iOS app Android app

Τροικα

Weekend Roundup

Arianna Huffington | Posted 07.03.2015 | Politics
Arianna Huffington

This week, while the U.S. celebrates its independence, the world watches a modern Greek tragedy unfold as Greece votes on austere bailout terms imposed by the country's creditors. However the vote goes, one thing is clear: The austerity that came with the two previous bailouts has utterly broken the Greek economy. GDP has gone down nearly 30 percent. A quarter of the country is unemployed, including half of its young people. Pensions have been slashed. The health budget has been cut by 40 percent. Suicides are up 36 percent since 2008. The Troika has authored a new Greek myth -- that you can cut your way to growth. And now they're back, demanding more of what's already shattered the economy. The question is will they shatter the spirit of the Greek people? Just as we value our independence, so do the Greeks, who, after all, invented democracy. No matter the outcome of the vote, feeling some measure of control will help keep Greece's spirit alive.

A Contentious And Eventful Year For Greek Prime Minister Alexis Tsipras

The Huffington Post | Nick Robins-Early | Posted 07.01.2015 | World

In January, Alexis Tsipras and his Syriza party rode a current of anti-austerity sentiment to a resounding victory in Greece's national elections. Tsi...

Greece: Dead End or Fresh Start?

Robert Zevin | Posted 06.30.2015 | Business
Robert Zevin

For five years Greece has been subjected to a regime of totally inappropriate austerity. As a result, for five years its poverty and misery have increased along with its impossibly large debt burden.

Victims of Illusions: The Non-Solution of the Greferendum

Cas Mudde | Posted 06.28.2015 | World
Cas Mudde

The Greek government has squandered all its goodwill within half a year through a combination of arrogance, belligerence, naivety and utter incompetence. It set out to restore the "dignity" of the Greek people by "liberating" them from the alleged stranglehold of the Troika, while in the process "transforming" Europe into a more equal and just continent. It has achieved neither.

Eurozone Crisis: Greece's Syriza Proves Unfit To Govern

Marco Vicenzino | Posted 06.26.2015 | World
Marco Vicenzino

For the past five months, the Tsipras government has presided over economic contraction, commercial paralysis, political polarization at home, diplomatic deadlock abroad and billions in withdrawals from Greek banks.

Christoph Asche

This Young Woman's Story Could Change Your View Of Greece

HuffingtonPost.com | Christoph Asche | Posted 06.19.2015 | World

Today is my fourth day in Greece. Since I came here last Saturday, I have heard a lot about the dramatic situation young Greeks find themselves ...

Eurozone Leaders To Hold Emergency Summit On Greece

AP | LORNE COOK and PAN PYLAS | Posted 06.19.2015 | World

LUXEMBOURG (AP) -- The eurozone's 19 leaders will meet in an emergency summit next week to seek a breakthrough in Greece's bailout talks following the...

Greece, Creditors Dig In As Deadline Nears

Reuters | Posted 06.15.2015 | World

ATHENS/BERLIN, June 15 (Reuters) - Greece and its creditors hardened their stances on Monday after the collapse of talks aimed at preventing a defau...

European Leaders Keep Greece Waiting As Deadline Nears

Posted 06.10.2015 | World

By Jan Strupczewski and Renee Maltezou BRUSSELS, June 10 (Reuters) - The leaders of Germany, France and the European Commission told Greece on Wedn...

Will a Grexit Be the Lehman-Like Trigger of the Next Global Financial Crisis?

Joseph E. Stiglitz | Posted 06.08.2015 | World
Joseph E. Stiglitz

NEW YORK -- Some in Europe, especially in Germany, seem nonchalant about a Greek exit from the eurozone. The market has, they claim, already "priced in" such a rupture. Some even suggest that it would be good for the monetary union. I believe that such views significantly underestimate both the current and future risks involved. A similar degree of complacency was evident in the United States before the collapse of Lehman Brothers in September 2008.

Greece Rejects Creditors' 'Absurd' Proposal

Posted 06.05.2015 | World

By Karolina Tagaris and Angeliki Koutantou ATHENS, June 5 (Reuters) - Greek Prime Minister Alexis Tsipras on Friday spurned "absurd" terms of propo...

Greece Reform It or Ruin It?

Nancy K. Humphreys | Posted 06.05.2015 | World
Nancy K. Humphreys

In 2012, the former Greek government, in compliance with troika demands for debt restructuring, pursued austerity economic policies that plunged the country into debt, causing pension funds to lose $27 billion in reserves.

Greece's Creditors Draft Debt Deal, Athens Resists

Reuters | Posted 06.02.2015 | World

By Jan Strupczewski and Renee Maltezou BRUSSELS/ATHENS, June 2 (Reuters) - Greece's creditors drafted the broad lines of an agreement on Tuesday to...

How Tsipras Squandered Greece's Opportunity

Joschka Fischer | Posted 06.30.2015 | World
Joschka Fischer

BERLIN -- Tsipras squandered Greece's opportunity, because he and other Syriza leaders were unable to see beyond the horizon of their party's origins in radical opposition activism. They did not understand the difference between campaigning and governing. Realpolitik, in their view, was a sellout. Of course, it is precisely the acceptance of necessity that marks the difference between government and opposition.

What's Musk's 'Missing Piece?' Tesla Insider Shares Insights

Alison van Diggelen | Posted 06.29.2015 | Business
Alison van Diggelen

This evening, Elon Musk announces details of Tesla's new products: not cars, but battery storage for the home and for the business/utility. So why does Musk call battery storage "the missing piece" and why is it so significant?

This Is the Way out of the Greek Debt Crisis

Yanis Varoufakis | Posted 06.27.2015 | World
Yanis Varoufakis

ATHENS -- The current disagreements with our partners are not unbridgeable. Our government is eager to rationalize the pension system (for example, by limiting early retirement), proceed with partial privatization of public assets, address the non-performing loans that are clogging the economy's credit circuits, create a fully independent tax commission and boost entrepreneurship. The differences that remain concern how we understand the relationships between the various reforms and the macro environment.

Are European Officials Pushing for Regime Change in Greece?

Mark Weisbrot | Posted 06.22.2015 | World
Mark Weisbrot

While the Greek government cannot do anything to replace its negotiating partners with people more to their liking, the European officials on the other side seem to believe they can do exactly that. And it is becoming increasingly clear that this is their current strategy.

Why Reform Will Fail in Greece

Theodoros Arapis | Posted 06.14.2015 | World
Theodoros Arapis

Five years into Greece's fiscal emergency, the Troika is justifiably skeptical about this week's make-or-break negotiations with Athens. Its leaders have heard these commitments before. For Syriza, this will be its most important test.

Are the European Authorities Destroying the Greek Economy in Order to 'Save' It?

Mark Weisbrot | Posted 06.08.2015 | Politics
Mark Weisbrot

There is a tense standoff right now between the Greek government and the European authorities -- sometimes known as the Troika because it includes the European Commission, the European Central Bank (ECB), and the International Monetary Fund (IMF).

Defiance, Greek Style

Anastasia Rubis | Posted 04.21.2015 | Politics
Anastasia Rubis

Reading and watching news of Syriza party's attempts to renegotiate a bailout agreement with the EU and ease austerity in what they term a humanitarian crisis for the Greek people, I've traded doubt and discomfort for a new feeling: respect.

Dear Troika: It Is Crucial That You Tailor Your Decision

Andy Manatos | Posted 04.18.2015 | World
Andy Manatos

The most consequential decision of your careers could be the pending economic assistance agreement with the Government of Greece. This letter contains important information about the Greek people that is critical to your decision but has been buried by inaccurate media reporting.

Austerity Policy or Tool ?

Michael Radou Moussou | Posted 04.13.2015 | Politics
Michael Radou Moussou

Any politician opting this evening for the continuation of the Greek Austerity program should be aware of these facts and try finding a more viable and less amateurish solution for the future not only of Greece but of the entire Eurozone.

Angry Greeks Threaten to Halt European Juggernaut

Doug Bandow | Posted 04.12.2015 | World
Doug Bandow

A breakdown of the European bailout program might make a Greek exit from the euro ("Grexit") the only feasible option. And the popular revolt against outsiders dictating economic policy creates a huge new roadblock to attempts to expand Brussels' power over EU members.

13 Questions: About Greece, Europe, Austerity -- And Us

Richard (RJ) Eskow | Posted 04.07.2015 | Politics
Richard (RJ) Eskow

Every day brings more headlines in the European debt drama: "Greece elects anti-austerity government." "Greek Finance Minister says he won't negotiate with the 'Troika.'" "Anti-austerity movements gain ground across Europe." What's behind these stories? What does the future hold? Are there any implications for the U.S.? Here's an overview of the situation as it currently stands.

Austerity for the Other Guy

Leo W. Gerard | Posted 04.04.2015 | Politics
Leo W. Gerard

The people of Greece rebelled last week against the perverse notion that they should continue to endure biting austerity in a vain attempt to cure a condition that they are not solely responsible for creating. Sounds familiar, right?