Surprise Greek referendum risks blowing up euro zone

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Re: Surprise Greek referendum risks blowing up euro zone

Postby JackRiddler » Thu Mar 01, 2012 10:26 am


http://dealbook.nytimes.com/2012/03/01/ ... -swaps/?hp

March 1, 2012, 8:24 am

Officials Rule No Payout on Greek Swaps

By PETER EAVIS


The International Swaps and Derivatives Association said on Thursday that based on current evidence the Greek bailout would not prompt payments on the credit default swaps.

But the organization warned that the situation in Greece was “still evolving” and such payouts might be necessary in the future “as further facts come to light.”

In the midst of the Greek drama, credit-default swaps, financial instruments intended to protect against losses on debt, have once again raised worries.

During the financial crisis of 2008, derivatives contributed to the mess. Banks feared that their trading partners might not make good on their obligations, a situation that panicked the markets and nearly brought the financial systems to its knees.

As part of Greek restructuring, bondholders will be required to take a 70 percent loss on their holdings. The deal was structured as a voluntary exchange, which would not have triggered the credit-default swaps.

But in recent weeks, Greece has prepared to require all private bondholders to accept the losses through legal means. This would make the exchange involuntary and almost certainly set off the swaps.

This week, two undisclosed parties asked the International Swaps and Derivatives Association to rule on whether various aspects of the Greek debt exchange would necessitate swap payments.

One party raised a specific issue, related to the European Central Bank. While private bondholders will take a haircut on their holdings, the E.C.B. was able to avoid those losses by striking a separate deal with Greece. The party wondered if that qualified as “subordination” and would prompt payments.

Another party took a broader approach, asking if any part of the proposed Greek debt exchange — and the resulting losses — would activate the swaps.

But so far I.S.D.A. has not been swayed. On Thursday, the organization said that a committee had “unanimously determined” in both cases that a credit event didn’t occur.

That said, I.S.D.A. did not shut the door entirely on the possibility of a payout. Market participants, the group said, can still submit questions on the deal. And given that Greece could use legal means to force all private bondholders to accept losses, the exchange could still set off the swaps.

Even so, the ruling — and the prospect that Greece could default without activating the swaps — could reignite the debate about the usefulness of the financial instruments. If borrowers can structure defaults to circumvent swaps payouts, investors may see the swaps as unreliable.

“The market has been harmed by people playing games to avoid events that would be covered by the insurance,” said John Sprow, chief risk officer at Smith Breeden Associates, a fund management firm.

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Re: Surprise Greek referendum risks blowing up euro zone

Postby vanlose kid » Thu Sep 20, 2012 3:15 am

Greece embarks on a firesale

Islands, palaces royal estates and embassies must go as fears grow that country has entered full-blown depression


Helena Smith in Athens
The Guardian, Wednesday 19 September 2012 21.07 BST


Image
Greece's faded glory: the dilapidated Tatoi palace is one of many properties up for sale in a national 'firesale' of assets. Photograph: AP

When you hit hard times, it is time to pawn or part with the family silver – and an unprecedented clearout is now under way in Athens.

Greece has announced it will sell anything it can do without – and in the case of the debt-choked nation that means letting go of islands, royal palaces, prime real estate, marinas, airports, roads, the state-owned gas company, lottery and post office. Indeed anything, really, that can be sold.

On Wednesday, the nation learned the downsizing would also include diplomatic residences abroad – starting with the Victorian townhouse that was once the Greek consul general's residence in London.

"There is a decision to lease and sell properties that for various reasons are not being used," said Gregory Dalevekouras, spokesman at the foreign ministry. The foreign ministry's finance department, he said, was hard at work evaluating "market conditions".

The sell-off emerged just a day after Athens's finance minister revealed what most Greeks feared but had never been officially told – that with national income projected to fall 25% by 2014 their economy is not just shrinking but slipping inexorably into a 1930s-style Depression. And officials are now working frantically to get the mother of all firesales off the ground.

For potential buyers of ambassadorial homes and consul's quarters, the good news is that the foreign ministry is fully aware of what and where the properties are – unlike the Greek state, which until recently was still struggling to attain an inventory of what it actually owned given the lack of a proper land registry.

High-end estate agents are already being sounded out to sell the 10,000 square foot consular residence in London's upscale Holland Park – which is currently being renovated.

Property experts say homes similar to the 115-year-old stucco-fronted townhouse fetch rents of around £25,000 a week and could sell for as much as £12m. Richard Branson, a neighbour, put his own home on the market for £17m last year.

Since the outbreak of Greece's great economic crisis in late 2009, the country's diplomatic presence abroad, like so much else, has been dramatically scaled back as governments have sought to rake in expenditure. The consulate in London, home to a thriving Greek community, was one such victim.

In what will be surely be sad news for another UK resident, Constantine, the former king of Greece, officials have also let slip that the Tatoi palace, the royal family's historic estate at the foot of Mount Parnitha, will be sold off too.

The property, acquired by the family in 1871, was originally set in gardens laid out to "provide the typical charms of both the Greek and English countryside" and, as such, comes with some 40 outbuildings, stables, a swimming pool and several royal graves. Shortly after it was built outside Athens, Prince Christopher wrote that it was the only place where "we could forget that we were not supposed to be ordinary human beings." An array of old Rolls-Royces, and other paraphernalia that once belonged to Constantine before he was forced to flee into exile, can still be glimpsed on its now dilapidated premises.

The sell-off, which will include buildings in Brussels and Belgrade, Rome and Nicosia, is part of a privatisation campaign that may well be the most ambitious ever conducted on the continent of Europe. With Athens' debt load still at a whopping 166% of GDP – despite banks and hedge funds and other private creditors accepting a massive writedown in the value of their Greek holdings – the country has agreed to raise €19bn by 2015. Earlier this year, the cash-strapped culture ministry even announced it would make the Acropolis more "readily available" for photographers and film crews. Previously, the ancient site had been regarded as "too sacred' to rent out or besmirch with commercial use.

This month the conservative-led coalition, in power since June, declared that it had also pinpointed at least 40 uninhabited islands which it planned to lease out for the development of "tourism ventures".

Officials are not hiding that the drive has been spurred to great degree by the desire to placate the international lenders that are keeping the country afloat.

Since filing for its first €110bn bailout in May 2010, Greece has made almost no progress with its promise to press on with reforms. On the privatisation front, officials have invariably encountered the resistance of unions and political parties not only opposed to the arduous terms of the loan agreements but the sale of prized possessions regarded as "the family silver".

For many Greeks, the new drive is the most humiliating development yet in a process of brutal fiscal realignment that has seen poverty and unemployment hit record levels. "Foreigners have been allowed to occupy our country and now they are going to buy up our country at rock-bottom prices," Notis Marias, the parliamentary representative of the vehemently anti-bailout Independent Greeks party railed in parliament.

But government officials starting with Kostis Hadzidakis, who, as minister of development, is leading the campaign, say desperate times call for desperate measures. "We are in a war situation and we are all soldiers in civilian clothes," Hadzidakis recently averred.

With Athens's future in the eurozone still on the line – despite assurances from the EU's powerhouse, Germany, that it wants to keep the country in the bloc – Greek officials are acutely aware that time is against them. Making clear the privatisation programme is now the cornerstone of the government's economic policy, the newly installed privatisation chief this week called on investors to take up the rich pickings. Greece, he said, was set to become an El Dorado for those who did so.

Europe's family silver

The eurozone's weakest members have been selling off the family silver since the crisis began.

Portugal Raised nearly €3bn (£2.4bn) selling part of a power company to China's Three Gorges Corporation. A Chinese-Oman partnership snapped up a stake in Portugal's power and gas grid operator. Its national airline, TAP, and the post office are now up for grabs.

Ireland Hopes to raise €3bn selling off assets. Bidding for the right to run a new national lottery starts next month, and a stake in Aer Lingus is also up for grabs. It is also offering to sell parts of the country's Electricity Supply Board, and some of its forests.

Spain Hoped to raise €7bn selling a stake in the lottery, El Gordo – "the fat one", but no big bids were forthcoming. Madrid is now hoping to find buyers for various tourism sites and transport operators - and has put 100 office buildings on the block.

Italy In June, Italy agreed to sell €10bn of undefined assets, but progress is slow.

http://www.guardian.co.uk/world/2012/se ... e-firesale


from the comments:

FirstBass

19 September 2012 9:46PM

Does anyone doubt that the firesale of Greek assets will further enrich the global elite who created and profit from the financial boom and bust cycle that have brought us to where we are today?

Riots, unemployment, despair and despondency across Europe. Cheap Greek islands for the mega-rich.

*

casperjones

19 September 2012 10:17PM

The hard working people of Greece working longer hours than anyone else in Europe deserve none of this.

The vultures have truly won. Thanks to Merkel and Europe convincing the Greek people to not vote for Tsipras. Never before has there been such a concerted effort to prevent a free and fair election taking place in another democratic nation.

And now we have this. Thanks Europe. Thanks Germany. Your wishes will come true. Southern Europe will become more "competitive" as the average Greek, Spaniard and Italian are forced to work for lower wages than the Chinese so you the rich can rake in even more profits.

*

SpecialAgentA

19 September 2012 10:25PM

This is madness. These are debts and compound interest thatcan never be repaid. The rentier economy will ruin millions of lives to try to prop up an absurd and increasingly hated banking elite. It is now WWIII and the weapons are debt, financialization and mass media complicity.

*

TerribleLyricist

19 September 2012 10:26PM

So the very people who plunged the world into ruin can now buy everything for peanuts. Brilliant.

Revolution only happens when people who have something to lose - the middle classes - realize that they actually have nothing left to lose.



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Re: Surprise Greek referendum risks blowing up euro zone

Postby JackRiddler » Wed Sep 26, 2012 10:23 pm

Guardian still has Helena Smith - what a great career, to be the correspondant from Greece for decades...


http://www.guardian.co.uk/world/2012/se ... rity/print


Hundreds of thousands of Greeks march against austerity

General strike brings country to a halt in first confrontation with three-month-old government


Helena Smith in Athens
* guardian.co.uk, Wednesday 26 September 2012 14.34 EDT


Image
Athens protests
A protester runs from riot police during the general strike in Greece. Photograph: Louisa Gouliamaki/AFP/Getty Images [It's almost always this kind of image. It's almost never an overhead shot of the crowd itself to indicate its size.]

Hundreds of thousands of anti-austerity protesters took to the streets of Greece on Wednesday as the country was paralysed by a general strike in the first mass confrontation with Athens's three-month-old coalition government.

In one of the biggest demonstrations in the capital in recent years, as many as 200,000 marched on the Greek parliament, according to unions in the public and private sector, which called the strike to oppose new wage and pension cuts – the price of further rescue funds from international lenders.

Clashes broke out between riot police and hooded youths hurling rocks and petrol bombs at the finance ministry. The protesters, many shouting: "We can take no more. Out with the EU and IMF," and said to be part of the crisis-hit country's vibrant "anti-establishment" movement, then set light to rubbish cans and bus stops, sending plumes of acrid smoke above the capital. TV footage showed demonstrators running for cover in Syntagma Square, seat of the Greek parliament, as noxious fumes filled the air. More than 100 people were detained.

With tensions running high over the new measures – part of a mammoth €11.9bn austerity package that is set to save the state more than 5% of GDP over the course of the next two years – unions are warning that the conservative-led government should take stock or worse could come.

In a departure from other mass protests, members of the police force, army, navy and judicial system joined public and private sector employees on the streets. One police officer, who preferred not to give his name, said the Greek state "should feel deep shame" at imposing cuts on the very people whose protection it sought.

"This is a warning to the government not to pass the measures," said Ilias Iliopoulos at ADEDY, the union of civil servants, insisting that around 350,000 Greeks took part in protest marches nationwide (police put the number in Athens at around 70,000). "Today was a huge success as witnessed by all those in the armed forces and police who also participated because they, too, will be affected by these cuts. The government must know that if it wants to push us further into a corner, we will react."

Echoing a view held by many Greeks, Penelope Angelou, an unemployed mother, said passing the measures would be tantamount to a "parliamentary coup".

"These parties were given our vote back in June because they promised to re-negotiate the terms of the loan agreement," she said, referring to the onerous conditions of the bailout accord Athens signed with its "troika" of creditors — the EU, ECB and IMF – earlier this year. "We are all tired," she said. "This is the third year of non-stop cuts and tax increases which have made us poor and divided us as a society. And they have not solved our problem. The recession is going from bad to worse."

Since the outbreak of Europe's debt crisis in Athens in late 2009, ordinary Greeks, worst hit by repeated rounds of austerity, have seen their purchasing power drop by as much as 50% as poverty and joblessness has reached record levels.

After a heated summer of tortuous wrangling with lenders, the alliance led by the prime minister, Antonis Samaras, is expected to finally give the package the go-ahead on Thursday. Time is of the essence, say officials, if the Greek economy is to receive a bumper rescue loan of €31.5bn, put on hold by the troika since July. The injection is now vital to "warming up" the cash-starved real economy. Creditors have made clear that without the controversial measures, there can be no money – a scenario that would see Greece defaulting on its debt, being forced to declare bankruptcy and leaving the eurozone.

"The cuts have to happen because we are at war, an economic war," the country's defence minister, Panos Panagiotopoulos, said this week.

Once endorsed, the package will be sent to the parliament for ratification, probably next week. But the government's highwire act of trying to placate lenders while ensuring that the nation is not pushed over the edge will not be easy. Polls have shown the vast majority of Greeks see the measures as deeply unfair and antisocial. Highlighting fears that the recession-inducing policies have pushed Greece into an economic death spiral, the ratings agency Fitch declared on Wednesday that far from being reduced, Athens's debt mountain was growing, with the country's debt-to-GDP ratio set to increase from its current 164.9% to 180.2% in 2014.

"Once the Greek people learn exactly what the measures are there will be uproar," Iliopoulos, the trade unionist, told the Guardian. "Parliament will see mass protests. And it won't be nice."


© 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved.
This article was published on guardian.co.uk at 14.34 EDT on Wednesday 26 September 2012. It was last modified at 19.00 EDT on Wednesday 26 September 2012.


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Re: Surprise Greek referendum risks blowing up euro zone

Postby undead » Thu Sep 27, 2012 10:40 am

In related news, Golden Dawn held a 12% approval rating in recent polls, up from receiving 7% in the recent elections.
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Re: Surprise Greek referendum risks blowing up euro zone

Postby JackRiddler » Thu Sep 27, 2012 1:56 pm

.

Golden Dawn has been active in our neighborhood. I was wrong in my own prediction that the neo-fascist party would decline in this year's second Greek election. They maintained and grew their share of the vote. They are showing energy and a kind of flexibility alongside their outbreaks of brutality in word and deed. The "Hezbollah" strategy of setting themselves up as a charity is darkly brilliant. They go around our neighborhood asking for donations from Greek-American businesses to help out people in Greece, and only gradually cop to who they actually are. Goddamned if something like this requires more than a handful of dedicated cadre, long as they can play earnest, good kids. It should shame us that the goods they collect really do go to help out impoverished people. I've seen lots of "solidarity" Greek-Americans espouse that as an idea, but what have we done?

They speak to our people's delusions of Hellenism, although their narrow nationalism, Christian influences and comical supremacism are of course the opposite of worldly and tolerant Hellenism in either of its two golden ages (those would be the Alexandrian and late Roman periods).

It's a frightening thing, and also a frightening sign. After all the beatings and defeats that the Greek people have experienced in the last 3 years (as documented in many threads here, by the way), the people of the motherland are (from many reports I'm receiving) in a particularly vulnerable and demoralized state. Shit is fucked up and bullshit, times a hundred.

A comedic side of this has been in the amazing traction gained by a tale concocted by some diaspora doctor and his friends, also mostly in Queens and Toronto, who say they have deposited century-old bond notes from the long-defunct Bank of the Orient in an escrow account, and that these will obligate the Bank of France to pay off $650 billion in today-money. (If there's truth to the story, the total would be more like $15 million, and of course that would be the minimum price of even starting the court cases to see it redeemed.) This guy, Lambrakis, is seriously getting press and media with his claims, putting forth a salvation program for Greece. All debts will be repaid and the country redeveloped with these funds, if only Greeks accept his "open for business" program in a national referendum.

You know what this reminds me of? The Sioux prophet in the lead-up to the Wounded Knee massacre. You know, the one who emerged to assure the displaced Black Hills folk that a) the day of reckoning would soon cause the Whites to disappear and, furthermore, b) thanks to their faith, they were now immune to bullets. Or the Boxer Rebellion. The boxers would a) kick out the foreign oppressors and furthermore b) were, thanks to their wills and their skills, immune to bullets. Take away all genuine hope, you get millenialism.


http://www.keeptalkinggreece.com/2012/0 ... sa-canada/

tagged: AHEPA, Australia, branch, Canada, Chrysi Avgi, Diaspora Greeks, Golden Dawn, Montreal, New York City, office, Toronto, USA

Golden Dawn Branch in New York Concerns Diaspora Greeks in USA & Canada

Posted by keeptalkinggreece in Society, Uncategorized

Extreme-right Chrysi Avgi (Golden Dawn) expanded its activities on the other side of the Atlantic, with the aim to reach out Diaspora Greeks in USA and Canada and widen their sphere of influence. Under the drive of charity collection, GD opened a branch in New York and had some appearance in Montreal and Toronto. The establishment of branches caused concern among Greek expatriates with their biggest organisation AHEPA to slam the NY branch opening saying “fascism has no place in the USA.” Concerned Canadians started a petition against the establishment of any GD office in Canada.

The GD-motives seem clear: to take advantage of possible lack of knowledge from the side of Greeks abroad but also to earn possible political gains. Then there has been talk from time to time in Greece to grant voting rights to diaspora Greeks during parliament elections.

New York Branch

The first branch was inaugurated in Astoria suburb of New York. Apart from promoting its ideas, GD tries to get support for its charity activities and calls on diaspora Greeks to donate food, clothing and medicine that would be distributed to ethnic Greeks only.

“The Golden Dawn is the only political party in Greece that unapologetically stands for the sovereignty, security, and dignity of the Greek people. The party intends to reverse decades of unlimited third world immigration which has brought crime, unemployment, disease and possibly terrorism to the once peaceful Greek cities.”

“Our goals are to promote and support the Golden Dawn’s nationalist ideals and vision for Greece among the Greek diaspora. We must resist and overcome the genocidal multi-culturalist, and anti-Hellenic agenda of the New World Order,” (from their NY website)

The New York Observer particularly mentioned also the launching of their website describing it as ‘creepy’ with a Swastika-like symbol.

News Latitude underlined the ”unbridled delight” expressed by white supremacists who applauded the arrival of Greek neo-Nazis in America.

The news alarmed also Jewish media in USA that reported about the opening of the NY branch stressing especially the “anti-Semitic and xenophobic rhetoric” of the GD.

Diaspora Greeks Reaction

The American Hellenic Educational Progressive Association (AHEPA), the largest Greek-American association worldwide, on Tuesday issued a statement expressing its concern regarding the rise of extreme nationalism in Greece and criticizing the GD-branch in New York. The statement signed by AHEPA Supreme President John Grossomanides, reads:

«AHEPA, which was founded 90 years ago in the US in order to protect Greek migrants from racism and discrimination, is gravely concerned by the rise of extreme nationalism in Greece, as reported by the Greek media in recent months,» the statement said, further citing criticism by the United Nations’ human rights chief Navi Pillay of Greek authorities for failing to take stronger action against the recent attacks against migrants.

Grossomanides went on to slam the recent opening in New York of a Golden Dawn branch, saying «fascism has no place in the United States,» adding that many members of the Greek-American community and of AHEPA in particular fought and sacrificed their lives against the Nazi occupation of Greece.”

Grossomanides said that racially-motivated attacks against migrants are «unacceptable and concern us deeply as a community and as members of AHEPA.

«They are similar to those faced by our ancestors when they came to the US, almost a century ago,» the statement added.

Diaspora Greek and GD

KTG remembers very well the several comments sent by some readers -apparent Diaspora Greeks, once “migrants” themselves, complaining about the influx of Latinos in the USA and expressing support of the GD. Ignorance? No. Their message and the white-supremacy-language they used was clear enough.

Nick Malkoutzis, journalist in Kathimerini, expressed the view that some members of the Greek diaspora don’t seem to understand what Golden Dawn really stands for.

In an e-mail to Latitude News, Malkoutzis wrote: ”Some Greek-Americans . . . . appear to think that rather than being extremist, and therefore dangerous, this party is made up of enthusiastic and well-intentioned nationalists. Golden Dawn is very clever at hiding its real face and I fear that many in the Diaspora have fallen for the idea that they are just enthusiastic patriots hook, line and sinker.

“It is incumbent upon the members of the Diaspora who truly have Greece’s interests at heart – and I am sure there are many – to stand up to this growing fascism.”

Reactions in Canada

There are reports that GD had a charity drive in Montreal early September and collected “food and toys” for “pure Greeks” in Greece. They had another appearance in Toronto earlier this summer.

Concerned Canadians launched a petition asking the Prime Minister of Canada, Stephen Harper to prevent GD from establishing offices in the “most immigrant friendly country in the world.”

I can’t tell exactly who is behind this petition, whether Canadians or Diaspora Greeks.

Office in Australia Failed?

Of course, GD tried to set up foot in Australia but the Greek community there strongly reacted against any linking to a neo-Nazi group, even if Greek.

A damning report in The Australian, linking the Greek community to neo-Nazis has outraged the community. The report that appeared in Thursday’s edition of The Australian, entitled ‘Greek neo-Nazis set up local chapter’ also appeared on the front page of the newspaper with members of Golden Dawn holding Greek flags.

The article which reported the right-wing extremist party Golden Dawn (Chrysi Avgi) have set up an Australian chapter has sparked an outcry by the community who have suggested that these discussions may be a “media beat up.” As it stands, Golden Dawn do not appear to have set up a local chapter but this report has created a premature discussion about this based on the Facebook page Xrysh Avgh Melbourne (Golden Dawn Melbourne). (Neos Kosmos)

GD: The “Anarchists” from the right?

If one lives in Greece and follows GD-MPs statements as broadcast by the local media, some things are clear: They consider the state is governed by incapable people and have despise the institution of the Parliament, where they occupy 18 seats after the elections in June.

They use a clear simple language appealing at the patriotic and religious feelings of the people. Reason and argument and dialogue have no place in their strategy. Should one refuse to comply or make uncomfortable questions, some punches or even a glass of water against female MP-colleagues would do the ….”convincing work.”

Their utmost priority is to clean Greece from immigrants: they follow this target of theirs with violence on the streets, unauthorized controls, and chasing.

They are clearly anti-Semitic: condemning zionists and free masons and “accused” Minister of Citizen Protection Nikos Dendias, that he was a free mason. In Orthodox and conservative Greece, a Freemason is not not welcome. A centuries-long taboo. Side-note: Dendias had the courage to answer, he was not free-mason himself, but that the had friends who were.

Surely, ”the Holocaust never happened,” they claim.

And yet. Devoted to the principle of (National-)Socialism they distribute food to poor ethnic Greeks only. Oh yes, they made also several efforts to establish a blood bank for Greeks-only, however this project was vehemently turned down from the associations of Greek physicians.

Of course, they are against the loan agreements between Greece and its lenders – but against these are all parties of the Greek opposition.



Get with it, opposition. Don't be outmaneuvered by the likes of these.

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Re: Surprise Greek referendum risks blowing up euro zone

Postby Jeff » Fri Sep 28, 2012 7:38 pm

JackRiddler wrote:.

Golden Dawn has been active in our neighborhood. I was wrong in my own prediction that the neo-fascist party would decline in this year's second Greek election. They maintained and grew their share of the vote. They are showing energy and a kind of flexibility alongside their outbreaks of brutality in word and deed. The "Hezbollah" strategy of setting themselves up as a charity is darkly brilliant....

...

It's a frightening thing, and also a frightening sign. After all the beatings and defeats that the Greek people have experienced in the last 3 years (as documented in many threads here, by the way), the people of the motherland are (from many reports I'm receiving) in a particularly vulnerable and demoralized state. Shit is fucked up and bullshit, times a hundred.


Nothing to add, but this:

Greek police send crime victims to neo-Nazi 'protectors'

Far-right Golden Dawn party filling vacuum for those neglected by state after MPs elected to fight 'immigrant scum'

Helena Smith
The Guardian, Friday 28 September 2012

Image
People hold sacks of potatoes during a food distribution organised by Golden Dawn, in Athens.

Greece's far-right Golden Dawn party is increasingly assuming the role of law enforcement officers on the streets of the bankrupt country, with mounting evidence that Athenians are being openly directed by police to seek help from the neo-Nazi group, analysts, activists and lawyers say.

In return, a growing number of Greek crime victims have come to see the party, whose symbol bears an uncanny resemblance to the swastika, as a "protector".

One victim of crime, an eloquent US-trained civil servant, told the Guardian of her family's shock at being referred to the party when her mother recently called the police following an incident involving Albanian immigrants in their downtown apartment block.

...

Other Greeks with similar experiences said the far-rightists, catapulted into parliament on a ticket of tackling "immigrant scum" were simply doing the job of a defunct state that had left a growing number feeling overwhelmed by a "sense of powerlessness". "Nature hates vacuums and Golden Dawn is just filling a vacuum that no other party is addressing," one woman lamented. "It gives 'little people' a sense that they can survive, that they are safe in their own homes."

...

But the hand-outs come at a price: allegiance to Golden Dawn. "A friend who was being seriously harassed by her husband and was referred to the party by the police very soon found herself giving it clothes and food in return," said a Greek teacher, who, citing the worsening environment enveloping the country, again spoke only on condition of anonymity. "She's a liberal and certainly no racist and is disgusted by what she has had to do."

The strategy, however, appears to be paying off. On the back of widespread anger over biting austerity measures that have also hit the poorest hardest, the popularity of the far-rightists has grown dramatically with polls indicating a surge in support for the party.

One survey last week showed a near doubling in the number of people voicing "positive opinions" about Golden Dawn, up from 12% in May to 22%. The popularity of Nikos Michaloliakos, the party's rabble-rousing leader had shot up by 8 points, much more than any other party leader.

...


http://www.guardian.co.uk/world/2012/se ... s-neo-nazi
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Re: Surprise Greek referendum risks blowing up euro zone

Postby Gouda » Sun Sep 30, 2012 5:42 am

Xenophobes Find Police Protection in Greece

http://www.ipsnews.net/2012/09/xenophob ... in-greece/

By Apostolis Fotiadis

ATHENS, Sep 19 2012 (IPS) - Panahi Gholamhousein (22), an Afghan refugee who spends his days in a room that is barely five square metres with his wife Zarmina (18) and their 19-month-old daughter Zahra, has hardly left his place in downtown Athens since he was beaten up and robbed nearly a month ago.
The four attackers “unleashed their dogs on me”, he told IPS. The incident shook him badly, confining him to an apartment shared with many other irregular migrants living in squalid conditions.

The young family – who lost legal status some months ago after withdrawing their asylum application to Greek authorities in exchange for a return ticket to Afghanistan – embody the predicament faced by many migrants caught in a rising wave of xenophobia.

The last three years have seen racist attacks dominating the streets of Athens, spreading fast throughout the country.

Some experts blame the situation on the social stress caused by an extended period of economic austerity – unemployment rates are fast approaching 30 percent and approximately 25 percent of the Greek population now lives below the poverty line.

Last Saturday at 2 a.m. a group of three unidentified assailants used an incendiary explosive device in an attempt to burn Pakistani immigrants alive in their home while they slept.

Navit Navaz was awakened by an explosion from a flaming bottle of gasoline that landed on the edge of the bed. Navaz was subsequently brought to Thriasio Hospital and admitted to the intensive care unit with severe burns on his back and hands.

Two months ago Human Rights Watch released a report describing how gangs of Greeks carry out attacks against migrants with almost total impunity. Authorities are reportedly ignoring complaints, or discouraging victims from filing them at all.

On Jul. 23, the rape and attempted murder of a 15-year-old girl in the island of Paros by a Pakistani migrant worker, Ahmed Vakas, fueled a wave of attacks against foreigners during which Iraq Aladin, an Iraqi immigrant, was beaten and stabbed to death by five hooded youngsters on Aug. 12.

The United Nations High Commissioner for Refugees (UNHCR), along with 20 organisations that comprise the Racist Violence Recording Network, blamed the deterioration of social relations on the “the inability or reluctance of the law enforcement authorities to carry out arrests”.

Extremists on the rise

Many of the attacks are allegedly linked to the neo-fascist party Chrysi Avgi (Golden Dawn) that entered parliament last June with 6.9 percent of the vote and is now climbing even higher in the polls.

So far the organisation has not accepted responsibility for instigating the attacks but continues to endorse racist initiatives. Thus far, only two violent attacks have been linked directly to the party, one against four fishermen at Perama and one in central Athens that involved a Golden Dawn candidate.

According to migrant communities more than 400 attacks took place last year alone, but very few people have been arrested and none of the perpetrators has faced justice.

Opposition MPs and activists claim that Golden Dawn supporters inside the security apparatus breed a culture of impunity.

The problematic relationship between the organisation and elements within the Greek police force provoked close attention two weeks ago when Golden Dawn supporters, along with two of the party’s official deputies, Giorgos Germenis and Panayiotis Iliopoulos, checked legal documents and attacked immigrants’ stalls at a church fair in Rafina, a small town northeast of Athens.

As legitimate members of parliament these deputies have immunity and cannot be arrested by the police.

Furthermore, the local police director failed to report the incident to her central command for two hours and claimed that the deployed forces were not “strong enough to intervene” despite her own description of the incident as verbal abuse.

Victims of the attack have denounced police for turning a blind eye to their vulnerability and the police director of Rafina has been suspended from service.

However, a pattern of impunity for such officials suggests that she might soon resume her post, with the possibility of a promotion.

Golden Dawn has promoted the events in a bid to present itself as a force that guarantees the interest and protection of Greek citizens.

Nikolaos Dendias, minister of public order and citizen protection and commander of all Greek security forces, has stripped Golden Dawn deputies of their police protection following these incidents and allegations.

In a symbolic move the organisation responded by suing the minister and since then it has continued to challenge of state authority – despite allegations from activists that members of the police force and extremists are working hand in glove.

Effective control over the security apparatus by the political leadership is an issue of acute concern according to Anastassia Tsoukala, a criminologist at Paris University XI and former advisor to the ex-minister of citizen protection.

In a recent article that appeared on the local ‘TVXS’ online news site, Tsoukala argued that there is ample proof of mutually beneficial relationships between low ranking policemen and extremists.

“According to information in our hands from the last national elections, a very big percentage of the police personnel share the same ideology as the perpetrators of racist attacks,” Tsoukala wrote.

The percentage of Golden Dawn voters that work for the security apparatus was estimated to be between 17.2 and 23.04 percent in 11 electoral sectors during both national elections last summer.

This relationship is a “danger to the pubic order” according to Tsoukala.

Antonis Liakopoulos, vice president of the Association of Attika Police Officers, responded to these challenges with the assertion that the abuse of authority is a common phenomenon among police forces around the world, “but one should not generalise over these cases”.

The real problem, according to Liakopoulos, is the large numbers of Greek officers who have suffered major wage cuts, and security structures that operate on budgets that are inadequate to support their basic needs.

“This is what makes the police ineffective and unable to offer safety,” he told IPS.

“In a society going through such an acute crisis, wherever police and state institutions fail to exercise effective control, other groups see an opportunity to promote their own agenda,” he added.

Still, U.N. High Commissioner for Human Rights, Navanethem Pillay, in a speech to the Geneva-based Human Rights Council last week, highlighted Greek police ineffectiveness in addressing and preventing “violent xenophobic attacks against migrants, refugees and asylum seekers in recent months”.

Dendias’ repeated promises to establish a special force to address racist violence are still pending. Prosecutor Ioannis Tentes has instructed police stations around the country to stop and, if necessary, apprehend members of the parliament if they become involved in unlawful actions.
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Re: Surprise Greek referendum risks blowing up euro zone

Postby Hammer of Los » Sun Sep 30, 2012 7:46 am

...

It's a bloody scandal they have taken the name of the Golden Dawn.

That pi**es me off.

...
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Re: Surprise Greek referendum risks blowing up euro zone

Postby Gouda » Thu Oct 04, 2012 4:12 am

Image

ekathimerini.com, Wednesday October 3, 2012
http://www.ekathimerini.com/
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Re: Surprise Greek referendum risks blowing up euro zone

Postby JackRiddler » Fri Oct 12, 2012 9:37 pm

Our "Stop Golden Dawn" event in Astoria, Queens, New York City last Tuesday, standing-room-only with Occupy Astoria LIC, Aristeri Kinisi (Left Movement), Occupy Wall Street, New York Antifa, and other members of the budding SGD coalition. A lot of Greek and American media was present. Can you spot JackRiddler?

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Re: Surprise Greek referendum risks blowing up euro zone

Postby Allegro » Sat Oct 13, 2012 12:23 am

^^^ JackRiddler wrote:...Can you spot JackRiddler?
Yes, I did. Right off the bat!

Thanks for posting that video. It’s great to read the writings here at RI, but viewing the video adds again as much interest, rather like sharing a moment of keen, enthusiastic identification with the people who spoke.

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Art will be the last bastion when all else fades away.
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Re: Surprise Greek referendum risks blowing up euro zone

Postby JackRiddler » Fri Oct 19, 2012 11:26 pm

.

This is pretty much the leading "Greek Crisis" thread so I'm putting this here as a followup to the above post about Golden Dawn in New York. (Fair use archive, for discussion, no commercial purpose, original link given.)


http://www.nytimes.com/2012/10/21/nyreg ... ueens.html

Image
UNWELCOME Golden Dawn members were reportedly seen at the Stathakion center in Queens.

October 19, 2012

Reported Golden Dawn Sightings Rattle Queens

By ALAN FEUER and DANIELLA SILVA

IT was news to arouse the indignation of many residents of Queens: Golden Dawn, the neo-Nazi group based in Athens, had established an office in Astoria — or so it seemed.

The evidence was elusive: late last month, a professional Web site suddenly appeared, showing the party’s swastikalike logo set against a dark Manhattan skyline and calling on the city’s Greek diaspora to donate food and clothing to a charity drive to benefit struggling poor people in Greece. There were pictures on the site: one was of a group of men with their backs turned to the camera, wearing black T-shirts reading, in Greek, “Golden Dawn New York.”

Although the site went down within days of its emergence — targeted, it was reported, by Anonymous, the hackers’ group — it provoked sufficient outrage that local politicians, doing what they do, rallied at a news conference to condemn the right-wing party, and a grass-roots protest movement sprang up in an effort to oppose it.

The problem was — and, indeed, still is — that almost nothing is known about the party’s actual presence in the neighborhood. Does Golden Dawn really have an office in Astoria, the center of the city’s Greek community? That is not clear. What are its goals? Also unclear. Is its membership significant or minimal? No one knows for sure.

As far back as two years ago, one local resident says, he saw a car in the neighborhood with a Golden Dawn bumper sticker. “They’ve had people in New York for a while now,” said the resident, George Davis, 34, a Greek-American financial adviser. “It’s not like these guys woke up yesterday and decided to join.”

The Golden Dawn sightings became more frequent, and perceptible, over the summer when a few business owners in Astoria were approached by members of the group, asking for donations for the charity drive, said Nicholas Levis (pronounced Luh-VEES), an activist with Occupy Astoria-L.I.C. The men did not identify themselves at first, although they apparently returned days later with Golden Dawn T-shirts for those who had made contributions. When the business owners realized that the food and hand-me-downs they had given were destined for an ultranationalist party, some of them, Mr. Levis recalled, became upset.

It was around that time that party members also placed charity-drive collection boxes at the Stathakion Cultural Center in Astoria with labels that read, “For Greeks Only.” Christos Vournos, the first vice president of the Federation of Hellenic Societies of Greater New York, which is based at the center, said that he confronted the party members at the time and that they left the building — but only after a near-altercation.

“I almost had a fistfight with one of their members,” Mr. Vournos said. “One of their supporters came back and apologized and I said: ‘If you want to perform your activities, it can’t be here. Not here. No political parties — none.’ ”

Riding waves of economic apprehension and fears about illegal immigration, Golden Dawn won 18 of the Greek Parliament’s 300 seats in national elections in June — even after the party’s chief spokesman, Ilias Kasidiaris, slapped a rival during a televised political debate. The party has increased its presence in middle-class areas of Greece with vows to “rid the land of filth” and is accused of being behind attacks against immigrants and journalists. According to its home page, the group has opened offices in Greek communities as far away as Montreal and Melbourne, Australia.

In New York, the party seemed to increase its outreach efforts starting late last month, after the appearance of the local chapter’s Web site.

Christos Skarlatos, 67, works behind the counter at the Little Coffee Shop in Astoria. He said he was approached one day last month by a Golden Dawn member who asked if he could leave some Golden Dawn cards near the cash register. While Mr. Skarlatos said he had no fondness for the group — “I try to stay out of politics,” he offered with a shrug — he let the man leave about 30 cards behind. Within a week, he added, they were gone.

Mr. Davis, the financial adviser, said that he saw members of the party, in groups of three or four, coming and going from the Stathakion Cultural Center only weeks ago. “This is still going on,” he said, adding that he had asked officials at the center if the party was meeting there. “Now that the leadership has seen the reaction from the community,” Mr. Davis said, “they’re denouncing Golden Dawn.”

That much seems to be true. Elias Tsekerides, president of the Hellenic federation, said in an interview this month that several Golden Dawn members had, indeed, dropped by the center weeks ago and hastily snapped some photos — including, it appears, the one of the men in the party’s black T-shirts.

“They took some pictures without our knowledge and posted them to the Internet,” Mr. Tsekerides (pronounced Seh-ker-RIDE-ees) said. “We had calls from here and from Greece asking us, ‘What are you guys doing giving them shelter?’ But there’s no such thing. We do not associate with political parties, and they are extremists. What do they have to offer the community at large? Just divisiveness, nothing constructive, in our view.”

Eventually, this street-level conflict, and its attendant whispering campaigns, caught the ears of local politicians who, on Oct. 5, held a rally in Athens Square Park in Astoria to denounce Golden Dawn. There was much condemnation of “extremism” and “intolerance” and “bigotry” and well-meaning words in praise of “diversity” and “openness” and “broad coalitions.” But what there wasn’t was any new or actionable information about Golden Dawn New York.

Bill de Blasio, the city’s public advocate, who organized the event, acknowledged that no one knew the whereabouts of the party’s supposed office or the number of its supporters in New York. Costa Constantinides, the Democratic district leader, said he had never actually seen any local members of Golden Dawn and was more or less going on what he had picked up indirectly.

After the event, a phone call in search of some specifics to Peter F. Vallone Jr., the local city councilman, produced an e-mail from a spokesman saying that Assemblywoman Aravella Simotas, who represents Astoria, knew more about the group. While trying to be helpful, Ms. Simotas said, “I only know a little — and it’s all secondhand.”

Image
Michelle V. Agins/The New York Times
CONCERN More than 200 people gathered at the Church of the Redeemer in Astoria in solidarity after the reports surfaced.


Nonetheless, the following week, in a forceful show of solidarity, more than 200 people crowded into the basement of the Church of the Redeemer in Astoria to protest the presence of fascists whom no one could definitively locate. The groups represented included the Socialist Alternative, Al-Awda NY, the Union Theological Seminary and the Hell Gate Anarchist Black Cross.

Because it was not possible to speak in detail about Golden Dawn New York, the gathering became a kind of teach-in, with academics lecturing on Greek history in the post-Nazi era, what was called the failure of European immigration policy and the symbiotic relationship between Golden Dawn in Greece and the Greek power structure.

“Does Golden Dawn have an office here like they’re claiming online?” Mr. Levis asked at the start of the event.

“We don’t actually know,” he said. “But if they do turn up somewhere, at a storefront or a building, you can rest assured we’ll be there till they’re gone.”
We meet at the borders of our being, we dream something of each others reality. - Harvey of R.I.

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I am by virtue of its might divine,
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Re: Surprise Greek referendum risks blowing up euro zone

Postby smiths » Sun Oct 21, 2012 1:43 am

how do you spot the riddler if you dont know what he/she looks like?
the question is why, who, why, what, why, when, why and why again?
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Re: Surprise Greek referendum risks blowing up euro zone

Postby Hammer of Los » Sun Oct 21, 2012 4:14 am

...

Jack looks just great.

I wish I had the confidence for public speaking.

Congratulations Jack, great work as always.

I don't say that often enough, but that's because I agree with 95% of what Jack usually says, and the other 5% isn't worth quibbling over.

...
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Re: Surprise Greek referendum risks blowing up euro zone

Postby beeline » Wed Oct 31, 2012 3:37 pm

Link


Greek unions call 48-hour general strike

ATHENS, Greece - Greece's two main labor unions covering civil servants and the private sector have called a 48-hour strike to protest austerity measures due to be voted on next week.

The unions said Wednesday that the strike on Nov. 6-7 will be accompanied by demonstrations in central Athens on both days. Previous such protests have turned violent.

The strike call came as the finance minister submitted an amended 2013 budget that raised the country's debt and deficit forecasts for next year.

It also came as lawmakers approved a privatization bill in a fractious vote that saw dissent from members of the two junior partners in the three-party governing coalition.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

The Greek government raised its debt and deficit forecasts for 2013 in a revised budget submitted to Parliament on Wednesday, highlighting the country's monumental struggle in turning around its public finances.

Greece's general government debt is projected to rise to 189.1 percent of gross domestic product in 2013, above the 182.5 percent predicted in the preliminary draft submitted at the start of the month. That's up from 175.6 percent forecast for this year.

The revised figures projected the government deficit at 5.2 percent of GDP, up from 4.2 percent predicted in the preliminary draft of the budget , but still an improvement from the 6.6 percent predicted for this year.

The recession, which will head into its sixth year, will be deeper than the 3.8 percent contraction the preliminary draft had predicted, with the new figures estimating the economy will shrink by 4.5 percent.

Unemployment is projected at 22.8 percent next year, marginally higher than the 22.4 percent predicted for 2012. Greece registered record unemployment in July this year, with the jobless rate reaching 25.1 percent. National debt will stand at (EURO)346.2 billion, slightly higher than this year's (EURO)340.6 billion, the revised budget showed.

Greece has been relying on the bailout funds since May 2010. Without them, it will be unable to pay its debts or continue paying salaries and pensions, leading to a messy default that would threaten its position in the 17-nation bloc that uses the euro as its currency.

The government has been struggling for months to agree with its international creditors on a new package of austerity measures worth (EURO)13.5 billion ($17.4 billion) for 2013-14. The negotiations have also revealed cracks in the governing coalition, with the Democratic Left and the Socialists raising objections.

Finance Minister Yannis Stournaras submitted the revised figures 2013 budget figures just before lawmakers began voting on a privatization bill that will test the country's fractious governing coalition.

The bill gives the government more power to privatize public utilities, but has faced growing dissent from lawmakers among the Socialists and Democratic Left, the two junior partners in the conservative-led coalition formed after June elections.

The country's two largest labor unions are to hold a rally in the evening to protest savings measures in the budget, while journalists have walked off the job at the start of rolling 24-hour strikes to protest austerity plans that will affect their healthcare funds.

The strike pulled all television and news broadcasts off the air, while news websites were not being updated and Thursday's newspapers would not be published.

The privatization bill is among reforms required as part of Greece's international bailout agreements, under which the cash-strapped country receives billions of euros in rescue loans from other eurozone countries and the International Monetary Fund, on condition that it imposes austerity measures to reduce its runaway debt and budget deficit.

Prime Minister Antonis Samaras said on Tuesday that the negotiations were over. Voting on the bill has been delayed by another week, and Samaras warned of chaos if it did not pass.

The package of austerity measures is essential for Greece to receive a massive installment of bailout loans, worth (EURO)31 billion. Without it, Samaras has warned that the country runs out of its euro reserves on Nov. 16.

,,,,

Derek Gatopoulos in Athens contributed to this report.
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