Greece Economy



IMF internal Meeting threatens to leave Troika - WikiLeaks: LINK ¤ WIKILEAKS

 

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  • "we publish the records of a 19 March 2016 teleconference between the top two IMF officials in charge of managing the Greek debt crisis"

 

 

 

 

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  • "Poul Thomsen, the head of the IMF's European Department, and Delia Velkouleskou, the IMF Mission Chief for Greece"

 

 

 

 

 

 

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  • "the IMF is planning to tell Germany that it will abandon the Troika (composed of the IMF, European Commission and the European Central Bank)"

 

 

 

 

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  • "if the IMF and the Commission fail to reach an agreement on Greek debt relief"

 

 

 

 

 

 

 

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  • Thomsen: "look you, Mrs. Merkel, you face a question: you have to think about what is more costly - to go ahead without the IMF"

 

 

 

 

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  • "or to pick the debt relief that we think that Greece needs"

 

 

 

 

 

 

 

 

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  • "Greek Finance Minister Tsakalotos accused the IMF of imposing "draconian measures," including on pension reform"

 

 

 

 

 

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  • "Velkouleskou argues that if the Greek Government get pressured enough, they would"

 

 

 

 

 

 

 

 

 

 

 

 

 

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new IMF Report warns Greece needs extra Debt Relief
- the Guardian: LINK ¤ the GUARDIAN

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  • "the International Monetary Fund has warned that Greece will require a far more generous debt relief"

 

 

 

 

 

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  • "the new report shows that Greece’s public debt is likely to peak"

 

 

 

 

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  • "at 200% of its national income within the next two years"

 

 

 

 

 

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  • "the IMF report paints a far darker picture of Greece’s public finances than contained in the blueprint released at the end of the marathon eurozone leaders’ summit"

 

 

 

 

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  • "the dramatic deterioration in debt sustainability points to the need"

 

 

 

 

 

 

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  • "for debt relief on a scale that would need to go well beyond"

 

 

 

 

 

 

 

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  • "what has been under consideration to date - and what has been proposed by the ESM"

 

 

 

 

 

 

 

 

 

 

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IMF: Greece' Debts are unsustainable (180% of GDP) - the Guardian: LINK ¤ the GUARDIAN

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  • "the International Monetary Fund has electrified the debate in Greece after it conceded that the crisis-ridden country"

 

 

 

 

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  • "needs50bn of extra funds over the next three years"

 

 

 

 

 

 

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  • "and large-scale debt relief"

 

 

 

 

 

 

 

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  • "to create "a breathing space" and stabilise the economy"

 

 

 

 

 

 

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  • "the IMF revealed a deep split with Europe as it warned that Greece’s debts are "unsustainable""

 

 

 

 

 

 

 

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  • "Greece needs a reduction in debt of at least 30%"

 

 

 

 

 

 

 

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  • "of national income to bring it down to 117% of GDP"

 

 

 

 

 

 

 

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  • "the uppermost limit of what is sustainable"

 

 

 

 

 

 

 

 

 

 

 

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Greece: the Need for Debt Relief - the Guardian: LINK ¤ the GUARDIAN

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  • "the IMF’s DSA (debt sustainability analysis) for Greece offers a stark reminder of the challenges faced by all those involved"

 

 

 

 

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  • "it speaks to the need for Europe to bite the bullet and deliver a credible "debt operation""

 

 

 

 

 

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  • "which involves debt forgiveness"

 

 

 

 

 

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  • "the very mention of which has proven an anathema to some European governments"

 

 

 

 

 

 

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a letter of solidarity to the Greek people signed by 400 Italian academics:



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  • "we can no longer bear to see Greek society collapsing under the weight of the merciless continuation of the policies of austerity"

 

 

 

 

 

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  • "that manifestly is leading the economy ever more deeply into the vicious cycle of recession"

 

 

 

 

 

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  • "from which it would never going to emerge"

 

 

 

 

 

 

 

 

 

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Europe must not abandon Greece in its Hour of Need
- Ernest Maragall
: LINK ¤ EURACTIV

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  • "this is an ideal moment to pause and objectively analyse some of the recent history, without preconceptions"

 

 

 

 

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  • "and to review the steps that have led the country to the current situation"

 

 

 

 

 

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  • "only then will we be able to find a way forward that is actually likely to succeed"

 

 

 

 

 

 

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  • "it is in all of our interests as European citizens"

 

 

 

 

 

 

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  • "to find a way forward"

 

 

 

 

 

 

 

 

 

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  • "we must begin by dealing with past mistakes, so that they do not become intolerable burdens for future generations of Greeks"

 

 

 

 

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  • "I am of course referring to the enormous foreign debt"

 

 

 

 

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  • "accumulated during the first seven years of the euro"

 

 

 

 

 

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  • "which increased throughout the second seven years as a result of bailouts under impossible conditions"

 

 

 

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  • "and the process of austerity forced upon Greece"

 

 

 

 

 

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  • "we must keep in mind two truths:"

 

 

 

 

 

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  • "first, the debt is almost impossible to repay"

 

 

 

 

 

 

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  • "and secondly, the accumulated debt is not solely the responsibility of the Greeks"

 

 

 

 

 

 

 

 

 

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  • "by joining the Euro, Greece handed over control of the two main levers of monetary policy to the ECB"

 

 

 

 

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  • "namely interest rates and exchange rate policy"

 

 

 

 

 

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  • "without them a country with higher inflation than others ends up with external deficits that can only be dealt with through external financing"

 

 

 

 

 

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  • "if this pattern is repeated - as was the case in Greece, Spain"

 

 

 

 

 

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  • "and some other Eurozone countries - then a colossal debt builds up"

 

 

 

 

 

 

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  • "attempting to offset this debt through austerity measures such as cutting wages and social protection has led to a spiral of recession, unemployment and poverty"

 

 

 

 

 

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  • "the result has actually been to increase the initial debt"

 

 

 

 

 

 

 

 

 

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  • "this reality makes it impossible for debtor countries in the Eurozone to solve their debt problems by themselves, without action at EU level"

 

 

 

 

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  • "going it alone may well lead to bankruptcy and exiting the Euro"

 

 

 

 

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  • "and who knows which of Greece or the EU would end up as the biggest loser in the end"

 

 

 

 

 

 

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  • "Greece is an opportunity for Europe to solve the peripheral debt problem"

 

 

 

 

 

 

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  • "whilst rejecting the austerity that has deepened it"

 

 

 

 

 

 

 

 

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  • "let us then link debt repayment with growth"

 

 

 

 

 

 

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  • "and create a public investment programme worthy of the name that will grow the economy"

 

 

 

 

 

 

 

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  • "let us fund Europe adequately to provide this investment"

 

 

 

 

 

 

 

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  • "through a fair taxation of capital across Europe"

 

 

 

 

 

 

 

 

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  • "this is Europe's duty and obligation"

 

 

 

 

 

 

 

 

 

 

 

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Greek Bail-Out: 77% went into the Financial Sector
- ATTAC Investigation
: LINK ¤ ATTAC

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  • "the European Union (EU) and the International Monetary Fund (IMF) have applied 23 tranches"

 

 

 

 

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  • "comprising206,9 billion to the so-called "Greek bail-out""

 

 

 

 

 

 

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  • "at least 77% of the bail-out money"

 

 

 

 

 

 

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  • "can directly or indirectly be attributed to the financial sector"

 

 

 

 

 

 

 

 

 

 

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  • "€ 58,2 billion (28,13%) were used to recapitalise Greek banks"

 

 

 

 

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  • "instead of restructuring the too big and moribund sector in a sustainable way and letting the banks' owners pay for their losses"

 

 

 

 

 

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  • "€ 101,331 billion (48,98%) went to creditors of the Greek state"

 

 

 

 

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  • "€ 55,44 billion of these were used to repay maturing government bonds"

 

 

 

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  • "instead of letting the creditors bear the risk for which they had received interest payments before"

 

 

 

 

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  • "another € 34,6 billion served as incentive to make creditors agree to the so-called "haircut" in 2012"

 

 

 

 

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  • "€ 11,3 billion were used in a debt buyback, when the Greek state bought back almost worthless bonds from its creditors"

 

 

 

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  • "€ 0,9 billion (0,43%) were used as Greek contribution to the new bail-out fund ESM"

 

 

 

 

 

 

 

 

 

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  • "a maximum of43,6 billion (22,46%) of the so-called "rescue packages" went into the Greek national budget"

 

 

 

 

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  • "however, this amount has to be seen alongside other state expenses during the same period which didn't benefit the general population"

 

 

 

 

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  • "more than € 34,6 billion were yet again paid to creditors"

 

 

 

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  • "as interest payments for outstanding government bonds (2nd quarter 2010 to 4th quarter 2012)"

 

 

 

 

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  • "moreover, the Greek state put another10,2 billion into military spending (2010 and 2011)"

 

 

 

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  • "the governments in Berlin and Paris pressured Greece not to cut military spending because that would affect German and French arms companies"

 

 

 

 

 

 

 

 

 

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  • "among those actually rescued is the multi-billion Latsis clan"

 

 

 

 

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  • "one of the richest families in Greece, owning large parts of the state-rescued "Eurobank Ergasias""

 

 

 

 

 

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  • "speculators benefited, too: during the debt buyback in 2012"

 

 

 

 

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  • "the hedge fund "Third Point" pocketed500 million with the aid of European public funds"

 

 

 

 

 

 

 

 

 

 

 

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  • "creditors and the rich have to pay their share of the crisis' costs"

 

 

 

 

 

 

 

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  • "while the financial sector must be severely regulated"

 

 

 

 

 

 

 

 

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  • "after three years of devastation caused by imposed austerity"

 

 

 

 

 

 

 

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  • "Greece is in need of real rescue packages"

 

 

 

 

 

 

 

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  • "that actually reach the general population"

 

 

 

 

 

 

 

 

 

 

 

 

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IMF to admit Mistakes in handling Greek Debt Crisis - the Guardian: LINK ¤ the GUARDIAN

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  • "the International Monetary Fund admits"

 

 

 

 

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  • "that it has made serious mistakes"

 

 

 

 

 

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  • "in the handling of the sovereign debt crisis in Greece"

 

 

 

 

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  • "the report confirms what Greek officials have long said:"

 

 

 

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  • "that the first bailout of uncompromising budget cuts and tax increases in May 2010"

 

 

 

 

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  • "was the wrong prescription for the country"

 

 

 

 

 

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  • "under the weight of such measures"

 

 

 

 

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  • "applied across the board and hitting the poorest hardest"

 

 

 

 

 

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  • "the economy was always bound to dive into an economic death spiral"

 

 

 

 

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  • "for too long the "troika" officials refused to accept that the programme was simply off-target"

 

 

 

 

 

 

 

 

 

 

 

 

 

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- Capital: Athens - [ GoG = Government of Greece ]


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Papandreou - US cable - 2009: LINK ¤ 09ATHENS250

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  • "PASOK Prime Minister Papandreou expressed admiration for the recently signed US economic stimulus package"

 

 

 

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  • "he wished the EU would consider something similar"

 

 

 

 

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  • "unfortunately, Germany had taken the lead"

 

 

 

 

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  • "in holding back the EU's reaction to the economic crisis"

 

 

 

 

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  • "based on misguided commitment to fiscal rules"

 

 

 

 

 

 

 

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  • "the EU's cumbersome rules and the opposition of key members"

 

 

 

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  • "especially an overly inflation-phobic Germany"

 

 

 

 

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  • "had constrained the EU response to the crisis"

 

 

 

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  • "he called for the EU to relax its "master criteria""

 

 

 

 

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  • "these rules made no sense in a recession"

 

 

 

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  • "and expressed support for ending disparities in interest rates for loans within the euro zone"

 

 

 

 

 

 

 

 

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  • "he was not a protectionist"

 

 

 

 

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  • "but took the social democratic view"

 

 

 

 

 

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  • "that markets should be governed by rules"

 

 

 

 

 

 

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  • "he would like to see an organization like the IMF that would do more to put"

 

 

 

 

 

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  • "clear, strict international rules on financial development"

 

 

 

 

 

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  • "geared toward where we want to move the planet"

 

 

 

 

 

 

 

 

 

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PASOK
- US cable - 2009:
LINK ¤ 09ATHENS1529

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  • "in a strong victory in Greece's Parliamentary elections"

 

 

 

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  • "George Papandreou's Pan Hellenic Socialist Union Party (PASOK)"

 

 

 

 

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  • "defeated incumbent Karamanlis' "New Democracy" Party by a spread of more than ten percentage points"

 

 

 

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  • "winning 44 percent of the vote and 160 seats in the 300 seat parliament"

 

 

 

 

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  • "PASOK swept into power on a wave of voter dissatisfaction with the poor performance"

 

 

 

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  • "and corruption scandals of the outgoing government"

 

 

 

 

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  • "economic issues were dominant with Papandreou promising a US$ 4.5 billion economic stimulus package"

 

 

 

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  • "protection for workers, a more progressive tax burden"

 

 

 

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  • "and an emphasis on green development"

 

 

 

 

 

 

 

 

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New Democracy - US cable - 2007: LINK ¤ 07ATHENS1785

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  • "the conservative New Democracy party (ND) defines itself as a neo-liberal party"

 

 

 

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  • "with a strong commitment to"

 

 

 

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  • "free markets, and transatlantic relations to the US"

 

 

 

 

 

 

 

 

 

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Papandreou - US cable - 2009: LINK ¤ 09ATHENS1539

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  • "the new PASOK Government will concentrate on reducing waste"

 

 

 

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  • "jumpstarting the economy"

 

 

 

 

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  • "beginning the reform of the tax system"

 

 

 

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  • "and opening the debate for a new electoral law"

 

 

 

 

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  • "Papandreou announced the immediate termination of all special committees"

 

 

 

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  • "attached to ministries whose members collect fat checks for doing very little or, often, nothing"

 

 

 

 

 

 

 

 

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Public Debt - US cable - 2009:
LINK ¤ 09ATHENS1583

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  • "public debt will reach almost 300 billion euros"

 

 

 

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  • "or 115 percent of GDP, by the end of 2009"

 

 

 

 

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  • "the debt in 2008 was 99.2 percent of GDP"

 

 

 

 

 

 

 

 

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Minister of Finance Papakonstantinou - US cable - 2009: LINK ¤ 09ATHENS1653

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  • "the newly-appointed PASOK Finance Minister underscored the challenges confronting the new Greek Government"

 

 

 

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  • "as it seeks to shore up deteriorating Greek public finances"

 

 

 

 

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  • "and bridge a credibility gap created"

 

 

 

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  • "by the misreporting of economic statistics by the previous government"

 

 

 

 

 

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  • "he described the current taxation system as one"

 

 

 

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  • "that allows too many distortionary exemptions"

 

 

 

 

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  • "and lacks transparency and equitable burden-sharing between different professions"

 

 

 

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  • "factors which promote the wide-spread tax evasion in Greece"

 

 

 

 

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  • "estimated to be on the order of 30 billion euro annually, or about 12 percent of GDP"

 

 

 

 

 

 

 

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  • "Papakonstantinou compared Greece's economic problems with those of the United States"

 

 

 

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  • "stating that both countries suffer from "twin deficits," or current account and budget deficits"

 

 

 

 

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  • "however, unlike the United States"

 

 

 

 

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  • "Greece unfortunately cannot print currency"

 

 

 

 

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  • "and the euro is not the world's reserve currency"

 

 

 

 

 

 

 

 

 

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US Investment - US cable - 2010: LINK ¤ 10ATHENS92

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  • "Greece, a member of the European Union, provides"

 

 

 

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  • "hospitable climate for foreign investment"

 

 

 

 

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  • "the ongoing liberalization of the energy and telecommunication markets"

 

 

 

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  • "offer investment opportunities"

 

 

 

 

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  • "Greek businesses are among the leading investors in Southeast Europe"

 

 

 

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  • "Greece is actively positioning itself as a hub for Balkan trade"

 

 

 

 

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  • US investments: "Carlyle Group (Neochimiki) - Philip Morris Group - Coca Cola Hellas Bottling"

 

 

 

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  • non-US investments: "Deutsche Telekom AG (OTE) - China Ocean Shipping - COSCO - Vodafone"

 

 

 

 

 

 

 

 

 

 

 

 

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macroeconomic Indicators - BSTDB

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  • "exports | imports since Greece became member of the EU"

 

 

 

 

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  • "exports 2000: 10.201,5 | exports 2010: 20.924,0"

 

 

 

 

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  • "imports 2000: 30.440,4 | imports 2010: 76.882,0 ( million)"

 

 

 

 

 

 

 

 

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peripheral Europe’s Debt and German Wages - Stockhammer - PDF: LINK ¤ R M F

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  • "the Greek debt crisis is often presented as a result of lack of fiscal discipline"

 

 

 

 

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  • "there is some obvious truth in this as Greek deficits were higher than those of other Euro area countries"

 

 

 

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  • "on the other hand, the fact that other peripheral countries (Portugal, Ireland, Italy, and Spain) are experiencing similar crises"

 

 

 

 

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  • "suggest that a more general mechanism is at work"

 

 

 

 

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  • "the growth and employment performance of the Euro area has been mediocre"

 

 

 

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  • "and the Euro area institutions have proven incapable of preventing the build up of imbalances"

 

 

 

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  • "between as well as within member states"

 

 

 

 

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  • "while some member states, the core around Germany, have pursued a strategy of export-led growth"

 

 

 

 

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  • "others, namely the Southern European periphery and Ireland have adopted a credit-led growth model"

 

 

 

 

 

 

 

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  • "the two growth models interact and depend on each other"

 

 

 

 

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  • "the export-led model presupposes a group of countries running current account deficits"

 

 

 

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  • "the credit-led economies are (next to domestic bubbles in asset and property prices) fuelled by capital inflows"

 

 

 

 

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  • "the crisis that erupted in 2010 in Europe is a crisis of the imbalances"

 

 

 

 

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  • "that have build up over more than a decade"

 

 

 

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  • "and of fragile private financial institutions revaluating various financial assets including financial debt"

 

 

 

 

 

 

 

 

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  • "Europe needs wages that rise at least with labour productivity"

 

 

 

 

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  • "they would need to rise above productivity growth and inflation in the centre"

 

 

 

 

 

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  • "there is need for coordination in wage policy"

 

 

 

 

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  • "wage flexibility has proven incapable of preventing long-lasting divergences in the levels of competitiveness and of current account positions across Europe"

 

 

 

 

 

 

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  • "if Europe wants to avoid crises like the Greek in the future"

 

 

 

 

 

 

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  • "it needs higher wage growth in Germany"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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IWF: Griechenland braucht einen Schuldenschnitt - der Standard: LINK ¤ der STANDARD

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  • "neben der verworrenen politischen Lage in Griechenland selbst gibt es jetzt auch noch Bedenken des Währungsfonds"

 

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  • "er weist in einem neuen Papier darauf hin, dass der Schuldenberg mit dem neuen Programm noch einmal drastisch wachsen würde"

 

 

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  • "bis Ende 2018 wäre mit einem Schuldenstand von fast 200 Prozent der jährlichen Wirtschaftsleistung zu rechnen"

 

 

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  • "die griechischen Schulden sind in höchstem Maße unhaltbar geworden"

 

 

 

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  • "das Land benötigt Schuldenerleichterungen weit jenseits der bisherigen Erwägungen"

 

 

 

 

 

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alle Griechen mit über 100.000 Euro am Konto werden überprüft - der Standard: LINK ¤ der STANDARD

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  • "im Kampf gegen Steuerhinterzieher überprüfen die griechischen Steuerämter nun alle Griechen mit Bankguthaben von über 100.000 Euro"

 

 

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  • "wer nicht erklären kann, wie er dazu gekommen ist, soll harte Strafen zahlen. Die griechischen Banken haben den Behörden bereits die notwendigen Daten übergeben"

 

 

 

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  • "nach den ersten Kontrollen sind bereits einige "krasse Fälle" aufgefallen"

 

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  • "darunter ist ein Bauunternehmer, der im vergangenen Jahr lediglich ein Einkommen von 72.000 Euro versteuert hat, gleichzeitig aber über Geldeinlagen in Höhe von 280 Mio. Euro verfügt"

 

 

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  • "die Summe der Geldeinlagen, die 100.000 Euro übertreffen, soll bei rund 43 Milliarden Euro liegen"

 

 

 

 

 

 

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Griechenland-"Rettung": 77 Prozent flossen in Finanzsektor
- ATTAC: LINK ¤ ATTAC

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  • "die Europäische Union (EU) und der Internationale Währungsfonds (IWF) haben in 23 Tranchen"

 

 

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  • "206,9 Milliarden Euro für die sogenannte "Griechenland-Rettung" eingesetzt"

 

 

 

 

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  • "mindestens 77 Prozent der Hilfsgelder lassen sich direkt oder indirekt dem Finanzsektor zuordnen"

 

 

 

 

 

 

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  • "58,2 Milliarden (28,1 Prozent) wurden für die Rekapitalisierung griechischer Banken verwendet"

 

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  • "anstatt den zu großen und maroden Sektor nachhaltig umzustrukturieren und die Eigentümer der Banken für deren Verluste haften zu lassen"

 

 

 

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  • "101,3 Milliarden (49 Prozent) kamen Gläubigern des griechischen Staats zugute"

 

 

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  • "davon wurden 55,44 Milliarden verwendet, um auslaufende Staatsanleihen zu bedienen"

 

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  • "anstatt die Gläubiger das Risiko tragen zu lassen, für das sie zuvor hohe Zinsen kassiert hatten"

 

 

 

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  • "weitere 34,6 Milliarden dienten dazu, die Gläubiger für den Schuldenschnitt im März 2012 zu gewinnen"

 

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  • "11,29 Milliarden wurden im Dezember 2012 für einen Schuldenrückkauf eingesetzt, bei dem der griechische Staat Gläubiger beinahe wertlose Anleihen abkaufte"

 

 

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  • "0,9 Milliarden (0,4 Prozent) gingen als griechischer Beitrag an den neuen Rettungsschirm ESM"

 

 

 

 

 



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  • "maximal 46,6 Milliarden (22,5 Prozent) der sogenannten "Rettungspakete" flossen in den griechischen Staatshaushalt"

 

_________________________________________

  • "dieser Summe stehen jedoch weitere Ausgabenposten im selben Zeitraum gegenüber, die nicht der breiten Bevölkerung zugutekommen"

 

 

 

_________________________________________

  • "mehr als 34,6 Milliarden flossen aus dem Staatshaushalt als Zinsen für laufende Staatsanleihen erneut an Gläubiger (2. Quartal 2010 bis 4. Quartal 2012)"

 

 

 

_________________________________________

  • "zudem wendete der Staat allein in den ersten Jahren weitere 10,2 Milliarden für Verteidigungsausgaben auf (2010 und 2011)"

 

_________________________________________

  • "die Regierungen in Berlin und Paris übten Druck auf Griechenland aus, die Militärausgaben nicht zu kürzen, da davon deutsche und französische Rüstungskonzerne betroffen wären"

 

 

 

_________________________________________
  • "zu den tatsächlich Geretteten zählt etwa die Milliardärsfamilie Latsis"

 

_________________________________________

  • "eine der reichsten Familien Griechenlands, die große Teile der staatlich geretteten "Eurobank Ergasias" besitzt"

 

 

 

_________________________________________

  • "auch Spekulanten profitierten: der Hedgefonds Third Point streifte im Zuge des Schuldenrückkaufs vom Dezember 2012"

 

_________________________________________

  • "mit Hilfe von öffentlichen Geldern einen Gewinn von rund 500 Millionen ein"

 

 

 

 

 

 

 

______________________________________________________________________________
  • "Gläubiger und Vermögende müssen an den Kosten der Krise gerecht beteiligt"

 

 

 

 

_________________________________________

  • "und der Finanzsektor streng reguliert werden"

 

 

 

 

 

_________________________________________

  • "Griechenland selbst braucht nach drei Jahren, in denen es von der aufgezwungenen Krisenpolitik zugrunde gerichtet wurde"

 

 

 

 

_________________________________________

  • "dringend echte Rettungspakete"

 

 

 

 

_________________________________________

  • "die auch bei der Bevölkerung ankommen"

 

 

 

 

 

 

 

 

 

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Interview mit Peter Bofinger - der Standard: LINK ¤ der STANDARD

_________________________________________

  • "das Geld hat fast ausschließlich den Zweck, dass Griechenland die Zinsen an seine Gläubiger bezahlen kann"

 

 

_________________________________________

  • "wenn dem Land die Schulden gestrichen würden, könnte der Staat mit seinen Einnahmen seine Ausgaben weitgehend bestreiten"

 

 

 

 

 

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Geschäfte mit dem Kreditausfall - der Standard: LINK ¤ der STANDARD

_________________________________________

  • "man kann CDS (Credit Default Swaps - Kreditausfallsversicherungen) als reines Spekulationsprodukt erwerben"

 

 

 

_________________________________________

  • das Volumen ausstehender CDS-Kontrakte lag bei zirka 30 Billionen US-Dollar"

 

 

 

_________________________________________

  • "CDS werden nicht über eine Börse gehandelt (Over-The-Counter-Markt - OTC)"

 

 

 

_________________________________________

  • "nur mit einer entsprechenden Regulation könnte man spekulative Exzesse vermeiden"

 

 

 

 

 

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die Visionen fehlen - der Standard: LINK ¤ der STANDARD

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  • "mit einer schnellen Politik der Umschuldung Griechenlands"

 

 

 

_________________________________________

  • "einem Marshall-Plan für die griechische Wirtschaft"

 

 

 

_________________________________________

  • "und einer griechischen Auszeit im Euro hätte man das griechische Problem gelöst, bevor die Besitzenden ihr Geld ins Ausland tragen"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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ECONOMY of GREECE - Wikipedia EN: LINK ¤ ECONOMY of GREECE

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  • "a developed country, the economy of Greece mainly revolves around the service sector (80.6%) and industry (16%), while agriculture made up an estimated 3.4% of the national economic output"

 

 

 

_________________________________________

  • "Greece suffers from very high levels of tax evasion"

 

 

_________________________________________

  • "the Tax Justice Network has said that there are over € 20 billion in Swiss bank accounts held by Greeks"

 

 

 

_________________________________________

  • former Finance Minister of Greece, Evangelos Venizelos: "15,000 individuals and companies owe the taxman 37 billion euros"

 

 

 

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  • "additionally, the TJN puts the number of Greek-owned off-shore companies to over 10,000"

 

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greece eco - 14063GR
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