Monthly Archive - February 2010
February 26, 2010
It now seems that a general strike across all of Greece has caused Greek airspace to close to all international and domestic flights. This strike has caused the country’s transport infrastructure to grind to a complete halt. This 24 hour strike is the first to be called by public and private ...
February 25, 2010
In another blow to a quick resolution of the Greek sovereign debt crisis, reports are surfacing that multiple banks may have arranged swap contracts with Greece to hide their fiscal shortfalls. Bloomberg is now reporting that up to fifteen banks may be involved. The debt concealment story started two weeks ago ...
February 24, 2010
The European parliament has urged EU authorities to investigate the role of Goldman Sachs and other investment banks in contracts that helped inflate Greece's public debt. Over the past few years, Goldman Sachs and other banks lent money to Greece through currency contracts that allowed the government to raise millions but ...
February 23, 2010
The European Union has shown its righteous wrath by stripping Greece of its vote at a crucial meeting next month, the worst humiliation ever suffered by an EU member state. The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its ...
February 22, 2010
Agents are hoping Greece’s economic problems will benefit the overseas property industry as the euro weakens and distressed sale opportunities start to appear in the country. Although the euro has not fallen significantly against the pound, Greece’s appeal to the EU for help with its huge national debt has shaken currency ...
February 19, 2010
To bail out Greece or not? The question is grabbing headlines daily. Supporters of a bail-out argue that if Greece collapses, others would follow. Financial markets have already identified the next candidates. As such, European economic and monetary union is at risk. Only financial aid and “solidarity” with highly indebted ...
February 18, 2010
Greece has entered the third millennium having survived many foreign occupations. The most trying was that of the Ottoman Empire, starting in 1453 when Constantinople was renamed Istanbul, from the Greek phrase meaning “going to the city.” Since our liberation from the Turks in 1821, we have suffered many dictatorships, ...
February 17, 2010
Thousands of civil servants gathered to protest Greece’s proposed austerity measures Wednesday at Klafthmonos (crying) square, a locale that has a long relationship with vocal public dissent. But as Greece's eurozone partners prepare to bail the country out of its current debt crisis, the mood on the streets is as resigned ...
February 16, 2010
Greeks facing tough economic austerity measures still prefer the country's socialist government to its conservative opponents, but predict more social unrest as the impact of spending cuts is felt, a new survey shows. The survey, published Sunday in Kathimerini newspaper, shows the socialists leading the opposition New Democracy party 48 percent ...
February 15, 2010
EU leaders say they are ready to act to shore up Greece's finances and ensure stability in the eurozone - but they have made no specific promise of aid. Greece must take further measures to tackle its huge debts and cut its budget deficit by 4% this year, the EU leaders ...
