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The sick man of Europe
1.       tunci
7149 posts
 04 Nov 2011 Fri 04:48 pm

The sick man of Europe

Hurriyet Daily

 

Greece takes the title of ‘sick man of Europe’ as chaos reigns in the wake of its prime minister’s rejections of resignation rumors, fired generals in coup suspicions and a surprise rate cut from the European Central Bank.
With his hands tied by the worst financial crisis in decades in Greece, embattled Greek Prime Minister George Papandreou (L) waits for a positive response from EU heavyweight Germany’s Chancellor Angela Merkel, who reads Eurozone bailout plan ahead of the G20 summit in Cannes. AP photo
With his hands tied by the worst financial crisis in decades in Greece, embattled Greek Prime Minister George Papandreou (L) waits for a positive response from EU heavyweight Germany’s Chancellor Angela Merkel, who reads Eurozone bailout plan ahead of the G20 summit in Cannes. AP photo

Greek Prime Minister George Papandreou yesterday rejected rumors he would resign as he stepped back from a contentious decision to hold a referendum on unpopular austerity measures in the face of fierce criticism from across the European Union.

“The referendum was never an end in itself,” Papandreou told the Cabinet, according to statements released by his office.

“We had a dilemma - either true assent or a referendum. I said [on Nov. 2], if the assent was there, we would not need a referendum,” Papandreou said.

European leaders warned that if Greece does not respect the terms of the rescue deal, it will not get “one more cent” from the next planned installment of EU and IMF funds. European stock markets plunged then recovered just as sharply, as storm clouds gathered over a G-20 leaders’ summit opening ceremony in Cannes, France.

Also, the European Central Bank’s new chief, Mario Draghi, surprised markets with a rate cut yesterday to calm investors’ nerves.

In another fear-easing move, the Greek government has dismissed the country’s top  military brass in what some reports say was a move to thwart a coup.

Meanwhile, British bookmaker William Hill offered odds of 4/6 yesterday that Greece would cease to use the euro by the end of 2012, the first time it has bet odds-on that Athens will exit the currency.

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Note : I felt sorry when I saw this photo the Greek PM is as if listening to orders from German PM with his hands tied..It proves that getting into EU club you are eventually becoming Slave... when the honeymoon is over the reality comes out the surface.
I wish good luck to our neighbour with all my heart. Hopefully they will get out of this mess one day . But its too difficult..
One of the solution in long term would be ; getting out of Euro currency and bring the Drahma back..But on the other hand how will they pay  off their debts with useless Drahma ?
I hope and wish that Turkey will never go into this EU bankruptcy club.

2.       vineyards
1954 posts
 04 Nov 2011 Fri 09:11 pm

We used to be the sick man of Europe. I think it is such a disparaging statement.

In my opinion, the sickness is not limited to Greece, in fact the entire Europe is sick. They just don´t realize that at this point. This is in fact, the collapse of the welfare model which has already been in constant erosion since Thatcher. A non-producing Europe will perpetually suffer from a lack of dynamism. It will run on easy money coming from investments and usury. When countries like China and India begin to stand on their own feet, the game will be over for Europe.

Can Europe find a way to avoid this looming end by substantially changing its socio-economic structure before it is too late?



Edited (11/5/2011) by vineyards

TheAenigma and Elisabeth liked this message
3.       TheAenigma
5001 posts
 06 Nov 2011 Sun 09:31 am

 

Quoting vineyards

We used to be the sick man of Europe. I think it is such a disparaging statement.

In my opinion, the sickness is not limited to Greece, in fact the entire Europe is sick. They just don´t realize that at this point. This is in fact, the collapse of the welfare model which has already been in constant erosion since Thatcher. A non-producing Europe will perpetually suffer from a lack of dynamism. It will run on easy money coming from investments and usury. When countries like China and India begin to stand on their own feet, the game will be over for Europe.

Can Europe find a way to avoid this looming end by substantially changing its socio-economic structure before it is too late?

 

Oh I think they are WELL aware of it and cowering   Many economists predicted this, and were right.  I have never supported entering the EU and should feel smug, but just feel worried.

 

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