"If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen."

Thursday, 10 March 2011

"Den Plirono"

Don't fall off your chair but today begins with a fairly cheerful and optimistic post for a change.  If the FT* and DT can be believed, and I don't see why not,  then the euro-zone is still having mega-problems which show no sign of improvement.  Some snippets from both papers:

Portugal edged closer to the brink
Parallels with the actions of the Bundesbank during the ERM crisis in 1992
The Greek crisis is going to from bad to worse
Spain is not yet safe. €2.5 trillion of combined household & company debt
Irish politics may force [Kenny] to default on senior bank debt if the EU refuses to yield
The EU and IMF are in denial about everything we have learned over history
Italy’s borrowing cost rose above 5% for the first time since Nov 2008

Den Plirono = I won't pay
In the space of four months, Den Plirono has grown from a one-off protest to a nationwide anti-austerity movement.
We’re a popular, not a political movement, taking a pro-active approach to the worst crisis in Greece since world war two.
The movement’s supporters refuse to pay highway tolls.
In Athens they ride buses and the metro without tickets to protest against an “unfair” 40%  increase in fares.
So far, only a few protesters have been asked to pay fines
Greek salaries have shrunk by an average 20% since the EU-IMF programme was launched last May.
The jobless rate hit a record 14.8%  in December & inflation stood at 4.9%  in January

*  Free registration for limited access at the FT

4 comments:

  1. I'm afraid it's only going to get worse. The EU like all Utopian dreams has turned into a nightmare.

    ReplyDelete
  2. Hi Trestin. Yes it will get worse and we'll all be badly affected - more than we are at the moment. This political push towards forcing countries into blocs so they're more manageable by governments and more accessible for corporations goes against the natural human spirit - which is to be free and an individual.

    ReplyDelete
  3. No gain without pain, I'm afraid. Tighten the seat belts! Not that bankers will suffer, of course. Or politicos.

    ReplyDelete
  4. No, they won't feel the effects like we do, OR. More than ever they seem to be distanced from us. Talking of bankers, I've just read that Fred Goodwin has had a super-injunction granted forbidding further reporting on him/his bonus etc. Not quite sure what but I'm trying to find out more.

    ReplyDelete

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