Corfu Sunrise

This was a sunrise in Corfu, Greece last week. As we are now home again, this is probably the last Corfu picture that I shall post on this blog.

Greece and the FTSE 100

Apparently Greece has "all but" done a deal with its creditors on a new bailout deal, yet the FTSE 100 share index is currently down nearly 1%. The stock markets should surely be pleased that the Greek uncertainty is all but over.

China - worse than Greece?

We should be afraid of what is happening in China. There, stock market losses are huge in the last month and these will affect China and the West. The article linked shows parallels with the 1929 Wall Street Crash. Worrying. With Greece and China the world is facing another financial crisis.

See http://www.bbc.co.uk/news/business-33440565 .

FTSE 100 recovering?

OK, this is just a snapshot and all could change, but at the moment the FTSE 100 is up. I guess the real turbulence will be after Sunday when the situation with Greece becomes clearer. Clearly the countries in the Euro are doing everything to keep Greece in the Euro, but the Greeks are not wanting to play ball" and want things on their terms. Tax avoidance and possibly corruption seem endemic in Greece. Things have to change or they will be on their own again.

FTSE 100 - on the slide

As I write this there is great uncertainty over Greece, which rejected the latest financial rescue package at their referendum last weekend. The FTSE 100 share index fell quite a bit today (down 1.58%).  It looks increasingly likely this "Greek tragedy" will end with Greece defaulting on its debts and leaving the Euro and possibly the EC.  The financial markets will be hard hit especially in those countries that use the Euro. A last minute deal is still (just) possible but I think the markets have assumed Greece is out. Certainly the European finance ministers and heads of government have run out of patience. If Greece leaves the Euro many nations will be impacted, not least Germany that stands to lose an enormous amount. For the Greek people, the future looks very bad for many years. No doubt they will eventually bounce back, but they risk civil war in the meantime. No, this is a real crisis for all of Europe.

See  http://www.bbc.co.uk/news/business/markets/europe/lse_ukx .

Greece and falling stock markets

With the continuing uncertainty over the Greek debt crisis it is not surprising that the FTSE 100 is still falling. Until the uncertainty goes, I think we'll see further falls. At the very least expect markets to be erratic.

Greece - still in trouble?

International creditors are still not happy with proposals from Greece over their debt. Talks are continuing  but I think Greece will have to make further concessions or leave the Euro. Although deep in the mire now, they would be in dire trouble out of the Euro with no support from the ECB for their banks.

See http://www.bbc.co.uk/news/world-europe-33258624 .

Greece - market relief?

This may be just a blip but the FTSE 100 share index bounced back today on the news that Greece has been "saved" in the short-term, although they still have a massive debt to repay and Greece is in a real mess. As I see it, this is a temporary situation and Greece is still in deep trouble. The simple fact is that the Euro could simply fall apart if Greece defaults and Germany would be left with huge losses and they are desperate to avoid this.

No, the Euro is still in deep trouble. This crisis has a way to go yet. There is trouble ahead for sure.

Greece - a basket case?

Greece seems to be in a serious mess financially, although the EC seems desperate for the Euro to survive the current crisis. It would appear Greece became a member of the Euro club based on rather dubious figures. Tax avoidance and early retirement ages appear to be a way of life in Greece and this is anathema to countries like Germany. If Greece doesn't get kicked out of the Euro, they certainly need to change. We will see what happens. I expect we'll see yet another fudge and somehow Greece will survive, although it is not clear for how long. I'm very glad not to be Greek right now. Life there must be very hard, especially if you have no work.

UPDATE 1726z:  It sounds like Greece may be on the brink of a financial rescue. Time will tell.

FTSE 100 up today

The FTSE 100 share index was up again today by 0.54%. It is still some way below its high spot which was over 7000. As the next General Election approaches and there is continuing uncertainty in Greece, more rapid fluctuations are likely.

At the moment, the outcome of the next General Election outcome is a total guess. The 2 big parties (Conservatives and Labour) are still neck and neck at 34% according to recent opinion polls.

Market stability?

The FTSE 100 closed about 37 points higher today, an all time high.  The pound is worth 1.365 euros. Apparently the Greeks have reached agreement with their creditors for a 4 month delay in debt repayments.

It remains to be seen if this is the end of the Greek crisis or just a postponement of the inevitable?

Greece deal?

It looks like Greece has "won" a 4 month extension of its debt obligations, so they don't run out of money just yet. It still seems risky for Greece. At some point, not too far away in the near future, its creditors will want their money back.  It seems to me any deal just delays this critical point.

As they say, "you reap what you sow". Greece has lived too long way beyond its means and shortly their "chickens will come home to roost". Mind you, lots of other places including the UK have been living for far too long on borrowed money.

All nations have to live within their means.

See http://www.bbc.co.uk/news/business-31556754 .

Greek debt

In some ways I feel sorry for the ordinary Greek man and woman.  They are having to replay huge debts whilst their economy is doing very badly.  Many in Greece are experiencing real poverty.  They should never have been allowed into the Euro club all those years ago.  Tax avoidance had become a way of life in Greece and they are so far out of step with the economies of northern Europe. In many ways the Greeks expected it too easy within the Eurozone. Now they are finding out the hard way.

I very much doubt they will be able to re-negotiate their repayment terms.  If they leave the Euro now it will be very bad for Greece and hard on the Eurozone.  Sadly,with other indebted nations "in the wings" Germany and others in the Euro club cannot give in to Greece.  Tough times are ahead.

See http://www.independent.co.uk/voices/as-in-1942-germany-must-show-restraint-over-greece-10015905.html .   Apparently,Germany has misread Greece in the past.

Greece (more)

So the left wing Syriza party was just short of an overall governing majority and has formed a coelition with a far right anti-austerity party. The next few months will be critical for the Euro - will Greece pay its debts and will it leave the Euro? - and how will Greece cope? Will the coelition of far right and left work? The calm before the storm?

See http://www.bbc.co.uk/news/world-europe-30981950 .

Greece

I am not sure what to make of Greece. Life currently is very hard for the Greeks with great austerity and very high unemployment. On the other hand they say "you reap what you sow". For years tax avoidance had become a way of life. Their future will become even more uncertain with a very left wing Syriza government.

Greece - Sunday's election

At the moment Syriza, the left wing party, looks set to win in Greece on Sunday. If so, an exit from the Euro, and the EU, is possible. This could have dramatic ramifications for both Greece and the rest of the EU, including the UK.

Greece to Italy ferry fire

This was a stupid incident,which smacks of incompetence or poor training.

Why were the crew so poorly trained that the fire was still burning away after 24 hours? Why did people have to be 24 hours or more in some cases waiting on the upper deck to be rescued? Why did anyone have to die? Apparently, 10 people died.  All survivors are now reported to be off the ferry.

I know the seas were bad, but one gets rough weather and crews should be able to deal with this. Sorry, but someone needs to be held accountable.

Elgin Marbles

These should be returned to Greece, no arguments. They are not ours to keep or to loan to the Hermitage Museum in Russia. All such artifacts should be returned to their rightful homes. We accuse the Nazi's of stealing but conveniently have excuses when we are guilty. By all means let us replace them with excellent copies.

See http://www.bbc.co.uk/news/entertainment-arts-30340704 .

Fixing the Euro?

So the politicians in Brussels have come up with a package to fix the Euro debt problem. Why does my mind think of Neville Chamberlain coming down the plane steps having arrived back from his meeting with Hitler in Munich in 1938? Probably because I think this bit of paper and his have about as much chance of working.

I hope the plan works, but think it totally wrong that the good honest workers of Europe have to bail out profligate and irresponsible governments and banks. The voice of the common man will not accept this much longer. Many, but not all, citizens of Greece have made tax avoidance a way of life. In Italy corruption is still endemic. If countries cannot run their affairs properly when members of the European club then they MUST take the consequences of their (in)action. If the Greeks are allowed a haircut on their debts why not Ireland?