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Greek Politician Expects Recession Will Linger
Keywords:
Greece's economy is expected to shrink by 6% in 2012 by many private sector economists in Greece. This means Greece will have a deficit closer to 10% of GDP. Antonio Samaras, leader of the New Democracy Party, is expected to win the elections in Greece to be held by spring 2012. Opinion polls show his party getting 24% of the vote, and Papandreou's Socialists getting 15%, showing how little support any party can gather in Greece. Samaras told the Journal in an interview- the contagion is spreading rapidly, and what he fears is political and social contagion from high unemployment and austerity measures. Samaras says his government would continue with the spending cuts, but also reduce the tax burden on Greek households and businesses, which he views as having worsened the recession in Greece.
Antonis Samaras of Greece's New Democracy Party and the European Union programs for Greece
07/05/2011
Samaras says the tax increases will hurt the Greece economy and the shrinking Greek economy under the current program will lead to the failure of the E.U.'s program for Greece.
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Dutchman Bob Traa's mid-2009 IMF report on Greece and the warning light on Greece
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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.
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Greek Debt Crisis: The Back Story
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Past Rifts Over Greece Cloud Talks on Rescue
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Greece and prime minister Papandreou's Nov. 3, 2011 referendum proposal on the euro and austerity plans
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Europe, Athens Battle for Greek Hearts and Minds Ahead of Referendum
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Hopeful Start to Greek Debt Negotiations Quickly Soured
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Greek Referendum on Offer That Is Off the Table Baffles Voters
New York Times 07/02/2015
Why Not Give the Greeks Their Say?
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Greek Leader Calls Off Referendum
New York Times 11/03/2011
Call for Greek Vote Unsettles Europe
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Hedge Funds that hope to make money off the "piigs" countries.
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These "piigs" countries are Portugal, Italy, Greece, Ireland and Spain that have huge debt for which default protection costs are rising amid the debt crisis in Dubai. See the link to Ireland and the austerity budget just announced and 12.5% unemployment.
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Hedge Funders Are All a Little Nuts
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Hedge Funds Make Some 'Piigs' Pay
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Countries' Debt Woes Pose Risk to Upturn
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Italy Agrees on $65 Billion in Austerity Measures
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The austerity spending cuts and new taxes in Greece- 2011-2012
06/28/2011
Grouped Articles
Greek Patience With Austerity Nears Its Limit
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Greek Ship Owners Fear Syriza Tax Plan
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Greece Wanted to Reframe Europe’s Austerity Debate. It Failed.
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Mirage of Economic Turnaround Masked New Greek Crisis in the Making
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Two-Day Strike in Greece Ahead of Austerity Vote
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Bloomberg Business Week's Peter Coy calls for debt forgiveness- creditor haircuts for sovereign debt in Europe, and bank writedowns of debt in the U.S. housing market
08/10/2011
Peter Coy of Bloomberg Business Week calls for debt forgiveness in the August 2011 issue of Business Week. Stretching out the debt issues without writedowns says Coy, only leads to austerity programs, stagnant growth and drags the issues out over many years. Better solutions can be found by starting anew with writedowns now and arrangements to make this possible, and returning to growth sooner. What about moral hazard? There is moral hazard in letting the banks bear no cost for reckless lending decisions, they are as likely to repeat this behaviour says Coy, as Greece or the underwater mortgage borrower in the U.S., if they did not have to bear the consequences of their decisions.
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How Righteousness Killed the World Economy
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How to Undo the Damage in Greece
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Personalities Clashing Over How to Handle New Greek Bailout
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BusinessWeek 08/10/2011
Faces of recession battered Greece as new austerity programs are adopted by the government
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Grouped Articles
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
New York Times 11/03/2013
Greece’s prescription for a health-care crisis - The Washington Post
Washington Post 02/22/2014
Across Athens, Graffiti Worth a Thousand Words of Malaise
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Greek Patience With Austerity Nears Its Limit
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Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
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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
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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
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Greece: Austerity Budget Passed
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The 2010 austerity budget and the European financial crisis affecting Spain.
05/13/2010
The contagion effect affecting Spain after Greece and Portugal similar to the manner in which the Asian financial crisis spread during a prior decade.
Grouped Articles
New Spanish Budget Free of Austerity Measures
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Saying No to Austerity, Spain Unveils Tax Cuts
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Spain is simply shifting the problem
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Amid Europe's challenges, citizens face lifestyle shifts
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French Cracks Are Showing in Euro-Zone Core
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The twin problems of lack of growth under austerity plans and overvalued currencies of Italy, Greece, Spain and Portugal
06/24/2011
The twin problems of lack of growth and overvalued currencies under the solutions of austerity plans without debt reduction and a single euro currency create impossible odds for a resolution of the eurozone financial crisis. Germany's insistence on tough austerity measures, European banks delaying restructuring of bad loans similar to the U.S. Brady plan, failure of politicians in Italy and Greece to take early action, and small steps by policymakers, are compounding the effects of the eurozone crisis.
Grouped Articles
German Election Overturns Political Order
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New York Times 11/03/2013
Germany's Surplus Isn't the Problem
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The 'Silent Austerity' in Banking
Wall Street Journal 01/21/2014
Italy Central Banker Is Open to 'Bad Bank'
Wall Street Journal 02/10/2014
Saying No to Austerity, Spain Unveils Tax Cuts
New York Times 06/20/2014
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