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

July 8, 2015

Greece Exposes The Flaws Of A Wrong Europe - by Mehmet Ugur and Ozlem Onaran

The Greek people, their newly-elected government and many Europeans and non-Europeans with a sense of justice, history and solidarity, have been shouting loud: the “Greek problem” is a consequence of neo-liberal economic and financial policies that have become increasingly dysfunctional and dangerous. The problem has been made worse by the ascendance of sheer inter-governmentalism in Europe.

Both neo-liberalism and inter-governmentalism are the results of collusion between economic, financial and political elites in Europe, aided by economists, political scientists, lawyers, analysts and journalists with a conservative outlook. The symbiotic relationship between these two has been feeding on the spoils of increasingly unequal wealth accumulation. Their narrative about “Greeks living beyond their means” is nothing but an unashamed distortion of facts about both the present and the past.

The distortion of current facts takes the form of preaching to the Greek people on how they should show penance despite the facts on the ground. The origin of Greek debt, like subprime lending in the US and, given the general dysfunctionality of the financial system as laid bare by the Great Recession, is a result of reckless lending by private banks. Accommodating economic policies and perverse financial regulations have facilitated this – just as much as the symbiotic relations between the European arms industry and corrupt politicians in Greece, and tax evaders in Greece and tax havens in Luxembourg and elsewhere in Europe.

This distortion takes the form of misleading public opinion despite evidence that the ruling elite has secreted away. The conservative European elites and their henchmen have been pushing Greece towards destruction despite IMF documents showing that austerity is unlikely to make Greek debt either repayable or sustainable in the medium- to long-term.

The conservative rhetoric distorts the history of Europe too. Europe prospered and avoided repeated crises and wars only when it found collaborative solutions to collective problems. The leading proponent of austerity, Germany, was by far the biggest beneficiary of debt forgiveness. After World War I Keynes argued in the Economic Consequences of the Peace that the Versailles Treaty was a “Carthaginian peace” that would ruin Europe rather than set the conditions for economic recovery. This is very important not only because the demand for solidarity with the German people came from a scholar at the winning side, but also because the demand was made despite the fact reparations were meant to compensate for the human and material costs of more sinister German military actions in the form of war.

Note EU-Digest: Excellent report on the flaws of the European monetary and political structures which can be traced back to European Conservative Political forces copying and linking themselves to the "ruthless and corrupt" US financial system and the general dysfunctionality of that system, as laid bare by the 2007-2009 recession. This in addition to the reckless lending by private banks and accommodating economic policies and perverse financial regulations. When will Europe understand that the future of Europe must depend on our own needs and objectives and not be influenced by "surrogate" decisions on the other side of the Atlantic, as it unfortunately is today.

Read more: Greece Exposes The Flaws Of A Wrong Europe » Social Europe

July 7, 2015

Eurozone struggles to find joint response to Greek referendum - by Ian Traynor

Germany and France scrambled to avoid a major split over Greece on Monday evening as the eurozone delivered a damning verdict on Alexis Tsipras’s landslide referendum victory on Sunday and Angela Merkel demanded that the Greek prime minister put down new proposals to break the deadlock.

Read more: Eurozone struggles to find joint response to Greek referendum | Business | The Guardian

Greece: With Greek ‘No’ Vote, Tsipras Wins a Victory That Could Carry a Steep Price - by Liz Alderman

Prime Minister Alexis Tsipras may have won a victory at home on Sunday as the Greek people dealt a resounding “no” to European austerity policies.

But Greece risks paying a high price for that decision. While the vote sharply consolidated Mr. Tsipras’s popularity, that could fade quickly if he leads the country deeper into bankruptcy and financial chaos, creating a new round of instability with consequences for Greece and the broader European project.

If anything, Mr. Tsipras is likely to find it harder, rather than easier, to strike a new financing deal quickly with European creditors, heightening the risk that Greece will careen out of the eurozone unless Europe decides to give Mr. Tsipras and his defiant nation another chance.

“What we need now is more wisdom from both sides,” said Loukas Tsoukalis, the president of the Hellenic Foundation for European and Foreign Policy, an Athens-based think tank. “Greece can’t go on because we’re on the edge of cliff,” he said. “After all this, the question is whether our partners would be so unwise as to push Greece over the edge, because that would be damaging for everyone.”

Some European officials acknowledged Sunday that greater flexibility might now be needed from their camp. Just as the referendum vote divided Greece, so, too, did it reveal fault lines between those European countries that appear willing to bend to keep Greece in the eurozone, and others, including Germany and the Netherlands, whose policy makers have all but suggested that the eurozone would be better off without Greece.

Read more: With Greek ‘No’ Vote, Tsipras Wins a Victory That Could Carry a Steep Price - The New York Times

July 6, 2015

Greece says NO to austerity demands by Wall Street dominated financial sector and their IMF brainchild

The Greek No Vote has shown the rest of the EU that democracy is what counts and not the dictatorial rule of the Wall Street dominated global financial markets and its brainchild the IMF.

It will hopefully only hasten Europe's need to take a more independent route on a variety of issues, presently controlled by Trans-Atlantic financial and political forces.

Europe must choose for Greece, after all, aren't they one of us?
EU-Digest

June 28, 2015

EU-US Trade Pact: Poll shows majority of Europeans not in favor of all aspects potential EU - US trade agreement

A recent EU-Digest poll conducted from  May through June as to EU citizens concerns related to a potential Trans Atlantic Trade Pact  (TTIP) between the EU and the EU shows that all respondents in this poll voiced concerns about the possibility that this EU-US trade pact could be providing US corporations access/controls over EU Public Health, Communications, Education, Insurance, Water and Energy services.

A new EU-Digest poll, which runs from the 27th of June till the end of July focuses on the overall state of "health" of the EU, given the challenges it faces and its ability to tackle these problems,

The new EU-Digest poll is also quite relevant, given the possibility of a Greek economic default and the impact it could have on the EMU and the EU as a whole.

EU-Digest 

Greece debt crisis: Tsipras announces bailout referendum

Is the party over for Greece?
Greece will hold a referendum on 5 July on a controversial bailout deal with foreign creditors, Prime Minister Alexis Tsipras has announced.

In a televised address, he described the plan as "humiliation" and condemned "unbearable" austerity measures demanded by creditors.

The Greek government earlier rejected the proposals, aimed at avoiding the country defaulting on its debt.

Greece has to make a €1.5bn ($1.7bn; £1.06bn) IMF debt repayment on 30 June.

In the speech, Mr Tsipras said: "These proposals, which clearly violate the European rules and the basic rights to work, equality and dignity show that the purpose of some of the partners and institutions was not a viable agreement for all parties, but possibly the humiliation of an entire people."

"The people must decide free of any blackmail," he added.

Read more: Greece debt crisis: Tsipras announces bailout referendum - BBC News

June 23, 2015

EU-Digest Special Report: "What Borders Mean to Europe" - by George Friedman

The following special report " What Borders Mean to Europe - by Gearge Friedman" was published by EU-Digest. with the permission of the Global Stratford Intelligence Group .

"Europe today is a continent of borders. The second smallest continent in the world has more than 50 distinct, sovereign nation-states. Many of these are part of the European Union. At the core of the EU project is an effort to reduce the power and significance of these borders without actually abolishing them — in theory, an achievable goal. But history is not kind to theoretical solutions.

Today, Europe faces three converging crises that are ultimately about national borders, what they mean and who controls them. These crises appear distinct: Immigration from the Islamic world, the Greek economic crisis and Ukraine would seem to have little to do with each other. But in fact they all derive, in different ways, from the question of what borders mean.

Europe's borders have been the foundation both of its political morality and of its historical catastrophes.

The European Enlightenment argued against multi-national monarchies and for sovereign nation-states, which were understood to be the territories in which nations existed. Nations came to be defined as groupings of humans who shared a common history, language, values and religion — in short, a common culture into which they were born. These groups had the right of national self-determination, the authority to determine their style of government and the people who governed. Above all, these nations lived in a place, and that place had clear boundaries.

The right of national self-determination has created many distinct nations in Europe. And, as nations do, they sometimes distrust and fear one other, which occasionally leads to wars. They also have memories of betrayals and victimizations that stretch back for centuries before the nations became states. Some viewed the borders as unjust, because they placed their compatriots under foreign rule, or as insufficient to national need.

The right of self-determination led inevitably to borders, and the question of borders inevitably led to disputes among states. Between 1914 and 1945, Europeans waged a series of wars about national boundaries and about who has the right to live where. This led to one of the greatest slaughters of human history.

The memory of that carnage led to the creation of the European Union. Its founding principle was that this kind of massacre should never happen again. But the union lacked the power to abolish the nation-state — it was too fundamental to the Europeans' sense of identity. And if the nation-state survived, so did the idea of place and borders.

f the nation-state could not be abolished, however, then at least the borders could lose their significance. Thus two principles emerged after World War II: The first, predating the European Union, was that the existing borders of Europe could not be changed.

The hope was that by freezing Europe's borders, Europe could abolish war. The second principle, which came with the mature European Union, was that the bloc's internal borders both existed and did not exist. Borders were to define the boundaries of nation-states and preserved the doctrine of national self-determination, but they were not to exist insofar as the movement of goods, of labor and of capital were concerned. This was not absolute — some states were limited in some of these areas — but it was a general principle and goal. This principle is now under attack in three different ways.

The Movement of Muslims in Europe


The chaos in the Middle East has generated a flow of refugees toward Europe. This is adding to the problem that European nations have had with prior Muslim migrations that were encouraged by Europeans. As Europe recovered from World War II, it needed additional labor at low cost. Like other advanced industrial countries have done, a number of European states sought migrants, many from the Islamic world, to fill that need.

At first, the Europeans thought of the migrants as temporary residents. Over time, the Europeans conceded citizenship but created a doctrine of multiculturalism, which appeared to be a gesture of tolerance and was implicitly by mutual consent, given that some Muslims resisted assimilation. But this doctrine essentially served to exclude Muslims from full participation in the host culture even as they gained legal citizenship. But as I have said, the European idea of the nation was challenged by the notion of integrating different cultures into European societies.

Partly because of a failure to fully integrate migrants and partly because of terrorist attacks, a growing portion of European society began perceiving the Muslims already in Europe as threatening. Some countries had already discussed resurrecting internal European borders to prevent the movement not only of Muslims, but also of other Europeans seeking jobs in difficult economic times. The recent wave of refugees has raised the matter to a new level.

The refugee crisis has forced the Europeans to face a core issue. The humanitarian principles of the European Union demand that refugees be given sanctuary. And yet, another wave of refugees into Europe has threatened to exacerbate existing social and cultural imbalances in some countries; some anticipate the arrival of more Muslims with dread. Moreover, once migrants are allowed to enter Europe by any one country, the rest of the nations are incapable of preventing the refugees' movement.

Who controls Europe's external borders? Does Spain decide who enters Spain, or does the European Union decide? Whoever decides, does the idea of the free movement of labor include the principle of the free movement of refugees? If so, then EU countries have lost the ability to determine who may enter their societies and who may be excluded. For Europe, given its definition of the nation, this question is not an odd, legal one. It goes to the very heart of what a nation is, and whether the nation-state, under the principle of the right of national self-determination, is empowered to both make that decision and enforce it.

This question does not merely concern Muslims. In the 19th and 20th centuries, the Ostjuden — the Jews coming into Western Europe as they fled czarist edicts — raised the same challenge, even though they sought more vigorously to assimilate. But at that point, the notion of borders was unambiguous even if the specific decision on how to integrate the Jews was unclear. In many countries, the status of minorities from neighboring nations was a nagging question, but there were tools for handling it.

The Muslim issue is unique in Europe only to the extent that the European Union has made it unique. The bloc has tried to preserve borders while sapping them of significance, and now there is an upsurge of opposition not only to Muslim immigration, but also to the European Union's understanding of borders and free movement.

The Greek Crisis


The question of borders is also at the heart of the Greek crisis. We see two issues: one small, the other vast. The small one involves capital controls. The European Union is committed to a single European financial market within which capital flows freely. Greeks, fearing the outcome of the current crisis, have been moving large amounts of money out of Greece into foreign banks.

They remember what happened during the Cyprus crisis, when the government, capitulating to German demands in particular, froze and seized money deposited in Cypriot banks. Under EU rules, the transfer of deposits in one country of the bloc, or even outside the bloc, is generally considered legitimate. However, in the case of Cyprus, the free movement of capital across borders was halted. The same could conceivably happen in Greece.

In any event, which is the prior principle: the free movement of capital or the European Union's overarching authority to control that flow? Are Greek citizens personally liable for their government's debt — not merely through austerity policies, but also through controls imposed by the Greek government under European pressure to inhibit the movement of their money? If the answer is the latter, then borders on capital can be created temporarily.

The larger issue is the movement of goods. A significant dimension of this crisis involves free trade. Germany exports more than 50 percent of its gross domestic product. Its prosperity depends on these exports. I have argued that the inability to control the flow of German goods into Southern Europe drove the region into economic decline.

Germany's ability to control the flow of American goods into the country in the 1950s helped drive its economic recovery. The European Union permits limits on the movement of some products, particularly agricultural ones, through subsidies and quotas. In theory, free trade is beneficial to all. In practice, one country's short-term gain can vastly outweigh others' long-term gains. The ability to control the flow of goods is a tool that might slow growth but decrease pain.

The essential principle of the European Union is that of free trade, in the sense that the border cannot become a checkpoint to determine what goods may or may not enter a country and under what tariff rule. The theory is superb, save for its failure to address the synchronization of benefits. And it means that the right to self-determination no longer includes the right to control borders.

Ukraine and the 'Inviolability' of Borders


Finally, there is the Ukraine issue — which is not really about Ukraine, but about a prior principle of Europe: Borders cannot be allowed to change. The core of this rule is that altering borders leads to instability. This rule governed between 1945 and 1992.

Then, the fall of the Soviet Union transformed the internal borders of Europe dramatically, moving the Russian border eastward and northward. The Soviet collapse also created eight newly free nations that were Soviet satellites in Central and Eastern Europe and 15 new independent states — including Russia — from the constituent parts of the Soviet Union. It could be argued that the fall of the Soviet Union did not change the rule on borders, but that claim would be far-fetched. Everything changed.

Then came the "velvet divorce" of Slovakia and the Czech Republic, and now there are potential divorces in the United Kingdom, Spain and Belgium.

Perhaps most importantly, the rule broke down in Yugoslavia, where a single entity split into numerous independent nations, and, among other consequences, a war over borders ensued. The conflict concluded with the separation of Kosovo from Serbia and its elevation to the status of an independent nation. Russia has used this last border change to justify redrawing the borders of Georgia and as a precedent supporting its current demand for the autonomy and control of eastern Ukraine. Similarly, the border between Azerbaijan and Armenia shifted dramatically as the result of war. (On a related note, Cyprus, divided between a Turkish-run north and a Greek-run south, was allowed into the European Union in 2004 with its deep border dispute still unsettled.)

Since the end of the Cold War, the principle of the inviolability of borders has been violated repeatedly — through the creation of new borders, through the creation of newly freed nation-states, through peaceful divisions and through violent war. The principle of stable borders held for the most part until 1991 before undergoing a series of radical shifts that sometimes settled the issue and sometimes left it unresolved.

The Europeans welcomed most of these border adjustments, and in one case — Kosovo — Europeans themselves engineered the change.

It is in this context that the Ukrainian war must be considered. Europe's contention, supported by America, is that Russia is attempting to change inviolable borders. There are many good arguments to be made against the Russians in Ukraine, which I have laid out in the past. However, the idea that the Russians are doing something unprecedented in trying to redraw Ukraine's borders is difficult to support. Europe's borders have been in flux for some time.

That is indeed a matter of concern; historically, unsettled borders in Europe are precursors to war, as we have seen in Yugoslavia, the Caucasus and now Ukraine. But it is difficult to argue that this particular action by Russia is in itself a dramatically unprecedented event in Europe. The principle of national self-determination depends on a clear understanding of a nation and the unchallenged agreement on its boundaries.

The Europeans themselves have in multiple ways established the precedent that borders are not unchallengeable.

There are two principles competing. The first is the European Union's desire that borders be utterly permeable without the nation-state losing its right to self-determination. It is difficult to see how a lack of control over borders is compatible with national self-determination. The other principle is that existing borders not be challenged. On the one hand, the union wants to diminish the importance of borders. On the other hand, it wants to make them incontestable.

Neither principle is succeeding. Within Europe, more forces are emerging that want to return control over borders to nation-states. In different ways, the Muslim immigrant crisis and the Greek crisis intersect at the question of who controls the borders. Meanwhile, the inviolability of borders has been a dead letter since the fall of the Soviet Union.

The idea of borders being archaic is meaningful only if the nation-state is archaic. There is no evidence that this is true in Europe. On the contrary, all of the pressures we see culturally and economically point to not only the persistence of the idea of nationality, but also to its dramatic increase in Europe. At the same time, there is no evidence that the challenge to borders is abating. In fact, during the past quarter of a century, the number of shifts and changes, freely or under pressure, has only increased. And each challenge of a national border, such as the one occurring in Ukraine, is a challenge to a nation's reality and sense of self.

The European Union has promised peace and prosperity. The prosperity is beyond tattered now. And peace has been intermittently disrupted — not in the European Union, but around it — since the Maastricht Treaty was signed in 1992 to create a common economic and monetary union. All of this is linked to the question of what a border represents and how seriously we take it. A border means that this is my country and not yours.

This idea has been a source of anguish in Europe and elsewhere. Nevertheless, it is a reality embedded in the human condition. Borders matter, and they matter in many different ways. The European crisis, taken as a whole, is rooted in borders. Attempting to abolish them is attractive in theory. But theory faces reality across its own border."

The above report was published by EU-Digest with the permission of the Global Stratford Intelligence Group

April 28, 2015

Greece - Power Play: Tsipras ready for reforms, to replace Varoufakis in bailout talks

As Greece moved closer toward bankruptcy, Prime Minister Alexis Tsipras seemed more eager to strike a deal with his international creditors.

Tsipras was finally ready to cut pensions, speed up privatizations and increase Value Added Tax (VAT) in luxury islands like Mykonos and Santorin. These proposals would be soon presented to the European Union (EU) and the International Monetary Fund (IMF), media reports said on Monday.

"We need to find a solution by mid-May," Nikos Filis, parliamentary representative of Tsipras' party Syriza said on Greek radio.

Tsipras was finally ready to negotiate after he spoke with German Chancellor Angela Merkel and Eurogroup chief Jeroen Dijsselbloem in separate phone calls on Sunday. He then met Finance Minister Yanis Varoufakis, causing the media in Greece to speculate that Varoufakis might eventually be removed from the position of chief negotiator in Greece's talks with its creditors.

Tsipras' decision could be traced back to a Eurogroup meeting in Riga last week, where eurozone finance ministers accused Varoufakis of being a "gambler" and leading his country in the wrong direction. "They want his head," said a headline in the Greek daily Ta Nea.

Euclid Tsakalotos, the deputy foreign minister, would henceforth lead all bailout talks for Greece, Tsipras said. However, Varoufakis would still remain finance minister, although his close confidante was being replaced with Nikos Chouliarakis, who has worked with the IMF, the EU and the European Central Bank before.

Read more: Tsipras ready for reforms, to replace Varoufakis in bailout talks | News | DW.DE | 27.04.2015

April 23, 2015

Greece - Poll: 42.86 % in Eu-Digest Poll say that Greece should not remain in Eurozone

In a recent (March 22 - April 22 ) EU-Digest poll,  42.86 % of the poll respondents said Greece should not remain in the Eurozone, while 28.57 % said they should be given more time to pay off their debt and an equal percentage said they should stay in the Eurozone regardless.

Our new April 22 - May 22 poll reflects the deteriorating refugee - migrant problems facing the EU and asks the following questions

1) EU should block migrants from leaving African and Mediterranean coasts

2)The EU should process migrants and refugees who reached EU shores as legal immigrants

3) The EU done an effective job in coping with this problem so farand should not do anything else

EU-Digest

April 16, 2015

EU Tourism Sector: The tourism industry is 'make or break' for the EU economy - by Ana-Claudia Tapardel

Batavia Stad, Flevoland, the Netherlands
What would you do on your holiday? Would you relax of the beach of a Greek island? Perhaps you would go skiing in the French Alps, or hiking in the Carpathians? How about a cruise along the Danube delta? Or maybe a wine tour in the Douro valley? What about a shopping spree at the huge discount store complex in Batavia Stad, Flevoland Province,  in the Netherlands.

These activities are only a small portion of what Europe has to offer its domestic and international visitors. In fact, its diversity in art, landscapes, food and traditions have all helped make it the world's top tourist destination. From Bucharest to Lisbon, Europe's great variety in terms of scenery, services, cultures and people is unrivalled.

And the economic return from the tourism sector speaks for itself: prior to the accession of Romania, Bulgaria and Croatia, tourism accounted for 13 per cent of the EU's GDP. Nowadays, tourism represents 10 per cent of the European economy. The tourism sector employs approximately 5.2 per cent of the total workforce - roughly 10 million jobs - and involves almost two million small and medium-sized enterprises (SMEs).

Yet while the tourism sector provides many opportunities to Europe, it is also faced with many challenges. These are mainly related to changes in global trends and increasing competition with non-European countries, particularly in Asia and North America.

For Europe to be competitive and continue attracting both EU and non EU citizens, we first need a defined strategy that will not only take into consideration new global trends, but will also bring together the main institutional actors (the parliament, the commission and the council), as well as the relevant stakeholders in the field.

In this context, I would like to point out that members of parliament's European tourism development, cultural heritage, way of St James and other European cultural routes intergroup - which I co-chair - is actively pushing for the revision and update of the commission's 2010 communication titled, 'Europe, the world's number one tourist destination'.

In order for us to achieve our goals, we must ensure that the European tourism sector and its actors receive the attention they deserve. In my opinion, one way to give the sector the boost it needs is by designating a 'European year for tourism'.

Read more: The tourism industry is 'make or break' for the EU economy | The Parliament Magazine

March 25, 2015

Greece - Germany : A different vision, but the same goal: Merkel and Tsipras agree to cooperate

In his first official visit to the German capital, Greek Prime Minister Alexis Tsipras pledged to honour his country’s commitments following almost five years of austerity measures.

He said it was important to move away from stereotypes about the two nations, adding that Greece’s economic problems were not the fault of any one country or institution.

Speaking from a press conference in Berlin, both Tsipras and Merkel agreed Athens needs to make big structural reforms in order to fight widespread tax evasion and corruption in Greece.

Such reforms, combined with a solid Greek budget would provide the foundations for a return to growth and a rise in employment, they added.

Read more:A different vision, but the same goal: Merkel and Tsipras agree to cooperate | euronews, world news

March 18, 2015

EU-Digest Poll Shows 80 % Of Those Polled Want Returning EU Jihadists Citizenship Revoked

A recent EU-Digest poll conducted from February 1 through the 18th of March shows that 80% of those polled want returning EU Jihadists Citizenship revoked.

20 % said they wanted them incarnated and prosecuted.

A new EU-Digest poll to last through April 19th. wants your opinion on the question: "Should Greece remain in the Eurozone or not ? "

EU-Digest

Greece's Euro Exit Seems Inevitable - by Mark Gilbert

Greece's money troubles resemble a game of pass the parcel, where each successive participant rips another sheet of wrapping paper off the box -- which turns out to be empty when the final recipient reaches the core. With time and money running out, a successful endgame seems even less likely than it did a week or a month ago. It's increasingly obvious that the government's election promises are incompatible with the economic demands of its euro partners. Something's got to give.

The current money-go-round is unsustainable. Euro-region taxpayers fund their governments, which in turn bankroll the European Central Bank. Cash from the ECB's Emergency Liquidity Scheme flows to the Greek banks; they buy treasury bills from their government, which uses the proceeds to … repay its International Monetary Fund debts! No wonder a recent poll by German broadcaster ZDF shows 52 percent of Germans say they want Greece out of the euro, up from 41 percent last month.

There's blame on both sides for the current impasse. Euro-area leaders should be giving Greece breathing space to get its economic act together. But the Greek leadership has been cavalier in its treatment of its creditors. It's been amateurish in expecting that a vague promise to collect more taxes would win over Germany and its allies. And it's been unrealistic in expecting the ECB to plug a funding gap in the absence of a political agreement for getting back to solvency.

Read more: Greece's Euro Exit Seems Inevitable

March 15, 2015

Greek Drama: Après nous, le déluge. "Italy, Spain to follow if Greece exits eurozone", says Greek defense minister

Image result for Cartoons About Greece
How to glue this old Vase again?
Greece's Defense Minister Panos Kammenos has said his country's exit from the eurozone could be followed by Italy, Spain and even Germany. Kammenos' interview comes amid lack of progress in Greece's bailout plan.

"If Greece explodes, Spain and Italy will be next and then at some point, Germany. We therefore need to find a way within the eurozone, but this way cannot be that the Greeks keep on having to pay," Kammenos told Bild.

Instead of a bailout, Greece needed a debt "haircut" like the one Germany's creditors had to accept in 1953, Kammenos proposed. He also argued that Berlin should pay World War II reparations to Athens. "All European countries have been compensated for crimes committed by Nazis, except for Greece," Kammenos said, referring to the gold Nazi soldiers brought back from Athens during the war.

The defense minister also accused Germany of "interfering" in its domestic affairs. His criticism was aimed at German Finance Minister Schäuble, who earlier warned of a "Grexident" which could push Athens out of the euro.

"I don't understand why he turns against Greece every day in new statements. It's like a psychological war and Schäuble is poisoning the relationship between the two countries through that," he said.

Note EU-Digest: Instead of blaming everyone else Greek officials should realize and admit that the reason they are in trouble is because of their own mismanagement of the country:They lied about their financial figures in order to join the euro-zone, they have out of control corruption, their civil servants are over payed and receive more perks than those in any other EU nation, the Greek tax system does not work and some of the richest people in Greece never pay any taxes, and last but not least, work ethic certainly is not one of the greatest assets of the Greek labor force. .

Read more: Italy, Spain to follow if Greece exits eurozone, says Greek defense minister | News | DW.DE | 14.03.2015

March 12, 2015

Insurance Industry - SURE: International Insurance Highlights With A Special Focus On Europe


Check out the Spring 2015 edition of Sure!   

Sure! is a compilation of press reports as well as market research conducted by Koster Verzekeringen BV, in order to gain more insight into the developments concerning the insurance industry as it relates to the overall global economic climate, social structure and the political environment.

In the Spring 2015 edition of Sure! Solvency II remains on top, as more and more effects of it's impact are felt around the European Union, radically changing the way insurance companies used to conduct their business. The objective of Solvency II, as aspired by the European Commission, is to create additional transparency and a more harmonized insurance industry throughout the European Union.

The Spring 2015 edition of Sure! also provides insight on how some specific EU member states are being affected by Solvency II , including France, Germany, Italy, Britain, in addition to recent developments in Greece and the Netherlands related to the insurance industry.

EU-Digest

February 25, 2015

Greece: No feelgood victory for Germany in debt clash with Greece

Germany's 7-1 drubbing of Brazil in the football World Cup last summer was uncomfortable to watch, even for jubilant Germans whose cheers turned to sheepish smiles as the goals piled up.

The bailout extension deal that Germany and its European partners clinched with Greece on Friday after weeks of public jousting between the countries had a similar feel.

In the end, it looked like a total triumph for the Germans, who forced Alexis Tsipras, Greece's new leftist prime minister, to swallow virtually all of their demands.

But it was not a feel-good victory, nor one that bodes well for a single currency bloc struggling to emerge from a half-decade of financial and economic crisis, and increasingly threatened by populist political forces on the right and left.

Read more:  ekathimerini.com | No feelgood victory for Germany in debt clash with Greece

February 19, 2015

Greece: Syriza declares war at home on Greece's 'oligarchs'

International attention on Greece since the Syriza party took over has focused on the leftist government's fight against austerity.

But Panagiotis Nikoloudis (65), a supreme court prosecutor and specialist on economic crime, is leading another battle declared by Syriza: one on the home front, against some of the wealthy businessmen who dominate Greek political and economic life.

Speaking to parliament last week, Nikoloudis denounced an elite that included a "handful of families who think that the state and public service exists to service their own interests."

"Such businessmen influence politicians and state officials abuse their control of the media to unfairly win state
contracts, change regulations to their advantage or escape prosecution for illegal conduct," he said.

As a non-political outsider with a clean record, Nikoloudis is a popular appointment among Greeks who believe corruption is deeply embedded in society.

He has a reputation for action, and says the financial intelligence unit, which he led until now, developed a system of audits that identified over 20,000 people whose assets do not match their tax declarations.

Read more: Syriza declares war at home on Greece's 'oligarchs' - Independent.ie

Greece: Which Side Are You On, Jeroen Dijsselbloem? - by David Lizoain

Just over a hundred years have passed since the greatest failure of European social democracy. The workers’ movement was unable to halt the needless slaughter of World War I. First, Jean Jaures was assassinated, silencing his powerful anti-militarist voice. Soon after, the German SPD voted to authorize war credits for the Kaiser. Proletarian internationalism gave way to social patriotism.

Between the collapse of the Second International during the war and the divergent responses to the Russian Revolution, a rift opened up between socialists and communists in Europe that persists until this day.

Representatives of these two political traditions now find themselves at odds in a Eurogroup presided by Jeroen Dijsselbloem of the Dutch PvdA. The backdrop is one where events in the Balkans have the capability of triggering a much bigger conflict. And once more a situation has arisen where ultimatums issued by the strong against the weak run the risk of only making the conflagration worse.

The key points of disagreement are not technical but political. The eventual size of Greece’s primary surplus, for instance, is important for economic but also symbolic reasons. The real issue is what sort of Europe will emerge out of the ongoing negotiations.

One possible outcome is a deepening of a Europe split on debtor-creditor lines, organized in a manner that leads to an ever-increasing divergence between the core and the periphery. This is a Europe divided into those who give charity and those who beg for alms, as opposed to a Europe with automatic mechanisms of solidarity. This is a Europe acting as a potent incubator for mutual recriminations and rapid breakdowns in good will.

Merkel, Rajoy, and Passos Coelho all favour this outcome. In spite of their different national circumstances, they are united in their preference for a hard line on account of shared preferences and a shared project. The ties that bind them are ideological.

Many social democrats too are reproducing the debtor-creditor fault line. In the midst of the greatest economic downturn since the Great Depression, with democracy being hollowed out, with inequality on the rise, and with the far right on the march, social democracy is once more unable to act as a cohesive European actor. And the rise of Syriza has exposed its internal contradictions.

Read more: Which Side Are You On, Jeroen Dijsselbloem?

February 9, 2015

Greece: Defiant Greece sets itself on collision course with European partners - by Deepa Babington and Renee Maltezou

Leftist Prime Minister Alexis Tsipras laid out plans on Sunday to dismantle Greece’s “cruel” austerity programme, ruling out any extension of its international bailout and setting himself on a collision course with his European partners.

In his first major speech to parliament since storming to power last month, Tsipras rattled off a list of moves to reverse reforms imposed by European and International Monetary Fund lenders: from reinstating pension bonuses and cancelling a property tax to ending mass layoffs and raising the mininum wage back to pre-crisis levels.

Showing little intent to heed warnings from EU partners to stick to commitments in the 240 billion euro bailout, Tsipras said he intended to fully respect campaign pledges to heal the “wounds” of the austerity.

Greece would achieve balanced budgets but would no longer produce unrealistic primary budget surpluses, he said, a reference to requirements to be in the black excluding debt repayments.

“The bailout failed,” the 40-year-old leader told parliament to applause. “We want to make clear in every direction what we are not negotiating. We are not negotiating our national sovereignty.”

In a symbolic move that appeared to take direct aim at Greece’s biggest creditor, Tsipras finished off his speech with a pledge to seek World War II reparations from Germany.

Tsipras ruled out an extending the bailout beyond Feb. 28 when it is due to end, but said he believed a deal with European partners could be struck on a so-called “bridge” agreement within the next 15 days to keep Greece afloat.

Read more: Defiant Greece sets itself on collision course with European partners - The Globe and Mail

February 5, 2015

ECB ups the pressure on Greece and its promises to renegotiate its debt

Pressure is growing on Greece and it finance minister to toe the line and stick to its financial commitments.

The European Central Bank on Wednesday brought forward a ban on the debt-stricken country using its bonds as collateral for cash.

It means that a waiver that allowed Greece to swap its junk-related debt for money will now expire on February 11, weeks earlier that the previous deadline of February 28.

Greek banks will still have access to funds through the ECB’s emergency lending programme but even here there are moves to tighten up conditions for access to that financial mechanism.

Read more: ECB ups the pressure on Greece and its promises to renegotiate its debt | euronews, world news