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Showing posts with label Greece. Show all posts
Showing posts with label Greece. Show all posts

January 29, 2015

Thank You Greece! - by Maria Helena dos Santos André

In a time when in Paris Marine Le Pen is “Ante Portas”, when xenophobic populists are marching through the streets of Dresden, when in London the UKIP sets the tone for an ever more anti-European hysteria, and when in Helsinki the Finnish government becomes the most ardent proponent of more austerity for Greece, for no other reason but the fear of a success of the “Real Finns” at the next ballot box, the Greek people have given a clear signal, voting against more austerity and for the European values of democracy, the welfare state, tolerance and inclusive societies.

They have rejected the ruling by European and international technocrats. They have said no to their national oligarchic establishment that has led the country into the current situation. But they also resisted the siren calls of Golden Dawn. They have given their confidence to an untested party, with no experience in government, a party that has presented an electoral programme proposing better governance, more democracy, greater social justice and an end of austerity policies that have destroyed the economy and created unprecedented hardship while the public (and private) debt continued to increase. The Greek voters have sent a clear message to the rest of Europe: they want to be part of Europe, they can’t bear more austerity; they need a sustainable solution to their debt problem; they want to be a respected partner in the European Union and play an active role in the common search for a Greek and European recovery.

Europe should not see the victory of Syriza as a threat. Instead, it should be seen as a clear signal from the people and as an opportunity for Europe as a whole to reconsider its crisis response, which has already lead the continent into what may become a decade of deflationary stagnation, even with the last intervention of the ECB. There is no easy solution to the deep crisis in Europe but one thing is certain:  continuing with policies that do not work, because they concentrate exclusively on fiscal prudence, is the opposite of what must be done. We must give priority to growth, investment, employment and redistributive policies.

Anyone guided by realism will recognize that Greece cannot, at the same time, serve its tremendous debt burden and recover economically and socially. Insisting on servicing the debt without a strong economic recovery might be popular in some European capitals but it will just not work. Debts that cannot be paid remain un-payable even if creditors continue to insist that it should be paid.

The debt crises in Germany in the last century offer great lessons in this respect. After World War I, the victorious powers insisted that Germany should pay reparations independently of its economic performance. The results are well known: hyperinflation in the twenties, brutal austerity in the early thirties resulting in the rise of Hitler who immediately stopped servicing any foreign debt when he came to power.

After World War II, the Allies recognized that Germany had to become prosperous first and should pay afterwards. That reasoning lies behind one of the most generous debt restructuring agreements in history in 1953, when more than 50% of the German debt was written off, repayment was stretched out over more than half a century and debt payments were made conditional on the existence of a trade surplus. The last payment of debt from World War I was actually made as late as in 2010 and payments at no time exceeded 5% of German export earnings.

Read more: Thank You Greece!

January 26, 2015

EU: Austerity is not working around Europe - Time for change?

The Guardian notes in an editorial that at a stroke, the Greek general election of 2015 has destroyed the post-recessionary political norms and assumptions of Greece and shaken those of the European Union to the core as well.

For six years, Greeks have protested against harsh eurozone disciplines, but the nation’s eventual, though resentful, readiness to put up with the resulting hardships has been a source of stability. In Sunday’s vote, however, Greek patience finally snapped, particularly among the middle classes, ousting the pro-austerity government of New Democracy and electing the anti-austerity left-coalition Syriza in its place.

As a consequence, the past is no longer much of a guide to the future, at least in Athens, and perhaps elsewhere in Europe.

For the complete editorial  from the Guardian click here 

Greece: Greek radical-left leader vows to end Wall Street imposed 'humiliation and pain'

Greek leftist leader Alexis Tsipras promised on Sunday that five years of austerity, “humiliation and pain” imposed by international creditors were over after his Syriza party swept to victory in a snap election on Sunday.

Read more: Europe - Greek radical-left leader vows to end 'humiliation and pain' - France 24

October 3, 2014

EU - Economy: Greece prepares to wave goodbye to troika

Greece has had many judgement days over the last year but the latest meeting of the troika could be one of the last.

Inspectors from the EU, ECB and the International Monetary Fund have been gathering to review the country’s progress on economic reforms, and our correspondent says it could be the final gathering if Greece ends its loan dependence.

“The International Monetary Fund is the big thorn in the side of the Greek government that wishes this to be the last time they visit Athens for an audit. With the primary surplus steadily above target, Greece will try to stay away from needing further IMF help. But there’s a long way to go before a definitive decision is made,” said Symela Touchtidou.

Athens has had its successes; besides a primary budget surplus, unemployment has dipped slightly from its record high of 28 percent in June, although it remains among Europe’s highest. Crucially, its economy is set to grow in 2014 after a six-year recession.

The Greek government also remains hopeful after announcing a series of tax relief measures this month for the first time after four years of austerity. The troika will looking to see if the government can compensate for those cuts.

Read more: Greece prepares to wave goodbye to troika | euronews, economy

May 15, 2014

Far Right Dangers in Europe: "In parts of Europe, the far right rises again" - by Sonni Efron

As Europe marks the 100th anniversary of the outbreak of World War I, the war that destroyed Old Europe, far-right parties are gaining ground across New Europe.

Most of the far-right parties are pro-Russia, opposing U.S. and European Union efforts to isolate President Vladimir Putin for his intervention in Ukraine. They are expected to do well in the May 25 European Parliament elections.

Last month, I traveled to Hungary and Greece, where the neo-fascist movements are strongest. In Hungary, the extreme-right Jobbik party won 1 in 5 votes in last month's parliamentary election. In Greece, even as the neo-Nazi Golden Dawn party is being prosecuted by the government as a criminal organization, it remains the fourth-largest political party in the country. Golden Dawn lawmaker Ilias Kasidiaris, who sports a swastika tattoo and once read from "The Protocols of the Elders of Zion" on the floor of Parliament, is running for mayor of Athens.

Both parties deny being inherently anti-Semitic or anti-Roma, but their symbols and rhetoric suggest otherwise. Party leaders are unapologetically hostile to LGBT rights, and Golden Dawn is vehemently anti-immigrant. And in both Greece and Hungary, many voters appear to be either overlooking the neo-fascist message or embracing it.

Despite international condemnation of Jobbik's anti-Semitic, anti-Roma vitriol, support for the party rose from 18% in the 2010 elections to 21% last month. Among those reelected to office was a Jobbik member of parliament who demanded that the government draw up a list of Jews in official positions because they posed a "national security risk." Another winning candidate claimed that "the Gypsy people are a biological weapon" of the Israelis who have "occupied" Hungary. These are not idle words in a country where Roma have been terrorized or killed in organized attacks.

Read more: In parts of Europe, the far right rises again - Los Angeles Times

March 19, 2014

Greece reaches long-delayed deal on bailout loans - by Elena Becatoros and Nicholas Paphitis

Greece concluded seven months of tortuous negotiations with its international debt inspectors Tuesday, reaching a deal that will allow it to access a long-delayed rescue loan installment.

The deal does not require Greece to impose any new austerity policies, Prime Minister Antonis Samaras insisted, as he outlined a series of relief measures for the most needy. "Today a long period of tribulations has ended, and a new beginning is being made," Samaras said. 

Greece has depended on its bailout from other European countries and the International Monetary Fund since mid-2010. Payment of the rescue loans depend on the country meeting criteria in spending cuts, tax increases and reforms. Greece's progress in meeting the targets is reviewed regularly by the debt inspectors, collectively known as the 'troika'.

Greece began this latest round of negotiations in September. Talks had snagged on several issues, including public sector firings and market reforms.

"These were seven very, very difficult months," said Finance Minister Yannis Stournaras, adding that the text of the agreement was being written up.

Read more: Greece reaches long-delayed deal on bailout loans - Yahoo News

January 15, 2014

Greece takes over EU presidency

The Greek premier Antonis Samaras told MEPs of the EU Parliament in Strasbourg that his government’s economic reforms were working.

“I know that many things have been said in this room- positive and negative- about this period. But we should keep one thing here: Greece kept its commitments and honored its signature. In other words: We delivered.”

One centre-right German MEP said Greece’s economic woes would not hamper its presidency.

“I do trust Greece. I had a meeting with Prime Minister Samaras and Vice Prime Minister Venizelos, I have the impression that they have clear idea and.priorities. And I think that Greece should have a chance as every presidency before.”

But for the leader of the far-left group, scant attention is being paid to the plight of ordinary people.
UKIP MEP Nigel Farage told parliamentarians that the country was not a real democracy whilst it had to answer to the troika.

“A country in the desperate state Greece is in, and much of it because of the idiotic decision to join the euro itself, the fact that Greece has taken over the presidency of the European Union, I mean frankly it is as much as I can do to stop myself laughing.

Samaras said that he planned to put structrual reforms to boost jobs and growth at the heart of his agenda over the next six months.

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