greece – Page 3 – Slugger O'Toole

Hollande wins in France…

Pete Baker on May 6, 2012, 7:29 pm

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According to reported early estimates Socialist Francois Hollande has been elected as France’s new president, early estimates say. He got about 52% of votes in Sunday’s run-off, according to projections based on partial results, against 48% for centre-right incumbent Nicolas Sarkozy. The Guardian’s live-blog will have further updates. As for what it means for the fiscal pact, and the wider Euro crisis, I think the results in Greece may prove to be more significant. Exit polls in the Greek parliamentary election …

Euro crisis: April is the cruellest month…

Pete Baker on April 30, 2012, 5:27 pm

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Apart from all the others… And it doesn’t matter how big your umbrella is. BBC Europe editor, Gavin Hewitt, on springtime in Europe What is being exposed is a major flaw with Mrs Merkel’s fiscal pact. It is undemocratic. It ties the hands of future governments – and that, of course, was its intention but it doesn’t stop voters opposing further cuts. In the eurozone, deficits are being reduced. But debt – in many cases – is still growing. Growth …

Euro crisis: “It is nice to have a big umbrella…”

Pete Baker on April 23, 2012, 5:04 pm

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The Guardian’s Economics blog starts with an interesting observation Those who watched Dominique Strauss-Kahn at the spring meeting of the International Monetary Fund a year ago say he played a blinder. Although he was to leave Washington under a cloud shortly afterwards, DSK impressed with his no-nonsense approach to his fellow Europeans. The IMF‘s managing director asked Jean-Claude Trichet, then president of the European Central Bank (ECB), and Christine Lagarde, at the time France’s finance minister, who they thought they …

Euro crisis: “Barroso absolutely confident that Spain can meet its economic challenges.”

Pete Baker on April 16, 2012, 3:02 pm

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With Spain probably in recession, again, and the cost of its government borrowing topping 6%, again, European Commission president José Manuel Barroso is being ridiculed for his optimistic futuring. As the Guardian’s Eurozone crisis live-blog notes European Commission president José Manuel Barroso has just been quizzed about the eurozone crisis, at a summit on sustainable energy. Barroso attempted to calm fears, telling his audience that he is “absolutely confident that Spain can meet its econonic challenges”. Alas, Barroso didn’t explain …

Euro crisis: “by the fifth instalment producers have to ramp up the violence and special effects.”

Pete Baker on March 8, 2012, 8:44 pm

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There have been some choice quotes flying around as the Greek government neared the 8pm deadline for securing sufficient private sector creditor involvement in their bond swap deal [and convincing Frau Bundeskanzlerin – Ed]. Like this quote from the Guardian live-blog at 6.59pm “if it closes at more than 90% its a triumph,” one well-briefed government official said. “If it’s above 75% its relatively good, if it’s lower than that we’re fucked,” he added saying the effects on market psychology would …

Euro crisis: “The expectation, however, must be for a fudge.”

Pete Baker on March 5, 2012, 5:30 pm

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When 25 of 27 EU leaders signed the “fiscal compact” [pdf file] designed to enforce budget discipline within the eurozone there was a rare, and unexpected, mood of optimism in the corridors of Frankfurt Brussels. An enthusiastic editorial in the Irish Times today calls for widespread political debate about the required new economic and political architecture. …the euro zone will not be stabilised without putting some such new economic architecture in place. A new political structure will also be required to ensure …

Euro crisis: “It might be something which would allow Greece also to at least, to some extent, get a new start.”

Pete Baker on February 14, 2012, 10:23 pm

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Have the Greek coalition partners in Government, led by the technocratic former Greek and European central banker, Lucas Papademos, done enough to meet the demands of Germany their eurozone partners? Maybe… and maybe not. As the Guardian’s live-blog noted today Jean-Claude Juncker, who is also prime minister of Luxembourg, says the Eurogroup was still missing information from Athens on how it plans to save promised €325 million. He says he also did not receive assurances from the leaders of the two main …

Euro Crisis: Cold morning after a hot night in Athens…

Mick Fealty on February 13, 2012, 10:00 am

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Twitter was burning with indignation last night (as it often is) that the MSM did not throw any attention on the crisis in Athens as the Greek Parliament acted upon the German ultimatum to impose an austerity package that may see the new government washed away in the upcoming general election in April. I suppose that takes care of whether Greece defaults in the near term or not. As Pete has pointed out, the package is not enough to prevent …

Euro crisis: You have six days to comply…

Pete Baker on February 10, 2012, 4:12 pm

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That’s the message to Greece from Germany the EU finance ministers. Despite initial reports, prompted by the Greeks themselves, what was agreed yesterday between the party leaders there fell short of what was required – by some €300-odd million. From the Irish Times report The ministers imposed a six-day deadline on Greek authorities to comply with their wishes and said all three parties in its coalition must pledge to implement the austerity plan and continue to do so after a …

Euro crisis: “We are not fully in control of the sequence of events…”

Pete Baker on February 7, 2012, 5:29 pm

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Having watched as yesterday’s ‘deadline’ went whooshing past their heads, Greek party leaders are due to meet later tonight to consider another draft bail-out deal – once it’s been translated into Greek… You can follow events as they unfold at the Guardian’s live-blog. Meanwhile, as promised, Frau Bundeskanzlerin has joined Nicolas Sarkozy on the campaign trail in a joint television interview, following a joint French/German cabinet meeting – as the BBC reports Earlier the two leaders held a joint cabinet meeting, …

Euro crisis: “Anyone who claims to know what is about to happen to Europe is a fool.”

Pete Baker on December 14, 2011, 11:56 am

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In the Guardian, Simon Jenkins identifies a key point missing from most analysis of the aftermath of the EU crisis summit. From the Guardian article Anyone who claims to know what is about to happen to Europe is a fool. An unprecedented collapse in world credit has hit against years of reckless state borrowing to produce economic meltdown. Where there is economic meltdown, there is always a danger of political meltdown. While all other sciences have advanced over the ages, …

Euro crisis: “it is time to send for the Borg…”

Pete Baker on November 15, 2011, 3:25 pm

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You can follow the latest developments in the eurozone crisis at the Guardian’s live-Business blog as pressure mounts on Italian Prime Minister designate, Mario Monti – who was nominated to replace Silvio Berlusconi three days after the Italian President, Giorgio Napolitano, appointed Monti a Lifetime Senator. From his Wikipedia entry In 2007, Monti was one of the first supporters of the first European civic forum, Etats Généraux de l’Europe, initiated by European think tank EuropaNova and European Movement. In December 2009, he …

Sarkozy: “We will fight to defend Europe and the euro”

Pete Baker on November 4, 2011, 3:23 pm

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With apologies to Moochin, here’s the real POTD [of the week? – Ed] when the Greek Prime Minister, George Papandreou, had his card marked at Cannes by Frau Bundeskanzlerin. Via Daniel Hannan at the Telegraph blog. Italy have called in the International Monetary Fund (IMF), but no money has changed hands, according to Berlusconi… Answering questions at a press conference in Cannes this afternoon, Mr Berlusconi said he had no intention of resigning and did not believe his time in government was coming …

Of Greece Germany and Porsches

Turgon on November 3, 2011, 3:07 pm

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I am no economist but I thought I would try this: The interlocking woes of the Eurozone seem endlessly complex. The wasteful Greeks, Italians etc. are all denounced as compared to the hard working Germans living within their means and now being forced to bail out the profligate southern Europeans. A classic example is presented in the revelation that there are more Porsche Cayennes per capitia in the Greek city of Larisa, the capital of the relatively poor agricultural area …

Greek PM to resign Update: Not going to resign

Turgon on November 3, 2011, 12:39 pm

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The BBC are reporting that the Greek Prime Minister George Papandreou is to offer his resignation to be replaced by a coalition government, led by former Greek central banker Lucas Papademos. It is unclear but seems likely that this will prevent the referendum on Greece accepting the latest deal on its debts. Fortunate that: Nicolas Sarkozy and Angela Merkel could not have pesky Greek democracy getting in the way of their plans could they? Already the European Commission had said …

I share the Irish public’s dismay at the cost and unfairness of this policy

John Ó Néill on November 3, 2011, 12:21 am

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In this morning’s Irish Times, the Taoiseach, Enda Kenny, offered everyone the wisdom of his thoughts on the payment of a €700m unsecured unguaranteed Anglo-Irish Bank bond. The whole piece is worth a read. He states that: Part of the existing agreement with our external partners is not to allow any Irish bank, including Anglo Irish Bank, default on its debts to bondholders for fear of paralysing wider European financial markets. I share the Irish public’s dismay at the cost …

Euro crisis: “The Greek government has become adept at playing Europe’s leaders…”

Pete Baker on November 1, 2011, 4:34 pm

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The Guardian’s Business blog team are live-blogging events following the ‘bolt from the blue’ that was the Greek Prime Minister, George Papandreou calling for a referendum on the ‘rescue package’. And there’s an emergency Greek government cabinet meeting at 4pm [GMT]. BBC business editor, and still everyone’s hero, Robert Peston, looks at “the price of Greek democracy”. Opinion polls wouldn’t suggest there’s a high probability of Mr Papandreou winning the day. But views can change. What’s in it for the Greek people? Well, …

Euro crisis: “And all bets are off if Europe does not start to grow again…”

Pete Baker on October 31, 2011, 3:25 pm

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At the Guardian’s business blog, Graeme Wearden is live-blogging the European debt crisis, as the “OECD predicts some negative growth in eurozone in 2012… and calls for “bold” action from the G20, Italian bond yields hit 6.13%, Markets fall as bailout deal euphoria peters out, [and the] Euro crisis drags MF Global to the brink“. Meanwhile BBC Europe editor, Gavin Hewitt, considers “Europe after the euphoria” Maybe it was the lack of sleep, or that expectations had been exceeded, but there was a whiff …

Euro crisis: “It is easy sometimes to exaggerate the impact of street protests.”

Pete Baker on October 14, 2011, 6:31 pm

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With the G20 finance ministers meeting in Paris to ponder the eurozone debt crisis, time for a quick look at how the PIIGS are doing… Now that Slovakia has, finally, acquiesced to the inadequate European financial stability facility… At the cost to the Slovakian government of a general election in March 2012… In Portugal the government is seeking to tighten the austerity belt further, and the international rating agencies cut Spain’s credit rating. The Guardian’s Jon Henley is on a “Europe on the breadline” …

Euro crisis: As seen by…

Pete Baker on September 16, 2011, 1:54 pm

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I’m not sure where he found it, but Philip Lane has posted this amusing graphic at the Irish Economy blog as the EU’s existential crisis continues. Heh. Pete Baker