Greece΄s former Prime Minister Lucas Papademos warned that Greek people have no choice but to stick with a harsh austerity program imposed by their lenders or face an exit from the Eurozone which could result in the financial collapse of the country by boosting inflation and cause social strains. In his first long-expected interview after [...]
Tag Archives | Eurozone
Schaeuble: Greece ‘Needs Austerity Programs’
German Finance Minister Wolfgang Schaeuble said cash-strapped Greece needed to implement EU and IMF-imposed austerity measures as European solidarity was “not a one-way street.” “To tell the Greeks that they need not apply austerity deals to which they have agreed is to lie to them,” Schaeuble told the weekly Bild am Sonntag. “European solidarity is [...]
Christine Lagarde Raises Possibility of Greece’s Orderly Euro Exit
The head of the International Monetary Fund on Tuesday raised the possibility that Greece could leave the eurozone in an orderly fashion. “If the country’s budgetary commitments are not honored, there are appropriate revisions to do, which means either supplementary financing and additional time or mechanisms for an exit, which in this case must be [...]
Europe On Fire: Greeks Revolted, So Did the French; It Was About Time
Despite the fact that it is impossible to predict how soon the votes will result in changes in actual policy, May 6 was a good start for Greeks, for the French and for all the European people to be able to react. The European Spring “If you can’t find spring you make it,” wrote surrealist [...]
CNN: Greek Businesses Fleeing to Bulgaria
Greece’s economic problems may be having a negative impact across much of Europe, but one country could be benefiting from its troubles, CNN writes. Greek investors are said to be jumping across their neighboring border to Bulgaria, money in hand. “It’s a very sad reason but it is happening actually,” says Georgy Ganev, an economist [...]
Greece Will Bail Out Its Banks, But Not Its People
ATHENS – After imposing mandatory losses of up to 74 percent on its own banks, Greece is ready to give it all back through a plan to recapitalize them with $64.4 billion, a bailout paid for by the taxpayers. Greeks who’ve seen their pay cut up to 30 percent or more, taxes hiked, pensions slashed [...]
Greece’s Critical Election Campaign Set to Kick Off
ATHENS – With only three weeks to woo voters before the May 6 election, Greece’s political parties will try to rally support beginning this week in a campaign to elect a new Prime Minister and government amid rising anger over austerity measures and a suddenly hot new issue: getting rid of immigrants. The two dominant [...]
Venizelos: Germany Has Gained 400 Million Euros From the Greek Crisis
So far, Germany has gained 400 million euros from the Greek crisis, Evangelos Venizelos said today in an interview for the weekly Der Spiegel. Up to now Venizelos said, the German goverment borrows money “for almost free” and then lends Greece money at a fixed rate. Schauble Is My Friend Venizelos said that after months of [...]
Merkel: Greece on Track to Weather Debt Crisis
Greece has a chance to weather its crisis after the eurozone and private creditors agreed to restructure its debt, but has “a long way to go,” German Chancellor Angela Merkel told a Czech daily Saturday. “Greece has a chance now … it still has a long way to go, but it has already walked a [...]
82 Billion Drachmas “Missing”…
In this period of crisis, particularly in Greece, the news that 240 million euros have ”disappeared” may seem incredible. In fact, the equivalent of this sum in the old currency, 82 billion drachmas, were never exchanged for the new currency when the country joined the Eurozone. This emerged from a survey carried out by the [...]
Papademos: Greece Over Halfway to Recovery
Greece is “more than halfway” to economic recovery and should return to positive growth in less than two years, Greek Prime Minister Lucas Papademos told the Financial Times. In an interview published online Sunday evening, Papademos conceded that the fiscal consolidation process would require more time. However, the implementation of the reform program will lead [...]
Juncker: Eurozone Didn’t Focus Enough on Greek Growth
The eurozone has focused on helping Greece putting its financial house in order while ignoring the vital question of growth, Eurogroup chief Jean-Claude Juncker said in an interview on Sunday, quoted by AFP. “I believe we have not paid enough attention on the aspect of growth. … We have insisted on cleaning up public finances [...]
-
05 / 24 EU Leaders Tell Greek Voters to Make “The Right Choice”
-
05 / 23 A Crisis of Democracy: Greece
-
05 / 23 Fearing Eurozone Exit, More Greeks Stop Paying Taxes
-
05 / 23 Market Watch: ‘If Greece Exits Eurozone, Replace It With Turkey’
-
05 / 23 Pilot Program Allows Immediate Visa for Turkish Tourists on Arrival to Greek Islands
Calendar – Exhibits, Concerts, Fun
- Thessaloniki: 50 Year Anniversary Commemorated of Seferis Literature Nobel Prize May 23, 2012
- ‘Doctors of the World’ International Conference to be Held in Greece May 22, 2012
- Crete is a Mediterranean ‘Treasure’ of Aromatic Plants and Herbs May 22, 2012
- Crete to Export Products to Australia May 21, 2012
Salonica
19°
