Greece Economy

IMF internal Meeting threatened to leave Troika - WikiLeaks: LINK ¤ WIKILEAKS
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- "the records of a teleconference between the two IMF officials - in charge of managing the Greek debt !"
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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 was planning - to leave the Troika !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "if it would fail - to reach an agreement - on Greek debt relief !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "Thomsen said: "look you - Mrs. Merkel - you face a question !""
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- "you have to think about what is more costly - to go ahead without us !"
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- "or to pick the debt relief - that we think that Greece needs !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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IMF Report said Greece needed extra Debt Relief - the Guardian: LINK ¤ the GUARDIAN_________________________________________
- "the International Monetary Fund - IMF - had warned in a report !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "that Greece would require - a generous debt relief !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "the situation in debt sustainability - pointed to the need ! - ( 180 GDP )"
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- "for debt relief - on a scale - that would need to go well beyond !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "what had been under consideration to date - and what had been proposed by the ESM !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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IMF - Greece needed a large-scale Debt Relief - the Guardian: LINK ¤ the GUARDIAN_________________________________________
- "the IMF had conceded - that Greece needed !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "a large-scale - debt relief !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "to create sustainable space - and stabilise the economy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "the uppermost limit - was that !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "Greece needed a reduction in debt - of at least 30% !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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the Need for Debt Relief in Greece - the Guardian: LINK ¤ the GUARDIAN_________________________________________
- "a letter of solidarity to the Greek people - signed by 400 Italian academics !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "demanded debt relief - in Greece !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "and the policies of austerity - must end !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "the IMF’s DSA for Greece offered a stark reminder - of the challenges faced by all those involved !!!!!!!!!!!!!!!!!!!!!!!!"
- "it spoke to the need - to deliver a credible "debt operation" !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "which involved - debt forgiveness !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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Europe must support Greece - Ernest Maragall: LINK ¤ EURACTIV
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- "this was an ideal moment to pause - and objectively analyse - and to review !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "the steps that had led Greece - to the current situation !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "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 problems - so that they do not become burdens !
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- "I was of course referring - to the Greek foreign debt !"
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- "accumulated during the first seven years - of the Euro !"
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- "which had increased the second seven years - as a result of the conditions ! - ( austerity )"
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- "we must keep in mind - two truths !"
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- "first - the debt was hardly - to repay !"
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- "and secondly - the accumulated debt was not solely - the responsibility of the Greeks !"
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- "by joining the Euro - Greece handed over control of the two main levers !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "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 - ended up with external deficits !"
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- "that could only be dealt with - through external financing !"
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- "if this pattern was repeated - a debt builded up !"
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- "when attempting to offset this debt through austerity measures - such as cutted wages and social protection !"
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- "the result would had actually been - an increase of the initial debt !"
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- "therefore for debtor countries in the Eurozone - to solve their debt problems !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "they need action - at the EU level !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "Greece is an opportunity for Europe - to solve the peripheral debt problem !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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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 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "that will sustainably - 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 - ATTAC Investigation: LINK ¤ ATTAC
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- "the EU and the IMF had applied 23 tranches - comprising € 206,9 billion - to the so-called "Greek bail-out" !!!!!!!!!!!!!!!!!!!!!!!!"
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- "at least 77% - of the bail-out money !"
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- "could directly or indirectly be attributed - to the financial sector !"
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- "€ 58,2 billion - 28,13% - had been used to recapitalise Greek banks !"
- "instead of restructuring the moribund sector in a sustainable way - and letting the bigger banks' owners - pay for their losses !"
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- "€ 101,331 billion - 48,98% - had gone to creditors of the Greek state !"
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- "€ 55,44 billion of these - had been used to repay - maturing government bonds !"
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- "instead of letting the creditors - bear a risk !"
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- "another € 34,6 billion had served as incentive - to make creditors agree to the so-called "haircut" !"
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- "€ 11,3 billion had been used in a debt buyback - when the Greek state bought back bonds from its creditors !"
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- "€ 0,9 billion - 0,43% - had been used as Greek contribution - to the the bail-out fund ESM !"
- "a maximum of € 43,6 billion - 22,46% - went into the Greek national budget !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "however - this amount had to be seen alongside other state expenses - during the same period !"
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- "more than € 34,6 billion - had been yet again paid to creditors !"
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- "as interest payments - for outstanding government bonds !"
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- "moreover - the Greek state put another € 10,2 billion - into defence spending !"
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- "and the Latsis clan - had gotten bail-out money !"
- "who owned larger parts of the state-rescued - "Eurobank Ergasias" !"
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- "speculators had gotten bail-out money - too !"
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- "the hedge fund "Third Point" - had pocketed € 500 million !"
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- "creditors and the richer - have to pay their fair share - of the costs !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
- "while the financial sector - must be severely regulated !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "and Greece is in need - of a real support package !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "that actually reach - the general population !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
IMF admitted Mistakes - the Guardian: LINK ¤ the GUARDIAN
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- "the IMF admitted - that it had made - serious mistakes !"
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- "in the handling of the sovereign debt - in Greece !"
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- "the report confirmed - what Greek officials had long said !"
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- "that the first bailout programme - of budget cuts - and tax increases !"
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- "had been the wrong prescription - for the country !"
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- "for too long the "troika" - officials had refused !"
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- "to accept that this programme - had been simply off-target !"
Papandreou - US cable - 2009: LINK ¤ 09ATHENS250
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- "PASOK Prime Minister George Papandreou - wished that the EU !!!!!!!!!!!!!!!!!!!!!!!!"
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- "would consider something similar - like the economic stimulus package !!!!!!!!!!!!!!!!!!!!!!!!"
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- "unfortunately - Germany at first had holded back the reaction - to the global financial crisis !"
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- "based on misguided commitment - to fiscal rules ! - ( inflation )"
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- "there must be a strong response of the EU - to the global financial crisis !!!!!!!!!!!!!!!!!!!!!!!!"
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- "and he called for the EU - to relax its "master criteria" !!!!!!!!!!!!!!!!!!!!!!!!"
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- "Papandreou expressed support - for ending disparities !!!!!!!!!!!!!!!!!!!!!!!!"
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- "in interest rates - for loans - within the Eurozone !!!!!!!!!!!!!!!!!!!!!!!!"
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- "he was not a - protectionist !"
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- "but takes the - social democratic view !!!!!!!!!!!!!!!!!!!!!!!!"
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- "that markets must 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 the financial markets !!!!!!!!!!!!!!!!!!!!!!!!"
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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 Karamanlis' conservative "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 conservative 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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- "the conservative New Democracy party - ND - had defined itself as a neo-liberal party !"
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- "with a commitment to free markets - and transatlantic relations !"
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- "the PASOK government concentrates - 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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- "George Papandreou announced the termination - of all special committees attached to ministries !!!!!!!!!!!!"
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- "whose members collected checks - for doing very little - or often nothing !"
Greek Public Debt - US cable - 2009: LINK ¤ 09ATHENS1583
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- "the Greek public debt in 2008 - had been 99.2 percent of GDP !"
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- "the new PASOK Finance Minister underscored the challenges - confronting the new Greek government !!!!!!!!!!!!"
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- "the previous conservative government - had misreported the economic statistics !"
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- "Papakonstantinou said - that this had created a credibility gap !"
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- "where Greek public finances - looked better - than they were !"
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- "like the US - Greece had "twin deficits" - or account and budget deficits !"
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- "but Greece could not - print currency !"
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- "Papakonstantinou described the Greek taxation system - as one !"
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- "that had allowed too many - distortionary exemptions !"
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- "and lacked transparency - and equitable burden-sharing - between different professions !"
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- "tax evasion had been 30 billion euro - or about 12 percent of GDP !"
US Investment - US cable - 2010: LINK ¤ 10ATHENS92
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- "the US embassy had lobbied for - liberalization of the energy - and telecommunication markets !"
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- "Greek businesses were among the leading investors - in Southeast Europe !"
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- "foreign investments were - Carlyle Group - Neochimiki - Philip Morris Group - Coca Cola Hellas Bottling !"
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- "Deutsche Telekom AG - OTE - China Ocean Shipping - COSCO - Vodafone !"
macroeconomic Indicators - BSTDB
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- "exports | imports - when Greece became a member of the EU | Euro !"
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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 !"
peripheral Structures in Europe - Stockhammer - PDF: LINK ¤ R M F
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- "the Greek debt had often been presented - as a result of lack of fiscal discipline !"
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- "but the fact that other peripheral countries - were experiencing similar circumstances !"
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- "suggested that a more general mechanism - was at work !"
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- "while some member states in the Euro area - had more export - others had more credit !"
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- "it is up to the Euro area institutions - to prevent the build up of imbalances !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "between - as well as within member states !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "the two models interacted - and depended on each other !"
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- "there must not be too much imbalances - and divergences !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "Europe needs wages - that rise at least - with labour productivity !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "they need to rise above productivity growth - and inflation in the centre !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "and there is need for coordination - in wage policy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "if Europe wants to avoid such a situation in the future - 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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- "der Internationale Währungsfonds - IWF - wies in einem Papier darauf hin !!!!!!!!!!!!!!!!!!!!!!!!"
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- "dass um die griechischen Schulden - haltbar zu machen !!!!!!!!!!!!!!!!!!!!!!!!"
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- "das Land Schuldenerleichterungen benötigt - 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_________________________________________
- "im Kampf gegen Steuerhinterzieher - überprüfen die griechischen Steuerämter !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "nun alle Griechen mit Bankguthaben - von über 100.000 Euro !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "wer nicht erklären kann - wie er dazu gekommen ist - muss harte Strafen zahlen !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "die griechischen Banken haben den Behörden die notwendigen Daten übergeben - die Summe sollte bei rund 43 Milliarden Euro liegen !"
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- "darunter war ein Bauunternehmer - der lediglich ein Einkommen von 72.000 Euro versteuert hatte !"
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- "gleichzeitig aber über Geldeinlagen - in Höhe von 280 Mio. Euro verfügt hatte !"
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Griechenland Rettung - ATTAC: LINK ¤ ATTAC
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- "die EU und der IWF hatten in 23 Tranchen - 206,9 Milliarden Euro - für die sogenannte "Griechenland-Rettung" eingesetzt !!!!!!!!!!!!!!!!!!!!!!!!"
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- "77 Prozent der Hilfsgelder hatten sich direkt - oder indirekt dem Finanzsektor zuordnen lassen !"
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- "58,2 Milliarden - 28,1 Prozent - waren für die Rekapitalisierung griechischer Banken verwendet worden !"
- "anstatt den maroden Sektor nachhaltig umzustrukturieren - und die Eigentümer der Banken für deren Verluste - haften zu lassen !"
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- "101,3 Milliarden - 49 Prozent - waren Gläubigern des griechischen Staats zugute gekommen !"
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- "davon waren allerdings 55,44 Milliarden verwendet worden - um auslaufende Staatsanleihen zu bedienen !"
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- "anstatt die Gläubiger - ein Risiko mittragen zu lassen !"
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- "weitere 34,6 Milliarden hatten dazu gedient - die Gläubiger für den Schuldenschnitt zu gewinnen !"
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- "11,29 Milliarden waren für einen Schuldenrückkauf - eingesetzt worden !"
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- "0,9 Milliarden - 0,4 Prozent - waren als griechischer Beitrag an den Rettungsschirm ESM gegangen !"
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- "maximal 46,6 Milliarden - 22,5 Prozent - flossen in den griechischen Staatshaushalt !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
- "dieser Summe standen jedoch weitere Ausgabenposten - im selben Zeitraum gegenüber !"
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- "mehr als 34,6 Milliarden waren aus dem Staatshaushalt - als Zinsen für laufende Staatsanleihen erneut an Gläubiger geflossen !"
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- "zudem hatte der Staat 10,2 Milliarden - für Verteidigungsausgaben aufwendet !"
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- "einen Teil der Hilfsgelder hatte die Familie Latsis - erhalten !"
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- "die größere Teile der staatlich geretteten "Eurobank Ergasias" - besaßen !"
- "und der Hedgefonds Third Point - hatte im Zuge des Schuldenrückkaufs - rund 500 Millionen eingestreift !"
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- "Gläubiger und Vermögende - müssen an den Kosten gerecht beteiligt !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "und der Finanzsektor - streng reguliert werden !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "Griechenland selbst braucht - dringend echte Rettungspakete !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "die auch bei der Bevölkerung - ankommen !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
Interview mit Peter Bofinger - der Standard: LINK ¤ der STANDARD
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- "ein größerer Teil des Geldes hatte den Zweck - dass Griechenland die Zinsen an seine Gläubiger - bezahlte !"
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- "wenn dem Land die Schulden gestrichen würden - könnte der Staat !!!!!!!!!!!!!!!!!!!!!!!!"
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- "mit seinen Einnahmen - seine Ausgaben weitgehend bestreiten !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
Kreditausfallsversicherungen - der Standard: LINK ¤ der STANDARD
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- "man hatte CDS - Credit Default Swaps - Kreditausfallsversicherungen !"
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- "auch als reines Spekulationsprodukt - erwerben können !"
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- "das Volumen ausstehender CDS-Kontrakte - hatte bei zirka 30 Billionen US-Dollar gelegen !"
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- "CDS waren nicht über eine Börse gehandelt worden - over-the-counter-Markt - OTC !"
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- "es braucht eine entsprechende Regulation - um spekulative Exzesse zu vermeiden !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "mit einer schnellen Politik der Umschuldung - Griechenlands !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "und einer Art von Marshall-Plan - für die griechische Wirtschaft !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
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- "hätte man die Probleme gelöst gehabt - bevor Geld ins Ausland getragen worden wäre !"
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- "es braucht Visionen - wo es mit der griechischen Gesellschaft - hingehen soll ?!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"
ECONOMY of GREECE - Wikipedia EN: LINK ¤ ECONOMY of GREECE
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- "Finance Minister of Greece Evangelos Venizelos said: - "15,000 individuals and companies - had owed the taxman 37 billion euros !""
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- "the Tax Justice Network had said that there were € 20 billion - in Swiss bank accounts - and 10,000 Greek-owned off-shore companies !"
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