Skip to main content

[NEWS] Greek Drama


MONDAY

The News Germany, Europe’s largest economy and the most important — and most reluctant — partner in trying to help Greece forestall a financial meltdown, agreed to lend it up to $30 billion over three years, part of an international bailout package negotiated over the weekend.
The European Central Bank said it would accept Greek bonds as collateral regardless of any credit downgrades.
Behind the News The moves cleared up some lingering uncertainty over the bailout and relieved some of the upward pressure on the interest rates Greece had to pay.

TUESDAY

The News Public employees began striking in protest against pay and spending cuts proposed by the government of Prime Minister George Papandreou to stave off default, reassure investors and win backing for the bailout.
Behind the News The high cost and low productivity of Greece’s vast public sector, which employs one-third of the labor force and until recently guaranteed jobs for life, were major factors leading to the financial crisis. It was touched off in late 2009 when the deficit was revealed to be a crippling 12.7 percent of gross domestic product, more than triple what had been forecast.

WEDNESDAY

The News A mass demonstration in central Athens turned ugly when violent protestors clashed with police, tried to storm the Parliament and firebombed a bank where 20 people were trapped inside; three died.
Behind the News The deaths shocked many in Greece, where demonstrations have been a way of life for decades and helped end military rule in 1974. The new unrest alarmed investors and threatened to polarize Greek society — or to galvanize it to take difficult but needed steps. “A demonstration is one thing and murder is quite another,” the prime minister told Parliament.

THURSDAY

The News The Greek Parliament adopted austerity measures worth about $38 billion through 2012, including cuts in pay and tighter retirement rules for public employees and higher taxes on alcohol and cigarettes.
Behind the News “We have done what was necessary, not what was easy,” said the finance minister. An opponent countered, “The dose of the medicine you are administering is in danger of killing the patient.”
Fears that the trouble would spread and hobble the global economic recovery contributed to sharp falls in stock indexes and the value of the euro.

FRIDAY

The News At an emergency summit in Brussels, leaders of the 16 countries that share the euro completed a rescue package for Greece worth 110 billion euros ($148 billion) over three years, combining loans from European nations and the International Monetary Fund.
Behind the News Angela Merkel, the German chancellor, warned before the meeting that if the union’s members did not cooperate to address Greece’s troubles, “the markets will think we’re unable to act.” Now on Europe’s agenda: proposals for tougher fiscal rules for euro countries, to head off future Greece-style crises.

Comments

Popular posts from this blog

[ENVIRONMENT] Big Food vw. Big Insurance

Big Food vs. Big Insurance By MICHAEL POLLANPublished: September 9, 2009 TO listen to President Obama’s speech on Wednesday night, or to just about anyone else in the health care debate, you would think that the biggest problem with health care in America is the system itself — perverse incentives, inefficiencies, unnecessary tests and procedures, lack of competition, and greed. No one disputes that the $2.3 trillion we devote to the health care industry is often spent unwisely, but the fact that the United States spends twice as much per person as most European countries on health care can be substantially explained, as a study released last month says, by our being fatter. Even the most efficient health care system that the administration could hope to devise would still confront a rising tide of chronic disease linked to diet. That’s why our success in bringing health care costs under control ultimately depends on whether Washington can summon the political will to take on ...
  Latest Bitcoin News and Investment Strategies (2025) Latest Bitcoin News and Investment Strategies (2025) As of March 13, 2025, Bitcoin (BTC) continues its bearish trend , raising concerns among investors. Recent data shows that Bitcoin whale holdings have reached their lowest level in six years, heightening concerns about further market declines. Bitcoin Whale Sell-off Activity According to IntoTheBlock data, Bitcoin whale holdings have dropped to a six-year low . This suggests that large-scale investors are selling off Bitcoin, increasing fears of a further market downturn. Long-term Bitcoin Growth Decline Additionally, analysts report that Bitcoin's long-term growth rate has fallen to an all-time low . This indicates a maturing market and a slowdown in Bitcoin's growth potential. Strategies for Investors Monitor Market Trends: Keep up to date with the late...
AI and Semiconductor Stocks Surge! Market Trends on March 10, 2025 Recently, AI and semiconductor-related stocks have shown strong performance, attracting significant attention from investors. As of March 10, 2025 (U.S. time), major semiconductor companies such as NVIDIA, AMD, Intel, and Qualcomm have seen significant stock price increases. This surge is primarily driven by the continuous growth of the AI market and the rising demand for semiconductors. Reasons Behind the AI and Semiconductor Stock Surge 1. Accelerated Growth of the AI Industry The rapid integration of AI technology across various industries has led to an explosive increase in demand for AI semiconductors. Companies like NVIDIA and AMD have established themselves as key suppliers of high-performance AI chips, playing crucial roles in cloud computing, data centers, autonomous vehicles, and more. 2. Expanding AI Investments by Major Corporations Tech giants such as Microsoft, Google, and Meta are investing billions...