Monday, February 13, 2012

A Quote from unelected Greek PM ex-ECB VP Lucas Papedemos

Greek Prime Minister Lucas Papademos told lawmakers the violence witnessed outside the parliament was completely unacceptable. "Vandalisms, violence and destruction have no place in a democratic country and won't be tolerated,"(source Deutsche Welle)

The real consequences of the Greek vote may be read from here. A quote:

The Greek economy was expected to contract by 3pc in 2011 under the original EU-IMF Troika plan. In fact it shrank by 6pc, and is now entering what the IMF fears could become “a downward spiral of fiscal austerity, falling disposable incomes, and depressed sentiment.”
Manufacturing output fell 15.5pc in December. The M3 money supply crashed at a 15.9pc rate. Unemployment jumped to 20.9pc in November, up from 18.2pc the month before, and is already above the worse-case peak pencilled in by the Troika.
Some 60,000 small firms and family businesses have gone bankrupt since the summer, the chief reason why VAT revenues dropped 18.7pc in January. The violence of the slump is overwhelming the effects of fiscal retrenchment. So much Sisyphean effort for so little gain.
You can argue that Greece has dragged its feet on EU-IMF demands - though the IMF is careful not make such a crude claim, offering mixed praise in its last report.
Ambrose Evans-Pritchard writing in the Telegraph.



Blogger Woodsy42 said...

Lucas Papedemos is completely right, and such behaviour would be pointless in a democratic country. The disagreement hinges on the meaning of 'democratic' doesn't it.

2:14 PM  
Blogger Martin said...

Quite so Woodsy, given this man's background the statement is absolutely incredible, which is why I left it hanging there, so to speak for itself, while leaving his credentials for such outlandishness firmly within the postings headline.

3:58 PM  

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