The New Dark Age

6 October 2011 — williambowles.info

6 October 2011
Greece government workers stage protest strike
San Francisco Chronicle
As Greece struggles to avoid a catastrophic default, demonstrators in Athens expressed outrage over their misfortune and bewilderment at a crisis that shows no signs of easing. “Nobody knows what’s going on. Every day they say something different. …
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/10/05/MNMJ1LDM2U.DTL

Greece vote gets thumbs up with some confusion
Malta Independent Online
by Elaine Attard As Greece was hit by a nationwide strike against austerity measures, the Maltese parliament yesterday convened to discuss and ratify the European Financial Stability Fund (EFSF) agreement, signed in July and expected to be ratified by …
http://www.independent.com.mt/news.asp?newsitemid=133145

Greece’s Recession Began Earlier Than Previously Thought
BusinessWeek
By Marcus Bensasson Oct. 5 (Bloomberg) — Greece’s economy entered a
recession a year earlier than previously thought and contracted less last
year than initially estimated, according to revised data from the Hellenic
Statistical Authority today. …
http://www.businessweek.com/news/2011-10-05/greece-s-recession-began-earlier-than-previously-thought.html

TIMELINE-Greece’s debt crisis
Reuters
Greece’s worsening debt crisis poses a risk to the euro currency and the
international financial system. Reforms to Greek finances took on a new
urgency this week after the government announced it would miss its 2011
deficit target. …
http://www.reuters.com/article/2011/10/05/greece-economy-events-idUSL5E7KS6HZ20111005

Greece ‘must hold debt referendum’
Herald Sun
GREECE must hold a referendum on the debt crisis that has plunged the
country into its worst post-war emergency, the interior minister has told
parliament, Greek media reported. Interior Minister Haris Kastanidis said
there was a need “for the Greek …
http://www.heraldsun.com.au/news/breaking-news/greece-must-hold-debt-referendum/story-e6frf7ko-1226159746150

EU Mulls Greece-Oriented Stress Test For Europe’s Banks -FT
Wall Street Journal
The European Banking Authority has been told to give a country-by-country
breakdown of how much new capital banks in Europe would need in the event
Greece’s bonds were written down, according to the newspaper. The officials
said, however, that the move …
http://online.wsj.com/article/BT-CO-20111005-712038.html

Canada says it’s Europe’s decision time on Greece
Reuters
By John McCrank NEW YORK, Oct 5 (Reuters) – Europe should renegotiate
Greece’s debt if necessary and “move on”, Canada’s finance minister said on
Wednesday, sounding more frustrated than ever by the euro zone’s inability
to solve its sovereign debt …
http://www.reuters.com/article/2011/10/05/greece-canada-idUSN1E7940P120111005

European banks tumble on worries of Greece default
BusinessWeek
By AP Shares of French and German banks fell Tuesday on European exchanges
because of investor fears that Greece may be closer to defaulting on its
debt, potentially causing heavy losses for banks that hold Greek bonds.
Investors worry that French …
http://www.businessweek.com/ap/financialnews/D9Q5JT600.htm

Troika in ‘Chicken Game’ With Greece: Kyle Bass
CNBC.com
International regulators known as the “troika” are in a “chicken game”
with Greece right now, forcing the struggling nation to prioritize
payments, Kyle Bass, managing partner of Hayman Capital, told CNBC
Wednesday. …
http://www.cnbc.com/id/44758280

Greece Debt Crisis: Protestors Clash With Police, Terrorist Trial Postponed
Huffington Post
ATHENS, Greece (AP) — Judicial authorities postponed a trial of eight
Greek terrorist suspects until later this month, as lawyers were
participating in a 24-hour civil servants’ strike. A court in the maximum
security Korydallos prison postponed …
http://www.huffingtonpost.com/2011/10/05/greece-protests-october-2011_n_996070.html

Europe to rescue Greece, weeks left -Irish FinMin
Reuters
DUBLIN Oct 5 (Reuters) – Europe will support Greece and prevent it from
defaulting, Ireland’s finance minister said on Wednesday and signalled a
deal would be reached within the next few weeks. Michael Noonan also said
he believed over 100 billion …
http://www.reuters.com/article/2011/10/05/ireland-greece-idUSL9E7KC01A20111005

CORRECT: INTERVIEW: Nomura Analyst: Greece Has 50% Chance Of Remaining In EU
Wall Street Journal
(“INTERVIEW: Nomura Analyst: Greece Has 50% Chance Of Remaining In EU,” at
2324 GMT, misspelled name in the sixth paragraph. The correct version
follows:) By Geoffrey Rogow Of DOW JONES NEWSWIRES SYDNEY (Dow
Jones)—There is a roughly 50% chance Greece …
http://online.wsj.com/article/BT-CO-20111005-715666.html

Second Greek bondholder, bailout deals can change-IMF
Reuters
By Jan Strupczewski BRUSSELS, Oct 5 (Reuters) – The size of Greece’s second
bailout and private sector involvement in it will change, because the
assumptions on which the original deal was based are no longer valid, the
head of the IMF’s European …
http://www.reuters.com/article/2011/10/05/imf-greece-bailout-idUSL5E7L53SN20111005

Greece – Balkan dissonance and the creation myth of “Europe”
TransConflict
The current agony also may be bringing Greece back into the “Balkans”
as an actor perceived to fit the unfavorable image of the region propagated
by 19th and 20th century Western publicists (and analyzed so well in the
work of Maria Todorova). …
http://www.transconflict.com/2011/10/greece-balkan-dissonance-and-the-creation-myth-of-europe-610/

CFR’s Sebastian Mallaby on preventing the spread of Greece’s crisis
Washington Post (blog)
By Allen McDuffee By Allen McDuffee | 01:25 PM ET, 10/05/2011 If your
comments or those of another user measure up, please let Post editors know.
Culture Connoisseurs consistently offer thought-provoking, timely comments
on the arts, lifestyle and …
http://www.washingtonpost.com/blogs/think-tanked/post/cfrs-sebastian-mallaby-on-preventing-the-spread-of-greeces-crisis/2011/10/05/gIQA6gMpNL_blog.html

ECB Meeting Getting Closer, Along With A Decision On Greece
Daily Markets
By ForexMansion.com Yesterday, it was reported that Finland will receive
the collateral it demanded as a condition of providing aid to Greece. The
Finnish government was able to secure the collateral, but it won’t protect
the country’s taxpayers from …
http://www.dailymarkets.com/forex/2011/10/04/ecb-meeting-getting-closer-along-with-a-decision-on-greece/

13:56 Turkish citizen killed in Greece blast
http://www.worldbulletin.net
Hristos Papuchis, Greece’s minister of public security, held a private
meeting with police and Greek intelligence agencies to find out what caused
the blast,and why the weapons were being stockpiled in the house.
http://www.worldbulletin.net/?aType=haber&ArticleID=79879

Greece (MNN) — Over 25000 protestors flooded the streets of Athens and …
Mission Network NEws (press release)
The debt crisis in Greece continues to be of concern to other European
Union countries. Defaults on debt will mainly affect European banks. The
BBC reports that Italy’s credit rating was diminished on Tuesday as well.
In the meantime, AMG’s St. Luke’s …
http://www.mnnonline.org/article/16319

Greece accused of flouting EU state aid rules
Casino City Times
GREECE AND BRUSSELS, Belgium — A complaint has been made to the European
Commission over Greece’s gambling laws, The Daily Telegraph reported. The
Remote Gambling Association filed the complaint saying the laws favour OPAP
who have a monopoly on Greek …
http://www.casinocitytimes.com/news/article/greece-accused-of-flouting-eu-state-aid-rules-198758

Greece Not Achieved Deficit Reduction Targets
Emailwire (press release)
COM, October 05, 2011 ) London, UK — It is widely being reported that the
Greece will not achieve the deficit reduction targets which were set by the
EU. The deficit target was set as part of the terms of the bail-out
payments, and further bail-out …
http://www.emailwire.com/release/71373-Greece-Not-Achieved-Deficit-Reduction-Targets.html

Stock Market Overview – Is A Bailout Band-Aid For Greece in the Works? – Mike …
WallStreetWindow.com
After breaking their August lows on the open yesterday and making a swoon
the US market averages managed to rally in the last hour of the day thanks
to hopes that a bailout band-aid would be used to assist Greece in its debt
crisis. …
http://www.wallstreetwindow.com/node/3762

Yanukovych arrives on state visit to Greece
Kyiv Post
Ukrainian President Viktor Yanukovych has arrived on a state visit to
Greece, the presidential press service has reported. Soldiers from the
Greek guard of honor lined up near the plane’s steps. In Athens, Yanukovych
is to hold talks with Greek …
http://www.kyivpost.com/news/nation/detail/114243/

Economic Fact Book Greece
FXstreet.com
Following the 2009 general elections it became clear that the statistics on
Greek government debt and deficit were flawed (as was also the case when
Greece joined the euro area) and the financial markets started to lose
confidence in Greece. …
http://www.fxstreet.com/fundamental/analysis-reports/research-euroland/2011-10-05.html

War on the Young: Greece Exiles the Future | Via Meadia
By Walter Russell Mead
Greece’s large and growing pool of skilled as well as unskilled workers is
attracting headhunters from abroad. The Australian Embassy in Athens is
already organizing work fairs in search of doctors and dentists as well as
plumbers and home …
http://blogs.the-american-interest.com/wrm/2011/10/05/war-on-the-young-greece-exiles-the-future/

Protesters, police clash in Greece over austerity measures – Need to …
By macleans.ca
Despite the tax hikes and wage cuts imposed by the government, Greece was
forced to announce this week that its efforts will nonetheless fall short
of its deficit targets. Polls show nearly four of five Greeks expect a
default on the massive …
http://www2.macleans.ca/2011/10/05/protesters-police-clash-in-greece-over-austerity-measures/

Greece ‘Finds’ Treasure, Stays Solvent For Another Month …
By testosteronepit
Wolf Richter http://www.testosteronepit.comThe Greek government has been engaging
in financial shenanigans on a routine basis for years—example, it hired
Goldman Sachs to hide the actual size of its deficits in order to be
allowed into the …
http://www.zerohedge.com/contributed/greece-finds-treasure-stays-solvent-another-month

Greece’s slippery downward spiral: workers’ rights being ripped up …
By Owen Tudor
The news out of Greece gets worse and worse. As every cut demanded by the
troika of the IMF, EU and European Central Bank bites, in an attempt to
reduce public.
http://touchstoneblog.org.uk/2011/10/greeces-slippery-downward-spiral-workers-rights-being-ripped-up/

MICHAEL LEWIS: Greece Is A Society In Total Moral Collapse
By Glynnis MacNicol
In the second segment he describes Greece as a society in “total moral
collapse.” “That’s why we visit them,” responded Stewart. Before noting
“Europe has turned into this bizarre episode of the Sopranos.” Both
segments below. The Daily …
http://www.businessinsider.com/michael-lewis-moneyball-stewart-greece-2011-10

General Strike In Greece | PRI’s The World
By The World
A 24-hour general strike is under way in Greece in protest at the nation’s
austerity measures.
http://www.theworld.org/2011/10/general-strike-greece/

Greece Housing Market Suffering
By Global Property Guide
Greece’s economic crisis is sending shockwaves through every market sector
of the country and residential real estate is not being spared. Real estate
transactions have decreased in volume and value, with prices in every type
of residence …
http://www.nuwireinvestor.com/articles/greece-housing-market-suffering-57881.aspx

What? Greece To Buy 400 Tanks From The US
By Zarathustra
Surprise surprise surprise! Greece has apparently just ordered 400 tanks
from the United States. No idea where the money comes from though.
http://www.alsosprachanalyst.com/economy/what-greece-to-buy-400-tanks-from-the-us.html

PhotoBlog – Outraged protesters clash with police in Greece
By Jonathan Woods
Riot police engaged protesters in Athens, after a small group of protesters
started throwing rocks in Syntagma Square on Wednesday. Meanwhile,
thousands workers on strike marched to the parliament, protesting austerity
measures.
http://photoblog.msnbc.msn.com/_news/2011/10/05/8166914-outraged-protesters-clash-with-police-in-greece

20000 demonstrate in Greece against austerity | The Raw Story
By Agence France-Presse
The additional austerity cuts are mandated by Greece’s international
creditors — the EU, IMF and European Central Bank — under an economic
recovery programme launched last year in return for a 110-billion-euro
($149-billion) loan. …
http://www.rawstory.com/rs/2011/10/05/20000-demonstrate-in-greece-against-austerity/

Greece’s need for loans deferred to November
By assiabi@helsinkitimes.fi (HT)
GREECE needs the next 8 billion-euro instalment from its fellow Eurozone
economies only in November, not in October as the country’s government had
earlier announced. The change in schedule was announced to the EU ministers
of …
http://www.helsinkitimes.fi/htimes/domestic-news/politics/16892-greeces-need-for-loans-deferred-to-november.html

And Now This Again: Greece Anti-Austerity Protests Turning Violent
By Simone Foxman
Greece is trying to come closer to meeting its deficit reduction and
privatization goals for this year and the next in order to receive the next
$11 billion tranche of EU/ECB/IMF troika aid. Its government has already
announced that it will not meet …
http://www.businessinsider.com/greece-protests-turn-violent-2011-10

Execupundit.com: Europe’s Romance with Greece
By Michael Wade
This mystification worked again in 2001, when Greece entered the
Eurozone—the economic and monetary union of over a dozen (but not all) EU
states—without, again, fulfilling any of the necessary conditions for
membership. We’re currently …
http://www.execupundit.com/2011/10/europes-romance-with-greece.html

Greece ‘Finds’ Treasure, Stays Solvent For Another Month – Wall …
1:19pm – October 5, 2011. Wolf Richter http://www.testosteronepit.com The Greek
government has been engaging in financial shenanigans on a routine basis
for years—example, it hired Goldman Sachs to hide the actual size of its
deficits in order …
http://ewallstreeter.com/greece-finds-treasure-stays-solvent-for-another-month-5089/

Greece faces more strikes as default looms – World – CBC News
As the prospect of a disastrous debt default hung over Greece, the
government faced more strikes and protests against its new austerity
measures needed to …
http://www.cbc.ca/news/world/story/2011/09/26/greece-strikes-default.html

Barter networks are the rage in Greece – October 3, 2011
(VOLOS, Greece) The first time he bought eggs, milk and jam at an outdoor
market using not euros but an informal barter currency, Theodoros Mavridis,
…
http://www.businesstimes.com.sg/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/news/story/0,4574,458730,00.html?

Greece to make ‘superhuman effort’ to bring down debt | Malay Mail …
BERLIN: Greece promised Germany it was committed to its painful reform
programme, as European governments stepped up moves to prevent a default by
…
http://www.mmail.com.my/content/83333-greece-make-superhuman-effort-bring-down-debt

Tens of thousands strike in Greece as military threatens to intervene against anti-austerity protests
World Socialist Web Site Today at 11:18
Tens of thousands of workers, pensioners and youth protested throughout Greece Wednesday in a 24-hour public sector strike.

Greek cops add severity to austerity
Russiatoday.ru Today at 07:06
Greece’s latest 24-hour national strike turned violent, with police firing tear gas on angry crowds of protesters.

5 October 2011

Eurozone Finance Ministers Meet to Discuss Greece
Strategic Culture Foundation Yesterday at 16:28

Greece hit by new general strike
BBC News Yesterday at 06:50
A 24-hour general strike begins in Greece, affecting schools, transport and hospitals, in protest at the country’s tough austerity measures.

Viewpoint: Why bailouts are bad
BBC News Yesterday at 02:44
Should taxpayers have to repay investors who lent to Greece?

Greece loses civil services
Russiatoday.ru Yesterday at 02:23
All flights to and from Greece are grounded as a result of a strike, which is set to be in full swing later on Wednesday.

4 October 2011

Protesters blockade ministries as troika descends on Greece
Morning Star 04/10/2011 at 16:48
Trade unionists blocked the entrances to Greece’s finance, labour and other ministries in Athens today, disrupting a meeting between ministers and EU and IMF officials demanding still more aggressive ‘deficit reduction’ measures.

‘Greece may kill Euro by end of year’
Russiatoday.ru 04/10/2011 at 12:55
The crisis in Greece could leave the country’s people to starve to death if it suits a troika of international lenders, says investment advisor Patrick Young, accusing the EU leadership of pig-headed intransigence and…

Eurozone delays Greek loan choice
BBC News 04/10/2011 at 10:48
Markets tumble again as Eurozone finance ministers delay a decision on giving Greece the next instalment of bailout cash.

Delayed Greek bailout to buffet markets, but not Russian budget
Russiatoday.ru 04/10/2011 at 10:42
A delay on the decision for the next tranche of bailout funds for Greece will certainly make commodity markets volatile but is not expected to affect Russia’s budget.

Dexia shares in new Greece slump
BBC News 04/10/2011 at 10:16
Shares in the Franco-Belgian bank Dexia fall for the second day running as fears over its exposure to Greece continue.

Neither bailout nor default for Greece
Russiatoday.ru 04/10/2011 at 05:49
Eurozone finance ministers have delayed a decision on the next installment of bailout cash for Greece. However, EU chiefs say Greece will not be allowed to default on its debts.

J. Luis Martín, “Germany’s Euro Trilemma: Interview with Yanis Varoufakis”
MRZine.org 04/10/2011 at 01:31
Yanis Varoufakis: Presently, each euro of debt within the eurozone belongs to a particular member-state. Even the EFSF loan guarantees are spliced up and each euro guaranteed is guaranteed by one and only one member-state.

3 October 2011

Europe Against Austerity conference report
Socialist Resistance 03/10/2011 at 20:41
Fred Leplat, one of the conference’s  organisers, offers his thoughts on a significant event.