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Life Amid the Ruins
Keywords:
The facts that guide one's understanding of what is happening in Greece relate to the size of the public sector for a small country like Greece, and the failure of people from all classes of society from cab drivers and civil servants to small business and the shipping industry, to pay taxes. These two twin facts and a splurge of spending during and after the 2004 Olympics without proper and correct account keeping, has brought Greece to its present situation. One estimate is that every Greek person would owe 27,000 dollars, that is how much the national debt has swollen to- a massive 300 billion euros debt for a small country. This is 115% of its GDP. And the public sector spending simply went unchecked by different governments trying to win votes. Estimates are that the public sector makes up 40% of Greece's GDP, and government workers are 15% of the active workforce. Not paying taxes has become a societal trait in Greece, as a result the government does not collect an estimated 25 billion euros a year in taxes each year. And this does not include the taxes that would be paid if owners in the Greek shipping industry were to not take advantage of an exemption from paying taxes granted by the government. The result- Greece's socialist government of Prime Minister Papandreou has accepted a $110 billion euro bailout from the European Union and the IMF which comes with cuts in public spending and austerity measures designed to reduce the deficit form 13.6% of GDP to 3% in 3 years. Its important to understand what is happening in Greece, because from Prime Minister Cameron in Britain (with his cuts in government department spending of 25% over 5 years), to Prime Minister Naoto Kan of Japan (with a planned doubling of the sales tax), the mood in Europe and Japan is shifting to austerity measures that would correct excessive government spending. In Greece Papandreou and his ministers are making serious efforts to change a culture of not paying taxes. See the groups and links for Papandreou and Greece.
A look back at Greece's history in the midst of today's crisis
06/24/2010
Prof. Mazower of Columbia University describes the role played by Greece in the history of the U.S. and Europe in the last 200 years, and how it is again at the centre of events today.
Grouped Articles
BusinessWeek 06/24/2010
Democracyâs Cradle, Rocking the World
New York Times 06/29/2011
Wall Street Journal 07/22/2011
Greek Debt Crisis: The Back Story
New York Times 08/13/2011
Modern Greece’s real problem? Ancient Greece. - The Washington Post
Washington Post 11/07/2011
Far-Right Politician in Greece Slaps Rival on TV
New York Times 06/07/2012
Dutchman Bob Traa's mid-2009 IMF report on Greece and the warning light on Greece
03/03/2010
Analysts point to the lack of immediate action as the main reason the crisis is spiralling out of control. The IMF report in mid 2009 raised the alarm on Greece's financial situation. One estimate is for bondholders needing to take 85% haircut on loans to Greece, instead of the 50% agreed to under the EU plan in November 2011. The situation has worsened as ECB president Trichet and others in the EU pushed austerity plans on Greece without working out needed serious debt reduction of over half the debt in 2009. The idea of a default in the eurozone was considered unthinkable, leading to errors in judgement by decisionmakers.
Grouped Articles
Greek Debt Crisis: The Back Story
New York Times 08/13/2011
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
Wall Street Journal 03/03/2010
Past Rifts Over Greece Cloud Talks on Rescue
Wall Street Journal 10/07/2013
Greece's culture of tax evasion and the cost to the economy
06/24/2010
Economists using data from Greek banks estimate the tax evasion in Greece at $11 billion based on a 40% tax rate, or about one third of the deficit for 2009. Unreported income is 28 billion euros.
Grouped Articles
Greek Tax Crackdown Yields Little Revenue
New York Times 05/12/2013
BusinessWeek 06/24/2010
Greek Ship Owners Fear Syriza Tax Plan
Wall Street Journal 01/28/2015
In Greece, Bailout May Hinge on Pursuing Tycoons
New York Times 02/26/2015
Economist 07/12/2015
Wall Street Journal 07/09/2012
The anachronisms of Greece- six day vacation leave for public sector workers for using a computer
06/24/2010
The kinds of perks that have given Greece a certain image, and which has drawn criticism in the EU. The Samaras government cancelled several perks including this one which was started in 1989. The public sector union said it will protest the cut saying it was considered necessary for the health of workers to take 15 minutes break after every 2 hours in front of the computer. Other perks like this one are also being cut including one for showing up for work on time, and one that continues the pension to unmarried daughters when the father dies.
Grouped Articles
Back to Work: Greece Deletes Computer Leave
Wall Street Journal 09/13/2013
BusinessWeek 06/24/2010
Pensions in Greece Feel the Pinch of Debt Negotiations
New York Times 06/08/2015
Greece: prospect of default on debt.
12/29/2009
Grouped Articles
Greece Defaults on IMF Loan Despite New Push for Bailout Aid
Wall Street Journal 07/01/2015
Greece, Missing I.M.F. Payment, Is Called Effectively in Default
New York Times 06/30/2015
Unknown 12/29/2009
Unknown 12/29/2009
The Worst May Not Be Over for Europe
New York Times 12/31/2009
New York Times 02/15/2010
IMF in the Eurozone financial crisis of 2010-2012
03/03/2010
Aid package to Greece and funds for other eurozone countries. The IMF's involvement in protecting the eurozone.
Grouped Articles
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
Wall Street Journal 03/03/2010
Greece Can Learn IMF Austerity from Turkey
BusinessWeek 05/27/2010
Past Rifts Over Greece Cloud Talks on Rescue
Wall Street Journal 10/07/2013
George Papandreou's leadership during the Greece crisis- 2010-2011
06/15/2010
Papandreou has provided leadership on the issues facing Greece by walking the talk, with straight talk about the action needed, consulting economic experts in America who are in his inner circle, and working with European leaders for solutions. He has kept his profile modest and set a role model for his ministers and public officials.
Grouped Articles
George Papandreou Finds Balm for Greece Deficit
New York Times 06/15/2010
BusinessWeek 06/24/2010
At Impasse, Greek Leader Vows to Reset Cabinet
New York Times 06/15/2011
Greek Leader Faces Key Confidence Vote
Wall Street Journal 06/21/2011
Wall Street Journal 06/21/2011
New York Times 06/21/2011
Causes of the debt crisis in Greece and the failure to come to terms with the problem inside Greece
03/03/2010
A estimated one third of the workforce is in the public sector in Greece placing a large burden on the government budget. Nominal private sector labor costs went up by 62% in Greece compared to 15% in Germany for the period 2000-2008. Much of this was done through the government spending of borrowed money. The smaller private sector with only small productivity gains and the weak tax collection was never going to be able to support the large number of civil servants. Carney says the 30,000 reduction in the number of civil servants agreed to for 2010 has not been done, raising questions about implementation of the 150,000 in reductions required by the EU.
Grouped Articles
Greek Debt Crisis: The Back Story
New York Times 08/13/2011
Wall Street Journal 03/03/2010
Athens's Love Affair With the Euro Persists
Wall Street Journal 11/04/2013
BusinessWeek 06/24/2010
The Submarine Deals That Helped Sink Greece
Wall Street Journal 07/10/2010
In Greece, Bailout May Hinge on Pursuing Tycoons
New York Times 02/26/2015
Failure of the ratings agencies to assess country risk for Greece
03/03/2010
Grouped Articles
Wall Street Journal 03/03/2010
BusinessWeek 06/24/2010
S&P Cuts Greek Bank Ratings to Selective Default
Wall Street Journal 07/01/2015
Ratings Firms Misread Signs of Greek Woes
New York Times 11/29/2011
Europe Walks Line on Ratings Firms
Wall Street Journal 01/14/2012
Greece - Swiss bank accounts, embezzlement cases, and corruption
06/24/2010
Grouped Articles
Former Greek Defense Minister Convicted of Graft
Wall Street Journal 10/07/2013
BusinessWeek 06/24/2010
Greek Prosecutors Focus on Corruption at the Top
New York Times 01/18/2014
Britain Fails to Find Riches It Expected in Swiss Accounts
New York Times 08/01/2014
In Greece, Bailout May Hinge on Pursuing Tycoons
New York Times 02/26/2015
Official's Cousin Steps Down Amid Probe
Wall Street Journal 01/03/2013
Greece, debt and the new austerity budgets 2011-2013
12/10/2009
Grouped Articles
Greek Draft Budget Sees Primary Surplus, Return to Growth
Wall Street Journal 10/14/2013
Greek Patience With Austerity Nears Its Limit
New York Times 12/29/2014
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
Greece Wanted to Reframe Europe’s Austerity Debate. It Failed.
New York Times 07/01/2015
Mirage of Economic Turnaround Masked New Greek Crisis in the Making
Wall Street Journal 07/05/2015
Greece: Austerity Budget Passed
New York Times 12/25/2009
Simon Johnson and other experts on the debt crisis in Europe.
04/15/2010
Simon Johnson, Peter Boone and other experts unravel the debt crisis in Greece and in other European countries to give a lucid explanation of what happened and what to expect.
Grouped Articles
New York Times 04/29/2010
Greece, the Latest and Greatest Bubble.
New York Times 04/29/2010
As Greek Drama Plays Out, Where Is Europe?
New York Times 04/29/2010
New York Times 04/30/2010
BusinessWeek 04/15/2010
Economist 04/29/2010
The European Union and the financial crisis of 2010-2011
05/13/2010
The E.U. and the $1 trillion package to calm the panic in financial markets after the crisis in Greece. Efforts to prevent the contagion effects spreading to Spain and Portugal.
Grouped Articles
New York Times 05/22/2014
Economist 05/13/2010
Don't Rule Out a Double Dip Recession
Wall Street Journal 05/24/2010
Wall Street Journal 05/22/2010
Luxembourg Foots a Big Piece of the Greek Tab
BusinessWeek 05/27/2010
ECB Chief Seeks Tighter Fiscal Union
Wall Street Journal 06/22/2010
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