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Thread: Greek Prime Minister to Form New Government

  1. #31
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    Re: Greek Prime Minister to Form New Government

    Greece: The create escape - Europe, World - The Independent

    Economic meltdown is forcing an exodus of creative Greeks, unprepared to trust their future to their crippled homeland. Sophia Ignatidou hears their tales

    While Greeks protest their countries severe austerity measures in Syntagma Square, young creatives are being forced to abandon their native country

    I left because they stole my dreams. I love you Greece, my home," photographer Manos Mak writes on his Facebook, as he unpacks his bags in his new apartment in London.

    He is but one of many Greeks who – in the midst of an economic implosion – have seen life-long plans collapse, their ambitions scatter and all the constants in their lives give way to a nerve-racking arbitrariness.

    Some will weather the storm but others are already leaving. The massive emigration wave of some of Greece's more talented citizens could leave it in a permanent state of creative limbo. Is running out of money really worse than running out of ideas?
    ms ignatidou then briefly interviews some half dozen emigres, young professionals, a scientist, a graphic designer, a journalist...

    it's heartbreaking

  2. #32
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    Re: Greek Prime Minister to Form New Government

    today: ecb fails in bid to quell sovereign debt crisis

    Once again seeking to calm market tension after efforts by euro zone governments failed, the European Central Bank on Thursday unexpectedly intervened in bond markets in an attempt to prevent the region’s sovereign debt crisis from engulfing Italy.

    The show of force initially bolstered Italian and Spanish bonds. But the move appeared to backfire as stock markets in Europe and the United States fell sharply after Jean-Claude Trichet, the central bank’s president, warned of dangers ahead. The modest scale of the bank’s bond buying apparently fell short of what investors considered adequate.

    The market downturn began in Europe but quickly spread to the United States as soon as trading opened Thursday morning on intensifying investor fears about a slowdown in global economic growth and worries about Europe’s debt crisis, which is centered now on Italy and Spain.

    In another response to the escalating crisis, the E.C.B. moved to prop up weaker banks that may be having trouble raising funds, expanding its lending to euro zone institutions at the benchmark interest rate. The central bank left that rate unchanged at 1.5 percent, while the Bank of England left its benchmark rate at a record low of 0.5 percent.

    Mr. Trichet declined to say what bonds the bank was buying or how much. He said the bank acted in response to “renewed tensions in some financial markets in the euro area.” It was the first such intervention since March.
    http://www.nytimes.com/2011/08/05/bu...l?pagewanted=1
    Last edited by The Prof; 08-04-11 at 06:52 PM.

  3. #33
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    Re: Greek Prime Minister to Form New Government

    today:

    The French economy delivered no growth in the second quarter against expectations of a 0.2 per cent rise, intensifying pressure on the government to find significant new spending cuts to ensure France will meet its pledge to bring the public deficit to 3 per cent of GDP by 2013.
    French economy stalls in second quarter - FT.com

    ft notes rumors of downgrades and banking woes, all "strongly denied by the bank of france," naturally

  4. #34
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    Re: Greek Prime Minister to Form New Government


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