Andreas S. Koudellou

Posts Tagged ‘Greece’

Statistics in Greece is a combat sport

In Arctic Oscillation, Capital Shortfall, Cataclysm, Commodities, Cyprus Investment Promotion Agency (CIPA), Cyprus Securities and Exchange Commission (CySEC), Economic Institutions, European Union, Financing Reconstruction, FX, Global Economics, macroeconomic factors, MF Global, philanthropy, selective default, spillover effect, Turbulent Markets on November 28, 2011 at 7:43 pm

Elstat is Greece’s new independent statistics agency. Elstat has been commissioned by the European Commission to “clean up” the statistics, after decades of corruption and inadequacy by the Greek finance ministry.

Yet, Elstat is now facing opposition in the form of an official criminal investigation by the Greek government for “inflating the scale of the country’s financial crisis.

Accusations include delay in diaper aments of loan tranches.

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EU Vassals.

In Arctic Oscillation, Belgian, Capital Shortfall, Cataclysm, Commodities, Culture, Cyprus, Cyprus Investment Promotion Agency (CIPA), Cyprus Securities and Exchange Commission (CySEC), default, Economic Institutions, El Niño and La Niña, European Union, Financing Reconstruction, FX, Global Economics, Hedge Fund, ICE Brent Crude oil, IKOS Financial, latin america, Multibillion, price volatility in energy, Regulatory demands, selective default, spillover effect, Turbulent Markets on November 17, 2011 at 7:47 pm

One, politics in Europe are local, not “European.”
Two, monetary, fiscal, and labor policy are at the core of the problems in the GIIPS.
Third, The EU had better identify itself and make its presence known- finally.

It is her “fight or flight” moment. The Entire EU hangs in the balance, and coupled with that the US economy. Sovereign debt and negative growth are actually spreading.

Mr. Monti and Mr. Papademos must play a role in tightening the fiscal policies and make the structural reforms needed. These technocrats, should provide a positive step in increasing pro investor policy.

Crisis of Confidence

In Belgian, Capital Shortfall, Cataclysm, Cyprus, Cyprus Investment Promotion Agency (CIPA), Cyprus Securities and Exchange Commission (CySEC), default, Economic Institutions, Environment, European Union, Financing Reconstruction, FX, Global Economics, Hedge Fund, ICE Brent Crude oil, IKOS Financial, latin america, macroeconomic factors, MF Global, Multibillion, Nuclear, philanthropy, price volatility in energy, Proprietary, Regulatory demands, selective default, spillover effect, Turbulent Markets on November 3, 2011 at 3:59 pm

At this point it really doesn’t matter which way the crisis in Greece goes. The worlds confidence has fallen as bond markets have shown more alarm and the GIIPS have been forced a bailout. Government debt situations and the banking industry and heavily linked GLOBALLY, and more is likely to come (MF GLOBAL).
The fall in confidence has led to a convincing bailout but weaknesses in the Eurozone will still remain. Money is already fleeing the Eurozone, the dollar only an alternative. The Swiss Franc and the Yen are no-longer safe-havens because their central banks have intervened to artificially weaken those currencies.
Today the U.S. dollar is the only really liquid place for cash to go. Greece can get a bailout but she will weaken tomorrow.
The EU has no choice but to leave Greece bankrupt and in chaos. Modern Greece has not been much of a democracy in the last 60 years. Confidence is down. When they re-print the Drachma to pay bills, hyper inflation will be terrible, “contagion” is worse.

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“This is a question of whether we remain in the euro zone. This is very clear. It’s clear to everyone” – Papandreou

In Belgian, Capital Shortfall, Cataclysm, Culture, default, Economic Institutions, Environment, European Union, Financing Reconstruction, FX, Global Economics, latin america, macroeconomic factors, MF Global, Multibillion, Nuclear, philanthropy, price volatility in energy, Regulatory demands, selective default, spillover effect, Turbulent Markets on November 3, 2011 at 3:44 am

Ok, here is the itinerary: The ECB is meeting on November 3rd. The G20 is meeting on November 3-4, The Papandreou is attending on the 2nd day. A Eurogroup meeting will follow on November 7th, followed by an EU Ecofin meeting on November 8.
The Troika was meant to disburse the sixth tranche of the first program in the first or second week of November, as Papandreou returns from G20 weaker we may not see this funding pass.

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Effort = f(volume, distance, friction)… The Fiscal Crisis in Greece.

In Uncategorized on January 22, 2010 at 8:51 pm

The fiscal crisis in Greece is deepening, today she stands at a budget deficit of almost 13% of GDP.

I fear that the longer Athens waits to adopt a credible solution to deal with the country’s economic  troubles the worse it will get. The cost of Greek debt has already been blamed for the currency decline of the Euro since its $1.51 high in November 2009, today it is barely over $1.40.  

To explain the title, I refer to the story of “Sisyphus,” a character of Greek mythology who because of his misdeeds was sentenced by the gods to roll a huge stone up a hill for eternity.  This act was futile as Sisyphus would work hard to see it roll back. Lets hope Greece is not condemned to a similar fate.

Yesterday, Finance Minister George Papaconstantinou stressed that the country was capable of dealing with the crisis.

“We’re not expecting anyone to come to our aid,” he said during a conference in Athens. “Greece has neither asked for, nor is it expecting, anything of the sort.”

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