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Tag: Greece


Breaking With Europe, IMF Calls Greek Debt Program ‘Unsustainable’

The International Monetary Fund, part of the troika of financial organizations currently demanding austerity from Greece, “electrified the referendum debate in Greece after it conceded that the crisis-ridden country needs” $55 billion in extra funds and large-scale debt relief to create “breathing space” and stabilize its economy, The Guardian reports.

Posted on Jul 2, 2015 READ MORE



If You Think What the EU Is Doing to Greece Is Bad, Look at What the U.S. Is Doing to Puerto Rico

The scenario playing out in Puerto Rico sure does feel like déjà vu, with one terrifying difference.

Posted on Jul 2, 2015 READ MORE


VIDEO: Chomsky on Greece: A ‘Savage Response’ for Standing Up to Austerity ‘Class War’

In an interview for “Democracy Now!” Noam Chomsky comments on the challenges faced by Greece’s leading party, Syriza.

Posted on Jul 1, 2015 READ MORE


VIDEO: Michael Hudson and Bill Black: A Greek Bailout Is Really a Bailout of Western Banks

The esteemed U.S. political economists say Western financial institutions are keen to bail out Greece because if they don’t, the country’s existing creditors—other Western financial institutions—will fail to recover money they previously lent to Greece.

Posted on Jul 1, 2015 READ MORE



Don’t Cry for Greece—Argentina Sets the Example for Surviving After Default

In Argentina, there’s a name for what Germany and other troika members who’ve attempted to profit from Greece’s austerity-induced suffering have become: “buitres,” the Spanish word for vultures.

Posted on Jul 1, 2015 READ MORE



Economists Krugman and Stiglitz on Why Greeks Should Vote ‘No’ on the Referendum

Nobel Prize-winning economists Joseph Stiglitz and Paul Krugman maintain that Greece must keep going it alone and vote “no” on the upcoming referendum on the bailout.

Posted on Jun 30, 2015 READ MORE



Thousands Donate to Crowdfunding Site for Greek Bailout

Here’s a novel approach to the Greek financial crisis: A “Greek Bailout Fund” launched by an Englishman has received almost 30,000 donations.

Posted on Jun 30, 2015 READ MORE


Greek Crisis

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Posted on Jun 30, 2015 READ MORE



Greece Nearing Financial Collapse Against Looming IMF Deadline

The future of Greece and the European project as a whole hangs in the balance as the country confirms nonpayment to the International Monetary Fund.

Posted on Jun 30, 2015 READ MORE



Petros Giannakouris / AP

It’s Greek to Goldman Sachs

“What is this Goldman Sachs and why has it caused us so much grief?” is a question they must be asking in even the most remote of Greek villages, as they are throughout much of this economically troubled world. (Reposted)

Posted on Jun 30, 2015 READ MORE



Greek Banks Close Indefinitely After Weekend That Shook the Euro

Greeks found their savings blocked and banks closed Monday morning after a standoff between the country and its bailout creditors that cast doubt on the future of Europe’s single-currency zone.

Posted on Jun 29, 2015 READ MORE



Through Feints and Provocations, the Greek Debt Drama Will Continue

“There has been nothing but bad news,” writes The Guardian’s economics editor Larry Elliott of the Greek debt crisis. “Yet, through it all, the relative calm in the financial markets has reflected a belief that, despite everything, the drama Tsipras of Athens will have a happy ending.”

Posted on Jun 22, 2015 READ MORE



Joseph Stiglitz, Thomas Piketty and Other Renowned Economists Demand an End to Greek Austerity

Twenty-six of the world’s most distinguished economic minds proclaimed their solidarity with Greece’s ruling anti-austerity party in an essay published in the Financial Times in early June.

Posted on Jun 12, 2015 READ MORE



VIDEO: The IMF Walks Out of Greece Bailout Talks

The U.S.-led global debt brokerage pulled out of negotiations with Greece on Thursday after it accused Athens of refusing to compromise over labor market and pension reforms.

Posted on Jun 11, 2015 READ MORE


VIDEO: Michael Hudson: The TPP and Europe’s Central Bank Against Syriza

Acclaimed heterodox economist Michael Hudson tells The Real News Network that if passed, the Trans-Pacific Partnership trade deal will overturn state sovereignty, and that leading International Monetary Fund economists have described the organization as captured by private bondholders.

Posted on May 28, 2015 READ MORE



Sara (CC BY-NC-SA 2.0)

Is Democracy as We Know It Unraveling?

The world’s democracies, perhaps especially our own, face a peculiar set of contradictions that are undermining faith in public endeavor and unraveling old loyalties.

Posted on Apr 29, 2015 READ MORE


Greek Finance Minister Says Austerity Is Bad Medicine

Greece’s new left-wing, anti-austerity Syriza Party raises concerns over international creditors’ demands to restructure the country’s labor market and curtail its pension system in exchange for a new package of bailout funds scheduled for release Friday. Greek Finance Minister Yanis Varoufakis speaks with “Democracy Now!”

Posted on Apr 22, 2015 READ MORE



Western Europe’s Right-Wing Parties Are Sensational but Ineffectual

The current transatlantic view of Europe is one of continental political decline, elegant at best but ominous at worst.

Posted on Apr 16, 2015 READ MORE



Court Dismisses Suit Against Anti-Iran Group Due to Risk of Exposing State Secrets

The U.S. government won the dismissal of a defamation suit against an anti-Iran advocacy group last week. It was the first time the government has intervened in a private case not involving a government agency or defense contractor.

Posted on Apr 2, 2015 READ MORE



Greece Submits Reform Proposals and Warnings to Eurozone Creditors

Their country would stop cooperating with creditors if negotiations failed and aid was not forthcoming, government leaders said as they submitted a long-awaited list of 18 policy reforms to eurozone administrators.

Posted on Mar 28, 2015 READ MORE



Greeks Hold to Nazi-Era Claims Ahead of Prime Minister’s Visit to Berlin

Jewish leaders in Thessaloniki, Greece, are considering how to reclaim—with interest—fares that Nazi Germany made nearly 60,000 Jews pay to send themselves to their deaths at Auschwitz.

Posted on Mar 22, 2015 READ MORE


German TV Sensationalized Greek Minister’s Flipped Bird, Says Cameraman

German media pounced this week on footage of Greek Finance Minister Yanis Varoufakis raising a middle finger for foreign debt managers during a presentation on his country’s debt crisis. The man who filmed the talk says the clip was taken out of context to divert public attention from the substance of the crisis.

Posted on Mar 18, 2015 READ MORE



German Politicians Confirm Greece Has Case for Wartime Reparations

Greek Prime Minister Alexis Tsipras has accused Germany of trying to avoid paying reparations for Nazi crimes committed during World War II—and several German politicians agree.

Posted on Mar 18, 2015 READ MORE



The Most Dangerous Woman in America

Kshama Sawant, the socialist on the Seattle City Council, is up for re-election, and the Establishment is determined to defeat her and the ideas she champions before they spread.

Posted on Mar 15, 2015 READ MORE



The Noose Around Greece: How Central Banks Harness Governments

It seems the European Central Bank has made good on a threat by Goldman Sachs to cut off liquidity to Greek banks in the event the nation elected an anti-austerity government.

Posted on Mar 11, 2015 READ MORE



Greece Can’t Do It Alone: Austerity Victims of the World, Unite!

For the anti-austerity struggle in Greece and elsewhere to become effective and sustainable, it must be raised from the national level to the international level.

Posted on Mar 6, 2015 READ MORE



Tariq Ali: The Time Is Right for a Palace Revolution

One of our most trenchant critics of corporate capitalism deplores the rise of an “extreme center” that has seized control of the political process and wages endless war while doing the bidding of global corporations. Our only hope, he says, is revolt.

Posted on Mar 1, 2015 READ MORE



Europe’s Millennials ‘Suffered Disproportionately’ From the Financial Crisis and Austerity

Europe’s youths have shifted their views and feel increasingly powerless to effect change. In a world filled with so much socio-economic instability, can we blame them?

Posted on Feb 25, 2015 READ MORE



Scourge of the Greeks: German Finance Minister Wolfgang Schauble

After the financial troika triumphed over the Greek government in debt negotiations last week, Germany’s veteran minister “indulged himself with some patronizing comments,” observed economics correspondent Phillip Inman at The Guardian.

Posted on Feb 22, 2015 READ MORE



Troika Deal Drives Greece Back Toward Austerity

“The rightwing orthodoxy that dominates thinking in Brussels has asserted itself over the hapless Greeks,” writes economics correspondent Phillip Inman at The Guardian.

Posted on Feb 21, 2015 READ MORE



Swimming With Sharks: Goldman Sachs, Schools and Capital Appreciation Bonds

Goldman Sachs is putting the squeeze on California and its school districts.

Posted on Feb 21, 2015 READ MORE



Is Syriza in Retreat?

Greece’s anti-austerity party has declared itself willing to sign the leaked “Moscovici document,” which a central committee member says defangs the Greek government in its struggle against its creditors.

Posted on Feb 19, 2015 READ MORE



Can the Greek Tragedy Be Rewritten?

The world is watching to see if the anti-austerity party Syriza can turn things around for Greece. Success may inspire hope in the economically desperate across the globe—and fear among the elites.

Posted on Feb 19, 2015 READ MORE



Germany and Greece Are Going Head to Head in Bailout Negotiations

In what The Guardian’s economics editor Larry Elliott is calling a “white flag [being] raised over Athens,” Greece has requested a six-month extension to its bailout plan, essentially giving in to the eurozone finance ministers’ demands for austerity. Germany, however, refused the country’s proposal Thursday.

Posted on Feb 19, 2015 READ MORE



From ‘Demos’ to ‘Podemos’: Popular Uprisings in Greece and Spain

Like Greece, Spain has been wracked by the global recession and could soon elect an anti-austerity government.

Posted on Feb 18, 2015 READ MORE



Kostas Koutsaftikis / Shutterstock.com

The Pro-Workers, Pro-Growth Experiment in Greece Is Under Threat

While the wealthiest 85 individuals on the planet own more wealth than the bottom half of the world’s population—and when the top 1 percent will soon own more wealth than the bottom 99 percent—the people of Greece and the anti-austerity party, Syriza, they elected to lead them are struggling to rebuild their economy so that ordinary people there can live with a shred of dignity and security.

Posted on Feb 18, 2015 READ MORE



How Germany and the U.K. Benefited From Greece and Spain’s Brain Drain

As Greece tries to come to an “honorable agreement” with austerity-loving eurozone finance ministers, let’s not forget who stood to gain the most from the financial crises in southern Europe.

Posted on Feb 17, 2015 READ MORE


With Greece and Eurozone Creditors Far Apart, Bailout Talks Collapse

Eurozone finance ministers have designated Friday as the deadline for the country to accept yet another austerity-filled deal, but Greek Finance Minister Yanis Varoufakis has made it clear he will not rest until an “honorable agreement” is negotiated. 

Posted on Feb 17, 2015 READ MORE



Greece’s Economy Looks Like Germany’s After World War I

“Austerity”—the redirection of funds away from government and public services and toward a country’s creditors—“has devastated Greece just about as much as defeat in total war devastated imperial Germany,” economist Paul Krugman writes in The New York Times.

Posted on Feb 16, 2015 READ MORE



NYT Criticizes Syriza Finance Minister, Gets It Wrong

The New York Times fell on its face when it suggested that Greek Finance Minister Yanis Varoufakis (pictured here) did not understand the basic debt dynamics of his country, writes Andy Robinson at Fairness & Accuracy in Reporting.

Posted on Feb 14, 2015 READ MORE



Austerity’s Greek Death Toll: Study Connects Strict Measures to Rise in Suicides

The harsh economic policies implemented in Greece and other countries in recent years have been shown to have a detrimental effect on mental health and well-being.

Posted on Feb 4, 2015 READ MORE



Why Ireland’s Political Elite Are Terrified of Syriza

Irish leaders—eager to maintain that compliance with the demands of international creditors after the 2008 crisis was the best choice for Ireland—are concerned that the defiant tactics of Greece’s newly elected Syriza party may expose their program as flawed if Syriza wins concessions from the troika of lenders.

Posted on Feb 2, 2015 READ MORE



Truthdigger of the Week: Yanis Varoufakis

The Syriza finance minister confirmed his party’s intentions to fight EU oppression by refusing to negotiate with representatives of Greece’s “hated troika of lenders.”

Posted on Jan 31, 2015 READ MORE


‘Left, Right & Center’: Matt Miller & Mitt Romney Say Goodbye

Truthdig Editor-in-Chief Robert Scheer and the other “Left, Right & Center” panelists note Mitt Romney’s announcement that he will not run again for the Republican presidential ticket. Also, the Senate approves the Keystone pipeline, Syriza’s victory means a “Grexit” from the euro is possible, and Matt Miller leaves “Left, Right & Center.”

Posted on Jan 31, 2015 READ MORE



Trojan Hearse: Greek Elections and the Euro Leper Colony

Alexis Tsipras, the leader of Syriza, would like to pretend that austerity and the euro are two different things. Apparently, he’s blissfully ignorant of the history of the euro. The horror of austerity is not the consequence of Greek profligacy: It was designed into the euro’s plan from the beginning.

Posted on Jan 29, 2015 READ MORE



The Collapse of Europe?

The European project is teetering on the edge of failure. Growth is anemic at best and socio-economic inequality is on the rise. The countries of Eastern and Central Europe, even relatively successful Poland, have failed to bridge the income gap with the richer half of the continent. And the highly indebted periphery is in revolt.

Posted on Jan 29, 2015 READ MORE


Greece Revolts

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Posted on Jan 28, 2015 READ MORE



360b / Shutterstock.com

Enough of Germany’s Tyrannical Austerity

Years of trudging through an economic slough of despond, guarded by German warders, have left the states of the European Union’s south near to despair.

Posted on Jan 27, 2015 READ MORE


Russell Brand on the ‘Greek Revolution Against Corruption’ and the Fall of Capitalism

The host of the YouTube series “The Trews” takes a look at Syriza’s victory in Greece’s recent elections and considers whether capitalism has “finally crumbled.”

Posted on Jan 27, 2015 READ MORE



AP/Petros Giannakouris

A 21st Century Left Rises: Syriza’s Victory and Its Relevance for the U.S. and the World

A question looms large in the wake of the Greek elections: Can democracy defeat the rule of the 1 percent?

Posted on Jan 27, 2015 READ MORE


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