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Too much ...too late
by Thanos Kalamidas
2011-07-22 09:32:02
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So that was it, the Euro-zone leadership at last decided that the economic measures in Greece were going to doomed the Greek people without any hope for recovery decided to lighten a bit the rope around their neck and they all sighed in unison because the global shares jumped up and the bankers started showing profits after the long waiting.

By extending the payment period – actually doubling – of the Greek debt and decreasing the unendurable interest to 3.5% the European leadership decided that beyond the numbers there are people who are oblige to protect and that’s the theory. Now coming to the practice nobody has any idea what’s this brings tomorrow and the only ones who really profited again were the bankers and the share holders. Actually what they might have lost by the decrease of the interest and the extension of the payment period they might have earn it in one afternoon. You only need to see the figures.

US shares gained 1.3%, while shares in Milan rose by 4%, and Spanish shares jumped 3%. European banking shares led the way. In Germany, Commerzbank climbed almost 9% and Deutsche Bank rose 3.6%, while in France Societe Generale and Credit Agricole gained about 6%. UK banking shares also rose with Barclays gaining 7.7%, Lloyds 5.9% and RBS 5.7%. But let’s see some other numbers. Unemployment between 18-30 year-olds this minute in Greece in real numbers – unemployed in Greece counts only somebody who has worked for certain amount of time, which means that thousands of young people who just finished high school this year, the year before or three years ago and all these that will finish the next ten years without any hope to find job don’t count – is reaching the chilling number of 43%.

According studies even from the IMF one third of the Greek businesses however big or small will close by the end of this year increasing the already heavy numbers of unemployment and from the beginning of the year the average income of the Greek families has degreased 25% at least not including the families that live on benefits. According to the IMF and as the situation was before the EU meeting Greece had to collect something like 50bn Euros by the end of this year just to keep the state going and the only way to draw this amount was by taxing. But taxing who? The above numbers show more than loud the reality of the Greek situation. Lightening the overwhelming weight from the Greek people doesn’t mean that the situation has change and unfortunately the situation hasn’t changed for the ones who are not responsible of everything that brought these problems the last three or four decades.

But there was a political decision to the positive direction adding that better late than ever. But what’s the direction and what was correct about a decision that came two years late? Aren’t these exhausting interests that two years ago brought the debt from 103Bn to 135Bn leading to the inhuman measures that have genuflected the Greek people?

And now we are in exactly the same point - at least for me – having employed extreme measures – at least political decisions - that would make sense two years ago hoping that the international economic world in front of a general crisis fear and the domino effect will accept them and somehow bring the clock back to make them work.

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