Tag Archives: EU

International news

What was Greek referendum all about?

Those nutty Greeks are driving me nuts.

They spend themselves into near oblivion. The European Union has bailed them out more times than I can remember. They run out of money, default on their debt payment, close the banks and then call for a referendum.

Greeks vote overwhelmingly to reject further austerity plans and, in effect, endorse the principle of pulling out of the EU.

Then the Greek prime minister, Alexis Tsipras, goes to the EU, offers a compromise package that includes — yes, indeed — more austerity in exchange for more bailout money.

Now the Greek Parliament has approved the deal and is awaiting word from the EU whether it will accept it.

http://www.msn.com/en-us/news/world/greek-parliament-backs-government-bailout-proposals/ar-AAcPiCc

All of this forces me to ask: What was the referendum all about?

I’ve been to the country three times. It’s a beautiful place, with lovely people, priceless antiquities, breathtaking landscapes, great food and — in Athens, at least — legendary traffic jams.

They threw over their currency, the drachma, to join the EU, adopting the euro as its currency. It staged a fabulous Olympics in the summer of 2004 — and went bankrupt in the process.

I do not want Greece to relegate itself to becoming an outlier nation in Europe. Its history is too rich, vivid and important to the development of the rest of the continent.

However, I’m tellin’ ya, they’re driving this Greek-American insane watching this drama unfold.

If a bit more austerity is what it takes to pull the Greeks’ chestnuts out of the fire, then the socialists who run the place need to suck it up just a little while longer.

International news

‘No’ means no, in Greece

In Greece, they celebrate something called “Oxhi Day.”

“Oxhi” — and this is the rough spelling of the word, given that the Greek alphabet looks nothing like ours — is the Greek word for “no.”

It’s meant to mark then-Greek Prime Minister John Metaxas’s refusal to let Italian troops use Greek ports during the early years of World War II. Metaxas told Italian dictator Benito Mussolini “oxhi!” to his ultimatum; Mussolini then invaded Greece on Oct. 28, 1940 — and promptly had his troops slaughtered by the Greek army as they sought to advance south from Albania.

The Italian invasion stalled in the face of the ferocious Greek resistance. Adolf Hitler’s Nazi troops came in to rescue Mussolini from further humiliation — and conquered Greece.

Oxhi Day has been a big deal for Greece.

http://www.msn.com/en-us/news/world/greece-enters-uncharted-territory-after-referendum-no-vote/ar-AAczLKj

Now the word takes on a fresh meaning. The Greeks have said “oxhi” to demands for more austerity, which was a condition of more bailout money from the European Union.

The result might be that Greece leaves the EU, becoming — in the words of some observers — a “fringe nation” in Europe.

Greek Prime Minister Alexis Tsipras vows to renegotiate a better deal for Greece. His left-wing government has grown weary of the austerity demands that others have placed on his country.

But to be candid, the Greeks seem to need some more austerity to help them curb their spendthrift habits. They have spent themselves into a tremendous debt crisis that they cannot solve — seemingly — by themselves.

I wish my the people who live in the country of my ancestors had voted the other way. The future of a once-vibrant nation now appears at best to be murky.

Just saying “oxhi!” might not be enough to save this proud country from ruin.

International news

Once-vital nation set to cast itself aside

Greece has become a joke. And a decidedly unfunny one at that.

The country is about to conduct a referendum on Sunday. The outcome may determine whether the nation remains part of the European Union and a partner in one of the world’s pre-eminent international consortiums.

How did it come to this?

http://www.macropolis.gr/?i=portal.en.the-agora.2686

It sickens me.

I’ve had the pleasure and the privilege of visiting my ancestral homeland three times. I know of the country’s rich history. I am acutely aware of the pride the Greek diaspora around the world have of this place. It’s magic is beyond belief.

Now it’s about to be reduced to a bit player, an outlier on the world stage.

The nation cannot pay its debt. Other European nations have grown weary of bailing out the Greeks. Frankly, who can blame them?

What’s more, the Greeks are letting their own pride take them down the road perhaps to further ruin.

Greek Prime Minister Alexis Tsipras opposes further austerity measures designed to enable Greece to pay its debts. He is urging a “no” vote on the referendum, suggesting that it will strengthen the country’s hand and enable Greece to reopen negotiations with the EU.

All the while, the country — this cradle of western civilization — is being relegated to some peanut-gallery place on the world stage.

Those of us around the world who are proud of our ethnic inheritance are saddened beyond words by what’s happening there.

My own hope is that the majority of Greeks let some common sense rule by voting “yes” on the referendum.

As the essay attached to this post notes, the Greeks are left with two options. One of them is bad; the other is worse.

 

business news, International news

Greece: the downside of globalism

Economists have hailed the era of globalism, the interconnectedness of nations.

One nation’s failures and foibles affect others, just as their triumphs do.

Greece is in trouble — again! And the world is holding its breath.

Man, it pains me to watch what’s happening to the country of my ancestors. I’ve visited the place three times: 2000, 2001 and 2003. I’ve seen the good side of the country. My wife and I have experienced its charm, swallowed up its physical magnificence, gotten a taste of its cuisine and seen first hand the antiquities left over from when it was the “cradle of western civilization.”

Now this.

http://www.msn.com/en-us/money/markets/salvation-to-catastrophe-what-might-happen-to-greece/ar-BBl1S4d

Greece owes billions of dollars to creditors. It must pay them back or else default. It joined the European Union, converted its currency, the drachma, to the euro, but the EU might kick Greece out. Germany, which has played a huge role in bailing the Greeks out, already is making plans for Greece’s default on the loans it has taken.

International financial markets are on edge. They’re teetering, putting retirement funds — such as mine and my wife’s — at risk.

Why is this all happening? Globalism.

Look, left to its own devices, Greece’s influence on the world shouldn’t be that impactful. It’s a small country. It’s a modern country. Its people are sophisticated and well-educated. But it comprises about 10.5 million citizens, contributing to a gross domestic product of $284 billion annually, which is chicken feed compared to, say, nearby Italy, with its $1.9 trillion GDP.

Still, the countries are linked by common currency, common trade practices and common pressures that ripple their way across Europe — and around the world.

Greece has made a mess of itself and the world might be forced to clean it up.

The push to join nations together in international trade arrangements and alliances by itself isn’t a bad thing. I remain all for it.

These alliances, though, depend on everyone doing what they must to ensure they hold together. Greece hasn’t done it. It continues to resist the austerity measures that others have imposed on it. Its left-wing government also is on the brink of collapse.

Doomsday hasn’t arrived in Athens. It’s getting dangerously close.

 

business news, International news

Ancestral homeland climbs back

Greece is the land of my ancestors … all of them.

My mother’s parents emigrated to the United States from Turkey, but they were Greeks through and through. My father’s lineage goes back to the southern peninsula of Greece.

So, when news of Greece is bad, I ache a little bit more than I would if the news were about, say, Sweden or Poland. The Greek economy has been in the news a lot lately. And when the news is good, such as when Greece played host to the spectacular 2004 Summer Olympics, my pride swells.

My heart is gladdened just a bit with news from Reuters News Agency that the Greek economy — you’ll remember, when much of Europe was trying to bail them out with cash — has come back.

http://www.reuters.com/article/2014/11/14/eurozone-economy-greece-idUSL6N0T42OV20141114

Reuters reports: “Seasonally adjusted figures showed the euro zone weakling posted three consecutive quarters of growth this year, even though it had only been expected to exit what the government has
called Greece’s ‘Great Depression’ in the third quarter.”

What has pulled the Greek economy out of the ditch? Some economists have suggested tourism has given Greece its heft. The country has discounted lodging prices and the country continues to be a magnet for tourists looking for a little culture, sunshine, beautiful landscapes and a walk through some of the grandest antiquities on the planet.

I’ve had the pleasure of visiting my ancestral homeland three times and I plan to return. My wife, who’s made the trip with me said, “Of all the places we’ve been, this is the one place I want to see again and again.” That, folks, is high praise.

So I’m glad to read about the good news about Greece that has gone largely unreported. The media were certainly quick to tell us about the gloom and doom.

According to Reuters: “The news is a boost for Greece’s government, which has been promising austerity-weary Greeks better times ahead.”

I hope to read more about those “better times” when they arrive.

 

 

International news

War is no option

President Obama makes it clear: There will be no U.S. military intervention in Ukraine.

That’s a relief.

Meanwhile, Russian President Vladimir “Tough Guy” Putin makes it equally clear: Don’t mess with Russia.

Now, are the Russians tougher than we are? Which military establishment is stronger than the other one? This loyal American knows the answer to both questions.

None of that is the issue. World peace and the consequences of trying to force the Russians out of Ukraine militarily are too horrible to ponder.

The only option now must be the economic one.

http://news.msn.com/world/eu-to-slap-new-sanctions-on-russia-over-Ukraine

The European Union is pondering even more stringent sanctions on Russia. So is the United States of America, working in concert with the EU.

Meanwhile, the critics back here at home — far away from the struggle — keep yammering about the “military option.” None exists.

Russian troops reportedly have “invaded” Ukraine, violating that country’s territorial sovereignty. Obama has condemned the Russians, including Putin. He’s vowing that Russia will pay a price for its violating its neighbor’s territory. The sanctions already imposed are taking a big bite out of a Russian economy that’s on the ropes as it is.

Are we going to bomb the Russians? No. We should put the economic squeeze on them.

Keep tightening the vise, Mr. President.

 

Uncategorized

Vise tightens around Russia

Russian President Vladimir Putin may be an atypical world leader, coming as he does from a world of spooks.

He does, however, hang with people with lots of money — which doesn’t make him much different from other heads of state and/or government.

Thus, the increased sanctions announced today by President Obama just might persuade the Russian leader to end his effort to foment unrest in Ukraine.

http://time.com/79080/russia-ukraine-putin-obama-sanctions/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+timeblogs%2Fswampland+%28TIME%3A+Swampland%29

The White House announced that it is implementing further economic hardship on individuals and companies close to Putin. Obama called it a “calibrated effort” designed to inform Putin of the folly of his continued presence in Ukraine’s sovereign affairs.

The sanctions already announced have had an impact. The Russian ruble’s value has plummeted, along with the Russian stock exchange. Russian investments have tanked.

Have the efforts persuaded Putin to back off? No. They have, however, persuaded the Russians to seek a diplomatic solution to the Ukraine crisis, which exploded several months ago with the ouster of Ukraine’s pro-Russia president and the subsequent annexation of Crimea into Russia.

We’ve seen a lot of blustering among Russians, Americans, NATO and the European Union. No one should really believe all-out war is going to erupt, despite claims by both sides that the other guys want to start a shooting war.

“The goal here is not to go after Mr. Putin, personally,” Obama said. “The goal is to change his calculus with respect to how the current actions that he’s engaging in in Ukraine could have an adverse impact on the Russian economy over the long haul.”

Actually, Mr. President, the goal seems to be to go after Putin “personally,” which is OK with me and I am guessing a lot of other Americans.

Make him squirm.

Uncategorized

Who's Putin calling meddlesome?

Russian President Vladmir Putin is exhibiting some major stones, brass, cajones … whatever.

He sends troops into Crimea, which used to be part of Ukraine, and takes over the region from another sovereign nation. He masses tens of thousands of troops on the Ukraine’s border with Russia, threatening further military action.

He then accuses Ukraine of acting irresponsibly by using its own military to put down pro-Russian demonstrators. Furthermore, he accuses the West — including the United States — of meddling in Ukraine’s affairs.

http://online.wsj.com/news/articles/SB10001424052702304626304579506741617026658?mod=WSJ_hpp_LEFTTopStories&mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304626304579506741617026658.html%3Fmod%3DWSJ_hpp_LEFTTopStories

Kettle, meet pot.

It’s quite astonishing to hear the leader of a large nation with a substantial military force lecture the rest of the world about such matters.

Russia has interfered in another sovereign nation’s internal affairs. Russian troops have entered Ukrainian territory. And Russia’s strongman president has the gall to lecture the United States and its allies about diplomatic decorum?

Unbelievable.

The European Union, NATO, the United States and other key allies are preparing to ratchet up further economic measures aimed at crippling the Russian economy. The first rounds of sanctions already are taking a big bite out of the Big Bear’s backside.

Putin’s stern language is not going to help quell the tension or ease the pain that is about to be inflicted on his nation.

Uncategorized

Euro recession over? Tell that to Greeks

This just in: The recession in the European Union is over.

But if you’re a citizen of those countries hit hardest by the financial crisis, you’re pain hasn’t yet let up.

http://www.beaumontenterprise.com/news/world/article/Eurozone-recession-end-is-cold-comfort-for-Greece-4731488.php

I get that the Germans, French and even the Italians are faring better these days. Their economies grew for the second quarter in a row, prompting EU economists to declare the recession to be over.

The story in Greece and Spain, for example, is quite different.

Let’s look at Greece, my ancestral home that became an international laughingstock when the financial crisis nearly took it down.

The Greek economy is still in the tank, down about 24 percent since 2008; just in the past year alone, it shrank 4 percent. Unemployment is about 25 percent, nearly as bad as Spain, which has Europe’s worst unemployment rate. Barry Bosworth of the Brookings Institution describes the Greek economic condition as far worse than a recession. “It goes way beyond anything that looks like a recession,” he said. “It’s absolutely appropriate to refer to Greece as in a depression.”

***

This characterization hurts me at a personal level.

I’ve visited Greece three times: twice with my wife in 2000 and 2001, and again by myself in 2003. It’s a magical place. My three visits there came as the country was preparing to play host to the 2004 Summer Olympics. They cleaned up Athens, scrubbed the graffiti off building walls and highway overpasses, built a sparkling new airport, constructed a state-of-the-art subway system and, in general, presented themselves as more than ready to host such a magnificent worldwide event.

But they did it on borrowed money. They went into hock up to their armpits … and then the bills came due.

I’m not sure the Euro recession is as “gone” as the EU folks say it is. Another hiccup in Greece, or Spain, or Portugal – where the recession/depression is lingering – could send the continent into another tailspin.

I keep thinking of when I walked to the top of the Acropolis in 2000 and stood in front of the Parthenon. My thoughts were of enormous pride that my ancestors were able to build such structures and were able to produce great genius.

If only they could revive that brilliance and find a way out of the economic mess that is largely of their own making.