கிரேக்கப் பொருளாதார நிலை. Greece Economy

கிரேக்கத்தில் நிகழ்ந்தது போல இந்தியாவிலும் பொருளாதாரத் தேக்கநிலை ஏற்பட்டுவிடுமோ என்று சிலர் அச்சம் தெரிவித்துள்ளனர். இதை சிலர் வேடிக்கையாகவும், தேவையற்ற அச்சம் என்றும் நினைக்கக்கூடும். இந்தியாவின் பொருளாதாரமும் சிக்கலில் தான் உள்ளது. 

பல மாநிலங்களில் கடந்த காலங்களில் புதுச்சேரி, பீகார், ஒரிஸ்ஸா போன்ற மாநிலங்களின் பொருளாதார நிலை திருப்தியாக இல்லை.  சில மாநிலங்கள் அரசு ஊழியர்களுக்கு மாத ஊதியமும் , ஓய்வூதியங்களும் வழங்கவே சிரமப்படுகின்றன என்று தகவல்கள் வருகின்றன.

1930ம் ஆண்டு உலகமே பொருளாதாரத்தில் தேங்கியிருந்தது.  1920ல் ஏற்பட்ட நுகர்வுக் கலாச்சாரம்  தொழிற்துறையை மேலோங்கச் செய்ததே ஒழிய பொருளாதாரத்தை மந்தமாகவே வைத்தது. நுகர்வுப் பொருட்களைக் கடனுக்குப் பெற்றுச் சென்று, அந்த கடன்களை அடைக்க முடியாமல் பொருளாதாரம் நிச்சயமற்ற தன்மைக்குச் சென்றது.

வரலாறும் கலாச்சாரமும் பாரம்பரியமுமான கிரேக்கத்தை பல லட்சம் கோடி யூரோ கடனில் மூழ்கடித்தது. இதனால் கிரீஸ் , ஐரோப்பிய யூனியன், பன்னாட்டு நிதியம் மட்டுமில்லாமல், ஜெர்மனி, பிரான்ஸ், அமெரிக்கா, பெல்ஜியம், நெதர்லாந்து, இங்கிலாந்து, ஆஸ்திரியா, பின்லாந்து, இத்தாலி ஆகிய நாடுகளில் கடன்களை வாங்கிக் குவித்தது. 

அந்தக் கடன்களைத் திருப்பிச் செலுத்த முடியாமல் கிரிஸில் வங்கிகள் மூடப்பட்டு.. மக்கள் பணப்புழக்கம் இல்லாமலும், வங்கியில் பணம் எடுக்கமுடியாமலும் சிரமத்திற்கு உட்பட்டார்கள்.

இதனால் சிக்கன நடவடிக்கை மேற்கொள்ளப்பட வேண்டுமென்று கிரீசை கடன்கொடுத்த நாடுகள் கட்டாயப்படுத்தினார்கள்.  மேலும் வரிகளை உயர்த்தவும், மானியங்களை ரத்து செய்யவும் ஊதியங்களைக் குறைக்கவும் நிர்பந்தம் செய்தது. இதற்காக மக்களிடையே பொதுவாக்கெடுப்பு நடத்தியபோது 61% கிரீஸ்  மக்கள் எதிர்த்து வாக்களித்தனர்.

எனவே, கடன்கொடுத்த நாடுகளின் நிர்பந்தத்திற்கு அடிபணியமுடியாது என்பது பொதுவாக்கெடுப்பின் முடிவாக இருந்தது. இதைக்குறித்து அந்நாட்டுப் பிரதமர் அலெக்சி, “ஸ் சிப்ராஸ் சிரமமான நிலையிலும் உண்மையான ஜனநாயகத்தை முடக்கவோ மிரட்டவோ முடியாது” என்று பெருமையோடு சொன்னார்.

ஆகவே, நிர்பந்தங்களை ஏற்கமுடியாம, ஏற்கனவே கிரீசில் 40,000பேர் அரசுப் பணிகளிலிருந்து விடுவிக்கப்பட்டார்கள். 2,500பேர் இரண்டாண்டுகள் இந்த அவலநிலையினைப் பார்த்து தற்கொலை செய்துகொண்டார்கள்.

 மக்களின் சுவிஸ் வங்கிகளில் முடக்கப்பட்டிருக்கும் கருப்புப் பணத்திற்கு 21சதவிகிதம்  வரியைச் செலுத்திவிட்டு அந்தப் பணத்தை மீட்டுக்கொண்டுவந்து கிரேக்கத்தில் முதலீடு செய்யுங்கள் என்று வேண்டுகோளை விடுத்தது கிரீஸ்   அரசாங்கம்.

இந்நிலையில் இன்றைக்கு உலக நாடுகள் கிரேக்கத்திற்கு தங்கள் நிலைப்பாடுகளை மாற்றிக்கொண்டு உதவ இருப்பதாக செய்திகள் வந்தவண்ணம் உள்ளன. இதுகுறித்து விமர்சனங்களும் எழுந்துள்ளன. கிரேக்கத்தை இடதுசாரி ஆட்சிகளிடமிருந்து மீட்க இதுதான் சரியான தருணம் என்று அமெரிக்கா போன்ற நாடுகள் உதவ முன்வருகிறார்கள் என்ற செய்திகள் வந்துள்ளன. கஷ்ட்டமோ நஷ்ட்டமோ மனித இனம் அழியாமல் கிரீஸ்   காப்பற்றப்பட்டால் போதும் என்ற நிலை.

வெள்ளையரோ, கருப்பரோ மனிதநேயம் நாடுகள் கடந்து தளைக்கவேண்டும்.

-கே.எஸ் இராதாகிருஷ்ணன். 

14-07-2015.

#KsRadhakrishnan #KSR_Posts #GreeceEconomy 

See also : 

http://ksr1956blog.blogspot.in/2015/02/blog-post_58.html

http://ksr1956blog.blogspot.in/2015/05/ancient-greek.html

http://ksr1956blog.blogspot.in/2015/07/greece.html

Why Greece is going to have to start printing its own money The gaps between Greece and creditors look too large to bridge

 
 

Following the No vote in yesterday’s Greek referendum, the battle lines are being drawn around Europe. The Greek crisis is forcing the eurozone to face up to the existential question which it has dodged since the crisis hit – whether to integrate further or whether to adjust its membership. However, not unexpectedly, a number of countries have different reactions to this question and the splits are already emerging.
One thing all sides agree on is the need for more talks – they do love a good emergency summit in Europe. Of course, it would be nearly impossible to reject new talks out of hand, as it would seem as if eurozone leaders were rejecting the democratic vote in Greece, which would play into Greek Prime Minister Alexis Tsipras’ game of blaming the creditors for all of Greece’s woes.

The substance of the talks is an entirely different matter though. A German government spokesman drove this home saying the “preconditions have not been met” for a new bail-out deal for Greece and debt restructuring is not on the table. France’s Finance Minister Michel Sapin went a bit easier saying there is “nothing automatic” with regards to Grexit, adding that there is “a basis for” negotiation. The Baltics and the Dutch unsurprisingly rallied around the German hard line, while Italian Prime Minister has tempered his initially tough tone somewhat.
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The fault lines and divisions across Europe have once again been exposed by the crisis. The difference this time is that papering them over will prove much harder. There is little wiggle room in these current talks. Tsipras has made it clear he believes Greece needs some kind of debt relief and is unlikely to budge after being emboldened by the strong No. Given that 76 per cent of Greek debt is held by taxpayer-backed institutions this would inevitably involve some kind of transfer, which will have to be explained to taxpayers across the eurozone. It is clear there is no consensus around such a prospect and pushing it through would be democratically and legally impossible.

Beyond the longer term implications for the eurozone, which are at the forefront of German minds, there are also domestic implications which weigh heavily on other European states. Spain does not want to feed the rise of Podemos. Other governments which have implemented tough austerity simply do not want to look as if they took such a hard path for no reason.
The customary response to such divisions is for Europe to seek a fudge. But there is not an obvious one on the table this time. With Greek banks now shut and capital controls in place it will be impossible for them to reopen without further ECB support. This is hard to imagine without a new deal, which is itself a huge ask. So where does this leave us? Well, with an eventual Grexit. The negotiations may rumble on for a bit but the gaps between Greece and creditors as well as within the creditors look too large to bridge. Ultimately, if Greece ever wants to reopen its banks it will have to start printing its own currency, marking an important step towards full Grexit.
Timeline: What next for Greece after 'No' vote?
Key events in the next 48 hours and beyond for the Greek crisis
Today (Mon 6 July)
EU institution talks
Jean-Claude Juncker, the head of the European Commission, Donald Tusk, the president of the European Council of member states, and Jeroen Dijsselbloem, the chair of the Eurogroup of single currency users, and Mario Draghi, the chair of the European Central Bank, will hold a morning conference call
ECB decision on emergency liquidity
The European Central Bank Governing Council, comprised of member states, will meet. They will discuss whether emergency liquidity - kept in place for the referendum - can legally and politically be maintained.
Hollande and Merkel meeting
Angela Merkel, the German Chancellor, and Francois Hollande, the French president, will meet for dinner at the Elysee Palace in Paris. Europe's founding fathers are split. France is Greece's last defender, and believes a deal can still be done. More broadly, it believes that the euro must be more democratic, less coercive if a series of Greek-style rebellions are to be avoided. Germany, Greece's sternest critic, believes the country should serve as a lesson: stick with the reforms programmes, enforce fiscal discipline from the centre, or chaos will ensue.
Tuesday 7 July
European Parliament address
Mr Tusk and Mr Juncker are expected to address Europe's elected representatives at the Parliament in Strasbourg. Nigel Farage is lined up to speak. Expect oratorical fireworks.
Eurozone heads summit
The Eurozone heads of government will meet in Brussels. They last convened last Saturday, the morning after Alexis Tsipras tore up a Euro 1.5 billion bailout deal by calling a referendum.
Looming deadlines
Any day this week
With or without emergency liquidity, Greek banks are likely to run dry.
July 13
Greece must find another Euro 465 million currently owed to the IMF. It is already in default.
July 20
Most crucially, on July 20 it must find Euro 3.5 billion to pay the European Central Bank. Default on this will force the withdrawal of those emergency bank loans. Financial collapse and Grexit follows.


Greece is the latest battleground in the financial elite’s war on democracy

reece may be financially bankrupt, but the troika is politically bankrupt. Those who persecute this nation wield illegitimate, undemocratic powers, powers of the kind now afflicting us all. Consider the International Monetary Fund. The distribution of power here was perfectly stitched up: IMF decisions require an 85% majority, and the US holds 17% of the votes.

The IMF is controlled by the rich, and governs the poor on their behalf. It’s now doing to Greece what it has done to one poor nation after another, from Argentina to Zambia. Its structural adjustment programmes have forced scores of elected governments to dismantle public spending, destroying health, education and all the means by which the wretched of the earth might improve their lives.

The euro will be stuck with austerity unless it learns to embrace democracy


The same programme is imposed regardless of circumstance: every country the IMF colonises must place the control of inflation ahead of other economic objectives; immediately remove barriers to trade and the flow of capital; liberalise its banking system; reduce government spending on everything bar debt repayments; and privatise assets that can be sold to foreign investors.

Using the threat of its self-fulfilling prophecy (it warns the financial markets that countries that don’t submit to its demands are doomed), it has forced governments to abandon progressive policies. Almost single-handedly, it engineered the 1997 Asian financial crisis: by forcing governments to remove capital controls, it opened currencies to attack by financial speculators. Only countries such as Malaysia and China, which refused to cave in, escaped.

Consider the European Central Bank. Like most other central banks, it enjoys “political independence”. This does not mean that it is free from politics, only that it is free from democracy. It is ruled instead by the financial sector, whose interests it is constitutionally obliged to champion through its inflation target of around 2%. Ever mindful of where power lies, it has exceeded this mandate, inflicting deflation and epic unemployment on poorer members of the eurozone.

The Maastricht treaty, establishing the European Union and the euro, was built on a lethal delusion: a belief that the ECB could provide the only common economic governance that monetary union required. It arose from an extreme version of market fundamentalism: if inflation were kept low, its authors imagined, the magic of the markets would resolve all other social and economic problems, making politics redundant. Those sober, suited, serious people, who now pronounce themselves the only adults in the room, turn out to be demented utopian fantasists, votaries of a fanatical economic cult.

All this is but a recent chapter in the long tradition of subordinating human welfare to financial power. The brutal austerity imposed on Greece is mild compared with earlier versions. Take the 19th century Irish and Indian famines, both exacerbated (in the second case caused) by the doctrine of laissez-faire, which we now know as market fundamentalism or neoliberalism.

In Ireland’s case, one eighth of the population was killed – one could almost say murdered– in the late 1840s, partly by the British refusal to distribute food, to prohibit the export of grain or provide effective poor relief. Such policies offended the holy doctrine of laissez-faire economics that nothing should stay the market’s invisible hand.

When drought struck India in 1877 and 1878, the British imperial government insisted on exporting record amounts of grain, precipitating a famine that killed millions. The Anti-Charitable Contributions Act of 1877 prohibited “at the pain of imprisonment private relief donations that potentially interfered with the market fixing of grain prices”. The only relief permitted was forced work in labour camps, in which less food was provided than to the inmates of Buchenwald. Monthly mortality in these camps in 1877 was equivalent to an annual rate of 94%.


As Karl Polanyi argued in The Great Transformation, the gold standard – the self-regulating system at the heart of laissez-faire economics – prevented governments in the 19th and early 20th centuries from raising public spending or stimulating employment. It obliged them to keep the majority poor while the rich enjoyed a gilded age. Few means of containing public discontent were available, other than sucking wealth from the colonies and promoting aggressive nationalism. This was one of the factors that contributed to the first world war. The resumption of the gold standard by many nations after the war exacerbated the Great Depression, preventing central banks from increasing the money supply and funding deficits. You might have hoped that European governments would remember the results.

Today equivalents to the gold standard – inflexible commitments to austerity – abound. In December 2011 the European Council agreed a new fiscal compact, imposing on all members of the eurozone a rule that “government budgets shall be balanced or in surplus”. This rule, which had to be transcribed into national law, would “contain an automatic correction mechanism that shall be triggered in the event of deviation.” This helps to explain the seigneurial horror with which the troika’s unelected technocrats have greeted the resurgence of democracy in Greece. Hadn’t they ensured that choice was illegal? Such diktats mean the only possible democratic outcome in Europe is now the collapse of the euro: like it or not, all else is slow-burning tyranny.

It is hard for those of us on the left to admit, but Margaret Thatcher saved the UK from this despotism. European monetary union, she predicted, would ensure that the poorer countries must not be bailed out, “which would devastate their inefficient economies.”

But only, it seems, for her party to supplant it with a homegrown tyranny. George Osborne’s proposed legal commitment to a budgetary surplus exceeds that of the eurozone rule. Labour’s promised budget responsibility lock, though milder, had a similar intent. In all cases governments deny themselves the possibility of change. In other words, they pledge to thwart democracy. So it has been for the past two centuries, with the exception of the 30-year Keynesian respite.

The crushing of political choice is not a side-effect of this utopian belief system but a necessary component. Neoliberalism is inherently incompatible with democracy, as people will always rebel against the austerity and fiscal tyranny it prescribes. Something has to give, and it must be the people. This is the true road to serfdom: disinventing democracy on behalf of the elite.

It started with coal and steel.

After the horrors of 1914 gave way to the even greater ones of 1939, France and West Germany tried to tie their economies so close together in 1951 that the continent could never turn into a slaughterhouse again. So along with Italy, Belgium, Luxembourg, and the Netherlands, they set up the European Coal and Steel Community to create a common market for those strategically-vital resources and head off any renewed rivalry. Six years later, that was expanded into a common market for everything else with the European Economic Community, and that in turn was expanded to include more and more countries before it became a part of the then-new European Union in 1993. The common currency came next in 1999, which has, yes, been expanded since, with Lithuania becoming its latest member just this year.

But now, for the first time in 60 years, this process of ever closer union might be reversing itself, at least a little. Greece really might be forced out of the euro if it doesn't come to terms with Europe by Sunday—that's the new and final deadline—and from there, who knows. It's possible this could actually make it easier for the rest of the euro zone to come even closer together, or it could be the beginning of the end of the dream of a United States of Europe. But in either case, the continent's political future is at stake.

Now, the idea has always been that closer economic ties would lead to closer political ones. After all, you can't share a currency without also sharing a treasury. Why? Well, having the same currency means having the same monetary policy, but different countries need different monetary policies. France, for example, could use lower interest rates than Germany, and Greece could use a lower exchange rate than either of them. So to make up for the fact that money can't help but be too tight for some countries, the ones that are doing well need to send checks every year to the ones that aren't. That's what automatically happens in a well-functioning currency union like the dollar zone—aka the U.S.—where struggling states are able to pay less in federal taxes than they receive in federal benefits because strong states do the opposite.

The euro, in other words, was doomed to fail as it was constructed, but that failure was part of the plan. First you create a common currency that people want, and then, when the inevitable crisis comes, you have no choice but to create a common government that people don't—right? Well, no. The only thing less popular than a bailout is a bailout that never ends, which is what a fiscal union really is. Indeed, the Germans don't want to keep giving money to the Greeks, and the Greeks don't want to keep being told what to do by the Germans. So the irony is that the euro has made a single government more important than ever at the same time that it's made the idea more hated than ever.

This was so predictable that Milton Friedman predicted it back in 1997. The euro "would exacerbate political tensions," he said, "by converting divergent shocks that could have readily accommodated by exchange rate changes into divisive political issues." In other words, instead of being able to devalue your way out of trouble, you'd have to fight with your neighbors about how high interest rates should be or how much they should bail you out. But it's not just the politics between nations that turns nasty. It's the politics within nations, too. Keeping a country in a 1930s-style depression, like Greece has been, creates 1930s-style politics, complete with Nazis, communists, and fellow travelers of various stripes. And even the countries that are doing relatively better—which, in Finland's case, still means its longest recession in living memory—have seen bailout rage morph into rage against all outsiders, including immigrants.

It's reached the point that the euro might force Greece out of "Europe." Now the real problem, as many economists have pointed out, is that Greece likely never should have been part of the common currency to begin with, and has now been pushed into never-ending austerity that doesn't give it a chance to grow. But the more immediate one is that Greece's government has managed to lose friends and alienate people with its confrontational style—it's never a good idea to tell Germany they owe you World War II reparations at the same time you're asking them for a bailout—and Europe hasn't been willing to budge anything even resembling an inch for a government it doesn't trust. And that's why Greece might get all but kicked out of the euro.

So what happens if Greece does leave the euro? Well, it wouldn't be the kind of Lehman moment it might have been five years ago. The European Central Bank has seen to that by creating a financial firewall that should mean what happens in Greece, stays in Greece. And there's at least a chance that it could make it easier for the rest of the euro zone to agree to some kind of fiscal union. Greece really was sui generis in that its government's irresponsibility was what got it into trouble. That not only made it a convenient scapegoat, but also a convenient excuse not to do more to help the crisis countries.

But the more likely outcome is that nothing changes at first. The economics of the euro would still push countries towards a single government, and the politics of the euro would still push them away. Even if they're not Greek, all it takes to make someone seem undeserving of your money is to actually give it to them. So a fiscal union wouldn't be any more politically feasible than before. The bigger problem, though, is that Greece might show them there's a better life without the common currency.

Now let's be clear: the first year or two after leaving the euro would be complete hell. Unemployment would spike, inflation would too, bankruptcies would spread, and oil might need to be rationed. But that pain would pass, and when it did Greece would be left with a cheaper currency that would make its exports and tourism more competitive. Recovery would follow, and it could follow fast. That would be a reminder that even though devaluation is disparaged as the easy way out, its underrated virtue is that it is, in fact, a way out. Europe's been looking for one of those for years, so the next time an anti-austerity party won power, it might decide to do the same—until the euro zone was more like a northern euro zone, if that.

The euro's original sin is that it tries to force countries into a single government when the people in those countries don't want one. That not only makes them want one even less, but also makes them fight when they had no reason to before. But as long as nobody leaves, everybody is too afraid to do so even though they might want to. That's why whether Greece remains in or is removed from the common currency matters so much for the future of Europe. If it stays, then there's at least a chance that they could muddle through and, over the next few decades, forge a United States of Europe. But if it leaves, then more might too, and the euro might become the Esperanto of currencies: something that was supposed to bring people together, but didn't.

Courtesy : telegraph , the Guardian, Washington post.

கிரீஸின் சரிவு போல சீனாவுக்கும் சிக்கலா? - Greek and China

கிரீஸில் பொருளாதார சீரமைப்புக்காக நடந்த பொது வாக்கெடுப்பில், கிரீஸின் இறையாண்மையை காக்க வேண்டும். பொருளாதாரச் சிக்கலுக்காக பிறரிடம் கடன் வாங்கி மாட்டிக்கொள்ளக்கூடாது என்று முடிவாகியுள்ளது.

கடந்த பத்து நாட்களாக சீனாவின் பொருளாதார நிலையும் கிரீஸைப் போலவே சரிவை நோக்கிச் சென்றுகொண்டுள்ளது.  சீனாவின் யென்-னின் மதிப்பும் சரிந்துவிட்டது. அங்குள்ள பங்குச்சந்தை பெரும் பாதிப்புக்குள்ளாகி பல வர்த்தக பணிகளும் முடங்கிவிட்டது.

43சதவிகித நிறுவனங்கள் அதாவது 1249 நிறுவனங்கள் பங்கு பேரத்தையே நிறுத்தி வைத்துள்ளது. ஆசியாவில் எல்லா பிரச்சனைகளையும் கடந்து உலகிலேயே அமெரிக்க ஆதிக்கத்திற்கு இணையாக முன்வந்த சீனாவின் வளர்ச்சிக்கு இது ஒரு பெரிய முட்டுக்கட்டை. இதனை சீனா எப்படி சரி செய்யப்போகின்றதோ..

உலக வரலாற்றிலும் நாகரிகத்திலும் முதன்மையான நாடுகளாகத் திகழ்ந்த கிரேக்கத்திற்கும், சீனாவிற்கும் இவ்வளவு பொருளாதாரச் சரிவுகள் ஏனோ தெரியவில்லை.

-கே.எஸ்.இராதாகிருஷ்ணன்
09-07-2015.

இறங்குமுகம் காணும் கிரேக்கம். - GREECE

கிரேக்கத்தில் வங்கிகள் மூடப்பட்டு மாதத்தின் துவக்கத்தில் ஓய்வூதியதாரர்கள் எவ்வளவு சிரமப்படுகின்றார்கள் என்பது குறித்தான செய்திகளைக் காண நேர்ந்தது. மக்கள் அங்கு சந்திக்கின்ற துயரங்கள் கடந்த ஒரு வாரமாக பத்திரிகைகளில் வந்த வண்ணம் உள்ளன.

ஜனநாயகத் தத்துவங்களின் தொட்டிலாகவும், கலைகள், அறிவியல், கணிதம், தத்துவம், தற்கால மருத்துவம் என அனைத்திற்கும் வழிகாட்டியாகத் திகழ்ந்த கிரேக்கத்திற்கா இந்த பாடுகள். சாக்ரடீஸ், ப்ளாட்டோ, அரிஸ்டாட்டில், அலெக்ஸாண்டர், பித்தாகரஸ் போன்ற ஆளுமைகள் தோன்றிய மண். வானளாவிய உயர்ந்த கட்டிடங்களில் அங்கு ஜனநாயகத்தின் தத்துவ விவாதங்கள் நடந்தன. ஆனால், இன்றைக்கு அக்கட்டிடங்கள் இடிந்து வெற்றுச் சுவர்களாக நிற்கின்றன.

அதுபோல இன்றைக்கு கிரேக்கத்தின் பொருளாதாரமும் தேக்கமடைந்து பின்னோக்கிச் சென்று அங்குள்ள மக்கள் துயரத்தில் வாடுகின்றனர். உலக சமுதாயம் கிரேக்கம் வேறொரு நாடுதானே என்று நினைக்காமல் மனிதகுலத்திற்கு ஜனநாயகத்தையும், கலாச்சாரத்தையும் போதித்த அந்த மண்ணைக் காப்பாற்ற வேண்டிய கடமையை மேற்கொள்ளவேண்டும்.

கிராமங்களில் எவ்வளவோ கண்ணியமாக வாழ்ந்து பலருக்கு நிழலாக அமைந்து உதவியவர்களின் பெரிய மாடிவீடுகள் எல்லாம் மழையிலும் வெயிலிலும் பழுப்பேறி அதைப் பராமரிக்க ஆள் இல்லாத காட்சியைப் போலதான் இன்றைக்கு கிரேக்கத்தின் நிலை.  வாழ்ந்து கெட்டு மற்றவர்களுக்கு உதவி செய்தவர்கள் கூட இன்றைக்கு வறுமைகோட்டில் வாழ்கின்ற காட்சியாக இருக்கின்றது.
இதுவெல்லாம் கிராமங்களில் வசித்தவர்களுக்குத்தான் தெரியும்.

உலகத்திற்கு வழிகாட்டியாகத் திகழ்ந்த கிரேக்கத்தின் நிலைமை இன்றைக்கு தலைகீழாகியுள்ளது. இதனை நாம் வேடிக்கை பார்க்கக்கூடாது. ஒவ்வொரு நாடும் கிரேக்கத்தின் துயரத்தைக் கண்டு, தெளிந்து  தன் நாட்டின் நிர்வாகத்தையும் சீர்செய்துகொள்ளவேண்டும்.

ஆதியில் நல்லவைகளுக்கு வழிகாட்டிய கிரேக்கம் இப்போது கேடு வந்தால் தற்காத்துக் கொள்ளவும் வழிகாட்டியாகத் திகழ்கின்றது.
ஐரோப்பிய யூனியன் இன்றைக்கு கிரேக்கத்திற்கு உதவுவது குறித்து தன்னுடைய தயக்கங்களையும் தெளிவான முடிவுகளையும் எடுக்க முன்வராமலிருக்கின்றது.  அதைக்குறித்து ஞாயிறன்று வெளியான டைம்ஸ் ஆஃப் இந்தியா மற்றும் எக்கனாமிக் டைம்ஸ்  ஏட்டில் வெளியான பத்தி.

Don't Worry, It's Not All Greek

It's not going to be the end of the world or even the European Union. Not just yet. And not because of a Greek tragedy long in the making, and heading towards a much-feared end. Relatively insulated, India and its investors have reason to be optimistic, feel some experts. More so, because the infrastructure sector is beginning to show signs of life
Tech Analysts Predict a Rebound; Nifty Could Bounce 3-4%

Investors have been uncertain about market prospects in the wake of the crisis in Greece. But, those tracking the charts are more optimistic about the outlook. Technical analysts are betting on a rebound in benchmark indices as indicators are pointing to further strength in the market for the near term.Analysts feel traders could create bullish bets as the Nifty could move about 3-4% in the near term. The Nifty closed at 8,368 on Tuesday.
SHUBHAM AGARWAL HEAD TECHNICAL RESEARCH, MOTILAL OSWAL SECURITIES

Where are we now?

Nifty is now at a verge of a breakout post a reversal from the lower end of a `Downward Sloping Wedge' which has been under development for the past four months. The probability of it moving up based on the historical back-test remains at 80%.

Levels to watch:

Post a temporary time correction in the band of 8150-8450, the Index is expected to move up for an initial target of 8900 and a pattern target of 9200. A statistical study which compares Relative Strength of Global Equities coincide with a Buy for Indian equities and could lead to inflow of fresh investments.


Where are we now?

Nifty futures are stuck in a range. On the downside, it is finding support at 8160 (the 100% price extension which we have drawn from low of 4538 to high of 6349). On the upside, it is finding resistance at 8390 (the 50% price extension which we have drawn from low of 2228 to high of 6336).

Levels to watch:

A close above 8390 on the weekly basis can take Nifty futures to higher level of 8587 (8587 is the 123.60% price extension which we have drawn from low of 4538 to high of 6349). So levels to watch out for in days to come would be 8160 --8390--8587.


Where are we now?

The index has validated a channel breakout last Monday and moved in to a consolidation phase for a couple of days. It provided a strong weekly close on Friday with rising window candle formation on weekly chart. The much-required throw back fall seems to have completed on Monday due to Greece developments. Interestingly, the turnaround has taken place at a cluster support which are around 50% retracement of last rise (7940 to 8423) and 200-day EMA.

Levels to watch:

Technically, a larger bounceback move may be on the cards. The next level to watch on upside is 84238490.If we clear this level, then we could test 8650­8700 band before July expiry which is around 61.8% retracement level of entire fall from 9119 to 7940.  
(Courtesy : The Economic Times​ ) 

                                                          ***

ERGO, WE OWE GREECE

`Crisis' Comes From Greece, As Does `Therefore'. If We Paid For Each Use, Their Troubles Would End In A Day
Austerity or not--that's what the Greeks will be voting for today , as the country decides on whether to accept a proposal by creditors to keep aid flowing.While the Greeks are lining up outside banks and worrying about their next meal, the internet has been debating creative solutions to this real world problem.
At the top of the headlines is the Greek Bailout Fund, a crowd funding campaign set up by London-based marketing manager Thom Feeney , to “sort this s*** out“, possibly over some salad and retsina. The campaign has raised more than 1.7 million euros in six days, but they're likely to fall short of the 1.6 billion euro target despite the tempting offers of postcards from Greece and bottles of ouzo for each pledge.

Another line of thought advocates a write-off, a waiver of sorts, to repay the cultural debt the West owes Greece. Eminent historians, classicists and authors have written to The Telegraph urging policymakers to remember ancient Greece's contributions to the Western world as also “how valiantly many Greeks fought in WWII and how hard-working, frugal and family-minded the majority of Greeks have long been and continue to be.“

Ideas of democracy , philosophy , modern medicine, mathematics, art and science can be traced back to Greece. In fact, it was the Greeks who gave us the word `crisis'--which is tagged to the country in every other reference now--derived from the Greek krinein, meaning decide. Hard to put a price on all that.

“What would our world be like if Socrates hadn't talked of knowledge, Plato hadn't written about love, and Aristotle hadn't thought about science and ethics and logic and God? If Phidias hadn't de signed the Parthenon and Polykleitos hadn't defined male beauty and Praxiteles hadn't sculpted the female form? If Hippocrates hadn't revolutionized medicine? If Alexander hadn't been so great?“ writes Lauren Davidson in The Telegraph.

To give credit where it's due, this isn't an entirely new idea. Four years ago, in an interview to The Guardian, French Swiss film director Jean-Luc Godard came up with a similar solution. “The Greeks gave us logic. We owe them for that. It was Aristotle who came up with the big `therefore'... We use this word millions of times, to make our most important decisions. It's about time we started paying for it. If every time we use the word therefore, we have to pay 10 euros to Greece, the crisis will be over in one day , and the Greeks will not have to sell the Parthenon to the Germans,“ he had said. So, if we applied Godard's logic to all the other words Greece gave us--or maybe just picked the number of times `crisis' has been used in news reports in the last two weeks--it would all be repaid in less than a day .

There's more advice from BBC Magazine, which suggests that the Greeks will have to look into their past to face up to the present. “Fortunately for them, the ancient Greeks provided us with a splendid strategy for dealing with crises: the philosophy known as Stoicism,“ writes William Irvine.“The Stoics have a simple technique for making our days go better: we should think about how they could have been worse,“ he says. Stoics also focus on things they can control, and work on those.

Is that what Feeney is doing with his fund? “While I thought the campaign was near impossible when I started, I've since downgraded to merely `improbable'. I sincerely hope that in the coming weeks I, and hundreds of Greeks, will be employed in wrapping bottles of ouzo and sending postcards of Alexis Tsipras out to people who have donated. The infrastructure required to do that alone would be quite something. But just think of the party!“ he writes in The Guardian.

Courtesy : The Times of India.

- கே.எஸ்.இராதாகிருஷ்ணன்.
7-05-2015.

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