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Thank You 2020
Thank You 2020 Eugene Delacroix Greece expiring on the Ruins of Missolonghi 1826A little personal thank you note from the Automatic Earth is in order. 2020 has been an annus horribilis across the world, but we have been blessed with lots of attention and comments, as well as great support from our readers throughout the year, both […]
‘Anonymous’ Greece Takes Down Government Website Over Athens Fire Disaster Response
‘Anonymous’ Greece Takes Down Government Website Over Athens Fire Disaster Response Cyber group Anonymous Greece have brought down the website of Greek government over the dozens of victims in the Athens wildfires. Access to the website “government.gr” was denied for a period of time and showed “Forbidden.” As KeepTalkingGreece.com reports, in a post on their […]
Economic Ideas: Plato, Aristotle, and the Ancient Greeks, Part 1
ECONOMIC IDEAS: PLATO, ARISTOTLE, AND THE ANCIENT GREEKS, PART 1 The ancient Greeks left a wealth of knowledge through their surviving writings on a wide variety of themes, including science, logic, philosophy, literature, and the arts. In addition, the city-state of Athens is considered the birthplace of intellectual freedom and democracy – lasting legacies that […]
First Sovereign Debt Default 4th Century BC
First Sovereign Debt Default 4th Century BC QUESTION: Mr. Armstrong; I read this time its different by Rogoff. While it is interesting about sovereign defaults, he clearly does not go back into ancient times or more than a few hundred years. If anyone would know when the first such default took place it must be you. […]
Greek snap election: New Democracy concedes defeat to Tsipras’s leftist Syriza
Greek snap election: New Democracy concedes defeat to Tsipras’s leftist Syriza Greek left-wing party Syriza has secured 145 seats in the country’s 300-member parliament and is set to form a ruling coalition with Independent Greeks after winning 35.5 percent of the vote. The leader of New Democracy, Syriza’s main rival, has conceded defeat. “The electoral […]
Euro ministers give blessing to Greek bailout, wooing IMF on debt
Euro ministers give blessing to Greek bailout, wooing IMF on debt Euro zone finance ministers have agreed to lend Greece up to 86 billion euros ($96 billion) after Greek lawmakers accepted their stiff conditions despite a revolt by supporters of leftist Prime Minister Alexis Tsipras. Assuming approval by the German and other parliaments, 13 billion […]
Greeks: How did we lose our way?
Greeks: How did we lose our way? In the heart of Athens everyday Greeks show us how they face the hardship and constraints brought on by the crisis. For five years Greece has been mired in economic crisis, haunted by the spectre of expulsion from the eurozone. A Greek exit seemed closer than ever this […]
Sorry Troika, Spain’s Economic Recovery Is “One Big Lie”
Sorry Troika, Spain’s Economic Recovery Is “One Big Lie” During six months of protracted and terribly fraught negotiations between Athens, Berlin, Brussels, and the IMF, the idea that Spain, Italy, and Ireland somehow represented austerity “success stories” was frequently trotted out as the rationale behind demanding that Greece embark on a deeper fiscal retrenchment despite […]
The Number One Lesson From Athens
The Number One Lesson From Athens There’s arguably nothing that’s been more hurtful -in more ways than one- to Greece and its Syriza government over the past six months, than the lack of support from the rest of Europe. And it’s not just the complete lack of support from other governments -that might have been […]
“Something Revolutionary Is In The Air”: Grexit By “Insurrection” Is The “Most Probable” Outcome
“Something Revolutionary Is In The Air”: Grexit By “Insurrection” Is The “Most Probable” Outcome A week ago, we said the following about the situation faced by Greek PM Alexis Tsipras when he and his new finance minister arrived in Brussels for the final round of bailout negotiations earlier this month: …the entire world looked on in horror […]
Riots in Athens: EU’s Impending Collapse?
Riots in Athens: EU’s Impending Collapse? People move events. The Greek people are trying to shape their own history. They aren’t there yet—even the Left hasn’t quite joined them. But a coalescence of forces is on the horizon: either Syriza radicalizes or it will be left behind. Capitalism by its very harshness is creating its […]
Greek Parliament Votes In Favor of “Prior Actions” – Protests Erupt in Athens (Live Stream)
Greek Parliament Votes In Favor of “Prior Actions” – Protests Erupt in Athens (Live Stream) Euro-Group Deal Approved by Greek Parliament The result of the parliamentary vote in Athens just came through, and was remarkably closely aligned with recent surveys of Greek voters. Funny enough, these surveys revealed approximately 70% approval of the dealoffered by the […]
Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent
Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent Yes, Greek banks may have been insolvent – something that was clear since the first bailout of 2010 – but at least the Greek state had control over them: as such it could have mandated mergers, recapitalizations, liquidity injections, even depositor bail-ins (perhaps the […]
Greek Businesses Accept Lira, Lev As Grexit Looms
Greek Businesses Accept Lira, Lev As Grexit Looms With the Greek drama headed into its final act and Alexis Tsipras stuck between an obstinate Germany and a recalcitrant Left Platform, many wonder if the introduction of an alternative currency in Greece is now a foregone conclusion. Even if Athens and Brussels manage to strike a […]
Between Two Fires
August 9, 2021
Between Two Fires Caspar David Friedrich Woman before the Rising Sun 1818No, I wasn’t going to talk about the wildfires raging outside my hometown of Athens, Greece, though they are bad enough. The skies are anything but blue, and the sun is deep red. Thousands have been evacuated, and hundreds lost their homes. Just so far. As […]
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