In April 2010, when the Greek bond spreads exploded to new heights, rendering impossible Greece’s funding from the capital markets, the Prime Minister requested, from the remote island of Castelorizo, a bailout package for the country. It is basically a 3-year loan worth €110 bln, with an original interest rate of 5%; €80 bln are…
Debt (Public): The total loan obligations of the state. It may refer to the debt of the central government (the ministries and the decentralised governance bodies), or the general government (central government plus hospitals, pension funds, public companies, and local authorities). Depending on its origin, debt is divided into internal and external. As for debt…
Credit Default Swaps (CDS): Insurance contracts which cover the buyer (e.g. a bank that buys a bond) against the occurrence that the bond issuer (e.g. a country) defaults; they are a ‘fruit’ of the 1990s. A bank which purchases government bonds may insure its bond purchases with another bank, which undertakes to pay the insurance…
This dictionary was created by members of the Economy Working Group of Syntagma Square. Its purpose is to demystify and clarify some economic and financial terms which have dominated our lives recently. It is a form of resistance to the powerful who, invoking various unheard of until yesterday terms and concepts, dump the burden of…
13 August by Jérome Duval (PACD Spain) Six years of recession, an impressive drop in GDP from €231 billion in 2009 to €193 billion in 2012, unemployment at 26.9% in April 2013 from 7.5% in 2008, 57% for the under 25s, and an explosion of suicide cases… This overview of Greece is catastrophic and alarming…
The Greece Solidarity Campaign was set up just over a year ago, to mobilise support for Greece from the British public, politicians, academics, journalists and unionists, in these trying times. One of our main aims is to help Greece and the Greek people to counteract the negative images that have been promoted within the rest…
The government of the memorandum is falling apart, trapped in the consequences of its own austerity policies. Its panic became apparent when the Prime Minister circumvented the parliament and then bypassed even the cabinet. Unconstitutionally, the signature of one and only minister shut the public broadcaster, paving the way for this same method to be…
20 avril par Jérome Duval Le premier « corralito » |1| européen Comme en Espagne, le modèle de développement avec le taux de croissance élevé des années 2000 en large partie dû au secteur de construction et du tourisme semble avoir atteint ses limites. Chypre est secouée par les politiques d’austérité qui traversent la Grèce, les attaques spéculatives…
The economic crisis in Cyprus erupted during the second cycle of the European recession of 2011 as a result of harsh austerity policies imposed since 2010 in Europe. It is a new crisis born out of a failed response to the original European crisis. These policies were (and still are) a basis for the divergence…
The greek health´s system has been collapsed. Under the Troika´s direction and the government complicity are many the medical centers, departments and hospitals that have been closed or united, and the huge cut in the public hospitals funding it´s inducing to severe basic lacks. Every time are more the excluded from public medical coverage, with…
Source: http://ilesxi.wordpress.com/2013/03/19/crisis-democracy-and-the-euro/ Τhree years after submitting to the Troika Memorandum, Greece is falling apart. GDP has contracted more than 21% according to IMF calculations, and it is expected to dive another 6% in 2013. Never in world economic history, since statistics began, was such a fall of production recorded without being preceded by a war…
Post by Emma Avilés, Spanish Citizen Debt Audit Platform (PACD Bcn) Racism is directly related to the economic crisis and the situation gets worse as social cuts progress. If for capitalists, the crisis is a creative destruction, how con we describe the destruction of social services, a youth forced to unnecessarily go abroad, pension cuts, immigration…
Post by Emma Avilés, Spanish Citizen Debt Audit Platform (PACD Bcn) The policies carried out are not going to get us out of the crisis. The psychological climate in Greece is of despair, disappointment and anger, they are in shock. People seek practical and individual solutions to systemic problems; such is the case of Debt. What…
Post by Emma Avilés, Spanish Citizen Debt Audit Platform (PACD Bcn) Confronting the failed State and the collapse of the Welfare System, the Greeks have begun to organise, fuelling the grassroots movement that softens the effects of the cuts and resists them. These networks arise of necessity, not ideology; many of their participants are non-political…
