Financial Crisis in Greece

[George S.]

The turks are too good for the greeks ,the greeks who have no heart & no soul.This is true unless you pretend you are ignorant or in denial.The turks show they are human after all is said & done.
The greeks could take a leaf out of the exemplary behaviour of the turks.
All you greek people who are attacking onur & criticising him are doing it for nothing.You realise in the eu the black sheep of the family is greece.Turkey desrves to be let in to the eu & greece after all it's done should be booted out back to the drachmas never to darken the eu again.

[Onur]

Poverty increases in Greece and it looks like their church found a way to appear "nice" by giving free food to the poor ones. I bet the dumb Greeks praises them for free meal and don't even think about the fact that Greek church is the most richest organization in the country by being the richest landowner elite since their independence day. On the other hand, the archbishop says that there is no financial crisis in Greece but a spiritual one. Is he asking for Greeks to come to church and pray more to them? lol

Greek Church Warns Of 'Tsunami Of Poverty'
Greece will face a desperate situation this autumn, with a wave of poverty stemming from its crippled economy, a spokesman for the Orthodox Church in Athens warns.

Speaking to Sky's business presenter Jeff Randall for a special programme on Greece's financial woes, Costis Dimtsas described the added pressures the Church were facing in the provision of help for the poor.

"We are at the beginning of the wave," he said.

"At this moment, we just learnt that the tsunami is coming. In September we will see it, and next year we will see the results."

The Church runs a number of feeding stations and shelters around Greece, through a project known as 'The Mission'.

Since the crisis began, those centres have seen a sharp increase in the number of Greeks seeking help.

"About 60% of the beneficiaries are now people of Greek origin," Mr Dimtsas said.

"Two years ago, the statistics were inverse. We had 25-30% Greeks and the rest were immigrants.

"We are handing out 10,000 meals per day. We've been doing it for the last three months in order to confront the financial crisis

"The tragedy is the increase in ages - unemployed people who are over 45 and cannot find a job again, and older people who are suffering lately from the reduction of their pensions."

Sky News visited one feeding station in central Athens where we were met with hostility.

Beneficiaries refused to be filmed, urging us to seek out the rich who they believe are responsible for the crisis, rather than the poor.

But while the Church visibly serves up support for those squeezed by higher taxes and lower pensions, some accuse it of being disingenuous.

The former finance minister Stephanos Manos says the Orthodox Church, the biggest landowner Greece after the state, is not making its full contribution.

"Very conveniently, there's no land registry, so no one really knows what you own - and in particular, no one really knows what the church owns," he said.

"The church has flatly refused to give a full description of its landownings because they know if people know what they are, they'll ask, 'why don't we tax them?'"

Mr Manos claimed that many Greek politicians were keen to keep influential religious leaders on their side, resulting in "special treatment" for the Church.

But the Orthodox Chruch disputes those accusations.

The Archbishop of Athens says that this crisis is not financial but spiritual.

"Mainly the crisis is in our minds, and has been created from the over-consumption of the Greek people. This, in my opinion, is the source of the evil."

http://news.sky.com/home/business/article/16056922

[makedonche]

Onur
Interesting article - if the Archbishop is so concerned why doesn't he start selling off all his gold icons so he can prevent the poverty?

[Zarni]

The GOC will use this climate to target groups it thinks can be. Dont buy the Humanist speech of the GOC it is about as moral as the rotten core of hate it upholds

[Onur]

"Greek Myths: The Birth of a Crisis", a Sky News Documentary

Actually i was going to post this in Greek crisis thread but after watching this today on tv, i searched it on youtube, found it and i think this 25min. documentary deserves it`s own thread.

This is the hands down the best and most honest news report, documentary about the Greek and EU economical crisis in general. There are comments from former Greek ministers, economical advisers, professors, scenes from Greece which depicts the gravity of the situation.

Tax evasion in mass scale including the church who literally owns most of the Greek lands but doesn't pay any tax for it. And in the documentary, a millionaire yacht owner who happens to be a mayor of some island says that the Greek people are "protecting" their money from politicians by not giving any taxes to the state!!!.


This shows a perfect example of how to ruin a state by living in a high standard with borrowed money from someone else and also a proof of the destruction of EU dream. For Greece, it took about 15 years to bust with this corrupt mythical system and now i wonder how much time it will take for EU to bust in the end??? I don't think we would wait for so long;

This Friday, 26th August, Sky News will broadcast a special documentary: Greek Myths: The Birth of a Crisis. The half-hour programme is hosted by Sky News Business Presenter, Jeff Randall, and will focus on the state of the Greek economy and its effect on the rest of the European Union.

Following two humiliating bail outs, Jeff will look at how an economy was broken by debt and delusion that has prompted a crisis that threatens to sink the EU’s single currency. He discovers how a widespread resentment and distrust of corrupt politicians has spilt over into violence. Jeff speaks to various people involved in the crisis including the President of the Athens Chambers of Commerce who reveals that 80,000 small to medium sized businesses closed last year, and predicts that number could rise this year.

Commenting on the significance of the financial woes Greece faces, Jeff said: “This is not just about the collapse of the Greek economy; it’s about the unravelling of the Eurozone, Greece’s bankruptcy threats, and the entire EU project.”

He added: “I was prepared to find a country that should never have joined the Euro, where taxes can barely be collected. But what really shocked me was the scale, scope and open acceptance of corruption. Greece, it seems, has been run by a kleptocracy.”

Sky News special: Greece and financial crisis, part1/2 (26Aug11) - YouTube

Sky News special: Greece and financial crisis, part2/2 (26Aug11) - YouTube

[Onur]

According to the latest news, Greece is finally heading to the inevitable default, officially.

Rumors for the official announcement of the Greek default as soon as this weekend caused major drops in markets. The rumors created by an announcement in Germany. Germans said that they are trying to get ready for imminent actions to save the German banks who are deeply exposed to the Greek debt. The rumors also grow after the resign of top EU central bank officer.

You can read today`s news here;

Germany Preparing To Bail Out Its Banks If Greece Defaults;http://www.businessinsider.com/germa...efaults-2011-9


MAJOR CRACKUP AT THE ECB: Top Member Quits, Euro Plunges, Stocks Dive;http://www.businessinsider.com/euro-...ght-now-2011-9


STOCKS DEMOLISHED, EUROPE NEAR BREAKING POINT: Here's What You Need To Know;http://www.businessinsider.com/closi...ember-9-2011-9


Here's Why Everyone's Thinking That Greece Might Default This Weekend;http://www.businessinsider.com/specu...default-2011-9

[makedonche]

Onur
I find it difficult to see any other solution than bankruptcy for Greece and withdrwal from the EU, back to the drachma and start from scratch again. I don't think the younger generations are to excited about having to pay for the excesses of the current and previous generations for the next 20-30 years, do you?

[Zarni]

The Count down is ticking I cant wait

[Onur]

I find it difficult to see any other solution than bankruptcy for Greece and withdrwal from the EU, back to the drachma and start from scratch again.

Thats what all the reasonable economists all over the world says but actually, EU big guns don't care about Greece. They only think about the aftereffects in France, Germany and in western Europe in general if Greece leaves eurozone. They are concerned about the prosperity of their banks who are deeply exposed to the Greek debt.

Greece is already busted a year ago but for these reasons above, they still keep them alive, in this comatose state. Ofc this situation wont continue forever.

I don't think the younger generations are to excited about having to pay for the excesses of the current and previous generations for the next 20-30 years, do you?

Whether they are excited or not, sooner or later Greece will return to their true economical condition before EU days, like early 1980s Greece. And they will continue to be like that for at least 15-20 years, `till they payback most of their 650 billion dollars debt.

[George S.]

i think that greece exploding will be imminent it's not a question of if but when?

[makedonche]

Onur

They are concerned about the prosperity of their banks who are deeply exposed to the Greek debt.

Quite correct, a friend of mine was in Athens & Thessaloniki 12 months ago and all the average people even knew who was pulling the strings, meaning the Germans and French, to keep the Greek economy afloat long enough for the German & french banks to develop an exit strategy or at least reduce the amount of their exposure to Greek government bonds - which are just about worthless now!

Whether they are excited or not, sooner or later Greece will return to their true economical condition before EU days, like early 1980s Greece. And they will continue to be like that for at least 15-20 years, `till they payback most of their 650 billion dollars

I doubt this will actually occur, if they don't have the courage to face their debts now and try to fix the problem, I don"t think the current or next generations will take on the task of paying back the debt - they have a history of evasion and handouts going back many centuries - it is ingrained in their psyche, it will take a few generations to restore any sense of social/moral/ethical responsibility, unless it is forced upon them!

[cultea]

Onur, makedonche
These ridiculous rumors had already been officially denied since Friday.

[makedonche]

Onur, makedonche
These ridiculous rumors had already been officially denied since Friday.

Cultea
Officially denied by who? Please post a reference or give us an official quote.

[cultea]

Cultea
Officially denied by who? Please post a reference or give us an official quote.

http://www.google.gr/search?hl=el&gl=gr&tbm=nws&btnmeta_news_search=1&q=greek+government+denies#sclient=psy&hl=el&gl=gr&tbm=nws&source=hp&q=greek+government+denies+default&pbx=1&oq=greek+government+denies+default&aq=f&aqi=&aql=&gs_sm=e&gs_upl=28765l30375l0l30765l8l6l0l0l0l0l360l1048l2-3.1l4l0&bav=on.2,or.r_gc.r_pw.&fp=adc9b8925fd46bd1&biw=1024&bih=634

[makedonche]

http://www.google.gr/search?hl=el&gl...w=1024&bih=634

Thanks for the reference.........you'll excuse me if I don't believe a word of any official greek announcements....given their lack of ability to do what they continually promise to!