Greece |


Add the title above to the growing list of oddly amusing new words prompted by the ongoing crisis in Greece though, from the looks of the graphic below from this story at the Telegraph, they may be a bit premature.

Though Ireland appears to have pulled back from the abyss, never to return, the Italian economy is not looking so hot these days along with Cyprus that, until their own crisis a few years back, was flying (relatively) high.

Tagged with:  

Glad They’re Not Greece

The graphic below from Morgan Stanley via this story at Business Insider appears to be today’s Chart of the Day on the internet, this coming after reports that the jobless rate in Greece rose from 27.0 percent in April to a record high of 27.6 percent in May.

Glad they're not Greece

It seems the “debt-laden PIGS (i.e. Portugal, Italy, Greece, and Spain)” are falling short in restoring economic growth, but nowhere is the pain as severe as in Greece. Youth unemployment stands at 64.9 percent as the nation recently entered its fourth year of receiving bailout money from their European overlords in return for belt-tightening.

Tagged with:  

Higher Education in Greece

This Bloomberg story about campus life in the new, more austere Greece makes you wonder about the future of the Occupy Wall Street protests in the U.S. and about higher education in places like California where budget cuts will continue to be felt for years to come.

In the universities of Athens, the city where Plato taught and Cicero studied, campuses are covered in anarchist graffiti, stray dogs run through buildings and students take lessons in Swedish with the aim of emigrating.

Higher education in Greece, as in much of Europe, has been battered by the recession and austerity measures. Budget cuts of 23 percent since 2009 mean buildings aren’t heated in the winter, schools have slashed faculty salaries and newly hired professors can wait more than a year to be appointed.

Students say it’s hard to be hopeful with youth unemployment surpassing 50 percent and protesters seizing university buildings.

“People are pessimistic and sad,” said Konstantinos Markou, a 19-year-old law student, speaking in a lobby at the University of Athens, where dogs fought nearby and students say drug dealers and users congregate. “The sadness is all around the air.”

As universities in Greece reduce salaries and slow hiring, young academics are rethinking their careers there, said Leonidas Karakatsanis, 39, who received his Ph.D. in political science last year from the University of Essex in England and has a research fellowship at Panteion University in Athens.

“My initial plan was to spend some years abroad and return back to Greece,” Karakatsanis said. “Now it seems like it’s impossible to return to Greece. I’m starting to imagine myself living abroad for the next 15 to 20 years.”

While no one is expecting any U.S. states to follow the path of Greece, there are already some important parallels, namely, how policy makers continue to pass on a disproportionate share of the pain to the younger generation who have little political power and how people are adjusting to recent changes by relocating within the U.S.

Tagged with:  

How Goldman Sachs Masked Greece’s Debt

Lest we forget that everyone’s favorite investment bank played a key role in the Greek tragedy that has been playing out for over two years now, this BBC video reminds us how some complex financial engineering by Goldman Sachs helped mask Greece’s debt for years, that is, right up until a new government was elected.

The term “loan shark” comes to mind when listening to this depiction of what Goldman did and, paraphrasing former Fed Chairman Paul Volcker, financial innovation that, over the long-run, benefits the economy stopped with the ATM machine.

Tagged with:  
Page 1 of 101234510...Last »
© 2010-2011 The Mess That Greenspan Made