Friday, February 12, 2016

Message of Pain in #Greece Won't Be Ingored For Long #GreekCrisis

Greece, a focal point for refugees traveling by sea to enter Europe, is simply too economically weak to cope with the influx on its own. The Greek economy, a toxic mixture of excessive debt, three European-lead bailouts and their corresponding austerity measures since 2010, remains incredibly weak. High unemployment, nearly 25% overall and much higher for youths, is the highest in the EU. The Greek stocks, a decline trend since 2008, leads a contracting economy and trends of rising political and social discontent (chart 1 and 2). While these trends, ominous messages of pain, are clear, nobody other than the Greeks are willing to recognize them.  This will change as Europe approaches 2017.

Chart 1 GREK

Chart 2 Athens General Share Index

Headline: Greek police fire tear gas at angry farmers rallying in Athens

Feb 12 Greek riot police fired tear gas at farmers protesting against pension reform plans on Friday who hurled stones at the agriculture ministry in central Athens ahead of a major demonstration outside parliament scheduled for later in the day.

Under the planned reform of the pension system demanded by Greece's international lenders, farmers face a tripling of their social security contributions and higher income tax. They have been blockading motorways across Greece for over three weeks.



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