"Moreover, you scorned our people, and compared the Albanese to sheep, and according to your custom think of us with insults. Nor have you shown yourself to have any knowledge of my race. Our elders were Epirotes, where this Pirro came from, whose force could scarcely support the Romans. This Pirro, who Taranto and many other places of Italy held back with armies. I do not have to speak for the Epiroti. They are very much stronger men than your Tarantini, a species of wet men who are born only to fish. If you want to say that Albania is part of Macedonia I would concede that a lot more of our ancestors were nobles who went as far as India under Alexander the Great and defeated all those peoples with incredible difficulty. From those men come these who you called sheep. But the nature of things is not changed. Why do your men run away in the faces of sheep?"
Letter from Skanderbeg to the Prince of Taranto ▬ Skanderbeg, October 31 1460

Greek Tragedy for the World Economy!

Discuss anything related to articles.
Post Reply
User avatar
Arta
Sun Member
Sun Member
Posts: 1515
Joined: Tue Jun 02, 2009 2:44 pm
Gender: Female
Location: USA

Greek Tragedy for the World Economy!

#1

Post by Arta » Sat Dec 12, 2009 6:31 am

Just when many thought the global financial crisis was over, it re-emerges with a bang. This week, Greece and Spain both had their credit ratings downgraded. Standard & Poor’s changed Spain’s outlook from ‘stable’ to ‘negative.’ For Greece, the news was even worse: Fitch revalued Greece’s creditworthiness to BBB+, just a few steps above junk status.

Dramatic as these developments sound, they are hardly surprising. When Greece was allowed to join Europe’s Monetary Union in 2002, it benefited enormously from the Eurozone’s lower interest rates. Unfortunately, the Greeks did not use this opportunity to consolidate their finances. Instead, they took it as an invitation to run even higher deficits.

Only in one year, 2006, was Greece able to comply with the EU Growth and Stability Pact, which sets a budget deficit limit of 3% of GDP. Following the financial crisis, this deficit has now ballooned to 12.7%. At 121% of GDP, Greece’s public debt is much larger than its economy, making it the most indebted country in the European Union.

Australians could be forgiven for thinking that Greece’s problems are those of a small, faraway country. But they matter for at least two reasons. First, the GFC has demonstrated how interconnected the world economy has become. There are no faraway places anymore. Second, the Greek troubles could be a harbinger of much worse. It is only a matter of time before one of the world’s other sovereign debt time-bombs detonates.

That even Greece could trigger a financial domino effect is not least due to its membership of the Euro currency. There is no political way the other Euro member states could let the Greeks go under. Having just supported their banks, French and German taxpayers may now have to bail out a whole country. This will have implications for the Euro and economic stability, generally. It could even break the European Union with unforeseeable consequences.

Whether Greece will be the next country to declare bankruptcy is by no means certain. Other hot contenders are the Baltic states, Spain, Dubai, Ireland and, threatening even greater disruption, Japan and Britain. US public finances hardly look reassuring, either.

There is a real possibility that some countries have overstretched themselves so much that they cannot service their debt in the near future. It now looks more like a question of ‘when’ rather than ‘if’ that will happen. We are anxiously awaiting the next act of this Greek tragedy.

Dr Oliver Marc Hartwich is a Research Fellow at the Centre for Independent Studies, Australia






It looks like Bollano will not have any more income from his beloved country!
"I never gave anybody hell! I just told the truth and they thought it was hell."~Harry S. Truman

User avatar
Arbëri
Universe Member
Universe Member
Posts: 3781
Joined: Fri Nov 20, 2009 4:59 am
Gender: Male
Location: Shkup

Re: Greek Tragedy for the World Economy!

#2

Post by Arbëri » Sat Dec 12, 2009 6:44 am

Dhashtë Zoti që ta shkatërroj , pasi neve nuk jemi të pregaditur ,

Published: 5:58PM GMT 22 Nov 2009

Greece tests the limit of sovereign debt as it grinds towards slump
Greece is disturbingly close to a debt compound spiral. It is the first developed country on either side of the Atlantic to push unfunded welfare largesse to the limits of market tolerance.
Euro membership blocks every plausible way out of the crisis, other than EU beggary. This is what happens when a facile political elite signs up to a currency union for reasons of prestige or to snatch windfall gains without understanding the terms of its Faustian contract.
When the European Central Bank's Jean-Claude Trichet said last week that certain sinners on the edges of the eurozone were "very close to losing their credibility", everybody knew he meant Greece.
The interest spread between 10-year Greek bonds and German bunds has jumped to 178 basis points. Greek debt has decoupled from Italian debt. Athens can no longer hide behind others in EMU's soft South.
"As far as the bond vigilantes are concerned, the Bat-Signal is up for Greece," said Francesco Garzarelli in a Goldman Sachs client note, Tremors at the EMU Periphery.
The newly-elected Hellenic Socialists (PASOK) of George Papandreou confess that the budget deficit will be more than 12pc of GDP this year, four times the original claim of the last lot. After campaigning on extra spending, it will have to do the exact opposite. "We need to save the country from bankruptcy," he said.
Good luck. Communist-led shipyard workers have already clashed violently with police. Some 200 anarchists were arrested in Athens last week after they torched streets of cars in a tear gas battle.
Mr Papandreou has mooted a pay freeze for state workers earning more than €2,000 a month. This has already set off an internal party revolt. "There is enormous denial," said Lars Christensen, emerging markets chief at Danske Bank. "They don't seem to understand that very serious austerity measures are needed. It is a striking contrast with Ireland," he said.
Brussels says Greece's public debt will rise from 99pc of GDP in 2008 to 135pc by 2011, without drastic cuts. Athens has been shortening debt maturities to trim costs, storing up a roll-over crisis next year. Some €18bn comes due in the second quarter of 2010 (IMF).
http://www.telegraph.co.uk/finance/c...mp.html:nesum:

__________________
“Nëse doni të zbuloni historinë para Krishtit dhe
shkencat e asaj kohe, duhet të studioni gjuhën shqipe !"
-----------------------------------------------------------------
Gottfried Wilhelm Leibniz - albanolog, matematicient, filozof gjerman

User avatar
alfeko sukaraku
Sun Member
Sun Member
Posts: 1827
Joined: Wed Jun 03, 2009 8:02 pm
Gender: Male

Re: Greek Tragedy for the World Economy!

#3

Post by alfeko sukaraku » Sat Dec 12, 2009 6:53 pm

Ju uroj per kete teme.Greqia na sulmon me mundesin me te pare qe na sheh keq,ndersa ne po heshtim.Ju qe dini mire anglishte ,duhet te beni propogande kundra vepres asimiluese greke e cila me parat qe huazon nga evropa ,nderton kisha e shkolla kudo ne ballakan e sidomos ne vendet e varfra afrikane ku ka filluar ti asimiloj e tju mesoj greqishten.Nxirrjani bojen kesaj politike greke.



fondacioni greke per kulturen shqiptare,hape shkolla greke ne shqiperi

financon shqiptaret ne juge te shqiperis me kembim deklarimin e nenshtetesis greke

me poshte shihni pamje nga ndertesa e kishes ortodokse ne qender te tiranes , e financuar nga shteti greke.
You do not have the required permissions to view the files attached to this post.
KOHA ESHTE E MASKARENJVE/POR ATDHEU I SHQIPETRAVE

User avatar
Arbëri
Universe Member
Universe Member
Posts: 3781
Joined: Fri Nov 20, 2009 4:59 am
Gender: Male
Location: Shkup

Re: Greek Tragedy for the World Economy!

#4

Post by Arbëri » Sun Dec 13, 2009 10:19 pm

alfeko sukaraku wrote:Ju uroj per kete teme.Greqia na sulmon me mundesin me te pare qe na sheh keq,ndersa ne po heshtim.Ju qe dini mire anglishte ,duhet te beni propogande kundra vepres asimiluese greke e cila me parat qe huazon nga evropa ,nderton kisha e shkolla kudo ne ballakan e sidomos ne vendet e varfra afrikane ku ka filluar ti asimiloj e tju mesoj greqishten.Nxirrjani bojen kesaj politike greke.



fondacioni greke per kulturen shqiptare,hape shkolla greke ne shqiperi

financon shqiptaret ne juge te shqiperis me kembim deklarimin e nenshtetesis greke

me poshte shihni pamje nga ndertesa e kishes ortodokse ne qender te tiranes , e financuar nga shteti greke.
Më vjen mirë qe shkruan haptas vëlla , se në foruminShqiptar nuk besoj që do të lejoje Albo :)
Të mos keqkuptohemi , jam vetëm kundër kishës(antishqiptare) Greke , nuk më interesojnë shum fetë ..

Vazhdojmë me lajme të mira nga fqinjët Grek :)

Gjermanija ndërpret ndihmat Grekërve ,situatën e vështirë ekonomike le të zgjedhin vetëm Grekët
VORSTAND - BANKENVERBAND: GRIECHENLAND MUSS PROBLEME ALLEIN LÖSEN
12.12.09
Der geschäftsführende Vorstand des Bundesverbandes deutscher Banken, Manfred Weber, hat sich gegen Sofortmaßnahmen der EU für Griechenland ausgesprochen: «Zunächst sind die Griechen alleine gefragt. Sie müssen glaubwürdig erklären, wie sie ihr Defizit spürbar zurückführen wollen, und entsprechende Maßnahmen ergreifen. Diese Herkulesaufgabe kann ihnen niemand abnehmen», sagte Weber der «Berliner Zeitung» (Samstagausgabe).

«Griechenland hat sich selbst durch eine laxe Haushaltspolitik in diese schwierige Situation gebracht», sagte Weber. Erst wenn das Land seine Hausaufgaben erledigt habe, könne flankierend über mögliche Unterstützungsmaßnahmen gesprochen werden. «Das könnten zum Beispiel Überbrückungshilfen der EU oder des Internationalen Währungsfonds sein.» Es werde einige Zeit dauern, bis die Griechen ihre Finanzen wieder in Ordnung gebracht haben. «Harte Maßnahmen sind unumgänglich, aber es ist keine unlösbare Aufgabe.»
Die Gefahr eines Flächenbrandes sei nicht zu befürchten: «Die Lage sollte aber sehr ernst genommen werden, denn auch andere Ländern der Euro-Zone sind stark verschuldet», sagte Weber. Auch Die übrigen Euro-Länder sollten jetzt aber festlegen, wie sie die Haushalte in den nächsten Jahren wieder ins Gleichgewicht bringen, empfahl Weber. Für einen Ausstieg aus den konjunkturstützenden Maßnahmen sei es aktuell aber noch zu früh: «Wir haben noch keinen selbsttragenden Aufschwung.»
ddp/mar
http://www.newsxl.com/index.php/politik ... l%C3%B6sen
“Nëse doni të zbuloni historinë para Krishtit dhe
shkencat e asaj kohe, duhet të studioni gjuhën shqipe !"
-----------------------------------------------------------------
Gottfried Wilhelm Leibniz - albanolog, matematicient, filozof gjerman

User avatar
Arta
Sun Member
Sun Member
Posts: 1515
Joined: Tue Jun 02, 2009 2:44 pm
Gender: Female
Location: USA

Re: Greek Tragedy for the World Economy!

#5

Post by Arta » Mon Dec 14, 2009 12:36 am

Greek debt hits 300 billion euros!

hu Dec 10, 3:05 pm ET ATHENS (AFP) – The finance crisis in Greece loomed large over an EU summit ending Friday after the government disclosed it was carrying a record debt of 300 billion euros, a burden that threatened to shake the foundations of the eurozone.
European Union leaders, who had planned to devote their meeting in Brussels to combating climate change, were forced to confront the prospect that the mess in Greece could erode the credibility of the 16-member euro bloc.
Swedish European Affairs Minister Cecilia Malmstroem said the agenda had effectively been overtaken by the "very serious" events in Greece.

"We are in a family, we try to support each other," she argued
Greek Prime Minister George Papandreou, arriving for the summit, vowed to "revamp the Greek economy, to modernise the public sector, to fight chronic problems such as corruption... to make sure we have a sound, viable economy."
Earlier in the day, after the government announced that the national debt had risen to the equivalent of 442 billion dollars, Papandreou declared that "a national rally is required to solve these problems."

The newly elected Socialist premier said the meeting, set for next week, was aimed at "sending a powerful message abroad showing that we're determined to move forward, to clean up our economy and ... give hope to every Greek citizen."
German Chancellor Angela Merkel asserted that the EU shouldered "a shared responsibility" for Greece as "everyone's concern" was to maintain a stable euro currency.

"We are agreed within the Eurogroup that we need to respect the criteria of European stability on budgetary matters," she said in Brussels.
"What happens in a member country influences all the others, particularly when you have a common currency."
But taking a sharply harder line, European Central Bank governing council member and Austrian central bank chief Ewald Nowotny insisted that a "no bailout" principle was anchored in EU treaties and warned it was "not possible to defuse the problem here through direct financing."
The strains that have emerged in the eurozone in the wake of the Greek debt crisis will come into focus next year when the ECB is expected to raise interest rates, analysts said.
"Once the ECB starts hiking rates -- in 4Q10 (fourth quarter 2010), in our view -- the new divergence within the Eurozone is likely to take centre stage," said a note from ING Research.

"The ECB will try to fight any policy complacency from Eurozone countries."
The Greek government's credibility has been damaged by a revelation that the country's public deficit was expected to surge to 12.7 percent of output this year and that debt amounts to 113 percent of gross domestic product.
Papandreou is now seeking to reassure financial markets and investors who lend money to Greece that new budget proposals to cut spending will be produced within six to seven weeks.

But Finnish Prime Minister Matti Vanhanen stressed that leaders would need reassurances that no "surprises" lurk behind Greece's latest promises, saying "the most important issue is that we have real information."
The Fitch downgrade, which followed a warning from Standard and Poor's that it could take similar action in the next two months, will make it more costly for Greece to borrow money through the bond market to cover its overspending.
The 10-year yield on Greek bonds rose to 5.471 percent on Thursday, or 2.307 percentage points higher than the German Bund, meaning that Greece has to pay twice more than Germany to attract lenders.

http://news.yahoo.com/s/afp/20091210/bs ... nomygreece
"I never gave anybody hell! I just told the truth and they thought it was hell."~Harry S. Truman

User avatar
Arbëri
Universe Member
Universe Member
Posts: 3781
Joined: Fri Nov 20, 2009 4:59 am
Gender: Male
Location: Shkup

Re: Greek Tragedy for the World Economy!

#6

Post by Arbëri » Sun Jan 24, 2010 4:43 am

Deutsche Welle
http://www.dw-world.de/dw/article/0,,5146460,00.html

Image



Askush nga shtetet e BE-së nuk mendon se ky plan i i zvogëlimit të deficitit do e nxjerrë Greqin nga kriza :mrgreen:
Grevat skan të ndalur .
Image
http://www.dw-world.de/dw/article/0,,5157670,00.html

Gazeta gjermane http://WWW.FINANCEN.DE (poshtë) :" Deficiti Grek brenda nate dyfishohet"
" Greqia falsifikon statistikën përsëri "
Image

Image
Last edited by Arbëri on Sun Jan 24, 2010 5:12 am, edited 1 time in total.
“Nëse doni të zbuloni historinë para Krishtit dhe
shkencat e asaj kohe, duhet të studioni gjuhën shqipe !"
-----------------------------------------------------------------
Gottfried Wilhelm Leibniz - albanolog, matematicient, filozof gjerman

User avatar
Arbëri
Universe Member
Universe Member
Posts: 3781
Joined: Fri Nov 20, 2009 4:59 am
Gender: Male
Location: Shkup

Re: Greek Tragedy for the World Economy!

#7

Post by Arbëri » Sun Jan 24, 2010 4:58 am

Deutsche Welle ( në gjuhën Kroate )
Shkruan:
Athina mbulohet me mbeturina , shkaku që kursejnë edhe në higjienë
:mrgreen:
Image

http://www.dw-world.de/dw/article/0,,5054774,00.html

Greqisë nuk do i ndihmon as ndonjë Aspirin :mrgreen:
Image
“Nëse doni të zbuloni historinë para Krishtit dhe
shkencat e asaj kohe, duhet të studioni gjuhën shqipe !"
-----------------------------------------------------------------
Gottfried Wilhelm Leibniz - albanolog, matematicient, filozof gjerman

User avatar
Arbëri
Universe Member
Universe Member
Posts: 3781
Joined: Fri Nov 20, 2009 4:59 am
Gender: Male
Location: Shkup

Re: Greek Tragedy for the World Economy!

#8

Post by Arbëri » Tue Jan 26, 2010 2:43 am

“Nëse doni të zbuloni historinë para Krishtit dhe
shkencat e asaj kohe, duhet të studioni gjuhën shqipe !"
-----------------------------------------------------------------
Gottfried Wilhelm Leibniz - albanolog, matematicient, filozof gjerman

User avatar
Arbëri
Universe Member
Universe Member
Posts: 3781
Joined: Fri Nov 20, 2009 4:59 am
Gender: Male
Location: Shkup

Re: Greek Tragedy for the World Economy!

#9

Post by Arbëri » Fri Jan 29, 2010 12:23 am

Greek deficit 'endangers' euro, EU commission says

http://euobserver.com/19/29328
25.01.2010
Soaring public deficits in euro countries such as Greece weaken the credibility and "endanger" the cohesion of the common currency, according to a leaked European Commission paper. Meanwhile, the Greek finance minister has rejected speculation that his country might leave the eurozone.

Growing imbalances between countries within the common currency are a "matter of serious concern for the eurozone as a whole," a paper drafted by the commission's economic and financial unit for the EU's finance ministers and obtained by German paper Der Spiegel says.
These imbalances "can weaken confidence in the euro and endanger the cohesion of the monetary union," it warns.

In particular, Brussels' experts are worried about countries with soaring public deficits: Greece, Ireland and Spain.

"The combination between lagging competitiveness and excessive increase of state debt is worrying in this context," the document reads.

European officials and some member states, particularly Germany, have grown impatient with Greece after the bloc's statistics office found that economic data provided by Athens had been embellished.

The Der Spiegel leak came on top of other harsh words for Greece over the weekend.

"Never again shall we accept deficit data which doesn't correspond to reality," European Central Bank (ECB) chief Jean-Claude Trichet told Focus magazine.

"Those who don't stick to the rules, act irresponsibly and without solidarity, damaging the euro," ECB chief economist Jurgen Stark said in Welt am Sonntag.

Mr Stark added that the problems were not solely linked to budget deficits. "Countries such as Greece need a radical re-orientation of their economic policies," he argued.

The EU has no plans to help Greece out financially, however, with another ECB official, Jose Manuel Gonzalez-Paramo, calling rumours that the bloc could fund a credit-line for Greece "absurd."

Back in Athens, Greek finance minister Giorgos Papakonstantinou told Die Welt that he strongly opposes any talk of his country leaving the eurozone. "Speculations about an exit from the monetary union are absurd. I completely reject the idea that Greece will quit the eurozone," he said.

Mr Papakonstantinou remained confident that Athens would manage the colosal task of lowering the deficit.

"We will manage the budget problems on our own. We didn't ask anyone for financial support and we don't expect any external help," he said.
http://translate.google.de/#
“Nëse doni të zbuloni historinë para Krishtit dhe
shkencat e asaj kohe, duhet të studioni gjuhën shqipe !"
-----------------------------------------------------------------
Gottfried Wilhelm Leibniz - albanolog, matematicient, filozof gjerman

User avatar
Arbëri
Universe Member
Universe Member
Posts: 3781
Joined: Fri Nov 20, 2009 4:59 am
Gender: Male
Location: Shkup

Re: Greek Tragedy for the World Economy!

#10

Post by Arbëri » Wed Feb 10, 2010 4:23 pm

Riot police fire tear gas on protesters in Athens as EU plans Greek bailout
By NICK MCDERMOTT and MAIL FOREIGN SERVICE
Last updated at 1:56 PM on 10th February 2010
Comments (25)
Add to My Stories
Riot police have fired tear gas on protests in Greece today as tensions over the country's debt crisis threatened to turn violent.
Police fired at the protesters in central Athens today during a 24-hour strike by public sector workers outraged at the government's attempt to cut its crippling debt by slashing government pay.
The strike has grounded flights and shut many state schools and offices in the first big test of the government's resolve to tackle a debt crisis which has shaken the euro zone.

Image
No to austerity: Up to 7,000 protesters march in the streets of Athens today, protesting the Greek government's plan to ease its debt crisis by freezing public sector wages

Investors, rating agencies and EU policymakers are closely watching the 24-hour strike and the government's response.
They have said Greece, which is prone to violent street protests, will not get support for free and urged the government to be firm.
Hundreds of members of the ADEDY public sector union waving banners and beating drums marched through central Athens as riot police looked on, ahead of a demonstration planned for later in the day in front of parliament.
Unions oppose plans to freeze public wages, slash the salary supplements many Greeks receive on top of basic pay, and replace just one in five people leaving the civil service.
They say tax reforms, which are also part of the EU-backed plan to shore up Greece's finances, hurt the poor.


Image
Face off: A protester throws streamers at police guarding the Prime Minister's office in Athens today

The strike comes a day after the socialist government announced fresh measures to further cut the public wage bill and hike taxes, defying unions with plans to save the state 800 million euros this year.
'They had promised the rich would pay but instead they take the money from the poor,' said Ilias Iliopoulos, general secretary of public sector umbrella union ADEDY.
'This is the policy we are fighting, not the effort to get out of the crisis.'
Some Greeks have said they were not willing to pay the price. 'The measures regarding civil servants are simply unjust,' said 65-year-old civil servant Panayotis Daskalakos.
'We will strike even if we don't believe this battle will be won,' he said. 'We know that the government is taking these measures to satisfy Brussels but they are not thinking about us.'
ADEDY, which represents half a million workers, said on Tuesday it was likely to join a private sector strike in a fortnight or stage another walkout in March

Image
But the mood in the Greek capital remained calm.
Many public sector employees turned up for work in government ministries and schools, while ordinary Greeks on the streets said it was too soon to dismiss efforts by the socialist government to pull the country's finances back from the brink.
'Will these protests save the economy?' said Vassilis Bernalis, 58, a street vendor selling apples and bananas.
'We have to help the government succeed in this and if it fails then we all have the right to protest. It would be unforgivable.'
With EU leaders due to discuss Greece at a special economy summit in Brussels, financial markets rallied on Wednesday on hopes that the European Union would mount a bailout.
Germany, the eurozone's dominant economy, is in talks with the head of the European Central Bank over possible loan guarantees for Greece and other troubled European countries, it was reported.
As a result of the measures, the euro staged its biggest rally in almost six months, as a decision by central bank chief Jean-Claude Trichet to return early from meetings in Australia added to speculation that plans for a Greek rescue are advancing.


While Greek prime minister George Papandreou has put together a draconian deficit-cutting programme, markets are unconvinced by his plans.
As a result, major governments led by Germany and France have been formulating a rescue scheme.
A German government official has said the volatile markets had forced Berlin to 'take a significant step' to prevent the crisis escalating.

Dramatic rescue: Greece's fragile economy could be rescued by more powerful eurozone countries
'We're thinking about what we should do if the crisis spills from Greece into other euro countries,' he added.
'So it's more about finding firewalls, containing the problem, than principally about helping the Greeks.'
Greek bonds rallied yesterday and the single currency jumped as much as 1.4 per cent against the dollar to trade at $1.38 amid hopes that EU leaders will intervene.
News that Mr Trichet is leaving a gathering of policy makers in Sydney a day early added to the speculation surrounding the Brussels summit, tomorrow which Gordon Brown is attending.
Analyst Ben May of Capital Economics said: 'Any bailout will have tough conditions attached, making it a bitter pill to swallow.'



Read more: http://www.dailymail.co.uk/news/worldne ... z0f9PvrHNd
“Nëse doni të zbuloni historinë para Krishtit dhe
shkencat e asaj kohe, duhet të studioni gjuhën shqipe !"
-----------------------------------------------------------------
Gottfried Wilhelm Leibniz - albanolog, matematicient, filozof gjerman

User avatar
Arbëri
Universe Member
Universe Member
Posts: 3781
Joined: Fri Nov 20, 2009 4:59 am
Gender: Male
Location: Shkup

Re: Greek Tragedy for the World Economy!

#11

Post by Arbëri » Wed Feb 10, 2010 4:32 pm

Image
“Nëse doni të zbuloni historinë para Krishtit dhe
shkencat e asaj kohe, duhet të studioni gjuhën shqipe !"
-----------------------------------------------------------------
Gottfried Wilhelm Leibniz - albanolog, matematicient, filozof gjerman

Post Reply

Return to “Current Events/Articles”