Greek elections are set for June 17th following the impasse of the last election where no majority government formed.
The "Destroy Greece to Save the Euro" clowns led by German Chancellor Angela Merkel are out in force hoping to turn the vote into a direct referendum on the Euro. The election is of course a direct referendum on the Euro, but Greek citizens are under three Fantasyland ideas.
Three Fantasyland Ideas
The euro-area economy grew faster than analysts forecast in the third quarter as Germany and France rebounded and Greece showed some signs of revival.
Gross domestic product increased 0.2% from the previous period, when it rose 0.1%, Eurostat, the European Union’s statistics office in Luxembourg, said Friday. That’s more than the median of 39 estimates in a Bloomberg News survey for 0.1%.
It would be quite ironic and rather fitting if Germany and France fail to ratify the Merkozy treaty. 25 Nations have ratified the treaty but France and Germany still have not.
French president Francois Hollande has already threatened non-ratification unless the treaty is revised.
The Leader of the Social Democrat Party (SPD)in Germany, Frank-Walter Steinmeier, is making similar threats for the first time.
BRUSSELS — Within minutes of eurozone finance ministers reaching a deal to cut Greece’s debt late on Monday, commentators on Twitter were dismissing it as another exercise in “kicking the can down the road”.
To an extent that is true. Under the agreement, the euro zone and the International Monetary Fund will give Greece two more years to reach its budget goals and will find another 44-billion euros (US$57-billion) to keep the country afloat in the meantime.
BERLIN — German Finance Minister Wolfgang Schaeuble will offer Greece 100-million euros (US$131-million) for a fund to promote economic growth in a visit to Athens on Thursday in a move unlikely to appease protesters who resent his firm stance on austerity measures.
Tens of thousands of Greek workers have taken to the streets to protest this week against government plans to fire public sector employees to satisfy foreign lenders who granted debt-stricken Greece a multi-billion euro aid tranche this month.
ATHENS — The European Central Bank was checking up on how well Greece is meeting its international bailout obligations on Wednesday, a day after Germany’s finance minister said a third aid programme would be needed to keep Athens afloat.
Joerg Asmussen, a member of the ECB’s executive board, was to meet Greece’ prime minister, finance minister and central bank governor, and to have talks with Greek business leaders.
As I watch the implosion of Greece, with shops closing everywhere and GDP plunging like a rock, I cannot help but wonder if we are witnessing the start of a similar trend in Italy.
To be sure, Italy has a manufacturing base that Greece does not have, but retail aspects and shop closings in Rome as compared to Athens seems rather similar.
If that sounds far-fetched, please consider Summer of gloom for crisis-hit Rome shops