Greece: income down 25% in 2011, says OECD

Central bank predicts further 20% fall in 2013-14 (ANSAmed) – ATHENS – Despite the severe austerity measures imposed by the government in Athens, in line with international creditors, in a bid to restore to health the country’s disastrous national accounts, the recession in Greece is being felt with increasing force. The Organisation for Economic Cooperation … Continue reading

Greece eyes UK-style railway privatisation

Greece is considering breaking up its railway and selling the right to operate some routes to different companies, in an attempt to maximise proceeds from the privatisation and sidestep regulatory hurdles. The heavily indebted country had initially planned to sell Trainose – the monopoly that operates 500 freight and passenger routes on 2,500 km of … Continue reading

Greece, amid debt crisis, is limping toward London Olympics

ATHENS, Greece — Ancient Greeks invented the Olympics and the nation’s athletes have remained loyal participants throughout the years, but contemporary Greeks are struggling to make the Summer Games in London. With less than three weeks before the May 10 flame-lighting ceremony at Ancient Olympia, which starts the official countdown to the late-July opening of the Games, … Continue reading

Eurozone private sector drops, signalling recession: PMI

(BRUSSELS) – Eurozone private sector activity retreated in March, providing new evidence that the 17-nation single currency area is in recession, a key survey showed on Wednesday. The composite Purchasing Managers Index (PMI) compiled by Markit research firm hit a three-month low, dropping to 49.1 points in March compared to 49.3 in February. A score … Continue reading

Ireland may not riot like Greece – but protests are spreading

RECENT TIMES HAVE seen a resurgence in political activity in Ireland, particularly in the last few months. The boycott of the unjust household tax proved to be a success and generated large networks of organisers and activists across the country. New campaigns have sprung up in response to the sovereign debt crisis, notably Anglo: Not Our … Continue reading

Europe’s Economic Suicide

By PAUL KRUGMAN On Saturday The Times reported on an apparently growing phenomenon in Europe: “suicide by economic crisis,” people taking their own lives in despair over unemployment and business failure. It was a heartbreaking story. But I’m sure I wasn’t the only reader, especially among economists, wondering if the larger story isn’t so much about individuals as … Continue reading

German ‘hypocrisy’ over Greek military spending has critics up in arms

Athens’ fondness for weaponry, and willingness of Germany and France to feed it, under fire as Greece struggles with debt crisis. A few months before submarines became the talk of Athens, Yiannis Panagopoulos, who heads the Greek trade union confederation (GSEE), found himself sitting opposite Angela Merkel at a private meeting the German chancellor had … Continue reading

The Nationalizations Begin: Argentina Takes Over Oil And Gas Producer YPF

Update 2: SPAIN SEES FIRMS’ INTERESTS AS NATIONAL INTEREST, OFFICIAL SAYS; SPAIN ANALYZING RESPONSE TO ARGENTINA OVER YPF, OFFICIAL SAYS. Oops. Update: TRADING HALT: YPF (NYSE)-NEWS DISSEMINATION. Translation: YPF shareholders – you have been Corzined. The money has vaporized. Jon Corzine has been appointed to the newly formed Argentina based Board of Dictators. Have a nice day

Spain, Italy slide further into euro zone crisis

(Reuters) – Spain and Italy faced growing market pressure on Monday, stoking fears of a new phase in the euro zone debt crisis as Madrid’s budget problems threatened to drag in other southern European economies. Yields on Spanish 10-year bonds have climbed over 6.1 percent, nearing levels that caused general market panic when Italy was in the … Continue reading

One in five Greeks unemployed, half of all youth

(Reuters) – Greece’s jobless rate rose to a record of 21.8 percent in January, twice as high as the euro zone average, statistics service ELSTAT said on Thursday, as the debt crisis and austerity measures took their toll on the labor market. Youth unemployment remained at levels where more are jobless than in work. Budget cuts imposed … Continue reading