarily based on consumption would disappear as if by miracle with European integration . ... Last week a deeply hypocritical plan was passed. Because in reality it rescued the banks and Greece's other creditors, but not the Greek people or the Greek economy. Unfortunately, Europe is not in the best hands."
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Main focus of Thursday, 27. October 2011
The heads of state and government of the EU reached agreement in Brussels late on Wednesday night on a debt restructuring and a new rescue ... » more
The heads of state and government of the EU reached agreement in Brussels late on Wednesday night on a debt restructuring and a new rescue package for Greece, among other things. This is Athens' last chance, commentators write, and also demand greater financial integration in the EU.
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Imerisia - Greece | Thursday, 27. October 2011
Participants at the EU summit agreed with private creditors to write off 50 percent of Greece's debt. But the fight to restructure the Greek budget has only just begun, warns the left-liberal business paper Imerisia: » more
Participants at the EU summit agreed with private creditors to write off 50 percent of Greece's debt. But the fight to restructure the Greek budget has only just begun, warns the left-liberal business paper Imerisia: "As of today it must be clear that there will be no new help from Europe. No one's going to come and bail us out if we start amassing debt again. On the contrary: we have to learn to live on what we produce. ... Greece must finally start producing surpluses to pay back its debts. The country must become an attractive location for investors. ... The Greek economy must become more productive and competitive. And this new national effort cannot come about by giving in to the unions' maximum demands or with businesses that are dependent on the state. ... As of today we've all got to change!"
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Frankfurter Allgemeine Sonntagszeitung - Germany | Sunday, 23. October 2011
Greece will need considerably more money than expected, the observers of the troika made up of the International Monetary Fund, the European Central Bank and the EU Commission have concluded. The conservative Frankfurter Allgemeine Sonntagszeitung calls on governments to finally admit that taxes must be raised if the crisis is to be overcome: » more
Greece will need considerably more money than expected, the observers of the troika made up of the International Monetary Fund, the European Central Bank and the EU Commission have concluded. The conservative Frankfurter Allgemeine Sonntagszeitung calls on governments to finally admit that taxes must be raised if the crisis is to be overcome: "The BCG [Boston Consulting Group] reckons with a one-off tax of somewhere between twenty and thirty percent on property and assets. It would be unpopular, difficult to push through and so on - but at least better than any other approach. There is no policymaker today who has the guts to say what the Boston Consulting Group has written. The adjustment of the financial sector to the real world, the transaction tax, the legal prosecution of systems of fraud - all this will come. But first we will all get poorer together and we will all have to work longer and more for less post-tax income. Someone should say now what no one has dared say for decades: that taxes will rise, permanently and considerably, and that this is the price of our civilisation."
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To Vima Online - Greece | Tuesday, 11. October 2011
Greece is drawing closer and close to a debt restructuring. The leader of the Euro Group Jean-Claude Juncker hinted in an interview aired on Austrian television on Monday at a haircut amounting to at least 50 to 60 percent. The Greek government must prepare itself for the measure, demands the left-liberal online paper To Vima: » more
Greece is drawing closer and close to a debt restructuring. The leader of the Euro Group Jean-Claude Juncker hinted in an interview aired on Austrian television on Monday at a haircut amounting to at least 50 to 60 percent. The Greek government must prepare itself for the measure, demands the left-liberal online paper To Vima: "Greece's policymakers and its entire political class can't simply sit back and wait for this fateful decision to come. Everyone must react now, start coordinating, seeking solutions together and drawing up alternative plans that eliminate the dangers facing the country. It could all happen very quickly and therefore necessary preparations must be made. At times like these there's no time to consider political or personal interests. National interests have top priority and demand everyone's mobilisation. Otherwise the damage will be immeasurable - for everyone."
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To Vima Online - Greece | Friday, 7. October 2011
Germany's economics minister Philipp Rösler travelled to Athens on Thursday accompanied by around 50 company managers and bosses. Today he meets up with Greek Prime Minister Giorgos Papandreou. But with his recently presented "Marshall Plan for Greece" Rösler is aiming for a Greek sell-out, according to the left-liberal online newspaper To Vima: » more
Germany's economics minister Philipp Rösler travelled to Athens on Thursday accompanied by around 50 company managers and bosses. Today he meets up with Greek Prime Minister Giorgos Papandreou. But with his recently presented "Marshall Plan for Greece" Rösler is aiming for a Greek sell-out, according to the left-liberal online newspaper To Vima: "Our country has turned into a new El Dorado for our 'partners' in Berlin. First the country has been systematically ruined and now everything is to be sold off for dirt cheap and in the end our national sovereignty will also disappear. This is naturally much worse than the actual Marshall Plan. ... The person whose party won only two percent of the vote in Berlin's regional elections bears a large part of the responsibility for Greece's and Europe's disaster because he is doing all he can to bring about a union of independent states under German rule."
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Gazeta Wyborcza - Poland | Friday, 7. October 2011
The proposal to aid Europe's banks voiced among others by the President of the EU Commission José Manuel Durão Barroso prompts the conclusion that Greece may soon go bankrupt, writes the daily Rzeczpospolita: » more
The proposal to aid Europe's banks voiced among others by the President of the EU Commission José Manuel Durão Barroso prompts the conclusion that Greece may soon go bankrupt, writes the daily Rzeczpospolita: "That means Barroso has officially admitted that Brussels is seriously considering a debt restructuring for Greece. Until now this possibility had been rejected. The belief that Athens was fulfilling the expectations of the European Commission and the International Monetary Fund was considered the only way to structure reality and calm the financial markets. That's the only reason it received support."
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Delfi - Estonia | Wednesday, 5. October 2011
The Finnish government managed to push through its request for additional securities for its contribution to the Greek bailout fund on Tuesday. But this won't bring advantages for Finland, the news portal Delfi writes: » more
The Finnish government managed to push through its request for additional securities for its contribution to the Greek bailout fund on Tuesday. But this won't bring advantages for Finland, the news portal Delfi writes: "Certainly, here in Estonia people will also ask why we haven't done the same. But the exception made for Greece is more an issue of domestic politics than a financial policy advantage. Judging by the compromise made with the rest of the Eurozone Finland's success appears to be a Pyrrhic victory. It will get the additional guarantees, but only under tough conditions. It must pay its contribution to the ESM in the first year and not within five years like the other Eurozone countries, it receives less interest, the guarantee funds are frozen for 15 to 30 years and - most importantly - the guarantees cannot exceed 20 percent of Finland's contributions to the fund. ... The fact that after showing initial interest the Netherlands backed off from the idea of such additional guarantees demonstrates just how unattractive this system is."
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Der Tagesspiegel - Germany | Wednesday, 5. October 2011
Angered by the way politicians have handled the European debt crisis journalist Harald Schumann himself became a speculator. He bought 18,790 euros worth of Greek government bonds in July and sold them only a month later at a net profit of 784 euros. The efforts to postpone Greece's bankruptcy have served the financial sector's interests, writes Schumann in the liberal-conservative daily Tagesspiegel: » more
Angered by the way politicians have handled the European debt crisis journalist Harald Schumann himself became a speculator. He bought 18,790 euros worth of Greek government bonds in July and sold them only a month later at a net profit of 784 euros. The efforts to postpone Greece's bankruptcy have served the financial sector's interests, writes Schumann in the liberal-conservative daily Tagesspiegel: "Independently of their political convictions all the experts who are not tied to the financial sector called as early as spring 2010 for a quick waiving of debts. ... But the powerful financial sector opposed this. Its idealistic all-purpose lobbyist Josef Ackermann ... warned that it was 'inconceivable to allow the country to fall', saying the main thing was to 'put out the small fires before they turned into big ones'. The reason for his stance was simply that the customers of Deutsche Bank, in previous years one of the partners of the Greek finance ministry in selling bonds, shouldn't have to make losses. ... In a deliberate manoeuvre aimed at deceiving the public this is still being referred to as the 'rescue' of the Greeks (and Irish and Portuguese) even though in reality the only ones who are being kept from suffering any damage are those who made bad investments."
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Elsevier - Netherlands | Monday, 3. October 2011
The Greek government announced on Sunday that it will not be able to meet the deadline for fulfilling the conditions stipulated by the International Monetary Fund. Europe urgently needs to free itself from the stranglehold of the Greeks, the conservative news magazine Elsevier warns: » more
The Greek government announced on Sunday that it will not be able to meet the deadline for fulfilling the conditions stipulated by the International Monetary Fund. Europe urgently needs to free itself from the stranglehold of the Greeks, the conservative news magazine Elsevier warns: "No one wants an escalation of the crisis. ... But the direction things are now taking won't lead anywhere. The Greeks are being rewarded even though they don't deserve it. And again and again they have demonstrated that this is what they want. ... What is required is resolute action. Ireland needed an emergency loan from Europe and the IMF after the credit crunch. Once it had it the country took drastic measures to clean up its public finances and the banking sector. The direct consequences were painful for the country and included a high level of unemployment. But now Ireland is recovering. ... European politicians would do well to force Greece to clean up its act - otherwise they mush give up on the euro. Trapped in this perpetual stranglehold, Europe can't make any progress."
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La Tribune - France | Tuesday, 4. October 2011
The decision on the next instalment of the bailout payments to Greece was postponed until early November by the EU finance ministers at their meeting in Luxembourg on Monday. That gives Europe 30 days to reinvent itself, the business paper La Tribune writes: » more
The decision on the next instalment of the bailout payments to Greece was postponed until early November by the EU finance ministers at their meeting in Luxembourg on Monday. That gives Europe 30 days to reinvent itself, the business paper La Tribune writes: "In fact for the last several months there has been talk of creating a European economic government. ... Hypotheses about a new treaty, a federation of nation states or a two-speed or even three-speed Europe are being seriously discussed, even by the most pro-European voices. Intergovernmentalism is back. The heads of state are firmly at the helm of the European ship, with the founding Franco-German tandem at the forefront. Unfortunately recent months have shown how badly this tandem works. Sometimes its vision is harmonised and sometimes it's bureaucratic, but it is rarely historic. Nevertheless, the opportunity to reinvent Europe has arrived."
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Avvenire - Italy | Wednesday, 28. September 2011
Greek Prime Minister Giorgos Papandreou has accomplished his mission in Berlin, writes the Catholic daily Avvenire, as it looks very much like the German parliament will approve the expansion of the euro bailout fund on Thursday: » more
Greek Prime Minister Giorgos Papandreou has accomplished his mission in Berlin, writes the Catholic daily Avvenire, as it looks very much like the German parliament will approve the expansion of the euro bailout fund on Thursday: "Papandreou has fulfilled his mission of saving Greece in Berlin. Germany has declared its confidence in Athens' reform and is taking the next step. German Chancellor Angela Merkel is no longer blocking a revision of the EU treaties. ... Germany has recognised the economic and political responsibility it bears and will continue to bear in the Eurozone. It seems certain that the German Bundestag will give its approval for the euro bailout fund tomorrow - even if it's not yet clear whether Angela Merkel's government can rely on its majority."
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Frankfurter Allgemeine Zeitung - Germany | Wednesday, 28. September 2011
Greek Prime Minister Giorgos Papandreou has backed up his country's austerity goals with Barack Obama's electoral slogan "Yes we can". But the conservative daily Frankfurter Allgemeine Zeitung has its doubts: » more
Greek Prime Minister Giorgos Papandreou has backed up his country's austerity goals with Barack Obama's electoral slogan "Yes we can". But the conservative daily Frankfurter Allgemeine Zeitung has its doubts: "Well-meant promises and appeals for solidarity will not suffice to convince members of parliament in the countries that are stocking the bailout fund, because if that were enough their own voters would soon make them pay for such a trusting stance. ... The leader of Europe's problem child must be admired for his optimism, as genuine as it is. But 'yes we can' is not the slogan it once was. Dark clouds have gathered over the American president, the state of the economy is miserable and Obama's prospects dismal. The optimism of days gone by has dissipated, replaced by a sleazy search for culprits. ... The grotesque effects of indebtedness are now making themselves felt. Hopefully the Greeks 'can' indeed."
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De Tijd - Belgium | Wednesday, 28. September 2011
German Chancellor Angela Merkel has assured Greek Prime Minister Papandreou of her support. This mild tone, particularly compared with earlier statements, is in line with the stance of other politicians in Europe and the US in recent days, the business paper De Tijd writes: » more
German Chancellor Angela Merkel has assured Greek Prime Minister Papandreou of her support. This mild tone, particularly compared with earlier statements, is in line with the stance of other politicians in Europe and the US in recent days, the business paper De Tijd writes: "This all smacks of the typical human desire - particularly prevalent among politicians - to adorn oneself with laurels. But you can only adorn yourself with laurels when there are laurels to be had. In this sense the mild tone could indicate that a convincing solution to the European debt crisis is being worked out behind the scenes. That's what the financial markets assumed yesterday. But were they not too rash? ... Nothing has changed compared with last week - apart from the fact that more precious time has elapsed. For Greece, Europe, the US and the rest of the world this crisis remains a nailbiter. And for investors it's like flying through thick fog."
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To Vima Online - Greece | Wednesday, 28. September 2011
Greece wants to balance its annual budge as early as 2012, Prime Minister Georgos Papandreou said on Tuesday in a meeting with German Chancellor Angela Merkel in Berlin. Papandreou is deliberately lying, the left-liberal online newspaper To Vima writes: » more
Greece wants to balance its annual budge as early as 2012, Prime Minister Georgos Papandreou said on Tuesday in a meeting with German Chancellor Angela Merkel in Berlin. Papandreou is deliberately lying, the left-liberal online newspaper To Vima writes: "In truth Greece can't meet the required targets. ... To conceal this reality with lies only makes things worse. The government must finally come clean with its creditors. ... It must calculate the costs, tell the truth and start taking measures to deal with it. ... And it must explain why it failed to carry out the task it undertook. Because what it agreed to was based on false presumptions and a lack of possibilities. ... But also because the government does not believe what it says and is incapable of slimming down its huge state, its unions and interest groups."
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Süddeutsche Zeitung - Germany | Friday, 23. September 2011
Thousands of people took to the streets in Athens on Thursday to protest the new austerity measures introduced by the Greek government. But the Greeks' understanding of themselves developed over decades and it is arrogant and naive to demand that it should change in just a few months, the columnist Johan Schloemann writes in the left-liberal daily Süddeutsche Zeitung: » more
Thousands of people took to the streets in Athens on Thursday to protest the new austerity measures introduced by the Greek government. But the Greeks' understanding of themselves developed over decades and it is arrogant and naive to demand that it should change in just a few months, the columnist Johan Schloemann writes in the left-liberal daily Süddeutsche Zeitung: "Greece has been practically insolvent for half of the one hundred and eighty years since its founding. ... The attempt in the 19th century to install an efficient administration based on the French model with the help of the Great Powers and philhelenist Bavarian functionaries failed from the outset. The newly liberated Greeks associated the obligation to pay taxes with bad memories of the Ottoman rule. ... Since then clientelism and the shadow economy have paralysed Greece, and this was exacerbated by civil war and the two world wars. ... Greece cannot be changed simply through quick adjustments to its budgetary and economic policy. On the contrary, much speaks for considering Greece today as one of the transformation states for which an entire branch of political science has developed."
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Kathimerini - Greece | Wednesday, 21. September 2011
The Greek government on Tuesday refuted a report published by the daily Kathimerini according to which the socialist Prime Minister Giorgos Papandreou plans to hold a referendum on whether the country should remain in the Eurozone or withdraw. The conservative Kathimerini doesn't believe the government and criticises the plan: » more
The Greek government on Tuesday refuted a report published by the daily Kathimerini according to which the socialist Prime Minister Giorgos Papandreou plans to hold a referendum on whether the country should remain in the Eurozone or withdraw. The conservative Kathimerini doesn't believe the government and criticises the plan: "This is no time for holding referendums. The country is on the brink of the abyss and needs a strong government with clear goals. ... A referendum would be expensive for our bankrupt country and only cause more stress and confusion. It would be better if the government gave up its obsession because anything that increases insecurity only causes damage. If Greece manages to find its way out of the current crisis it will have the luxury and also the leeway to hold referendums every year."
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Kathimerini - Greece | Sunday, 18. September 2011
The Greek Minister of Finance Evangelos Venizelos reiterated the Greek government's resolve to implement further spending cuts at the EU finance ministers' meeting in Poland. But such measures could plunge Greece's society into chaos and violence, fears the conservative daily Kathimerini: » more
The Greek Minister of Finance Evangelos Venizelos reiterated the Greek government's resolve to implement further spending cuts at the EU finance ministers' meeting in Poland. But such measures could plunge Greece's society into chaos and violence, fears the conservative daily Kathimerini: "The Eurozone is not a reality show where members can expel the weakest link by driving it into an economic Armageddon. If our sick economy is forced to implement further measures this will undoubtedly lead to a social explosion. ... The Greek people are making great efforts and many sacrifices, unlike the government, which is swimming in an ocean of lies. ... The danger is so great that the EU and the International Monetary Fund are withdrawing their support for this pseudo-government, and chaos will inevitably ensue. ... The political and social stability is already disappearing. At the next demonstration all it will take is one rubber bullet to set off a full-scale civil war."
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Aamulehti - Finland | Wednesday, 14. September 2011
In the debate on the possibility of Greece going bankrupt the liberal daily Aamulehti argues that restructuring the country's debt is the best alternative: » more
In the debate on the possibility of Greece going bankrupt the liberal daily Aamulehti argues that restructuring the country's debt is the best alternative: "This solution would mean losses for Greece's creditors, among them Finland, the German and French commercial banks and the European Central Bank, which has purchased sovereign bonds of crisis countries to the tune of at least 135 billion euros. These losses could prove fatal to some creditors, others will be able to survive with a little support, while the best, that is the most careful, will probably get off with barely a scratch. We've got to be prepared for all eventualities. Europe is faced with nothing but bad alternatives, and the point is to choose the lesser evil. Battling the debt crisis with the means currently at our disposal means putting up larger and larger sums of money with no guarantee of success."
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De Telegraaf - Netherlands | Wednesday, 14. September 2011
Greece's economic statistics are growing worse instead of better, which proves that all the financial aid has been in vain and the country's bankruptcy is inevitable, writes the conservative tabloid De Telegraaf: » more
Greece's economic statistics are growing worse instead of better, which proves that all the financial aid has been in vain and the country's bankruptcy is inevitable, writes the conservative tabloid De Telegraaf: "Now that it's certain that the Greeks won't be able to pay back the huge bailouts two questions need to be asked: What part of the financial aid can Greece pay back and how can we prevent the same disaster from spreading to other weak euro countries? The answer to the first will be a long time coming. What's clear is that other countries, banks, pension funds and investors will suffer major losses. To prevent other countries from sliding into the same crisis Europe needs to bring Greece's financial collapse fully under control. Because only a controlled bankruptcy that keeps the creditors' losses to a minimum can go some way towards rescuing the last remnants of trust in the euro."
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24 Chasa - Bulgaria | Tuesday, 13. September 2011
The austerity measures introduced at the insistence of the EU in the fight against the Greek debt crisis are already proving counterproductive and further cuts would be fatal for the Greek economy, the daily 24 Chasa writes: » more
The austerity measures introduced at the insistence of the EU in the fight against the Greek debt crisis are already proving counterproductive and further cuts would be fatal for the Greek economy, the daily 24 Chasa writes: "With public debt at over 100 percent of GDP, pulling the belt tighter no longer helps. Because while cutting costs may sink government spending on the one hand, it brings in less state revenues on the other by choking production. In his day Nicolae Ceaușescu chose this model to repay sovereign debt and ruined the Romanian economy in the process. That's not the way to go. Every economy has its cornerstones, which the state cannot control single-handedly. You can try to milk 100 litres of milk per day from a single cow, but it won't work. You can hit it all you like, it still won't fill your bucket."
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To Ethnos - Greece | Tuesday, 13. September 2011
German Chancellor Angela Merkel, French President Nicolas Sarkozy and Greek Prime Minister Giorgos Papandreou have scheduled a crisis telephone call for today. Will Germany now announce Greece's insolvency? the liberal daily To Ethnos asks in alarm: » more
German Chancellor Angela Merkel, French President Nicolas Sarkozy and Greek Prime Minister Giorgos Papandreou have scheduled a crisis telephone call for today. Will Germany now announce Greece's insolvency? the liberal daily To Ethnos asks in alarm: "Is Berlin already past the blackmail phase and now preparing our country's bankruptcy? Or with her threats is the chancellor trying to cripple the Greek people's resistance to the hellish measures dictated by the Troika and implemented by the Papandreou government? Many Greeks are asking themselves this very question, but only the future holds the answer. What is certain however is that Athens' servile attitude in response to the German demands has achieved nothing. It has neither strengthened the Greek negotiating position nor tempered the aggressiveness of the EU rulers."
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Eleftherotypia - Greece | Monday, 12. September 2011
The discussions about Greece leaving the Eurozone are simply a populist manoeuvre by the politicians in the countries of Northern Europe, writes the left-liberal newspaper Eleftherotypia: » more
The discussions about Greece leaving the Eurozone are simply a populist manoeuvre by the politicians in the countries of Northern Europe, writes the left-liberal newspaper Eleftherotypia: "For a country to be expelled from the Eurozone the European treaties would have to be amended - that's difficult and above all time-consuming. So we can assume that our creditors want to put us under pressure with this threat so we implement the agreed measures. ... This kind of pressure is a result of the domestic political situation in certain countries of the rich North. In Germany, the Netherlands, Austria and Finland public opinion is against helping the spendthrift states of the South and against the Greek bailout in particular. ... The leaders of these countries - particularly those who are facing elections - have this trend in mind when they make their statements. But the Greek economy makes up just two percent of the Eurozone and it's a joke to say that it could endanger the common currency."
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Süddeutsche Zeitung - Germany | Tuesday, 13. September 2011
Philipp Rösler, Germany's Economics Minister since May, has done neither himself nor Germany a favour with his talk of a possible Greek insolvency, writes the left-liberal daily Süddeutsche Zeitung: » more
Philipp Rösler, Germany's Economics Minister since May, has done neither himself nor Germany a favour with his talk of a possible Greek insolvency, writes the left-liberal daily Süddeutsche Zeitung: "In his touching quest to make a name for himself, Economics Minister Philipp Rösler has even evoked an 'orderly' insolvency for Greece. Precisely what that means, however, is not really clear to the fledgling economist. ... But at least the name Rösler makes it into the front sections of the newspapers. ... Toss Greece out of the Eurozone: that's the simple solution being proposed for the knottiest problem in the Monetary Union. The answer can only be: excluding Greece would be a disaster not only for the Greeks, but for Germany and the rest of Europe."
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Turun Sanomat - Finland | Tuesday, 13. September 2011
A debt restructuring for Greece and its exit from the Eurozone is an option worth considering, the liberal daily Turun sanomat writes: » more
A debt restructuring for Greece and its exit from the Eurozone is an option worth considering, the liberal daily Turun sanomat writes: "If Greece's debt were to be restructured the markets would not necessarily panic, and the same is true if it left the euro. ... It is expedient to ask whether Greece's leaving the Eurozone would reduce the trust in the common currency or whether it wouldn't actually boost it in the long run. Greece needs a new start, on a financially stable basis. It must be carefully examined if that's possible with a new currency. Leaving the Eurozone isn't going to wipe the slate clean of Greece's 335 billion euros in debts. But part of that could be removed with a debt restructuring. Greece needs to bring its public finances in order, whatever currency it opts for."
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Trouw - Netherlands | Tuesday, 13. September 2011
Dutch politicians are also speculating about a Greek withdrawal from the Eurozone. But such a step would have catastrophic consequences, warns the Christian-social daily Trouw: » more
Dutch politicians are also speculating about a Greek withdrawal from the Eurozone. But such a step would have catastrophic consequences, warns the Christian-social daily Trouw: "If Greece leaves the Eurozone it won't just have dramatic consequences for that country but for Italy, Portugal, Ireland and other weak euro partners too. Credit institutions would refuse to do business with them or charge a high premium for the extra risk. This could break up the Monetary Union. It's obvious that Europe needs more political integration to steer the Single Market and Monetary Union more effectively. ... The member states have long refused to admit this necessity. Now the problems in the Eurozone are so big that it will be almost impossible to achieve further integration in time. This is, however, the only path. ... And that path doesn't begin with saying goodbye to Athens."
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Financial Times Deutschland - Germany | Monday, 12. September 2011
German Economics Minister Philipp Rösler for the first time publicly evoked the possibility of Greece going bankrupt on Sunday. According to media reports, the German Finance Ministry has also started calculating the cost of such a scenario. The liberal daily Financial Times Deutschland finds both irresponsible: » more
German Economics Minister Philipp Rösler for the first time publicly evoked the possibility of Greece going bankrupt on Sunday. According to media reports, the German Finance Ministry has also started calculating the cost of such a scenario. The liberal daily Financial Times Deutschland finds both irresponsible: "Even if many things speak in favour of a reasonable debt-rescheduling for Greece on the long term - at the moment both an orderly and disorderly insolvency would be more expensive and more dangerous than any bailout. The risk of other euro countries being infected is too great. The institutions that could make an orderly insolvency possible - like the European Stability Mechanism - are only just being set up. The supposed solution of allowing Greece to go bankrupt would bring on the next downward spiral. Europe can still afford to finance Greece for another couple of years. All of the euro countries have a stake in Greece's battle of the titans."
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Blog Coulisses de Bruxelles - France | Monday, 12. September 2011
Greece's government announced a new property tax on Sunday in a bid to reduce the country's enormous budget deficit. Until now the new austerity measures have been no more than empty promises, writes Jean Quatremer in his blog Coulisses de Bruxelles for the left-liberal daily Libération: » more
Greece's government announced a new property tax on Sunday in a bid to reduce the country's enormous budget deficit. Until now the new austerity measures have been no more than empty promises, writes Jean Quatremer in his blog Coulisses de Bruxelles for the left-liberal daily Libération: "Finally the Greek government seems to be waking up to the risk of bankruptcy its inability to keep its promises entails. At a three-hour press conference Prime Minister Giorgos Papandreou called for a general mobilisation to save the country. ... In particular he promised to fight tax evasion, corruption and the bloated bureaucracy which is so costly for the treasury: 'Every form of backwardness or indecisiveness is a danger for the country'. But so far such promises have never been honoured."
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Imerisia - Greece | Thursday, 8. September 2011
The Greek government announced on Tuesday that it plans to implement its austerity measures immediately and consistently. But Greece's policy makers are paralysed by special interests and incapable of reacting with the required speed to the country's crisis, writes the business paper Imerisia: » more
The Greek government announced on Tuesday that it plans to implement its austerity measures immediately and consistently. But Greece's policy makers are paralysed by special interests and incapable of reacting with the required speed to the country's crisis, writes the business paper Imerisia: "While the economy demands quick and radical decisions, the politicians are unable to keep up with this pace. ... The main hindrance is their fear of political fallout. Despite repeated statements, assurances and promises this fear dominates them and dictates their behaviour and their decisions. The country is in danger and the economy requires quick and radical measures but the politicians are incapable of renouncing their clientele policy and taking the necessary decisions to ensure the country's survival. ... This applies equally to the ruling party and the opposition."
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Le Figaro - France | Wednesday, 7. September 2011
The French National Assembly on Tuesday approved the new bailout package for Greece, as expected, making France the first country to implement the agreement of July 21. But unfortunately the financial markets are still jittery, and with good reason, writes the conservative daily Le Figaro: » more
The French National Assembly on Tuesday approved the new bailout package for Greece, as expected, making France the first country to implement the agreement of July 21. But unfortunately the financial markets are still jittery, and with good reason, writes the conservative daily Le Figaro: "Of course you can get upset at the speculators, the overreactions of investors and the irrationality of the markets. From summit to summit, has Europe not proved its determination to save Greece, whatever the price? Did it not agree last July 21 on an audacious bailout plan, tailored to Athens' needs? Why, then, do so many suspicions still abound? ... Because we cannot rescue Greece without its active cooperation. Yet two years after receiving the first financial aid package from its partners the country still demonstrates incredible negligence. Its administration is completely disorganised and is even incapable of drawing up a list of the privatisations it has promised to bring about, while tax fraud remains a national sport and goes largely unpunished. Under such circumstances it's hard to see how the state coffers could even start to be filled."
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All available articles from » Gaëtan de Capèle
Naftemporiki - Greece | Thursday, 1. September 2011
Greece raised the VAT on its catering sector from 13 to 23 percent on Thursday. Restaurant and hotel owners have announced that they won't pay the higher tax in protest. That's just typically Greek, complains the business paper Naftemporiki: » more
Greece raised the VAT on its catering sector from 13 to 23 percent on Thursday. Restaurant and hotel owners have announced that they won't pay the higher tax in protest. That's just typically Greek, complains the business paper Naftemporiki: "The VAT hike and the reactions to it bear all the hallmarks of a genuine Greek political and economic mess. ... For years the entire population adhered to a single principle: don't obey the rules. ... But going from 'not obeying' to 'not paying' is just a small step. ... The restaurant owners prefer to react like this instead of presenting good arguments and coming up with their own ideas. This case displays all the typical characteristics of Greece's plight: superficial interests, indifference, a lack of sound counter-proposals."
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All available articles from » Nikos Frantzis
Frankfurter Allgemeine Zeitung - Germany | Friday, 2. September 2011
A parliamentary committee has concluded that Greece's sovereign debt has spiralled "out of control". Faced with a shrinking economy and sinking tax revenues the crisis-stricken country will likely fall short of its cost-cutting targets, a prospect that drives the conservative daily Frankfurter Allgemeine Zeitung to despair: » more
A parliamentary committee has concluded that Greece's sovereign debt has spiralled "out of control". Faced with a shrinking economy and sinking tax revenues the crisis-stricken country will likely fall short of its cost-cutting targets, a prospect that drives the conservative daily Frankfurter Allgemeine Zeitung to despair: "The public and private sector are bloated and uncompetitive as a result of living on credit for so long, which is why the 'rescue billions' will just disappear into the bottomless pit that Greece has become. What can the EU do with a country that is not prepared to change, to introduce structural reforms, because the political will, a functioning administration and the approval of the people are lacking? ... While the parliamentarians of the Eurozone member countries rack their brains for ways to retain the right to determine their national budgets each day more and more bad debts are being passed on from the private sector to the state via the European Central Bank and other one-sided exchange deals. The game that the banks are playing is called dominoes, and it only ends when the last domino has fallen."
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All available articles from » Holger Steltzner
Trouw - Netherlands | Monday, 22. August 2011
The securities received by Finland from Greece worth a billion euros in return for participating in the second euro bailout fund represent a single-handed move that Europe should not allow, writes the Christian-social daily Trouw: » more
The securities received by Finland from Greece worth a billion euros in return for participating in the second euro bailout fund represent a single-handed move that Europe should not allow, writes the Christian-social daily Trouw: "You don't have to be an economist to see that the financial markets don't like it when countries high-handedly take their own measures to secure their contribution to the European bailout operation. ... This is further proof of the Eurozone's lack of a clear leadership and administration. Moreover it raises the question of whether the euro can survive this political vacuum. ... The European heads of state and government have already made the mistake of allowing Greece to join the monetary union. Now they are once again allowing a small country to jeopardise the European currency. This is unacceptable. The Finnish deal must be thwarted. No euro country should be allowed to act single-handedly."
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Aamulehti - Finland | Thursday, 18. August 2011
Finland is to receive guarantees from Greece in return for participating in the second euro rescue package. Some Finnish economists have sharply criticised the agreement between the two states. The liberal daily Aamulehti does not share the criticism, but demands that Finland's Prime Minister Jyrki Katainen and Finance Minister Jutta Urpilainen focus their attention on certain key issues: » more
Finland is to receive guarantees from Greece in return for participating in the second euro rescue package. Some Finnish economists have sharply criticised the agreement between the two states. The liberal daily Aamulehti does not share the criticism, but demands that Finland's Prime Minister Jyrki Katainen and Finance Minister Jutta Urpilainen focus their attention on certain key issues: "Even if the guarantees promised to Finland will not fail to have positive psychological repercussions here at home, Finland can no longer continue with its navel gazing. The mistakes committed at the start of the monetary union cannot be corrected by massive loan packages meant to prevent an economic catastrophe and the collapse of the Eurozone. The Katainen-Urpilainen government must stop fiddling about with guarantees and direct its attention further afield. The question is whether the economic integration outlined by Angela Merkel and Nicolas Sarkozy is also compatible with our government's agenda."
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Eleftherotypia - Greece | Wednesday, 3. August 2011
The Greek taxi drivers' trade union decided on Wednesday to prolong a strike that has gone on for more than two weeks until at least Saturday because the government refuses to meet its core demands. The left-liberal daily Eleftherotypia voices understanding for the strike: » more
The Greek taxi drivers' trade union decided on Wednesday to prolong a strike that has gone on for more than two weeks until at least Saturday because the government refuses to meet its core demands. The left-liberal daily Eleftherotypia voices understanding for the strike: "The extravagant statements about liberalising the markets, boosting competitiveness and promoting growth only conceal the fact that the family silver is being flogged off, the public sector is being sold to private investors, employee rights are being curtailed and only a wealthy minority will benefit from the new direction the economy is taking. The 'taxi driver caste' is just one side of the coin. The other is that the ruling elite want to vilify and marginalise all the strikers. A discredited trade union leadership will have no influence on the state authority. And it will be deprived of its right to oppose government decisions."
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All available articles from » Christos Zervas
Adevărul - Romania | Wednesday, 3. August 2011
The European Commission has proposed making it easier for crisis-stricken countries - including Greece, Portugal and Romania - to apply for EU funding. Their contribution to EU projects is to be reduced from 15 to 5 percent in future, which the daily Adevărul sees as a good idea: » more
The European Commission has proposed making it easier for crisis-stricken countries - including Greece, Portugal and Romania - to apply for EU funding. Their contribution to EU projects is to be reduced from 15 to 5 percent in future, which the daily Adevărul sees as a good idea: "The new measure, described quite rightly as 'a kind of Marshall Plan for economic recovery' by EU Commission president José Manuel Barroso, is intended for those EU countries that are struggling with serious economic problems. The initiative stands for two things: firstly Europe is showing solidarity in the face of the crisis - a message we Romanians in particular will be relieved to hear. Secondly it is the official confirmation that we are incapable of calling up EU funding like everyone else. The 'Marshall Plan' comprises three areas: the cohesion fund, regional development and the fishing industry. ... With a modern infrastructure and an agricultural sector in healthy development even Romania can begin to look good. And this is only the start, because Europe is interested in our recovery to prevent us from continuing to send it millions of job-seekers."
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All available articles from » Grigore Cartianu
Gazeta Wyborcza - Poland | Friday, 29. July 2011
Italy has borrowed almost 8 billion euros on the capital market, requiring it to offer investors a high risk premium. Even following the second rescue package for Greece the debt crisis is continuing to dog the euro, the chief economist of the Polish finance institute PBP Ignacy Morawski writes in the liberal daily Gazeta Wyborcza. He calls for the introduction of euro bonds: » more
Italy has borrowed almost 8 billion euros on the capital market, requiring it to offer investors a high risk premium. Even following the second rescue package for Greece the debt crisis is continuing to dog the euro, the chief economist of the Polish finance institute PBP Ignacy Morawski writes in the liberal daily Gazeta Wyborcza. He calls for the introduction of euro bonds: "The project to issue euro bonds is currently only being outlined in the newspapers. Yet the likelihood that the politicians will seriously consider it is great. If Ireland and Portugal don't succeed in restoring their creditworthiness by the end of the coming year, a new rescue package of around 90 billion euros may be necessary. For that is what will be required to service the loans for the years 2013 to 2015, not counting the public loans. In addition, a further 350 billion euros may be needed if the crisis spreads to Spain."
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All available articles from » Ignacy Morawski
Il Sole 24 Ore - Italy | Tuesday, 26. July 2011
Following the euro states' decision to make private creditors contribute to rescuing Greece, the US rating agency Moody's downgraded the country's creditworthiness by three notches on Monday. That was to be expected, the business newspaper Il Sole 24 Ore believes and calls for the introduction of eurobonds to overcome the crisis: » more
Following the euro states' decision to make private creditors contribute to rescuing Greece, the US rating agency Moody's downgraded the country's creditworthiness by three notches on Monday. That was to be expected, the business newspaper Il Sole 24 Ore believes and calls for the introduction of eurobonds to overcome the crisis: "In order not to incur the risk of once again having to stop the leak at the last moment and at an ever higher price, there is only one solution: the introduction of euro bonds. European government bonds could in future be used to fight the fires in the forests of state debt and to crank up the economies again. ... They would guarantee the financing of large trans-European projects and infrastructures necessary to optimise the internal European market and the single currency. How long will it take before Germany and the rich and virtuous countries of the north see sense and bow to the inevitable?"
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All available articles from » Adriana Cerretelli
Jyllands-Posten - Denmark | Saturday, 23. July 2011
The second rescue package for Greece is not a cure-all solution, warns the conservative daily Jyllands-Posten: » more
The second rescue package for Greece is not a cure-all solution, warns the conservative daily Jyllands-Posten: "There remains a danger that despite its 440 billion euros the rescue fund won't be enough if Spain and Italy come under pressure at the same time. One precondition is of course that the Greeks don't fall back into the same rut. Moreover, the euro crisis is just one of several crises looming over the global economy and darkening the sky. No agreement on austerity measures has yet been reached in the United States. ... And even the current European strategy combined with an agreement in the United States still wouldn't work wonders. On the contrary, both solutions will make the situation more difficult for many in the short term. On both sides of the Atlantic the political agenda is dominated by a bid to economise, which will inevitably prolong the slump that has sent unemployment figures to record levels since 2008."
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Les Echos - France | Friday, 22. July 2011
With their new bailout plan for Greece and the euro, the heads of state and government of the Eurozone are not just putting out fires that are already burning but taking action to effectively protect euro states against speculation, the business paper Les Echos writes: » more
With their new bailout plan for Greece and the euro, the heads of state and government of the Eurozone are not just putting out fires that are already burning but taking action to effectively protect euro states against speculation, the business paper Les Echos writes: "Three minor revolutions have taken place. First the interest rates for the three weakest countries that have already received bailouts will be set below the average for the Eurozone: This constitutes a transfer of wealth and a genuine show of solidarity among European taxpayers. Secondly, we are moving closer to a eurobonds system without this being said openly, because this development is barely apparent behind all the complex legalese. And thirdly, the solidarity fund will take preventive action rather than waiting until the fire is already burning to intervene - also on the secondary markets. This is an important weapon against speculation."
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All available articles from » Dominique Seux
Ta Nea - Greece | Friday, 22. July 2011
The bailout package approved by the 17 Eurozone countries is good news for Greece, writes the left-liberal and pro-government daily Ta Nea, adding that the Greeks must do their bit too: » more
The bailout package approved by the 17 Eurozone countries is good news for Greece, writes the left-liberal and pro-government daily Ta Nea, adding that the Greeks must do their bit too: "Our EU partners haven't turned their backs on us. ... Instead they are trying to overcome their differences and avoid the greatest obstacles to rescuing Greece. This has enabled them to make a decision that would have been absolutely taboo a few months ago. ... At the same time the 17 heads of state and government have sent a clear signal to speculators that the single currency will be backed at all cost. ... All this is good news for Greece but it's not enough. The Greek prime minister and his deputy are returning from Brussels with full suitcases for the first time in ages, but they will be confronted with chaos. ... It's obvious that if we want the others to save us we must first decide whether we want to be saved."
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Hospodářské noviny - Czech Republic | Friday, 22. July 2011
The decisions taken at the EU summit on helping Greece chart the way out of the crisis, the business Hospodářské noviny writes in delight: » more
The decisions taken at the EU summit on helping Greece chart the way out of the crisis, the business Hospodářské noviny writes in delight: "At long last the Eurozone deserves our praise. The plan for bailing out Greece and other problem states seems to be a viable, long-term, rational course that will stimulate the economy. That's better than anything we dared to hope for originally. ... The idea of a Marshall Plan for Greece to help its economy, boost investments and secure sustainable growth for the country is nothing less than brilliant. It's also a positive development that the banks have expressed their commitment to the plan, even if certain details still need to be sorted out. ... The main thing is that so far the markets have reacted positively to the proposals, and this is evident in the rise in the value of the euro. And also the fact that the investors are expressing their satisfaction. The summit hasn't completely resolved Europe's debt crisis but at least it has marked out the way to end this crisis."
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All available articles from » Julie Hrstková
El Mundo - Spain | Friday, 22. July 2011
Following the agreement reached at the special summit in Brussels, the conservative daily El Mundo fears that the new terms for Greek loans could be rated as a default: » more
Following the agreement reached at the special summit in Brussels, the conservative daily El Mundo fears that the new terms for Greek loans could be rated as a default: "Many experts interpreted the agreement yesterday as a covert default on payment because after all Greece is being allowed to avail itself of several mechanisms to pay back less money over a longer period of time, just as companies do with their creditors when they declare bankruptcy. The European stocks rose in reaction to the imminent agreement while the risk premiums for Spain and Italy fell. Now we must wait and see how the markets react to the small print in the agreement, and above all whether the rating agencies will downgrade their ratings for the money institutes and certain heavily indebted countries."
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The Guardian - United Kingdom | Thursday, 21. July 2011
To solve the crisis in the Eurozone Germany must soften its stance, writes the left-liberal daily The Guardian: » more
To solve the crisis in the Eurozone Germany must soften its stance, writes the left-liberal daily The Guardian: "The outlines of a solution are reasonably clear. There will have to be debt reduction in Greece and other insolvent countries, with a consequent recapitalisation of the banks affected by that reduction, followed by joint action to support Italian bonds and, probably, the issue of eurobonds. It is true that Germany will lose if a scheme of this kind is adopted. There would be loss of face in abandoning policies it had vowed to pursue. Yet, against that, Germany's prestige as a European leader would be restored and a eurozone that is vital to German exports saved from fragmentation. Slowly, very slowly, Ms Merkel has begun to bend. We will soon know whether she has bent far enough."
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ACUM - Romania | Thursday, 21. July 2011
Romania wants to join the euro in 2015, but in view of the current euro crisis the online paper Acum strongly advises against it: » more
Romania wants to join the euro in 2015, but in view of the current euro crisis the online paper Acum strongly advises against it: "Now, when the euro withdrawal of countries like Greece is no longer a utopia, Romania wants to be part of a currency which is tailored to Germany, the Netherlands, Finland and Austria. It's an illusion to believe that the euro is some sort of protective shield, like the EU is in general, or Nato. If the crisis intensifies and it turns out that it is too expensive to keep a country from bankruptcy, tax payers in the major euro countries - particularly in Germany and France - will simply dig in their heels and stop paying. It is by no means absurd to believe that the European single currency will fail. ... Which is why it would be more prudent if public opinion were more sceptical about joining the euro. But the issue is being all but ignored and it looks as if the Romanians will be running, whistling cheerfully, towards their downfall."
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All available articles from » Petru Clej
El País - Spain | Thursday, 21. July 2011
German Chancellor Angela Merkel is under enormous pressure at today's EU summit, the left-liberal daily El País notes: » more
German Chancellor Angela Merkel is under enormous pressure at today's EU summit, the left-liberal daily El País notes: "Time is running out, and the room for manoeuvre is diminishing. The time is coming, perhaps today, when the fate of the euro will be sealed. It depends on Angela Merkel, the most powerful but also the most stubborn woman in the world. She has been dragging her feet for 18 months now, resisting the logic that she herself has defended: if the euro falls, Europe will fall along with it. There can no longer be any doubts regarding the Greek debt crisis: the labyrinth into which we have plunged, guided by Germany's growing aversion to European integration, has only one exit: more European integration. Even if it means breaking with the German taboos forbidding anything that would turn the EU into a transfer union, be it by bailing out insolvent countries, creating eurobonds or having the European Central Bank purchase devalued debts."
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All available articles from » Lluís Bassets
Blog Coulisses de Bruxelles - France | Tuesday, 19. July 2011
German Chancellor Angela Merkel has learned nothing from last year's Greece crisis in which she only agreed to the establishment of the European Stability Fund under pressure from US President Barack Obama, writes Jean Quatremer in his blog Coulisses de Bruxelles: » more
German Chancellor Angela Merkel has learned nothing from last year's Greece crisis in which she only agreed to the establishment of the European Stability Fund under pressure from US President Barack Obama, writes Jean Quatremer in his blog Coulisses de Bruxelles: "Obama knows that the key to solving the crisis once again lies in Berlin. By hesitating to take swift and decisive action to end the crisis the German government has only prolonged it for eighteen months. Angela Merkel has once again shown that she hasn't changed and has learned nothing from the crisis. Indeed, she has stifled the expectations of those who had hoped that the heads of state and government would be capable of producing a definitive solution."
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All available articles from » Jean Quatremer
El País - Spain | Wednesday, 20. July 2011
The heads of state and government of the euro countries must take clear decisions at their summit on Thursday otherwise Europe's credibility will be at risk, warns the left-liberal daily El País: » more
The heads of state and government of the euro countries must take clear decisions at their summit on Thursday otherwise Europe's credibility will be at risk, warns the left-liberal daily El País: "Tomorrow's summit will be decisive for the Eurozone. It would be an exaggeration to say that the survival of the single currency depends on this meeting of the Euro Group, but it's clear that Europe's reputation as a respected monetary union and political entity depends on the finance ministers sending a clear message on the second bailout package for Greece. ... Angela Merkel knows very well that the euro will go through months of unnecessary pain unless a clear message is sent to the following effect: Greece will receive a second bailout, probably with voluntary debt rescheduling on the part of private creditors, and the rating agencies won't classify this bailout as a default."
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Kathimerini - Greece | Wednesday, 20. July 2011
Greece's taxi drivers have been demonstrating since Monday against the EU's plan to open up "closed" professions, and there is concern that this could turn ... » more
Greece's taxi drivers have been demonstrating since Monday against the EU's plan to open up "closed" professions, and there is concern that this could turn into a long-term strike. Initially, though, they plan to strike until Friday. The conservative daily Kathimerini analyses the lack of transparency in the taxi driving profession. "The liberalisation of access to the sector is not so much a problem of numbers, although in Athens and other cities taxi numbers are inordinately high. The main problem for years now has been the lack of transparency surrounding the procuring of licences and their transferral to other people. ... The licence has become a major, but obscure investment. There are people who own licences and yet have nothing to do with the profession. The transferral of licences often involves tax evasion. ... The whole thing reeks of corruption."
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Lidové noviny - Czech Republic | Thursday, 14. July 2011
The Italian government has announced a tougher economy drive and economic reforms in the face of the European debt crisis. For their part the smaller ... » more
The Italian government has announced a tougher economy drive and economic reforms in the face of the European debt crisis. For their part the smaller southern European crisis states should leave the Eurozone, the conservative daily Lidové noviny urges, because "if Greece and Portugal go bankrupt it won't destroy the Eurozone. If both countries lost the euro it would solve many problems for them and others too. Europe has enough money to give them the chance of a new start. Italy and Spain, on the other hand, must retain the euro. Spain certainly needs to tidy up its banking system and Italy must scrimp and save. All four countries should reorganise their labour markets with the main goal of providing more jobs for young people. The lack of prospects for the younger generation will lead to a fatal collapse of the social welfare state model. ... If the financial markets saw these steps being taken their faith in Europe could be restored. The measures that are currently being taken are just like flogging a dead horse."
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All available articles from » Pavel Kohout
De Morgen - Belgium | Wednesday, 13. July 2011
Indecisive European politicians and nationalist trends are aggravating the euro crisis and represent a threat to Belgium too, warns the left-liberal daily De Morgen: » more
Indecisive European politicians and nationalist trends are aggravating the euro crisis and represent a threat to Belgium too, warns the left-liberal daily De Morgen: "Yesterday Greece, today Italy and Spain, tomorrow Belgium. For no one stands between us and Berlusconi any more. The euro is one of the greatest achievements of the member states and has generated economic growth and prosperity. But now it is becoming clear that the monetary union cannot survive without rules and solid foundations. ... In addition to a series of European measures that force the member states to exercise discipline, it is also necessary to restore European solidarity. ... But in many countries nationalism is on the rise, countering any sense of solidarity. Citizens are being promised that they will be better off if we return to being little nation states and seek a 19th-century style solution. The Eurozone is in flames, and the state of the European banks and the sovereign debt crisis are closely bound up with each other. This is not the time for indecisiveness."
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All available articles from » Yves Desmet
Kurier - Austria | Wednesday, 13. July 2011
After causing the euro crisis the international banks and rating agencies must be kept on a tight rein, writes the left-liberal daily Kurier: » more
After causing the euro crisis the international banks and rating agencies must be kept on a tight rein, writes the left-liberal daily Kurier: "For days now there has been massive speculation against Italy without the economic data having taken a turn for the worse. So the finance ministers meet up - to do what? They speculate about whether letting Greece go bust wouldn't be an option after all. Meanwhile some trading centres have already forbidden so-called forward sales for certain shares. So it can be done. The financial industry must also abide by the politicians' rules. But the Commission and the EU governments must finally give clear instructions. The citizens need to experience Europe as a governing power that can stop speculators. The will is finally there: now we want to see results."
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All available articles from » Helmut Brandstätter
To Ethnos - Greece | Tuesday, 12. July 2011
By delaying the Greek bailout the EU has put many countries in danger, writes the left-liberal daily To Ethnos: » more
By delaying the Greek bailout the EU has put many countries in danger, writes the left-liberal daily To Ethnos: "With the alleged goal of making private creditors participate in a solution to the crisis in Greece, Germany and the other northern European countries have found themselves in a vicious circle. It delayed the crisis for a couple of months and has put not just Greece but also other countries in southern Europe at the mercy of the rating agencies. Time is running out. The Greek government's warning to the Europeans that there must be no more delays sounds dramatic, like the very last call for help. ... The EU must now prove that it has a leadership that is listening to that call."
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Financial Times Deutschland - Germany | Wednesday, 13. July 2011
The longer the Eurozone's finance ministers in Brussels struggle to find a solution to the crisis, the more the business newspaper Financial Times Deutschland is reminded of the fairytale The Emperor's New Clothes: » more
The longer the Eurozone's finance ministers in Brussels struggle to find a solution to the crisis, the more the business newspaper Financial Times Deutschland is reminded of the fairytale The Emperor's New Clothes: "Everyone can see that Greece is bankrupt, yet no-one says so, although unlike in Andersen's fairytale they at least admit that the emperor has a serious problem: We recognise that his clothes are torn. We sew patches onto the places where his naked legs show. ... The fact that the crisis has spread so quickly to Italy weakens the argument that we must avoid letting Greece default on its debt at all costs. ... But if a debt restructuring is being considered, it must be tied to the major rescue package - which some EU states are still not prepared to do: banks must be propped up if necessary and recovery programmes worth billions approved. The taxpayer would then de facto be the guarantor for the debt. It is good that we are at last saying out loud that the emperor is naked. But then we should also be prepared to make new clothes for him."
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El País - Spain | Tuesday, 12. July 2011
In both Italy and Spain, the risk premium on public debt rose to record levels on Monday. The left-liberal daily El País talks of the 'darkest day' in the history of the euro and calls for swift action: » more
In both Italy and Spain, the risk premium on public debt rose to record levels on Monday. The left-liberal daily El País talks of the 'darkest day' in the history of the euro and calls for swift action: "To correct this chaos that causes impoverishment and unemployment, Europe (that means Germany, France, the Euro Group and the ECB) must immediately approve the second bailout package for Greece. They can't wait until September because by then it could be too late. The ECB and the Euro Group must send the signal that they are in a position to end the speculation. This is not the time for cautious action, pointless debates or hesitant philosophising that only hinder growth and destroy jobs."
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Die Presse - Austria | Tuesday, 12. July 2011
The EU can't keep injecting money into Italy like it has into Greece, so to avoid the euro crisis engulfing other countries governments must insist that private bondholders participate in the rescue packages, the liberal-conservative daily Die Presse believes: » more
The EU can't keep injecting money into Italy like it has into Greece, so to avoid the euro crisis engulfing other countries governments must insist that private bondholders participate in the rescue packages, the liberal-conservative daily Die Presse believes: "Hence the markets need a clear signal that risk can also mean 'getting your fingers burned'. This means that Greece's debts must be rescheduled as soon as possible with the full 'participation' of private creditors. This would help the country, produce only temporary turbulence on the markets and make domino speculation about other countries more difficult and above all much more risky. Precisely because the Eurozone can't afford permanent bailouts for Italy, it is important that a signal be given quickly."
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All available articles from » Josef Urschitz
Frankfurter Allgemeine Sonntagszeitung - Germany | Sunday, 10. July 2011
German Finance Minister Wolfgang Schäuble has advised the Greeks to invest more in solar energy to overcome the crisis. Yet another ingenious plan, notes the daily Frankfurter Allgemeine Zeitung and comments cynically on how Schäuble must have come up with it: » more
German Finance Minister Wolfgang Schäuble has advised the Greeks to invest more in solar energy to overcome the crisis. Yet another ingenious plan, notes the daily Frankfurter Allgemeine Zeitung and comments cynically on how Schäuble must have come up with it: "Of course the Federal government is still drunk on the success of its own solar industry. ... It's all thanks to the many energetic and influential years of the German solar industry that a proud 1.9 percent of Germany's gross electricity consumption are produced by the sun. ... And yes, dear Greeks, photovoltaics cost money, like so many of the good things in life. It could raise the price of electricity in Greece, increase industrial costs and curtail the buying power of the Greek consumer. But on the other hand, with a solar energy export economy, the country would have the best image possible, which is why funding it would be of little consequence. ... Does that really sound so difficult? A 'thank you, dear Germans' would suffice."
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All available articles from » Winand von Petersdorff
Kathimerini - Greece | Thursday, 7. July 2011
The Greek state is in urgent need of professionals to carry out impending reforms. However, the ruling Socialists of the Pasok party have put off many good people, the conservative daily Kathimerini laments: » more
The Greek state is in urgent need of professionals to carry out impending reforms. However, the ruling Socialists of the Pasok party have put off many good people, the conservative daily Kathimerini laments: "Our politicians have finally realised that there are some issues they can't deal with by themselves and that they urgently require the help of professionals. That goes for privatisation, for the complex negotiations over the country's debt and other important issues. The state administration unfortunately does not have the personnel it needs. There are a couple of people with experience on whom the whole country relies, but that's not enough. The problems are extremely complex and our partners are demanding. ... What is the current problem? The populism Pasok engaged in prior to the recent elections as well as its performance during its first few months in office have been enough to scare off any serious person who might have been considering becoming involved in the adventure of state affairs."
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All available articles from » Alexis Papachelas
To Vima Online - Greece | Tuesday, 5. July 2011
According to statements by Eurogroup head Jean-Claude Juncker, Greece will lose part of its sovereignty as a result of the international bailout measures. Such an assumption is unacceptable, writes the left-liberal, pro-government online paper To Vima: » more
According to statements by Eurogroup head Jean-Claude Juncker, Greece will lose part of its sovereignty as a result of the international bailout measures. Such an assumption is unacceptable, writes the left-liberal, pro-government online paper To Vima: "It is impertinent for the EU to assume that the sovereignty of one of its members will be restricted. That contradicts all logic, every convention and its founding treaty. ... The EU is a union of free, sovereign and democratic states. In the event that this no longer holds we should be informed. It is clear that the statutes have not changed. ... A country with limited sovereignty means a banana republic. That has nothing to do with Europe - it would be an occupied land."
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All available articles from » Giorgos Malouchos
Corriere della Sera - Italy | Wednesday, 6. July 2011
The US rating agency Moody's has downgraded Portugal's long-term government bond ratings by four notches from Baa1 to Ba2. The EU should stop accusing thrifty countries like Germany of lacking willingness to help, writes the liberal conservative daily Corriere della Sera: » more
The US rating agency Moody's has downgraded Portugal's long-term government bond ratings by four notches from Baa1 to Ba2. The EU should stop accusing thrifty countries like Germany of lacking willingness to help, writes the liberal conservative daily Corriere della Sera: "They can't expect Germany alone to shoulder the problems of all the other countries without at the same time taking advantage of the Monetary Union. The notion that Berlin is the main culprit for the escalation of the Greek crisis is a fairytale. If it wasn't for the danger that other countries like Portugal, Spain, Ireland and Italy could be infected, Athens' debts would have been rejected without further ado. But the real problem is precisely this danger of other countries being infected by Greece. So it's really the countries at risk that are mainly to blame. The downgrading of Portugal's credit rating by Moody's demonstrates this."
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All available articles from » Alberto Alesina
Hospodárske noviny - Slovakia | Wednesday, 6. July 2011
Bowing to pressure from other Eurozone countries, Slovakia will presumably take part in the second euro rescue package after refraining from contributing to the first. The business paper Hospodárske noviny criticises the change of heart: » more
Bowing to pressure from other Eurozone countries, Slovakia will presumably take part in the second euro rescue package after refraining from contributing to the first. The business paper Hospodárske noviny criticises the change of heart: "Most analysts are sure it is unrealistic to believe Greece will ever be able to repay its debts. At best it could sell off an island, which appears highly unlikely in view of the Greek public's outrage at the idea. The Greeks still don't want to admit they have to tighten their belts after living for years at the expense of their children and now at the expense of Europe's taxpayers thanks to the foolish euro rescue fund. That we refrained from participating in the bailout a year ago was a rational decision. ... That we are now ready to have a hand in financing Greece is a betrayal of our own principles."
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All available articles from » Igor Vida
Süddeutsche Zeitung - Germany | Tuesday, 5. July 2011
The governments of the euro countries must finally overcome their undue fear of the rating agencies, the left-liberal daily Süddeutsche Zeitung urges: » more
The governments of the euro countries must finally overcome their undue fear of the rating agencies, the left-liberal daily Süddeutsche Zeitung urges: "God must be a US rating agency. There's no other explanation for why seventeen democratically elected governments bite their nails in fear when one of these agencies says what it thinks about Greece. ... The American God named Standard & Poor's has let the Europeans know that it does not want banks, insurance companies and pension funds involved in the Greek bailout. ... Instead of continuing to transfer taxpayers' money through Athens to the financial sector, the euro governments must pluck up their courage. A debt haircut and a major development programme would be a real help to Hellas - and reduce the American gods to what they are: capitalist entrepreneurs."
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All available articles from » Cerstin Gammelin
Il Sole 24 Ore - Italy | Tuesday, 5. July 2011
The only way out of the Greek crisis is a pan-European debt and tax community, writes the business paper Il Sole 24 Ore. "Technically it ... » more
The only way out of the Greek crisis is a pan-European debt and tax community, writes the business paper Il Sole 24 Ore. "Technically it is possible to save Greece. 2014 would have to be the year not just when the budget is balanced but also when a community of debt is formed. The first step would be to convert all of the debts of the individual Eurozone countries into common debts. ... Then the European Central Bank would have to be banned by law from accepting any new issues of bonds by individual countries. It would only be allowed to accept pan-European bonds. ... Once these steps have been taken the strengthened Eurozone could transfer other costs incurred by national budgets and covered by taxes to a European level to gradually turn the national tax burden into a European one."
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All available articles from » Pierpaolo Benigno
L'Echo - Belgium | Tuesday, 5. July 2011
The only chance for the Euro countries in crisis to recover is for them to be expelled from the monetary union, the business paper L'Echo concludes: » more
The only chance for the Euro countries in crisis to recover is for them to be expelled from the monetary union, the business paper L'Echo concludes: "It's a fact that the single currency is impeding the recovery of the debt-stricken countries because it prevents them from devaluing their currencies to boost competitiveness. Adjusting their currencies like this allows struggling countries to give their economies a kick-start. We shouldn't insist on keeping these exhausted states in the Eurozone at all costs. The priority should be to get their orderly exit from the monetary union underway. ... The Greeks are paying the price for 20 years of mismanagement, lax tax policies and fraud. The country will undoubtedly go bankrupt, and it must revert to the drachma."
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All available articles from » Mischaël Modrikamen
Blog Pitsirikos - Greece | Friday, 1. July 2011
The Athens police used tear gas and truncheons against demonstrators protesting the Greek austerity programme on Wednesday, with the result that 500 demonstrators and 40 police officers suffered injuries. The more violence a government uses against its citizens, the weaker it is, writes blogger Pitsirikos: » more
The Athens police used tear gas and truncheons against demonstrators protesting the Greek austerity programme on Wednesday, with the result that 500 demonstrators and 40 police officers suffered injuries. The more violence a government uses against its citizens, the weaker it is, writes blogger Pitsirikos: "What happened over the past two days on and around Syntagma Square speaks volumes about the situation the government and the entire political find themselves in now. ... The state's brutality, which all demonstrators have now experienced directly, proves that the government is defeated. ... The truly strong don't need to resort to violence. They prefer to convince others with their arguments. The end of the government is nigh. Its victory in the vote on the austerity package was at the same time its defeat. Syntagma Square is full once more."
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Neue Zürcher Zeitung - Switzerland | Thursday, 30. June 2011
By passing the austerity programme the Greek parliament has averted the country's bankruptcy for the time being. But this won't help Greece much if it doesn't tackle deep-rooted problems like clientelism at the same time, writes the liberal-conservative Neuw Zürcher Zeitung: » more
By passing the austerity programme the Greek parliament has averted the country's bankruptcy for the time being. But this won't help Greece much if it doesn't tackle deep-rooted problems like clientelism at the same time, writes the liberal-conservative Neuw Zürcher Zeitung: "The difficult times of implementation are still ahead and an improvement of the situation is still a long way off because it requires comprehensive structural reforms. The entire political system, one of the mainstays of which is the ... clientelism deeply entrenched in Greek society, also needs to be overhauled. Time is pressing because Greek society's confidence in the ability of the country's political institutions to function is dwindling to nothing. This is hardly surprising when politicians who are hardly ever called to account for their misdeeds cling fiercely to their privileges yet demand more and more sacrifices from the people."
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All available articles from » Cyrill Stieger
Lidové noviny - Czech Republic | Thursday, 30. June 2011
The reasons for the crisis lie not in Greece but in the headlessness of the European Union, writes the conservative daily Lidové noviny: » more
The reasons for the crisis lie not in Greece but in the headlessness of the European Union, writes the conservative daily Lidové noviny: "The problem is that neither the EU nor the Eurozone have a real leader who communicates, plans and takes action in a concerted way. This crisis exposes beautifully and unsparingly all the infirmities of the EU. It would be the height of absurdity if at the end of this crisis the sort of tax union is pushed through which is already being called for in Brussels and countries with high tax burdens. That would really be the sad end of this spectacle that only looks like just a Greek tragedy."
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All available articles from » Jan Kadaník
Hospodárske noviny - Slovakia | Thursday, 30. June 2011
Passing an austerity package is simple, but pushing it through is far more difficult, writes the business paper Hospodárske noviny: » more
Passing an austerity package is simple, but pushing it through is far more difficult, writes the business paper Hospodárske noviny: "The Greeks have already failed to implement their resolutions. Last year they failed to meet the conditions for a bailout from the EU and the IMF. Now they've been given another chance. But even yesterday's vote in parliament was pushed through by the EU. The conditions were clear: either you economise or the money flow will run dry and you will go bankrupt. ... Most economists say it will take dozens of years before Greece can pay back its debts, but for that to happen at all it needs an economic upswing, and that won't come about if state outlays continue to be slashed. Public contracts and orders are a precondition for growth. From that perspective everything is upside down in Greece."
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Ta Nea - Greece | Wednesday, 29. June 2011
The Greek parliament votes on a comprehensive austerity package today. The cuts are a prerequisite for Greece receiving the next instalment of credit from the EU and IMF's bailout programme. The left-liberal daily Ta Nea doubts the efficacy of the cuts and believes Greece can no longer escape bankruptcy: » more
The Greek parliament votes on a comprehensive austerity package today. The cuts are a prerequisite for Greece receiving the next instalment of credit from the EU and IMF's bailout programme. The left-liberal daily Ta Nea doubts the efficacy of the cuts and believes Greece can no longer escape bankruptcy: "Even if the reform programme is passed today few believe the country can be saved. ... The logic is simple: the goals of this programme border on the impossible. And even if they are realised they would hardly improve the situation. ... An example: the programme foresees additional state revenues of 6.5 billion euros for the second half of 2011. ... We're talking about three percent of the GDP here! Additional revenues of 1.1 billion per month! Any sensible person would describe these goals as unattainable. And they would also pray that this is the case. ... Because a country that has already been in deep recession for three consecutive years will no doubt end up on the brink of bankruptcy once more."
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All available articles from » Giannis Pretenteris
Der Standard - Austria | Tuesday, 28. June 2011
The trade unions in Greece began a 48-hour strike today in protest at the government's new austerity programme, which is aimed at saving 78 billion euros and due to be put to vote in parliament this week. The left-liberal daily Der Standard fears the decline of Greek society: » more
The trade unions in Greece began a 48-hour strike today in protest at the government's new austerity programme, which is aimed at saving 78 billion euros and due to be put to vote in parliament this week. The left-liberal daily Der Standard fears the decline of Greek society: "The Greeks have lost all hope that their government and the EU institutions have anything to offer beyond a paralysing, deflating austerity programme. The increased readiness to use violence is a worrying sign that the social structures threaten to crumble because the distribution of assets and status is leading to growing inequality and because in the midst of the crisis people feel (not only in Greece) that the rich are getting richer and the poor are getting poorer. ... The risks of infection resulting from the Greek crisis are the result of the inability of the political staff to act - not just in Athens but all over Europe."
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All available articles from » Paul Lendvai
Delfi - Estonia | Monday, 27. June 2011
The EU heads of state and government agreed on new financial aid for Greece at their summit in Brussels last week. But according to web portal Delfi the danger of the debt crisis expanding has still not been banished: » more
The EU heads of state and government agreed on new financial aid for Greece at their summit in Brussels last week. But according to web portal Delfi the danger of the debt crisis expanding has still not been banished: "As long as Germany and France are prepared to carry the losses as Greece's major creditors nothing too dramatic will happen. But the forbearance of the two leading EU states will at some point wear out when they see that the impact on the financial markets is less than expected. It's difficult to say which side will lose its patience first: the Greeks who are being forced to put up with more and more austerity measures or the financial backers who have to cover the losses that this proud people have caused. But sooner or later it will happen and then the financial system of the entire world is in danger. This is why a couple of capable economists should start looking right now for completely different solutions to the debt crisis."
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All available articles from » Ivar Raig
Kathimerini - Greece | Friday, 24. June 2011
Angela Merkel and other European heads of government on Thursday criticised Antonis Samaras, the conservative leader of the opposition in Greece, because his party rejects further austerity measures. But it's not Samaras' fault that the Eurozone is collapsing, writes the conservative daily Kathimerini: » more
Angela Merkel and other European heads of government on Thursday criticised Antonis Samaras, the conservative leader of the opposition in Greece, because his party rejects further austerity measures. But it's not Samaras' fault that the Eurozone is collapsing, writes the conservative daily Kathimerini: "The Eurozone is a nightmare of budget deficits and debts. And the fate of Greece is a clear warning to the other countries. We all know this. But Berlin and Brussels don't want to admit that the financial aid recipe was the wrong one. They prefer to see the Greek people suffer and therefore don't accept Samaras' demands for a renegotiation of the financial aid. For sure, the crisis is here and it's a serious one. But Europe hasn't lost this battle yet, nor does it want to commit suicide. Behind the euro and the debts of the Eurozone lie 17 states whose leaderships are characterised above all by disunity, ambivalence and insecurity. So it's ridiculous that they're now all ganging up against Antonis Samaras."
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All available articles from » Zeza Zikou
The Guardian - United Kingdom | Thursday, 23. June 2011
In the eyes of the left-liberal daily The Guardian the cleverest solution to the Greek crisis would be for Greece to default on its debts: » more
In the eyes of the left-liberal daily The Guardian the cleverest solution to the Greek crisis would be for Greece to default on its debts: "Economically, socially and now politically, the status quo is unsustainable. Instead of postponing the inevitable Greek default, it would be far smarter to prepare for it. Eurozone policymakers need to recapitalise Greek and other eurozone banks with major Greek exposure in return for equity stakes. They also need to reaffirm their commitment to stand behind European interbank lending, and to keep pumping money into the system. There should follow an ordered default on Greek sovereign and commercial debt, including an audit of the outstanding obligations to see if some of the debt is odious and should not be repaid at all. And there must be a sharp relaxation of the austerity plans. Let us not kid ourselves that this will be easy - but at least it will not be as impossible as achieving the kind of suicidal austerity that Greece is being forced to follow."
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Protagon - Greece | Thursday, 23. June 2011
The Greek police on Wednesday arrested ten suspects involved in a football betting scandal, including several club presidents, on charges of money laundering and manipulating game results. Clearing up the scandal will be a catharsis for Greek football, writes the Internet portal Protagon: » more
The Greek police on Wednesday arrested ten suspects involved in a football betting scandal, including several club presidents, on charges of money laundering and manipulating game results. Clearing up the scandal will be a catharsis for Greek football, writes the Internet portal Protagon: "This story, which has shaken Greek football to the core since yesterday, provides a unique chance to advance the state of Greek football. ... At the moment Greek fans seem readier than ever to accept bitter disappointments regarding their teams. ... If the volcano that has now erupted can eradicate all that's bad from Greek football, the people will once more come back to the stadia in droves. Even if the ensuing games are the worst we've ever seen they will at least be genuine. And that is all that counts."
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All available articles from » Giannis Koufonidis
Il Sole 24 Ore - Italy | Wednesday, 22. June 2011
Even Greek Prime Minister Papandreou's successful bid for a vote of confidence won't help to prevent the massive capital flight from the country, according to the liberal business daily Il Sole 24 Ore: » more
Even Greek Prime Minister Papandreou's successful bid for a vote of confidence won't help to prevent the massive capital flight from the country, according to the liberal business daily Il Sole 24 Ore: "Forty billion euros have been withdrawn from Greek bank accounts since the beginning of 2010, almost a fifth of the entire capital. Now this trend is apparently accelerating. ... Greek banks are in great danger. A further crisis would bring them all down because the banks - from the National Bank of Greece to the Eurobank, Alpha Bank, Piräus Bank and ATE Bank - are all the main creditors of Greece's national debt. All relatively small banks, they hold 50 billion in government bonds alone. ... If Greece doesn't emerge from the crisis those bonds will become waste paper. Their devaluation would liquidate the entire assets of the banks and bring them down. So from this perspective the flight of the investors is entirely understandable."
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Süddeutsche Zeitung - Germany | Wednesday, 22. June 2011
With the vote of confidence from the Greek parliament Prime Minister Giorgos Papandreou has won a battle, but not the war, writes the left-liberal daily Süddeutsche Zeitung: » more
With the vote of confidence from the Greek parliament Prime Minister Giorgos Papandreou has won a battle, but not the war, writes the left-liberal daily Süddeutsche Zeitung: "The pressure from the citizens is mounting. ... With his indecisiveness Papandreou has gambled away his best asset: the willingness of the Greeks to make sacrifices. ... If anger and despair are now taking the place of reasonableness, it's because Papandreou took the soft option: he cut costs where it was easiest, targeting pensioners, workers and employees. So far structural reforms have got no further than the paper they're written on; the old kleptocracy can still feel safe. 'The trouble is at the top', wrote the Kathimerini newspaper. If Papandreou doesn't show the strength and courage that the Greeks can expect from their leader in these times of crisis, Wednesday's victory will soon be worthless."
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To Vima Online - Greece | Wednesday, 22. June 2011
Although Greece's Prime Minister Giorgos Papandreou has survived the vote of confidence in parliament the left-liberal online paper To Vima doesn't quite believe in further financial aid from the EU: » more
Although Greece's Prime Minister Giorgos Papandreou has survived the vote of confidence in parliament the left-liberal online paper To Vima doesn't quite believe in further financial aid from the EU: "The Europeans can't understand that Greece's political elite, which grow up living on the fat of the land and went to America's and Europe's best universities prefers to allow the mood of the people to guide its politics. ... So we shouldn't be so sure of the EU's money yet. We are labouring under a misapprehension. The financial help can be refused any time precisely because we believe that we can go on receiving it forever. Because we feel important and are the proud heirs of Ancient Greece."
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All available articles from » Antonis Karakousis
Právo - Czech Republic | Wednesday, 22. June 2011
Seventy years ago World War II entered a new phase with Germany's attack on the Soviet Union. Jiří Hanák reminds readers of the left-leaning daily Právo that the egoism of Europe's nation-states was one reason for the war, and draws parallels to the Greek crisis: » more
Seventy years ago World War II entered a new phase with Germany's attack on the Soviet Union. Jiří Hanák reminds readers of the left-leaning daily Právo that the egoism of Europe's nation-states was one reason for the war, and draws parallels to the Greek crisis: "Europe got back on its feet and opted for co-operation and union. The Czech Republic has been a member of the EU for seven years already, but unfortunately it's behaviour has been anything but good. Now it is egoistically withholding both solidarity and aid for Greece. And on top of that the government has refused to agree to the foreign minister's new diplomatic concept on the grounds that it is supposedly too pro-European. ... The EU's list of sins is as long as a dog's tail, but it's the only anchor we have. ... For that reason any foreign policy that seeks to guarantee the security of the republic must be unegoistic and pro-European."
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All available articles from » Jiří Hanák
Tiroler Tageszeitung - Austria | Tuesday, 21. June 2011
Greece will receive additional financial help on the condition that it push through further measures. The country must finally show it can be relied on to help resolve the euro crisis, the liberal conservative daily Tiroler Tageszeitung demands: » more
Greece will receive additional financial help on the condition that it push through further measures. The country must finally show it can be relied on to help resolve the euro crisis, the liberal conservative daily Tiroler Tageszeitung demands: "It was high time the euro countries put Athens under pressure and demanded to see things start happening before further billions change hands. For too long the lender countries have allowed themselves to be led along by the nose with promises of austerity and reforms on paper. Sixteen months and no end of billions after the bailout, Greece is still dangerously close to the precipice. The euro countries have saved the country from bankruptcy and all we receive in thanks are ugly images of violence and protest. Corruption is still rife in Greece, and the government has not managed to slim down the state apparatus, which is bloated with hundreds of thousands of unsackable civil servants. The time has come to act. Greece has been given a last chance to show that it is a reliable euro partner. If it now fails to meet this ultimatum the country will be beyond help."
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The Daily Telegraph - United Kingdom | Tuesday, 21. June 2011
The Eurozone has no choice but to bolster Greece, the conservative newspaper The Daily Telegraph writes: » more
The Eurozone has no choice but to bolster Greece, the conservative newspaper The Daily Telegraph writes: "The hard reality is that, unpalatable though it may seem, there is no real alternative to shoring up Greece. Its economy must be stabilised before serious thought can be given to the long-term restructuring of the single currency, which must now surely be unavoidable. There is some consolation for this country in that we will not be expected to contribute to this latest rescue mission, other than through our subscription to the International Monetary Fund. The big questions now are whether the Greek people will swallow their medicine and, even more pertinently, whether long-suffering German taxpayers will continue to stump up billions for their prodigal Eurozone partner."
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Adevărul - Romania | Tuesday, 21. June 2011
The euro countries have made further loans for Greece conditional on it adopting a stringent austerity programme. The situation is extremely serious, writes the daily Adevărul: » more
The euro countries have made further loans for Greece conditional on it adopting a stringent austerity programme. The situation is extremely serious, writes the daily Adevărul: "Imminent state bankruptcy and the prospect of uncontrollable social revolts are now hanging over the Greeks on an even thinner thread than that which held the sword of Damocles in Syracuse. ... Given the economic state of the country no one knows whether Greece can pay back its colossal debts. But now it's about finding an immediate solution that will enable the country to function again. ... Prime Minister Papandreou is desperately trying to win time: with a vote of confidence and the passing of new austerity measures by parliament. At the same time he wants to prevent a social explosion. He has appealed to national consensus and promised a referendum for the autumn in which the people will be asked whether they are prepared to accept even more far-reaching reforms, because he knows that there must be collective suffering for some years to come."
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All available articles from » Dinu Flamand
Blog Coulisses de Bruxelles - France | Monday, 20. June 2011
In reshuffling his cabinet Prime Minister Giorgos Papandreou has brought on board his former rival in the fight for party leadership as finance minister and deputy prime minister. A sign of weakness, writes Jean Quatremer in his blog Coulisses de Bruxelles: » more
In reshuffling his cabinet Prime Minister Giorgos Papandreou has brought on board his former rival in the fight for party leadership as finance minister and deputy prime minister. A sign of weakness, writes Jean Quatremer in his blog Coulisses de Bruxelles: "Weakened by eighteen months of austerity, the Socialist prime minister has to all intents and purposes given his principal rival within Pasok, Evangélos Venizelos, the keys to his government. This lawyer has been in all the socialist governments since 1993. He is now deputy prime minister and minister of finance, replacing Giorgos Papaconstantinou. This competent economist is very highly regarded by Greece's international creditors, but has never been able to make his mark on the party (he was allocated to the ministry for the environment). ... The socialist deputies give him almost all the blame for the disastrous situation in the country, and have wanted his scalp for a long time."
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Público - Portugal | Sunday, 19. June 2011
Germany has given up its tough conditions for the Greek bailout and agreed with France on Friday to allow the banks to participate only on a voluntary basis. Typical behaviour for Germany, writes the daily Público: » more
Germany has given up its tough conditions for the Greek bailout and agreed with France on Friday to allow the banks to participate only on a voluntary basis. Typical behaviour for Germany, writes the daily Público: "Germany only retracts its mistakes when threatened with disaster. The euro crisis reflects these doubts. ... Germany should be part of the solution but insists on remaining part of the problem and acts only when the crisis becomes practically unbearable. ... The leadership of the state that profits most from the single currency is still incapable of recognising its role in this crisis. It still prefers to indulge in navel-gazing rather than assuming its transnational responsibilities. Fortunately Germany has averted chaos by steering the middle course of agreement, affording Greece and the euro at least a brief respite."
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To Ethnos - Greece | Sunday, 19. June 2011
The Greek Prime Minister Giorgos Papandreou reshuffled his cabinet on Friday. The new finance minister is Evangelos Venizelos, who is seen as a man who gets his way. But with the reshuffle Papandreou has not addressed the real problems with his socialist party Pasok, writes the left-liberal daily To Ethnos in its Sunday edition: » more
The Greek Prime Minister Giorgos Papandreou reshuffled his cabinet on Friday. The new finance minister is Evangelos Venizelos, who is seen as a man who gets his way. But with the reshuffle Papandreou has not addressed the real problems with his socialist party Pasok, writes the left-liberal daily To Ethnos in its Sunday edition: "All the different wings of Pasok have demanded and received a post in the new government from the weakened prime minster, swiftly defusing the internal party feuding. Those close to the prime minister have paid the price. Some of Giorgos Papandreaou's close confidantes have been removed from their posts, others demoted. But Pasok's real problem is not the internal conflicts or the opposition, but the hundreds of thousands of outraged citizens on Syntagma Square and other squares all over the country. They are completely ignoring this cabinet reshuffle. The social crisis has not been defused in the slightest."
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Hospodářské noviny - Czech Republic | Monday, 20. June 2011
Greece has effectively long been bankrupt but Europe keeps playing for time, the business paper Hospodářské noviny complains: » more
Greece has effectively long been bankrupt but Europe keeps playing for time, the business paper Hospodářské noviny complains: "The Eurozone's attitude remains unchanged, even if it takes more and more energy to maintain it. Officially Greece is not allowed to collapse. Its creditors must now voluntarily shoulder their share of the Greek tragedy. ... In practice Greece has been bankrupt for a long time, something the other countries have long known. The only thing that prevents them from abandoning their protective stance towards Athens is that they have no idea what it would cost for the country to go bankrupt. However it's high time they worked it out, because the cost of not allowing Greece to go bankrupt is anything but tempting."
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The Times - United Kingdom | Friday, 17. June 2011
The Germans bear partial responsibility for Greece's crisis and must now pay the price, writes the conservative daily The Times: » more
The Germans bear partial responsibility for Greece's crisis and must now pay the price, writes the conservative daily The Times: "The German people's attitude is particularly galling because they have been huge beneficiaries of the euro. Interest rates set too low for the peripheral countries fuelled a boom that led to a surge in German exports. Indeed, it was the huge trade deficits that weaker members built up with Germany that led to the mounting public and private debt behind the current crisis. The Germans do not accept any of the blame, of course. They just feel that they are being ripped off by profligate Greeks and greedy bankers. ...If German taxpayers want the euro to survive they are going to have to foot the bill in the end. The sooner they get used to the idea the better."
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Le Monde - France | Friday, 17. June 2011
The German demand for a debt restructuring for Greece must not be put into practice, the left-liberal daily Le Monde urges, siding with the European Central Bank: » more
The German demand for a debt restructuring for Greece must not be put into practice, the left-liberal daily Le Monde urges, siding with the European Central Bank: "In fact we must look still further. Putting out this fire will not be enough: the crisis is profound and the fire will flare up again with the first gust of wind. Even after its debt has been restructured Greece will still have to borrow money on the markets to make ends meet. Who will lend it, and at what rate? And above all, what will this do to the credit rating of the Eurozone, whose construction is far from complete? The ECB is right. Only long-term solutions can cure the evil at its root."
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Berliner Zeitung - Germany | Friday, 17. June 2011
The Debt crisis in Greece, nuclear power, E. coli - why are the Germans afraid of just about everything that comes their way? trend researcher Matthias Horx asks in the left-liberal daily Berliner Zeitung, giving two answers: » more
The Debt crisis in Greece, nuclear power, E. coli - why are the Germans afraid of just about everything that comes their way? trend researcher Matthias Horx asks in the left-liberal daily Berliner Zeitung, giving two answers: "Children who were traumatised in their childhood by violence or abuse, as epigenetic researchers tell us, can in fact pass on their propensity for fear to their descendants. ... Millions of Germans who had to flee their homes or were witness to social collapse, the loss of possessions and war have passed these fears on to their children, and now these fears are bound up with current phenomena. Greece is Weimar [synonym for the failed democracy prior to the Nazi dictatorship]. ... Nevertheless, no one has yet given the simplest answer. ... Those who are afraid enjoy privileges. They can never be wrong because if things don't turn out as bad as feared, it's because they were so good at sending out the warning signal. Fear ennobles. Fear authorises. Those who are afraid relieve themselves of responsibility. The anthropologists tell of the shaman phenomenon whereby the 'doom-sayers' have always had the best huts and the best meat. Or in our society it's simply that this childish regression pays off. With broadcast time, attention and the comforting feeling of sharing the same fate."
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Courrier International - France | Friday, 17. June 2011
German national interests are blocking the Greek bailout, France is hindering the redistribution of EU subsidies and the Flemish want to separate from the Walloons. Everyone in Europe just thinks about themselves, writes the publisher of Le Courrier International, Philippe Thureau-Dangin, in the liberal weekly: » more
German national interests are blocking the Greek bailout, France is hindering the redistribution of EU subsidies and the Flemish want to separate from the Walloons. Everyone in Europe just thinks about themselves, writes the publisher of Le Courrier International, Philippe Thureau-Dangin, in the liberal weekly: "One can seriously ask if the EU hasn't developed into an egotists' club in recent years. Newcomers are promised the moon and then presented with the bill. The old countries hav a firm grip on the levers of power. Above all, France wants to keep its agricultural subsidies and not redirect the Community's budget to more forward-looking areas. Germany is happy to profit from the EU as a large single market, but has no inclination to show solidarity with Mediterranean countries that can't get their finances under control. ... And the Belgians? Well, it wouldn't be wrong to think that the attitude of the Flemish, who want to share nothing - not even the social security system - with the Walloons, is just part and parcel of this widespread European egotism."
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euinside - Bulgaria | Thursday, 16. June 2011
The erection of a 22-metre-high bronze statue of Alexander the Great began on Tuesday in the centre of Macedonia's capital city, Skopje. This has triggered fierce criticism from Greece because Athens lays exclusive claim to the ancient king. Instead of provoking each other the two countries should focus on their joint future in the EU, urges the web portal euinside: » more
The erection of a 22-metre-high bronze statue of Alexander the Great began on Tuesday in the centre of Macedonia's capital city, Skopje. This has triggered fierce criticism from Greece because Athens lays exclusive claim to the ancient king. Instead of provoking each other the two countries should focus on their joint future in the EU, urges the web portal euinside: "Exhibiting national symbols should be the last thing these two countries are worried about, plagued as they are by serious economic difficulties. Macedonia is also suffering from an unemployment rate of over 30 percent and shrinking foreign investments, while Greece is facing bankruptcy. Instead of trying to explain history to each other Skopje and Athens should show some flexibility and common sense and follow the example of Slovenia and Croatia. They have settled their border dispute and will soon be equal partners in the European Union."
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La Repubblica - Italy | Friday, 17. June 2011
Europe may end up paying a high price for Germany's stubborn stance, warns the left-liberal daily La Repubblica: » more
Europe may end up paying a high price for Germany's stubborn stance, warns the left-liberal daily La Repubblica: "The European Central Bank has told us very clearly why. If little Greece falls, Europe is in big trouble. If it becomes insolvent through bankruptcy (with defaults on repayments or restructuring) all Greece's securities will become worthless. ... In the end Europe is bound to intervene to save Greece - in the last minute amidst conflict and laments. This will reduce the efficacy of the bailout operation because the financial markets will continue to be plagued by doubts and the political cost will go up both for Greece and for what's left of Europe."
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Avgi - Greece | Wednesday, 15. June 2011
As Greek Prime Minister Giorgos Papandreou struggles to maintain his government, tens of thousands once more took to the streets on Wednesday in protest at the country's austerity measures. The protests are good for Greece, writes the left-leaning daily Avgi: » more
As Greek Prime Minister Giorgos Papandreou struggles to maintain his government, tens of thousands once more took to the streets on Wednesday in protest at the country's austerity measures. The protests are good for Greece, writes the left-leaning daily Avgi: "This is a step in the direction of a new popular unity. It is necessary preparation for the critical battle to ensure that our welfare state is not damaged, our democracy not undermined, our country not sold out and our people not subjected to the commands of our creditors. ... The anger of the protesters is stoked not only by the economic crisis and the nightmare of unemployment, but also the evil two-party system that we've known ever since the power change [in 1974 after the end of the military dictatorship]. That system is now collapsing. ... We're at the start of major upheavals."
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Financial Times Deutschland - Germany | Thursday, 16. June 2011
Greek Prime Minister Papandreou's refusal to step down and his demand for a vote of confidence are the best options in the present situation, writes the liberal daily Financial Times Deutschland: » more
Greek Prime Minister Papandreou's refusal to step down and his demand for a vote of confidence are the best options in the present situation, writes the liberal daily Financial Times Deutschland: "Papandreou cannot be held directly responsible for the aberrations of the past, because his party only took office in October 2009. Since the start of the debt crisis the Social Democrat has done practically everything the Europeans and the International Monetary Fund have demanded of him. That however was clearly too much for his own people. ... In terms of competence there is doubtless no one better suited to pulling Greece out of this morass. But at the moment his programme can only be implemented politically by the country as a whole. The opposition, too, must back the cuts. That's the only fair-minded thing to do."
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Magyar Nemzet - Hungary | Thursday, 16. June 2011
The EU is only delaying Greece's bankruptcy unnecessarily instead of preventing it, writes the conservative daily Magyar Nemzet: » more
The EU is only delaying Greece's bankruptcy unnecessarily instead of preventing it, writes the conservative daily Magyar Nemzet: "The fate of Greece will remain in our memories for a long time to come as an example of what money given in a way that both suffocates and exploits the victim is worth. ... It looks very much like every option, even that of financial help, will inevitably lead to the country going bust. ... Obviously the West is just playing for time with the goal of prolonging Greece's agony. This will go on until Athens is finally expelled from 'paradise', or in other words the Greeks are deprived of the single currency. Perhaps they would fare better without it anyway."
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Tiroler Tageszeitung - Austria | Thursday, 16. June 2011
If they want to save Greece the EU countries as well as private creditors must waive debts and dig into their own pockets, writes the liberal conservative Tiroler Zeitung: » more
If they want to save Greece the EU countries as well as private creditors must waive debts and dig into their own pockets, writes the liberal conservative Tiroler Zeitung: "It's bitter enough that after the financial chaos Greece is now facing political chaos. But no matter which government is at the helm in the coming months: it will have to try to save what can barely be saved under massive pressure from abroad and despite mass protests at home: with new austerity programmes that unfortunately will drag the stagnant economy and tax revenues even further down, and by selling the family silver. A downwards spiral that the country can't stop on its own. The EU countries have no other option but to put up further billions to prevent the shock waves on the international financial markets. ... And it can't always be the state that pays; the private creditors will have to do their bit too, particularly the banks and insurance companies."
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Cinco Días - Spain | Wednesday, 15. June 2011
Germany's demand that private investors contribute to the bailout package must be softened, notes the business paper Cinco Días: » more
Germany's demand that private investors contribute to the bailout package must be softened, notes the business paper Cinco Días: "Even if yesterday was just a preparatory meeting it seems clear that Germany won't be able to push through its position without adjustments at the EU summit on June 23-24. It would of course be desirable that the private sector participate in the bailout, but not at the price of provoking an exodus of investors that would leave the public deficit bigger than ever. ... If Berlin, as seems likely, goes along with the idea of extending the repayment period, which would situate the private contribution at around 30 billion euros, the Eurozone and the ECB have the resources to bring that up to a total of roughly 120 billion euros for the second bailout package through incentives, without the need to impose a damaging debt restructuring."
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Trouw - Netherlands | Wednesday, 15. June 2011
The Dutch parliament has approved further help for Greece on condition that the private sector also contribute to the package. The Christian-social daily Trouw considers this just: » more
The Dutch parliament has approved further help for Greece on condition that the private sector also contribute to the package. The Christian-social daily Trouw considers this just: "We need to be realistic if we want to avoid deceiving the Dutch people. Stopping the bailout is not an option, nor is getting away without a certain amount of financial damage. ... It's a matter of being patient and providing a basis for Greece to overcome its plight. So far this has mainly been done with tax money. Finance Minister De Jager now emphatically wants the banks and pension funds to help back the bailout. This is progress. After all, they're the ones who invested in Greece's national debt. The risk can be borne by the state for a while, but not forever. The financial partners must be included if we want to discuss a markdown of Greek debt."
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Hospodářské noviny - Czech Republic | Wednesday, 15. June 2011
At their meeting on Tuesday the Eurozone finance ministers failed to agree on a second bailout for Greece. That once more goes to show how helpless the club is, writes the business paper Hospodářské noviny: » more
At their meeting on Tuesday the Eurozone finance ministers failed to agree on a second bailout for Greece. That once more goes to show how helpless the club is, writes the business paper Hospodářské noviny: "Yet another special meeting. The reaction of the Greeks? It, too, is no surprise: public employees go on strike against planned privatisations. There has been no change at all to the Greek problem since January 2010, not even with the billions provided by the Eurozone. But there has been a change regarding the European taxpayers' money: there's not the slightest chance of it ever being paid back. Greece makes promises it doesn't keep. Its deficit grows and its rating plummets. ... Europe is currently powerless, Greece is going bankrupt. The question is no longer if, but when - and how much it will cost. Until then, however, there will no doubt be meeting after meeting and strike after strike."
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Die Presse - Austria | Wednesday, 15. June 2011
More than anything else Greece lacks healthy economic structures, writes the liberal conservative daily Die Presse: » more
More than anything else Greece lacks healthy economic structures, writes the liberal conservative daily Die Presse: "The country on the southern tip of Europe lacks not only a restructured budget but also a functioning economy. The result is that aid money and investments bear no fruit and require endless additional rescue packages. Apart from the efficient shipping companies (which run under Greek ownership, it's true, but with foreign tax registration numbers), the country has an enormous number of tax evaders and closed sectors. Whether it be pharmacies, taxi drivers, law offices, transport companies or architects, competition has been eliminated practically everywhere, greatly reducing the already low productivity. Only when these sectors are opened to competition (as is stipulated in EU agreements in any event), will fresh capital once more pour into the country."
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Le Monde - France | Tuesday, 14. June 2011
After yet another downgrading of Greece's credit rating the Eurozone is discussing additional austerity measures. These must be flanked by a social package, three European political scientists write in the left-liberal daily Le Monde: » more
After yet another downgrading of Greece's credit rating the Eurozone is discussing additional austerity measures. These must be flanked by a social package, three European political scientists write in the left-liberal daily Le Monde: "The EU must give environmental, social, and educational issues the same priority as budgetary concerns. There must be a social investment pact as a counterweight to the Stability Pact. This will put European investment in a positive light and send a signal to the people suffering from the crisis and austerity measures that Europe also stands for a better future, precisely by investing in its youth. Like the Structural Funds, European financial aid should support social investment policies. While ensuring that the debt crisis is averted, the European Union could also see to it that member states introduce social investment policies."
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De Tijd - Belgium | Friday, 10. June 2011
Jean-Claude Trichet, president of the European Central Bank (ECB), spoke out on Thursday against debt relief for Greece. The business paper De Tijd sees this as a dangerous move: » more
Jean-Claude Trichet, president of the European Central Bank (ECB), spoke out on Thursday against debt relief for Greece. The business paper De Tijd sees this as a dangerous move: "The debt crisis will perhaps be a greater challenge for the ECB than maintaining price stability. Trichet has once again made it clear that the ECB rejects debt restructuring for Greece. He approves a voluntary extension of Greece's government bonds, but the ECB has no intention of renewing the expired Greek bonds in its own portfolio. This could send a counter-productive signal. If the ECB doesn't want to take the trouble, why should the other banks do so? If all the creditors follow the ECB's example a tough, painful and dangerous restructuring of Greece's debts will be more inevitable than ever."
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Le Figaro - France | Thursday, 9. June 2011
Greece will need further bailouts running into the billions according to the International Monetary Fund, the European Central Bank and the European Commission. Europe must stand united in the crisis, writes the conservative daily Le Figaro: » more
Greece will need further bailouts running into the billions according to the International Monetary Fund, the European Central Bank and the European Commission. Europe must stand united in the crisis, writes the conservative daily Le Figaro: "The interweaving of national debts and banking systems, and of banks among themselves, means that any debt default would be felt by the entire Eurozone and have to be paid by all Europeans. The storm is brewing, Europe must unite its forces. Explicit solidarity is the sole effective solution, not to say the only solution. It would be wise to insist that the public debt of the entire Eurozone now be managed in a coordinated fashion, perhaps even centralised. Needless to say, that can only work with reinforced discipline, and sanctions if need be."
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Jornal de Negócios - Portugal | Tuesday, 7. June 2011
Europe is bent on the wrong strategy for the debt crisis, writes Harvard professor and former IMF chief economist Kenneth Rogoff in the business paper Jornal de Negócios: » more
Europe is bent on the wrong strategy for the debt crisis, writes Harvard professor and former IMF chief economist Kenneth Rogoff in the business paper Jornal de Negócios: "Instead of restructuring the manifestly unsustainable debt burdens of Portugal, Ireland, and Greece (the PIGs), politicians and policymakers are pushing for ever-larger bailout packages with ever-less realistic austerity conditions. Unfortunately, they are not just 'kicking the can down the road,' but pushing a snowball down a mountain. ... Might Europe get lucky? Is there any chance that the snowball of debt, dysfunction, and doubt will fall apart harmlessly before it gathers more force? Amidst so much uncertainty, anything is possible. ... Today's strategy, however, is far more likely to lead to blowup and disorderly restructuring. Why should the Greek people (not to mention the Irish and the Portuguese) accept years of austerity and slow growth for the sake of propping up the French and German banking systems, unless they are given huge bribes to do so?"
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Rzeczpospolita - Poland | Wednesday, 8. June 2011
The IMF has made further loans for financially stricken Greece dependent on EU guarantees for funding gaps in the country. If the EU agrees to this condition it will only stray farther from its principles, writes the conservative daily Rzeczpospolita: » more
The IMF has made further loans for financially stricken Greece dependent on EU guarantees for funding gaps in the country. If the EU agrees to this condition it will only stray farther from its principles, writes the conservative daily Rzeczpospolita: "When you analyse the European Commission's specifications, you've got to remember that the Union is in fact based on its Stability and Growth Pact. This formally obliges members to keep their public debts and budget deficits under control. Some countries have let their debts grow to around 100 percent of GDP, instead of limiting them to 60 percent. It was only the recent crisis and to be precise the right 'umpire' - the financial markets - that forced these governments to cut their expenditures."
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De Volkskrant - Netherlands | Monday, 6. June 2011
Greece is to receive another 100 billion euros in aid under a preliminary agreement among the 17 Eurozone countries, however only under the condition that it cuts spending further and privatises more state-owned assets. The plan needs support, writes the left-leaning daily De Volkskrant: » more
Greece is to receive another 100 billion euros in aid under a preliminary agreement among the 17 Eurozone countries, however only under the condition that it cuts spending further and privatises more state-owned assets. The plan needs support, writes the left-leaning daily De Volkskrant: "Greek Prime Minister Giorgos Papandreaou has agreed to accept international help with privatising and reducing bureaucracy. These concessions to his rescuers pose a certain risk because the opposition to foreign influence in the country is growing. The social protests in Greece will doubtless gain momentum - with all the attendant political consequences. ... And the new solution could also go wrong at an international level. Germany, Finland and the Netherlands in particular are making heavy demands out of fear that their own people will call them wimps otherwise. They should be careful about this, because if they put Greece under too much pressure, bankruptcy could be the result. And then the creditors have even less chance of getting their money back."
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Élet és Irodalom - Hungary | Friday, 3. June 2011
Greece will need new financial help by July 1 at the latest, which the euro countries will no doubt approve. Economist Miklós Losoncz takes a sceptical view of the process in the left-liberal weekly Élet és Irodalom: » more
Greece will need new financial help by July 1 at the latest, which the euro countries will no doubt approve. Economist Miklós Losoncz takes a sceptical view of the process in the left-liberal weekly Élet és Irodalom: "In the light of developments in the past year it has become clear that the plan to restructure the Greek budget is unrealistic. The rigid austerity measures passed to this end have not had the desired effect. ... In the past year the budget deficit (10.5 percent) far surpassed the amount estimated in the emergency programme (8.1 percent). The country's gross domestic product will also sink this year. That means its tax revenues will fall ten billion euros short of expectations. ... The differences of opinion point to the fact that the EU is unable to deal with either Greece's debt crisis or with similar crises in other European countries in the context of the Economic and Monetary Union."
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To Ethnos - Greece | Thursday, 2. June 2011
For more than a week now the "indignant citizens" movement has been demonstrating in Athens against the government's drastic austerity measures. The protests are a symptom of a major crisis of the political system in which the great majority of citizens have lost faith in the parties, writes the left-liberal daily To Ethnos: » more
For more than a week now the "indignant citizens" movement has been demonstrating in Athens against the government's drastic austerity measures. The protests are a symptom of a major crisis of the political system in which the great majority of citizens have lost faith in the parties, writes the left-liberal daily To Ethnos: "Already the parties are discussing whether this phenomenon represents a threat to the political system, while others believe it is just an insignificant expression of anger - without political weight or serious repercussions. ... The people who have gathered at Athens' main square reject the entire structure of the system: the parties, trade unions, media and institutions. They are making the point that they won't vote for the [socialist ruling party] Pasok, or the [liberal-conservative opposition party] Nea Dimokratia, nor for the communist KKE party or the radical left coalition Syriza. This is why the parties are not taking a positive view of the demonstrators."
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To Vima Online - Greece | Tuesday, 31. May 2011
In crisis talks with Greek Prime Minister Giorgos Papandreou, Antonis Samaras, the conservative leader of the opposition, has refused to approve the current austerity programme. The internal political constellation is making it even more difficult to find a solution to the crisis, writes the left-liberal online daily To Vima: » more
In crisis talks with Greek Prime Minister Giorgos Papandreou, Antonis Samaras, the conservative leader of the opposition, has refused to approve the current austerity programme. The internal political constellation is making it even more difficult to find a solution to the crisis, writes the left-liberal online daily To Vima: "On the one hand we have Giorgos Papandreou: after a year of hopeless economic policy he is looking into the abyss and tardily seeking accomplices to avoid total bankruptcy. ... On the other stands Antonis Samaras: I'm not an idiot, he says to himself. Now that my popularity ratings are going up I'm not going to share the blame for a dead man's national bankruptcy. ... And then there's us, like passengers on the Titanic - only they kept on dancing the tango while the ship went down. When we go down we'll be dancing the Zeibekiko."
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To Ethnos - Greece | Sunday, 29. May 2011
More than 70,000 Greeks gathered on Sunday evening at Syntagma Square in Athens to protest at the government's austerity programme. On the preceding Friday crisis talks between the opposition and government had once again failed. The Sunday edition of the left-liberal daily To Ethnos says the opposition is right to reject new austerity measures: » more
More than 70,000 Greeks gathered on Sunday evening at Syntagma Square in Athens to protest at the government's austerity programme. On the preceding Friday crisis talks between the opposition and government had once again failed. The Sunday edition of the left-liberal daily To Ethnos says the opposition is right to reject new austerity measures: "Prime Minister Giorgos Papandreou wants opposition leader Antonis Samaras to admit that his party Nea Dimokratia bears partial responsibility for the country's bankruptcy and give his approval for what will no doubt end in disaster. At the same time Papandreou is realising that he has manoeuvred the country into a hopeless situation with the debt agreement [with the IMF and EU]. How can the opposition leader go along with all this? That would be absurd. After its meeting with the opposition leadership the government has been left on its own, and that's the way it should be. The people elected this government - by a great majority - to govern. This government signed the debt agreement. So it's only logical that the people judge it for the policies it pursues."
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Eleftherotypia - Greece | Thursday, 26. May 2011
Maria Damanaki, the Greek EU Commissioner for Maritime Affairs and Fisheries, has become the first EU politician to warn of the consequences of her country leaving the Eurozone, urging the Greek opposition to approve further austerity measures because otherwise the country may have to return to the drachma. This is blackmail, the left-liberal daily Eleftherotypia complains: » more
Maria Damanaki, the Greek EU Commissioner for Maritime Affairs and Fisheries, has become the first EU politician to warn of the consequences of her country leaving the Eurozone, urging the Greek opposition to approve further austerity measures because otherwise the country may have to return to the drachma. This is blackmail, the left-liberal daily Eleftherotypia complains: "The government must assume responsibility and implement its decisions. For example it should sell the electricity company DEI, the national water supplier EYDAP and the ports in the next few months to pay off part of its 'debts'. However our partners obviously don't believe the government will fulfil its obligations. Therefore they are now cranking up the pressure by having 'unofficial' discussions and speculating on whether Greece will keep the euro or not. This is the beginning of a new policy of blackmail regarding the future of the country within the Eurozone."
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Blog Pitsirikos - Greece | Thursday, 26. May 2011
Several thousands of Greeks demonstrated against the government's austerity measures on Athens' Syntagma Square and other main squares across the country on Wednesday. Encouraged by the Spanish protest movement, they plan to gather again today. This is a movement of free citizens, Pitsirikos writes jubilantly in his blog: » more
Several thousands of Greeks demonstrated against the government's austerity measures on Athens' Syntagma Square and other main squares across the country on Wednesday. Encouraged by the Spanish protest movement, they plan to gather again today. This is a movement of free citizens, Pitsirikos writes jubilantly in his blog: "Anyone who had something to say took the microphone and said it. Thousands of this country's people protested on the Syntagma and other squares without party flags. Free people, at last. I could write for hours about what I saw, heard and felt yesterday on Syntagma Square. But I won't. No party, no trade union, no publisher, no journalist and no blogger can claim this movement, so unusual for our country, as their own. It is a free movement by people who all have equal rights. I was lucky enough to be there."
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To Vima Online - Greece | Wednesday, 25. May 2011
Antonis Samaras, president of Nea Demokratia (ND), the main opposition party in Greece that was in government until 2009, on Tuesday rejected the government's new austerity measures following a conversation with Prime Minister Giorgos Papandreou. Samaras is evading his responsibilities, admonishes the online edition of the Sunday paper To Vima, which is linked to the government: » more
Antonis Samaras, president of Nea Demokratia (ND), the main opposition party in Greece that was in government until 2009, on Tuesday rejected the government's new austerity measures following a conversation with Prime Minister Giorgos Papandreou. Samaras is evading his responsibilities, admonishes the online edition of the Sunday paper To Vima, which is linked to the government: "Obviously Samaras feels obliged to pursue opposition politics. Of course he's free to criticise to his heart's content the many mistakes, contradictions and inefficiencies of the government. But he should not shirk the responsibility his own party bears for the current chaos. And above all he shouldn't encourage an anti-European stance simply as an election tactic. Unless, that is, he really believes that we're not part of Europe, that the euro doesn't need us and we can go it alone. But then he should say this clearly so the citizens know what's what."
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O Kosmos tou Ependiti - Greece | Sunday, 22. May 2011
In recent weeks there have been several racially motivated attacks on migrants in Greece. The business paper O Kosmos tou Ependiti believes the economic crisis is encouraging xenophobia all over Europe: » more
In recent weeks there have been several racially motivated attacks on migrants in Greece. The business paper O Kosmos tou Ependiti believes the economic crisis is encouraging xenophobia all over Europe: "In Northern Europe there is the 'fascism of the rich'. Their rhetoric is directed against the 'foreigners' who want to enter their country, and also against the 'lazy' southerners. ... But there is also a 'fascism of the south', where entire social classes have been impoverished and whose plight threatens to grow even worse. Those who have been able to keep their heads above water are venting their frustration about the ongoing risk of poverty on the 'intruders' from Asia and Africa. Both sides have failed to recognise that the changes in their respective social situations have a common basis. The European governments have said it clearly: The party is over and the coming generations will have a much harder time."
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De Telegraaf - Netherlands | Thursday, 19. May 2011
Greece is broke, but only under strict conditions should the debt-stricken country receive further bailouts, warns the tabloid De Telegraaf: » more
Greece is broke, but only under strict conditions should the debt-stricken country receive further bailouts, warns the tabloid De Telegraaf: "The bitter truth is that the European Union must do something. If Greece doesn't receive help now there is little chance that it will ever be able to repay its huge debts, and that in turn could lead to a new crisis because it has borrowed money from insurance companies, banks, pension funds, states and private investors. Yet simply granting it more loans is not an option. Alternatives should be sought in order to implement the agreed plans of action. This will make the Greek economy a little healthier and increase the chances of repayment. In addition the possibilities for expelling countries like Greece that consistently fail economically from the Eurozone should be examined in depth."
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Helsingin Sanomat - Finland | Thursday, 19. May 2011
Greece is once more the focus of attention following the EU's approval of the Portugal bailout last Monday. Criticism is mounting of the country's slow progress in reducing its mountain of debt. The liberal daily Helsingin Sanomat comments that privatising state assets would do the country good: » more
Greece is once more the focus of attention following the EU's approval of the Portugal bailout last Monday. Criticism is mounting of the country's slow progress in reducing its mountain of debt. The liberal daily Helsingin Sanomat comments that privatising state assets would do the country good: "Greece is reforming its economic structure, lowering wages, reducing tax benefits and saving money to boot. By contrast there has been no sign of the promised privatisation. That's strange because the country has no shortage of state assets, giving one ample reason to believe that privatisation would result in fewer protests than austerity measures. ... Greece must reduce its state ownership if it wants to negotiate more aid or an easing of the terms of credit. No one is asking it to sell islands or the Parthenon. But it can't be all that difficult to strive for a freer market economy and modern policies in exchange for help. On the long term that would benefit Greece, and would do more good than the quick bailout offered by the EU."
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Večer - Slovenia | Thursday, 19. May 2011
Full privatisation of state assets will only aggravate Greece's problems rather than reducing its debts, writes the daily Večer: » more
Full privatisation of state assets will only aggravate Greece's problems rather than reducing its debts, writes the daily Večer: "Today Greece is in a much worse situation than a year ago. Back then the heads of the Euro countries had agreed on a 110 billion bailout package to help the country back on its feet. This raises the question of whether complete privatisation of state assets wouldn't just plunge the country into an even deeper crisis. Because after selling off its assets Greece would not just be left emaciated and anaemic, it would be naked, as it were. Everything that has any value would be in the hands of those with capital, and capital is what brought the country to its knees. But the European politicians and functionaries who see themselves as the custodians of the euro are not considering these repercussions yet.
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All available articles from » Darja Kocbek
Hospodářské noviny - Czech Republic | Tuesday, 17. May 2011
After the arrest of IMF chief Dominique Strauss-Kahn crisis-stricken Greece faces even harder times, the business daily Hospodářské noviny suspects: » more
After the arrest of IMF chief Dominique Strauss-Kahn crisis-stricken Greece faces even harder times, the business daily Hospodářské noviny suspects: "Strauss-Kahn has for many years been an advocate of the euro and supported the euro bailout fund. His arrest immediately sparked fears about whether Greece has any chance whatsoever of receiving further instalments to pay off its astronomical debts. ... On Monday, when his deputy stood in for him everything seemed to run smoothly. Portugal got its money. But Greece is another matter. If it was to be given money only on the basis of its economic performance it would have to file for bankruptcy. This means that Strauss-Kahn's departure is all the more painful for the Greeks. The IMF chief was one of the few potential defenders of the Eurozone and was able to convince others to do so too - with the backing of the Monetary Fund."
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Eesti Päevaleht - Estonia | Monday, 16. May 2011
The finance ministers of the 17 Euro countries meet today in Brussels to discuss the bailout package for Portugal and stronger support for Greece. The daily Eesti Päevaleht expresses concern about Greece's enormous budget deficit: » more
The finance ministers of the 17 Euro countries meet today in Brussels to discuss the bailout package for Portugal and stronger support for Greece. The daily Eesti Päevaleht expresses concern about Greece's enormous budget deficit: "No one has officially confirmed such a drastic step as Greece's withdrawing from the Eurozone but many analysts are looking at the possibility of debt restructuring. Greece's mountain of debt has risen to 150 percent of its gross domestic product and there is no historical precedent for a country getting out of such a situation without concessions from its creditors. Naturally such a restructuring would entail risks, and some French and German banks would suffer massive losses. ... It's not easy to decide whether such an end to this horror would be better than an endless horror. But the fact that Greece's problems have been growing for years makes an end to the horror seem like the lesser evil."
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Zeit Online - Germany | Wednesday, 11. May 2011
The German news portal Spiegel Online reported last Friday that Greece was considering leaving the Eurozone. The economist Yanis Varoufakis suspects in the liberal news portal Zeit Online that this was a signal to politics that the time has come for new solutions: » more
The German news portal Spiegel Online reported last Friday that Greece was considering leaving the Eurozone. The economist Yanis Varoufakis suspects in the liberal news portal Zeit Online that this was a signal to politics that the time has come for new solutions: "The key question is: why did Spiegel Online publish the story although the journalists must have know that large parts of it were incorrect? One possible answer: Spiegel, which has close ties to German politics, worked together with certain government circles - particularly the Ministry of Finance - to send a signal to the Chancellor's Office and the Greek Prime Minister. The message: the time has come to start a debate in Europe which has been successfully suppressed for a year. A debate on new solutions to the euro crisis, because the old ones are on their last legs. If this really was Spiegel Online's intention, the magazine has been at least partially successful."
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Expressen - Sweden | Thursday, 12. May 2011
At least 27 people have been injured through outbreaks of violence during protests against the Greek government's new austerity package plans. The trade unions have now called for a 24-hour strike in a country which is on the brink of bankruptcy. The liberal tabloid Expressen questions whether the Greeks are at all familiar with the term "sense of responsibility": » more
At least 27 people have been injured through outbreaks of violence during protests against the Greek government's new austerity package plans. The trade unions have now called for a 24-hour strike in a country which is on the brink of bankruptcy. The liberal tabloid Expressen questions whether the Greeks are at all familiar with the term "sense of responsibility": "It is not membership in the euro club that has caused Greece's crisis. Just imagine what a pitiful state this indebted nation would be if it had still had the drachma during the financial crisis? Naturally Greece should never have been allowed to enter the euro club. But now the other euro countries must stick to the task and continue to fulfil their credit responsibilities. Because Greece obviously lacks a sense of responsibility as much as it lacks money the finance ministers should demand that the Greek government put a full-page ad in the Financial Times with the headline 'Acropolis for sale'. Perhaps then some of the militant trade union bosses would comprehend the seriousness of the situation."
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Les Echos - France | Wednesday, 11. May 2011
Rumours in the wake of last Friday's secret meeting of several EU finance ministers have prompted stock market speculation against Athens. But investors who hope Greece's debts will be restructured are fooling themselves, writes the business paper Les Echos: » more
Rumours in the wake of last Friday's secret meeting of several EU finance ministers have prompted stock market speculation against Athens. But investors who hope Greece's debts will be restructured are fooling themselves, writes the business paper Les Echos: "Ultimately it is not very likely that Greece will set a bad example and restructure its debt, because too many interests of the Eurozone are at stake. In addition the country has not yet used all the resources at its disposal to get out of this tough spot. ... But the most difficult thing for Greece at the moment is rekindling economic growth. The low point of the Greek recession lies behind us. [Finance Minister] Giorgos Papakonstantinou is counting on a one to two percent rise in the GDP in 2012, an estimate that concurs with that of international lenders. If it is correct, the markets will have speculated wrongly."
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Imerisia - Greece | Tuesday, 10. May 2011
Twenty percent of the population of Greece's second-largest city Thessaloniki is without work, and according to trade unions that figure is as high as 26 percent. This high level of unemployment is making its mark on the face of the city, writes the business paper Imerisia: » more
Twenty percent of the population of Greece's second-largest city Thessaloniki is without work, and according to trade unions that figure is as high as 26 percent. This high level of unemployment is making its mark on the face of the city, writes the business paper Imerisia: "The city looks completely abandoned. Hundreds, if not thousands of offices and shops have been closed down. Entire streets stand empty. Each day more businesses close unexpectedly. Particularly striking is the fact that cafes, bakeries and fast food outlets appear to be the only new businesses. ... Such businesses generally reveal the desperation of the unemployed. Without an income, with little capital or credit, people open up a shop to earn at least a couple of cents. ... The people in Thessaloniki should be taking action to curb the spiralling unemployment instead of partying. We shouldn't expect solutions from the government and the ministers in question. We must be alert and develop new ideas also at a local level."
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Die Welt - Germany | Tuesday, 10. May 2011
It makes sense for Greece to leave the Monetary Union because that would improve the Greeks' prospects for lasting economic recovery, writes the conservative daily Die Welt: » more
It makes sense for Greece to leave the Monetary Union because that would improve the Greeks' prospects for lasting economic recovery, writes the conservative daily Die Welt: "The strong common currency is like a millstone around their necks. With a national currency that genuinely reflects the strength of their economy, the Greeks could develop economically and eventually close ranks with core Europe. Once Greece left, the Euro countries - for moral reasons if nothing else - would be obliged to show solidarity. The billions in aid could then but be put to better use than now. Right from the start the euro was a political project. But on the long term the idea of a common currency can't compete with market forces. The danger that the helpers will themselves get sucked into the debt maelstrom is the real menace to the stability of the euro. The transfer union won't help in the long run and is turning the Greeks into Europe's social welfare recipients."
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Blog Standard.ro - Romania | Tuesday, 10. May 2011
Confidence is dwindling on the financial markets that Greece can overcome its debt crisis. The rating agency Standard & Poor's has lowered the country's credit rating by an additional two points. But a return to the drachma would by no means solve the country's problems, comments the blog portal standard.money.ro: » more
Confidence is dwindling on the financial markets that Greece can overcome its debt crisis. The rating agency Standard & Poor's has lowered the country's credit rating by an additional two points. But a return to the drachma would by no means solve the country's problems, comments the blog portal standard.money.ro: "In that case Greece would have a debt problem and its currency would be exclusively based on an economy in which there is little trust, because no one is willing to back it at this point. With the drachma the Greeks' buying power would sink and social problems would be exacerbated. ... The economy of the euro club needs a common currency. And it is clear that the club doesn't rent out 'rooms' that you can leave when you discover unexpected disadvantages or when you're unable to fulfil the accession criteria over the long term."
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Dagens Nyheter - Sweden | Tuesday, 10. May 2011
Greece's creditors should relieve the country of part of its debt so that it can remain in the Eurozone, the liberal daily Dagens Nyheter urges: » more
Greece's creditors should relieve the country of part of its debt so that it can remain in the Eurozone, the liberal daily Dagens Nyheter urges: "Last Friday the EU finance ministers held a meeting in Luxembourg that was so secret they were hardly willing to admit it took place at all. ... And they fervently denied discussing drastic solutions there, such as forgiving Greece part of its debts or the possibility that the country might say farewell to the euro. Let's face it, they're bound to have discussed these taboos. But the EU leaders will probably attempt to solve the problems as they've done before, namely by deferring dealing with them until later. Better would be to waive part of the country's debts, which would give Greece a real chance to pay off the rest and remain in the Eurozone."
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Ta Nea - Greece | Monday, 9. May 2011
Given the way Greece is handling the crisis it's no wonder Europe is speculating about the country exiting the Monetary Union, the left-liberal daily Ta Nea observes: » more
Given the way Greece is handling the crisis it's no wonder Europe is speculating about the country exiting the Monetary Union, the left-liberal daily Ta Nea observes: "It's worth considering why all these scenarios affect Greece and not for example Ireland. Why are we talking about Greece leaving the Monetary Union and not Ireland, which has suffered a similar fate? Unfortunately there is an explanation: look at the results of economic development in Ireland in the first three months of 2011 and you see an admirably positive trend. ... And what about us? Nothing! If you went to a stranger and told him the government is still squabbling with the trade unions about whether the state keeps 51 percent or 34 percent of the electric utilities he'd think you were mad. And he would also think Greece is ready to become a member of the Central African Union."
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All available articles from » Giannis Pretenteris
Tiroler Tageszeitung - Austria | Sunday, 8. May 2011
With an eye to last Friday's secret meeting of leading representatives of the large euro states, the Tiroler Zeitung criticises the Union's unclear information policy and sees Greece's exit as a bad option: » more
With an eye to last Friday's secret meeting of leading representatives of the large euro states, the Tiroler Zeitung criticises the Union's unclear information policy and sees Greece's exit as a bad option: "In view of this information policy it's no wonder the gossip factory is working overtime and there's even talk of Greece withdrawing from the Eurozone. ... The fact is Greece never was ripe for the Monetary Union and cheated its way in with crazy financial tricks - which again just goes to show that the EU's control mechanisms and its potential for cracking down are wholly inadequate. Today Greece is practically bankrupt and it's only the EU billions that are keeping it afloat. It's debatable whether its withdrawal from the Eurozone would be at all possible from a legal point of view. In practice this would be economic suicide because it would plunge the Greeks into even worse chaos. Already the financial markets have practically zero confidence in the country."
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Die Welt - Germany | Monday, 9. May 2011
The debt crisis in Greece and Portugal will cost Europe's taxpayers a pretty penny and could lead to the collapse of the Euro system, the conservative daily Die Welt writes: » more
The debt crisis in Greece and Portugal will cost Europe's taxpayers a pretty penny and could lead to the collapse of the Euro system, the conservative daily Die Welt writes: "It's no surprise that no responsible politician is willing to risk something like that. But things don't have to stay that way. If the Greeks and Portuguese don't get a grip on their problems with the EU's help, few other options are left open. Either the Europeans in the North finance the poor countries in the South with tax billions for fear their own prosperity may dwindle, or movements like the 'True Finns' will lead the EU to turn off the money tap and these states will have to leave the EU. Both alternatives will cost Europe's taxpayers billions. Europe's policy-makers will need patience and wisdom to weather this crisis."
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Il Sole 24 Ore - Italy | Sunday, 8. May 2011
With her unclear position on Greece's bailout German Chancellor Angela Merkel is increasing the pressure on the debt-stricken country, writes the business paper Il Sole 24 Ore: » more
With her unclear position on Greece's bailout German Chancellor Angela Merkel is increasing the pressure on the debt-stricken country, writes the business paper Il Sole 24 Ore: "Once again Europe is hostage to Germany's domestic politics. ... The one side is threatening to withhold EU aid, the other talks of debt restructuring. German chancellor Angela Merkel is relying on ambiguity. ... This raises worrying questions about her true opinion. ... The election year and the weakness of the liberal-democratic majority in the polls aren't exactly helping to give a clearer picture. ... Many politicians, including Merkel, know only too well that neither debt restructuring nor Greece's withdrawal from the monetary union are good options. But with the threat of such a scenario they hope to force Greece to make more effective efforts towards fixing its budget."
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All available articles from » Romano Beda
De Tijd - Belgium | Monday, 9. May 2011
The talks about Greece's debt crisis highlight the fact that the country can no longer overcome the crisis on its own, writes the business paper De Tijd: » more
The talks about Greece's debt crisis highlight the fact that the country can no longer overcome the crisis on its own, writes the business paper De Tijd: "It's high time Brussels and Frankfurt recognised that their emergency programme for Greece and Ireland doesn't tackle the core of the problem. Ireland and Greece have a solvency problem, not a liquidity problem. Athens and Dublin will never be able to squeeze enough out of their taxpayers over the next few years to pay off all their debts. And no doubt the moment will come in the not too distant future when the Greek and Irish citizens tire of their Sisyphean task. ... Sisyphus sums up perfectly the core of both the Greek and the Irish problem. ... A mountain of national debt and a catastrophic lack of competitiveness. ... The Greeks and Irish will never be able to free themselves of their national and bank debts through their own efforts alone."
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Lidové noviny - Czech Republic | Thursday, 5. May 2011
The example of Portugal shows why rescuing highly indebted countries is so controversial, writes the conservative daily Lidové noviny: » more
The example of Portugal shows why rescuing highly indebted countries is so controversial, writes the conservative daily Lidové noviny: "The first problem is unfair treatment. The conditions for Lisbon are softer than for Greece or Ireland. Was Portugal the more skilful negotiator? Or is it already clear that the first two countries won't be able to fulfil their obligations? The preferential treatment doesn't help improve relations in Europe. The second problem is the unrealistic approach. Portugal promised spending cuts that parliament had just rejected. ... Indebted countries need a currency depreciation, lower interest rates and if necessary bankruptcy, meaning a write-off of non-collectable debts. Without at least one of these alleviation measures no one will ever emerge from the debt crisis."
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All available articles from » Lenka Zlámalová
De Telegraaf - Netherlands | Thursday, 5. May 2011
After Greece and Ireland, Portugal has now also had to apply for aid from the European bailout fund. The three countries have lived above their means, complains the tabloid De Telegraaf: » more
After Greece and Ireland, Portugal has now also had to apply for aid from the European bailout fund. The three countries have lived above their means, complains the tabloid De Telegraaf: "With the economic downturn the weaknesses of these countries are being laid bare. Unemployment is high, their (state) enterprises are inefficient, their public debts are too high, there are far too many civil servants and tax morale is low. The countries that have been bailed out must now tackle these problems. That will be painful for those concerned, but it's the only way they can get a grip on their financial problems. And they have to do that, because the funding they are now receiving comes from healthy countries like the Netherlands which have put themselves to considerable pains. And this aid must be paid back, otherwise Dutch taxpayers will be financing the profligacy of southern Europe."
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Blog A Europa desalinhada - Portugal | Tuesday, 3. May 2011
An incident that occurred during the Easter holidays illustrates how Greeks have lost all confidence in their government, writes Jean Quatremer, Brussels correspondent for the French daily Libération, in the blog A Europa desalinhada for the weekly Expresso: » more
An incident that occurred during the Easter holidays illustrates how Greeks have lost all confidence in their government, writes Jean Quatremer, Brussels correspondent for the French daily Libération, in the blog A Europa desalinhada for the weekly Expresso: "An incident was hushed up recently to avoid damaging Prime Minister George Papandreou's image. The prime minister spent Easter on a chic island off the Peloponnese peninsula just one and a half hours from Athens. This is the most important celebration on the Greek calendar, a mixture of Christmas and New Year's Eve. On Good Friday, April 22, Papandreou attended the Resurrection Mass. ... On his arrival the other people attending the mass jeered at him and made disparaging remarks about his austerity policy. The mood became aggressive and he had to be evacuated from the church by the local police. Just a few months ago this same man was able to take part in the Athens marathon accompanied by just a couple of security officers, cheered on by the crowd. Since then the climate has considerably deteriorated and the Greeks are losing all hope."
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Die Welt - Germany | Tuesday, 3. May 2011
Greece's Finance Minister Giorgos Papakonstantinous Monday demanded longer repayment deadlines and lower interest rates for EU and IMF loans. The conservative daily Die Welt fears that the country is trying to shirk responsibility: » more
Greece's Finance Minister Giorgos Papakonstantinous Monday demanded longer repayment deadlines and lower interest rates for EU and IMF loans. The conservative daily Die Welt fears that the country is trying to shirk responsibility: "If the EU gives Greece more time to pay off its debts, it is essentially giving preferential treatment to the country's private creditors. The investors, who have earned good money on the loans, have been paid off with taxpayers' money. By 2013, if not before, Europe's taxpayers will then be shouldering more than half of Greece's debt. ... We cannot expect, as in the financial crisis, that the taxpayer alone should shoulder the costs for a debacle which was triggered by Athens' irresponsible tax policy and the banks' blind granting of credit. A payment deferral - if it is granted - can only be the first step in the restructuring of Greek finances, especially because this alone is not going to solve the problems. The second step must be that private creditors waive debts. This is an economic moral imperative."
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Eleftherotypia - Greece | Thursday, 28. April 2011
The European statistics office Eurostat on Tuesday reported that Greece's public deficit was 10.5 percent of the gross domestic product (GDP) in 2010, not 8.1 percent as expected. The left-liberal daily Eleftherotypia warns against cutting social expenditures: » more
The European statistics office Eurostat on Tuesday reported that Greece's public deficit was 10.5 percent of the gross domestic product (GDP) in 2010, not 8.1 percent as expected. The left-liberal daily Eleftherotypia warns against cutting social expenditures: "If we assume that the government will keep its promise not to further reduce salaries and pensions then cuts will have to be made elsewhere in the welfare state - or what's left of it. The fusion of hospitals and also cuts in healthcare expenditures and unemployment benefits are now being ... openly discussed. In reality this only means that Greek citizens will have to tighten their belts once more, and that the cuts will be as painful as those in 2010. This leads us to the simple conclusion that the tough austerity measures are yet to come."
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Kathimerini - Greece | Tuesday, 19. April 2011
Several Greek ministers have presented the internationally discussed restructuring of Greece's debts as an alternative to the austerity measures agreed with the IMF and EU. The conservative daily Kathemirini believes that even restructuring won't solve the problem: » more
Several Greek ministers have presented the internationally discussed restructuring of Greece's debts as an alternative to the austerity measures agreed with the IMF and EU. The conservative daily Kathemirini believes that even restructuring won't solve the problem: "Whatever form such a restructuring finally takes ... it will lead to more austerity measures and even tougher control to achieve a more effective and reliable budget consolidation. … However it won't solve the problem of how to deal with the fact that state expenditure exceeds state revenue by 25 billion euros. This is the real budget problem which is causing the debts to continue rising. And this problem obviously won't be solved by a new 'haircut' on the debts, but by a trimming down of the state. In the past 18 months what the government - each minister in his resort - should really have been doing was planning a smaller, more economical and more effective state."
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To Ethnos - Greece | Thursday, 14. April 2011
Last week MPs belonging to the Greek ruling party Pasok rejected a gambling law which the government had hoped would procure it yearly revenues of around 700 million euros, triggering a debate about calling new elections. Pasok MPs are obviously trying to secure their posts before the party's popularity dips, the left-liberal daily To Ethnos speculates, noting that the government itself won't benefit from new elections: » more
Last week MPs belonging to the Greek ruling party Pasok rejected a gambling law which the government had hoped would procure it yearly revenues of around 700 million euros, triggering a debate about calling new elections. Pasok MPs are obviously trying to secure their posts before the party's popularity dips, the left-liberal daily To Ethnos speculates, noting that the government itself won't benefit from new elections: "In contrast to the MPs of the ruling party, the government itself and its prime minister George Papandreou have nothing to gain from new elections. … Even if his Pasok party wins the most votes it is very questionable whether it would obtain a parliamentary majority. Moreover, even calling new elections after just 18 months in government would be an indirect admission of failure. So it makes no sense for Papandreou to replace his current, working-majority government with a new one that would be hostage to the smaller parties."
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Naftemporiki - Greece | Wednesday, 13. April 2011
In several European countries the restructuring of Greece's debt is increasingly under discussion. Such considerations are well called for, writes the business paper Naftemporiki: » more
In several European countries the restructuring of Greece's debt is increasingly under discussion. Such considerations are well called for, writes the business paper Naftemporiki: "The markets were not very enthusiastic about the EU initiatives for setting up a permanent rescue mechanism. This certainly applies to the evaluation of Greece's sovereign debts and also the interest rates at which these loans were acquired. ... The country is in no position to raise capital on the markets when the spreads for Greek loans are quoted at around 950 basis points. Something will have to happen to change our image on the markets. ... The truth is also that if the markets are to lend us money immediately at more favourable conditions they will expect a little more. The weapons that we and the EU have at our disposal to fight the negative mood are no longer enough, which means that something new and much more spectacular must be done."
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All available articles from » Nikos Frantzis
Eleftherotypia - Greece | Tuesday, 12. April 2011
The Areteion and Eginition university hospitals in Athens have suspended their emergency and clinical services indefinitely. The hospital managements complain that the Ministry of Education has cut state subsidies for the institutions. The left-liberal daily Eleftherotypia calls on the government to resolve the problem quickly to avoid similar situations from arising at other hospitals: » more
The Areteion and Eginition university hospitals in Athens have suspended their emergency and clinical services indefinitely. The hospital managements complain that the Ministry of Education has cut state subsidies for the institutions. The left-liberal daily Eleftherotypia calls on the government to resolve the problem quickly to avoid similar situations from arising at other hospitals: "The situation is similar at other hospitals. They complain about not even having the money to buy the necessary medications. And because the financial situation in our country won't improve over the next few years, making further cuts necessary, the ministers in question must take measures to resolve the problem. They are aware of the situation but have limited room for manoeuvre. They should therefore set themselves strict priorities, cutting unnecessary spending and curbing corruption to at least guarantee the smooth functioning of the most important state-run facilities."
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More from the press review on the subject » Domestic Policy, » Fiscal Policy, » Health Policy, » Greece
NRC Handelsblad - Netherlands | Tuesday, 12. April 2011
The people of Iceland voted against repaying around four billion euros in debts to the UK and the Netherlands in a referendum held at the weekend. Debtor countries like Portugal and Greece could follow this example, the daily NRC Handelsblad warns: » more
The people of Iceland voted against repaying around four billion euros in debts to the UK and the Netherlands in a referendum held at the weekend. Debtor countries like Portugal and Greece could follow this example, the daily NRC Handelsblad warns: "The question is how long it will take be before the people of these countries adopt the same attitude as the Icelanders. There too, the average man on the street does not feel responsible for the damage inflicted by several governments or banks. The message from Iceland is that if you make things difficult you end up with the better conditions. It is only a matter of time before the very countries that are now providing financial aid - in particular Germany - come to be seen as the new enemy. In the context of the events in Iceland this process must be stopped before it really gets going."
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More from the press review on the subject » Domestic Policy, » Financial Markets, » United Kingdom, » Netherlands, » Iceland
De Telegraaf - Netherlands | Friday, 8. April 2011
Increasing the benchmark interest rate is a clever move by the European Central Bank (ECB), writes the tabloid De Telegraaf: » more
Increasing the benchmark interest rate is a clever move by the European Central Bank (ECB), writes the tabloid De Telegraaf: "The slowly recovering Dutch economy will have no trouble coping with this modest increase. Moreover, the measure boosts the euro and is a sign of strength vis-à-vis the crisis-hit financial markets. But above all it is good that the French ECB boss has not bowed to the pressure of the ailing southern European countries that were demanding that the pension increase be postponed. Instead the higher interest rate ruthlessly confronts crash pilots like Portugal and Greece with the reality. These countries cannot be allowed to slow down the Eurozone, but must deal with their own problems."
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Il Sole 24 Ore - Italy | Thursday, 7. April 2011
Portugal has become the third country after Greece and Ireland to seek assistance under the EU's bailout programme. However Portugal's crisis is of a different nature to the situation in the other two ailing states, writes the business paper Il Sole 24 Ore: » more
Portugal has become the third country after Greece and Ireland to seek assistance under the EU's bailout programme. However Portugal's crisis is of a different nature to the situation in the other two ailing states, writes the business paper Il Sole 24 Ore: "The Portuguese crisis, unlike the Irish one, is not primarily a bank crisis even if the Portuguese credit institutes are struggling to raise money on the aftermarket. It is a growth crisis, or to be more precise, a crisis arising from a stagnating gross domestic product. ... Portugal needs a strong, respected government that enjoys broad support and tackles the challenge of carrying through the necessary structural reforms that could make Portugal's lagging economy competitive once more."
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Der Standard - Austria | Monday, 4. April 2011
The International Monetary Fund (IMF) last week for the first time called for the restructuring of Greece's debt. It would solve a lot of problems if Athens' creditors were indeed to waive some of the country's debts, writes the left-liberal daily Der Standard: » more
The International Monetary Fund (IMF) last week for the first time called for the restructuring of Greece's debt. It would solve a lot of problems if Athens' creditors were indeed to waive some of the country's debts, writes the left-liberal daily Der Standard: "The Greeks would have more leeway for their reforms, the burdens would be more equally distributed between state creditors and citizens. The main problem, however, is that the Greek crisis was never about what was best for this Mediterranean country. A number of states within the Eurozone, particularly Germany and France, won't be so quick to play along with a restructuring. Greece owes credit institutions from both countries more than 80 billion euros. Writing off debts could cause new turbulence at institutions like Commerzbank, which had to be painstakingly rescued during the crisis, If the IMF wants its ideas to be heard it will have to crank up the pressure on the Europeans considerably."
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More from the press review on the subject » Financial Markets, » Economy, » Germany, » France, » Greece, » Europe
All available articles from » Andras Szigetvari
Ta Nea - Greece | Monday, 14. March 2011
The interest rates for EU loans to Greece will be lowered and their maturities lengthened. This was the decision reached by the heads of state and government of the 17 euro countries at their summit meeting in Brussels last Friday. But it's too early to celebrate, warns the left-liberal daily Ta Nea: » more
The interest rates for EU loans to Greece will be lowered and their maturities lengthened. This was the decision reached by the heads of state and government of the 17 euro countries at their summit meeting in Brussels last Friday. But it's too early to celebrate, warns the left-liberal daily Ta Nea: "What did we get in Brussels? Simple: what we wanted. But also something we didn't want. ... The message from Brussels is clear. Firstly the Greek economy must show that it can adjust to the requirements, then it will be revitalised. That should work from a purely statistical point of view, but how do things look on the political front? Perhaps the government will tell the truth this time round. Perhaps it will present a bold programme with a clear timetable. Perhaps it will share the burden in an equitable way by taxing wealth and justly redistributing the profits - should there be any. But whatever the case it must inspire and convince."
» full article (external link, Greek)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Greece, » Europe
All available articles from » Giorgos Lakopoulos
Gazeta Wyborcza - Poland | Monday, 14. March 2011
The EU bailout fund for debt-stricken member states will be boosted to 440 billion euros by 2013. This is one of the results of last Friday's special summit for the heads of state and government of the 17 Eurozone countries. The plan is unlikely to have any long-term impact, writes the liberal daily Gazeta Wyborcza: » more
The EU bailout fund for debt-stricken member states will be boosted to 440 billion euros by 2013. This is one of the results of last Friday's special summit for the heads of state and government of the 17 Eurozone countries. The plan is unlikely to have any long-term impact, writes the liberal daily Gazeta Wyborcza: "The decision may soothe the fears of investors. But the question is for how long. Raising the bailout fund to 440 billion euros will doubtless be enough to save Portugal (although the government in Lisbon is still resisting any aid). But what will happen when the investors start looking into Spain's economy - the fourth-largest in the Eurozone, which is six times larger than Portugal's? And barely a year after Greece received aid to the tune of 110 billion euros from the Eurozone countries and the International Monetary Fund it has given up any illusion that it will be able to wave a magic wand and simply make the problems with its state budget and economy disappear."
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All available articles from » Leszek Baj
Kathimerini - Greece | Monday, 14. March 2011
Greece has so far failed to take advantage of the enormous potential of its youth in finding a solution to its debt crisis, writes columnist Nikos Xidakis in the conservative daily Kathimerini: » more
Greece has so far failed to take advantage of the enormous potential of its youth in finding a solution to its debt crisis, writes columnist Nikos Xidakis in the conservative daily Kathimerini: "This is the young generation of globalisation and the Internet. Our ageing society is plagued by a low birth rate, a lack of morals and overwhelming pessimism, and this generation is the most valuable asset it has. But the young generation is excluded, undervalued and suppressed. Our country has failed to use these young people to regenerate itself, because the system is not interested in its rebirth, or even its survival. It turns its back on this generation, ignoring and sacrificing it. ... Here we see our government's appalling lack of enthusiasm and motivation. We lack self-respect and any sense of solidarity. These deficiencies are compounding each other. ... But this mechanism will soon collapse. And then a new Greece will emerge from the pains we have suffered, ... one marked by self-respect, social mobility, hope and common goals. Above all it will share the most difficult objective: the will to survive as a free nation."
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More from the press review on the subject » Fiscal Policy, » Weltanschauung, » Greece
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Süddeutsche Zeitung - Germany | Thursday, 10. March 2011
The heads of state and government of the Eurozone will meet on Friday to discuss the lasting stabilisation of the Monetary Union. But the costs will be high because Greece, Ireland and Portugal are on the verge of bankruptcy, writes the left-liberal daily Süddeutsche Zeitung: » more
The heads of state and government of the Eurozone will meet on Friday to discuss the lasting stabilisation of the Monetary Union. But the costs will be high because Greece, Ireland and Portugal are on the verge of bankruptcy, writes the left-liberal daily Süddeutsche Zeitung: "Why don't politicians admit it? The three crisis countries are on their last legs. They will never be able to pay off all the loans they've burdened themselves with. And they're even less capable of paying the ludicrous interest rates with which they're luring investors today. Others will have to foot the bill: the creditors or the Monetary Union. Partial debt relief must not mean the end of the euro. It would only be justified if the lenders who once so recklessly approved the loans now pull their weight in the bailout. ... But as it's hard to imagine them having that much courage, the heads of state will have to take the second path: that of a transfer union."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Economic Policy, » Europe
All available articles from » Catherine Hoffmann
El País - Spain | Tuesday, 8. March 2011
If the countries of the Eurozone abandon the weakest members to their fate they will only be hurting their own interests, the left-liberal daily El País warns: » more
If the countries of the Eurozone abandon the weakest members to their fate they will only be hurting their own interests, the left-liberal daily El País warns: "The Eurozone hasn't found the formula for dissolving the contradiction between spending cuts and growth. It's difficult to make draconian budget cuts and grow at the same time, and without growth a country can't pay its debts. Greece needs to extend the repayment deadline and reduce the interest it pays on the loan it received from the EU and IMF. But above all it needs to generate enough income to pay its debts. ... Europe, and more precisely the euro group, needs to realise that the top priority is to avoid more economies going bankrupt. ... The problems of Greece, Ireland and Portugal today could easily spread to the rest of the Eurozone tomorrow."
» full article (external link, Spanish)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Economic Policy, » Greece, » Ireland, » Europe
Il Sole 24 Ore - Italy | Tuesday, 8. March 2011
The cutting of Greece's credit rating by US rating agency Moody's makes at least partial debt conversion for Greece inevitable, the business paper Il Sole 24 Ore writes: » more
The cutting of Greece's credit rating by US rating agency Moody's makes at least partial debt conversion for Greece inevitable, the business paper Il Sole 24 Ore writes: "The agency's measure, which puts Greece on the same footing as Bolivia, Angola, Albania, Belarus, Mongolia and New Guinea, increases the pressure at the summit of European heads of government on March 24. The aim there is to soften the conditions for the repayment of Greece's bailout package after Germany and its allies apparently rejected more radical measures for reducing Athens' deficit. ... But a new crisis can only be prevented if Germany gives the green light at the summit for part of the 440 billion euro EFSF bailout fund to be used firstly to allow Athens to buy back some of its debts - which is basically a covert form of debt conversion. Secondly to extend the payback deadline from three to seven years and thirdly to reduce the interest rates."
» more information (external link, Italian)
More from the press review on the subject » Fiscal Policy, » Financial Markets, » Greece
All available articles from » Vittorio Da Rold
To Vima Online - Greece | Monday, 7. March 2011
Lowering Greece's credit rating by three points is such an aggressive move that the rating agencies should be sued, writes the pro-government daily To Vima: » more
Lowering Greece's credit rating by three points is such an aggressive move that the rating agencies should be sued, writes the pro-government daily To Vima: "Greece must not hesitate as it has done in the past. It must press charges against the rating agencies at the international courts and demand billions in damages. It must follow the example of Spanish lawyers and take action against these market pirates who attack governments and countries with impunity and ignore the efforts of those who have already made painful sacrifices. ... The country must put up firm resistance and demand an appropriate response from the other European countries, especially from those European institutions that seek to legitimise their role as greedy pirates by pointing to such ratings."
» full article (external link, Greek)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Justice, » Greece, » Global
All available articles from » Antonis Karakousis
Die Presse - Austria | Tuesday, 8. March 2011
Instead of discussing the lowering of Greece's credit rating by US rating agency Moody's we should be discussing the debt-stricken country's prospects, writes the liberal-conservative daily Die Presse: » more
Instead of discussing the lowering of Greece's credit rating by US rating agency Moody's we should be discussing the debt-stricken country's prospects, writes the liberal-conservative daily Die Presse: "The timing of this most recent downgrading by US rating agency seems strange. The reasons cited by the agency for its the move are nothing new. And it is also true that during the financial crisis Moody's & co. turned out to be incompetent suppliers of useless figures instead of useful assessments. ... However this won't change the fact that the three major US agencies are still being taken seriously and have a kind of global rating monopoly - which among other things enables them to decide how much countries pay for their debts. Nor does it change the fact that Greece is indeed pretty much bankrupt. It would be better to start thinking about solutions for this heavily encumbered Eurozone member rather than hitting out at the rating agencies."
» full article (external link, German)
More from the press review on the subject » Financial Markets, » Greece
All available articles from » Josef Urschitz
Kathimerini - Greece | Tuesday, 22. February 2011
The tenth general strike this year against the Greek government's austerity policy will be staged today, Wednesday. The strikes endanger the country in many ways, writes Dionisis Gousetis in the conservative daily Kathimerini: » more
The tenth general strike this year against the Greek government's austerity policy will be staged today, Wednesday. The strikes endanger the country in many ways, writes Dionisis Gousetis in the conservative daily Kathimerini: "Until now despite their anger most people have not fallen into the trap. They sense that the demands being made during these strikes are aimed at bringing the country to the brink of catastrophe. ... Nevertheless I fear that our peaceful cohabitation is in jeopardy. ... It is the government's duty to protect and implement the laws. But it has proved unable either to command obedience for the law or to inspire people with the policies it is committed to."
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More from the press review on the subject » Domestic Policy, » Fiscal Policy, » Social movements, » Greece
All available articles from » Dionisis Gousetis
Der Standard - Austria | Tuesday, 15. February 2011
The EU must show solidarity with the Southern European countries where the refugees are landing, writes the left-liberal daily Der Standard with an eye to the arrival of thousands of Tunisian refugees on the Mediterranean island of Lampedusa: » more
The EU must show solidarity with the Southern European countries where the refugees are landing, writes the left-liberal daily Der Standard with an eye to the arrival of thousands of Tunisian refugees on the Mediterranean island of Lampedusa: "The flood of refugees from Tunisia across the Mediterranean shows that people's desire for freedom is not limited to their home country, but also points them in the direction of Europe. Like Spain and Greece, Rome has rightly complained for years that the other EU states are leaving them in the lurch regarding the refugees. It's now more pressing than ever that we should all share this burden together. Because up to now the states on Europe's southern border have been hit far harder than the rest, all because of their geographical position about which they can do nothing. That is a case for European solidarity. The question of what to offer these states is also more urgent than ever. The EU's former Neighbourhood Policy or the Mediterranean Union were thought up as placebos, replacements for membership - in full knowledge that these states don't fulfil the key accession criteria."
» full article (external link, German)
More from the press review on the subject » EU Policy, » Italy, » Greece, » Europe
All available articles from » Alexandra Föderl-Schmid
Il Sole 24 Ore - Italy | Wednesday, 30. March 2011
The rating agency Standard & Poor's has once again lowered the credit ratings of Greece and Portugal. Greece's rating was downgraded to BB-, Portugal's to BBB-. The new EU crisis mechanism is by no means free of blame for this move which leaves Portugal just one notch above the junk status, the business paper Il Sole 24 Ore comments: » more
The rating agency Standard & Poor's has once again lowered the credit ratings of Greece and Portugal. Greece's rating was downgraded to BB-, Portugal's to BBB-. The new EU crisis mechanism is by no means free of blame for this move which leaves Portugal just one notch above the junk status, the business paper Il Sole 24 Ore comments: "The market had expected rating agency Standard & Poor's axe to come down on Greece's and Portugal's heads just a few days after the historical turning point at the European Council on the future of the Eurozone countries. The fears of a further wave of recession for struggling EU states were confirmed yesterday. ... The new bailout ESM mechanism increases the likelihood that ailing states will go bankrupt."
» more information (external link, Italian)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Greece, » Portugal
All available articles from » Isabella Bufacchi
Ta Nea - Greece | Monday, 14. March 2011
The interest rates for EU loans to Greece will be lowered and their maturities lengthened. This was the decision reached by the heads of state and government of the 17 euro countries at their summit meeting in Brussels last Friday. But it's too early to celebrate, warns the left-liberal daily Ta Nea: » more
The interest rates for EU loans to Greece will be lowered and their maturities lengthened. This was the decision reached by the heads of state and government of the 17 euro countries at their summit meeting in Brussels last Friday. But it's too early to celebrate, warns the left-liberal daily Ta Nea: "What did we get in Brussels? Simple: what we wanted. But also something we didn't want. ... The message from Brussels is clear. Firstly the Greek economy must show that it can adjust to the requirements, then it will be revitalised. That should work from a purely statistical point of view, but how do things look on the political front? Perhaps the government will tell the truth this time round. Perhaps it will present a bold programme with a clear timetable. Perhaps it will share the burden in an equitable way by taxing wealth and justly redistributing the profits - should there be any. But whatever the case it must inspire and convince."
» full article (external link, Greek)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Greece, » Europe
All available articles from » Giorgos Lakopoulos
Kathimerini - Greece | Monday, 14. March 2011
Greece has so far failed to take advantage of the enormous potential of its youth in finding a solution to its debt crisis, writes columnist Nikos Xidakis in the conservative daily Kathimerini: » more
Greece has so far failed to take advantage of the enormous potential of its youth in finding a solution to its debt crisis, writes columnist Nikos Xidakis in the conservative daily Kathimerini: "This is the young generation of globalisation and the Internet. Our ageing society is plagued by a low birth rate, a lack of morals and overwhelming pessimism, and this generation is the most valuable asset it has. But the young generation is excluded, undervalued and suppressed. Our country has failed to use these young people to regenerate itself, because the system is not interested in its rebirth, or even its survival. It turns its back on this generation, ignoring and sacrificing it. ... Here we see our government's appalling lack of enthusiasm and motivation. We lack self-respect and any sense of solidarity. These deficiencies are compounding each other. ... But this mechanism will soon collapse. And then a new Greece will emerge from the pains we have suffered, ... one marked by self-respect, social mobility, hope and common goals. Above all it will share the most difficult objective: the will to survive as a free nation."
» full article (external link, Greek)
More from the press review on the subject » Fiscal Policy, » Weltanschauung, » Greece
All available articles from » Nikos Xidakis
Il Sole 24 Ore - Italy | Tuesday, 8. March 2011
The cutting of Greece's credit rating by US rating agency Moody's makes at least partial debt conversion for Greece inevitable, the business paper Il Sole 24 Ore writes: » more
The cutting of Greece's credit rating by US rating agency Moody's makes at least partial debt conversion for Greece inevitable, the business paper Il Sole 24 Ore writes: "The agency's measure, which puts Greece on the same footing as Bolivia, Angola, Albania, Belarus, Mongolia and New Guinea, increases the pressure at the summit of European heads of government on March 24. The aim there is to soften the conditions for the repayment of Greece's bailout package after Germany and its allies apparently rejected more radical measures for reducing Athens' deficit. ... But a new crisis can only be prevented if Germany gives the green light at the summit for part of the 440 billion euro EFSF bailout fund to be used firstly to allow Athens to buy back some of its debts - which is basically a covert form of debt conversion. Secondly to extend the payback deadline from three to seven years and thirdly to reduce the interest rates."
» more information (external link, Italian)
More from the press review on the subject » Fiscal Policy, » Financial Markets, » Greece
All available articles from » Vittorio Da Rold
Die Presse - Austria | Tuesday, 8. March 2011
Instead of discussing the lowering of Greece's credit rating by US rating agency Moody's we should be discussing the debt-stricken country's prospects, writes the liberal-conservative daily Die Presse: » more
Instead of discussing the lowering of Greece's credit rating by US rating agency Moody's we should be discussing the debt-stricken country's prospects, writes the liberal-conservative daily Die Presse: "The timing of this most recent downgrading by US rating agency seems strange. The reasons cited by the agency for its the move are nothing new. And it is also true that during the financial crisis Moody's & co. turned out to be incompetent suppliers of useless figures instead of useful assessments. ... However this won't change the fact that the three major US agencies are still being taken seriously and have a kind of global rating monopoly - which among other things enables them to decide how much countries pay for their debts. Nor does it change the fact that Greece is indeed pretty much bankrupt. It would be better to start thinking about solutions for this heavily encumbered Eurozone member rather than hitting out at the rating agencies."
» full article (external link, German)
More from the press review on the subject » Financial Markets, » Greece
All available articles from » Josef Urschitz
To Vima Online - Greece | Monday, 7. March 2011
Lowering Greece's credit rating by three points is such an aggressive move that the rating agencies should be sued, writes the pro-government daily To Vima: » more
Lowering Greece's credit rating by three points is such an aggressive move that the rating agencies should be sued, writes the pro-government daily To Vima: "Greece must not hesitate as it has done in the past. It must press charges against the rating agencies at the international courts and demand billions in damages. It must follow the example of Spanish lawyers and take action against these market pirates who attack governments and countries with impunity and ignore the efforts of those who have already made painful sacrifices. ... The country must put up firm resistance and demand an appropriate response from the other European countries, especially from those European institutions that seek to legitimise their role as greedy pirates by pointing to such ratings."
» full article (external link, Greek)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Justice, » Greece, » Global
All available articles from » Antonis Karakousis
El País - Spain | Tuesday, 8. March 2011
If the countries of the Eurozone abandon the weakest members to their fate they will only be hurting their own interests, the left-liberal daily El País warns: » more
If the countries of the Eurozone abandon the weakest members to their fate they will only be hurting their own interests, the left-liberal daily El País warns: "The Eurozone hasn't found the formula for dissolving the contradiction between spending cuts and growth. It's difficult to make draconian budget cuts and grow at the same time, and without growth a country can't pay its debts. Greece needs to extend the repayment deadline and reduce the interest it pays on the loan it received from the EU and IMF. But above all it needs to generate enough income to pay its debts. ... Europe, and more precisely the euro group, needs to realise that the top priority is to avoid more economies going bankrupt. ... The problems of Greece, Ireland and Portugal today could easily spread to the rest of the Eurozone tomorrow."
» full article (external link, Spanish)
More from the press review on the subject » EU Policy, » Fiscal Policy, » Economic Policy, » Greece, » Ireland, » Europe
Kathimerini - Greece | Tuesday, 22. February 2011
The tenth general strike this year against the Greek government's austerity policy will be staged today, Wednesday. The strikes endanger the country in many ways, writes Dionisis Gousetis in the conservative daily Kathimerini: » more
The tenth general strike this year against the Greek government's austerity policy will be staged today, Wednesday. The strikes endanger the country in many ways, writes Dionisis Gousetis in the conservative daily Kathimerini: "Until now despite their anger most people have not fallen into the trap. They sense that the demands being made during these strikes are aimed at bringing the country to the brink of catastrophe. ... Nevertheless I fear that our peaceful cohabitation is in jeopardy. ... It is the government's duty to protect and implement the laws. But it has proved unable either to command obedience for the law or to inspire people with the policies it is committed to."
» full article (external link, Greek)
More from the press review on the subject » Domestic Policy, » Fiscal Policy, » Social movements, » Greece
All available articles from » Dionisis Gousetis
Der Standard - Austria | Tuesday, 15. February 2011
The EU must show solidarity with the Southern European countries where the refugees are landing, writes the left-liberal daily Der Standard with an eye to the arrival of thousands of Tunisian refugees on the Mediterranean island of Lampedusa: » more
The EU must show solidarity with the Southern European countries where the refugees are landing, writes the left-liberal daily Der Standard with an eye to the arrival of thousands of Tunisian refugees on the Mediterranean island of Lampedusa: "The flood of refugees from Tunisia across the Mediterranean shows that people's desire for freedom is not limited to their home country, but also points them in the direction of Europe. Like Spain and Greece, Rome has rightly complained for years that the other EU states are leaving them in the lurch regarding the refugees. It's now more pressing than ever that we should all share this burden together. Because up to now the states on Europe's southern border have been hit far harder than the rest, all because of their geographical position about which they can do nothing. That is a case for European solidarity. The question of what to offer these states is also more urgent than ever. The EU's former Neighbourhood Policy or the Mediterranean Union were thought up as placebos, replacements for membership - in full knowledge that these states don't fulfil the key accession criteria."
» full article (external link, German)
More from the press review on the subject » EU Policy, » Italy, » Greece, » Europe
All available articles from » Alexandra Föderl-Schmid
O Kosmos tou Ependiti - Greece | Sunday, 13. February 2011
In Greece the non-payers movement is growing. It consists of people who refuse to pay the higher tolls and fares for travel on local public transport which have gone up by 40 percent. The government plans to take tougher action against these people but demonising them will be counterproductive, writes columnist Giannis Kibouropulos in the business paper O Kosmos tou Ependiti: » more
In Greece the non-payers movement is growing. It consists of people who refuse to pay the higher tolls and fares for travel on local public transport which have gone up by 40 percent. The government plans to take tougher action against these people but demonising them will be counterproductive, writes columnist Giannis Kibouropulos in the business paper O Kosmos tou Ependiti: "The commercialisation of public assets has become the new El Dorado of capitalism and its last hope of boosting its profits. ... Neo-liberalism has set itself the goal of conquering all the areas of activity of the welfare state. ... Road construction was gradually taken over by diverse contractors, and then passed into 'co-financing' and finally ended up being completely privatised like the national road network. ... So demonising the free movement and the non-payers is not as innocent as it may seem. The opponents of the non-payers are not defending a universal right, they simply want to legitimise a new form of public handling of public assets in which the state is not just a guarantor for the privatisation of public assets but also for the profits of the companies which have taken control of those assets."
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All available articles from » Giannis Kibouropoulos
Kathimerini - Greece | Thursday, 10. February 2011
Tax fugitives from Greece have 600 billion euros stashed away in Swiss bank accounts. That amounts to almost five times the loan the highly indebted country has received from the International Monetary Fund (IMF). The conservative daily Kathimerini presents a Hollywood version of the rescue of Greece: » more
Tax fugitives from Greece have 600 billion euros stashed away in Swiss bank accounts. That amounts to almost five times the loan the highly indebted country has received from the International Monetary Fund (IMF). The conservative daily Kathimerini presents a Hollywood version of the rescue of Greece: "Should we feel encouraged by the fact that the sweat is trickling off the backs of some of our apparently workaholic fellow countrymen in positively mythical quantities, or should we be sad that all this wealth is no longer here to help and develop the country because of all the red tape and the merciless taxes on capital? ... The search is on for a director who can bring to the big screen the scenario currently in circulation in which a hundred of these investors well-disposed toward Switzerland club together to lend money to Greece, their home country, at an interest rate higher than that charged in Switzerland but ... lower than that charged by the IMF and our European sponsors. Steven Spielberg, that expert in fantasy, has the best chances."
» full article (external link, Greek)
More from the press review on the subject » Domestic Policy, » Fiscal Policy, » Consumers, » Banks, » Greece, » Switzerland
All available articles from » Pantelis Boukalas
Die Weltwoche - Switzerland | Friday, 4. February 2011
The crisis of the financial markets has shown that rating agencies do not deserve the huge respect they used to enjoy, writes Swiss economist Bernd Schips in the weekly Weltwoche, noting that notwithstanding they have continued to to be strangely influential in the euro crisis: » more
The crisis of the financial markets has shown that rating agencies do not deserve the huge respect they used to enjoy, writes Swiss economist Bernd Schips in the weekly Weltwoche, noting that notwithstanding they have continued to to be strangely influential in the euro crisis: "Rating agencies have had a hand in the ongoing currency turbulence. Their downgrading of Greece's credit rating is understandable, not so their extending of creditworthiness problems to countries such as Portugal and Spain - before the financial crisis these were well on the way to consolidating their national budgets - without also raising doubts about the rating of the US or the UK. Honi soit qui mal y pense! [Shame on him who thinks evil of it]. When people talk about developments on the financial markets, they often refer to 'market pressure', without sparing a thought for who actually triggers and controls it."
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Ta Nea - Greece | Tuesday, 1. February 2011
Thousands of Greeks are claiming disability pensions without being disabled in any way. The left-wing liberal daily Ta Nea criticises such behaviour as irresponsible in times of financial crisis and calls for an end to this grand-scale fraud: » more
Thousands of Greeks are claiming disability pensions without being disabled in any way. The left-wing liberal daily Ta Nea criticises such behaviour as irresponsible in times of financial crisis and calls for an end to this grand-scale fraud: "Are we a country of disabled people? No! But alongside the genuinely disabled who are entitled to their disability pensions, fraudsters are also claiming them. And so we are witnessing 'miracles': People who are claiming disability pensions because they are blind are suddenly seeing the light and working on building sites! Others are playing football without any feet! ... Among those working in the state apparatus is a criminal ring who are manipulating data and siphoning off social benefits. ... In times of economic crisis and austerity measures, this sort of activity is absolutely criminal. This is theft of social resources which are being taken away from people with genuine disabilities. It is high time ruthless measures were taken to put an end to this phenomenon once and for all."
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Kathimerini - Greece | Tuesday, 25. January 2011
In Athens and Thessaloniki 270 migrant workers began a hunger strike on Tuesday, demanding unlimited residency permits. The poor of the world are turning to the poor of Europe for help, the conservative daily Kathimerini writes: » more
In Athens and Thessaloniki 270 migrant workers began a hunger strike on Tuesday, demanding unlimited residency permits. The poor of the world are turning to the poor of Europe for help, the conservative daily Kathimerini writes: "On top of the neglect by Greece's government there is the lacking willingness and the hypocrisy of European governments regarding the problem of migration. The Dublin II Regulation basically forces Greece as the country of entry into the EU to keep hundreds of thousands of migrants who don't fulfil the requirements for a legal residency permit, leaving them often living in inhumane conditions without papers or work. But what can Greece, with its population of ten million, offer the one and a half million migrants when the country is battling its worst crisis in decades and the local population is trapped in a tunnel of austerity measures without any light at the end of it? … The foreigner, the exile, the beggar is asking the newly poor Greek, the frightened people of the crisis, for help. Poverty is coming up against the threat of poverty."
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All available articles from » Nikos Xidakis
Financial Times Deutschland - Germany | Thursday, 20. January 2011
The countries of the Eurozone are considering measures for debt relief for Greece in a bid to stabilise the country. Private investors are also called on to do their bit. The liberal Financial Times Deutschland finds the proposal charming: » more
The countries of the Eurozone are considering measures for debt relief for Greece in a bid to stabilise the country. Private investors are also called on to do their bit. The liberal Financial Times Deutschland finds the proposal charming: "Many things speak in favour of involving investors to some extent in the task of debt conversion. This would only be fair. Certainly, Europe's taxpayers shouldn't have to shoulder any more of the burden for rescue measures. Nonetheless there is still hope that Greece will be able to avoid a real 'haircut', i.e. a compulsory devaluation of all its outstanding debt. Instead investors can voluntarily decide to part with their debt instruments and accept certain losses. Whether this would suffice to reduce the debts enough no one knows for sure. But the EU should at least give it a try."
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Ta Nea - Greece | Monday, 3. January 2011
According to statistics of the Greek Ministry of Finance, 60 percent of Greeks paid no income tax in 2009. The left-liberal daily Ta Nea isn't surprised: » more
According to statistics of the Greek Ministry of Finance, 60 percent of Greeks paid no income tax in 2009. The left-liberal daily Ta Nea isn't surprised: "Tax evasion isn't just the privilege of the rich and powerful in Greece, ... it's a popular sport. ... One explanation is that there are many poor people, but that's not corroborated by the facts. Of course there are poor people, but not that many. Another explanation is that six out of every ten Greeks don't pay their taxes because no one does anything to get them to pay. The state itself allows tax evasion (and possibly even organises it). ... But do you know what social consequences that has? The slothful tax habits of the majority place an additional tax burden on the remaining 40 percent, who don't necessarily count among the richest people in the country. They're simply the ones who can't hide how much money they earn."
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All available articles from » Giannis Pretenteris
Kathimerini - Greece | Wednesday, 29. December 2010
Masses of Greek civil servants took early retirement in 2010 to avoid the austerity measures introduced by the Socialist government. The conservative daily Kathimerini takes the opportunity to analyse the attitudes of Greeks during this year of crisis: » more
Masses of Greek civil servants took early retirement in 2010 to avoid the austerity measures introduced by the Socialist government. The conservative daily Kathimerini takes the opportunity to analyse the attitudes of Greeks during this year of crisis: "We gave up bigger or smaller habits, we said goodbye to certain things and limited ourselves in others. We tried to come to terms with our losses. ... For some it was a few days less holiday, ... for others it was a pair of shoes they didn't absolutely need or something good to eat. We've had to do without all those things that provided a surplus of happiness, and forget that work guaranteed our needs for the days and weeks to come. ... Perhaps the pensioners will start again from scratch and the mass retirements will bring changes and surprises. Perhaps the poverty will lead to a rationalisation. If we are forced to make decisions, our losses may lead us to reassess what is important and what is non-essential."
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All available articles from » Maria Katsounaki
Kathimerini - Greece | Wednesday, 22. December 2010
Strikes in Athens have paralysed the municipal refuse collection services and public transport. The Greek capital has turned into a third-world city for good, the conservative daily Kathimerini writes commenting on the piles of refuse accumulating on the streets: » more
Strikes in Athens have paralysed the municipal refuse collection services and public transport. The Greek capital has turned into a third-world city for good, the conservative daily Kathimerini writes commenting on the piles of refuse accumulating on the streets: "The unbearable truth we are experiencing in Athens is neither temporary nor an exclusive product of the crisis. It has set in gradually and reached its culmination due to the failure of the state. ... No one can guarantee that public transport will function in future, that there will be fewer beggars or that the demonstrations will end. ... It looks like many of these things that have changed the character of the city and made it repulsive will be with us for a long time."
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All available articles from » Aggelos Stangos
Capital - Greece | Thursday, 16. December 2010
Violent clashes broke out between the police and demonstrators during a recent general strike in Athens against the job market reforms. An angry mob attacked the former transport minister Kostis Hatzidakis with stones and sticks. Greece is experiencing a new phase of conflict between citizens and politicians, writes the business paper Capital: » more
Violent clashes broke out between the police and demonstrators during a recent general strike in Athens against the job market reforms. An angry mob attacked the former transport minister Kostis Hatzidakis with stones and sticks. Greece is experiencing a new phase of conflict between citizens and politicians, writes the business paper Capital: "It is irrelevant whether Hatzidakis bears responsibility for Greece's fate. The blind violence of the rabble which feels the pressure from all that has happened in the past twelve months ... could be directed at any symbol of the political establishment. In 2010 in Greece, the politicians who were so venerated in past decades have become a red rag for the average citizen. Formerly dissatisfaction with political leaders in a civilised country was expressed by other means. One of those was used in the last elections by a majority of Greek voters when they turned their backs on almost all traditional political forces."
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To Ethnos - Greece | Wednesday, 8. December 2010
The chairman of the International Monetary Fund (IMF) Dominique Strauss-Κahn negotiated the extension of Greece's repayment of its bailout loan from three to seven years on Tuesday in Athens. He used the occasion to stress the need for further austerity measures while at the same time praising Greece's budget consolidation. But according to the left-liberal daily To Ethnos, Strauss-Kahn had only the French Presidential elections in 2012 in mind when he did this: » more
The chairman of the International Monetary Fund (IMF) Dominique Strauss-Κahn negotiated the extension of Greece's repayment of its bailout loan from three to seven years on Tuesday in Athens. He used the occasion to stress the need for further austerity measures while at the same time praising Greece's budget consolidation. But according to the left-liberal daily To Ethnos, Strauss-Kahn had only the French Presidential elections in 2012 in mind when he did this: "He is posing as the saviour not only of Greece but also of Ireland and tomorrow Portugal and who knows which other European countries after that. He is doing this to show the Germans in their function as Europe's leaders and his French compatriots as voters that he is using his time as IMF boss to save the euro and the EU. With the backing of Berlin and Washington Strauss-Kahn believes he can also conquer the Elysée while he's at it!"
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To Vima Online - Greece | Thursday, 2. December 2010
The Greek composer Mikis Theodorakis announced on Wednesday the founding of a new popular movement with which he calls on Greeks to be disobedient and to participate in the dialogue over how to weather the crisis. The left-liberal online newspaper To Vima welcomes the new movement of the 85-year-old composer: » more
The Greek composer Mikis Theodorakis announced on Wednesday the founding of a new popular movement with which he calls on Greeks to be disobedient and to participate in the dialogue over how to weather the crisis. The left-liberal online newspaper To Vima welcomes the new movement of the 85-year-old composer: "This is the expression of a common, basic fear and a feeling of responsibility for our shared future which smooths over even the differences of opinion among the participants. As such it awakens a feeling for the essential function of the citizen in ideal, utopian and direct democracies which until now we have only known from books, which we have never before seen and above all: to which we have never laid claim."
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To Ethnos - Greece | Sunday, 28. November 2010
Capitalism has destroyed many Greek traditions. But to survive the current crisis precisely these traditions must be preserved, argues author Dimitris Papachristou in the left-liberal daily To Ethnos: » more
Capitalism has destroyed many Greek traditions. But to survive the current crisis precisely these traditions must be preserved, argues author Dimitris Papachristou in the left-liberal daily To Ethnos: "The crisis continues because we are neglecting our special traditions, but they will find a way to take revenge for the fact that we are allowing our heritage to disappear and therefore impoverishing ourselves. Multiculturalism, when it is not enriched by the particularities of different peoples, cannot embellish the world ... but on the contrary creates ugliness and a global hotchpotch. The modern, one-dimensional point of view creates people who act fearfully and subserviently in the capitalist system. With its imperialist consumer culture this system levels out nations, tribes, peoples, languages and traditions and aims to make us forget our past and stop thinking. But remembrance is our weapon; it is our existence which defies time and all forms of power."
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Svenska Dagbladet - Sweden | Tuesday, 23. November 2010
After a brief period of hesitation Ireland has agreed to accept help from the planned EU bailout fund. However Dublin will apparently not be subjected to the same degree of supervision as Greece before it, the conservative daily Svenska Dagbladet notes: » more
After a brief period of hesitation Ireland has agreed to accept help from the planned EU bailout fund. However Dublin will apparently not be subjected to the same degree of supervision as Greece before it, the conservative daily Svenska Dagbladet notes: "Unlike what happened with Greece there won't be any 'men in black' living next door to the minister of finances. There is confidence that the country can assume responsibility for getting back on track. ... But this is not just about Ireland. At an EU level the EU crisis has been shaped by the interests of the different member states. The euro crisis raises the question of whether the European Central Bank's monetary policy was appropriate for the situation. On the other hand the EU has managed to set up crisis mechanisms. On the positive side is the realisation that it is crucial to maintain order in state finances."
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All available articles from » Claes Arvidsson
Kathimerini - Greece | Wednesday, 17. November 2010
Several thousand Greeks on Wednesday commemorated the bloody quelling of a student uprising against the military regime on 17 November 1973. But fascist attitudes are far more widespread in Greece today than in 1973, writes Dionisis Gousetis in the conservative daily Kathimerini: » more
Several thousand Greeks on Wednesday commemorated the bloody quelling of a student uprising against the military regime on 17 November 1973. But fascist attitudes are far more widespread in Greece today than in 1973, writes Dionisis Gousetis in the conservative daily Kathimerini: "At that time the tone was set by the dictatorship. Today ... it has become customary to break the law, which is a predominantly fascist form of behaviour. Public buildings are occupied, laws are ignored, tolls go unpaid, fascists demonstrate and burn workers. ... They adopt the fascist principle of collective responsibility with slogans like 'cops, pigs, murderers' or 'bums, informers, journalists'. Groups that need protection like minorities, Roma, immigrants and refugees are targeted. ... History has shown that anger at the financial crisis hasn't pushed people into the leftist camp, as those who advocate this theory so naively hope, but to the right, to fascism."
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All available articles from » Dionisis Gousetis
To Ethnos - Greece | Monday, 15. November 2010
For the first time in 24 years Greek voters have elected Socialists to the post of mayor in Athens and Thessaloniki in the second round of the regional and local elections. This will make it easier for Prime Minister George Papandreou to push through even harsher austerity measures, writes the left-liberal daily To Ethnos: » more
For the first time in 24 years Greek voters have elected Socialists to the post of mayor in Athens and Thessaloniki in the second round of the regional and local elections. This will make it easier for Prime Minister George Papandreou to push through even harsher austerity measures, writes the left-liberal daily To Ethnos: "The Panhellenic Socialist Movement (Pasok) is the undisputed winner of the second round of the local elections, without losing sight of the political conclusions of the first round, in which the ruling party scored ten percentage points less that in the last parliamentary elections. ... The biggest success is of course the victory in Athens, which has been in the hands of the Right for more than 20 years. ... The results of the second round will make it easier for George Papandreou's government to implement an even tougher austerity policy against the people and make even more drastic cuts - in addition to those that have already been dictated by the EU and the IMF."
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All available articles from » Giorgos Delastik
Die Presse - Austria | Monday, 15. November 2010
EU Financial aid for Greece and now perhaps also for Ireland is not the solution, writes the liberal-conservative daily Die Presse, arguing that the real problem lies in a monetary policy defined by low interest rates and the illusion that one can get into debt without consequences: » more
EU Financial aid for Greece and now perhaps also for Ireland is not the solution, writes the liberal-conservative daily Die Presse, arguing that the real problem lies in a monetary policy defined by low interest rates and the illusion that one can get into debt without consequences: "The markets where investors for a long time were able to profit from the apparent success and security of the euro have become the measure of how good Europe's monetary and economic policy is. The pressure is huge to leave everything as it is - although precisely this will lead to disaster. The current system of mutual guarantees is an invitation to dispense with cuts in state spending and farsightedness in private investment. A construct has emerged that continues to produce cheap money and will push further countries besides Greece towards ruin. It's all a sham: the life belt that is being thrown to them is so full of air that it could burst if they try to hold on to it."
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All available articles from » Wolfgang Böhm
Eleftherotypia - Greece | Thursday, 11. November 2010
The EU waived visa requirements for Albania and Bosnia and Herzegovina on Monday. The Greek economics minister welcomes the decision as he expects it to encourage mainly Albanian tourists rather than work migrants. Writing in the daily Eleftherotypia Andreas Roumeliotis ventures an ironic look at a future in which the crisis-ridden Greeks become the lackeys of the nouveau-riche Albanians: » more
The EU waived visa requirements for Albania and Bosnia and Herzegovina on Monday. The Greek economics minister welcomes the decision as he expects it to encourage mainly Albanian tourists rather than work migrants. Writing in the daily Eleftherotypia Andreas Roumeliotis ventures an ironic look at a future in which the crisis-ridden Greeks become the lackeys of the nouveau-riche Albanians: "I am always on the ready, friendly, hard-working, silent and obedient! Albanian, dear master, I will paint your house for you and do anything you want for a daily wage of just 20 euros. ... By the way, what exactly is Greece, dear Olli Rehn [former EU enlargement commissioner]? The new Albania of the Aegean Sea. Wild, daring ideas are needed here. For example a return to our traditional skills. Just as we used to catch women with Poseidon's trident and charm the sex-hungry German tourists, dear patriots, now we can offer young Albanian girls our well-built two-metre-long bodies for their amusement. Who knows? A woman from a good Albanian family could fall in love with one of us and then we can live in nouveau-riche Tirana as slave husbands."
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All available articles from » Andreas Roumeliotis
Der Standard - Austria | Tuesday, 9. November 2010
The majority obtained by the governing Pasok party in Greece's local elections is not a confirmation for Prime Minister Giorgos Papandreou's austerity plan, writes the left-liberal daily Der Standard: » more
The majority obtained by the governing Pasok party in Greece's local elections is not a confirmation for Prime Minister Giorgos Papandreou's austerity plan, writes the left-liberal daily Der Standard: "Even the voter turnout makes this amply clear: despite compulsory voting only 60 percent went to the polls, and of that 60 percent - another record in Greece - almost one in ten spoiled their ballots. Subtracting the votes for the Communists, the other left-wing parties and the conservative former ruling party Nea Dimokratia - all opponents of the austerity policy without providing any real alternative - and it becomes clear that only 25 percent of voters support the reforms. Despite the near bankruptcy of the country and record loans from the Europeans and the International Monetary Fund, the majority of Greeks hold doggedly to the role of victim and spin yarns about capitalist imperialism. Certainly, you can't expect people to go out and vote en masse for the austerity programme. But you can expect a sense of reality and commitment."
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All available articles from » Markus Bernath
Eleftherotypia - Greece | Monday, 8. November 2010
With their low voter turnout the Greek voters have flouted Prime Minister Giorgos Papandreou's attempt to use the crisis to serve his political ends, writes the leftist daily Eleftherotypia: » more
With their low voter turnout the Greek voters have flouted Prime Minister Giorgos Papandreou's attempt to use the crisis to serve his political ends, writes the leftist daily Eleftherotypia: "They are turning their backs on the future? For the time being, perhaps. ... At present the low voter turnout is an expression of suppressed anger, unease, frustration and silent disapproval. What does it mean that a large proportion of the citizens, especially young people, feel they have no hope and no chances in the current political system? They have the feeling that their political participation won't make any difference. ... Unless a sustainable political alternative that offers hope is developed soon the young people who turn their backs on the future today will destroy it tomorrow."
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All available articles from » Andreas Roumeliotis
Corriere del Ticino - Switzerland | Tuesday, 9. November 2010
With his hard course Greece's Prime Minister Giorgos Papandreou has declared war on immorality, writes the liberal daily Corriere del Ticino with an eye to the country's local elections: » more
With his hard course Greece's Prime Minister Giorgos Papandreou has declared war on immorality, writes the liberal daily Corriere del Ticino with an eye to the country's local elections: "Greece ... sees the 'American' Papandreou as the only way out. Politics must regain control of the economy. In other words: first come the rules, which must be the same for everyone, and then the markets and the financial system. With this approach sociologist Papandreou, backed by his finance minister, has declared war on the prevailing lack of morals that has led many Greeks to believe that you can get rich by leasing out a souvenir shop to Chinese or Albanians. This is an all-out war against immorality, from the lorry drivers who reject the liberalisation of the transport system with licences in their hands to the owners of dream villas on the coast who 'forget' to pay their taxes. Papandreou will stop at nothing to achieve his goal of respect for everyone."
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All available articles from » Matilde Casasopra
Ta Nea - Greece | Monday, 8. November 2010
Despite heavy losses for his Socialists in Greece's regional and local elections Greek head of government Giorgos Papandreou has precluded early parliamentary elections. The left-liberal daily Ta Nea asks whether the whole thing was not just much ado about nothing: » more
Despite heavy losses for his Socialists in Greece's regional and local elections Greek head of government Giorgos Papandreou has precluded early parliamentary elections. The left-liberal daily Ta Nea asks whether the whole thing was not just much ado about nothing: "We have already written that Europe is full of governments that have lost regional or local elections without this stopping them from governing. ... Was anybody surprised by the message of discontent and disapproval? Was there anyone who was flabbergasted by the results? I don't think so. ... After yesterday's results we will now see not only whether Greece has a strong government (which no one disputes) but also whether it once again has a strong opposition. At the moment it certainly looks like it. The rest will soon become obvious. Because it could indeed all have been a lot of fuss about nothing. But it could also be that a little fuss makes a difference."
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Ta Nea - Greece | Thursday, 4. November 2010
Prime Minister Giorgos Papandreou has defined the local elections taking place in Greece on Sunday as the touchstone for his austerity measures. But even if his party suffers heavy losses he will continue with his course, the left-liberal daily Ta Nea writes, drawing a parallel with the congressional elections in the US: » more
Prime Minister Giorgos Papandreou has defined the local elections taking place in Greece on Sunday as the touchstone for his austerity measures. But even if his party suffers heavy losses he will continue with his course, the left-liberal daily Ta Nea writes, drawing a parallel with the congressional elections in the US: "Barack Obama is the most rocking president the US has had. ... But as can be seen all over the world, hard rock is played not by the politicians but by the voters. What can we learn from the countless analyses of the US congressional elections on Tuesday? The voters don't elect people to office, they elect their leaders out of office - particularly when the economy is in bad shape. ... Like the Democrats in the US Pasok has failed to pay sufficient attention to the local elections. But just as Obama will remain president and look for new approaches, adjust to the situation and push through his policies, Papandreou's road won't come to an end on Sunday evening. In times of economic crisis we live in democracies of protest."
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Der Tagesspiegel - Germany | Thursday, 4. November 2010
The parcel bombs from Greece, the parked cars set on fire in Germany and the arson attack against the Berlin S-Bahn railway network are all proof that militancy is on the rise on the political fringes both in and outside Germany, writes the left-liberal daily Der Tagesspiegel: » more
The parcel bombs from Greece, the parked cars set on fire in Germany and the arson attack against the Berlin S-Bahn railway network are all proof that militancy is on the rise on the political fringes both in and outside Germany, writes the left-liberal daily Der Tagesspiegel: "The Greek parcel bombs, it is to be feared, could encourage copy-cat crimes from both left and right-wing extremists in Germany and other European states. An escalation in politically motivated violence can't be ruled out. Fortunately nowadays there are no secret services supporting the terrorists like the Stasi [the secret police of East Germany] once did. The militancy of the extremists is thriving, fed by individual imbalances in conjunction with a fanatical interpretation of social problems. Germany is not too far removed from Greece in this respect."
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All available articles from » Frank Jansen
Gândul - Romania | Thursday, 4. November 2010
The Greek government suspects that left-wing radical groups are behind the letter bomb attacks. The daily Gândul speculates on their motives: » more
The Greek government suspects that left-wing radical groups are behind the letter bomb attacks. The daily Gândul speculates on their motives: "Unreasonableness could be one. ... Another is the political class in Greece, which is to blame for the crisis the country now finds itself in. The politicians' irresponsible behaviour was grist to the mill for these young people. ... It gave them a reason to throw stones. Greece is currently suffering under drastic reforms in order to get money from Europe, and that has made it the focus of the angry young people who sent explosives to embassies. Romania doesn't have that problem yet, but the ground has been prepared."
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All available articles from » Dan Radu
Der Standard - Austria | Thursday, 4. November 2010
EU security experts will meet tomorrow, Friday, in Brussels to discuss the parcel bombs from Greece. The meeting could improve pan-European cooperation in the area of internal security, the liberal-conservative daily Der Standard hopes: » more
EU security experts will meet tomorrow, Friday, in Brussels to discuss the parcel bombs from Greece. The meeting could improve pan-European cooperation in the area of internal security, the liberal-conservative daily Der Standard hopes: "Two days ahead of the urgently convened special meeting of security experts at the central EU institutions in Brussels no one could say precisely what the EU Commission can do about the series of mail bomb attacks. It has neither its own police force nor explosives experts, nor does it have much experience with violent left-wing extremists in Greece, who are suspected of having sent the mail bombs to Berlusconi, Sarkozy and Co. Yet it is still good that security experts from across the EU immediately convene in a crisis. ... Normally the individual nation states have always done just the opposite in the area of internal security and justice, isolating themselves and causing confusion with solo initiatives. This generally delights the criminals when it comes to crime but is a torture for refugees when it comes to migration. Defining European standards could prevent this."
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Il Sole 24 Ore - Italy | Thursday, 4. November 2010
In the aftermath of a series of mail bomb attacks the Greek police have detained two youths believed to belong to the left-wing extremist underground organisation Conspiracy of the Cells of Fire. The police are trying to play down the implications of the conflict however, writes the business paper Il Sole 24 Ore: » more
In the aftermath of a series of mail bomb attacks the Greek police have detained two youths believed to belong to the left-wing extremist underground organisation Conspiracy of the Cells of Fire. The police are trying to play down the implications of the conflict however, writes the business paper Il Sole 24 Ore: "The events could have been much more serious than the Greek authorities would have us believe. The offensive of the rebel anarchists could have begun back in June with the parcel bomb sent to the Greek Minister for Civilian Protection at the time, Michalis Chrysochoidis, which killed an employee of the ministry. ... If we follow this trail we discover that after the demolition of the November 17 terrorist organisation new groups like the Revolutionary Fight or the Sect of Revolutionaries emerged. So perhaps this offensive is not just a schoolboy prank but a spectacular escalation ... aiming for political destabilisation with an eye to the local elections due to take place on November 7."
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All available articles from » Vittorio Da Rold
Ta Nea - Greece | Wednesday, 3. November 2010
A number of parcel bombs have been sent from Greece to, among others, the German chancellor, the French President and several embassies. All air freight being sent ... » more
A number of parcel bombs have been sent from Greece to, among others, the German chancellor, the French President and several embassies. All air freight being sent abroad from Greece has been stopped for the time being. The left-liberal daily Ta Nea asks what more it will take for these acts of aggression finally to be taken seriously. "We must be absolutely honest. There is no worse way of dealing with a threat than playing it down. ... Out of its own paranoia and for probably inexplicable reasons our society has tended to demonise the security issue. Security against terrorism, but also security against all the dangers and threats of modern society. Is that a sign of anti-authoritarian posing, ideological nonsense, social backwardness or left-wing parochialism? It's up to the experts to find out. ... But no one can deny that this aggression exists and is growing. And as long it prevails and continues to be nourished we will be a society that steadily becomes mired in fear and insecurity. And in terrorism."
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Die Presse - Austria | Friday, 29. October 2010
The permanent EU crisis mechanism adopted at Germany's initiative might protect German economic growth but it won't ensure genuine stability in the Eurozone, writes the liberal conservative daily Die Presse: » more
The permanent EU crisis mechanism adopted at Germany's initiative might protect German economic growth but it won't ensure genuine stability in the Eurozone, writes the liberal conservative daily Die Presse: "Germany has an enormous interest in making sure its recovery is not jeopardised by state bankruptcies in Greece or Ireland. In such cases Berlin would bear the main burden of guarantees made until now, and would even be forced to violate the law (the no-bail-out clause). An orderly insolvency procedure for such countries would take the burden from Berlin's shoulders, create a legal framework and put the onus on banks that have earned good money from public borrowers up to now. But there's more to true stability in the Eurozone than just that. In pushing for insolvency proceedings Germany above all had its eye on the acute risks. But the plan does nothing to solve the real problem of economies that are drifting apart. As a result we will no doubt soon see an even deeper conflict of interests regarding the common monetary policy."
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More from the press review on the subject » EU Policy, » Germany, » Europe
All available articles from » Wolfgang Böhm
Ta Nea - Greece | Monday, 25. October 2010
In view of the ongoing protests in Greece against the government's austerity policy, Prime Minister George Papandreou no longer excludes the possibility of holding early elections. He has announced he considers the results of his party Pasok in the nationwide regional polls on November 7 a litmus test. Giannis Pretenderis of the left-liberal daily Ta Nea fails to see the importance of the local elections: » more
In view of the ongoing protests in Greece against the government's austerity policy, Prime Minister George Papandreou no longer excludes the possibility of holding early elections. He has announced he considers the results of his party Pasok in the nationwide regional polls on November 7 a litmus test. Giannis Pretenderis of the left-liberal daily Ta Nea fails to see the importance of the local elections: "What should Sarkozy have done when he lost all of the French regional elections this spring? ... Brought out the tanks? ... I simply don't understand. What interest can the government have in making a drama out of an election campaign which in itself is not particularly dramatic? All the more so as it can only be expected that all manner of tensions, objections, complaints and dissatisfaction will come to the fore in these elections? It cannot possibly be expected that Greek society will remain silent, considering all it has had to put up with. But unfortunately the airheads in power ... are determined to transform these local elections into the 'mother of all battles'. ... They fear they could be made the scapegoats of a defeat. And instead of being vanquished alone, they prefer we all go down together."
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More from the press review on the subject » Domestic Policy, » Economic Policy, » Elections, » Greece
All available articles from » Giannis Pretenderis
Hospodárske noviny - Slovakia | Wednesday, 20. October 2010
The harsher punishment for the Eurozone's deficit sinners that Germany had initially pushed for is a thing of the past. A wasted opportunity, writes the Slovakian business paper Hospodárske noviny: » more
The harsher punishment for the Eurozone's deficit sinners that Germany had initially pushed for is a thing of the past. A wasted opportunity, writes the Slovakian business paper Hospodárske noviny: "Finally the Union had the chance to punish the rule-breaking countries that had heaped problems on others. But once again the French, Spanish and Italians were only ready for cosmetic changes, and practically everything remains as it was. Now it's not the real economic facts that will decide who has to pay for their irresponsibility, but the politicians of the countries concerned. ... Irrespective of this failure, [Slovakian Prime Minister] Radičová deserves praise for her firm attitude. Although she was roundly condemned for her refusal to help Greece, ... other countries are beginning to agree with her. Now we have the Czechs, Germans and Scandinavians on our side. ... Even if that's still not enough, thanks to Radičová things are slowly moving in the right direction."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Europe
All available articles from » Pavel Novotny
Ta Nea - Greece | Tuesday, 12. October 2010
A Greek court on Monday sentenced a police officer to life imprisonment for murder. Almost two years ago he shot and killed the 15-year-old Alexandros Grigoropoulos, setting off a wave of riots throughout Greece. But the real blame lay primarily with the idleness of Kostas Karamanlis' government, writes the left-liberal daily Ta Nea: » more
A Greek court on Monday sentenced a police officer to life imprisonment for murder. Almost two years ago he shot and killed the 15-year-old Alexandros Grigoropoulos, setting off a wave of riots throughout Greece. But the real blame lay primarily with the idleness of Kostas Karamanlis' government, writes the left-liberal daily Ta Nea: "In the night when Grigoropoulos was killed, [Education Minister] Stylianidis just went out to a bouzouki club and [Interior Minister] Pavlopoulos lost control of the situation, resulting in the outbreak of youth anger that set the country ablaze for the next week. Many people wondered back then where Karamanlis was, and whether he was really able to govern this country. The answer came very quickly. Even before the year ended he was no more than voiceless former prime minister. The clock has not gone backwards, also not for fifteen-year-old Grigoropoulos, who died far too young. The murder in [the Athens district] Exarchia is a symptom of the political collapse."
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More from the press review on the subject » Social movements, » Crime, » Justice, » Society, » Greece
All available articles from » Dimitris Mitropoulos
Süddeutsche Zeitung - Germany | Monday, 4. October 2010
China wants to help the financially weak Greece with the purchase of government bonds and an investment programme. That was the announcement made by Chinese Premier Wen Jiabao on his visit to Athens on Sunday. But Beijing's new love for Hellas has nothing to do with charity, warns the left-liberal Süddeutsche Zeitung: » more
China wants to help the financially weak Greece with the purchase of government bonds and an investment programme. That was the announcement made by Chinese Premier Wen Jiabao on his visit to Athens on Sunday. But Beijing's new love for Hellas has nothing to do with charity, warns the left-liberal Süddeutsche Zeitung: "The Chinese state has gigantic currency reserves at its disposal. In addition many Chinese businesses have accumulated capital by going public. Beijing is investing in Canadian tar sand producers and gas giants. Such activities are as far from Europe as the Chinese treasure hunt in Africa. But Greece is in Europe, and China's Premier Wen Jiabao is also using his cameo under the Acropolis to tell Europeans that in addition to helping Greece his country could also come to the aid of other EU nations. Europe's weaknesses are becoming China's strengths - and Athens could be just the beginning."
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More from the press review on the subject » Fiscal Policy, » Economic Policy, » Greece, » Europe, » China
To Ethnos - Greece | Thursday, 30. September 2010
A court in Greece has ruled that strikes planned by journalists working for three media publishers are illegal. The strikes called by the journalists' association ESIEA have been called off as a result. The left-liberal daily To Ethnos deplores the association's incompetence at defending its members' rights: » more
A court in Greece has ruled that strikes planned by journalists working for three media publishers are illegal. The strikes called by the journalists' association ESIEA have been called off as a result. The left-liberal daily To Ethnos deplores the association's incompetence at defending its members' rights: "The major reason for this incompetence is the ESIEA's estrangement from any sort of journalism that's willing to take a stand. Either because its members have joined state-funded media or because they keep to party guidelines that ignore the needs of the media sector. ... The height of irresponsibility comes with these strikes called by the employees' representatives at the country's three largest media publishers. ... It's not by chance that the decision was taken without consulting hundreds of journalists who work there, and without the union representatives reaching an understanding with the journalists over the measures to be taken to overcome the crisis in our sector."
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More from the press review on the subject » Publishing houses, » Print media, » Greece
Kathimerini - Greece | Tuesday, 28. September 2010
Greek businesses and independent entrepreneurs are to be allowed to pay off their tax debts from the years 2000 to 2009 with a one-off lump sum payment. That is the upshot of a bill presented to parliament by Finance Minister Giorgos Papakonstantinou with the aim of raising tax revenues and getting tax evaders to pay up. The conservative daily Kathimerini finds this unfair to honest taxpayers: » more
Greek businesses and independent entrepreneurs are to be allowed to pay off their tax debts from the years 2000 to 2009 with a one-off lump sum payment. That is the upshot of a bill presented to parliament by Finance Minister Giorgos Papakonstantinou with the aim of raising tax revenues and getting tax evaders to pay up. The conservative daily Kathimerini finds this unfair to honest taxpayers: "The bill for processing two and a half million uninvestigated cases that was passed by parliament in summary proceedings has met with mixed feelings on the part of Greek citizens. For many independent entrepreneurs and freelancers it came as a relief, but for the regular taxpayers it was a confirmation of the injustice that the state has shown them for the umpteenth time. ... It is logical that upstanding taxpayers will feel at a disadvantage."
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More from the press review on the subject » Fiscal Policy, » Greece
All available articles from » christina Kopsini
Eleftherotypia - Greece | Monday, 13. September 2010
Iceland's ex-prime minister Geir Haarde and other leading politicians are to be put on trial for their part in precipitating the bank collapse two years ago. The leftist daily Eleftherotypia doubts similar measures will be taken against those responsible for the Greek crisis: » more
Iceland's ex-prime minister Geir Haarde and other leading politicians are to be put on trial for their part in precipitating the bank collapse two years ago. The leftist daily Eleftherotypia doubts similar measures will be taken against those responsible for the Greek crisis: "Instead, in politically developed Greece the managers of public money who drove the country into the arms of the triad [the European Commission, the IMF and the European Central Bank] remain active in politics. Apparently ... they are planning their comeback as soon as circumstances allow it. [Greece's prime minister] Giorgos Papandreou was asked yesterday whether he plans to initiate the appropriate parliamentary procedures against the previous government. His answer was anything but clear. ... Not ten months have passed and there has yet to be an inquiry. But even if there is one it won't come to anything."
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More from the press review on the subject » EU Policy, » Domestic Policy, » Economic Policy, » Greece
All available articles from » Giannis Pandelakis
Ta Nea - Greece | Wednesday, 8. September 2010
The Greek Prime Minister George Papandreou has reshuffled his government, appointing new members and increasing the number of ministers and their deputies from 37 to 48. This could however delay the government's plans for getting the country back on track, the left-liberal daily Ta Nea fears: » more
The Greek Prime Minister George Papandreou has reshuffled his government, appointing new members and increasing the number of ministers and their deputies from 37 to 48. This could however delay the government's plans for getting the country back on track, the left-liberal daily Ta Nea fears: "The composition of a government is no guarantee in advance that it will perform well. This is even less so given that the current constellation is much more complicated than it was before. ... The risk the prime minister is taking concerns the scale of the reshuffle. We must hope that the new people get used to their new roles very quickly. Otherwise the government is in danger of losing the race against time and the troika [composed of the European Central Bank, the EU Commission and the International Monetary Fund] is already lying in wait."
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More from the press review on the subject » EU Policy, » Domestic Policy, » Economic Policy, » Greece
All available articles from » Ioannis Pretenderis
Világgazdaság - Hungary | Wednesday, 1. September 2010
After surviving the global economic crisis the world is now divided into two groups of countries, writes the Munich economist Hans-Werner Sinn in the business paper Világgazdaság. While some are booming others are lagging behind and grappling with new problems: » more
After surviving the global economic crisis the world is now divided into two groups of countries, writes the Munich economist Hans-Werner Sinn in the business paper Világgazdaság. While some are booming others are lagging behind and grappling with new problems: "The Bric countries - Brazil, Russia, India and China - belong to the first group. ... The second, led by the United States, consists of countries with debt problems. ... In Europe as well, the situation is twofold. The former boom countries Greece, Ireland and Spain are still plagued by recession, and their gross domestic products will continue to shrink. ... By contrast Europe's biggest economy Germany is experiencing a surprisingly healthy economic recovery. ... The explanation for this divided world is that countries like Greece, Spain and the US which were financed by huge capital imports are now increasingly having difficulty rustling up foreign capital. By contrast capital-exporting countries now enjoy a liquidity surplus as their capital shies away from the 'saturated' economies. This surplus credit boosts consumption and investment, sparking an economic upturn."
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More from the press review on the subject » Fiscal Policy, » Economic Policy, » Global
All available articles from » Hans-Werner Sinn
Il Sole 24 Ore - Italy | Tuesday, 24. August 2010
The European Commission has voted in favour of giving Greece a second instalment of financial aid. Greece has made it through the worst of the crisis, the business paper Il Sole 24 Ore writes, but foresees further challenges for Athens: » more
The European Commission has voted in favour of giving Greece a second instalment of financial aid. Greece has made it through the worst of the crisis, the business paper Il Sole 24 Ore writes, but foresees further challenges for Athens: "Greece is now a little more lonely. It has secured itself another instalment, but at this most difficult time in its restart effort it is no longer the centre of attention. ... In the name of more competitiveness it must now put pressure on those in power who have so far been protected by politics. De te fabula narratur [the same goes for you], the Greeks could say. Because not only Germany should be urged to follow the same recipe. ... Economic ties always have two sides. Greece's dependency on German savings ... corresponds to Germany's dependence on the consumption of deficit countries which are indeed living above their means."
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More from the press review on the subject » International Relations, » Fiscal Policy, » Germany, » Greece
All available articles from » Riccardo Sorrentino
To Vima Online - Greece | Friday, 20. August 2010
The Greeks buy more imported products than products made in their own country, consumer statistics recently published by the Bank of Greece reveal. The left-liberal daily To Vima sees lacking competitiveness as the cause: » more
The Greeks buy more imported products than products made in their own country, consumer statistics recently published by the Bank of Greece reveal. The left-liberal daily To Vima sees lacking competitiveness as the cause: "This trend is very worrying and highlights one of the main problems with Greece's economy: low competitiveness. We produce too few products which then don't sell because they can't compete with foreign products. They're too expensive and of poor quality. ... The biggest problem with Greek products is the lack of a company culture. ... The country needs successful entrepreneurs who are not dependent on the state. ... Strengthening its entrepreneurship and boosting the competitiveness of Greek products are fundamental for freeing the economy from the shackles of the state."
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More from the press review on the subject » Consumers, » Economic Policy, » Greece
All available articles from » Giorgos Papaioannou
Pravda - Slovakia | Thursday, 12. August 2010
Slovakian head of government Iveta Radičová has fiercely defended her country's decision not to provide financial help for Greece, saying that no one helped Slovakia to implement its tough reforms. The leftist daily Pravda sees the decision made by the parliament in Bratislava as a mistake: » more
Slovakian head of government Iveta Radičová has fiercely defended her country's decision not to provide financial help for Greece, saying that no one helped Slovakia to implement its tough reforms. The leftist daily Pravda sees the decision made by the parliament in Bratislava as a mistake: "The parliament was turned into an arena for cheap populism. The MPs acted as if they didn't understand that it's about much more than Slovakia; it's about the Eurozone as a whole. The fall of the euro would also damage our economy. If we refuse to recognise this rational argument it raises the question of why we joined the Eurozone in the first place. It was clear when we did so that we were giving up our own monetary policy and becoming part of a larger whole. Yes, the Greeks behaved irresponsibly, and perhaps never should have joined the Eurozone. But such complaints and talk about 'what if' are superfluous at this stage."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Greece, » Slovakia, » Europe
All available articles from » Marián Repa
Lidové noviny - Czech Republic | Thursday, 12. August 2010
Following a parliamentary decision, Slovakia will be the only country within the Eurozone not to provide any direct financial aid to Greece, but it will support the bailout fund for protecting the euro. Although Slovakia's decision darkened the mood in Brussels, the conservative daily Lidové noviny praises Bratislava's steadfastness: » more
Following a parliamentary decision, Slovakia will be the only country within the Eurozone not to provide any direct financial aid to Greece, but it will support the bailout fund for protecting the euro. Although Slovakia's decision darkened the mood in Brussels, the conservative daily Lidové noviny praises Bratislava's steadfastness: "It is unacceptable to expect a country [like Slovakia], with a monthly average income of 308 euros, to subsidise a population like that of Greece, where the monthly minimum wage is 863 euros. From Slovakia's standpoint, the injustice of the whole operation is obvious. ... The Slovakian revolt may backfire. But what can be worse than having to pay almost a billion euros [to Athens]? In addition Slovakia's consent to participate in a bailout fund for the euro is attached to certain conditions, including the introduction of a mechanism for national bankruptcy, which is basically a copy of Germany's wish list. This stubborness will be applauded in Berlin."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Greece, » Slovakia, » Europe
All available articles from » Martin Weiss
Kathimerini - Greece | Wednesday, 11. August 2010
The Greek government has announced that it would like to open previously closed professions as one of its austerity measures. The plan has met with resistance from the affected professional groups in Greece. But the conservative daily Kathimerini thinks this is a good idea: » more
The Greek government has announced that it would like to open previously closed professions as one of its austerity measures. The plan has met with resistance from the affected professional groups in Greece. But the conservative daily Kathimerini thinks this is a good idea: "They are all useful: even lawyers and notaries and pharmacists and engineers. But they essentially absorb resources from actual production. They themselves contribute little. How can it be that Greek society feeds one attorney per 250 inhabitants, while the wealthier French support - albeit with difficulty - one per 1,400? ... Whether we like it or not, whether we can or not. The state requires that we pay them. And that has to end now. Whether these occupations are currently 'open' or 'closed'.”
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More from the press review on the subject » EU Policy, » Domestic Policy, » Labour, » Greece
All available articles from » Paschos Mandravelis
To Vima Online - Greece | Friday, 6. August 2010
Greeks have transferred an estimated 22 billion euros from Greek banks to foreign accounts. The left-liberal daily To Vima urges wealthy citizens to bring their money back home: » more
Greeks have transferred an estimated 22 billion euros from Greek banks to foreign accounts. The left-liberal daily To Vima urges wealthy citizens to bring their money back home: "If the liquidity problem is not resolved, and if faith in the Greek economy does not return, ... it will be even harder for the country to emerge from this crisis. Clearly, wealthy Greeks who were able to earn money in the past, and to speculate with it, will now have to muster up a little bit of patriotism. They should show respect for the country that made them rich, and bring their deposits back home. They don't have to worry any more about the country going bankrupt. And besides, they owe something to the masses of employees who have so many burdens to bear in this country."
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More from the press review on the subject » Fiscal Policy, » Economic Policy, » Greece
All available articles from » Antonis Karakousis
El País - Spain | Friday, 6. August 2010
The inspectors of the European Central Bank, the EU Commission and the International Monetary Fund have confirmed that Greece has fulfilled its goals so far regarding budget consolidation. This gives the green light for the country to receive another international loan of nine billion euros. The left-liberal daily El País hopes the financial situation in Europe will now stabilise: » more
The inspectors of the European Central Bank, the EU Commission and the International Monetary Fund have confirmed that Greece has fulfilled its goals so far regarding budget consolidation. This gives the green light for the country to receive another international loan of nine billion euros. The left-liberal daily El País hopes the financial situation in Europe will now stabilise: "Slowly but surely the financial solvency of the euro countries is stabilising. ... The case of Greece instils optimism even if this partial fulfilment of the programme of adjustment doesn't guarantee a return to growth and a normal financial situation once the radical austerity programme is completed. In the case of Spain, with a level of solvency far superior to that of the Greeks, the stability can be detected in a reduction in the difference between the risk markup rate for Spain and for Germany and in the ease with which the treasury is able to issue securities at the moment."
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More from the press review on the subject » Fiscal Policy, » Economic Policy, » Financial Markets, » Spain, » Greece, » Europe
Kathimerini - Greece | Tuesday, 3. August 2010
Columnist Xenia Kounalaki describes a day on a Greek island beach, in the conservative daily Kathimerini, and mulls over how Greeks are dealing with their economic crisis: » more
Columnist Xenia Kounalaki describes a day on a Greek island beach, in the conservative daily Kathimerini, and mulls over how Greeks are dealing with their economic crisis: "Economic, social and other crises are viewed with humour. The role of the family in the welfare state resurfaces. Friendships survive, despite difficulties. Love solves all problems. Children of immigrants get very high grades in the Panhellenic exams [for university entrance]. Teachers in far-flung regions try to inspire their pupils. Fathers drop their old macho posturing and help raise the children. Because women also can bring home the bacon. Politicians work and take care of their country. Citizens get involved, and don't just criticize ... the politicians. Aside from television, which 'produces' criminals and terrorists, aside from long lines at gas stations and aside from the lack of products in supermarket shelves [due to the striking gas stations and transportation firms] ... daily life is sweet. It is a lively and promising society."
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More from the press review on the subject » Fiscal Policy, » Public Culture, » Greece
All available articles from » Xenia Kounalaki
Rzeczpospolita - Poland | Monday, 19. July 2010
The International Monetary Fund has suspended a line of credit to Hungary because of its budget deficit. Disciplinary action will do Europe's budget politicians good, writes the conservative daily Rzeczpospolita: » more
The International Monetary Fund has suspended a line of credit to Hungary because of its budget deficit. Disciplinary action will do Europe's budget politicians good, writes the conservative daily Rzeczpospolita: "Hungary, Romania, Ukraine, Iceland, the Baltic countries - and of course Greece: the list of states counting on international aid in the wake of the crisis has not stopped growing. Certainly, the reasons for the collapse varied somewhat from country to country. But in a nutshell they can be ascribed to a single cause, namely carelessness on the part of governments or financial supervisors. ... Nevertheless there's also a positive side to all this. The IMF's influence has no doubt grown enormously - like its budget, which has been tripled by the G20. Sceptics will say the IMF sticks its nose everywhere it can. But the truth is that a fierce watchdog is just what is needed to keep some states in line."
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More from the press review on the subject » Fiscal Policy, » Poland
All available articles from » Jeremi Jędrzejkowski
Die Welt - Germany | Monday, 19. July 2010
The International Monetary Fund (IMF) and the EU have interrupted credit talks with the highly-indebted Hungary. That shows how effective the EU can be thanks to its cooperation with the IMF, writes the conservative daily Die Welt: » more
The International Monetary Fund (IMF) and the EU have interrupted credit talks with the highly-indebted Hungary. That shows how effective the EU can be thanks to its cooperation with the IMF, writes the conservative daily Die Welt: "Because the Fund can do what the European partners could hardly have done among themselves, namely increase and maintain pressure, especially when the negotiations over the billions of euros in aid money are over and it comes time to implement the agreed-upon austerity plan. ... Like the Eurozone members, the EU Commission could hardly have applied pressure so effectively. Because in the European club national sensitivities and political alliances count for at least as much as economic nuts and bolts. ... The IMF staff showed on the weekend that more is being done here than tying up austerity packages and compiling check lists. The Fund has above all the political independence and the experience to steer austerity measures from abroad."
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More from the press review on the subject » International Relations, » EU Policy, » Fiscal Policy, » Economic Policy, » Greece, » Hungary, » Europe, » U.S.
All available articles from » Tobias Kaiser
Les Echos - France | Thursday, 15. July 2010
Since the euro crisis Portugal, Ireland, Italy, Greece and Spain have counted among the weakest countries in the Eurozone. But nonetheless the financial situation in the so-called PIIGS countries is improving, writes the business paper Les Echos: » more
Since the euro crisis Portugal, Ireland, Italy, Greece and Spain have counted among the weakest countries in the Eurozone. But nonetheless the financial situation in the so-called PIIGS countries is improving, writes the business paper Les Echos: "In less than a week three members of the notorious PIIGS countries ... have passed the market test with little difficulty. Spain, Greece and Portugal have managed to place their bonds at acceptable conditions. This has not happened in months. No doubt it is still too early to talk of a return to normality. The rates offered for these bonds still testify to a high level of exigency on the part of the markets. But one thing is certain: the panic is over."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Europe
All available articles from » François Vidal
To Ethnos - Greece | Thursday, 8. July 2010
On Thursday the Greeks protested with a general strike against the country's pension reform. This could mark the beginning of an all-out struggle over social benefits, writes the left-liberal daily To Ethnos: » more
On Thursday the Greeks protested with a general strike against the country's pension reform. This could mark the beginning of an all-out struggle over social benefits, writes the left-liberal daily To Ethnos: "The old age of most Greeks will be marked by suffering, mortification and cruelty. ... The government and the parliamentary group of the Panhellenic Socialist Movement (PASOK) is changing the right to a pension into nothing more than a pittance. ... The general strike can no longer prevent the vote on the most antisocial pension law our country has ever seen. The question is whether this strike ... will be an obituary for adequate social coverage or ... the beginning of a counterattack which will annul the Papandreou government's 'official' policy. We hope for the second scenario, but only time will tell."
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More from the press review on the subject » Fiscal Policy, » Social movements, » Greece
All available articles from » Giorgos Delastik
Kathimerini - Greece | Thursday, 8. July 2010
The Greek parliament passed a controversial pension reform law on Wednesday. The trade unions have responded today, Thursday, with a general strike. The conservative daily Kathimerini welcomes the reform and urges citizens to be understanding: » more
The Greek parliament passed a controversial pension reform law on Wednesday. The trade unions have responded today, Thursday, with a general strike. The conservative daily Kathimerini welcomes the reform and urges citizens to be understanding: "Unfortunately up to now the debate about our future has not been honest. ... Most people didn't share the government's concern about the nightmare of bankruptcy. They were not convinced that the changes were a matter of survival and not a punishment for a crime they didn't commit. With the adopted reforms the government is closing ranks and showing its partners and creditors that the Greeks are taking the restructuring of their economy seriously. But the real battle consists in convincing the citizens that their sacrifices won't be in vain and that these reforms will lead to a society that will overcome the existing imbalances in the distribution of rights and obligations among the different groups."
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More from the press review on the subject » Fiscal Policy, » Economic Policy, » Greece
All available articles from » Nikos Konstandaras
To Ethnos - Greece | Thursday, 1. July 2010
Greece has increased VAT from 21 to 23 percent. This will not help anyone, the left-liberal daily To Ethnos concludes: » more
Greece has increased VAT from 21 to 23 percent. This will not help anyone, the left-liberal daily To Ethnos concludes: "We experienced the first increase in VAT [from 19 to 21 percent in March] and we … waited in vain for the state revenues to grow as a result. We will also wait in vain for this latest rise in VAT to increase state revenues. You don't need to be an economist to understand why. ... The logic is simple: ... The higher VAT is the lower people's purchasing power. ... But some believe that higher VAT means greater revenues ... because they can see the cheese but not the mousetrap. And you ask: If the government sees that a measure doesn't work why does it continue with it? Why should practices be implemented that don't increase public revenue and at the same time reduce citizens' disposable income?"
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More from the press review on the subject » Fiscal Policy, » Greece
All available articles from » Errikos Bartzinopoulos
Avgi - Greece | Thursday, 24. June 2010
Members of the Greek Communist Party and the closely affiliated trade union Pame on Wednesday staged a blockade of the ferry port of Piräus, even though a court had declared the strike illegal. The leftist daily Avgi reacts with irony to the criticism of media and ferry companies of the strike: » more
Members of the Greek Communist Party and the closely affiliated trade union Pame on Wednesday staged a blockade of the ferry port of Piräus, even though a court had declared the strike illegal. The leftist daily Avgi reacts with irony to the criticism of media and ferry companies of the strike: "And they ignore or underestimate the vociferousness and the determination of the strikers as well as the reasons why ordinary people from next door, men with families, ... sacrifice their wages and quietly join the stone throwers on the streets. ... Striking is a right, but it's not supposed to disturb anyone, especially not the bosses and the government. Nor should it be considered illegal and disproportionate. Nor guarded. Moreover, at least two major media organs should be in favour, and finally - and this is the main thing - it should not be staged ... ."
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More from the press review on the subject » Domestic Policy, » Economic Policy, » Trade unions, » Greece
All available articles from » Thanasis Karterou
Eleftherotypia - Greece | Thursday, 17. June 2010
The Greek government plans to cut minimum wages and facilitate dismissals in a comprehensive labour market reform. This will only worsen the sense of insecurity among employees, writes the left-liberal daily Eleftherotypia: » more
The Greek government plans to cut minimum wages and facilitate dismissals in a comprehensive labour market reform. This will only worsen the sense of insecurity among employees, writes the left-liberal daily Eleftherotypia: "The first cuts which have already been carried out (on salaries and pensions) affect above all public sector employees. Now comes the blow for those who work in the private sector. ... In the name of competitiveness the government has more than doubled the percentage of dismissals an employer is allowed to make (from two to five percent per month) and drastically reduced compensation for employees. Essentially the government is facilitating lay-offs at a time when all the forecasts coincide in that the unemployment figures will continue to rise. ... All this will increase insecurity and fear about the future. The social cocktail is gradually becoming explosive."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Greece
Kathimerini - Greece | Wednesday, 16. June 2010
The daily Kathimerini writes that Greece's private television stations have played a role in worsening the country's crisis and complains of the poor programme quality: » more
The daily Kathimerini writes that Greece's private television stations have played a role in worsening the country's crisis and complains of the poor programme quality: "The discussion rounds seldom get to the heart of the problem. And it is astonishing how the guests manage to give viewers a horrible sense of familiarity. ... These programmes have got politicians elected to parliament ... and saved political careers. ... Serious people have been forced out of televised debates because they had no chance of holding their own. ... The private channels have never been seriously interested in the country's most important problems. ... No other country in the world has television experts like ours, who pretend they know everything about every topic."
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More from the press review on the subject » Audiovisual Media, » Greece
All available articles from » Alexis Papachelas
Kathimerini - Greece | Sunday, 6. June 2010
More and more Greeks are losing their jobs owing to the economic crisis. Salaries are being drastically cut in both the public and private sectors. The Greeks feel more alone than ever, writes Nikos Konstantaras in the Sunday edition of the daily Kathimerini: » more
More and more Greeks are losing their jobs owing to the economic crisis. Salaries are being drastically cut in both the public and private sectors. The Greeks feel more alone than ever, writes Nikos Konstantaras in the Sunday edition of the daily Kathimerini: "The crisis has rocked our lives and is redefining the way we see ourselves and our position in society. We have an identity crisis - on both an individual and social level. Employees live in fear of losing their jobs or having their salaries cut and no longer being able to pay the rent or the mortgage. … Meanwhile the entrepreneurs, the self-employed and the employers live with their own fears, uncertain about whether the economy will recover. … Insecurity about the future is everywhere, as well as mutual distrust among the citizens. We're more internationally isolated than ever. … We are being mocked because of our economic deadlock. We can't find support anywhere but can only support each other. But this loneliness doesn't unite us, it alienates us. We remain the victims of weak institutions, of a lack of personal discipline and of the lawlessness that brought us to these depths."
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More from the press review on the subject » Fiscal Policy, » Weltanschauung, » Greece
All available articles from » Nikos Konstantaras
To Vima Online - Greece | Wednesday, 2. June 2010
As part of its austerity measures the Greek government took further steps on Thursday toward reforming its pension system. Greece is forced to accept the dictates of the IMF, writes the left-liberal daily To Vima: » more
As part of its austerity measures the Greek government took further steps on Thursday toward reforming its pension system. Greece is forced to accept the dictates of the IMF, writes the left-liberal daily To Vima: "The pension thriller has shown very drastically just how bad Greece's position is. We have little or no negotiating leverage to try to hold on to the benefits we received in the past. Struggles such as the current one over how high pensions will be ... are condemned to failure in advance. ... The unfortunate fact is that the framework agreed upon with our EU partners and the IMF for the rescue of the Greek economy is strictly binding and practically insurmountable. Precisely in this phase where the success of the harsh austerity programme cannot yet be assessed, we have no room for negotiation."
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More from the press review on the subject » EU Policy, » Domestic Policy, » Economic Policy, » Greece, » Europe
All available articles from » Antonis Karakousis
Eleftherotypia - Greece | Wednesday, 26. May 2010
At the beginning of May three people were killed during protests against the Greek austerity measures. With reference to these deaths and several bomb attacks Nikos Paraskevopoulos voices concern about the rise in violence in the leftist daily Eleftherotypia: » more
At the beginning of May three people were killed during protests against the Greek austerity measures. With reference to these deaths and several bomb attacks Nikos Paraskevopoulos voices concern about the rise in violence in the leftist daily Eleftherotypia: "The deregulation of the welfare state has led to people dying at hospitals as a result of inadequate treatment, and the collapse of social cohesion is causing an overlapping of the fringes of society with organised crime which multiplies the cases of violence. ... Perhaps someone out there is asking whether there is leeway for the institutional acceptance of certain murders that don't negate the value of life. The answer can only be 'yes' if the death of one person saves the person who is in danger. ... These cases, which are the absolute exception, testify to respect rather than indifference towards life. The countless people who stood in awe before the burnt-out bank which was the site of the martyrdom of three people were confronted with this picture of the supposedly better murderous act, insidious and covered up by society. ... Violence promotes more violence, and killing too: this is a lesson history has taught us."
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More from the press review on the subject » Philosophy, » Social affairs, » Greece
All available articles from » Nikos Paraskevopoulos
To Ethnos - Greece | Thursday, 20. May 2010
Strikes against the government's austerity programme have once again disrupted public life in Greece. The left-liberal daily To Ethnos criticises Prime Minister George Papandreou's failure to keep his election promises: » more
Strikes against the government's austerity programme have once again disrupted public life in Greece. The left-liberal daily To Ethnos criticises Prime Minister George Papandreou's failure to keep his election promises: "For the majority of Greeks the perception has grown stronger that Greece is now under economic siege by the International Monetary Fund and the EU, which the Papandreou government represents by its own admission. This factor makes it twice as difficult for Prime Minister Papandreou to obtain the approval of at least some workers for his economic policy. Instead the people's anger has taken on extraordinary proportions and is growing increasingly explosive. ... If the prime minister could muster the courage necessary ... to implement the policies he announced before the elections and for which the people enthusiastically elected him he would have the people on his side. But we don't believe he has the courage to do this. Hopefully we will be proved wrong."
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More from the press review on the subject » Fiscal Policy, » Economic Policy, » Labour, » Greece
All available articles from » Giorgos Delastik
Kathimerini - Greece | Wednesday, 19. May 2010
Greece's healthcare system is marked by corruption and cronyism, the conservative daily Kathimerini complains: » more
Greece's healthcare system is marked by corruption and cronyism, the conservative daily Kathimerini complains: "Mechanically and with an inner smile at the expense of their dupes, the doctors too have spelled out the words of their oath. Playing with their transplants and other surgical 'raw materials' they joyfully accumulate colossal sums in their bank accounts. ... Along with other undesirable records, we also hold the record for the number of spinal operations - above all those that turn out to be useless. Why? Because as the result of a government decision all medical material costs more in Greece than anywhere else; the high costs also mean high yields for companies that pay large 'bonuses' to orthopaedists willing to join the market. If it were allowed it would be worthwhile to travel to Germany or Cyprus to purchase medical supplies. It would still be worthwhile if you went on to spend a month's holiday there."
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More from the press review on the subject » Health Policy, » Health and Medicine, » Greece
All available articles from » Pantelis Boukalas
Ta Nea - Greece | Tuesday, 18. May 2010
The left-liberal daily Ta Nea paints a sombre picture of Greece's prospects for economic development: » more
The left-liberal daily Ta Nea paints a sombre picture of Greece's prospects for economic development: "The news we've been getting until now has been anything but good. The recession worsened in the first quarter to minus 2.3 percent. That means hard times lie ahead, and growth will remain below minus five percent in the course of the year. This is the fifth quarter in a row in which negative growth has been recorded. Inflation has risen to 4.8 percent, without counting the rise of VAT from 21 to 23 percent. Can we still hope for an annual inflation rate under six percent? Hardly. Unemployment will rise from 12 to 15 percent in the coming months. ... Our country is suffocating, because the rescue measures determined by our economic policy could plunge it even deeper into the abyss. ... Our country is choking because it has no prospects for development."
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More from the press review on the subject » Fiscal Policy, » Economic Policy, » Greece
All available articles from » Giannis Pretenderis
To Ethnos - Greece | Thursday, 13. May 2010
The Turkish Prime Minister Tayyip Erdoğan arrives in the Greek capital of Athens today for a two-day round of discussions. Erdoğan will try to take advantage of the current weakness of the crisis-ridden country, the daily To Ethnos writes: » more
The Turkish Prime Minister Tayyip Erdoğan arrives in the Greek capital of Athens today for a two-day round of discussions. Erdoğan will try to take advantage of the current weakness of the crisis-ridden country, the daily To Ethnos writes: " Erdoğan's visit is seen as dangerous by the section of the population that still takes a greater interest in major foreign policy issues than in the economic downfall of our country. It is absolutely normal for the Turkish prime minister to try to exploit the total economic, political and international weakness of [Prime Minister] Papandreou's government to convince Papandreou to give in on those issues that support Turkey's interests and its unilateral claims in the Aegean Sea. The problem is that the majority of Greeks don't credit Papandreou with the force and will that it would take to resist the Turkish plans."
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More from the press review on the subject » International Relations, » Security Policy / Crises / War, » Economic Policy, » Greece, » Turkey
All available articles from » Giorgos Delastik
To Vima Online - Greece | Friday, 7. May 2010
The Greek parliament on Thursday gave the green light for a new austerity package aimed at preventing the state from going bankrupt. The daily To Vima, which has close links to the government, expresses concern about the strong resistance to these measures: » more
The Greek parliament on Thursday gave the green light for a new austerity package aimed at preventing the state from going bankrupt. The daily To Vima, which has close links to the government, expresses concern about the strong resistance to these measures: "It is no coincidence that the reactions are putting Greece's political system to the test and its representatives only feel safe in the protected zones. Yesterday MPs were excluded from the government faction because they hadn't voted in favour of the austerity package in the first vote. And because the modern world is interconnected and interdependent the Greek problem has spread and is now upsetting the global financial system. Yesterday the euro fell and Wall Street experienced a crash, so the whole thing takes on a different dimension. Two things can happen: Either Greece is abandoned to its fate or its people ... bring a sensible balance into the situation."
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More from the press review on the subject » Domestic Policy, » Fiscal Policy, » Social movements, » Greece
All available articles from » Antonis Karakousis
Sme - Slovakia | Thursday, 6. May 2010
Despite the help from Europe Greece finds itself in a desperate situation, writes the daily Sme with an eye to the bloody riots in Athens on Wednesday in which three people died: » more
Despite the help from Europe Greece finds itself in a desperate situation, writes the daily Sme with an eye to the bloody riots in Athens on Wednesday in which three people died: "Unrest, violence and tragic deaths are the last thing Greece needs right now. The situation is practically beyond a solution, either through the planned austerity measures or through a declaration of state bankruptcy. The country is facing years of economic decline and growing poverty - irrespective of whether it remains in the Monetary Union or not. The securities of the countries of the Eurozone and the International Monetary Fund are merely instruments for buying time. The Union needs them to calm the markets and avert the impending crises in other countries. ... But if tensions continue to rise in Greece, even European money isn't going to help."
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All available articles from » Rado Baťo
Adevărul - Romania | Thursday, 6. May 2010
The violent protests in Greece have struck a government that bears no responsibility for the country's misery, writes the daily Adevărul: » more
The violent protests in Greece have struck a government that bears no responsibility for the country's misery, writes the daily Adevărul: "For years Greek governments on the Left and the Right flaunted their money and mocked the nation. They ruined the fledgling prosperity by stealing and squandering money when times where good. Back then no one saw politics as a ticking 'time bomb'. Everyone - from the unions to the hotel owners, olive growers and pizza sellers - willingly tasted the spoiled fruit of an unnaturally good life. ... In such a dramatic situation the worst thing the Greeks could do is spread the sort of chaos we're seeing now. They've called a general strike - clearly a national sport. ... In protest at what? At the first measures of a government that bears no responsibility for the current situation? That's like a patient slapping his doctor in the face."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Economic Policy, » Greece, » Romania
All available articles from » Grigore Cartianu
Financial Times - United Kingdom | Thursday, 6. May 2010
After the violent protests in Athens, Greece's politicians must join forces and make sure that the wealthy, too, do their bit to help the economy: » more
After the violent protests in Athens, Greece's politicians must join forces and make sure that the wealthy, too, do their bit to help the economy: "It is now imperative for Greece's political leaders to unite behind a solution. Though Mr Papandreou commands a parliamentary majority, there can be no exemption for the opposition. ... The government must also redouble its effort to explain to the people where the cuts will fall, and to demonstrate that for once, the better-off and well-connected will not be let off the hook while ordinary people suffer. A worsening in the lives of people at large cannot be avoided. But it must be - and be seen without doubt to be - fair."
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More from the press review on the subject » Economic Policy, » Greece
Hospodářské noviny - Czech Republic | Wednesday, 5. May 2010
A general strike will be staged in Greece today, Wednesday, in protest at the strict austerity measures imposed on Athens by the euro countries and the International Monetary Fund. Such a protest could have dire consequences, writes the business daily Hospodářské noviny: » more
A general strike will be staged in Greece today, Wednesday, in protest at the strict austerity measures imposed on Athens by the euro countries and the International Monetary Fund. Such a protest could have dire consequences, writes the business daily Hospodářské noviny: "The unions are striking in Athens even as the Union lends money to Greece. Even when the austerity programme takes legal form there can be no telling how markets would react to expressions of massive resistance and violence in the streets. ... And how to avoid an outflow of savings from Greek banks? Even debt-ridden Athens guarantees depositors' savings. What happens if the Greek banking system collapses? The creditworthiness of Greece's bank guarantees ultimately depends on the strength of the state finances."
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More from the press review on the subject » Fiscal Policy, » Economic Policy, » Greece
All available articles from » Jan Macháček
Jornal de Negócios - Portugal | Tuesday, 4. May 2010
The economic crisis in Greece is an unmistakable sign of the state of our society, writes Fernando Sobral in the business paper Jornal de Negócios. ... » more
The economic crisis in Greece is an unmistakable sign of the state of our society, writes Fernando Sobral in the business paper Jornal de Negócios. The US economist "Nouriel Roubini has said that Greece is the canary in the coal mine. When it sings the world seems a better place. When it stops singing chaos ensues. Canaries sing and cast their spell on us. This crisis is breaking the spell. Quite apart from the fate of Greece and the domino stones (Portugal, Spain, Ireland), the crisis also reveals the end of an era. A lifestyle based on unlimited credit is at stake. Societies thrive on balance. And all this ceases to exist in a world where easy access to loans gives us the best things on Earth and conceals the worst from hell. The Greeks will find themselves in their purgatory."
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More from the press review on the subject » Economic Policy, » Spain, » Greece, » Portugal, » Europe, » Global
All available articles from » Fernando Sobral
Jornal de Notícias - Portugal | Tuesday, 4. May 2010
The harsh austerity measures in Greece and the drastic impact on people there should serve as a lesson for Portugal, the daily Jornal de Notícias writes: » more
The harsh austerity measures in Greece and the drastic impact on people there should serve as a lesson for Portugal, the daily Jornal de Notícias writes: "What is happening now in Greece should serve as an example for Portugal and the Portuguese and prompt them to reflect. It's not about showing us that we must save. We have been trying to resist this fact for some time now. It's mainly about finding the right focus: on the economy. To quote Professor Alberto Castro [economics professor and Lisbon's Catholic University]: 'If we are incapable of raising our productivity and competitiveness then the best we can hope for is to become like Cuba and the worst to become like North Korea.' Does that scare you? Yes, a lot. But it's true."
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More from the press review on the subject » Economic Policy, » Greece, » Portugal
All available articles from » Paulo Ferreira
Süddeutsche Zeitung - Germany | Tuesday, 4. May 2010
The rescue of the Greek budget is stirring up more emotion among German citizens than any other European policy issue before it. Historian Gustav Seibt sees this as the first stirrings of a European public sphere and writes in the left-liberal daily Süddeutsche Zeitung: » more
The rescue of the Greek budget is stirring up more emotion among German citizens than any other European policy issue before it. Historian Gustav Seibt sees this as the first stirrings of a European public sphere and writes in the left-liberal daily Süddeutsche Zeitung: "The Germans are taking a burning interest in every detail of the Greek pension system. The facts about the systematic statistics and subsidies fraud committed by Athens and tolerated by Brussels are taking on explosive democratic dimensions. ... Neither the awareness of a common language and culture nor the fiction of a joint historical destiny can be so easily projected from the national to the European level. This means that Europe as a 'project' must be able to rely on its material success even more than traditional democracies working within the nation state framework. If the uninhibited euro nationalism that is being unleashed in readers' comments in online newspapers becomes domesticated and politicised it could become a strong driving force for Europe. Whichever way you look at it, the 'elite project' Europe is over and done with, but perhaps Europe has the chance to become a project of the masses now. However, as is always the case when the masses gain influence over politics, there will always be a certain amount of demagogy."
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More from the press review on the subject » EU enlargement, » EU Policy, » EU Constitution, » Fiscal Policy, » Economic Policy, » Greece, » Europe
All available articles from » Gustav Seibt
Delo - Slovenia | Monday, 3. May 2010
In view of the rescue package for Greece, the daily Delo calls for reliable mechanisms for avoiding such scenarios in the future: » more
In view of the rescue package for Greece, the daily Delo calls for reliable mechanisms for avoiding such scenarios in the future: "The rescue package for the member state is also the sternest warning we have had that the Stability and Growth Pact of 1997 by no means offers sufficient protection against excessive budget deficits and an increased debt burden. With the difficulties faced by Greece, which could soon emerge in other euro states, the question arises of how to avoid such cases in the future. In the wake of these first bitter experiences the time has now come for the Eurozone to think up a system for protecting its member countries and its own currency. For example a European monetary fund which could help debtor countries overcome their budget difficulties, and which would introduce stricter measures against excessive deficits. These have never been punished with the fines that were initially foreseen for persistent infringement of budget discipline."
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All available articles from » Bozo Masanovic
Der Standard - Austria | Monday, 3. May 2010
The agreement on measures to solve the Greek crisis reached by the members of the Eurozone on Sunday is irresponsible in the eyes of the daily Der Standard: » more
The agreement on measures to solve the Greek crisis reached by the members of the Eurozone on Sunday is irresponsible in the eyes of the daily Der Standard: "Greece is just a little foretaste of what awaits European taxpayers. Since the crisis erupted first banks were bailed out and now rescue packages are being put together to save entire states. All this will take its toll. In all the hectic hardly anyone has thought to ask who is going to foot the bill for all this. The main thing is that the fire brigade goes into action, was the motto. What exactly needs to be put out was of secondary importance. Politicians were praised for their willingness to take action by economists who called for massive intervention conjuring up the spectre of the Great Depression. The return of the state is being applauded without reflecting on the consequences. The latter are barely foreseeable at present, but one thing is for sure: the astronomic debts can only be paid off with massive tax hikes and/or spending cuts."
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All available articles from » Andreas Schnauder
Expansión - Spain | Monday, 3. May 2010
Many citizens In Greece are protesting against the harsh austerity measures imposed on the country in exchange for international financial aid. They have little alternative but to accept them, the business paper Expansión writes: » more
Many citizens In Greece are protesting against the harsh austerity measures imposed on the country in exchange for international financial aid. They have little alternative but to accept them, the business paper Expansión writes: "Greek Prime Minister Giorgos Papandreou yesterday summed up perfectly the gravity of Greece's situation and the need to make difficult adjustments in order to receive international help: 'The Greeks must chose between catastrophe or making sacrifices.' … Greece's citizens are revolting against this but they need to be aware of the unprecedented scale of the bailout, which will cost their Eurozone partners and the IMF up to 110 billion euros, 9.8 billion of which will come from Spain."
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More from the press review on the subject » International Relations, » EU Policy, » Fiscal Policy, » Spain, » Greece, » Europe
De Tijd - Belgium | Monday, 3. May 2010
With their decision to help Greece the euro countries have put all the pessimists in their place, the business paper De Tijd writes: » more
With their decision to help Greece the euro countries have put all the pessimists in their place, the business paper De Tijd writes: "Even today the euro's exchange rate is somewhat higher than that of the dollar, just as had been intended a few years ago. The Eurozone is a group of heterogeneous countries. The harmonisation of their policies is no doubt not yet what it should be. Some of the instruments a monetary union needs are not in place, but they're working on it. … It has become an established tradition to make cynical statements and joke about the European Union and the euro. Everyone admits that it is a unique example of multilateral cooperation but in everyday life they never cease to talk about its problems and failures. Without being euphoric - because Greece is not yet saved - one can say that the last weeks have proven that Europe and the euro are stronger than a whole bunch of erudite pessimists believed - even if the path to the solution was a bumpy one."
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All available articles from » Dirk De Wilde
Blog Carta - Germany | Friday, 30. April 2010
While politicians meet for prolonged exchanges of information on the Greece crisis the financial industry is exploiting even the tiniest pieces of information within milliseconds, notes Julius Endert writing for Blog Carta, and criticises the politicians for lagging behind the economy: » more
While politicians meet for prolonged exchanges of information on the Greece crisis the financial industry is exploiting even the tiniest pieces of information within milliseconds, notes Julius Endert writing for Blog Carta, and criticises the politicians for lagging behind the economy: "Only now are they beginning to understand the Internet and then immediately reacting to their lack of understanding and incompetence with regulation instead of constructing their own high speed nets which would enable them to compete with those of the financial sector … . While the European politicians stumble from one crisis meeting to the next and cling to their traditional political procedures the markets are squeezing every last bit of information out of these talks and translating them into action. The politicians are acting like the small private investors who believe they can take on their banks. Politics can't keep up, the speculators are setting the pace …Politicians can only win the race if they break the rules of the system. This is their only hope and chance. They must either artificially slow down the financial sector's network or impose a legal ban on certain transactions and speculative activities."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Media policy, » Corporations, » Consumers, » Banks, » Greece, » Europe, » Western Europe
All available articles from » Julius Endert
Diário Económico - Portugal | Friday, 30. April 2010
The present situation of several highly indebted states as well as the crisis of the euro are proof that the European Union is not united, the business paper Diário Económico writes: » more
The present situation of several highly indebted states as well as the crisis of the euro are proof that the European Union is not united, the business paper Diário Económico writes: "While Greece's plight is making the gods blush and keeping the International Monetary Fund busily working away at yet another brilliant rescue plan, the truth of the EU has been exposed: It is not united, it doesn't share common interests, … it is only a monetary union when it suits it to be one. Upcoming elections, Greece's misery, the moaning about Portugal, fears for Spain and a dollar that is coming across as the only common currency - all this is irrelevant. Merkel must win the state parliament elections [in the German state of North Rhine-Westphalia] on May 9 and until then uncertainty will prevail. It's apparently a foregone conclusion that Brown will lose the election on May 6. … And amidst the strikes and social unrest key member France has become a Sarkozy soap opera that can no longer be taken seriously."
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All available articles from » Marta Rebelo
Svenska Dagbladet - Sweden | Thursday, 29. April 2010
The Greek crisis is no playground for the short-sighted election interests of Germany's ruling coalition, writes the daily Svenska Dagbladet, stressing that time is running out: » more
The Greek crisis is no playground for the short-sighted election interests of Germany's ruling coalition, writes the daily Svenska Dagbladet, stressing that time is running out: "On May 9 elections will be held in Germany's largest state, North Rhine-Westphalia with its 18 million inhabitants. And now the Eurozone's leading politicians have chosen the day after the election for a Greece summit. By then Greece may well have sunken into insolvency and the depths of Hades. … German and French banks, for example, would suffer great losses. The disease could spread to other countries in southern Europe where the public finances are already in a sorry state. The question that needs to be answered is whether a monetary union is possible without a common financial policy. … Europe needs to realise now that its help is crucial."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Germany, » Greece, » Europe
All available articles from » Gunnar Jonsson
Hospodářské noviny - Czech Republic | Thursday, 29. April 2010
The cost of bailing out Greece is rising by the hour, writes the business daily Hospodářské noviny, warning that the situation in the Eurozone could escalate like wildfire: » more
The cost of bailing out Greece is rising by the hour, writes the business daily Hospodářské noviny, warning that the situation in the Eurozone could escalate like wildfire: "The key task must now be to calm the markets and give Greece the possibility of paying off some of its debts. That could keep Greek bond prices at a normal level. But even more important than that is to try to control the widespread panic that would otherwise push down the price of the euro and make it even more expensive for Portugal, Spain, Ireland and Italy to reduce their debts. This is a matter of weeks and days. According to estimates by renowned economists, if the panic spreads European politicians would have to fork over 600 billion euros to repay the debts of all problem countries. And that could mean bankruptcy for Europe."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Financial Markets, » Europe
All available articles from » Julie Hrstková
Ta Nea - Greece | Thursday, 29. April 2010
German Chancellor Angela Merkel's promise to help Greece, although made without naming concrete figures, could become a problem for the Greeks, writes the left-liberal daily Ta Nea: » more
German Chancellor Angela Merkel's promise to help Greece, although made without naming concrete figures, could become a problem for the Greeks, writes the left-liberal daily Ta Nea: "The country is not bankrupt and will continue to fulfil its obligations. But its salvation is a long way off because it owes 300 billion. The greatest danger is that we relax once more, which is second nature to us. This means the government wouldn't be able to immediately adopt the measures that should have been taken five years ago. People will say it's all just a fairytale, … that Greece will never die and we'll go back to watching the sunsets while eating our bowls of spaghetti with lobster washed down with a shot of ouzo."
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More from the press review on the subject » EU Policy, » Fiscal Policy, » Greece, » Europe
All available articles from » Giannis Politis
Frankfurter Allgemeine Zeitung - Germany | Thursday, 29. April 2010
The German government has still not said how much money it is ready to invest into rescuing Greece. One reason for this is is the eurosceptic attitude of the German Constitutional Court, the conservative daily Frankfurt Allgemeine Zeitung writes, defending the government from accusations of dithering: » more
The German government has still not said how much money it is ready to invest into rescuing Greece. One reason for this is is the eurosceptic attitude of the German Constitutional Court, the conservative daily Frankfurt Allgemeine Zeitung writes, defending the government from accusations of dithering: "In the heated public debate people have lost sight of the fact that constitutional issues have played a prominent role in the German attitude to Greece from day one. Like perhaps none of its predecessors, the current government has attempted to shape its policy so that it will stand up before the constitutional judges in Karlsruhe. That even goes for the words used by the chancellor and her ministers. The starting point of all reflection has been the idea that German law concerning Europe offers little elbow room for aid to other euro countries. ... Decisive for German policy should not be the fate of Greece or its interest burden, but the stability of the common currency and the solvency of German banks and insurance companies. ... Such a constraint on a country's Europe policy by its constitutional court is unknown in any other EU member state."
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More from the press review on the subject » Fiscal Policy, » Germany, » Greece
All available articles from » Nikolas Busse
Libération - France | Wednesday, 28. April 2010
A new stage has been reached in Greek's financial crisis. The country needs 8.5 billion euros for a bond due May 19. But the EU is also to blame for Greece's misery, writes the liberal daily Libération: » more
A new stage has been reached in Greek's financial crisis. The country needs 8.5 billion euros for a bond due May 19. But the EU is also to blame for Greece's misery, writes the liberal daily Libération: "Imagine the following catastrophic scenario: a tormented Greece incapable of servicing its debts. Portugal stands on the verge of bankruptcy, followed soon after by Spain and Ireland. The Eurozone collapses and the markets spin out of control. Just a few weeks ago such a scenario seemed unthinkable. Europe, people said, would not let the worst happen and would react to defend what it had been constructing for so long. Today the patent failure of this same Europe is putting us on the brink of the chasm. With its endless procrastination, divisiveness and incoherence, the EU is primarily to blame for the Greek jolts that are rocking the planet."
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All available articles from » Fabrice Rousselot
Correio da Manhã - Portugal | Tuesday, 27. April 2010
German Chancellor Angela Merkel's hesitancy regarding help for Greece is only aggravating the situation of the Eurozone and its weakest members, writes the daily Correio da Manhã: » more
German Chancellor Angela Merkel's hesitancy regarding help for Greece is only aggravating the situation of the Eurozone and its weakest members, writes the daily Correio da Manhã: "Greece's lack of discipline opened the Pandora's box that is jeopardising the euro. But Germany's inflexible and egotistic policy, which is more preoccupied with the political costs of the upcoming North Rhine-Westphalia state parliament elections is only precipitating the collapse of the euro. Each financial quake in Athens has repercussions for Lisbon. These assaults on its stability will only end when Merkel guarantees the security of the Eurozone. Until she takes this step the speculators will continue to gamble and capitalise on the plight of the weaker euro countries: Greece and Portugal."
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All available articles from » Armando Esteves Pereira
La Repubblica - Italy | Tuesday, 27. April 2010
The German government is demanding that tough conditions be set for providing EU aid to Greece. But these are just delaying tactics on the part of German Chancellor Angela Merkel ahead of the North Rhine-Westphalia state election to be held on May 9, writes the left-liberal daily La Repubblica: » more
The German government is demanding that tough conditions be set for providing EU aid to Greece. But these are just delaying tactics on the part of German Chancellor Angela Merkel ahead of the North Rhine-Westphalia state election to be held on May 9, writes the left-liberal daily La Repubblica: "The bailout has become a race against time. It's a question of days, not months. With the current trend in prices the costs for the manoeuvre have already almost doubled. But Germany wants to wait for the state election in North Rhine-Westphalia. No doubt Merkel is having trouble persuading her fellow citizens to provide help for a country that systematically cooked its books. But the very same citizens wouldn't be at all pleased if in the end they are presented with a bill that is even higher than if action is taken now. Are they well enough informed about the risks? Doubts about this are justified."
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Frankfurter Rundschau - Germany | Tuesday, 27. April 2010
The left-liberal daily Frankfurter Rundschau finds German nationalist feelings of superiority in the debate over financial aid for Greece inappropriate and far removed from economic reality: » more
The left-liberal daily Frankfurter Rundschau finds German nationalist feelings of superiority in the debate over financial aid for Greece inappropriate and far removed from economic reality: "Go ahead, wallow in your pride! The high won't last for long, that's for sure. Because what would happen if Germany left the Eurozone? An appreciation of around 30 percent over the remaining Euro states. True, that would eradicate the labour cost advantage we enjoy here at home, but that's the way things are on the free currency market: rates will react - and overreact. A 30 percent appreciation in Germany would be tantamount to a rescue for Greece, where cost-benefit functions would once more add up. And it would bring a huge competitive advantage on global markets for industry in France, Italy, Belgium, Holland and Slovakia. The rest of Euroland would experience a true export boom and finally be able to grow independently of Germany."
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To Vima Online - Greece | Tuesday, 27. April 2010
Germany's criticism of Greece is most unwelcome in the almost bankrupt state. But the left-liberal Greek daily To Vima sees it as justified: » more
Germany's criticism of Greece is most unwelcome in the almost bankrupt state. But the left-liberal Greek daily To Vima sees it as justified: "Greece is on the brink of disaster but some people are still thinking like spoiled princes! They behave as if the entire planet was in Greece's debt although in actual fact it's Greece that owes almost the entire planet something. We all agree that our country is defenceless and fraudsters and tax evaders have it easy here. But when Angela Merkel says this we get annoyed. Every Greek knows that we can't regulate our budget on our own. We live on debt, we spend all there is to spend and when there's nothing left we resort to austerity measures. But as soon as the measures start to work we start wasting money again. ... So before we start protesting against Frau Merkel and the other critics we should first ask ourselves whether they aren't right to be wary of us. After all, they're lending us their money."
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NRC Handelsblad - Netherlands | Tuesday, 27. April 2010
Greece needs a lot more financial support from other Eurozone countries than has so far been planned, writes the daily NRC Handelsblad: » more
Greece needs a lot more financial support from other Eurozone countries than has so far been planned, writes the daily NRC Handelsblad: "Europe must lend Greece more than the 30 billion that are now in the books, and it won't get all its money back. … There is a high probability that Athens won't be able to pay back all the state securities. This will lead to renewed chaos in the financial sector, which will cause problems for many European banks as the holders of Greek state securities and increase the risk of [the crisis] spreading further. ... The alternative is to give Greece genuine support and give third parties priority when it comes to paying off the national debt. This will prevent Greece from becoming insolvent, even if it is at the other Euro countries' expense. ... The 1.8 billion that the Netherlands is advancing as part of the EU bailout package must therefore be partially regarded as a subsidy and recorded as such."
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Financial Times - United Kingdom | Monday, 26. April 2010
Greece is requesting up to 45 billion euros in financial help from the EU and the International Monetary Fund to get its budget deficit under control. The Financial Times calls for a series of political reforms: » more
Greece is requesting up to 45 billion euros in financial help from the EU and the International Monetary Fund to get its budget deficit under control. The Financial Times calls for a series of political reforms: "Greeks must now show their willingness to ... end the rule-breaking, corruption and parallel economy that undermine the functions of a modern state. ... Europe as a whole must also show greater maturity. The fiction that ill-conceived and unenforced fiscal rules could do the job of reconciling political and cultural differences has been sundered, leaving behind a resurgence of old and ugly stereotypes recently indulged in by Greek and German tabloids. Some of Mr Papandreou's countrymen will see a national humiliation in the constraints of an IMF programme. But if he can convince his people of the changes needed, it may yet prove the quickest way to return to Greece the independence its profligacy has squandered."
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Les Echos - France | Friday, 23. April 2010
Greece's budget situation is more drastic than previously assumed. According to the EU statistical office Eurostat the Greek budget deficit stood at 13.6 percent of gross domestic product in 2009. Greece could bring calamity upon Europe, writes the business daily Les Echos, bolstering its view with classical mythology: » more
Greece's budget situation is more drastic than previously assumed. According to the EU statistical office Eurostat the Greek budget deficit stood at 13.6 percent of gross domestic product in 2009. Greece could bring calamity upon Europe, writes the business daily Les Echos, bolstering its view with classical mythology: "Everything started with an announcement: the Hercules Eurostat has not been able to clean the Augean stables of the Greek national budget. The more time elapses the tighter Vulcan's net seems to be tightening around Greece. Not only Greece is in danger of drowning in the waters of the Styx, but all of Europe. Germany has refused to become a Danaid, and will have nothing of filling an ever-draining barrel. The governments of Europe must react quickly, because this time Zeus will not sweep Europa off her feet."
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To Vima Online - Greece | Thursday, 22. April 2010
In the current economic situation there is no alternative but to ask the International Monetary Fund for financial aid, writes the left-liberal daily To Vima: » more
In the current economic situation there is no alternative but to ask the International Monetary Fund for financial aid, writes the left-liberal daily To Vima: "The big Greek companies (including the banks) won't be in a position to win back the trust of foreign lenders as long as the state credit crisis continues. So investments are put off, growth dwindles and the budgetary goals are not achieved, the spreads are increased, new restrictive measures are introduced to lower the deficit and in the end the economy continues to contract. ... This is why there is no option but to ask the IMF for help. The government has no more possibilities for stipulating conditions. There is absolutely no way out. An agreement with the IMF is the only thing that can prevent an escalation of the economic and political crisis. ... Delaying the decisions could even render the IMF's help useless, just as increasing the value-added tax was."
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Süddeutsche Zeitung - Germany | Thursday, 22. April 2010
Despite receiving financial aid from the EU and the International Monetary Fund Greece could still go bankrupt if it fails to raise the additional money it needs to discharge its past debts and rein in its budget deficit, writes the left-liberal daily Süddeutsche Zeitung: » more
Despite receiving financial aid from the EU and the International Monetary Fund Greece could still go bankrupt if it fails to raise the additional money it needs to discharge its past debts and rein in its budget deficit, writes the left-liberal daily Süddeutsche Zeitung: "If help from abroad isn't quick in coming, the country will have to proclaim a debt moratorium and declare that it can only service part of its debts, as Germany did in 1923 and Brazil did in 1982. Only: Greece will not be in the clear even if the EU and the IMF bring themselves to fork out the promised 45 billion euros. What is needed is a rescue package that not only gives Hellas breathing room for a couple of months, but also provides a lasting solution to its financial problems. For that to happen the Greek government must sit down with its social partners, the IMF and its creditors, and each one must be ready to do its bit."
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La Repubblica - Italy | Thursday, 22. April 2010
Greece is already working on gaining access to a loan, writes the left-liberal daily La Repubblica in view of the talks between the International Monetary Fund, the EU and the government in Athens: » more
Greece is already working on gaining access to a loan, writes the left-liberal daily La Repubblica in view of the talks between the International Monetary Fund, the EU and the government in Athens: "The goal of the talks is to fix the details for financial aid and above all further measures for recovery that the Greek government must introduce in exchange for help. Not for nothing does the Greek finance minister George Papakonstantinou foresee several weeks of negotiations with the talks reaching their conclusion 'by May 15'. For on May 17 the ministers could release the first instalment of the loan. ... The fact that France has set aside 3.9 billion euros of its 2010 budget for this purpose, which corresponds to the French portion of the EU loan, also corroborates this."
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Lidové noviny - Czech Republic | Wednesday, 21. April 2010
Detailed talks about an EU rescue package for debt-ridden Greece begin today in Athens. According to Axel Weber, president of Germany's central bank, the package could be much more extensive than originally planned, meaning that needy Germans may be left waiting to receive state benefits. The conservative daily Lidové noviny sees this as intolerable: » more
Detailed talks about an EU rescue package for debt-ridden Greece begin today in Athens. According to Axel Weber, president of Germany's central bank, the package could be much more extensive than originally planned, meaning that needy Germans may be left waiting to receive state benefits. The conservative daily Lidové noviny sees this as intolerable: "Is this solidarity or is it absurdity? But the truth about the untenable European reality is not to be said aloud. A reality in which the Greeks expect the Germans to continue paying for their 16th month's salary and their pensions when they retire at 57 while Germans have to work for many more years without any additional month's salaries. Meanwhile, so far the EU Commission has produced neither a crisis plan for withdrawal from the Eurozone nor refined regulations for dealing with a national bankruptcy. ... And by the way, the Czechs' luxury status as observers comes to an end next year, because then we will become a net contributor [paying more than we receive] to the European budget."
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The Irish Times - Ireland | Saturday, 17. April 2010
Germany's Europe policy is determined by its own economic interests and its population's increasing reluctance to show solidarity with weaker member states, as witnessed with Greece recently, writes Paul Gillespie in the daily The Irish Times: » more
Germany's Europe policy is determined by its own economic interests and its population's increasing reluctance to show solidarity with weaker member states, as witnessed with Greece recently, writes Paul Gillespie in the daily The Irish Times: "Gradually, German wage levels and standards of living were then driven down by labour market reforms, enabling it to become cheaper than its competitors. EU enlargement gave it a geopolitical buffer against Russia and huge new markets for its manufactured goods and finance capital, in addition to those already established in the Mediterranean - and in Ireland. So Germany now bestrides the European economy, but it resists correcting the resulting imbalances of demand throughout the euro zone. ... The overall synthesis is a euro zone fiscal disaster."
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Die Welt - Germany | Thursday, 15. April 2010
French elites accuse Germany of turning its back on European solidarity and fixing its gaze on Russia. Hans-Hermann Nikolei explains these concerns in the daily Die Welt: » more
French elites accuse Germany of turning its back on European solidarity and fixing its gaze on Russia. Hans-Hermann Nikolei explains these concerns in the daily Die Welt: "Once again the Germans are looking eastward, abandoning the social-welfare 'Rhine capitalism' and gambling egotistically with Europe. The dispute over the German export surplus and Eurozone aid for Greece has rekindled old fears in France. ... Angela Merkel's hesitancy to bail out the imporverished Greeks with a few billion euros has come as a big shock to the French elites. Many now fear that Germany will forget about European solidarity and leave France in the lurch. ... It must be said however that the man on the street in France takes a calmer view of Germany than his intellectual 'mentors'. According to a survey by the Opinion Way institute, 78 percent of French people and 84 percent of Germans are proud to be European. And 79 percent of both countries believe that the German-French tandem will remain the powerhouse of Europe until 2020."
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Le Monde - France | Tuesday, 13. April 2010
In view of the crisis in Greece France's elites have accused Germany of acting without sufficient regard for French interests. Jean Bizet, chairman of the Committee for European Affairs in the French Senate, writes in the daily Le Monde that the two countries need not be on par to enjoy a healthy relationship: » more
In view of the crisis in Greece France's elites have accused Germany of acting without sufficient regard for French interests. Jean Bizet, chairman of the Committee for European Affairs in the French Senate, writes in the daily Le Monde that the two countries need not be on par to enjoy a healthy relationship: "The first mistake was that people too often spoke of a 'German-French couple' or tandem, while in fact the two states have developed differently and are really cousins. ... The reunification and the EU enlargement have re-configured Europe and given Germany a central role on all levels. But is it at all appropriate to speak of an imbalance? Why do people look for a balance in European construction, why a balance between Germany and France? Why not between Germany and Poland, between the North and the South, the West and the East, the old members and the new? The crucial thing isn't the balance between to the two countries ... but their will to act together. Their relationship has changed. ... The two cousins are bound by a perpetual lack of unity."
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Berlingske - Denmark | Tuesday, 13. April 2010
Financial markets breathed a sigh of relief with the announcement of details of the rescue plan for Greece, according to which Athens will be eligible for loans at particularly cheap interest rates. But other countries still pose a risk to the euro, writes the daily Berlingske Tidende: » more
Financial markets breathed a sigh of relief with the announcement of details of the rescue plan for Greece, according to which Athens will be eligible for loans at particularly cheap interest rates. But other countries still pose a risk to the euro, writes the daily Berlingske Tidende: "Germany as well as a number of other countries are right to pose difficult questions to the Greek government. The German chancellor opposed granting loans to Greece at favourable interest rates, saying the customary rates should be respected. Nevertheless the plan seems to have paid off. The euro is rising slowly but surely against the dollar, and the markets have largely calmed down. But for how long? All it takes is one or two negative reports from countries whose situation is just as bad as Greece's. Spain, Portugal and Ireland are all high-risk countries. Bad news from there could plunge the euro into a crisis once more."
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Mladá fronta Dnes - Czech Republic | Monday, 12. April 2010
The countries of the Eurozone have reached an agreement over the plan for helping Greece overcome its financial crisis according to which in the event of insolvency Athens could obtain up to 30 billion euros at low interest rates. The liberal daily Mladá fronta Dnes is sceptical: » more
The countries of the Eurozone have reached an agreement over the plan for helping Greece overcome its financial crisis according to which in the event of insolvency Athens could obtain up to 30 billion euros at low interest rates. The liberal daily Mladá fronta Dnes is sceptical: "Where will we end up when no country of the Eurozone can go bankrupt? The situation will be the same as it was recently with the big banks, which could only be saved through cash injections running into the billions from Europe and the US. But the problem is that in the end no one will be able to pay for this moral game of chance. ... That's why financial aid from within the Eurozone was originally strictly forbidden. This ban has now definitively been set aside. For Greece that means a small - rather too small - step towards rescue. But for the euro it is a big leap, althought no one knows where it will take us."
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El País - Spain | Friday, 9. April 2010
German Chancellor Angela Merkel is using the crisis to exploit her power in Europe, sociologist Ulrich Beck concludes in the left-liberal daily El País: » more
German Chancellor Angela Merkel is using the crisis to exploit her power in Europe, sociologist Ulrich Beck concludes in the left-liberal daily El País: "The crisis of the euro has led to the crystallisation of new power relations. When the time comes to make decisions neither the EU Commission nor the EU president nor the current holder of the rotating EU Council presidency nor even France, Italy, Spain or the UK take action. When the moment of truth comes the German chancellor acts in coordination with French President Sarkozy. Angela Merkel is neither Angela Kohl nor Angela Brandt. Nor is she Maggie Merkel. She's Angela Bush. In the same way US President Bush used the risk of terrorism to foist his unilateralism on the rest of the world Angela Merkel is using Europe's financial risk to force Germany's stability policy on the others. The German mark was the currency of German power. The same is now to apply to the euro."
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Les Echos - France | Friday, 9. April 2010
Stock prices fell on European markets on Thursday under pressure from the Greek crisis. Greece is having to pay ever higher interest rates on new debt. The governments of Europe must act swiftly, writes the business paper Les Echos: » more
Stock prices fell on European markets on Thursday under pressure from the Greek crisis. Greece is having to pay ever higher interest rates on new debt. The governments of Europe must act swiftly, writes the business paper Les Echos: "Worries over Greece's finances are once more mounting. Athens must raise 50 billion euros this year, which will additionally burden the national debt by several billion, undoing the painful efforts imposed on the country by the government to reduce public expenditures. We must face up to the obvious: the rescue plan announced by the European Union is heading for failure. To get out of this crisis we must steer clear of the Greek fog. It is urgent that light be shed on the true situation of Greece's public finances. The ball is once more in the court of Europe, Brussels, Paris and Berlin. The conditions for the rescue must be precisely defined. The future of the Union is at stake."
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taz - Germany | Thursday, 8. April 2010
Within just a few months the Greeks have sunk to the last place in German popularity polls, writes Christian Semler in amazement in the leftist daily die tageszeitung: » more
Within just a few months the Greeks have sunk to the last place in German popularity polls, writes Christian Semler in amazement in the leftist daily die tageszeitung: "The abrupt fall of the Greeks shows us how quickly negative stereotypes can arise and how fast they can spread. What we are witnessing is a concerted, very successful media-led campaign meant to create and anchor prejudices in people's minds. ... Prejudices require a single enemy. Before it was 'the Russian', and now in [the tabloid] Bild it's 'the impoverished Greek', who allows himself 'everything' at our expense and who tosses 'our pretty euros' to the wind. ... This campaign involves cooking up an antiquated steroptype from the 19th century, the story of the supposed 1,000 year decline of the Byzantine Empire and the irreconcilability of the Christian-occidental heritage with the dark Orthodox realm which opposes personal freedom. According to this story the Greeks don't deserve their ancient empire. This was incidentally also the opinion of Hitler, who called the Germanic people the true Greeks."
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To Vima Online - Greece | Wednesday, 7. April 2010
New speculations on the financial state of Greece put the euro under considerable pressure on Tuesday. This demonstrates the irrationality of the market, writes the left-liberal daily To Vima: » more
New speculations on the financial state of Greece put the euro under considerable pressure on Tuesday. This demonstrates the irrationality of the market, writes the left-liberal daily To Vima: "Whatever we do, no matter what initiatives the Greek government adopts or how much the Greek people sacrifice, it all goes unnoticed. Yesterday's market reaction was clearly disproportionate and baseless, the result of unsubstantiated and unfounded rumours. It would have only been logical to put these speculations to one side. And how can a country that battled ... to put through a rescue plan only two or three weeks ago now demand it be overhauled? It is remarkable that the major international markets are ready to accept unfounded rumours instead of recognising Greece's efforts. ... Political motivation has always played a role, even when this is contested by the representatives of the free and allegedly self-regulating market. ... Greece remains recalcitrant and refuses to dance to the tune of the free market. It is not Ireland. Greece doubts formulas and ideas ... and can't hide its disgust at groups of speculators."
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Les Echos - France | Tuesday, 30. March 2010
Greece sucessfully launched and found sufficient buyers for a seven-year state bond valued at five billion euros on Monday. But that's not enough to fight the crisis, writes the business paper Les Echos: » more
Greece sucessfully launched and found sufficient buyers for a seven-year state bond valued at five billion euros on Monday. But that's not enough to fight the crisis, writes the business paper Les Echos: "One can't talk of a rush or a stampede, but the sale initiated yesterday by Greece met with an undeniable success. ... Nevertheless there can be no talk of an end to the Greek crisis. The country's financing needs will remain huge until the end of the year. Greece only raised a third of its programme for 2010 with yesterday's capital procurement . And there's nothing to say that the effects of the emergency kit will last more than a few weeks. ... The question of Greece's ability to resorb its public deficits without plunging its economy into a profound depression has lost none of its urgency."
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La Stampa - Italy | Friday, 26. March 2010
The involvement of the International Monetary Fund (IMF) in the rescue package, which Germany in particular had pushed for, endangers the single currency, writes the liberal daily La Stampa: » more
The involvement of the International Monetary Fund (IMF) in the rescue package, which Germany in particular had pushed for, endangers the single currency, writes the liberal daily La Stampa: "Up to now the stability of the monetary union was based on the fundamental harmony between the German government and the management of the European Central Bank [ECB]. But with [the involvement of the IMF] Berlin has proposed a solution that the ECB considers dangerous for the future of the euro. This is why a new wind of unease is blowing through the Eurotower in Frankfurt. It is a sad paradox that the very country whose public declares itself most interested in the stability of the currency is having a destabilising effect on the euro."
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Politiken - Denmark | Friday, 26. March 2010
With the possible grant of loans and the involvement of the International Monetary Fund (IMF) the Eurozone countries are closing ranks in the battle against the Greek crisis, writes daily Politiken approvingly: » more
With the possible grant of loans and the involvement of the International Monetary Fund (IMF) the Eurozone countries are closing ranks in the battle against the Greek crisis, writes daily Politiken approvingly: "This is a good decision. On the one hand the IMF is experienced in dealing with crises - most recently in EU countries like Latvia, Hungary and Romania. On the other the Fund won't hesitate to take tough measures, exactly what is needed in Greece. But it is important that the other Euro countries are participating in the bailout plan. This sends the clear message that they won't let the financial markets destroy the euro. With a combination of the bitter IMF medicine ... being administered to Greece and the clear signal to the financial markets that they work together in bad times as in good the Euro countries have once again proven their ability to rise to great challenges."
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Die Presse - Austria | Thursday, 25. March 2010
The time has come to restructure the European Union, writes the daily Die Presse, arguing that both loans and sanction options are needed: » more
The time has come to restructure the European Union, writes the daily Die Presse, arguing that both loans and sanction options are needed: "The EU and above all its euro are the products of a fair-weather phase during which common policy was shaped by the belief in constant growth and stability. But now it's raining everywhere. Roofs to provide shelter were never built. If today's EU summit in Brussels sees no other recourse but to put together an aid package for Athens, then this will also break with a taboo. For such a decision would reveal that European integration, the joint treaties, rest on shaky foundations. ... The problem has two dimensions. A current one: it has become necessary to provide Greece with loans or guarantees to prevent rising interest rates for the country and damage to the euro. And it has a structural dimension: the European Union must be restructured. If the EU wants to be in a position to help itself in future it needs options similar to the International Monetary Fund."
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La Repubblica - Italy | Wednesday, 24. March 2010
A possible solution to the dispute over EU financial aid for Greece involving a loan from the International Monetary Fund has emerged. But because of German Chancellor Angela Merkel the timing of its official announcement remains uncertain, writes the left-liberal daily La Repubblica: » more
A possible solution to the dispute over EU financial aid for Greece involving a loan from the International Monetary Fund has emerged. But because of German Chancellor Angela Merkel the timing of its official announcement remains uncertain, writes the left-liberal daily La Repubblica: "The compromise is taking shape but Berlin is imposing tough conditions. More isolated than ever, Germany continues to maintain that announcing a bailout plan would be premature. It insists that a special summit for giving the go-ahead should only be convened once Greece indeed proves incapable of financing itself. ... Even though everyone now agrees that the aid would be the absolute last resort it remains uncertain whether the Chancellor will give in to the demands of the majority of the Eurozone countries, the European Commission and even the European Central Bank."
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Dziennik Gazeta Prawna - Poland | Tuesday, 23. March 2010
Two days before the meeting of Europe's heads of government in Brussels the German chancellor is still resisting pressure from other countries to help Greece out with loans. The daily Dziennik Gazeta Prawna fulminates against Angela Merkel, saying she is endangering European integration: » more
Two days before the meeting of Europe's heads of government in Brussels the German chancellor is still resisting pressure from other countries to help Greece out with loans. The daily Dziennik Gazeta Prawna fulminates against Angela Merkel, saying she is endangering European integration: "Germany won't help Greece. And Merkel has also rejected her finance minister's idea of setting up a European Monetary Fund. The chancellor is bent on pleasing her people. Surveys show that if the citizens of the Federal Republic of Germany had their way they would get rid of the euro. The optimists who believe the crisis can be handled with a couple of billion are wrong. The euro is losing its fiercest advocate and becoming an endangered species. It is losing the battle against egoism. Berlin's approach is economic nationalism, a bomb that is aimed not only at the single currency but at European integration as a whole."
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Ta Nea - Greece | Saturday, 20. March 2010
Berlin has been hesitant on the issue of a financial package for Greece and Chancellor Angela Merkel has suggested it should be possible to exclude offending countries from the Eurozone. The Greeks should not take such a show of contempt sitting down, writes the left-liberal daily Ta Nea: » more
Berlin has been hesitant on the issue of a financial package for Greece and Chancellor Angela Merkel has suggested it should be possible to exclude offending countries from the Eurozone. The Greeks should not take such a show of contempt sitting down, writes the left-liberal daily Ta Nea: "The German attitude has nothing in common with how Kohl, Mitterrand and Delors saw the EU, namely as a melting pot that would bring about European unity. The time has come for us to react. Berlin has reaped much advantage from the EU, and now it is refusing to provide resources to help it out in a time of need. Consequently the countries affected [by Germany's attitude] should respond and deprive Germany of the export privileges which it has so long enjoyed. They should import fewer German products and buy more Italian, French, Spanish and Greek goods. Only in this way will Merkel grasp that a racist attitude to other countries can be economically detrimental, particularly to Germany."
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Hospodářské noviny - Czech Republic | Friday, 19. March 2010
While many have criticised German Chancellor Angela Merkel for suggesting that unreliable countries could be excluded from the Eurozone, not so the business paper Hospodářské noviny: » more
While many have criticised German Chancellor Angela Merkel for suggesting that unreliable countries could be excluded from the Eurozone, not so the business paper Hospodářské noviny: "It's no wonder that Berlin is losing patience. The Germans had to say goodbye to the stable Deutsche Mark because of the euro, and now they're not keen on losing the stable euro. That's the main reason why their suggestions for consolidating Greece's debts are so strict. ... The Greeks for their part are considering turning to the International Monetary Fund for help, although that would give the impression that the Eurozone is no longer able to solve its own problems by itself. But appealing to the IMF is only the second-best option open to Athens as far as the future of the euro is concerned. The best would be to leave the Eurozone."
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Delo - Slovenia | Friday, 19. March 2010
Greek Prime Minister George Papandreou has demanded a quick decision on financial aid from the European heads of state and government, indicating he will not hesitate to turn to the International Monetary Fund if need be. The daily Delo writes that the countries of the Eurozone should rescue Greece: » more
Greek Prime Minister George Papandreou has demanded a quick decision on financial aid from the European heads of state and government, indicating he will not hesitate to turn to the International Monetary Fund if need be. The daily Delo writes that the countries of the Eurozone should rescue Greece: "Never in the eleven-year history of the Eurozone has a member state needed the help of the other states. For that reason the ultimatum of Greek Prime Minister George Papandreou constitutes the first major test for the 16 members - probably even more trying than the enormous pressure from the stock markets several years ago when the common currency lost almost half its initial value within a few months. ... This time the euro is in even greater danger because Greece is no isolated island of financial instability. For that reason rescue action is direly needed."
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All available articles from » Bozo Masanovic
Frankfurter Allgemeine Zeitung - Germany | Thursday, 18. March 2010
German Chancellor Angela Merkel is encountering resistance from all sides to her proposal for excluding member states from the Eurozone, the conservative Frankfurter Allgemeine Zeitung notes: » more
German Chancellor Angela Merkel is encountering resistance from all sides to her proposal for excluding member states from the Eurozone, the conservative Frankfurter Allgemeine Zeitung notes: "The Chancellor wasn't at her best with her idea - not to say threat - of 'expelling a country from the Eurozone as a last resort'. If you're going to deliberate that kind of thing in full public view you must at the same time make it clear whether the country is also to be excluded from the EU or whether it can remain as a member in distress with full voting rights, or be deprived of its right to make decisions. Was it not one of the original ideas of European unification to achieve a mutually supportive community in which the peoples of Europe share the same fate?"
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Eleftherotypia - Greece | Wednesday, 17. March 2010
With Germany's negative stance on financial aid for Greece Chancellor Angel Merkel really takes the biscuit for uncooperativeness, the left-liberal daily Eleftherotypia writes: » more
With Germany's negative stance on financial aid for Greece Chancellor Angel Merkel really takes the biscuit for uncooperativeness, the left-liberal daily Eleftherotypia writes: "Berlin waits until Greece, bled dry by speculating lenders, is on the brink of the abyss and only then does Frau Merkel begin to take an interest in the fate of her unfortunate partner. So this is what a mutually supportive community looks like! ... Germany even wants those countries that are gripped by crisis to be pushed off the cliff, or in other words out of the Eurozone. However these, which demonstrate the gaping institutional void of democracy, will not serve to construct the union of states with equal rights envisaged by the forefathers of the European Union. Europe's peoples believed in this vision of a European family that acted jointly and in agreement. Have they perhaps been betrayed?"
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Világgazdaság - Hungary | Thursday, 18. March 2010
The euro's current struggles cannot be attributed solely to Greece's problems, writes Harold James, history professor at Princeton University, in an article published in business paper Világgazdaság: » more
The euro's current struggles cannot be attributed solely to Greece's problems, writes Harold James, history professor at Princeton University, in an article published in business paper Világgazdaság: "The euro precisely measures international tensions in that it is a bold experiment: a currency that is not linked to a state, but rather follows from international rules and treaties. ... But in the aftermath of a crisis, countries put national interests above their willingness to go along with international rules. ... What resulted was a partly flawed answer to the problem. That was because France and Germany, the principal protagonists in the drama of monetary integration, had different visions of how the problem should be solved. The Germans pressed for clearly defined fiscal rules, but other countries wanted more wiggle room. The French argued for European economic governance alongside the monetary union. ... The answers to a global problem of this kind cannot be found on a European level. It will demand global coordination of monetary policies, and some form of global economic governance. Europe tried this combination, and found that even in a regional setting it could not be fully realized."
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Corriere della Sera - Italy | Thursday, 18. March 2010
The calls of German Chancellor Angela Merkel for the option to exclude countries that refuse to reform and exceed deficit limits from the Eurozone are the wrong words at the wrong time, according to conservative daily Corriere della Sera: » more
The calls of German Chancellor Angela Merkel for the option to exclude countries that refuse to reform and exceed deficit limits from the Eurozone are the wrong words at the wrong time, according to conservative daily Corriere della Sera: "Angela Merkel's declaration could conjure up new and worrying scenarios not just for Greece, but also for all Euroland. Even if the Chancellor's position appeared to mainly target public opinion and Germany's parliamentarians, coming in the midst of an international financial crisis that has also affected Germany's budget and its banks' balance sheets it is too harsh in both tone and timing. ... The Greece problem is per se a small and solvable problem. A Europe in which Germany renounced the key historical role it played in the formation of the European Community would be a far greater problem."
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All available articles from » Alberto Quadrio Curzio
Kathimerini - Greece | Tuesday, 16. March 2010
The EU has been hesitating for too long over whether to offer concrete help to Greece, writes the conservative daily Kathimerini: » more
The EU has been hesitating for too long over whether to offer concrete help to Greece, writes the conservative daily Kathimerini: "For months now the Eurozone has concealed its major contradictions by pointing to Greece's responsibility for the crisis. Now that they can no longer play this game it becomes clear where the fissures lie. ... Greece has made clear that it prefers a European solution. But failing that it will be forced to seek other alternatives. Before turning to the International Monetary Fund, it would be wrong not to consider ... accepting aid from China. If the European 'family' doesn't help when you're threatened by bankruptcy it would be very cheeky for it to blame you for looking elsewhere."
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All available articles from » Stavros Lygeros
Diário de Notícias - Portugal | Wednesday, 17. March 2010
In contrast to Greece's austerity programme that of Portugal has met with applause in Brussels. The daily Diário de Notícias takes a look at why: » more
In contrast to Greece's austerity programme that of Portugal has met with applause in Brussels. The daily Diário de Notícias takes a look at why: "How to explain this praise, which stands in stark contrast to the scepticism with which Greece's cuts programme was received? Mainly it's because the economic development scenario is not very ambitious: in the coming four years the economy is to grow by an average of 1.15 percent annually, the minister of finance predicts. ... Teixeira dos Santos has been cautious in his prognosis in order to show Brussels that the path to financial stability is not based on improbable tax revenues. If the results surpass expectations, then all the better."
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Delo - Slovenia | Wednesday, 17. March 2010
The finance ministers of the Eurozone have at least reached agreement on the fundamentals of an emergency plan for Greece, the daily Delo notes approvingly: » more
The finance ministers of the Eurozone have at least reached agreement on the fundamentals of an emergency plan for Greece, the daily Delo notes approvingly: "This premiere in the 11-year history of the euro group has two goals. The pressure on this member country, which with its lacking budgetary discipline and its 'creative bookkeeping' has caused unimaginable difficulties, must be maintained to radically reduce its deficit with harsh cuts in public spending and more revenues for the public purse. At the same time further speculation on the financial markets must be hindered as it not only destabilises offender Greece but also the foundations of the Eurozone as a whole. ... The difficulties of Greece are a wake-up call for the entire Euroclub. ... Other countries of the Mediterranean area and Ireland could soon find themselves in a similar situation."
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Hospodářské noviny - Czech Republic | Tuesday, 16. March 2010
The 16 states of the Eurozone agreed on Monday in Brussels on an emergency plan to help Greece. If Athens is faced with bankruptcy they will step in with loans. The business paper Hospodářské Noviny points out that for some time now instruments for disciplining euro countries have been available: » more
The 16 states of the Eurozone agreed on Monday in Brussels on an emergency plan to help Greece. If Athens is faced with bankruptcy they will step in with loans. The business paper Hospodářské Noviny points out that for some time now instruments for disciplining euro countries have been available: "The Stability and Growth Pact, for example, makes is possible to impose sanctions or block access to European funding. But so far such sanctions have never been used for budgetary discipline infringements. Greece is not the first offender; other countries, and not just those in the Eurozone but from all over the EU, also violate the budgetary regulations."
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All available articles from » Julie Hrstková
Süddeutsche Zeitung - Germany | Tuesday, 16. March 2010
According to a report by the Swedish peace research institute Sipri, Germany is the third-largest arms exporter in the world after the US and Russia. But it is not fitting that Greece and Turkey should be among their best customers, writes the left-liberal Süddeutsche Zeitung: » more
According to a report by the Swedish peace research institute Sipri, Germany is the third-largest arms exporter in the world after the US and Russia. But it is not fitting that Greece and Turkey should be among their best customers, writes the left-liberal Süddeutsche Zeitung: "The two Aegean states have been arming against each other for years. ... Such weapons-stockpiling on the edge of Europe is an anachronism. The European Union should insist that Ankara and Athens carry out their disputes over territorial waters and no-fly zones in a civilised way - before the International Court of Justice. [Prime Minister] Papandreou himself now has a first-class opportunity to get his country used to disarmament. And if the governments in Berlin and Paris want to help the Greeks, they should talk them out of buying more arms. That could cost jobs in Germany, but it would be more honest than paying the Greeks' unpaid bills later with tax money."
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More from the press review on the subject » International Relations, » Security Policy / Crises / War, » Trade, » Germany, » Greece, » Turkey
All available articles from » Christiane Schlötzer
Iltalehti - Finland | Monday, 15. March 2010
Following the informal meeting of EU foreign ministers in the Finnish city of Saariselkä on the weekend the EU looks more like a loose alliance of states than a true community, the tabloid Iltalehti concludes: » more
Following the informal meeting of EU foreign ministers in the Finnish city of Saariselkä on the weekend the EU looks more like a loose alliance of states than a true community, the tabloid Iltalehti concludes: "The EU cannot be stronger than each of its members. At present the Union lacks a motor. The disputes within the new German government have weakened Angela Merkel. In France Nicolas Sarkozy is in a bad position politically and because of his private life. The UK is preparing for elections. In the Mediterranean region the problems extend from Spain to Italy and the catastrophe in Greece. The recession has hit many of the new member states. Here in Finland the milk strike has shown that one of the EU's key principles, the free circulation of goods, was never really recognised. … Things could hardly be any different in a community of 27 nations. Yet for more than half a century the EU has made progress on integration. It just needs perseverance - and common sense."
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Bild - Germany | Friday, 12. March 2010
For the second time in fifteen days the Greeks have brought their country to a standstill with a general strike. And on Thursday there were violent clashes between the police and demonstrators. Yet the government should not be deterred from its chosen course, the German tabloid Bild writes: » more
For the second time in fifteen days the Greeks have brought their country to a standstill with a general strike. And on Thursday there were violent clashes between the police and demonstrators. Yet the government should not be deterred from its chosen course, the German tabloid Bild writes: "It must not stray from the rigorous austerity measures it has belatedly imposed on the country. The fact is: the future of Greece will be decided neither on the international financial markets nor in the backrooms of the EU, but in the country itself, and no International Fund, never mind a European Monetary Fund, can change this. All that Greece's partners can do is provide a little assistance, and that's the way it should be. The Greeks won't gain any credit by letting someone else drag them out of the swamp. The only way for them to restore their credibility is for them to drain it themselves! The new government has understood this. It doesn't expect a cent from us! But if the people on the street get their way, if the government doesn't impose its will on the stubborn section of the population, Greece is doomed."
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All available articles from » Nikolaus Blome
Neue Zürcher Zeitung - Switzerland | Thursday, 11. March 2010
Rating agency Fitch has announced it may lower Bulgaria's credit rating to "junk" because of the country's great dependence on Greek banks. The Neue Zürcher Zeitung sees the response this news elicited from the Bulgarian government on Tuesday as very risky: » more
Rating agency Fitch has announced it may lower Bulgaria's credit rating to "junk" because of the country's great dependence on Greek banks. The Neue Zürcher Zeitung sees the response this news elicited from the Bulgarian government on Tuesday as very risky: "[According to the Bulgarian government] Fitch just wants to get its own back after Bulgaria cancelled a contract with the agency about a month ago that was costing the state budget 225,000 francs (154,000 euros) per year for the agency's monitoring services. ... However Fitch is not alone in fearing a chain reaction on the Balkans as a result of the problems of Greek financial institutes. The agency Moody's also expects Bulgarian banks to struggle with the consequences of the crisis over the next 12 to 18 months, and that their foreign parent companies will act with caution."
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All available articles from » Rudolf Hermann
Népszabadság - Hungary | Thursday, 11. March 2010
Economist Annamária Artner explains in the left-liberal daily Népszabadság the economic shortcomings of the Eurozone: » more
Economist Annamária Artner explains in the left-liberal daily Népszabadság the economic shortcomings of the Eurozone: "What is at stake here is the 'European Dream', or in other words the existence of the single currency. The latter ... leaves countries that are having difficulties (like Greece) no means to influence the economic processes with their own financial policy. This wouldn't be a problem if we were talking about a community of states in which the members were all at a high stage of development and in which all the market's control mechanisms (for example interest policy) were the same. But the Eurozone is far from conforming to this ideal."
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Avgi - Greece | Wednesday, 10. March 2010
Roughly three years after the US real estate crisis that sparked the global financial crisis speculators remain largely unchallenged, writes Kaki Balli in the left-leaning daily Avgi: » more
Roughly three years after the US real estate crisis that sparked the global financial crisis speculators remain largely unchallenged, writes Kaki Balli in the left-leaning daily Avgi: "The leaders of the old industrial world unanimously promised to stop the speculators. They said it was their priority to 'tame' the markets to avoid the next crisis. The current one has put 100 million people out of work and plunged dozens of countries around the globe into bankruptcy. Nevertheless the people widely believed to be the real culprits, the accursed 'golden boys', are once more raking in the profits and tirelessly sowing the seeds for the next disaster. In 2008 they convulsed the world with their toxic, complex products based on unsecured subprime loans. Now they're going one step further. They're making their money at the expense of states - not just 'naughty' little Greece, but also the 'powerful' old UK. And they're doing it with the money these very states forked out to save them from the crash."
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Expansión - Spain | Wednesday, 10. March 2010
The Greek debt crisis could be a chance for Europe, writes business paper Expansión: » more
The Greek debt crisis could be a chance for Europe, writes business paper Expansión: "Crises force change. And the Greek crisis that has hit the Eurozone could turn into an unexpected opportunity to improve the foundations and the government of the single European currency. ... The surprising thing is that it was Germany, which up to now had always been reluctant to establish a political counterweight to the European Central Bank, that proposed the creation of the European Monetary Fund. The only explanation is that with this initiative it wanted to pre-empt other, more political and more ambitious alternatives preferred by France."
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All available articles from » Federico Steinberg
Corriere della Sera - Italy | Wednesday, 10. March 2010
The Greek government expects the subject of measures against speculative deals to be dealt with at the next meeting of the G20 states, as Prime Minister George Papandreou explained on Tuesday in Washington following a meeting with US President Barack Obama. The liberal-conservative daily Corriere della Sera stresses that the prime minister did not cast himself in the role of petitioner when he explained his country's financial crisis: » more
The Greek government expects the subject of measures against speculative deals to be dealt with at the next meeting of the G20 states, as Prime Minister George Papandreou explained on Tuesday in Washington following a meeting with US President Barack Obama. The liberal-conservative daily Corriere della Sera stresses that the prime minister did not cast himself in the role of petitioner when he explained his country's financial crisis: "The US thought it would be confronted with the desperate leader of a Balkan state. One who supplicatingly held out his hat, unable to restore order in his own country. Instead it faced a proud and sensible head of state who asked not for money but for political support in curbing Wall Street's speculative attacks against Greece. ... Whether the promises will be fulfilled remains to be seen. What is certain is that Prime Minister Papandreou returns to Europe having gained the respect of the Americans."
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All available articles from » Massimo Gaggi
Novinar - Bulgaria | Monday, 8. March 2010
The crisis in Greece has drastically reduced the price of holidays in the country. This could be a big opportunity for tourism, but strikes could spoil the experience for tourists, writes the daily Novinar: » more
The crisis in Greece has drastically reduced the price of holidays in the country. This could be a big opportunity for tourism, but strikes could spoil the experience for tourists, writes the daily Novinar: "The economic crisis in Greece everyone is complaining about could have a positive aspect. The collapse has led to dramatic price cuts on package tours to our southern neighbour. If you book your holiday in time and outside of the peak season in July and October, reductions can amount to 30 percent - for unwinding in five-star hotels where you know what you're spending your money on. ... But the strikes could turn the country into a trap because there's no certainty that Greek farmers won't block the borders again."
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All available articles from » Desislava Plamenova
Der Standard - Austria | Monday, 8. March 2010
The Icelanders' "No" to compensating British and Dutch investors should not be allowed to block the country's path to EU accession, writes the liberal daily Der Standard: » more
The Icelanders' "No" to compensating British and Dutch investors should not be allowed to block the country's path to EU accession, writes the liberal daily Der Standard: "Following the emotionally charged referendum it will now be even more difficult to negotiate a fair agreement. But what that agreement looks like in the end depends on the three states involved in the matter. Neither the International Monetary Union nor the EU have any reason to make their stance contingent on the outcome of the negotiations and thus take sides against Iceland. ... In particular the EU accession process must be kept separate from the dispute. Highly developed Iceland should become a member as soon as possible; this would not only help the island state but also strengthen the Union. Unlike Greece Iceland is not demanding aid for the problems in which it has landed itself. All it wants is no interference in a complicated dispute."
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All available articles from » Eric Frey
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