Greece entered the Euro currency in January 2001. This was supposed to protect and develop our economy. Yet, the opposite occurred. For many years before, living with our historical currency the drachma, we have never experienced a similar catastrophe like today. We may indeed speak for a modern Greek tragedy. It is true that, part of the blame is due to the viciousness of our political system. But the same political system, more or less, existed also in the past during the drachma years. Greece is soon enteringt the sixth consecutive year of deep recession. Since 2008, the country’ s GNP has dropped more than 30% and this extreme downward trend continuous with no light in the end of the tunnel. Hundreds and/or thousand of enterprises close.
n May 1, 2013 completed treatment, filled and approved by the Supreme Court in May 2 by 215 founding members, the creation of a new political party named “Drachma”, Greek Democratic Movement focusing on the following five basic positions:
For some time now, it’s been clear to many analysts that the European and International Monetary Fund bailout program for Greece is not working. The country is mired in a depression and its government shoulders a large and unsustainable debt. Few policy makers have been willing to acknowledge that reality in public because doing so would be an admission of failure and require them to change their approach, which they have already done once before. But on Wednesday, a member of the I.M.F.’s board who represents Brazil and 10 other countries broke that silence by issuing an unusual and refreshingly candid statement.
Greece is about to get an installment of 8 billion Euro. I'm going to assume that is their quarterly installment.Greece is running a primary deficit of about 6 billion Euro (as best as I can figure out). So that is 1.5 billion per quarter. So about 19 cents of every Euro of bailout money makes it way to fund Greece's current overspending.
Brno, May 21 (CTK) - The cure to the persistent debt crisis is currency devaluation, but only countries that are not euro zone members have this option, former finance minister and Civic Democratic (ODS) politician Vlastimil Tlusty said at an economic forum in Brno yesterday.
For that reason, some countries which have the euro now will soon stop using the currency, Tlusty said.