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May 28, 2012
10:54 // 2 years ago
May 16, 2012
Euro zone fears lead to massive Greek bank exodus
As fears of a Greek exit from the Euro zone grow, investors across the country withdrew hundreds of millions of Euros from Greek banks on Monday and Tuesday. As thousands of customers closed accounts, or transferred to euro-friendly banks in neighboring countries like Cyrus, analysts began to fear that a “bank run” was on the horizon. Bank runs take place when large groups of customers withdraw their holdings from banking institutions, fearing that the bank will soon be insolvent. As more people withdraw from the bank, the likelihood of insolvency increases, further increasing the number of customers who withdraw. Essentially, closure transforms from a possibility to self-fulfilling prophecy.
€800 million pulled from Greek banks Monday — nearly $1 billion in U.S. dollars
€72
billion pulled from Greek banks since January 2010 alone source
» Attempting to calm “bank run” fears: President Karolos Papoulias announced the staggering total during a speech before heads of Greece’s Panhellenic Socialist party. Papoulias admitted that analysts estimated similarly high withdrawals on Tuesday, but assured party members that there was no need to fear a “bank run”. Analysts seem to agree for now, with Mediobanca analyst Alex Tsirigotis telling Reuters, “We have witnessed periods of tension before when the banks experienced large outflows. In my view, the majority of people with these concerns would have done so by now.” (Photo via dullhunk)


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As fears of a Greek exit from the Euro zone grow, investors across the country withdrew hundreds of millions of Euros from Greek banks on Monday and Tuesday. As thousands of customers closed accounts, or transferred to euro-friendly banks in neighboring countries like Cyrus, analysts began to fear that a “bank run” was on the horizon. Bank runs take place when large groups of customers withdraw their holdings from banking institutions, fearing that the bank will soon be insolvent. As more people withdraw from the bank, the likelihood of insolvency increases, further increasing the number of customers who withdraw. Essentially, closure transforms from a possibility to self-fulfilling prophecy.

  • 800 million pulled from Greek banks Monday — nearly $1 billion in U.S. dollars
  • 72
    billion
    pulled from Greek banks since January 2010 alone source

» Attempting to calm “bank run” fears: President Karolos Papoulias announced the staggering total during a speech before heads of Greece’s Panhellenic Socialist party. Papoulias admitted that analysts estimated similarly high withdrawals on Tuesday, but assured party members that there was no need to fear a “bank run”. Analysts seem to agree for now, with Mediobanca analyst Alex Tsirigotis telling Reuters, “We have witnessed periods of tension before when the banks experienced large outflows. In my view, the majority of people with these concerns would have done so by now.” (Photo via dullhunk)

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19:40 // 2 years ago
May 15, 2012

Greece headed towards more elections after coalition talks fail

  • cause The Greek elections earlier this month, which were watched closely as a sign of how the public felt about austerity measures, were split very heavily, with once-obscure parties taking big chunks of the vote from established parties.
  • effect With these new parties insisting that a coalition government repeal the unpopular austerity measures, it was tough to find common ground, and as a result, none of the parties could manage to form a coalition government.
  • result “We are going again towards elections, in a few days, under very bad conditions,” Pasok leader Evangelos Venizelos said after a meeting on Wednesday. If Greece can’t form a government,  it will likely run out of money by July. source

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10:50 // 2 years ago
May 8, 2012
Greek neo-Nazi orders removal of “disrespectful” journalists
Journalists who refused to stand in respect for Golden Dawn party leader Nikolaos Michaloliako were forcibly removed from a recent press conference. Michaloliakos railed against the conservative Samaras party, illegal immigrants, and the mainstream press before heaping praise on the youth he believed responsible for Golden Dawn’s election success. “I want to dedicate this victory to all of our brave lads,” he said, continuing, “who wear the black t-shirts with the ancient letters reading ‘Golden Dawn’.”(Photo via CBC News) source
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Journalists who refused to stand in respect for Golden Dawn party leader Nikolaos Michaloliako were forcibly removed from a recent press conference. Michaloliakos railed against the conservative Samaras party, illegal immigrants, and the mainstream press before heaping praise on the youth he believed responsible for Golden Dawn’s election success. “I want to dedicate this victory to all of our brave lads,” he said, continuing, “who wear the black t-shirts with the ancient letters reading ‘Golden Dawn’.”(Photo via CBC News) source

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14:50 // 2 years ago
May 6, 2012

idroolinmysleep says: Re: Greek parliament -- you might want to note that Golden Dawn, which has 21 seats according to your chart, is a neo-Nazi party. AFP has a story on it (Google for Golden Dawn Nazi and it'll come right up).

» SFB says: We actually covered this first thing this morning, but it’s certainly worth emphasizing again. They’re on track to get 7 percent of the vote, which is fairly huge considering they got .29 percent in the prior election. Certainly not a positive development. — Ernie @ SFB

23:07 // 2 years ago
jakke:

So here’s how things are looking for the Greek election. They’re at 82% reporting, but most of the remaining votes are around Athens, Piraeus, and Thessalonika - all strong SYRIZA territory. So we can probably expect a slight shift towards SYRIZA, but no more than a seat or two.
I was going to do a big long post on the possibilities for coalitions and so on, but with this seat distribution there are basically just two possibilities:
ND and PASOK continue on as a pro-austerity pro-bailout pro-eurozone coalition with the bare minimum number of seats until someone defects and the coalition collapses.
A fresh round of elections gets called for next month.
There really aren’t any other feasible governing prospects here. Honestly I’m expecting #2, because a “grand coalition” style government that received just under a third of the total vote (and around a quarter of the total vote in the capital) would be perceived as having very little legitimacy and almost certainly would not last.

Jakke knows more about international politics than you do. In this case, Greece.

jakke:

So here’s how things are looking for the Greek election. They’re at 82% reporting, but most of the remaining votes are around Athens, Piraeus, and Thessalonika - all strong SYRIZA territory. So we can probably expect a slight shift towards SYRIZA, but no more than a seat or two.

I was going to do a big long post on the possibilities for coalitions and so on, but with this seat distribution there are basically just two possibilities:

  1. ND and PASOK continue on as a pro-austerity pro-bailout pro-eurozone coalition with the bare minimum number of seats until someone defects and the coalition collapses.
  2. A fresh round of elections gets called for next month.

There really aren’t any other feasible governing prospects here. Honestly I’m expecting #2, because a “grand coalition” style government that received just under a third of the total vote (and around a quarter of the total vote in the capital) would be perceived as having very little legitimacy and almost certainly would not last.

Jakke knows more about international politics than you do. In this case, Greece.

(via soupsoup)

20:29 // 2 years ago
In an ironic twist of history, ‘democracy’ collapses day after day in its cradle, only to reveal itself as a bloodthirsty cacophony of exploitation, suppression and inhumanity.
Al Jazeera English columnist Nikolas Kosmatopoulos • Offering up a particularly harsh take on the state of affairs in Greece, which is holding elections today. His article’s title? “If elections could change things, they’d be illegal.” A tough title for a tough sentiment, in which Kosmatopoulos says that the rising influence of the far right has made targets of the poor and of immigrants in the country. The country, which runs on a multi-party parliamentary system, could see fringe groups, such as the neo-Nazi Golden Dawn, get significant shares of the votes on Sunday. What happens to a country so battered by economic austerity that fringe groups gain significant power? Let’s hope we don’t find out.
10:33 // 2 years ago
April 5, 2012
The Greek government has a new problem: A potential martyr. A 77-year-old man who recently recently shot and killed himself in Athens’ Syntagma Square has become a symbol for anti-austerity activists, leading to heavy protests Wednesday, including chants like ”this was no suicide, it was a state-perpetrated murder.” Greece, rocked by a tough state of austerity, has unemployment at 21 percent — higher for young people — and tens of thousands of jobs have been lost.  (Photo: People gather at the site of the man’s shooting. Thanassis Stavrakis/AP)

The Greek government has a new problem: A potential martyr. A 77-year-old man who recently recently shot and killed himself in Athens’ Syntagma Square has become a symbol for anti-austerity activists, leading to heavy protests Wednesday, including chants like ”this was no suicide, it was a state-perpetrated murder.” Greece, rocked by a tough state of austerity, has unemployment at 21 percent — higher for young people — and tens of thousands of jobs have been lost.  (Photo: People gather at the site of the man’s shooting. Thanassis Stavrakis/AP)

10:26 // 2 years ago
February 12, 2012

kateoplis:

think-progress:

MASS RIOTS in Athens, Greece.

At least 10 buildings went up in flames in protests today.

Dear Think Progress,

Once again, could you please take the extra few seconds and credit your photographs? None of the photos above are in the link you’ve provided and appear to be photos from Twitter or Instagram like the bottom left which I posted earlier: it belongs to mmgeissler. Thanks.

This stuff takes a lot of time to find if you’re not on the ground. And if you’re the original source, you deserve credit. Let’s take care not to just gank images. It takes ten seconds to link to a source. Let’s be good linking citizens, all. EDIT: To their credit, Think Progress added attribution to this post.

(Source: )

20:29 // 2 years ago
December 21, 2011

A sampling of some of the sites NewtGingrich.com redirects to. RickPerry.com had nothing on this amazing game of roulette.

12:59 // 2 years ago