The new Greek government of the leftist party SYRIZA wanted to take back austerity reforms in order to, for example, “gradually restore salaries and pensions so as to increase consumption and demand”. But it seems that the only thing accepted by the European Commission and eurozone finance ministers is 4-month extension of the bailout in return for presenting a list of reforms that Greece had committed to undertake.


Nominants of Syriza haven’t even settled comfortably in their key chairs in the new Greek government yet and new prime minister together with finance minister have already made their first compromise and step back from their pre-electoral promises. They refrained form talking about the debt write-off, started talking about restructurization of debt and went on a European tour to find out from creditors which particular forms of restructurization could be acceptable.

picture: Karl-Ludwig G. Poggemann

As finance ministers sat together at the Ecofin meeting last week, the future of the Eurozone was at stake, with Greek political deadlock casting a shadow of darkness over its own euro existence. Greek President Karolos Papoulias was going to ask politicians last Tuesday to stand aside and let a technocratic government be formed to avoid bankruptcy of the heavily indebted Balkan country even though radical leftists from Syriza party have already rejected the proposal…


Marshall is coming back to Europe, where British argue with French about banking rules and Greeks want to place mines on the borders. Even though a new wave of recession is flooding Europe, rating agencies turned gentlemen  and raised a couple of ratings. Fiscal pact hasn’t properly cooled down yet and there is already anti-austerity mood in Europe, not only among demonstrating people but also among politicians. Maybe it is because of the level of unemployment in…