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Wednesday, October 24, 2012

Private lenders criticise Greek debt talks


Private lenders criticise Greek debt talks
Financial Times
Private creditors complained about being kept in the dark by the “troika” of official lenders during the protracted discussions over restructuring Greek sovereign debt, according to the group that represented them in talks. A report from a joint public ...

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The Greeks and the diaspora


Kathimerini

The Greeks and the diaspora
Kathimerini
Whenever Greece is in danger, the Greeks of the diaspora feel the need to contribute to the national struggle, honoring their roots, helping fellow Greeks whom they may never meet. The same applies today, with Greeks around the world wondering what ...

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Greek police accused over racism

Fresh allegations of torture and asylum abuse haunt Greek police

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The Silent Victims of the Greek Debt Crisis


The Silent Victims of the Greek Debt Crisis
Huffington Post
Greece, founder of western democracy, the birthplace of the Olympics and philosophy, is dying. Ironically for a country that also lays claim to the being the birthplace of mathematics, it's the numbers that are hurting the most. The Greek economy is ...


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IMF says "outstanding issues" remain on Greek aid

Visitors are silhouetted against the logo of the International Monetary Fund (IMF) in TokyoWASHINGTON (Reuters) - The International Monetary Fund said on Wednesday "outstanding issues" remain about the terms of Greece's bailout package, though there had been progress in discussions in recent days. The fund - part of the "troika" of Greece's international lenders along with the European Commission and the European Central Bank - also said Greece would discuss financing issues with its lenders, without immediately specifying a timeline. The fund's statement echoed similar comments from the European Commission on Wednesday. ...



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Confusion over Greek claim of bailout extension


The cacophony in Europe over Greece grew yet louder as Athens and some of the Continent's economic leaders contradicted each other over an elusive agreement between the recession-hit country and its creditors.



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Greek coalition ally says he remains opposed to labor reforms

ATHENS (Reuters) - The leader of a junior partner in Greece's three-party coalition told Reuters on Wednesday that he remained opposed to labor reforms demanded by Greece's lenders, despite their latest concessions.



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Euro Slips After Weak German Data; Fed Awaited


CNBC.com

Euro Slips After Weak German Data; Fed Awaited
CNBC.com
Losses in the euro were limited after Greece's finance minister said Athens had been given additional time by international lenders to impose its austerity cuts, an assertion played down by leading EU officials. Germany's Ifo business sentiment fell in October ...
German data add to eurozone crisisFinancial Times
Germany not immune to eurozone slowdownTelegraph.co.uk
Europe Isn't the Only Rotten AppleWall Street Journal (blog)
The Associated Press -Reuters -Bloomberg
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Germany not immune to eurozone slowdown

Germany is not immune to the contraction in the eurozone, as the European Central Bank's Mario Draghi defends bond-buying and Greece claims an austerity victory.


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Eurobank Steps Up Business Support to Boost Growth in Greece


Eurobank Steps Up Business Support to Boost Growth in Greece
Bloomberg
Greece's cash-starved economy is set to shrink for a fifth straight year in 2012 under the weight of austerity measures tied to two bailouts from the European Union and International Monetary Fund. National Bank of Greece SA made a bid earlier this ...
No 'troika' debt deal on Greece yet, progress made: EUMSN Philippines News

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The Island Where People Forget to Die

Unraveling the mystery of why the inhabitants of Ikaria, an island of 99 square miles that is home to almost 10,000 Greek nationals, live so long and so well.

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Greece 'receives two-year bailout extension'

Greece's finance minister claimed that it has been granted its long-standing plea for additional time to push through austerity cuts that have been finalised after months of negotiations.

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Euro Recovers On Greece News, Downside Risks Far From Over


Telegraph.co.uk

Euro Recovers On Greece News, Downside Risks Far From Over
Seeking Alpha
(More...) The euro recovered from early losses incurred in the wake of disappointing eurozone PMI and German IFO business confidence data after news that Greece was given 2-year extension to reach budget targets, according to a leaked Memorandum of ...
Euro rallies as draft MOU leaked in GreeceForexLive (blog)
Mario Draghi has robustly defended his bond-buying plan in Berlin today.Telegraph.co.uk

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Greece's lenders say deal held up by a "few" issues


Greece's lenders say deal held up by a "few" issues
Reuters
ATHENS Oct 24 (Reuters) - Greece and its foreign lenders have made substantial progress but a "few" issues remain before the two sides can conclude a deal, a European Commission spokesman said on Wednesday. "Substantial progress has been made ...


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Greece: We got an extension; EU: No you didn't

The UN flag waves next to the Greek one on top of Acropolis hill as the temple of Parthenon is seen in the background to mark the 67th United Nations Day in Athens on Wednesday, Oct. 24, 2012. (AP Photo/Dimitri Messinis)Greece's Finance Minister said the country has been granted a long-sought extension to meet the terms of its bailout program — but the claim was swiftly shot down as "speculation" by the European Central Bank and lead lender Germany.



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Poland's leftwing voices are being silenced | Agata Pyzik

The sacking of Przekrój's left-leaning editors is the latest in a narrowing of public debate to the neoliberal viewpoint

After 1989, eastern Europe was supposed to join the club of so-called "normal countries". From now on, we were told, there would be free speech, a free press and free debate, all prevented during the years of communist oppression. But in practice, this free liberal debate is anything but.

These days, whenever someone in the post-communist countries of eastern Europe tries to criticise the changes that their country have undergone, the tendency is to ridicule, or worse, silence them. We're all middle class now, we are told. Start your own little enterprises, consume and shut up. Those trying to discuss a solution to the current crisis other than the orthodox austerity measures is quickly dismissed.

So when a group of left-leaning editors took over the troubled Polish news weekly Przekrój ("Slant") last winter, it felt like a breath of fresh air in a public sphere usually divided evenly between neoliberalists and nationalists. Yet the change of direction didn't last long. After only a few months, and with the circulation having shrunk by roughly 50%, the editors were sacked and replaced with an editorial team with a track record in entertainment and lifestyle journalism.

What Przekrój had dared to try and do was initiate a debate about capitalism, in a country where the language of class struggle had supposedly been discredited. It interviewed trade unionists and spoke about strikes and opposition against austerity. They profiled prominent critics of the US and Israel, wrote features on David Harvey's Rebel Cities book, the Occupy movement, Spain's Indignados and last year's English riots. In sharp contrast, the rest of Poland's "liberal" establishment has largely turned a blind eye not just to developments abroad, but also those on its own doorstep.

For example, when Solidarity – one of the unions who played a key role in the 1989 uprisings – recently protested against the government's raising of the pension threshold from 65 to 67 years, its co-founder Lech Walesa said in an interview that he'd have liked to have seen the police face down the demonstrators. Such robust protests were legitimate if directed against a dictatorship, he said, but couldn't be tolerated in a modern democracy.

Did the protesters get a fair hearing in the media? One of the protesters complained about the government's lack of empathy with their cause: "What does he [prime minister Donald Tusk] know about being old and having to work in a coal mine?" Tellingly, his complaint wasn't found in any of the mainstream liberal outlets, but on an English-language blog. Class is an issue in modern Poland, but the media refuses to talk about it.

This protest, as well as recent strikes of nurses, was a rarity, because in the whole ex-bloc the culture of protest has largely died out with the end of communism. A look at a map of Indignados and Occupy solidarity marches on 15 October 2011 tells you all you need to know: there was almost nothing to the east of the former iron curtain, with only tiny groups in Warsaw, Bucharest and Prague.

This is even more surprising since eastern Europe – the Balkans and Baltic states especially – has been hit very hard by the crisis. Latvia has experienced economic collapse on the scale of Greece. But there is no Latvian Syntagma Square or Syriza party. In Poland, there are currently two kinds of protest: the old Solidarity generation still marches for workers' rights; while post-89 youngsters demonstrate on issues such as freedom of speech – in January thousands protested against the international counterfeiting and piracy agreement Acta. Yet how political that younger generation is remains unclear: what motivated them to take to the street wasn't unemployment or the scaling back of the welfare state, but the fear of free culture being taken from them.

All this is taking place in a situation where the state is focused on liberalising employment legislation, tax cuts and privatisation. Leszek Balcerowicz, the economist who adopted the "shock therapy" doctrine in the early 90s, today bemoans the "swollen public sector". Nobody investigates the dealings of Atos, who are not only active in Britain but will soon also be taking care of "benefit reform" in eastern European countries.

One of the reasons Poland has been able to avoid having a wider debate about the flaws of capitalism is that mass emigration, EU subsidies and exports to Germany have been covering up the tolls of the crisis.

Under the new editorial management, Przekrój's reaction to the jobs crisis has been much like that of the rightwing press in Britain: "Stop being so lazy and get on your bike!" Needless to say, the change in editorial direction has been cheered on by the economic liberals that dominate the debate in Poland. Unless the tone of the debate fundamentally changes soon, Poland will be taken completely by surprise when the crisis eventually starts to hit home


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Greek Bonds Erase Drop on Deficit Comments as Spain's Bonds Rise


Irish Times

Greek Bonds Erase Drop on Deficit Comments as Spain's Bonds Rise
Businessweek
Spanish 10-year securities rose for the first time in four days as the Greek securities rebounded. German Finance Minister Wolfgang Schaeuble said he had “no new knowledge” of a possible extension to Greece's budget deadline, after Greek Finance ...
UPDATE 2-Greece says is has been allowed more time for austerityReuters
Objections by Greek junior government party blocks reforms dealTheDay.com (blog)
Greek coalition allies block austerity plan over labor cutsFox Business
Fox News -NorthJersey.com -MarketWatch
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Murder suspect accused of killing his girlfriend in Crete returns to Britain and asks to visit her grave

Luke Walker (pictured) has returned to the UK on bail and spoke for the first time since being arrested on suspicion of murdering 20-year-old Chelsea Hyndman on the Greek holiday island in 2010.

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Greek Time-Extension Report Denied


Wall Street Journal

Greek Time-Extension Report Denied
NASDAQ
Greek Finance Minister Yannis Stournaras told parliament Wednesday that the two year extension--which has been sought by Greece's coalition government--had been agreed to. But his remarks come even as senior euro-zone leaders disputed that a deal ...
Greek austerity draft proposes wage cuts, buys time for budget targetsAhram Online

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Greece Official Says Deal Reached With Troika of Lenders

Finance Minister Yannis Stournaras said Wednesday that Greece’s European partners had also agreed to grant Athens more time to implement the 13.5 billion euro austerity package.

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Draghi says not aware of any Greek bailout decision


Draghi says not aware of any Greek bailout decision
Reuters
BERLIN (Reuters) - European Central Bank President Mario Draghi said on Wednesday international lenders had made progress in their review of Greece's implementation of austerity measures but he was not aware they had decided on extending its bailout ...

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UPDATE 2-Greece says is has been allowed more time for austerity


Irish Times

UPDATE 2-Greece says is has been allowed more time for austerity
Reuters
Greek government allies yet to support labour reforms. By Renee Maltezou and Lefteris Papadimas. ATHENS, Oct 24 (Reuters) - Greece's finance minister said on Wednesday that his country had been given additional time by its international lenders to ...
German Bunds Little Changed Amid Opposing Greek Deficit CommentsBloomberg
Objections by Greek junior government party blocks reforms dealTheDay.com (blog)
Greek coalition allies block austerity plan over labor cutsFox Business
NASDAQ -Fox News -NorthJersey.com
all 769 news articles »

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Greece: We got an extension; EU: No you haven't

The UN flag waves next to the Greek one on top of Acropolis hill as the temple of Parthenon is seen in the background to mark the 67th United Nations Day in Athens on Wednesday, Oct. 24, 2012. (AP Photo/Dimitri Messinis)Greece's Finance Minister said the country has been granted a long-sought extension to meet the terms of its bailout program — but the claim was swiftly shot down as "speculation" by the European Central Bank and lead lender Germany.



READ THE ORIGINAL POST AT news.yahoo.com