Greek police issued a statement that any public gatherings and marches would be banned that time in a large area around the city center. (Follow the link to see the map below)
Greece fulfills its commitments for cuts on flexible spendings
TROIKA isn't going to renegotiate Memorandum before its implementation!
Do YOU play packman?
Together with Pasok party and the Democratic Left, a small party that won only 16 percent of the vote, Mr. Samaras forms a New Government.
Mr. Samaras had supported the bailout. After the May elections, in which New Democracy and Pasok suffered a drubbing while Syriza made big gains, Mr. Samaras has said he will seek to soften the deal’s terms; but soon, Mr. Samaras will be forced to make massive spending cuts to carry out the country’s “obligations” according to the Memorandum…
Syriza party stated it will fight if the new government does not repudiate the most onerous terms of Greece’s loan deals.
Meanwhile, the departmental finance minister George Zanias will represent Greece at the meeting of Eurogroup on Thursday, and Ecofin on Friday. Mr. Zanias will ask the Finance Ministers of the Euro zone for a time extension of two years to reduce the deficit (until 2016).
Prime Minister Antonis Samaras
Ministry of Interior
Minister: Euripides Stylianidis
Undersecretary: Charalambos Athanassiou (former president of the Judges Association)
Martin Stuart Feldstein (George F. Baker Professor of Economics at Harvard and also president emeritus of the National Bureau of Economic Research (NBER) ) talked about the prospects of a Greek euro exit in an interview at Bloomberg.
He expressed the opinion that there is no specific formula that the countries can follow in order to solve their economic problems. Each country is different... and in the case of Greece and there is no solution but to exit the euro zone since the country's economy is in terrible situation that can not be fixed...
“Well, I think it would create chaos, it would create problems” says Mr. Feldstein and he adds,
“It would be better for Greece to be able to adopt a new currency, a drachma, allow the currency to fall as currencies did in East Asia and in Latin America; that would give a significant boost to growth in Greece as Greeks shift their spending to domestically produce goods and services.”
Watch the video below:
Mr. Browne presses Klaus Masuch, head of the ECB's countries division, over the premises behind the ECB's approach to Ireland's fiscal issues.
Browne hits Masuch hard on the question of why the Irish people should be forced to protect unguaranteed bondholders...
Of course he never received a straight answer...
Watch the video below:
Nearly 1.1 million Greeks are unemployed, more that 1,000 people lose their jobs every day! Young people are most affected by the job losses, with more than half — 52.8 percent — of those in the 15-24 age group out of work in March, compared to 42 percent in the same month last year.
The number of employed in March 2012 was estimated at 3,843,905 people. Unemployed amounted to 1,075,081, while the economically active population stood at 3,372,144...
The number of employed people decreased by 342,134 compared to March 2011 (-8.2%) and by 24,996 compared to February 2012 (-0.6%).
Spain is doing everything right, but it’s being contaminated by Greece, according to Wolfgang Schaeuble
Spain has openly acknowledged problems with the refinancing of the financial markets and fueled speculation about further escalation of the crisis. “The markets are in fact no longer accessible in the current interest rates for Spain”, Cristobal Montoro, Minister of Finance said at the radio station Onda Cero. That admission put pressure on the € and caused further losses in equity markets.
The Greek Society and its institutions are going through very difficult times, emanating from several years of severe economic crisis. The gross national product of Greece decreased by almost 7% last year alone, and the unemployment rate exceeded 20%….
In his article in "Financial Times Deutschland", the famous economist Nouriel Roubini, who had predicted the global recession of 2008 in 2006, says that either this year or the next, Greece will be forced to go bankrupt and leave the eurozone. This will happen even if a government will finally be formed after the elections of June.
Mr. Roubini says that Greece has fallen into a vicious cycle of bankruptcy, lack of competitiveness and continuous recession.
When George Papandreou, the former Greek premier who negotiated the original bailout (2010) he asked Angela Merkel for gentler conditions in the memorandum. Angela Merkel replied that the aid program must be very hard (!): "We want to make sure nobody else will want this..." she said.
After Greece's May 6 elections results, more elections are likely in June, with no guarantee that a stable government will emerge. Greece's growing turmoil is the culmination of a radical austerity experiment and a botched economic overhaul that pushed the Greek nation into a social and political breakdown. It is obvious that forcing deep austerity on Greek people won't save the euro...
European officials are developing an investment pack to encourage financial growth in EU countries, due to the fact that voters in Greece and France have punished the political leaders who have supported hard austerity measures!
Olli Rehn, the European Commissioner for Economic and Financial Affairs, asked for extra government investing on large-scale infrastructure developments, since there are not sufficient private-sector demands which could create new job positions.
Mr. Rehn stated clearly that he is willing to loosen the EU’s tough new budget rules for countries that have been forced to dramatically reduce public spending in order to meet Brussels-mandated deficit levels.
The report has been hammered out by Alpha Bank and Rothschild, which are among the government’s consultants regarding the Greek public real estate and asset privatizations program.
It should be noted that, on September 15, 2011, the Inter-ministerial Committee for Asset Restructuring and Privatizations (ICARP) decided who the consultants (related to the privatization of public property) would be and of course their payments.... payments of millions of euros!
Within the framework of the second memorandum in June, we expect new measures required by the Troika.
The Center for Economic Research of Greece, at the behest of the government, wrote the report contained in government expenditure intended to drastically cut.
Interventions of the measures of June include the following areas:
Education - Reduction in salary of kindergarten teachers, teachers, high school professors and academics, possibly with a parallel increase in their working hours.
The creators of Debtocracy, a documentary viewed by millions of people around the world, present their new production, entitled CATASTROIKA.
They analyze the shifting of state assets to private hands. They travel round the world gathering data on privatization in developed countries and search for clues on the day after Greece’s massive privatization program.
Watch the full documentary with English subtitles below:
Nigel Farage: "These are big changes - the euro is doomed. And your policy sir, even if Greece accepts the austerity you're putting upon them, even if for the next eight years they obey all of this, they'll be still in 2020 have a debt GDP ratio of a 120 percent; which makes one ask "What is the point?"
The answer: "Laughing"
Watch the video below:
In his interview for the German newspaper «Sueddeutsche Zeitung» the American economist warns against the austerity policy implemented in many European countries:
"Democracies can withstand cuts without seeing light at the end of the tunnel, but there is always a red line... nowhere in the world can we find an example where salary, pension and social expenditure cuts resulted in the growth of a weak country!"