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  #221  
Old 07.02.2015, 12:08
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Re: Greek elections

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Varoufakis is pretty cool. He goes to Downing Street dressed like he's going out clubbing. I'm looking forward to the hot summer months to see if they will be meeting their counterparts wearing beach slippers. I'm from SoCal, so can relate. It's a power statement.

I have a hunch that Greece will be a great place to incubate a start-up shortly.


All in all, I have the growing Impression that the Greeks voted WELL. An impressive team working to rescue the Hellenes out of shit. Sure it is MISSION IMPOSSIBLE, but hope they will succeed in the end. I am sure that they on Sunday sing, in Greek, we shall overcome
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  #222  
Old 07.02.2015, 12:33
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Re: Greek elections

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All in all, I have the growing Impression that the Greeks voted WELL. An impressive team working to rescue the Hellenes out of shit. Sure it is MISSION IMPOSSIBLE, but hope they will succeed in the end. I am sure that they on Sunday sing, in Greek, we shall overcome
It could be worse, look at Ukraine...
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  #223  
Old 08.02.2015, 15:10
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Re: Greek elections

In the 3rd quarter 2013 Greece showed 0,7% growth. Great!
Or is it?
Do note that Greece registered 2,6% deflation in Q3.

Real growth = Nominal growth less inflation, in numbers:
0,7% = NG - (-2,6%)
NG = 0,7% - 2,6% = -1,9%

I.e. nominal growth was a NEGATVE 1,9% (yes, nominally it shrunk) and yet official headlines say (mathematically correct) 0.7% growth. As a result, and despite that growth, even with constant debt (it's not, but let's keep it simple) greece debt ratio (debt/gdp) would have increased despite the widely published growth.

By Nov 2014 wages had dropped 12% during the previous twelve months alone. It's year 7 now of the crisis, and no end in sight. Try to imagine what the above would mean for you personally, and then repeat over seven years.

Are the greeks to blame? Yes
Do the greeks need to change? Absolutely
Do they stand the slightest chance to dig themselves out of their hole? No, unless circumstances change materially.
Is Syriza politics the solution? Don't know, maybe. At any rate though, history proves that ECB/EC/IMF aren't.

In fact ECB/EC/IMF may have become part of the problem. Greece has been following the neoliberal scripture for many years now, and the only achievements are that previously privately held debt is now in the hands of the public (privatize profits but socialise losses), the economy has shrunk by 25%, unemployment is 27% and debt ratio is higher than ever. Additionally, Germany may not be too unhappy about greek corruption, as highlighted by articles like this (in english) on spon.de, a fact that in all likelyhood impacts reactions by german officials.

Insanity is repeatedly doing the same thing in the same way and expecting a different outcome. It's been obvious for years that Greece can't repay their debt, yet Yaroufakis is the first high-ranked official to say that loud, and also the first to acknowledge that Greece is de facto bankrupt. Granted, that's no guarantee for success, but it's clearly a better starting point than burying the head in the sand in denial mode.

I find the interview on spiegel.de (in german, highlights translated below) most informative. Top priority will be on corruption, nepotism, etc.
"... we are dealing with a system of nepotism and corruption. That's what we need to get rid of. Instead we're debating opening times of pharmacies."

The reason why they may revoke some terminations of former employees (no decisions have been made yet):
"When [if] we hire these people again it's because the reason for their dismissal is not convincing. [...] An example: Our schools are getting plundered at night because we let go the security people."

Why the consultants will be let go:
"In my ministry the reform was created by the Troika representatives. These people didn't let go highly paid people, but the lowly paid cleaners who clean at night, women over 50 who go home with €500 a month. This decision is morally despicable. We will re-hire these people, financing it by not extending the contracts with the consultants."

Will things improve? Only time will tell.
Will Syriza be able to implement their full program? Quite unlikely, usually reality takes its toll.
But to me everything says that Syriza should be given a chance.

Last edited by Urs Max; 08.02.2015 at 15:19. Reason: some typos, as usual
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  #224  
Old 08.02.2015, 23:28
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Re: Greek elections

Syriza has political mandate and capital to address real problems for the time being.

It is more effective and credible for Syriza to apply an austerity measure than it is for the far-right parties or Germans to force the austerity measures on the Greeks.

The only thing to be seen and proved is if Syriza has the integrity to take a good sober look at the situation, and the spine to try to fix it.
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  #225  
Old 09.02.2015, 02:26
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Re: Greek elections

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Varoufakis is pretty cool. He goes to Downing Street dressed like he's going out clubbing. I'm looking forward to the hot summer months to see if they will be meeting their counterparts wearing beach slippers. I'm from SoCal, so can relate. It's a power statement.
BTW, his wife, Danae Startou, explained on her Twitter account, that he lost his suitcase on the way to the airport and had to borrow that coat
Here are some quotes from Yanis Varoufakis courtesy BBC

http://www.bbc.co.uk/news/business-31111905

Yanis Varoufakis interview after meeting with President of ECB, Mr Mario Draghi (Video 10 minutes ) in English



http://www.tagesschau.de/multimedia/...deo-60403.html

Last edited by moggy; 09.02.2015 at 03:08. Reason: add interview
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  #226  
Old 09.02.2015, 07:02
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Re: Greek elections

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In the 3rd quarter 2013 Greece showed 0,7% growth. Great!
Or is it?
Do note that Greece registered 2,6% deflation in Q3.

Real growth = Nominal growth less inflation, in numbers:
0,7% = NG - (-2,6%)
NG = 0,7% - 2,6% = -1,9%

I.e. nominal growth was a NEGATVE 1,9% (yes, nominally it shrunk) and yet official headlines say (mathematically correct) 0.7% growth. As a result, and despite that growth, even with constant debt (it's not, but let's keep it simple) greece debt ratio (debt/gdp) would have increased despite the widely published growth.

By Nov 2014 wages had dropped 12% during the previous twelve months alone. It's year 7 now of the crisis, and no end in sight. Try to imagine what the above would mean for you personally, and then repeat over seven years.

Are the greeks to blame? Yes
Do the greeks need to change? Absolutely
Do they stand the slightest chance to dig themselves out of their hole? No, unless circumstances change materially.
Is Syriza politics the solution? Don't know, maybe. At any rate though, history proves that ECB/EC/IMF aren't.

In fact ECB/EC/IMF may have become part of the problem. Greece has been following the neoliberal scripture for many years now, and the only achievements are that previously privately held debt is now in the hands of the public (privatize profits but socialise losses), the economy has shrunk by 25%, unemployment is 27% and debt ratio is higher than ever. Additionally, Germany may not be too unhappy about greek corruption, as highlighted by articles like this (in english) on spon.de, a fact that in all likelyhood impacts reactions by german officials.

Insanity is repeatedly doing the same thing in the same way and expecting a different outcome. It's been obvious for years that Greece can't repay their debt, yet Yaroufakis is the first high-ranked official to say that loud, and also the first to acknowledge that Greece is de facto bankrupt. Granted, that's no guarantee for success, but it's clearly a better starting point than burying the head in the sand in denial mode.

I find the interview on spiegel.de (in german, highlights translated below) most informative. Top priority will be on corruption, nepotism, etc.
"... we are dealing with a system of nepotism and corruption. That's what we need to get rid of. Instead we're debating opening times of pharmacies."

The reason why they may revoke some terminations of former employees (no decisions have been made yet):
"When [if] we hire these people again it's because the reason for their dismissal is not convincing. [...] An example: Our schools are getting plundered at night because we let go the security people."

Why the consultants will be let go:
"In my ministry the reform was created by the Troika representatives. These people didn't let go highly paid people, but the lowly paid cleaners who clean at night, women over 50 who go home with €500 a month. This decision is morally despicable. We will re-hire these people, financing it by not extending the contracts with the consultants."

Will things improve? Only time will tell.
Will Syriza be able to implement their full program? Quite unlikely, usually reality takes its toll.
But to me everything says that Syriza should be given a chance.

So sorry but as you certainly are right, it to me looks like Zahlebigerei
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  #227  
Old 10.02.2015, 11:08
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Re: Greek elections

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Yanis Varoufakis interview after meeting with President of ECB, Mr Mario Draghi (Video 10 minutes ) in English
His "charm" does not seem to be working on the EU. The EU is digging its heels in telling them to "get serious". And then he spouts off about WWII reparations.... at this point in history? Looks like a sign of desperation, and headed for futile nit-picking arguments.

They are playing chicken, and the Germans yawn. Greek stocks fall, and the likelihood of a Grexit has increased.
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  #228  
Old 10.02.2015, 11:16
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Re: Greek elections

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And then he spouts off about WWII reparations....
That's a fundamental aspect of Greek culture and politics - and I speak as a philhellen - everything is always somebody else's fault: the Turks, the Albanians, the Americans, the EU, the Germans. They're responsible for the feckless attitude to paying tax, they're responsible for the endemic corruption, they're responsible for the loss of Northern Epirus, they're responsible for the rule of the Colonels, they're responsible for the forest fires, they're responsible for the financial chaos...


It's tragic, but I can't see it changing any time soon. Some countries simply resort to playing the victim and can't snap out of it. Other countries, on the other hand, seem to be able to manage it despite having been to hell and back.


Greeks could learn a lot from the Irish in that respect.
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  #229  
Old 10.02.2015, 11:22
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Re: Greek elections

People and cultures change when they realize and admit their approach or thinking doesn't really work. Unfortunately, it often takes a lot of pain to get them to that point of reckoning. But anybody can choose to take a different tack at any point in time. So they may have their "coming to Jesus" moment yet.
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  #230  
Old 12.02.2015, 01:48
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Re: Greek elections

Eurozone summit this evening failed to agree anything with Greece and also did not agree next steps/meetings before the brown stuff hits the fan on Monday.
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  #231  
Old 12.02.2015, 02:19
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Re: Greek elections

U.S. stock futures rise on Greek agreement after S&P ends flat


http://www.reuters.com/article/2015/...0LF1AT20150211


More news on Monday.
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  #232  
Old 12.02.2015, 12:09
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Re: Greek elections

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U.S. stock futures rise on Greek agreement after S&P ends flat


http://www.reuters.com/article/2015/...0LF1AT20150211


More news on Monday.
Strange, headline in the FT today is "Greek bailout talks with Europe break down

Recrimination as two sides fail to agree on way forward
"
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  #233  
Old 12.03.2015, 18:39
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Re: Greek elections

Greece’s justice minister Nikos Paraskevopoulos said today Athens was prepared to approve a court ruling to seize German property in the country – including the Goethe Institute, the German Archaeological Institute, German schools and holiday homes if Berlin refused to pay €341bn (£240bn) in compensation for damages from the two world wars.

Seems to be the case that more and more politicians in different countries are proposing extreme and absurd actions to gain local popularity without seeming to care about the international aspects.

It maybe that Greece had a case but if so they should have made this case a very long time ago.
In WWII the occupation of Greece was divided among Germany, Italy and Bulgaria so is this German claim just the first step?
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  #234  
Old 12.03.2015, 22:49
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Re: Greek elections

BREAKING NEWS: Troy demands reparations from Greece!

Do this bunch of clowns expect the rest of the world to take them seriously?

Greece is going to run out of money before too long if they keep these shenanigans up. I reckon there'll be fresh elections and the Golden Dawn in before Christmas.
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  #235  
Old 13.03.2015, 00:08
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Re: Greek elections

That is a dumb move. That is what got Fidel Castro into trouble.
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  #236  
Old 13.03.2015, 08:39
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Re: Greek elections

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Greece’s justice minister Nikos Paraskevopoulos said today Athens was prepared to approve a court ruling to seize German property in the country – including the Goethe Institute, the German Archaeological Institute, German schools and holiday homes if Berlin refused to pay €341bn (£240bn) in compensation for damages from the two world wars.

Seems to be the case that more and more politicians in different countries are proposing extreme and absurd actions to gain local popularity without seeming to care about the international aspects.

It maybe that Greece had a case but if so they should have made this case a very long time ago.
In WWII the occupation of Greece was divided among Germany, Italy and Bulgaria so is this German claim just the first step?
Shouldn't they start thinking of some ways of paying their foreign debts? Must admit they're much nutter than I thought.
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  #237  
Old 13.03.2015, 08:43
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Re: Greek elections

Obviously bitter and twisted aftter the recent EU meetings.
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  #238  
Old 13.03.2015, 08:44
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Re: Greek elections

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The media portrays Syriza as extreme-left wing, as if they are tantamount to Fidel Castro nationalizing US assets.
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There is always a center DB. It voted for Syriza.
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That is a dumb move. That is what got Fidel Castro into trouble.
LOL, now do you believe me, Phos?

There's nothing "centrist" about Syriza, and there never was.
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  #239  
Old 13.03.2015, 19:41
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Re: Greek elections

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LOL, now do you believe me, Phos?

There's nothing "centrist" about Syriza, and there never was.
There's a virus and it's spreading fast...
In short, apparently Mr. Di Battista thinks Italians are slaves for the mark zone (another word for euro) and the North of EU is nazi. Or something like this.
http://www.corriere.it/politica/15_m...51105d62.shtml
Oh, and he wants Italy out of euro zone. His party is called 5 Stars Movement. I'm sure he'll have a brilliant future in politics, he's in the right place. (big ups to him)

Last edited by greenmount; 13.03.2015 at 19:55.
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  #240  
Old 31.03.2015, 10:33
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Re: Greek elections

I really hope someone ends this charade and boots Greece out of the Euro soon... they are shamelessly trying to shake loose of their debts, destroying their age-old and historical reputation as a cultural centre of the world, and can now be seen as nothing more than a sponge state.
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