[MGSA-L] An archive On the Greek Financial Crisis ( A catalog of about 70 Articles put together ) June 16, 2011

June Samaras june.samaras at gmail.com
Thu Jun 16 19:05:29 PDT 2011


---------- Forwarded message ----------
From:  <NICONICOLS at aol.com>
Date: Thu, Jun 16, 2011 at 3:26 AM
Subject: An archive On the Greek Financial Crisis ( A catalog of about
70 Articles put together ) June 16, 2011




A ) I am giving here searchable articles that deal with the Economic
crisis for your information, starting from Feb 12, 2010 to June 15,
2011.

I give a lot of info in a chronological order and clearly state all sources.

B ) If someone has no access to articles s(he) will like to read, just
send me a request with the article(s)' number (e.g. Article number 2,
12, 22 etc ) and I will forward her/him the actual text(s).

C ) You can also print it and have a record of how the crisis
unfolded, a few important facts & quotes for future reference.

2010
1 ) European Leaders Vow to Aid Greece, but Skirt Details.  ( NYT/
Stephen Castle / Feb 12, 2010 - Page A6 )

2 ) Banks Bet Greece Defaults on Debt they Helped Hide ( May worsen
the crisis ) / NYT FRONT PAGE ( Main Article + Photo / Nelson D.
Schwartz & Eric Dash / Feb 25, 2010 / 1&3 )

"...French banks hold $75.4 billion worth of Greek debt, followed by
Swiss institutions, at $64 billion according to the Bank for
International Settlements.
German bank' exposure stands at $43.2 billion.
(Page 13 - same day / Niki Kitsantonis ). Greeks Strike For 2nd Time
Against Steps To Cut Deficit.

3 ) Goldman Sach's Role in Greece Debt Probed
( In 2005, Goldman sold the derivative...to the National Bank of
Greece, before reorganizing it into a British legal entity called
Titlos in 2008 ). ( NYT feed to San Francisco Chronicle / Nelson D.
Schwartz / Feb 26, 2010 / D2 - To search this article go to sfgate.com
).

4 ) As Greek Crisis Appears to Deepen, Fed Studies Wall St.s'
Activities. ( NYT / Feb 26, 2010 / P B1&6 / Nelson D. Schwartz &
Sewell Chan ).

Senator Christopher J. Dodd, Democrat of Connecticut and the chairman
of the Senate Banking Committee, also took aim at credit-default
swaps, which allow banks and hedge funds to wager on whether a company
or country might default. Critics say the swaps have contributed to
Greece's problems and increased the odds of a financial collapse.

5 ) Man who broke the bank of England , George Soros, "at centre of
hedge funds plot to cash in on fall of the euro' ( Mail Online / Feb
27, 2010 / Carl West ).

6 ) Greece Plans New Austerity Measures to Cut Debt ( NYT / Niki
Kitsantonis / March 3, 2010 / B3 )

7 ) Striking Workers, Protest Pay Cuts, Shut Mass Transit. ( SF
Chronicle / Maria Petrakis & David Tweed / March 6 2010 / From
Bloomberg News ).

8 ) Germany Offers No Financial Help to Ailing Greece ( NYT / March 6,
2010 / Nicholas Kulish / A6 ).

With a crucial election in Germany's largest state, North
Rhine-Westphalia, barely two months away, Mrs. Merkel would be taking
an enormous political risk by pledging support to Greece, which is
seen as having a bloated public sector and excessively generous
benefits, even by European standards. "There would be no understanding
in the population or in her own party if Germany would go it alone
with help for Greece," said Jurgen Falter, a political science
professor at the University of Mainz.
The German news media have been filled with stories detailing the tens
of billions of dollars worth of European Union funds that Greece has
received. At the same time, stories of tax-dodging doctors and marinas
filled with yaghts have become staples of news reports here.
One of the most cited statistics comes from the Organization for
Economic Cooperation and Development, showing that the median Greek
retiree takes home 95.7 percent of his or her last salary, while the
German pensioner gets only 43 percent.

9 ) Retiring at 50 ? Greek Trend Is a Cautionary Tale ( NYT / Landon
Thomas Jr / FRONT PAGE BUT NOT A HEADLINE / March 12, 2010 / 1&3 )

As a consequence of decades of bargains struck between strong unions
and weak governments, Greece has promised early retirement to about
700.000 employees, or 14 percent of its work force, giving it an
average retirement age of 61, one of the lowest in Europe.
The law includes dangerous jobs like coal mining and bomb disposal.
But it also covers radio and television presenters, who are thought to
be at risk from the bacteria on their microphones and musicians
playing wind instruments, who must contend with gastric reflux as they
puff and blow.

10 ) With Greece Struggling, Europe Looks Uneasily at the I.M.F ( NYT
/ March 25, 2010 / Steven Erlanger / A6 ).

11 ) Promises of Aid Fail to Stop Rise in Greece's Borrowing Costs (
NYT from an AP stringer / March 31, 2010 / B3 ).

12 ) A Daring Proposal to Rescue Greece ( NYT - a Reuters feed / April
6, 2010 / Edward Hadas / B2 ).

13 ) Running Out of Time in Greece ( NYT / Landon Thomas Jr / April 9,
2010 / B1&8 )

This should be easy to do. Greece is only 3 percent of Europe's GDP,"
said Paul De Grauwe, an economist based in Brussels who advises the
president of the European Commision, Jose Manuel Barroso. "But this is
no longer a financial issue. It is about politics and nationalism, and
it is a real setback for those who believed in a united Europe.
There are unmistakable signs that individuals and corporations are
withdrawing funds from Greek banks, although the sums involved do not
yet constitute a bank run.
Greece's hope is that will be able to borrow as much as 30 billion
euros ( $40 billion ) from Europe and the I.M.F. at a rate of about 4
percent or so, which is consistent with the terms offered by the fund
to other indebted countries.

14 ) Some Respite For Greece in Succesfsful Debt Sale ( NYT / April
14, 2010 / B5 / Jack Ewing & David Jolly ).

All told, Greece owes 252.8 billion euros to European Banks.

15 ) A Setback For Greece as Europe Says Deficit Is larger Than
Thought ( NYT / April 23, 2010 / Matthew Saltmarsh / B1&5 )

KASTELLORIZO  ( April 24, 2010 )

16 ) Greece, Out of Ideas, Requests Global Aid ( NYT / Niki
Katsintonis & Matthew Saltmarsh / April 24, 2010 / B1&2 ) + NYT
Editorial ( Greece and Who's Next ? )

17 ) Best Hope for Greece : Minimize The Losses ( NYT / Jack Ewing /
April 26, 2010 / B1&3 ).

18 ) Confidence About Greek Debt Falters in Germany ( NYT / April 27,
2010 / B1 & 4 / Judy Dempsey & Matthew Saltmarsh ).

19 ) Digging Deep and Seeing Greece's Flaws  ( NYT / Suzanne Daley /
April 29, 2010 / A10 )( It's not Germany or Europe's fault. We did
this to ourselves.)

There has always been this way of thinking in Greece that the thieves
are the clever ones and the ones who dont steal are the patsies," said
Petros Anagnostou, 46, a book dealer. "We have to develop a conscience
as a community, to see ourselves as a collective society. if it is a
jungle out there, then we will eat each other and end up in a place
like we are today."

20 ) Ripples From Greek Crisis Speed Up Merkel's Pace ( NYT / Nicholas
Kulish / April 29, 2010 / A10 ).

21 ) Already Holding Junk, Germany Hesitates ( Its Banks Carry
Billions in Greek Bonds ) ( NYT / Jack Ewing / April 29, 2010 / B1&4
).

Greece had about $390 billion in debt at the end of the third quarter
last year ( 2009 ). Nearly three-quarters of that is held by
institutions in other countries, mostly in Europe.

1 ) Banks :
Greece $55 Billion,
France $24 B,
Germany $25 B,
Italy $7 B,
Belgium $9 B,
Holland $8 B,
Luxembourg $8 B,
Britain $11 B,
Austria $ 5 B.

2 ) Insurers :
France $26 B,
Germany $8 B,
Italy $11 B,
Belgium $3 B,
Holland $ 3 B,
Austria $3 B.

3 ) Mutual Funds, Pension, Funds & Others :
Greece $38 B,
France $4 B,
Germany $3 B,
Italy $8 B,
Belgium $7 B,
Holland $ 9B,
Luxembourg $12B,
Britain $1 B.

22 ) The Euro Trap ( Op-Ed by Paul Krugman / NYT / April 30, 2010 / A21 ).

23 ) The Bitter Pills In the Plan To Rescue Greece ( NYT / Dan
Bilefsky & Landon Thomas Jr / May 1, 2010 / B1 & 6 ).

24 ) Hundreds riot in Athens over austerity measures ( SF Chronicle /
May 2, 2010 / A5 / AP- Demetris Nellas ).

25 ) In Bitter Pill, No Sure Cure ( A Bailout for Greece Could Kill
the Patient ) ( NYT FRONT PAGE BUT NOT A HEADLINE/ Steven Erlanger /
A1 & 3 ).

MARFIN EGNATIA BANK

26 ) General strike turns deadly as fire kills 3 ( SF Chronicle / Dan
Bilefsky & Judy Dempsey / May 6, 2010 /A2 )

27 ) Protests in Greece Turn Deadly ( NYT FRONT PAGE PHOTO / May 6, 2010 ).
Page 6 & 11 same day/same paper : 3 reported Killed as Violent Groups
Overtake Athens Protest. ( Dan Bilefsky ).

28 ) Greek parliament Approves Strict Plan to Tighetn Belts as Streets
Remain Tense ( NYT / May 7, 2010 / Dan Bilefsky / A9 ).

29 )  16 Nations Set Up Financial Plan to Protect Euro  ( SF Chronicle
/ May 8, 2010 / A4 / AP - Raf Casert & Elena Becatoros ). The euro has
rules to stop governments from undermining it with reckless spending,
limiting deficits to 3 percent of gross domestic product. Those rules
were shown to lack teeth when even big countries such as Germany and
France broke them for years without serious consequences.

30 ) A Money too Far ( Op-Ed by Paul Krugman / NYT / May 7, 2010 / A21 ).
So, is Greece the next Lehman ?

31 ) Anger Over Bailout for Greece May Sway German State Vote ( NYT /
Nicholas Kulish / May 8, 2010 / A4 & 8 ).

32 ) Greek Debt Crisis Raises Doubts About Both the Euro and the
European Union Itself ( NYT / Steven Erlanger & Matthew Saltmarsh /
May 8, 2010 / A8 ).

33 ) Europe's Bailout  ( NYT Editorial / May 11 2010 / A20 ).

34 ) Merkel Misses Her Moment  ( SF Chronicle / May 11, 2010 / Op-Ed -
Peter Seidel / A8 ).

35 ) Greece, Debt And a Lesson ( Is U.S. so Different ? ) ( NYTimes
FRONT PAGE BUT NOT HEADLINE / David Leonhardt / May 12, 2010 / )

36 ) Greece's Newest Odyssey ( NYT OP-ED by Thomas L. Friedman / May
12, 2010, A23 ).

37 ) Greek Crisis results in positive steps ( SF Chronicle / Opinion
piece by Steven Hill / May 14, 2010 / A12 ).

38 ) We 're not Greece ( NYT OP-ED by Paul Krugman / May 12, 2010 / A19 ).

39 ) Cartoon making fun of Greek public sector workers by David Horsey
( Hearst papers ) ( May 16, 2010 ).

40 ) Greece still a wild card in recovery of euro ( SF Chronicle /
Bloomberg feed / May 17, 2010 / D4 ).
Fixing Greece will be a complex exercise. The aim is to cut Greece's
budget deficit to below 3 percent of its gross domestic product by the
end of 2014, from 13.6 percent last year.

41 ) Underlying fiscal folly isn't unique to Europe. ( SF Chronicle /
Open Forum on the Greek Debt Crisis / Michael Boskin / May 28, 2010 /
A14 ).

42 ) Not Even Sand and Sea Are Luring Usual Crowds to Greece ( NYT /
Niki Kitsantonis / June 14, 2010 / A6 ).
On Rhodes tourism.

43 ) Greece expects quick recovery ( SF Examiner / July 6, 2010 / AP
feed / A14 ).

44 ) Praised for Its Austerity Steps, Greece Is Cleared for Another
Bailout Check ( NYT/ Suzanne Daley & Matthew Saltmarsh ( Niki
Kitsantonis & Jack Ewing contributed ) / Aug 6, 2010 / B3 ).

45 ) Crisis Forces Young Greeks To Go Abroad ( NYT / Niki Kitsantonis
/ Sept 15, 2010 / B1 )

46 ) October 2010 / VANITY FAIR / By Michael Lewis. I am pretty sure
the book "The Big Short" ( Inside the Doomsday Machine ) is his, as
well.

http://www.vanityfair.com/business/features/2010/10/greeks-bearing-bonds-201010

1 ) Add it all up and you got about $1.2 trillion, or more than a
quarter-million dollars for every working Greek. Against $1.2 trillion
in debts, a $145 billion bailout was clearly more of a gesture than a
solution.

2 ) “Our people went in and couldn’t believe what they found,” a
senior I.M.F. official told me, not long after he’d returned from the
I.M.F.’s first Greek mission. “The way they were keeping track of
their finances—they knew how much they had agreed to spend, but no one
was keeping track of what he had actually spent. It wasn’t even what
you would call an emerging economy. It was a Third World country.”
In just the past decade the wage bill of the Greek public sector has
doubled, in real terms—and that number doesn’t take into account the
bribes collected by public officials. The average government job pays
almost three times the average private-sector job. The national
railroad has annual revenues of 100 million euros against an annual
wage bill of 400 million, plus 300 million euros in other expenses.
The average state railroad employee earns 65,000 euros a year. Twenty
years ago a successful businessman turned minister of finance named
Stefanos Manos pointed out that it would be cheaper to put all
Greece’s rail passengers into taxicabs: it’s still true.
Government ministers who have spent their lives in public service
emerge from office able to afford multi-million-dollar mansions and
two or three country homes.

3 ) Oddly enough, the financiers in Greece remain more or less beyond
reproach. They never ceased to be anything but sleepy old commercial
bankers. Virtually alone among Europe’s bankers, they did not buy U.S.
subprime-backed bonds, or leverage themselves to the hilt, or pay
themselves huge sums of money. The biggest problem the banks had was
that they had lent roughly 30 billion euros to the Greek
government—where it was stolen or squandered. In Greece the banks
didn’t sink the country. The country sank the banks.

4 ) “The Ministry of Agriculture had created an off-the-books unit
employing 270 people to digitize the photographs of Greek public
lands,” the finance minister tells me. “The trouble was that none of
the 270 people had any experience with digital photography. The actual
professions of these people were, like, hairdressers.”
a projected deficit of roughly 7 billion euros was actually more than
30 billion. The natural question—How is this possible?—is easily
answered: until that moment, no one had bothered to count it all up.
“We had no Congressional Budget Office,” explains the finance
minister. “There was no independent statistical service.” The party in
power simply gins up whatever numbers it likes, for its own purposes.

5 ) The first was an Athenian construction company that had built
seven giant apartment buildings and sold off nearly 1,000 condominiums
in the heart of the city. Its corporate tax bill honestly computed
came to 15 million euros, but the company had paid nothing at all.
Zero. The tax collector blew the whistle and referred the case to his
bosses—whereupon he found himself being tailed by a private
investigator, and his phones tapped. In the end the case was resolved,
with the construction company paying 2,000 euros. “After that I was
taken off all tax investigations,” said the tax collector, “because I
was good at it.”

6 ) The Greek state was not just corrupt but also corrupting. Once you
saw how it worked you could understand a phenomenon which otherwise
made no sense at all: the difficulty Greek people have saying a kind
word about one another. The hardest thing to do in Greece is to get
one Greek to compliment another behind his back. No success of any
kind is regarded without suspicion. Everyone is pretty sure everyone
is cheating on his taxes, or bribing politicians, or taking bribes, or
lying about the value of his real estate. And this total absence of
faith in one another is self-reinforcing. The epidemic of lying and
cheating and stealing makes any sort of civic life impossible; the
collapse of civic life only encourages more lying, cheating, and
stealing. Lacking faith in one another, they fall back on themselves
and their families. Its real structure is every man for himself. Into
this system investors had poured hundreds of billions of dollars. And
the credit boom had pushed the country over the edge, into total moral
collapse.

EAST GERMANY

47 ) For Some Germans, Unity Is Still A Work in Progress ( NYT
/Michael Slackman / Oct 1, 2010 / A8 ).
That is easy to forget 20 years after East and West reunited and well
more than a trillion dollars has been spent to prop up and rebuild the
dilapidated region that was the German Democratic Republic ( East
Germany ).

48 ) Push to Remove Barriers to Jobs Rattles Greece ( NYT / Suzanne
Daley / Oct 15, 2010 / A1 & 3 / Frontpage not a Headline )

49 ) Violence Erupts at Protests over Austerity Moves ( SF Chronicle
Dec 16, 2010 /A9 / Derek Gatopoulos & Nicholas Paphitis ).

50 ) As Financial Crisis Grips Europe, Greece Boils Over ( NYT Front
Page PHOTO & A12 article / Dec 16, 2010 ) Europe's Financial Crisis
Flares Beofre Sumit Meeting ( Michael Slackman ).

51 ) Scepticism Of the Euro Re-emerges ( NYT / Landon Thomas Jr / News
Analysis / Dec 29, 2010 / B1 & 4 )
But Mr. Nolling insists that whatever the euro's advantages, in
practice policy makers have gone too far in their effort to preserve
the single currency. The financial rescues of Greece and ireland, he
contends, are "unconstitutional" because they violate the euro zone's
no-bailout clause.

2011

52 ) With Euro in Crisis, European Leaders Still Differ on How to Save
It. ( NYT / Jack Ewing / Jan 29, 2011 / B3 ).

53) Despite Efforts by Greece to Limit Tax Evasion, the payments Still
Only Trickle In ( NYT / Suzanne Daley / Feb 21, 2011 / A4 & 9 ) (
Greece Tries to Limit a Way of Life : Tax Evasion - A debt-laden
nation could use what its citizens owe).

A lot is at stake. Various studies have estimated that Greece may be
losing as much as $30 billion a year to tax evasion - an amount that
would have gone a long way to solving its debt problems...
The head of the Financial and economic Crime Unit, Ioannis Kapeleris,
said the agency had issued bills and fines for unpaid taxes totaling
$6.5 billion last year, up from $2.2 billion in 2009.
His agents have gone after doctors who claim they are making only
$25.000 a year, even though they work out of offices that cost twice
that much to rent...
Athens, where many of the city's richest citizens live, only 324
homeowners admitted to having pools in 2009. But satellite photos
showed more than 10.000...
Apparently, green pool covers, some with a grasslike texture on top,
are being sold all over rich neighborhoods as residentstry to
camouflage their pools.

54 ) Why Greece Should Reject the Euro ( NYT Op-Ed by Mark Weisbrot /
May 10, 2011 / A23 )

55 ) Avoiding Greece's Lehman Moment ( NYT / Hugo Dixon & Neil Unmack
/ May 10, 2011 / B2 ).
Same page : Unease About Greece Grows as S.&P. Downgrades Its Debt
Again ( NYT / Niki Kitsantonis & Jack Ewing / May 10, 2011 / B2 ).

56 ) German Finance Minister Cites Risks in Greek Default ( NYT / Jack
Ewing / May 27, 2011 / B7 )

57 ) New Plan to Help Greece ( SF Examiner / May 31, 2011 / A15 / AP feed ).

58 ) New Rescue Package for Greece Takes Shape ( Deal Addresses Need
for Cash, But Puts Off Restructuring ) ( NYT / June 1, 2011 / Landon
Thomas Jr / B1 & 11 ).

59 ) Greek default seen igniting crisis ( SF Chronicle / June 2, 2011
/ D 1&5 / Kathleen Pender ).

60 ) As Greece's Fiscal Crisis Grows, Economists Are Wary of a Second
Bailout ( NYT / June 6, 2011 / Liz Alderman / B3 ).

61 ) In Asset Sale, Greece to Give Up 10% Stake in Telecom Company (
NYT / June 7, 2011 / Jack Ewing / B12 )   OTE.

62 ) Same Day - Same paper ( NYT EDITORIAL : Kicking the Can - Without
debt Relief, Greece can't grow and the crisis won't end ) ( June 7,
2011/ A26 ).

63 ) Too Radical A Debt Plan From Greece  ( NYT / Landon Thomas Jr /
June 9, 2011 / B1 & 8 ).

64 ) Germany Suggests Extending Greek Debt Maturities 7 Years ( NYT /
Matthew Saltmarsh / B8 / June 9, 2011 ).

Data from the Bank for International Settlements suggets that French
banks could lose more from a collapse of Greek banks than other
countries, with total actual and potential liabilities of $65 billion
at the end of 2010, compared with $39.9 billion for Germany and $41.5
billion for the United States.

65 ) Beleaguered Greek Government Presents Austerity Steps to
Parliament ( NYT / Niki Kitsantonis & Jack Ewing / June 11, 2011 / B4
).

66 ) In Greece Some See a Lehman Brothers ( NYT / Landon Thomas Jr /
June 13, 2011 / B 1&2 ).

67 ) S.& P. Ranks Greece's Debt World's Lowest ( NYT / Landon Thomas
Jr & Christine Hauser B 1&8 )

68 ) Mario Draghi Holds E.C.B. Line Against Restructuring for Greece (
NYT / Stephen Castle / June 15, 2011 / B3 ).

June 16, 2011


Nico Nicolaides - San Francisco



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