07/07/15

[Maik]

http://civilprotection.gr

[Maik]

Thomas Piketty: Germany Shouldn't Be Telling Greece To Repay Debt

Thomas Piketty isn’t mincing words when it comes to the Greek debt crisis.

In an interview with German newspaper Die Zeit last month (and translated recently by business analyst Gavin Schalliol), the leading French economist pummeled Germany for its hypocrisy in demanding debt repayment from Greece.

http://www.huffingtonpost.com/2015/07/06/piketty-germany-greek-debt_n_7735866.html

GREECE JUST TAUGHT CAPITALISTS A LESSON ABOUT WHAT CAPITALISM REALLY MEANS

Greece has effectively voted to default on its debt to the International Monetary Fund (IMF) and the European Union, and it is a massive defeat for Germany's Angela Merkel and the trio of creditors she led that insisted there was no way out for Greece but to pay back its massive debts.

The vote is huge lesson for conservatives and anyone else who thinks this is about a dilettante government of left-wing idealists who think they can flout the law while staging some kind of Che Guevara-esque dream:

Wrong.

This is what capitalism is really about.

From the beginning, Merkel and the EU have operated from the position that because Greece took on debt, Greece now needs to pay it back. That position assumed — bizarrely, in hindsight — that debt works only one way: If you lend someone money, that money is repaid.

But that is NOT how free markets work.

Debt is not a guarantee of future payments in full. Rather, it is a risk that creditors take, in hopes of maybe being paid tomorrow.

The key word there is "risk."

If you're willing to take the risk, you'll get a premium — in the form of interest.

But the downside of that risk is that you lose your money. And Greece just called Germany's bluff.

http://www.businessinsider.com/greece-referendum-result-and-the-meaning-of-debt-2015-7

[Maik]

Heard an Italian tourist riding a rented 'motorbike' had a nasty acident on Loudas serfront earlier today. Probably going to be air-lifted to Rio (Patras) or Athens for treatment.

Now heard he passed away from injuries received.

[Maik]

Greece's banks are to stay closed on Tuesday and Wednesday.

http://www.bbc.com/news/world-europe-33421521

[Maik]

Britain prepared to fly millions of Euros to Greece
George Osborne, the Chancellor, confirms that Britain has a 'number of contingency plans' to help holidaymakers in case the crisis in Greece worsens

He urged Angela Merkel, the German Chancellor, to consider backing down and offering the Greeks enhanced bail out terms to ensure that there is not a "disorderly exit".

http://www.telegraph.co.uk/news/worldnews/europe/greece/11722043/Britain-prepared-to-fly-millions-of-Euros-to-Greece.html

Thomas Cook said this morning that it hadn't seen any drop off in bookings for Greece, despite media reports of the deepening financial crisis, and that it had fewer holidays left to sell than this time last year.

The operator added that its reps in Greece had reported that it was 'business as usual'. They said that cash is available at ATMs in all resorts, fuel is readily available and, with a few exceptions, most petrol stations are accepting credit cards,  all supermarkets are well stocked and there have been no reports of medical supplies running low.

http://www.travelmole.com/news_feature.php?news_id=2017474