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Caspar David Friedrich Woman before the Rising Sun 1818

No, 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 I said earlier, the Monasteraki kitchen, which the Automatic Earth actively supports, is feeding about 2,500 people daily, including firemen, but I have little additional info. They work almost 24 hours a day in the heat and the smoke to do it, and we’ll talk about organizational and financial details later.

But yeah, it’s a cruel reality that the government doesn’t take care of its own firefighters. Until earlier today, the evacuees from the island of Evia apparently were made to buy a ferry ticket as their homes were burning down. You can’t make it up. A good time to count one’s blessings. The biggest support efforts so far, in manpower and equipment, come from Romania and Poland. Not western Europe. Oh, and: “For the $3 billion #Greece will pay for 18 French jet fighters, 12 of which are used, #Athens could have bought 100+ state-of-the-art fire fighting aircraft”. Too late now. The politicians call “force majeure”.

Evia

The fires I am thinking of are of a more “symbolic” art: the propaganda and censorship that on the one hand keep us from asking the questions that need to be asked, and on the other hand from hearing from those who can help us formulate those questions. It has gone to such an extreme now that most people are not even aware that there are such questions, including many politicians and health “experts”. It is indeed the biggest global propaganda operation ever, and it’s costing, and destroying, scores of lives.

…click on the above link to read the rest of the article…

Thank You 2020

December 31, 2020

Thank You 2020

Eugene Delacroix Greece expiring on the Ruins of Missolonghi 1826

A 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 for the Automatic Earth itself and for the Monastiraki social kitchen in Athens. Problem is, I have so many people to say thank you to.

We started covering the coronavirus early on, in January, and never looked back. Many people got their first exposure to the virus through us (pun very much intended). What developed throughout 2020 was not just a solid reader-base, but also a maturing comments section, that taught me as much as it did readers.

Thank you for that. The comments from medical professionals and others became a strong part of the entire story. And it was by no means a one-sided thing; opinions were always all over the place, as they should be.

That’s the big problem in my view that we face these days: our media have become one-dimensional, the exact opposite of what they should be. This became clear through the Trump era, and the incessant hammering of one actor vs the deafening silence about all others in the same theater and on the same stage.

And we see that again today: try, if you can, to find in the MSM a critical opinion about lockdowns, or facemasks, or about the newly-fangled vaccines. It’s very hard if not impossible. This one-dimensionality hides behind “the science”. Which is something that doesn’t really exist, as we know because scientists in different countries contradict each other, as do those in the same country, and scientists even often contradict themselves.

…click on the above link to read the rest of the article…

‘Anonymous’ Greece Takes Down Government Website Over Athens Fire Disaster Response

August 1, 2018

‘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 Facebook page, Anonymous Greece sent their own message to the disaster. Expressing condolences for the victims, the group blamed the government for the unfair death of more than 90 people. “Responsibility lies on the government that remained idle at the time of disaster and did not inform the citizens letting them burn alive,” the group argued.

“It is obvious that nobody would have died had the state reacted in time. People didn’t know the fire was approaching and we came to the point to mourn more than 90 dead families and children,” the message read.

The group claimed that “that was the goal” of the government.

The group also criticized the attitude of the Church and especially Bishop Ieremias who claimed three days after the tragedy that the people who died in the fires “with their death they cleaned their sins.”

“Dear Church, instead of offering help to the fire-stricken people you started accusing the citizens. ‘They were burned because of their sins’. What sins did the twin angels have?” the group notes with reference to the 9-year-old twin girls who died in the fires.

“Close to God is someone who offers to his fellow man and helps as much as possible for a better world. Who loves and offers support. You are just pawns of the state, “the group concluded its message.

The message was uploaded on Sunday evening, the government website was down on Monday afternoon. The group page on Facebook has been closed down, notes newsit.

Economic Ideas: Plato, Aristotle, and the Ancient Greeks, Part 1

September 23, 2016

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 helped to mold the ideas that have influenced the development of Western Civilization.

But, in comparison, their discussions on economics were often few and almost always relatively unsystematic. A primary reason for this is due to the fact that for the ancient Greeks questions concerning “economics” were considered subservient to other themes considered far more crucial to human life and society.

For the Greek philosophers and social thinkers, the central themes were questions of “justice,” “virtue,” “the good,” and “the beautiful.” What today we call “economic” questions and problems were relegated to a narrow corner of evaluating how economic institutions and organization could be designed or modified to serve these “higher” ends or goals.

The Greek view of the society over the individual

An extension of this is an appreciation of the general view that the ancient Greeks had concerning the individual in society. Their conception was that the individual was dependent upon the society in which he was born for all that he could or did become as a person. That is, the community nurtured and molded the individual into a “civilized” human being.

The society took precedence, or priority, over the individual. The individual was born, lived, and died. The society and the State, however, they believed, lived on.

The more modern conception of man as free, autonomous agent who chooses his own ends, selects his own means to attain his desired ends, and in general lives for himself was an alien notion to the mind of the ancient Greeks.

…click on the above link to read the rest of the article…

First Sovereign Debt Default 4th Century BC

November 1, 2015

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. Any idea?

ANSWER: Yes. The first such default that is definitively recorded took place at least in the 4th century B.C., when ten out of thirteen Greek municipalities in the Attic Maritime Association defaulted on loans from the Delos Temple of Apollo.

You must understand that historically, most fiscal crises were resolved through either war where the loser’s debt evaporates as Germany after WWI or the Confederate States in USA as two examples, or by currency debasement by either inflation or devaluation. This is demonstrated by numerous city debasements or reduction in weight of gold and silver coinage. One of the earliest debasements was during 404BC in Athens in the war with Sparta. The silver coinage was reduced to bronze and silver plated.

Lydia, which is where coins were invented, reduced the weight of their Stater due to war with the Persians, Cyrus the Great. This is how money supply still increased even if it was gold or silver. It never matters what is money, economic forces always conspire to create the natural course of inflation (assets rise and money declines). There is a cycle as we are going through right now of the opposite trend deflation because no single trend can be sustained without change. Hold your arm straight up above your head. Now keep it there. You will run out of energy and your arm will feel tremendously heavy causing you to put it back down. Everything works that way yet people try to deny cycles. Nothing but nothing can be sustained without change – N O T H I N G!

…click on the above link to read the rest of the article…

Greek snap election: New Democracy concedes defeat to Tsipras’s leftist Syriza

September 21, 2015

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 result appears to be concluding with Syriza and Mr Tspiras in the lead,” New Democracy leader Vangelis Meimarakis said. “I congratulate him and urge him to create the government which is needed and come to parliament.”

The conservatives themselves have secured 75 seats.

Syriza is still falling short of an outright majority, meaning it will need coalition partners to form a government. The party hopes to complete this task within three days.

Addressing cheering crowds in Athens, Tspiras said that “Greece and the Greek people are synonymous with resistance and dignity, and this struggle will be continued together for another four years.”

“We have difficulties ahead, but we are also on firm ground,” he added. “We won’t recover from the struggle by magic, but it can happen with hard work.”

Greece’s leftist Syriza party is most likely has turned to its former coalition partner – the right-wing Independent Greeks. The move will restore the state of affairs that brought Alexis Tsipras to power in the first place nine months ago.

Independent Greeks party responded on Sunday that they were ready to form a coalition government with election winners Syriza.

…click on the above link to read the rest of the article…

Euro ministers give blessing to Greek bailout, wooing IMF on debt

August 15, 2015

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 euros should be in Athens next Thursday to pay pressing bills and a further 10 billion will be set aside at the European Stability Mechanism, earmarked to bolster Greek banks’ capital.

In all, euro zone governments will lend 26 billion euros in a first tranche of the bailout before reviewing Greece’s compliance with their conditions in October.

One remaining uncertainty – aside from Tsipras’ ability to deliver sweeping budget cuts and privatizations opposed by many of his own party – is the role of the International Monetary Fund. After backing two previous bailouts, the IMF renewed its call for the Europeans to grant Athens debt relief – a bone of contention between the Eurogroup and the Washington-based Fund.

Managing Director Christine Lagarde told the Eurogroup by telephone that she could not commit until the IMF board reviewed the situation in the autumn. Officials said the Fund needed more assurances and detail on Greek reforms, notably to pensions, and steps to persuade it that Greece’s debt burden was sustainable.

But after deadlock since January that ravaged the already weak Greek economy and ended in a dramatic U-turn a month ago by the anti-austerity leftist government to avert Athens’ expulsion from the euro, there was a cautious sense of optimism among ministers gathered in a Brussels deep in summer holiday languor.

“After six months of very difficult negotiations with lots of ups and downs, we finally have an agreement,” Greek Finance Minister Euclid Tsakalotos told reporters on Friday. His appointment by Tsipras six weeks ago in place of his abrasive predecessor has been hailed by counterparts as a mark of a new Greek “realism”.

…click on the above link to read the rest of the article…

Greeks: How did we lose our way?

August 15, 2015

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 summer until a last-minute deal with the creditors – the international Monetary Fund (IMF), the European Central Bank and other eurozone countries – kept Greece in, but at the cost of more painful austerity measures and a humiliating further loss in sovereignty.

The grim figures of Greece’s great depression are well-known: a 25 percent contraction in the economy; youth unemployment at over 50 percent.

But while almost all Greeks have stories of hardship and anxiety to tell, life does go on.

Al Jazeera’s Barnaby Phillips heads to the Athenian middle-class neighbourhood of Nea Smyrni to see how Greeks are getting by, and hear their hopes and fears for the future.

The banks used to phone us. They’d say, ‘Take this money and have a lovely holiday!’ or ‘Take this money and buy the car of your dreams.’ The people who accepted this money made a big mistake.

Sandy Karaiskou, 68-year-old pensioner

The bailout agreement impacts all Greeks, but pensioners and small business owners are particularly worried.

We meet 68-year-old pensioner Sandy Karaiskou who lives on her own. Sandy was an airhostess for Olympic Airways, the Greek national airlines that went bust in 2009.

She takes us on a tour of her neighbourhood to meet her local baker and pharmacist, and to a laiki, the weekly street market.

Baker Dimitris Papavassiliou struggles to keep his business afloat. He talks to us about how the crisis has changed his family and work life and what will happen to his employees. He tells us about how he thinks the past governments are responsible for the crisis.

“Previous governments didn’t take the measures that they should have taken and failed to enforce necessary reforms. And now it’s escalated into a mountain,” he says.

…click on the above link to read the rest of the article…

Sorry Troika, Spain’s Economic Recovery Is “One Big Lie”

August 12, 2015

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 fact that the country is mired in recession. Here’s the official line from the German Council of Economic Experts:

The economic turnarounds in Ireland, Portugal, Spain and – until the end of last year – also in Greece show that the principle “loans against reforms” can lead to success. For the new program to work, Greece has to show more ownership for deep structural reforms. And it should make use of the technical expertise offered by its European partners.

As we’ve shown, the idea that the periphery has truly implemented anything close to “austerity” is absurd on some measures – like debt-to-GDP for instance.

Equally absurd to the 44.2% of Italian youths who are unemployed and, no doubt, to the nearly 23% of Spain’s population that are jobless, is the idea that the policies imposed by the troika in exchange for aid have done anything at all to engineer what Germany’s economic wisemen are calling “turnarounds.”

Here, courtesy of The New York Times, is what “success” and “recovery” looks like in Spain:

Spain, heralded by many as a success story for austerity policies, is on track for more than 3 percent growth this year and has created more than one million jobs since the beginning of 2014.

…click on the above link to read the rest of the article…

The Number One Lesson From Athens

July 26, 2015

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 expected-, but more than that the all but complete and deafening silence on the part of individuals and organizations, including political parties.

It’s no hyperbole to state that without their loud and clear support, Syriza never stood a chance in its negotiations with the Troika. And it’s downright bewildering that this continues to get so little attention from the press, from other commentators, and from politicians both inside Greece and outside of it.

This gives the impression that Greece’s problems are some sort of stand-alone issue. And that Athens must fight the entire Troika all on its own, a notion the same Troika has eagerly exploited.

It’s strange enough to see the supposedly well-educated part of the rich northern European population stay completely silent in the face of the full demolition of the Greek state, of its financial system, its healthcare and its economy.

Perhaps we should put that down to the fact that public opinion in for instance Germany is shaped by that country’s version of the National Enquirer, Bild Zeitung. Then again, the well-educated in Berlin allegedly don’t read Bild.

That no massive support movements have risen up in “rich Europe” to provide at least financial and humanitarian aid, let alone political support, can only be seen as a very significant manifestation of what Europe has become.

…click on the above link to read the rest of the article…

“Something Revolutionary Is In The Air”: Grexit By “Insurrection” Is The “Most Probable” Outcome

July 21, 2015

“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 as Alexis Tsipras – who just days earlier secured a crucial referendum victory which by all accounts empowered him to ride into Brussels a conquering hero – was eviscerated by German FinMin Wolfgang Schaeuble and several like-minded EU finance ministers who smelled blood after Greece submitted a proposal that betrayed the Greek PM’s lack of conviction.

In short, Tsipras made a fatal error. In an act of alarming defiance, he boldly called for a referendum on creditors’ proposals, campaigned for a “no” vote, and then, once 61% of the Greek populace gave their leader a mandate to reject more austerity, he proceeded to resubmit the very same proposal Greeks had just voted against. That told EU officials that Tsipras had no intention of leveraging the referendum outcome and from there, the “mental waterboarding” was on.

Now, Greece is stuck with a deal that promises more of the same austerity measures that have so far served only to prolong an intractable recession and indeed, without some manner of debt relief or re-profiling, the new program has no chance of success.

Given all of this, it isn’t surprising that economists are once again beginning to talk about Grexit, and indeed, who can blame them? It’s difficult to take seriously the idea that the new “deal” has taken a Greek exit off the table when German FinMin Wolfgang Schaeuble still claims that a Greek exit from the EMU might be the country’s best chance at a “classic” haircut and economic recovery. Here’s Bloomberg with more on why Grexit is “back on the agenda”:

…click on the above link to read the rest of the article…

Riots in Athens: EU’s Impending Collapse?

July 16, 2015

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 own antithesis. Ideological labels are not important; what is, is a genuine people’s government. The riots in Athens, while the Greek Parliament passed the austerity measures, may be the first sign of the breakup of the EU, itself a political formation of advanced capitalism unable to meet the needs of its poorer members.

“Breakup” is too strong a term. Shrinkage, disruption, and greater transparency, the last signifying EU’s role as spearhead for US-defined globalization, the mix of market fundamentalism and militarism, would be difficult to hide and all three revealing unity as a German-inspired economic monolith for achieving an intra-Europe division of labor, nations rich (North) and poor (South), while providing political cover for NATO in its continued prosecution of the Cold War. Austerity is repression, pure and simple. It is also, as I recently pointed out, the framework for class warfare, in both cases to the extreme detriment of working people. The people in the Athens street know this, know that Tsipras and Syriza have not done right by them. The public workers’ union went out on strike Wednesday. Crowds gathered before Parliament in the evening. Tsakalotos, the new finance minister, was shaken, reluctant to approve the bailout, in microcosm, representing the many, in and out of the party, who saw the mounting pressures and if not succumbed then made a forced choice.

This was not the affirmation one expects from a basic settlement, and rather, a period of deliberation, of gathering force that, should the EU turn the screws further, might well explode, not as revolution, but a willingness to say No and from there leave the eurozone and the EU itself.

…click on the above link to read the rest of the article…

Greek Parliament Votes In Favor of “Prior Actions” – Protests Erupt in Athens (Live Stream)

July 16, 2015

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 euro-group among the population. No doubt the fact that the insolvency of Greece’s fractionally reserved banking system was recently painfully revealed to depositors after the ECB froze ELA had something to do with this sudden surge in support. Moreover, it is always possible that a majority of Greece’s citizens actually realizes that there is no way around wide-ranging reform.

metron-analysis Recent polls show soaring support for Syriza in spite of Tsipras ignoring the referendum outcome (source: Keep Talking Greece)

There were 229 “Yes” votes, 64 “No” votes and 6 abstentions. Make of this what you will, but the only parties unanimously voting “No” were the Stalinist KKE and the Neo-Nazi party “Golden Dawn”. In addition, a greater number of Syriza MPs rebelled than was previously expected (apparently 38 of the 149 Syriza MPs voted “No”, roughly equivalent to the size of the party’s Marxist Bloc) . Ironically, even though Mr. Tsipras has decided to completely ignore the “No” vote returned in the referendum, support for Syriza has soared among voters as well.

As a result of the vote, there are now protests in Athens – of which you can see a live stream below:

…click on the above link to read the rest of the article…

Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent

July 13, 2015

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 harshest lesson for the ordinary Greek population as a result of this latest crisis is that deposits are not “cash in the bank” but liabilities of insolvent financial organizations).

Starting on Wednesday that will no longer be the case.

Because while Greek banks will maintain their capital controls for months and withdrawals will be limited to €60 or less for months (the ECB is well aware that any boost to the ELA will result in a promptly surge in deposit outflows until the new ELA ceiling is reached, and so on ad inf) the one key change on Wednesday when the Tsipras government, whose coalition no longer has a majority in parliament and will have to rely on opposition votes, votes through the humiliating Greek “pre-deal” to unlock negotiations for the promised €86 billion in bailouts (which will be used almost entirely to repay the Troika) is that it will hand over the keys of Greek banks to the ECB.

Here is Reuters with this little known fact:

One of the preconditions imposed on Greece for a deal is that it signs into law European rules that would put euro zone authorities at the ECB and in Brussels, rather than Athens, in charge of identifying and closing or breaking up sick banks.

This in turn could lead to a shake-up of the sector that could see some banks close, with losses pushed onto bondholders and possibly even large depositors. In such circumstances, there would be little that Athens could do to prevent this.

…click on the above link to read the rest of the article…

Greek Businesses Accept Lira, Lev As Grexit Looms

July 10, 2015

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 deal over the weekend, the country still faces an acute cash shortage and a severe credit crunch that threatens to create a scarcity of critical imported goods.

Amid the chaos, the Greek Drachma has made two mysterious appearances this week (see here and here), suggesting that the EU is on the verge of forcing the Greek economy into the adoption of a parallel currency andwhile this week’s Drachma “sightings” might properly be called anecdotal, a report from Kathimerini and comments from deposed FinMin Yanis Varoufakis suggest redenomination rumors are not entirely unfounded.

Now, with the ECB set to cut Greek banks off from the ELA lifeline on Monday morning in the absence of a deal, some businesses are mitigating the liquidity shortage by accepting foreign currency. FT has more:

Like many Bulgarians, Kostadin Dobrev, is a regular visitor to the beaches and bars of northern Greece. But this week, the holidaying firefighter immediately noticed things were different. First, the shops were half-empty. Then, even more surprising, he found Greek hotels and restaurants were happy to accept the Bulgarian lev.

As Europe’s politicians prepare for a weekend summit to decide whether Greece can stay in the eurozone, Mr Dobrev’s experience highlights how the old certainties are collapsing. By early next week Greeks could be preparing for life outside the euro and a possible return to the drachma.

…click on the above link to read the rest of the article…

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