Archive for the ‘Alexis Tsipras’ Category

Worry About China, Not Greece

Monday, July 20th, 2015

When’s the last time markets reacted positively to anything happening in Greece?

Last week, just 10 days after Greek voters voted against a resolution that would have required stiffer austerity measures in return for a third Eurozone bailout, the Greek Parliament voted 229 to 64 with six abstentions in favor of harsher austerity measures than would have been required if voters approved the resolution.

As The Economist put it, “Grief, psychiatrists say, has many stages, from denial to acceptance; and Greece seems to have raced through them all.” Shanghai

So Greece needs psychiatric help.  That should have been clear years ago.  These are the folks who elected Alexis Tsipras of the wacky extreme-left Syriza Party as their prime minster.

Tsipras quickly found that his socialist machismo wasn’t very effective, given that his country needs billions of euros just to survive.  So maybe it’s not surprising that he and the Greek Parliament caved so quickly.

Not everyone was pleased. Fellow Syrizan Zoi Konstantopoulou, the parliamentary speaker, called it a “very black day for democracy in Europe.”  Since when does a socialist worry about democracy?

But enough about Greece.  Which country should we be worried about?  (more…)

Alexis the Not-So-Great

Monday, February 16th, 2015

A lot can happen in 2,500 years.

Back in its day, Greece ruled the world – albeit, it was a much smaller world.  But that was a long, long time ago.  So long ago, we routinely refer to the Greece of those days as “ancient Greece;” the only thing it has in common with the Greece of today is its geography.

Greece has gone from Alexander the Great to Alexis the Not-So-Great.  That would be Alexis Tsipras, leader of the Coalition of the Radical Left, who was elected prime minister in January.  Tsipras’ plan for bringing his country back to solvency is to pretend its debts don’t exist and to keep on spending.  After all, that worked so well for Argentina.Greek debt

After being bailed out twice by Eurozone leaders, Greece is no closer to solving its economic problems.  The only difference now is that it has more debt.  If Greece were a person, you’d cross the street if you saw him approaching, because you know he’d bum money off of you and use it to bet on the ponies.

The Eurozone’s bailouts were contingent upon Greece following an austerity program.  But Greeks have had enough of austerity and elected Tsipras as the anti-austerity candidate.  So after two bailouts, Greece is still an economic failure – and it’s all Germany’s fault, since Germany actually wants Greece to stick to its austerity program and pay back its loans.

(more…)