Greek crisis

Then philosophy migrated from every direction to Athens itself, at the center, the wealthiest commercial power and the most famous democracy of the time [ note ]. Socrates, although uninterested in wealth himself, nevertheless was a creature of the marketplace, where there were always people to meet and where he could, in effect, bargain over definitions rather than over prices. Similarly, although Socrates avoided participation in democratic politics, it is hard to imagine his idiosyncratic individualism, and the uncompromising self-assertion of his defense speech, without either wealth or birth to justify his privileges, occurring in any other political context. If a commercial democracy like Athens provided the social and intellectual context that fostered the development of philosophy, we might expect that philosophy would not occur in the kind of Greek city that was neither commercial nor democratic.

Greek crisis

It's home to Eurostat, the European Union's statistical office. The number crunchers there are deeply annoyed with Athens.

Investigative reports state that important data "cannot be confirmed" or has been requested but "not received. Sincethe Maastricht rules threaten to slap hefty fines on euro member countries that exceed the budget deficit limit of three percent of gross domestic product.

Greek government-debt crisis - Wikipedia

Total government debt mustn't exceed 60 percent. The Greeks have never managed to stick to the 60 percent debt limit, and they only adhered to the three percent deficit ceiling with the help of blatant balance sheet cosmetics. One time, gigantic military expenditures were left out, and another time billions in hospital debt.

After recalculating the figures, the experts at Eurostat consistently came up with the same results: In truth, the Greek crisis each year has been far greater than the three percent limit. Init exploded to over 12 percent. Now, though, it looks like the Greek figure jugglers have been even more brazen than was previously thought.

Greece's debt managers agreed a huge deal with the savvy bankers of US investment bank Goldman Sachs at the start of The deal involved so-called cross-currency swaps in which government debt issued in dollars and yen was swapped for euro debt for a certain period -- to be exchanged back into the original currencies at a later date.

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Fictional Exchange Rates Such transactions are part of normal government refinancing. Europe's governments obtain funds from investors around the world by issuing bonds in yen, dollar or Swiss francs. But they need euros to pay their daily bills.

Greek crisis

Years later the bonds are repaid in the original foreign denominations. But in the Greek case the US bankers devised a special kind of swap with fictional exchange rates. That enabled Greece to receive a far higher sum than the actual euro market value of 10 billion dollars or yen. This credit disguised as a swap didn't show up in the Greek debt statistics.

Eurostat's reporting rules don't comprehensively record transactions involving financial derivatives.

Greek crisis

In previous years, Italy used a similar trick to mask its true debt with the help of a different US bank. In the Greek deficit amounted to 1. After Eurostat reviewed the data in Septemberthe ratio had to be revised up to 3.

According to today's records, it stands at 5. At some point Greece will have to pay up for its swap transactions, and that will impact its deficit. The bond maturities range between 10 and 15 years.

The Greek Crisis

Goldman Sachs charged a hefty commission for the deal and sold the swaps on to a Greek bank in Security analysts say they are already seeing the impact, particularly in migration patterns from northern Africa and the Sahel region, which is the band of farmland just below the Sahara desert.

Crisis definition, a stage in a sequence of events at which the trend of all future events, especially for better or for worse, is determined; turning point. See more. by Kerin Hope Financial Times November 14, Greek civil servants staged a hour strike on Wednesday to press for wage and pensions increases that would reverse deep cuts in incomes enacted during the country’s three international bailouts since A ltogether there are five European nations whose debts are larger than their economic output, and 21 that have debts larger than the 60 per cent-of-GDP limit set out in the Maastricht Treaty.

For years, Greece has struggled under crushing debt. From referendums on EU and IMF bailout terms to the rise of the anti-austerity left, DW explores key moments in the debt crisis and how Athens. Classical, Greek and Roman, Myths & Legends.

An exhibition of Mythic Art by Contemporary American Illustrator Howard David Johnson, whose illustrations of Mythology have been published all over the world by distinguished learning institutions and publishers including the .

Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt - SPIEGEL ONLINE