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Greece

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Sharmini Peries: The European Commission announced on May 2, that an agreement on Greek pension and income tax reforms would pave the way for further discussions on debt release for Greece. The European Commission described this as good news for Greece. The Greek government described the situation in similar terms. However, little attention has been... Read More
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Finance as Warfare: The IMF Lent to Greece Knowing It Could Never Pay Back Debt
SHARMINI PERIES: The latest economic indicator showed that the Greek economy shrank by 0.4% in the last three months of 2016. This poses a real problem for Greece, because its lenders are expecting it to grow by 3.5% annually, to enable it to pay back on its bailout loan. Greece is scheduled to make a... Read More
Germany’s Assault On The IMF
Having successfully used the EU to conquer the Greek people by turning the Greek “leftwing” government into a pawn of Germany’s banks, Germany now finds the IMF in the way of its plan to loot Greece into oblivion . The IMF’s rules prevent the organization from lending to countries that cannot repay the loan. The... Read More
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IMF's concern about Greek debt is bogus, this is full scale financial war, forcing Greece give up ports, pensions,...
SHARMINI PERIES, TRNN: It's the Real News Network, I'm Sharmini Peries coming to you from Baltimore. Greece's economic crisis has perhaps been eclipsed by Europe's refugee crisis, terrorist attacks, and by the forthcoming Brexit referendum. But it has not gone away. Greece's Syriza coalition faced violence on the streets and a 3 day general strike... Read More
Zero Hedge reports a story from “Keep Talking Greece” that first appeared in The Timeshttp://www.thetimes.co.uk/tto/news/world/europe/article4624755.ece According to the story, the plummeting living standards forced on the Greek people by German chancellor Merkel and the European banks have forced large numbers of young Greek women into prostitution. The large increase in the supply of women offering... Read More
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Watch the video on the Democracy Now site Black Monday is how economists are describing Monday’s market turmoil, which saw stock prices tumble across the globe, from China to Europe to the United States. China’s stock indices fell over 8 percent on Monday and another 7 percent today. On Wall Street, the Dow Jones Industrial... Read More
I have maintained since the so-called Greek Debt “crisis” began back in 2010, I believe it was, that the imposition of austerity on Greece could not possibly work and that the only solution was to write down the debt to a level that Greece could service and introduce reforms that loosen the hold the oligarchs... Read More
First as Tragedy, Second as Farce, Thirdly as Vassal State
Introduction: The Greek people’s efforts to end the economic depression, recover their sovereignty and reverse the regressive socio-economic policies, which have drastically reduced living standards, have been thrice denied. First, the denial came as tragedy: When the Greek majority elected Syriza to government and their debts increased, the economy plunged further into depression and unemployment... Read More
We forget that wars in Europe were the norm before the EU
Political crises in the Middle East and North Africa since 2011 have either produced extreme violence or caused countries to dissolve into civil war. The territorial settlement that followed the defeat of the Ottomans in 1918 is collapsing, but there is no clear sign of what will replace it, other than conflicts which nobody knows... Read More
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The Iran nuclear agreement has less to do with proliferation than it does with geopolitics. The reason Obama wants to ease sanctions on Iran is because he wants to push down oil prices while creating an alternate source of natural gas for Europe. In other words, the real objective here is to hurt Russia which... Read More
All of Europe, and insouciant Americans and Canadians as well, are put on notice by Syriza’s surrender to the agents of the One Percent. The message from the collapse of Syriza is that the social welfare system throughout the West will be dismantled. The Greek prime minister Alexis Tsipras has agreed to the One Percent’s... Read More
The drama over Greece’s financial crisis continues to dominate the headlines. As this column is being written, a deal may have been reached providing Greece with yet another bailout if the Greek government adopts new “austerity” measures. The deal will allow all sides to brag about how they came together to save the Greek economy... Read More
A 1970 strike in Ireland provoked an admirable outbreak of ingenuity - Greece should take note
Television reporters stand in front of the shut doors of banks in Athens and speak as if a few days more of bank closure brings the Greeks that much closer to catastrophe. Media coverage dwells obsessively on the theme that for Greece it is five minutes to midnight, but somehow midnight never comes. Shuttered banks... Read More
Michael Hudson says unlike personal and corporate debt, there is no legal framework for writing off government debt, so there is deliberate anarchy in place – July 10, 2015 SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to the Real News Network. I’m Sharmini Peries coming to you from Baltimore. Greece is in the situation they’re in,... Read More
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Where Do We Go From Here?
The major financial problem tearing economies apart over the past century has lain more with official inter-governmental debt than with private-sector debt. That is why the global economy today faces a similar breakdown to 1929-31, when it became apparent that the volume of official inter-government debts could not be paid. The Versailles Treaty had imposed... Read More
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Greece is the pearl of Mediterranean, the place generations of foreigners from Lord Byron to Graves to Fowles have fallen in love with. From philosophy to feta, from history to yoghurt, from poetry to honey they provided the example to follow. Their priests preserve the pristine faith; their fighters defeated Mussolini; their Helen is the... Read More
I doubt that there will be a Greek exit. The Greek referendum, in which the Greek government’s position easily prevailed, tells the troika (EU Commission, European Central Bank, IMF, with of course Washington as the puppet master) that the Greek people support their government’s position that the years of austerity to which Greece has been... Read More
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Greece Rejects the Troika. Where Do We Go From Here?
Just after 7 PM Greek time on Sunday, I was told that the “No” vote (Gk. Oxi) was winning approximately 60/40. The “opinion polls” showing a dead heat evidently were wrong. Bookies across Europe are reported to be losing their shirts for betting that the financial right wing could fool most Greeks into voting against... Read More
With 90% of the votes counted, the Greek people have voted 61% to 39% against accepting the latest round of austerity that the EU is trying to impose on the Greek people for the benefit of the One Percent. What is amazing is that 39% voted for the One Percent against their own interests. This... Read More
If you become stuck in a boring July 4 hot air speech, distract yourself with this question: Are the values that Western civilization allegedly represents still extant? You don’t need to get heavy into philosophy. See if you can find any of the professed values reflected in current events. For example, Julian Assange, the founder... Read More
According to history books, democracy originated in Greece. Of course, historians could be mistaken, but this is the prevailing view among Western populations with enough awareness to be interested to know. What we are witnessing today, July 2, 2015, is that after 2,500 years in the Western World only the current Greek government is interested... Read More
Like Marathon, Thermopylae, Plateau and Mycale roughly 2,500 years ago, Western freedom again depends on Greece. Today Washington and its empire of European vassal states are playing the part of the Persian Empire, and belatedly the Greeks have formed a government, Syriza, that refuses to submit to the Washington Empire. Few people understand that the... Read More
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Michael Hudson is a Distinguished Research Professor of Economics at the University of Missouri, Kansas City. He is the author of The Bubble and Beyond and Finance Capitalism and its Discontents. His most recent book is titled Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy. William K. Black, author of... Read More
Back in January upon coming into office, Syriza probably could not have won a referendum on whether to pay or not to pay. It didn’t have a full parliamentary majority, and had to rely on a nationalist party for Tsipras to become prime minister. (That party balked at cutting back Greek military spending, which was... Read More
Ayn Rand is a pariah among those who believe that government is our benefactor. There are times and conditions when government can be a benefactor of the people. But not in the Western world at the present time. As Michael Hudson and I agree, Western central banks refuse to create money to finance economy recovery.... Read More
A presentation at the Delphi Initiative.
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Many readers of the European and American press must be confused about what actually is happening in the negotiations between Greece (Alexis Tsipras and Yannis Varoufakis). The European Troika (the IMF, European Central Bank and European Council now object to the name and want to be called simply “the Institutions”) have stepped up their demands... Read More
The Greek debt is unpayable. It is simply too large to be repaid. The austerity that the EU and IMF have imposed on Greece has worsened the problem by driving down the Greek economy, thus making the burden of the debt even heavier. Despite the obvious fact that the EU’s austerity policy is a failure... Read More
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Paul Craig Roberts’ address to the Conference on the European/Russian Crisis, Delphi, Greece, June 20-21, 2015 
Paul Craig Roberts, formerly Assistant Secretary of the US Treasury for Economic Policy, Associate Editor, Wall Street Journal, Senior Research Fellow, Stanford University, William E. Simon Chair in Political Economy, Center for Strategic and International Studies, Georgetown University, Washington,... Read More
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How the ‘Hard Left’ embraces the policies of the Hard Right
Introduction: Greece has been in the headlines of the world’s financial press for the past five months, as a newly elected leftist party, ‘Syriza’, which ostensibly opposes so-called ‘austerity measures’, faces off against the “Troika” (International Monetary Fund, the European Commission and European Central Bank). Early on, the Syriza leadership, headed by Alexis Tsipras, adopted... Read More
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The Saker Interviews Michael Hudson
Cross-posted from The Saker The Saker: We hear that the Ukraine will have to declare a default, but that it will probably be a “technical” default as opposed to an official one. Some say that the decision of the Rada to allow Iatseniuk to chose whom to pay is already such a “technical default”. Is... Read More
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SHARMINI PERIES, EXEC. PRODUCER, TRNN: Welcome to the Michael Hudson Report on The Real News Network. I’m Sharmini Peries coming to you from Baltimore. The Euro is slipping against the dollar, and the European financial markets are in flux, expecting Greece to fail on its 1.6 billion Euro repayment due to the International Monetary Fund... Read More
Varoufakis vs. the Troika
A disagreement over the terms of a deal to provide a bailout extension for Greece, has set the stage for a final clash between the Eurogroup and members of the Greek ruling party, Syriza. Although the agreement was approved on Tuesday when a list of reforms were submitted by Greek finance minister Yanis Varoufakis to... Read More
A Valiant Effort
It’s not easy to negotiate with a gun to your head. Nevertheless, that’s the situation Greek finance minister Yanis Varoufakis found himself in on Friday preceding a crucial meeting with the Eurogroup. According to one report, the objective of the last-ditch confab “was to prepare a consensus text that would be the basis for the... Read More
Don't Tell Anyone in Berlin
If you haven’t been following developments in the Greek-EU standoff, you’re really missing out. This might be the best story of the year. And what makes it so riveting, is that no one thought that little Greece could face off with the powerful leaders of the EU and make them blink. But that’s exactly what’s... Read More
RT news:
Introduction: As Greece enters the sixth year of Europe’s worst economic depression, with 30% of its labor force unemployed and over 52% of its youth jobless, the entire social fabric is unraveling; a suicide rate are skyrocketing and close to 80% of the population is downwardly mobile. Family and inter-generational relations are deeply impacted; previous... Read More
Staring into the Abyss
"The Greek economy is finished. The Greek economy is in a great, great depression... There is no power, no force within the Greek economy, within Greek society that can avert it....Imagine if we were in Ohio in 1931 and we were to ask: What can Ohio politicians do to get Ohio out of the Great... Read More
Loans you shouldn’t pay back, violent partners, and who triumphs when Germany Banks & Greece go toe to toe. Seek truth from facts with former Chase banker Prof. Michael Hudson, Stockholm Syndrome theorist Dr. Carlos Encinas, anti-EU party boss Peter Mach, Greek Correspondent Nicolas Mottas and Financial Times Associate Editor Wolfgang Munchau.
This is an edited and expanded transcript from a live phone interview by Dimitris Yannopoulos for Athens News, September 2012. Dimitris Yannopoulos: As an academic with a strong grounding in economic history as well as banking and a Clean Slate, professor Michael Hudson has built his own school of thought – distanced from both Keynesians... Read More
Introduction: Greece faces the unenviable choice between accepting the terms of “the Troika” and facing the continuation and deepening of a socio-economic crises, which includes five years of negative growth, over 23% unemployment, an astronomical rise in poverty (from less than 15% to over 40%) and mounting suicides, or a rejection of the “memorandum”, and... Read More
CounterPunch Diary
Regard the Greek political landscape and how dramatically it has changed from last November. On November 2, 2011, Greek prime minister George Papandreou flew to Cannes before a G20 meeting and received one of the most humiliating rebuffs in European history since Pope Gregory VII left Holy Roman Emperor Henry IV shivering in the snow.... Read More
Back to the Drachma?
Europe is a trainwreck. The signs of a credit crunch are popping up in countries on the periphery, a slow-motion bank run is underway in Greece and Spain, the ratings agencies have slashed the ratings on banks in Italy and Spain, and the British money printer, De La Rue, has been contacted to "draw up... Read More
Left to Fend for Itself
The endgame for Greece is now in sight. Attempts to form a unity government have failed and public opposition to austerity is growing. The uncertain political situation has triggered a bank run which drained nearly $900 million in deposits from Greek banks on Monday alone. Panicky Greeks are moving their money out of the country... Read More
Paul Krugman is widely appreciated for his New York Times columns criticizing Republican demands for fiscal austerity. He rightly argues that cutting back public spending will worsen the economic depression into which we are sinking. And despite his partisan Democratic Party politicking, he warned from the outset in 2009 that President Obama’s modest counter-cyclical spending... Read More
Greece Avoids Default, But for How Long?
If Greece's €130 billion loan was going to be used for fiscal stimulus, then it might be worth the commitment. Because that kind of money could put a lot people back to work and kick-start the economy fast. But the loan isn't going to be used for stimulus. It's going to be used to recapitalize... Read More
Michael Hudson on the Greek experiment. More at The Real News The Greek crisis is being used to find out how far finance can drive down wages and privatize the public sector. Michael Hudson interviewed by Paul Jay Note: This is my editing of an interview Professor Michael Hudson gave to The Real News Network.... Read More
What's Inside the New "Austerity Measures"
On Sunday, the Greek parliament approved a new round of austerity measures that will further deepen the 5-year depression and sever the last fraying threads of social cohesion. In order to secure a 130 billion euro loan, Greek political leaders agreed to comply with a "Memorandum of Understanding" (MOU) that will not only intensify the... Read More
"No disbursement before implementation" (No Bailout Before Budget Cuts)
While EU banks have borrowed more than $600 billion at rock bottom rates (1 percent) for up to 3 years with no-strings-attached, eurozone finance ministers are threatening to push member-state Greece into default over a paltry 325 million euros. A German-led coalition within the Eurogroup has set a 6-day deadline for Greece to agree to... Read More
See Dr Hudson with Max Keiser in On the Edge as they sift through the latest issues including the EU, Ron Paul, Austrian economics, Iran and the role of the US dollar.
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