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Friday, December 13, 2013

Ireland becomes the first country to exit eurozone bailout programme

As Fine Gael-Labour government says austerity has successfully restored confidence, Sinn Féin says troika mindset remains

Ireland became the first eurozone country this weekend to exit the international bailout programme that rescued it from national bankruptcy, a crisis which the country's finance minister said was the worst period since the famine.

Relief over exiting the bailout was tempered with warnings from its ministers that the policy of austerity must continue to drive down the Republic's massive debt.

Cabinet ministers lined up on Friday morning to praise the heroism of the Irish people for stoically accepting three years of slashing social welfare, state jobs and public sector wages.

The Republic's price for receiving €67bn from the International Monetary Fund and the EU was a programme of 270 separate cuts to budgets in unemployment benefits, health, education and other spending areas.

Marking the end of the IMF-EU bailout programme, Irish finance minister Michael Noonan said: "This isn't the end of the road. This is a very significant milestone on the road."

In a reference to the borrowing boom fuelled by cheap credit during the Celtic Tiger years, Noonan said: "We can't go mad again."

The finance minister compared the crisis that pushed Ireland to the edge of financial disaster as the worst since the famine of the mid-19th century in which millions died or emigrated in the potato blight.

Asked how the exit from the bailout would impact on domestic demand – one of the weakest sectors in the Irish economy – Noonan's ministerial colleague Brendan Howlin interjected at the press conference in Government Buildings: "Try booking a restaurant in Dublin tonight."

Noonan added: "Demand is beginning to move and I think that is getting confidence back because there is a lot of money around as savings are very high at the moment."

The minister who has had to deal most with the IMF-EU officials, the so-called troika of economic experts oversaw the Irish economy and government programmes over the last four years, said they sometimes failed to appreciate the political pressures the Irish coalition was under.

"Most of the people who were involved in the background of the troika were very smart, very competent technocratic people but they weren't very good at politics," Noonan said.

On Europe's prospects as a whole, Noonan said: "The phase of additional European countries going into [bailout] programmes, and the countries in programmes having concerns over their situation, is over. The eurozone is quite strong again."

Noonan also repeated a constant refrain from Fine Gael and Labour ministers in paying homage to the Irish people for burdening the cuts imposed by the troika.

"The real heroes and heroines are the Irish people," he said.

Earlier the employment minister Richard Bruton said the Irish failed to riot or violently protest the way the Greeks had done because of the "patriotism in the way people approached this crisis".

Sinn Fein, however, predicted that the spirit of the IMF-EU programme would live on in terms of ongoing austerity cuts.

Party finance spokesman Pearse Doherty said: "the troika mindset remains firm in government buildings".

Among the ordinary citizens portrayed on Friday as the true heroes of the last three years there was a mixture of resignation and wariness over what the exit would mean for them.

Michael McMorrow, a self-employed Dubliner, said: "It does appear that there are small signs of improvement – unemployment going down a little, property market starting to move a little, dormant shop units waking up a little, the tide of new charity shops in Dun Laoghaire (south country Dublin) slowing down a little.

"I'd love to believe that 'Leaving the Bailout' is genuinely a step into the light, and maybe it is, but I'm too scarred to raise my hopes just yet."

But Martin Shannon, a 31-year-old bookseller from south Dublin, said he has already noticed an upturn in consumer demand even before the country left the bailout.

"We'll be in control of our finances more than we have been for the last few years, but I'm indifferent as to whether that's actually a good thing. Wasn't it ourselves who dug the hole in the first place? Or at least allowed the hole to be dug on our land.

"Working in a bookshop, I'm used to having a grim outlook. Paying tax, and with more taxes and charges looming in the new year, it's hard to get excited about this. However, there is one thing that gives me a bit of hope, and indicates to me that things might be getting better. I've noticed that our turnover in the bookshop is up around 10% on this time last year. Customers seem more relaxed and are spending a little more easily, pointedly mentioning the price of books a little less frequently," Shannon said.

Eurozone crisisIrelandAusterityEuropean UnionBankingEuropean banksFinancial crisisEuropeHenry McDonaldtheguardian.com © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds


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Greek, Turkish ministers discuss Cyprus, minority issues

KathimeriniGreek, Turkish ministers discuss Cyprus, minority issuesKathimeriniForeign Minister Evangelos Venizelos and his Turkish counterpart Ahmet Davutoglu met in Athens on Friday for talks that focused on the forthcoming launch of a new round of peace talks on divided Cyprus and on thorny bilateral issues including Ankara's ...Greece-Turkey: Foreign Minister Davutoglu in AthensANSAmedTurkish Foreign Minister Davutoglu on visit to AthensFocus Newsall 3 news articles »

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Friday 13th: The Most “Unlucky Day” in History

Friday 13th is widely considered an ‘unlucky day’. According to the Stress Management Center and Phobia Institute in Asheville, California, an estimated 17 to 21 million people in the United States are actively affected by a fear of Friday 13th, making it the most feared day in history. Some people refuse to fly, or close […]

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Greece Nears Fiscal Target Goal

Greece said the economy, despite disappointing tax returns, has beaten budget expectations in the first 11 months of 2013, adding optimism to its belief that next year there will be the beginning of a recovery. The Finance Ministry said it foresees a primary surplus – excluding interest on $325 billion in two bailouts, the cost […]

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Ex-Minister Mantelis’ Appeal Delayed

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Arsonists Target Summer Home of Greek ex-socialist PM Costas Simitis

The Greek Police Anti-Terrorist Unit, in charge of investigating the fire at Costas Simitis’ vacation home in Agioi Theodoroi, Greece, found the remains of an incendiary device, . The incendiary device was placed in a metal box and according to sources its wiring was similar to the one that was found in the Egaleo metro […]

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Parents sue Greece over missing heart

Parents sue Greece over missing heartThe Japan TimesPHILADELPHIA – The parents of a U.S. Marine whose body came back from Greece missing his heart have added the Greek government and an Athens hospital as defendants to their amended their federal lawsuit. Craig and Beverly LaLoup are suing the ...Greek government, hospital named in lawsuit over missing heartUPI.comFamily of fallen Marine file suit over "mutilated" remainsKUSIall 5 news articles »

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Amnesty: Syrian refugees ill-treated, pushed back by Greek officials

KathimeriniAmnesty: Syrian refugees ill-treated, pushed back by Greek officialsKathimeriniAuthorities in Greece and Bulgaria are guilty of "deplorable treatment" of would-be refugees from Syria including "life threatening push-back operations along the Greek coast, and detention for weeks in poor conditions in Bulgaria," the human rights ...EU 'fails miserably' to help Syrian refugees - Amnesty InternationalMaltaTodayall 339 news articles »

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Greek police investigate arson attack at former PM's seaside house

Greek police were investigating an arson attack on former Prime Minister Costas Simitis's holiday house outside the capital Athens on Friday that caused damage but hurt no one. "There were remnants of a battery, a switch and a container of a flammable liquid," a police official, who declined to be named, told Reuters.

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Venizelos warns troika to ease up on government

The government is being destabilized and potential investors are being put off because of the pressure the troika is putting on Greece, Deputy Prime Minister Evangelos Venizelos told representatives of the country’s lenders on Thursday, according to sourc... ...

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Negotiations and stamina

Negotiations between the coalition government and the troika of international lenders must be brought to a conclusion as soon as possible. The current climate of uncertainty in Greece is wiping out any prospect of recovery, while battering the market’s ps... ...

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Turkish Foreign Minister Davutoglu on visit to Athens

Turkish Foreign Minister Ahmet Davutoglu was in Athens on Friday for talks with his Greek counterpart, Evangelos Venizelos, and with Prime Minister Antonis Samaras that were expected to focus on bilateral ties and the forthcoming resumption of negotiation... ...

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Cyprus: The ancient island of Aphrodite that has seen many modern struggles

(CNN)-- Strategically located in the eastern Mediterranean, Cyprus has stood at one of the geographical, cultural and economic fault-lines between East and West since ancient times. In mythology, it was the birthplace of the Ancient Greek ...

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Greek 2014 EU Presidency cost- effective, fruitful: Greek Foreign Ministry

ATHENS, Dec.12 (Xinhua) -- Greece's 2014 EU Presidency will be cost-effective, fruitful and productive, Greek Deputy Foreign Minister Dimitris Kourkoulas said on Thursday. Speaking to a press conference in Athens, the deputy minister ...

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How I Shot, Smoked, And Screwed My Way Through The NFL

I sat down in front of the team doctors and our trainer, Greek , and went over my injuries for the year—anything that required treatment during the course of the season.

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Is NATO's Trojan Horse Riding Toward the 'Ukraine Spring'?

Ukrainian citizens have rallied in the bitter cold at Independence Square in Kiev to demand a better economic future and to protest President Viktor Yanukovych's failure to sign an economic agreement with the EU.

But while the draft of the EU "Association Agreement" is being sold as an economic boon for Ukrainian citizens, in reality it appears to be NATO's Trojan Horse: a massive expansion of NATO's military position in the region. What's more, the Agreement occurs under the cover of nebulous economic promises for a beset population hungering for better wages.

In a country where the average monthly minimum wage stands at about $150 USD, it's not hard to understand why Ukrainians are in the streets. They do not want to be in Russia's orbit, nor do they want to be pawns of NATO.

But is the plight of Ukrainians being exploited to usher in a new military agreement under the guise of economic reform?

For NATO, the goal is expansion. The prize is access to a country that shares a 1,426-mile border with Russia. The geopolitical map would be dramatically reshaped by the Agreement, with Ukraine serving as the new front for Western missile defense at the doorstep of Russia. Should the U.S. nuclear deal with Iran fall apart, Ukraine could be employed in larger regional disputes, too.

As an EU deal appears imminent, few people are asking questions about NATO's role in the deal, which was meant to facilitate jobs and trade. Economic conditions in Ukraine are dire: billion in IMF loans suspended, danger of default and a zero growth forecast.

While NATO is not specifically mentioned in the draft of the "Association Agreement," the proposal, which was posted online (and translated to English here) by the Ukrainian cabinet in August, pledges convergence of foreign and security policy.

Read: NATO expansion.

For instance, in the draft of the Agreement, foreign and security policy mandates:

"The Parties shall explore the potential of military and technological cooperation. Ukraine and the European Defence Agency (EDA) will establish close contacts to discuss military capability improvement, including technological issues."

The draft of the Agreement's preamble links Ukraine to "ever closer convergence of positions on bilateral, regional and international issues of mutual interest" including the Common Foreign and Security Policy (CFSP) of the European Union and the Common Security and Defence Policy (CSDP) -- which underscores the military nature of the agreement.

Since 22 of 28 members of the EU have NATO membership, there is little doubt that Ukraine is being drawn into the broad military arrangement with EU nations.

If the EU Agreement is ratified, Ukraine will inevitably spend a higher percentage of its GDP for military purposes, steering critical resources from social programs and job opportunities. In 2012, Ukraine's military budget already increased 30 percent -- to $2 billion, representing a comparatively low 1.1 percent of GDP. NATO members agree to spend at least 2 percent of GDP on defense.

NATO members are also under pressure to contribute more and more of their GDP to military expenditures. "It is time to move beyond the '2 percent rule,'" says the Center for Strategic and International Studies.

The former U.S. Ambassador to NATO, Ivo Daalder, in his farewell remarks in June, 2013, described the sentiment:

"The gap between American and European contributions to the Alliance is widening to an unsustainable level. Something must be done. The trends need to be reversed."

When military spending goes up, domestic spending goes down. The winners are unlikely to be the people of Ukraine, but instead the "people" of Lockheed-Martin, Northrop Grumman, Boeing and other defense interests. The Ukrainians didn't go to Independence Square to rally for NATO. Yet NATO's benefit is clear. Less clear is whether Ukrainians will receive key economic benefits they seek.

To wit, the preamble to the Agreement is hazy on the implementation of visa-free travel for citizens of Ukraine, a crucial incentive for struggling workers seeking better jobs. The draft of the Agreement is vague, calling for the visa issue to be introduced "in due course." It also asserts that EU nations could block the movement of self-employed Ukrainians to other job markets.

For Greece, Spain and others, EU membership hasn't turned out to be a shining economic savior. The return of austerity policies reminds one of Naomi Klein's warning about the perils of disaster capitalism, in which instability opens the door for exploitation from outside forces.

For the protesters in Kiev, standing tall for democracy and economic opportunity, there's suddenly a new worry: Disaster Militarism. Ukrainians may be pro-EU, but are the EU and NATO pro-Ukrainian?

Dennis J. Kucinich is a former 16-year member of Congress and two-time U.S. presidential candidate. Visit his website www.kucinichaction.com.Follow Dennis J. Kucinich on Facebook: www.facebook.com/denniskucinich


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Venizelos Urges Quick Troika Deal

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One in Three Greeks State Debtors

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One in Three Greeks Can’t Heat their Homes

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Samaras: “We Will Move Forward With the Healthcare Reform”

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Greece Announces Primary Surplus of 2.7 Billion euros

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Commissioner Hahn Gives Greece High Marks for NSRF Absorption Rate

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Attempted Abduction of Shipowner

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Startup Entrepreneurship : Athens Mayor Announces Far-reaching Initiatives

The City of Athens and the European Commission representative office in Greece held an open panel discussion at Technopolis today where Mayor Georgios Kaminis and Commissioner of Regional Policy, Mr Johannes Hahn announced far reaching initiatives in support of startup entrepreneurship, the boosting of the existing business environment in Athens, urban regeneration projects and support measures […]

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Say "Opa!" to authentic Greek seafood, small plates, and drinks at Greek ...

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A mixed bag for Greece

Greece is close to reaching a central target of its bailout agreements with international lenders, after beating expectations for its budget performance in the first 11 months of the year, the Finance Ministry said on Thursday.

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Greek Gifts for Kids

If you're striving to raise a classically-minded kid, a few Greek-themed toys and activities may help to inspire a love of Greece and Greek culture - or prepare them for that upcoming family trip to Athens and the rest of Greece. Greek Gifts for ...

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Greek government, hospital named in lawsuit over missing heart

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Greece posts primary budget surplus till November

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Heating subsidy by Soros charity turned down by parents association in northern Greece

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Venizelos meets with troika envoys in Athens, calls for final deal

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SYRIZA chief meets with Olli Rehn, warns of austerity fallout

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Motorist killed on Greek highway while checking car for damage

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Golden Dawn attack on Greek journalist condemned by IFJ

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Former Greek minister Mantelis's appeal adjourned until Dec 18

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Another former Siemens official to face prosecutor

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Tsipras tells Rehn debt relief is only solution

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Gov’t sure of primary surplus by year-end

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BlackRock is confident on bank sector prospects

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