Pages

Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Wednesday, December 5, 2012

Letters: EU knew Greece's figures were fiddled

Both the ruling of the EU general court, blocking an attempt by Bloomberg News to obtain European Central Bank files on how Greece hid the scale of its government debt, and your observation that "the ruling means European taxpayers … will not find out whether EU officials knew of irregularities in Greece's national accounts before they became public in 2009" are surprising, to say the least (Facts on desperate attempt to hide extent of Greece's debt stay secret, 30 November).

The Brussels bureaucracy knew very well before 2009 that several European governments were using the services of private-sector financial institutions to disguise the extent of their budget deficits. In 2005, the then EU monetary affairs commissioner, Joaquín Almunia, announced he was allocating more staff to the task of keeping up with the various tricks, such as interest-rate and currency swaps, employed to reduce the published figures for government borrowing.

In an interview with the Financial Times in October 2005, Almunia claimed that, following the revelation that Greece had provided false data on its government deficit every year since 1998 (sic), progress had been made in cleaning up the data.

Bloomberg might therefore find it useful to turn its attention to what Joaquín Almunia's staff had discovered in the four years prior to the announcement by the new Greek government, in December 2009, that its deficit, as a proportion of GDP, was some three and a half times larger than previously announced.
Paul Rayment
Former director of economic analysis, UN Economic Commission for Europe


guardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds


READ THE ORIGINAL POST AT www.guardian.co.uk

Greece slips to 94th in corruption index as austerity makes it EU's weakest link

With 30,000 homes a day cut off for unpaid bills by the state, corruption has become a matter of survival for many Greeks

On top of the litany of woes that have befallen Greece, comes the news that the eurozone's weakest link is also its most corrupt. From holding 80th place in the 176 countries on Transparency International's corruption perceptions index in 2011, Greece's global ranking, this year, fell to 94, the global watchdog announced on Wednesday. In terms of perceived levels of public corruption, Greece was on a par with Moldova and Mongolia. In the 27-strong EU, there was no other state that fared worse.

For economic experts who were surveyed for the report, the finding will be further proof that Greece is not just an economic basket case that is only barely keeping bankruptcy at bay but entrenched in a crisis of values that, like its debt drama, refuses to go away.

For Costas Bakouris, who spends his time exclusively monitoring corrupt practices as the head of Transparency International's Greek chapter, the survey underscores the desperate need for the nation at the heart of Europe's financial mess to organise a fresh political way of operating.

"We need to create a political system where politicians care more about the fate of the country than themselves," he told the Guardian.

"In short, we need to make politicians accountable," he said, emphasising that wanting ethical standards had played a pre-eminent role in bringing the country to "this critical place".

Ironically, most Greeks would agree. Corruption, as many now understand, was the thorn in the side of a society that held back economic enterprise and competition. It was their nation's overarching affliction.

But the drop will also come as little surprise. And, for many, it will have less to do with the lack of role models – and punishment, or not, meted out to corrupt politicians – as it will do to the sheer need to survive.

In a country not only mired in a fifth straight year of recession but enduring a third year of unprecedented austerity, where one in three now lives below the poverty line and a quarter of the population is unemployed, corruption is a means to an end.

It is, say analysts, the flipside of austerity in an economy in freefall. "To survive in such a hostile situation, you have to bend the rules," said political commentator Giorgios Kyrtsos. "There is no other way when things are so hard – you are forced to resort to corruption to deal with the state mechanism."

Economics professor Theodore Pelagides says rampant tax evasion is a case in point. With VAT at 23%, thanks to policies mandated by Greece's creditors at the EU and International Monetary Fund, withholding of official receipts has assumed proportions that even by the standards of pre-crisis Greece have become chronic.

"People have been pushed to their limits. They have calculated in a very rational way that avoidance of such receipts is a necessity at a time when they have been hit by so many wage cuts and unexpected taxes," Pelagides said. "We should not be at all surprised by the report's findings."

Will it get worse? Very likely, yes. This week another global survey conducted by the consultancy group Mercer found that, in Athens, citizens endured the worst quality of life of any major European city. It was also the 78th most expensive of the 214 cities that were surveyed.

With no prospect of development or growth to get them out of the economic depression, and more biting belt-tightening measures on the way, Greeks are the first to say they fear "a jungle-like" mentality is bound to emerge.

Desperation is on the rise with the state power company DHE reporting it is cutting off electricity supplies in an estimated 30,000 homes every day as bills, which now include a hefty property tax, go unpaid.

"Our country is being destroyed a little more every day," said Tassos Vassiliou, who runs an electric supplies store in a downtown office.

"This shop has been in my family for more than 100 years and at Christmas we will close. We will open up in my family home next door, but don't ask for a receipt because we won't be giving them out."


guardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds


READ THE ORIGINAL POST AT www.guardian.co.uk

Corruption Report on Latin America: Mixed Progress


Haaretz

Corruption Report on Latin America: Mixed Progress
Voice of America
A global anti-corruption watchdog group has ranked Venezuela near the bottom of its list of 176 countries, in its annual report on perceived corruption. In a study released Wednesday, Transparency International gave Venezuela a score of 19 on a scale of 0 to ...
Map: The most- and least-corrupt countries in the worldWashington Post (blog)
Crisis-Hit Nations Seen Among Most Corrupt in EUWall Street Journal
India placed 94th out of 176 countries in corruption: Transparency InternationalThe Hindu
Huffington Post -CHANNELS -The Independent
all 621 news articles »

READ THE ORIGINAL POST AT www.voanews.com

Lessons from Latin America for Greece


Lessons from Latin America for Greece
Financial Times
Last week, once again, a new plan was devised by the troika of the European Commission, the International Monetary Fund and the European Central Bank to keep Greece funded and avoid default in the short term, while its economy continues to plummet ...
America is not Greece: Low funding costs give US government room to borrowReuters Blogs (blog)

all 3 news articles »

READ THE ORIGINAL POST AT www.ft.com

Matthew Lynch, Ed.D.: Punishable by Death: The Quest for Literacy

Access to education and literacy rights continue to be a matter of concern across the globe as non-compliant countries continue to use non-education as a tool to subjugate large percentages of the population.

READ THE ORIGINAL POST AT www.huffingtonpost.com

Greek hospitals' staff failing to keep basic hygiene controls with budget woes


Newsday

Greek hospitals' staff failing to keep basic hygiene controls with budget woes
Newsday
Greek hospitals are in such dire straits that staff are failing to keep up basic disease controls such as using gloves and gowns, threatening a rise in multi-drug-resistant infections, according to Europe's top health official. Greece already has one ...
Greek Hospitals Lurch in DebtFrench Tribune
EU health official warns disease control under threat in GreeceDigitalJournal.com

all 42 news articles »

READ THE ORIGINAL POST AT newyork.newsday.com

Ireland budget imposes more austerity

The Republic of Ireland imposes a new property tax and cuts in child benefit in latest hairshirt budget

Ireland – the "poster child" for the International Monetary Fund and EU's bailout programmes – endured its sixth hairshirt budget on Wednesday with the imposition of €2.5bn (£2bn) of cuts as its finance minister insisted the country is emerging from the fiscal crisis.

The Republic imposed a new property tax and cuts in child benefit as it strives towards no longer relying on IMF and EU funds to run its public services and social welfare.

The Fine Gael-Labour coalition, which has been praised in Brussels, Berlin and across the world for introducing painful deficit reduction measures while coming increasingly under fire domestically from a public fed up with austerity, did not raise direct taxes or cut most social welfare payments.

However, the government in Dublin did introduce a new property tax which would range from payments of 0.18% on homes worth up to €1m to 0.25% on properties valued over the €1m mark. It will come into effect in July 2013.

As well as cutting child benefit by €10 a month there were €61m cuts in other household benefits. University fees are also to rise next year by €250 a student while motor tax will also increase.

Wine lovers were among the biggests losers in terms of the "old reliables'" of indirect taxation. An extra euro has been levied on a 750ml bottle of wine from midnight whereas there has been a 10 cent increase on a pint of beer or cider. The cost of a pack of cigarettes in Ireland will go up by 10% as well.

Finance minister Noonan told the Dáil during his 45 minute budget speech: "Ireland has consistently achieved – or exceeded – all of the targets set in the EU/IMF programme of assistance. We have implemented over 160 separate conditions of the programme and are determined to emerge from it at the end of 2013 and to return to sustained market access. "

Noonan claimed that "significant progress has also been made to restoring investor confidence" in Ireland as the Republic implemented the type of cost cutting programme that has provoked riots and civil disorder in other EU states particularly in Greece.

He predicted that "the worst is over" for the Irish economy after six years of recession and enduring austerity.

"Today, markets and foreign lenders are willing once more to lend to Ireland and to Irish businesses. This is essential for our businesses and our economy to continue its path to recovery," Noonan added.

Overall, the budget statement projected that Ireland will experience 1.5% growth next year rising to 2.5 % in 2014.

The delivery of the budget for 2013 mirrored the make up of the coalition and was essentially a double act with the Labour Minister for Public Expenditure and Reform Brendan Howlin then outlining the extent of the cuts and savings the government proposes to make after Noonan's main speech.

To deal with the blight of the so-called ghost estates across Ireland (vast private housing complexes built during the Celtic Tiger boom and never inhabited due to the property crash), Minister Howlin announced that the government would allocate €10m to deliver empty flats and houses to families on the housing list. The "ghost-estates" have becoming physical symbols of the boom and bust Irish property market that continues to haunt the economy.

In an Irish version of David Cameron's consistent line that "we're all in it together", Howlin also announced cuts to the special allowances of Irish parliamentarians with the practice of unvouched for expenses abolished and public funding to party leaders cut by 10 %.

The budget was likely to be endorsed by the Dáil although a small number of Labour Party TDs were likely to rebel against their leadership and vote against it.


guardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds


READ THE ORIGINAL POST AT www.guardian.co.uk

Crisis-Hit Nations Seen Among Most Corrupt in EU


Myjoyonline.com

Crisis-Hit Nations Seen Among Most Corrupt in EU
Wall Street Journal
BERLIN—The countries caught in the grips of the euro-zone debt crisis are considered among the most corrupt in the European Union, according to an annual global ranking published by anticorruption watchdog Transparency International on Wednesday.
Map: The most- and least-corrupt countries in the worldWashington Post (blog)
India placed 94th out of 176 countries in corruption: Transparency InternationalThe Hindu
Greece tops EU corruption league tableThe Independent
Financial Times (blog) -AFP -Voice of America
all 600 news articles »

READ THE ORIGINAL POST AT online.wsj.com

Newton's Greek Evangelical Church of Boston in need of repairs


Newton's Greek Evangelical Church of Boston in need of repairs
Boston.com
The leaders of the Greek Evangelical Church of Boston are looking within to fund a series of projects to repair their more than 100-year-old Newton building. According to the Rev. Emmanouilidis Kostas, who has served the church since 2004, the bell ...


READ THE ORIGINAL POST AT www.boston.com

Greece tops EU corruption league table

A new global survey exposes Greece as the EU's most corrupt country. The Corruption Perceptions Index – which rates public sector corruption on a scale of one to 100 – is an annual report conducted by the anti-corruption watchdog Transparency International.



READ THE ORIGINAL POST AT www.independent.co.uk

Greece can root out corruption – just like Hong Kong did | Costas Bakouris

A strong anti-corruption body helped turn Hong Kong around. Now it rides high in an index that embarrasses Greece

Sadly, news that Greece is last among European Union countries on Transparency International's Corruption Perceptions Index is not surprising. The emerging tax evasion cases, the scandal of people falsely declaring themselves blind on the island of Zakynthos, and the drama over the leaking of the "Lagarde list" of tax evaders have hit the headlines around the world.

Not only is Greece the lowest ranked EU country in an index that measures experts' perceptions of public sector corruption: in 94th place, it ranks a massive 19 places behind the next EU member state, Bulgaria.

Greece is not alone in Europe in needing to wake up to corruption. Portugal and Spain share the same weak oversight of public spending, with auditors too weak or lacking independence from government. Many European countries do not oblige political parties to disclose donations from companies, are lax in regulating the way businesses lobby politicians and officials, or lack scrutiny over governments tendering of contracts to businesses.

Greece's low rank tells a story. It illustrates the "crisis of values" that is driving the economic crisis, according to a report on corruption risks in Greek institutions published earlier this year.

The lack of accountable leadership – together with the deficit of transparency in the management of public finances and public spending – left us exposed to risk-taking and exploding debt, which brought us to today's crisis.

To a large extent, Greece's economic future depends not only on bailouts, but on how well it fights corruption. Bribery, tax evasion and a host of other mistakes have contributed to the present crisis Greece faces, and threaten to block any economic route the country takes in the future – default, bailout, austerity or stimulus.

When Transparency International assesses Greece's institutions, we see flaws, but also positives that show corruption can be tackled. Greece's ombudsman, for example, is well equipped to combat corruption thanks to a clear mandate enshrined in law and a well-trained staff.

Corruption can be tackled, but the reforms must run deep.

Last week in Athens, Transparency International Greece and the European commission presented a plan for tackling corruption in the country. Looking at today's Corruption Perceptions Index, it becomes imperative that the anti-corruption initiatives presented at the conference are implemented promptly.

A good start would be greater coordination of Greek anti-corruption agencies under a national co-ordinator. Our study earlier this year on corruption in Greece has found that despite the extensive cases of corruption reported, only about 2% of civil servants are subject to disciplinary procedures. .

If the anti-corruption initiative is to have any chance of success, the government should send a strong message by having the national co-ordinator report to the prime minister. Only when the prime minister champions the cause of transparency will Greece start to get rid of corruption.

The creation of a strong anti-corruption body proved a turning point in Hong Kong in the 1970s, helping it emerge from the control of organised crime to its present reputation for integrity – it's now ranked 14th in Transparency International's Corruption Perceptions Index. It has prosecuted more than 12,000 public officials. Greece, sitting 80 places further down that ranking, needs to follow that example and allow no impunity for corruption.

We live in an era where there is a rising tide of public demand for leaders to be more accountable for their actions. Time and again we are seeing leaders who fail to respond to that demand swept from power.

It is time for leaders to step up, lead by example, and cultivate a culture of integrity.


guardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds


READ THE ORIGINAL POST AT www.guardian.co.uk

Map: The most- and least-corrupt countries in the world


Myjoyonline.com

Map: The most- and least-corrupt countries in the world
Washington Post (blog)
Corruption can often be hard to track, so each year, one watchdog group puts all of the bribery, back-room deals and other nefarious practices going on in the world on one technicolor map. Transparency International just released its annual Corruption ...
Crisis-Hit Nations Seen Among Most Corrupt in EUWall Street Journal
India placed 94th out of 176 countries in corruption: Transparency InternationalThe Hindu
Greece tops EU corruption league tableThe Independent
Financial Times (blog) -Christian Science Monitor -Voice of America
all 600 news articles »

READ THE ORIGINAL POST AT www.washingtonpost.com

Greece Plunges in Global Corruption Rankings


Spiegel Online

Greece Plunges in Global Corruption Rankings
Spiegel Online
Adding to its numerous woes, Greece has plunged in this year's corruption rankings, issued annually by Transparency International. The country is now ranked as the EU's worst in the battle against graft. Perennial bottom feeders Bulgaria and Romania, ...


READ THE ORIGINAL POST AT www.spiegel.de

Greece Seeks Investors for $458 Million of Athens Water Plants


Greece Seeks Investors for $458 Million of Athens Water Plants
Bloomberg
Greece invited investors to build, manage and operate four sewage treatment plants in the greater Athens region, according to the country's Development Ministry. The contracts are budgeted for a total of 350 million euros ($458 million), the ministry ...

and more »

READ THE ORIGINAL POST AT www.bloomberg.com

Anti-corruption laws – help or a hindrance to economic growth?


Myjoyonline.com

Anti-corruption laws – help or a hindrance to economic growth?
Financial Times (blog)
Transparency International's corruption perceptions index provides an annual league table on who's up and who's down in global corruption. As usual, the Scandinavians top the clean list and the basket cases are at the bottom. The real interest lies in which ...
Europe's struggling economies 'most corrupt', new survey revealseuronews
Greece Slips in Corruption RankingsNew York Times
Egypt slips in corruption index despite Arab SpringReuters
Bloomberg -AFP -Voice of America
all 580 news articles »

READ THE ORIGINAL POST AT blogs.ft.com

An office of ultra-far-right Golden Dawn party bombed in Greece


National Post

An office of ultra-far-right Golden Dawn party bombed in Greece
National Post
Golden Dawn, a formerly fringe party with a deeply nationalist agenda that advocates expelling all immigrants from Greece, rose to prominence in recent elections amid the country's deep economic crisis to win 18 seats in the 300-member parliament.


READ THE ORIGINAL POST AT news.nationalpost.com

Greece 'is EU's most corrupt nation'


Evening Standard

Greece 'is EU's most corrupt nation'
Evening Standard
Greece — heading for its sixth year of recession — is blighted by a huge black economy and endemic tax evasion by the rich. The country's tax revenues are among the lowest in the EU at 33.2% of GDP last year, compared with the EU average of almost 40%.


READ THE ORIGINAL POST AT www.standard.co.uk

Stournaras expresses cautious optimism for Greece's future


Kathimerini

Stournaras expresses cautious optimism for Greece's future
Kathimerini
Stournaras displayed guarded optimism with regard to Greece's future, noting that the country will overcome the crisis and that investments will make a comeback once the "drachmaphobia" fear disappears. He said the completion of the bond buyback would ...
Greek PM pledges first glimmer of recovery in 2013MiamiHerald.com (registration)
Greece launches $13bn bond buyback planAljazeera.com
Greece begins buying back bondsBBC News
The Interpreter -Greek Reporter -Tengrinews
all 925 news articles »

READ THE ORIGINAL POST AT www.ekathimerini.com

Greek Businesses Fleeing Country Over Debt Crisis (Athens)


Greek Reporter

Greek Businesses Fleeing Country Over Debt Crisis (Athens)
NorthJersey.com
ATHENS — For 23 years, Marios Vrachnakis has worked to make the thick Greek yogurt that has become almost as much a symbol of his country as feta cheese and olives. But these days, being Greek is a bad business model. The company where ...
Yogurt plant poised for growthAlbany Times Union
FAGE Int'l Offers to Isolate Greek Units in Bid to Woo InvestorsGreek Reporter

all 6 news articles »

READ THE ORIGINAL POST AT www.northjersey.com

TI Rankings Released with Few Surprises


Haaretz

TI Rankings Released with Few Surprises
Wall Street Journal (blog)
Transparency International released its now-ubiquitous Corruption Perceptions Index Wednesday, and the bottom line seems to be that both world's most and least corrupt countries stood pat. Denmark, Finland, and New Zealand shared first place in the 2012 ...
Greece Slips in Corruption RankingsNew York Times
Egypt slips in corruption index despite Arab SpringReuters
Euro Crisis Feeds Corruption as Greece Slides in RankingsBloomberg
Indian Express -BusinessDay -Financial Times
all 557 news articles »

READ THE ORIGINAL POST AT blogs.wsj.com

John V. Whitbeck: The World Has Spoken

The UN General Assembly has now voted, by 138 votes to 9, with 41 abstentions and 5 no-shows, to recognize the existence as a state "of the State of Palestine on the Palestinian Territory occupied since 1967."

READ THE ORIGINAL POST AT www.huffingtonpost.com

Euro buoyant on Greece bailout news


Business Recorder (blog)

Euro buoyant on Greece bailout news
China Post
Euro buoyant on Greece bailout news. TOKYO--The euro extended its recent gains in Asian trade Wednesday as markets cheered an EU extension on Greece's deficit targets while U.S. economy fears helped push investors toward the single currency.
Euro buoyant in Asia on Greece bailoutBusiness Recorder (blog)

all 38 news articles »

READ THE ORIGINAL POST AT www.chinapost.com.tw