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The Submarine Deals That Helped Sink Greece
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The controversy surounding Greece's purchase of submarines from Germany costing about 1 billion euros. This at a time when public pensions are being reduced by 5%. A vice admiral of the Greek navy resigned in protest citing this reason, and it is reported that the deals are politically motivated, with the Greek deputy prime minister saying that he feels "national shame" about the decision to buy the submarines. Reports question whether the German and French effort to rescue Greece involves efforts to continue military sales to Greece. Chancellor Merkel denies this. In a visit to Athens Turkey's Prime Minister Erdogan said that both Greece and Turkey do not need fighter planes and submarines, and need to reduce military spending to help build their economic future.
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
Greece and military spending.
07/10/2010
Grouped Articles
Wall Street Journal 07/11/2015
Wall Street Journal 07/16/2015
The Submarine Deals That Helped Sink Greece
Wall Street Journal 07/10/2010
Greece's referendum and the 3 year bailout of July 12, 2015- military spending, shipowners taxes, and cuts to pensions
07/10/2010
Greece's left Syriza government almost pulled the country out of the eurozone over pension cuts, even as military spending in Greece remained at 2.4% of GNP compared to close 1.4% for the EU average. Greece did not propose further cuts to military spending to bring the Greece ratio closer to that of Germany and other countries in Europe, raising questions about prudent spending. Which is why Greece sometimes has aspects of the surreal to people not just in Germany and Holland, but other parts of Europe, and outsiders. Under the reform proposal and bailout of July 12, 2015 following the "no" referendum, Greece's parliament voted overwhelmingly in favor of the similiar cuts in pensions from an earlier EU proposal, with cuts of $300 million to the military spending by 2016. Greek shipowners will also pay taxes under the new bailout, negotiated by Greece with France's help when the referendum had damaged relations with the rest of the EU, particularly Germany with only 10% in polls willing to support any further concessions.
Linked Articles
Wall Street Journal 07/11/2015
The Submarine Deals That Helped Sink Greece
Wall Street Journal 07/10/2010
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