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Greece’s borrowing rose to 8.1%, from 6.5% 20 days earlier. According to the newspaper Ta Nea, the decision to have recourse to the support mechanism was taken on the afternoon of Thursday 22 April subsequent to the agreement reached between the Prime Minister and the Minister of Finance, and after a telephone call from the latter, Giorgos Papaconstantinou, to the US Secretary of the Treasury, Timothy Geithner. Geithner warned ‘that if one more day were lost it could prove catastrophic’ and that Greece ‘had no reason to wait’.3 It is difficult to understand why the

in The European debt crisis
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Sarkozy, and the Chancellor of Germany, Angela Merkel, met on 9 October in Berlin to develop a mutually acceptable solution to these concerns. No substantive progress was made. In a common statement they indicated they would continue discussions aimed at achieving an Greece.indb 140 3/13/2014 1:56:42 PM More hitches 141 all-encompassing and sustainable strategy for the recapitalisation of European banks and the fiscal union of the Eurozone. As to the Greek problem, both sides agreed to wait for the Troika’s report on the sustainability of the debt before taking any

in The European debt crisis
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ominous precedent, which might encourage other nations to seek a comparable solution to their sovereign debt concerns. The Greek government did not appear to hold a clear position. It neither defended the existing agreement of 21 July, nor advocated a deeper haircut. Either it did not want to antagonise the Greek banks, or else it was waiting for information on the wider ramifications of any such proposal, for instance on how the recapitalisation of the banks would be financed. On the Prime Minister’s return from Brussels, on 14 October, the newspaper Ta Nea ­ wrote

in The European debt crisis

introduced, it did not fulfil the grandiose claims previously made and it had virtually no impact. Most retail businesses refused to acquire the special terminals for the tax card to work, and most citizens realised that they were encumbered with processes and waiting time when they used it. Taxpayers feared that the amount of their purchases as registered through the tax card could be used against them as proof of income higher than what they had declared. Thus the tax card fell into disuse. Criticism of the government was dealt with by assigning responsibility for any

in The European debt crisis
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more time, most probably up to the end of 2011, provided the Greek side takes measures that the Commission finds convincing’. This is indicative. The crisis did not wait for 2011. It had arrived, dramatically, in 2009 already.   9 See D. Mitropoulos, ‘How the deficit sank us’, Ta Nea, 17–18 March 2012. 10 Vasilis Zeras, Economiki Kathimerini, 29 November 2009, p. 3. 11 During the period of preparation for the 2004 Olympic Games it fluctuated around 45% of GDP, despite increased expenses. Average expenses from 1990 to 2007 were around 44.6% of GDP. 12 Ghikas

in The European debt crisis

they were building up a nice nest-egg for their retirements – could only wait for trading to be restored and a significant reduction in the value of their holdings. Similarly, customers were stunned at the news, not least the MoD officials who for many decades had placed considerable faith in Ferranti equipment. With the debate raging over who would supply key components to the Tornado programme, not to mention considerable consternation about the future of the UK defence budget as the Cold War seemed to be coming to an end, the firm’s recovery prospects were under

in Ferranti: A History
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Frugality, de-growth and Voluntary Simplicity

.) In fact, perhaps there is something about not feeling in control to be said here; a sense that if citizens are at the behest of an all-​powerful external being then thriving is not in their own hands, and all that can be done is to be frugal and hope for the best. In contrast, once the idea of power being in another entity’s hands is removed, then thriving becomes more important and more possible  –​humankind can make decisions to thrive because they are not waiting for either God or the economy to enable the good times. Indeed, the creation of enjoyable lives

in A brief history of thrift
Why China survived the financial crisis

important so that the banks (and other financial institutions) cannot mask problems such as a high proportion of non-performing loans, and, for banks involved in international transactions, that a healthy balance between assets and liabilities denominated in different currencies exists. Asia’s financial crisis vividly demonstrated that systemic problems in the banking and financial sector are accidents just waiting to happen – or more appropriately, waiting to “explode” without warning and quickly engulf the economy as a whole.19 According to The Economist, China has “the

in The Asian financial crisis
Implementing the second Memorandum

investment remains the principal shortcoming in the effort to deal with the effects of the crisis in Greece today. Owing to the turmoil, investors are afraid of losing their money. They are either avoiding Greece altogether or are waiting for the return of more stable conditions for investment. Short-term speculative investments do little to finance anything in the way of recovery or a return to growth. For growth to return, there needs to be absolute clarity regarding Greece’s future in the Eurozone; only then will it be possible for businesses to plan, and weigh the

in The European debt crisis

than one country. Rodgers and his team at Deutsche Bank noticed a change in the behaviour of one large American fund and eventually discovered that it was engaged in ‘latency arbitrage’: Its computers would constantly monitor the market, wait for a large order or information release to move prices on EBS [Electronic Broking Services] or elsewhere. Then its computers would ‘look’ around the prices shown by its banking counterparties and deal on any rate that was too slow to respond. Deutsche Bank’s ARM, its computer system, was programmed to alter prices in this event

in Holding bankers to account