Greece
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Historically positioning themselves between an unruly, oriental population and the western powers, since 1981 Greek elites have siphoned off EU funds into a bloated public sector favouring corruption, patronage and social climbing. The threat posed to Europe by the breakdown is less contagion to the centre than a wave of anti-western feeling that could exacerbate geopolitical instabilities in the region. It all started two years ago, in the autumn of 2009.
Greece: The history behind the collapse - Georges Prévélakis
Opinion: It's Time To End the Greek Rescue Farce - SPIEGEL ONLINE - News - International
For the past two years, Greece has wrangled with the euro-zone states and the International Monetary Fund (IMF) over its so-called "rescue." Austerity measures have been agreed to, aid has been paid and private creditors have been forced to accept "voluntary" debt haircuts.By Marshall Auerback Pick your poison. In the words of Greek Finance Minister Evangelos Venizelos , the choice facing Greece today in the wake of its deal with the so-called “Troika” (the ECB, IMF, and EU) is “to choose between difficult decisions and decisions even more difficult.
New Economic Perspectives: Greece: A Default is a Better Outcome Than the Deal on Offer
It would have been hard for German Chancellor Angela Merkel to find a more appropriate setting from which to promote her policies for Greece .
'The Troika's Policies Have Failed': European Doubts Growing over Greece Debt Strategy - SPIEGEL ONLINE - News - International
If only the country's deeper crisis ended there Reuters The Greek economy shrank nearly 7% in 2011, the fifth straight year the country has been in a recession.
Greece Is on Pace for the Worst Recession in Modern History - Derek Thompson - Business
Note from Athens: Feeling on the ground has palpably changed « Euro Area Debt Crisis by Megan Greene
I travel to Athens about once every six months and speak with as many contacts as I can, including top policymakers, bankers, journalists, economists and academics. On my most recent trip in mid-February, the feeling on the ground had palpably changed in a number of ways that have supported my view that Greece will eventually default and exit the eurozone, but probably not before late 2013.
Greece Is Still Doomed: Why the New Bailout Is a Fantasy - Derek Thompson - Business
Europe kicks the can down the road, while Athens continues to burn Reuters Greece has finally secured a new $170 billion loan from its European landlords, and the terms are just as unrealistic and doomed-to-fail as you expected.Late Monday night, the euro zone agreed to a $170 billion bailout package for Greece in exchange for certain budgetary oversight measures and economic reforms. We asked a group of experts and economists to weigh in on the deal — and whether it’s enough to hold Greece — and Europe — together. Here are their reactions:
Experts react to Europe’s bailout package for Greece
S&P : Greece in 'selective default' on bonds
Ratings firm Standard & Poor's has declared Greece in "selective default" after banks agreed to write off more than half of their Greek debt holdings in a second EU bailout of the country.Exit from comment view mode. Click to hide this space