Greece moved to end its protracted political impasse Wednesday, swearing in a new prime minister to lead a largely pro-bailout coalition tasked with saving the country's place in the eurozone and easing a European financial crisis with global repercussions.
Those looking for a bit of humor in the European debacle can find it in statements from Jean-Claude Juncker, head of the eurozone finance ministers.
Juncker says "I don’t envisage, not even for one second, Greece leaving the euro area. This is nonsense. This is propaganda. We have to respect Greek democracy."
Bear in mind this statement comes from the same man who said "When it becomes serious, you have to lie."
Last week, Greek lawmakers once again voted for a bailout deal that no one - not Greece and not Greece’s creditors - truly supports. The deal, which will allow Athens to make a €3.2 billion payment to the ECB this week, averts near-term economic ruin but virtually ensures that the country will remained mired in recession for years as Europe once again displays its penchant for Einsteinian insanity by forcing fiscal retrenchment on states that are already struggling economically.
Athens (AFP) - Greece votes Sunday in a snap general election that could bring the radical left Syriza party to power and pose the most severe challenge yet to austerity policies in struggling eurozone countries.
ATHENS, Greece — Prime Minister Alexis Tsipras faced open revolt from some of his own ministers as he tried Tuesday to rally support for a financial rescue agreement that includes measures that will cause more economic pain for Greeks.
The government must pass a raft of measures through Parliament by Wednesday night, including consumer tax increases and pension reforms, in order to start negotiations with European creditors on a third bailout worth as much as 85 billion euros (US$95 billion).
Late Wednesday night, some people close to the economic rescue talks between European finance ministers thought an agreement had been reached on setting the foundations for a renegotiation of Greece's bailout programme.
Will Greece Burst the Bond Bubble? For over 30 years, sovereign nations, particularly in the West have been buying votes by offering social payments in the form of welfare, Medicare, social security, and the like. When actual bills came due to fund this stuff, Governments quickly discovered that current tax revenues couldn’t cover it (see the image below)… so they issued sovereign debt to make up the difference. And so the global bond bubble was created.
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%.