YES, Greece CAN...Despite The Memoranda!

 

For all those who would like to see what exactly the two Memoranda between Greece and the Troika of her creditors - the EU, the ECB and the IMF, say, see below for the measures involved for the already much beleaguered people of Greece....

The people of Greece who are being called upon to make major sacrifices and suffer for the next few years, because, tragically, her political leaders failed to build a properly functioning state over the last 40 years that would also safeguard its citizens against the whims and voracious appetites of the world's vultures...

Greece needs to get its own house in order and make structural reforms, for its own sake, but the Troika's recipe isn't necessarily the right way to go. There are many voices, in Greece and around the world arguing against an imposed austerity seemingly without justice, incentives and hope for  future growth. An austerity designed primarily to ensure payback to banks and institutions who have made killings all these years. These protests are falling on deaf ears, however, as the grey-suited bureaucrats making decisions conveniently forget that there are real people suffering behind the numbers they see in front of them and the resultant brain drain, as the young and the talented leave Greece to pursue lives and careers elsewhere, is the last thing that Greece needs right now.

Whatever happens though, Greece is a nation that has survived much worse over the course of her long history, and although we are confident that it will survive this challenge too, wherever we are in the world, we need to be united and strong; we need to show our love for our homeland; we need to realise that Greece needs us ALL, and especially our support.

The support that we gave our homeland so generously and open-handedly whenever she was on top - in sport or culture, during the glorious Year of Greece in 2004, for example - is much more crucial now when her people are struggling.

We need to be there for the land we know and love.

We need to support the Greek people materially and financially - to help look after the weak who are fighting for their families, who have lost their income and homes and who have no alternative -  but we especially need to support the Greek people's efforts, by giving them as much moral support and encouragement as we can. Our back up, encouragement and support will be critical  in the difficult days ahead, to help our people remain strong, to stay the course and to hold their heads up high.

Source: Billy Candiloros - thanks!

We should never let anyone or anything make us ashamed to be Greek let alone the incompetent politicians and greedy, self-seeking individuals who have brought Greece to the state she is in today.

We need to bring out the best in our people all over the world, so that we can all look forward to a better and brighter future for our homeland - the country we love - Greece.

We need to stand behind the people of Greece so that they can REBUILD, REPOWER, REINVENT, RESTART...

UNITED we Greeks have shown that we can create magic - Greek magic- and we will   again!

YES, Greece, CAN!

Greece—Memorandum of Understanding on Specific Economic Policy Conditionality, 9 Feb 2012
 Greece—Memorandum of Economic and Financial Policies, 9 Feb 2012 

Dedicated To the Troika: From Greece with .... Humour, Black Humour

 From the pen of the wonderful Kostas Mitropoulos 
in Greek daily newspaper,Ta Nea 

Humour with a bite

Troika IMF etc, in the helicopter up above:  Decide Mr Mitso         

Mr Mitso ( the ordinary Greek Citizen, barefoot, caught between a bush of prickly cactuses labelled Staying in the Euro and a cliff precipice labelled Return to the Drachma):  

I would like an advance for some shoes, even if they are jandals

Today is an important day for Greece and only the future will tell us whether it is a positive or a negative one in the recent history of Greece, so we decided to mark it with humour... albeit black!

...and because the Troikans seem to be obsessed with the 13th and 14th Salaries in the private sector, not sure why, and Greece's political leaders are rejoicing that they have succeeded in saving these, despite the fact that, tragically, their concessions meant a lot more purchasing power was lost for the people of Greece and especially the lower income and pension earners,  we thought we would add this special tribute from our friends at Radio Arvyla...

We saved the 13th&14th Salary... Glory to us

P.S.  Dear Troika, Don't forget to have it translated...otherwise it will be all Greek to you!

Greece Economic Recovery on Track - Joint Statement by the EU and IMF

Never has so much been said so succinctly to so many by so few...

In case you were wondering this is what the IMF said to the people of Greece and the international community today, after the First Review which has taken place over the last few days. 

The report was released by the IMF without bold print but we thought there were a few areas which merited emphasis...

What they didn't tell us is the 'cost' that it will have for the people and although they talk about structural reforms to clamp down on tax evasion,  we think they should have added a paragraph telling us that they strongly recommend that the Greek Government enforce a zero tolerance on corruption, and confiscate all properties whose existence is not justified by the owner's income, no matter how well connected that owner is...

Incidentally, is that an olive branch we see depicted in the IMF's logo? Wonder why?

Press Release No. 10/308
August 5, 2010
Staff teams from the European Commission (EC), the European Central Bank (ECB), and the International Monetary Fund (IMF) visited Athens during July 26-August 5 for the first quarterly review of the Greek government’s economic program, which is being supported by a EUR 80 billion loan from Euro area countries and a EUR 30 billion Stand-By Arrangement with the Fund. The strategy and key policies remain as described in the May 2010 Letter of Intent and Memorandum of Economic and Financial Policies (see Country Report No. 10/111).

Our overall assessment is that the program has made a strong start. The end-June quantitative performance criteria have all been met, led by a vigorous implementation of the fiscal program, and important reforms are ahead of schedule. However, important challenges and risks remain.

The contraction in the economy is in line with May program projections: GDP is expected to decline by 4 percent in 2010 and some 2½ percent in 2011. Inflation is higher than expected—we have revised our estimate for 2010 to 4¾ percent—pushed up by indirect tax increases. With no signs of second-round effects, inflation is expected to decline rapidly.

In the fiscal area, the authorities have kept spending significantly below budget limits at the state level. This has offset slippages caused by problems in controlling expenditures at the sub-national level (local governments, hospitals, social security funds), and the overall deficit target for end-June was met. Going forward, to address potential risks to fiscal targets, it is critical to tighten expenditure control and monitoring, in particular at sub-national levels. Another key challenge is to further strengthen tax administration, including to reduce tax evasion by high-income and wealthy individuals. This is essential to secure tax revenues and to promote the overall fairness of the adjustment program.

In the financial sector, there has been a moderate deterioration in capital adequacy as nonperforming loans have increased in line with expectations. Recently, the CEBS stress tests covered more than 90 percent of Greek banking system assets and all but one state-owned bank passed, thus helping to reduce market volatility. We welcome that the government has commissioned a strategic review for the banking sector and a due diligence for state banks. The Financial Stability Fund (FSF), which is soon to become operational, will provide an important backstop to deal with potential capital shortfalls. In our view, the 10 billion euro earmarked for the FSF under the program remains adequate. Continued close monitoring of the financial sector will be important in the period ahead.

Impressive progress is being made on structural reforms. The mission welcomes Parliament’s approval of the landmark pension reform, which is far-reaching by international standards. Substantive labor market reform is also well underway. Implementation of recent tax reform and budget reform is key in order to consolidate fiscal consolidation. Other reforms that are scheduled for early implementation are transportation, where important progress has already been made with liberalization of road haulage, and energy. Restoring competitiveness and boosting potential growth remains critical to the program’s success. The challenge facing the government in this regard will be to overcome resistance from entrenched vested interests to opening-up of closed professions, deregulation, implementation of the services directive, and elimination of barriers to development of tourism and retail.

The Greek government is still unable to access international capital markets except for placement of short-term T-bills. However, market sentiments appear now to be improving. Taking advantage of the breathing space afforded by the large-scale international financial support, the key challenge facing the Greek authorities remains to establish a strong track record of policy implementation in order to regain access to international capital markets.

Next Steps. The staff-level agreement reached with the Greek authorities will pave the way for the conclusion of the first review under the loan facility agreement (euro area) and Stand-By Arrangement (IMF), subject to approval by the Commission, the Eurogroup, and the IMF’s management and Executive Board. Such approval will allow the disbursement of EUR 9 billion (EUR 6.5 billion by the euro area Member States, and EUR 2.5 billion by the IMF).

The mission for the next program review is scheduled for October, 2010.

Source: The IMF   

The Greek Economic Crisis With a Touch of Humour: From Homer to the IMF

Greece through the Ages
From Ancient Greece .... to the IMF...

   (Source: Unknown - received by email, no copyright infringement intended)

For those that don't know  - the last one epitomises the Greek saying  ' Me ta duo podia s'ena papoutsi'... which means that things are really tight and tough, as tough as trying to walk with both feet in one shoe...