Friday, April 20, 2012
Thursday, March 22, 2012
K2 Picture – Mountain Wallpaper – National Geographic Photo of the Day
K2 Picture – Mountain Wallpaper – National Geographic Photo of the Day
Wednesday, March 21, 2012
Rhyming rally: Greek poets protest austerity measures - and throw a street party
Dancers on stilts perform in front of the Athens Academy during a protest by Greek poets, in central Athens on Wednesday, March 21, 2012. The anti-austerity protest was held on World Poetry Day. (AP Photo/Petros Giannakouris)
Rhyming rally: Greek poets protest austerity measures - and throw a street party
Economist: EU Leaders Treated Greece with "Moral Decay"
Economist: EU Leaders Treated Greece with "Moral Decay"
Economist: EU Leaders Treated Greece with “Moral Decay”
Posted by keeptalkinggreece in Economy
European Union leaders showed “moral decay” in delaying Greece’s bond swap deal in order to minimize the impact on the region’s banks, according to High Frequency Economics’ founder and chief economist, Carl Weinberg.
In a March report on the global economy, Weinberg said EU leaders had deliberately delayed Greece’s restructuring, to the detriment of its economy, in order to give banks time to prepare for the hit on their debt holdings.
“Why wasn’t Greece allowed to restructure its debt two years ago, before its economy contracted by 15 percent, and before it was necessary to impose a haircut on private sector borrowers, destabilize the government and the economy, illegally implement retroactive collective action clauses, and trigger credit default swaps [cnbc explains] ?” he asked in the report.
“It was inconvenient for the banks, that is why,” he said, according to CNBC.
Weinberg added that EU leaders forced Greece to go through severe austerity measures in order to give banks time to deal with the debt.
“Politicians preferred to put a few million Greek citizens through the ringer than ask banks to swallow losses on government bonds before they had time to ‘prepare’… it would seem that it is not just bankers who have entered an era of moral decay, but the governments that want to regulate them as well,” he wrote.
As a creditor representative in the wave of Latin American sovereign debt restructurings in the 1980s, Weinberg told CNBC.com that these earlier deals showed that if properly conducted, Greece’s restructuring would neither have triggered credit default swap payments, nor destabilized its economy and government.
In particular, Weinberg highlighted Mexico’s 1982 restructuring and Brazil’s 1983 restructuring as “clear success stories” carried out “properly and promptly, without being enslaved to political considerations”.
Neither Brazil’s nor Mexico’s debt has required subsequent restructuring, although both nations received substantial loans from the International Monetary Fund [cnbc explains] in the 1990s.
“Mexico and Brazil both undertook reform on their own initiative, and are now model economies,” said Weinberg.
In his report, Weinberg added that Greece was in more need of investment to combat its economic woes, than “clever” restructuring.
Monday, March 19, 2012
Sunday, March 18, 2012
World press photo of the year
A woman is holding her injured son during the demonstration in Sanaa,Yemen, on 15th October against president Ali Abdullah Saleh.
The comment of the judge Koyo Kouo was that "It's a photo that talks about the entire region. It talks about Yemen,Agypt,Tynese,Lybia,Syria and about everything that happened during the Arabic spring. But it also shows a personal side of what happened. And it shows the role of women not only for the care they offered ,but also women being energetic parts of the movement".
http://www.worldpressphoto.org/photo/world-press-photo-year-2011-0
http://www.worldpressphoto.org/photo/world-press-photo-year-2011-0
I agree with the judge! Well done mr Aranda! Thank you!!
Sincerely,
Lina Greek
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