Greece

The Puzzle of the 2012 Greek Elections

May 8, 2012 by

With the Greek Parliamentary election behind us—likely the first of at least two such contests in this political season—we need to take stock of the situation and separate myth from fact. My objective is to make sense of the electoral results by describing and analyzing the Greek political system in both its historic and nascent forms. The particulars of the bailout have been widely discussed elsewhere in the press and policy circles, and I will refer to them only in the ways in which they inform the topic.

European’s Have Rejected Austerity Madness: Will the U.S. Get the Message?

May 7, 2012 by

So the voters of Europe have spoken, and surprise, surprise: they are not too keen on fiscal austerity. France’s president, Nicolas Sarkozy, became the first incumbent to lose since 1981. In Greece, the mainstream parties that have been happily participating in the country’s national suicide were soundly rejected by the electorate.

Iran: Why This Time Is Different

May 3, 2012 by

The latest P5+1 talks in Istanbul rejuvenated the diplomatic track between Iran and the West, paving the way for a new chapter in Iranian nuclear negotiations. Yet if the recently concluded talks were a test of intentions, the upcoming negotiations in Baghdad are going to be a real test of wills. Both sides will have to overcome huge obstacles if they want to establish a “sustained process of serious dialogue” to resolve the Iranian nuclear impasse.

ILO Urges Worker-Friendly Recovery Policies

April 30, 2012 by

Although economic growth has resumed in much of the world since the 2008 financial crisis, the global unemployment situation remains alarming and could worsen, according to the International Labour Organisation (ILO). European governments, in particular, should adopt more worker- friendly approaches in dealing with fiscal austerity, according to the agency’s “World of Work Report 2012″ that was released here and at its headquarters in Geneva Sunday.

Spain is the New Greece

April 29, 2012 by

Nearly one Spaniard in four is unemployed, according to data released on Friday, as the country’s economic and financial predicament prompted a government minister to talk of a “crisis of enormous proportions”. The data from the National Statistics Institute showed 367,000 people lost their jobs in the first three months of the year. At this pace, Spanish job losses are equivalent to 1 million per month in the United States.

What’s Left?

April 15, 2012 by

The public suicide of 77-year-old pharmacist Demitris Christoulas a short distance from the parliament building in Athens and the outpouring of grief and anger reveal the trauma and desperation in Greek society in the midst of an economic crisis. In a handwritten note before he shot himself in the head, Christoulas complained that the government had made it impossible for him to survive on the pension he had paid into for 35 years.

Trouble in Euro Zone Paradise?

February 24, 2012 by

The Europeans evidently thrive on instability and the ongoing threat of systemic risk. There is nothing else to explain the renewed hardline stance adopted by both Mario Draghi of the ECB and the German government on fiscal policy, just as the markets appeared to be calming down again.

The Post-WWI Years and the 21st Century

February 24, 2012 by

The world today and the world immediately before the Second World War are strikingly similar. The military and foreign policy of the United States today is comparable to the close-minded introversion of isolationism. European countries are teetering on the brink of economic collapse. The German industrial juggernaut has reignited. The announced rearmament of Russia resembles that of the former Soviet Union, during and immediately after the First World War.

Europe Must Choose Between an Iranian Oil Embargo and Default

February 20, 2012 by

Experts say that if Iran stops its oil deliveries to the European Union, the EU will need several weeks to find alternative suppliers. Britain and France, to which Iran stopped deliveries on Saturday, February 19, are unlikely to be hit hard, but Greece, which is tottering under the weight of its economic problems and is the largest importer of Iranian oil, will most likely have to declare a default.

Greece: A Default is a Better Outcome Than the Deal on Offer

February 13, 2012 by

Pick your poison. In the words of Greek Finance Minister Evangelos Venizelos, the choice facing Greece today in the wake of its deal with the so-called “Troika” (the ECB, IMF, and EU) is “to choose between difficult decisions and decisions even more difficult. We unfortunately have to choose between sacrifice and even greater sacrifices in incomparably more dearly.” Of course, Venizelos implied that failure to accept the latest offer by the Troika is the lesser of two sacrifices.

Austerity in, Euro out – Is this Greece’s future?

February 13, 2012 by

As Greek politicians approved a tough austerity package amid fierce protests, one question dominates: is an orderly exit from the Eurozone available for Greece? And just what might be the consequences? Recently Citibank put the probability of such a Greek withdrawal in the next 18 months at 50%. Greece is seeking to finalise a deal with bank creditors on Greece’s private sector borrowings which would cancel €100 billion euros ($A125 billion) of its sovereign debt of over €350 billion.

Breaking Up is Hard to Do

February 10, 2012 by

Nobody likes getting dumped on an anniversary. January marks the ten-year anniversary of the euro, whose introduction was supposed to herald an era of not just economic prosperity, but closer integration across the continent. But as the financial crisis grips Europe, enthusiasm for the euro is waning quickly among the public in many member states, and nations that had once pledged to adopt the currency are getting cold feet.

Greece’s International Profile and the Financial Crisis

February 3, 2012 by

The financial crisis and international profile of states are two interdependent elements that influence negatively all aspects of foreign policy, especially the tools of public diplomacy. In the age of globalisation public diplomacy is considered a useful communication tool for governments that aim to influence the public opinion of third countries and in particular seeking to improve their national image and reputation in the world.

Anschluss Economics - The Germans Launch A Blitzkrieg on the Greek Debt Negotiations

January 31, 2012 by

News stories continue to suggest that Greece once again appears on the verge of reaching a deal with its private sector creditors on how much of a loss they would be willing to accept on their bond holdings. The latest numbers suggest a 70% write-down. A pretty striking comedown for what is supposed to be a “voluntary default” and, hence, not subject to the triggers of a credit default swap on Greek debt.

Greece in 2011: Argentina in 2002 Redux?

December 14, 2011 by

The Greek tragedy of sovereign debt, the overlay of a potential for regional recession, social turmoil, perceptions of structural corruption, and political theatrics and brinkmanship is all too familiar. This is reminiscent of Argentina in 2002, which remains the largest sovereign debt default in economic history.

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