Associated Press. Spanish miners and sympathizers incensed with the nation’s seemingly endless austerity cutbacks clashed with riot police on one of Madrid’s most famed avenues Wednesday, and six demonstrators were hospitalized after police fired rubber bullets. Police made seven arrests, and two officers were injured. The miners’ march into the capital was the culmination for some … Continue reading
(Reuters) – Greece’s debt crisis threatened to turn into an energy crunch on Friday, with the power regulator calling an emergency meeting next week to avert a collapse of the country’s electricity and natural gas system. Regulator RAE called the emergency meeting after receiving a letter from Greece’s natural gas company DEPA, dated May 31 … Continue reading
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
As Greeks wait for a second eurozone rescue package to finally be agreed in Brussels today, many are blaming Germany and France for encouraging and benefiting from some of the much-criticised profligate spending which reduced Greece to near bankruptcy. About 1,000 protesters gathered in front of the Greek Parliament in central Athens yesterday afternoon while … Continue reading
(CNN) — A seismic shift is taking place in the Greek political system. The series of bailouts and austerity measures implemented during the last two years has led to a fundamental political crisis affecting both the function of government and the standing of key politicians and political parties.
History, said Karl Marx, repeats itself twice, “the first time as tragedy, the second time as farce”. Bad economic policy, on the other hand, repeats itself forever – but the results are rarely funny. Take Brussels’ current economic plans for Greece.
GREECE could be forced to set up some kind of tax system, the country’s prime minster has admitted. As MPs in Athens passed a new round of reality measures, Lucas Papademos warned the country now faced the ‘impossible choice’ between total economic ruin and VAT.
The US, Canada, Britain, France, Greece, and other signatories at the London Debt Agreement of 1953 granted Chancellor Konrad Adenauer a 50pc haircut on all German debt, worth 70pc in relief with stretched maturities. There was a five-year moratorium on interest payments. The express purpose was to give Germany enough oxygen to rebuild its economy, … Continue reading
Do you want to see what a 21st century economic depression looks like? Just look at Greece. Once upon a time, the Greek economy was thriving, the Greek government was borrowing money like there was no tomorrow and Greek citizens were thoroughly enjoying the bubble of false prosperity that all that debt created. Those that … Continue reading