Yannis Varoufakis: The Greek economy is finished …. This is our Great Depression


Australian Broadcasting Corporation

Broadcast: 18/06/2012

Reporter: Leigh Sales

With a pro-bailout and pro-austerity party claiming victory in the Greek election, economist Yanis Varoufakis joins us from Athens to reflect on what the result means for the economy and the Eurozone.

Transcript

LEIGH SALES, PRESENTER: Joining us now from Athens is the Greek economist Yanis Varoufakis.

The obvious question is: what happens now?

YANIS VAROUFAKIS, ECONOMICS, ATHENS UNIVERSITY: Well, the derailment of the train that is the eurozone, which started with Greece and then other carriages started leaving the tracks sequentially – Ireland, Portugal, now Spain – is continuing. And yesterday’s vote is not going to change that at all. All exuberance and celebrations are completely and utterly misplaced. I’m afraid that the eurozone and Συνέχεια

Irish referendum: record low turnout reported (Τα αποτελέσματα του δημοψηφίσματος στην Ιρλανδία αναμένεται αύριο)


MySatelite: Χαμηλή η προσέλευση στις κάλπες, δεν έγιναν exit poll, οι αναλυτές εκτιμούν πως η αποχή θα ευνοήσει τα ποσοστά όσων είναι κατά της επικύρωσης του Δημοσιονομικού Συμφώνου.

(Το δημοσιονομικό σύμφωνο χρειάζεται την έγκριση 12 από τα 17 μέλη της ευρωζώνης προκειμένου να επικυρωθεί. Επομένως, οι ιρλανδοί ψηφοφόροι δεν μπορούν να «εκτροχιάσουν» αυτή τη νέα διακυβερνητική συνθήκη, αλλά μια πιθανή απόρριψή της θα υπονόμευε μια από τις πρωτοβουλίες-κλειδί της ΕΕ για την αντιμετώπιση της κρίσηςπηγή)

With the Irish referendum results not due until tomorrow, the story of the moment is the low turnout. The Guardian is saying «well below 50 percent».

Bruno in The Failygraph is saying that more than halfway through a 13-hour polling day yesterday, Συνέχεια

Constitutional violations that have occurred recently in Greece


The following constitutional violations have occurred during the last years in Greece of the economic crisis:

1. Contrary to the constitution, the voting of the Memorandum of passage 1 and the illegal signing of the first loan agreement by Mr. G. Papakonstantinou, under no legitimacy and in secrecy by the Greek people and the parliament. In violation of the constitution, under Memorandum 2, the assignment of sovereignty and control of the Greek state in which foreign powers have no legitimacy to intervene in the internal affairs of Greece but they are committed to safeguard the interests of questionable lenders and not to violate the rights of Greek people.

2. From the November 11, 2011, the illegal and unconstitutional appointment, against the will of the Greek people as prime minister of Mr Lucas Papademos and the cooperation with the party leaders of Συνέχεια

Forget about preventing default in Greece, control it, says Europe


By Michael Steininger, Christian Science Monitor | 08:54 am

Greece’s European partners are increasingly skeptical that Athens can avoid default.The highly indebted country is working feverishly to secure a debt write-off to avoid default, but international investors see even that as a default of sorts.

With only weeks to go before a crucial bond repayment date, statements from European leaders reveal a growing mistrust in the Greek political class’s ability and willingness to implement deficit cutting measures.Without those measures, Greece will not receive a necessary second bailout from international lenders, and without the bailout, it will likely Συνέχεια

‘Last Days’ of the Euro Are Upon Us


BOSTON (TheStreet) — The euro is about to go the way of the dodo, if Credit Suisse researchers are correct.

In a research note making the rounds Monday carrying the title The «Last Days» of the Euro, a team of Credit Suisse analysts argue that «we seem to have entered the last days of the euro as we currently know it.»

While a break-up of the 17 eurozone nations isn’t a strong likelihood, Credit Suisse researchers say that Συνέχεια

Will the euro be destroyed by ideologues?


An end to the Eurozone would mean a wave of bank collapses and a recession that would affect the world for a decade.

If the European Central Bank does not write down debt in countries like Greece and Italy, it could result in a double-dip recession in the eurozone that spills over into the rest of the world [GALLO/GETTY]

We could be living through the last days of the euro. That is not a happy thought. While there were many negative aspects to the rules governing the European Central Bank (ECB) and the eurozone economies, no one can want to see the economic chaos that will almost certainly follow the collapse of the euro.

There will likely be a wave of bank collapses as banks are forced to write down much of the debt they hold in Italy, Ireland and other heavily indebted countries. This would bring about another Lehman-type situation where finance freezes up. Banks would stop lending to each other and even healthy businesses would find it difficult to obtain credit. Συνέχεια

Why Greece Will Rise From the Ashes


Why Greece Will Rise From the Ashes

BritChick Paris

British girl living the fabulous life in Paris society

It is very hard as a Greek to swallow all the bad press the country is getting at the moment.

The Greeks are lazy, the Greeks are disorganised, the Greeks are the tinpot nation of Europe.

My dad would turn in his grave.

The truth is that the Greek people have suffered at the hands of inconsistent political leaders. The recent decision to hold a referendum about the loan from Europe is an example. None of the country chose or wanted that.

The Olympics was probably one of their finest hours in Ancient Times. But the recent event was the straw that broke the camel’s back. It was an impossible project in an impossible timeframe. Maybe the Greek pride got the better of them but they were just following orders. The stadia that took so much time effort and money to build remain unused. Watch out London.

‘Greece is bringing Europe down’ is the one statement that grates the most. Συνέχεια