EU, ΙMF and Greece and Spending cut

The Greek economy has contracted by 5.6 percent in the first quarter of 2013 in comparison with the first three months of 2012.


The figure was released by the Greek statistics service, Hellenic Statistical Authority (ELSTAT), on Friday.

The statistical agency said it had revised data from May 15, showing a 5.3-percent contraction.

The Greek economy showed a 5.7-percent slump in the fourth quarter of 2012.

The announcement comes days after the International Monetary Fund (IMF) admitted it had made serious mistakes in preparing Greece’s first rescue package which led to a second larger bailout.

Reports say Greece has an unemployment rate of 26.8 percent.

The country has blamed tough austerity measures forced by the European Union and the IMF in return for a bailout to prevent it from going bankrupt.

Greece was granted a 110-billion-euro (145-billion-dollar) bailout by the so-called troika of IMF, European Commission (EC), and the European Central Bank (ECB) in May 2010.

Another 130-billion-euro (170-billion-dollar) rescue package was approved in February 2012.

Greece has been at the epicenter of the eurozone debt crisis and is experiencing its sixth year of recession, while harsh austerity measures have left tens of thousands of people without jobs.

Just WOW. This is worse than the worst crisis in communist Poland when the economy contracted by 7 percent in thw whole 1981.

EU is doomed to failure. It can not survive.

That's the cost of creating a debt-based socialist paradise. It must fail. The same happened in Poland in the 1970s (read more about Edward Gierek).

On the other hand I don't see why the EU wouldn't be able to survive if it had better socio-economic policy. We just have to deregulate our economies, cut, pretty much what M. Thatcher did.

higurashihougi wrote:http://www.msn.com/en-us/news/world/merkel-prepared-to-let-greece-exit-eurozone-report/ar-BBhul5b

http://www.spiegel.de/politik/deutschland/griechenland-vor-linken-wahlsieg-merkels-euro-manoever-irritiert-freund-und-feind-a-1011191.html

http://www.spiegel.de/politik/ausland/griechenland-und-der-grexit-kommentar-zum-moeglichen-euro-austritt-a-1011212.html

So basically there are someone from both sides, anti-spending cut and spending cut, believe that Greece should get out of eurozone due to unresolvable disagreements.

out of eurozone, means no money in banks, look cyprus example when they said no to Eurogroup

The political establishment will prefer to burn Greece to the ground than harm the zionists. The level of impotence is staggering.
They name their dogs, they have posters in their offices, they nickname their girlfriends with the presidents of USA (true story).
They keep american replicas planes in their offices, or wear underwear with the american flag. It is hopeless really.

greece should have never been in the eurozone like half of europe actaully, every bailout was in vain like feedin a dead horse, they cant reform themselfs out of ther beurocratic hellhole fast enough and dont want to.
at least golden dawn got popular and brings some fresh air to politics

Yeah, it seems you know Greek affair better than 90% of Greeks themselves! I'm impressed mate!

whats the "greek afair" ?
i know ther economic state as economy theory and study is my subject over 10 years, for me i dont give a fuck about greece, im a russian nationalist not a greek one. hell stay in EU if they want and if EU is willing to feed them further then please bow your asses to brussels

higurashihougi wrote:@hannibal, Werewolf, NationalRus,... and others:

I heard that some people comment that, Germany's demand of spending cut is actually a way to liberate the EU from the domination of the US.

Could you please verify these below info ?

(well, these are not the 100% accurate words, actually these are the content the content in many articles written by the same author, and I rewrite them in English and recombine them into one paragraph.)

Many people say that spending cut is selling Greek nation to EU and US. Actually it is not right. In fact, Germany and Merkel is trying to punish and destroy White House's slaves in EU and in Greece.

Countries like United States, Greece, France, Spain, Portugal,... and others are being dominated by parasites and political oligarchs. The public funds in these countries are used only to feed the parasites and the corrputed politicians. Unlike Germany and Eastern Europe, where the public fund is used to improve sciences, technology and society.

So on one side we have Marxist countries like Germany and else who use publid fund to increase the capital and improve the society, on the other side we have the Ideology of Rabies Dog like United States where the publid fund is used to feed the parasite and serve the conglomerates and political oligarchs standing behing the scence.

So when economic crisis occurs, countries like Germany go on with spending cut to destroy the parasites and fix the effeciency of public fund. While in the U.S., FED's money priniter rob the life source of the people to feed the corrputed fat cats and political oligarchs, in the form of "deficit spending package", because fat cats make the political foundation of the U.S. That decrese the fairness in competition, prevent reforms, and deepen the cause of economic crisis, which lead to double crisis like in 1936-1939. And we already know that 1936-1939 crisis could only be solved by WW2.

And that is what happened in Greece, where the slaves and lap-dogs of White House did the same thing as the U.S. Greece borrowed money with high interest, use that to feed the parasites, and it hoped it can get back the money from rising taxes. But that lead to increase of manpower price, increse of production cost, lead to the destruction of domestic production, and lead to total bankruptcy in the country.

The servant of White House, the Rabies Dogs of Pentagon, using the mask of Left-Wing and Labour, ignited massive protests against Germany's spending cut. But they failed, because spending cut is neccessary, because the society has to get rid of the parasites.

You need to know that Social Democrats and Eurocommunists are actuallty rabies dogs. They are not Marxists. They follow thw Ideology of Rabies Dogs. They are the servants and dogs of the White House.

No I don't confirm. That Germany try to help European countries to get ride of the American occupation? Pure wishful thinking.
Germans just inherited European establishment after American economy pretty much collapsed in 2007 and now they give a desperate battle
to keep all this united for their own interest and for the interest of their zionist overlords who fanatically try to keep a grip on Eurasia.
Unfortunately overdebted Germany is too small to keep all this under her fist so we stagnate and starve. That's the reality in a nutshell.

Many people say that spending cut is selling Greek nation to EU and US. Actually it is not right. In fact, Germany and Merkel is trying to punish and destroy White House's slaves in EU and in Greece.

Yes, sure and that b*tch is throwing out tax payers money right to bail out Goldman sucks banksters and that somehow can be interpreted as "punishing and destroying White House's slaves", with magic mushrooms it be like that, but reality is, that c*nt is a slave of US and even one braincell germans had a glance of how submissive that b*tch is when NSA was caught taping her private phone and the german reaction was...."That is not good but we should continue to work together" while Putin can't even pick his own nose without that b*tch commenting about Human rights abusement nonsense. She is not even german like majority of decision makers from EU Brussels dictating EU countries around.

EU and Euro was constructed only for one thing, to make bankers of Goldman Sucks richer that is why all this European Control Mechanism (ECM) is used to bail out banks and not the countries with their debts, Greece recieved over 700 bln € from ECM and did their debts become lower to ease their economical situation? No, that is the current debt. 401,4 bln € debt that is 214.75% debt to their GDP.

http://www.nationaldebtclocks.org/debtclock/greece

In 2008 their debt to GDP was 112.9%, with the austerity measures the economy was crippled and the debt overtime just raised with the economy dying fast, making it a death spiral for any average greek that is not a politician sucking EU/US balls or being one of the banksters that gets bailed out.

Greece Should Stay in EU, Change Certain Policies: Democratic Left Leader

According to Fotis Kouvelis, first of all, Greece needs a coalition government with cooperation of every major political party and domestic tax reform.

MOSCOW, January 13 (Sputnik) — Greece's Democratic Left party (DIMAR) will continue pressing for major policy change through the upcoming snap parliamentary elections, but suggests that Greece should stay in the eurozone and the European Union, the party's leader told RIA Novosti on Tuesday.

"Greece should stay in the eurozone, and it can do so… Greece will not leave the eurozone," Fotis Kouvelis said, adding that "Greece needs to carry out specific democratic reforms."

The party leader stated that the country needs domestic tax reform, as he deems the current sytem "unfair." Restructuring Greece's outstanding debt of more than 320 billion euros ($378 billion) is also necessary for the country to remain in the eurozone.

According to Kouvelis, Greece needs a coalition government with cooperation of every major political party, including DIMAR.

"The country must quickly solve the problems concerning political changes and tackle issues linked to the outstanding social and economic problems," the DIMAR leader said.

Greece will hold snap parliamentary elections on January 25. The country's parliament failed to elect a president in the third and final round of voting on December 29, 2014, and was subsequently dissolved. Polls show that eurosceptic party Syriza will likely win the forthcoming vote, and that may result in much-speculated exit by the country from the eurozone.

Creditors to Discuss Progress of Reforms With New Greek Gov’t: EU Official

EU official said that the so-called Troika of bailout creditors will resume talks with the new Greek government to ensure it continues economic reforms.

MOSCOW, January 14 (Sputnik), Anastasia Levchenko — Greece's efforts to improve its economy have already yielded results, and the so-called Troika of bailout creditors will resume talks with the new government to ensure it continues economic reforms, an EU official told Sputnik Wednesday.

The International Monetary Fund (IMF), the European Commission and the European Central Bank (ECB) form the Troika that has been helping the EU member states which suffered most from the eurozone crisis (Greece, Ireland, Portugal, Spain) since 2010.

"In the past few years Greece has undertaken remarkable efforts to reform its economy and put its public finances onto a sustainable path. These efforts have already begun to bear fruit," an EU official told Sputnik.

He added that nevertheless, such important structural reforms, as the liberalization of labor and product markets, and privatization are still pending and have been foreseen in Greece's economic adjustment program.

"Greece is now in the midst of an election campaign. The European Commission, ECB and IMF will resume discussions with the new government, once a new government is formed, to determine how it intends to implement the remaining elements of the program," the source said.

According to the official, as a result of the reform policy, the country's total budget deficit has been reduced to 1.6 percent of GDP in 2014, compared to 15 percent in 2009. Moreover, in 2013 state revenues exceeded expenditures, and currently Greece has the highest primary surplus in the eurozone after Germany.

On Wednesday, Greece announced that its primary budget surplus, which does not take into consideration interest payments, for 2014 stands at €1.9 billion ($2.24 billion). Although this sum is lower than the target that was set by the government, analysts say Greece is still going to meet its budget goals.

"Excluding the late payment of the SMP [Securities Markets Programme – ECB market intervention program], Greece is still on track to meet its program target," senior economist at the National Bank of Greece Nikos Magginas said, as quoted by Market Watch.

Moreover, the Greek economy started to grow in 2014, and this tendency is going to continue in 2015 (expected growth of 2.9 percent) and in 2016 (3.7 percent), according to the EU official.

Greece's negotiations with the European Commission, the European Central Bank and the International Monetary Fund were suspended after the country failed to elect a president in the final round of voting in December. As a result, the Greek parliament was dissolved, and a snap election will take place on January 25.

With the opposition party Syriza leading in the polls, there have been growing concerns that Greece would exit the eurozone after the new government is formed. Syriza promised to reconsider the country's agreements with foreign creditors.

Greece should pay its debt in full regardless of parliamentary election results — Juncker

Today we have elections in Greece that SYRIZA party will certainly win

higurashihougi wrote:

George1 wrote:Today we have elections in Greece that SYRIZA party will certainly win

But the policy may not change much... at most probably the SYRIZA will negotiate to reduce the level of spending cut.

yes exactly although EE country leaders have excluded a second cut of the debt. Tsipras insists that with him they will change their mind and most probably he is in his own world

Syriza on Course to Govern Greece, Six Percent Lead in Exit Polls
13:12 25.01.2015(updated 14:34 25.01.2015)

Greek left-wing party Syriza gained between 33,5 and 35,5 percent of the ballot in snap parliamentary elections in Greece, according to exit polls data.

ATHENS, January 25 (Sputnik) – Greek left-wing party Syriza has gained up to 35,5 percent of the vote, running ahead of the incumbent New Democracy party by 6 percent at the national snap election, according to exit polls data obtained by RIA Novosti on Sunday.
Syriza has gathered between 33,5 and 35,5 percent of the ballot, while the center-right New Democracy under the leadership of the current Prime Minister Antonis Samaras has got between 25,5 and 27,6 percent, followed by the far-right Golden Dawn party with 6,4 percent.

The Center-left To Potami comes fouth in the polls with 6,2 percent, the Communist party KKE has received 5 percent of the vote, and the center-left Pasok has garnered 4,5 percent. The Independent Greeks are the last party to surpass the 3-percent election hurdle, having gained some 4,3 percent of the vote.

The social democratic party Kinima under the lead of former Prime Minister Georgios Papandreou has collected only 2,9 percent, failing to enter the parliament.

Greece announced early parliamentary election in December 2014, after the parliament failed to elect a president and was dissolved.

The Syriza party, which topped pre-election polls, pledges to revoke highly unpopular austerity measures that are part of a bailout plan imposed on the country by international creditors.

Greeks have sent a clear message to Merkel, says analyst

20:37 25.01.2015 (updated 21:34 25/01/2015)

Greek columnist and publisher Fedor Ignatiadis believes that after the elections in Greece, there are three important issues - whether a coalition government as upgraded parliament, as well as what will happen to the party "New Democracy" after the defeat in the elections.

ATHENS, January 25 - RIA Novosti. Preliminary results of the elections in Greece indicate that the Greeks have sent a clear message to German Chancellor Angela Merkel that do not need to interfere in the internal affairs of the country, said in an interview with RIA Novosti Greek columnist and publisher Fedor Ignatiadis.

Analysts: SYRIZA can get up to 158 seats in the Greek Parliament

According to him, after the elections in Greece, there are three important issues - whether a coalition government as upgraded parliament, as well as what will happen to the party "New Democracy" after the defeat in the elections. "These results - a clear signal Merkel - no need to interfere in our internal affairs. It was a gross interference when the Germans say -" no "New Democracy", we will block you oxygen, "- said Ignatiadis.
Now the country is facing three important questions.

"The main question is not who wins, it's obvious. The main question - whether SYRIZA to form a cabinet alone or still go to a coalition with Kammenosom (Panos Kammenos - leader of the" Independent Greeks "Anel), which before elections was signed cooperation program. This is beneficial for SYRIZA, it will be possible to always refer to Kammenosa, and easier to maneuver when the government coalition. on economic issues they have no disagreement, there is difference on several issues - let migrants or not, give them citizenship or not to give such a plan. The other differences between them, "- said Ignatiadis.

"Out of place in parliament, according to preliminary data, the seven parties occupy four distinct anti-European positions in the understanding that to be talking to a" Europe of bankers. "This SYRIZA, Anel, the Communist Party and the" Golden Dawn "- two parties of a possible coalition and two outside it. In the pro-European parties will be about 100 people, not more. Merkel will be very hard with the government "- believes Ignatiadis.

According to him, the second very important question - how much will be updated composition of the parliament, in particular, how many former PASOK deputies are elected on the list of SYRIZA. "There is a feeling that there will be very little. Sam electorate is unlikely to vote for those who came from PASOK. Apparently, remain somewhat famous names such as Alexis Mitropoulos," - said the columnist.

Greeks want desperate to make it work under zionist occupation. They love the american way of life and being the suckers of western europeans.
Syriza will try to keep things tight here in favor of their American overlords. Geek oligarchy tried all their weapons and succeeded in keeping Greek population under total mind control.
Now Syriza will have to make a U-turn trying to keep damage limitation. Neocons can sleep safely, New Democracy is easily second and waits to retake the power and keep eveything under schedule. Greece is at least for 5 more years under economic and social suffocation.

Hannibal Barca, what does Greece have to do to regain it's economic robustness?

Kyo wrote:Greeks have sent a clear message to Merkel, says analyst

20:37 25.01.2015 (updated 21:34 25/01/2015)

Greek columnist and publisher Fedor Ignatiadis believes that after the elections in Greece, there are three important issues - whether a coalition government as upgraded parliament, as well as what will happen to the party "New Democracy" after the defeat in the elections.

ATHENS, January 25 - RIA Novosti. Preliminary results of the elections in Greece indicate that the Greeks have sent a clear message to German Chancellor Angela Merkel that do not need to interfere in the internal affairs of the country, said in an interview with RIA Novosti Greek columnist and publisher Fedor Ignatiadis.

Analysts: SYRIZA can get up to 158 seats in the Greek Parliament

According to him, after the elections in Greece, there are three important issues - whether a coalition government as upgraded parliament, as well as what will happen to the party "New Democracy" after the defeat in the elections. "These results - a clear signal Merkel - no need to interfere in our internal affairs. It was a gross interference when the Germans say -" no "New Democracy", we will block you oxygen, "- said Ignatiadis.
Now the country is facing three important questions.

"The main question is not who wins, it's obvious. The main question - whether SYRIZA to form a cabinet alone or still go to a coalition with Kammenosom (Panos Kammenos - leader of the" Independent Greeks "Anel), which before elections was signed cooperation program. This is beneficial for SYRIZA, it will be possible to always refer to Kammenosa, and easier to maneuver when the government coalition. on economic issues they have no disagreement, there is difference on several issues - let migrants or not, give them citizenship or not to give such a plan. The other differences between them, "- said Ignatiadis.

"Out of place in parliament, according to preliminary data, the seven parties occupy four distinct anti-European positions in the understanding that to be talking to a" Europe of bankers. "This SYRIZA, Anel, the Communist Party and the" Golden Dawn "- two parties of a possible coalition and two outside it. In the pro-European parties will be about 100 people, not more. Merkel will be very hard with the government "- believes Ignatiadis.

According to him, the second very important question - how much will be updated composition of the parliament, in particular, how many former PASOK deputies are elected on the list of SYRIZA. "There is a feeling that there will be very little. Sam electorate is unlikely to vote for those who came from PASOK. Apparently, remain somewhat famous names such as Alexis Mitropoulos," - said the columnist.

SYRIZA wins elections with 36.5% but they are unable to form government on their own. They gained 150 seats, 1 less they needed. Now they must form coalition government