The tragic events unfolding in Greece, where at least three people have died in political rioting protesting austerity measures being imposed as part of an EU and IMF financial bailout, is a vivid reminder of the danger when the line between government and commerce is blurred or destroyed. In a free market economy, individual firms rise and fall, individual banks succeed or fail, and individual employees prosper or struggle, depending on their own effort and ingenuity. Individual failure, while painful, is not a threat to society, and a well functioning …
The European Union (EU) has gone hat in hand to the International Monetary Fund (IMF) for assistance in bailing out one of its own. Greece is in a financial death spiral brought on by years of amazingly irresponsible deficit spending and similar behaviors often found in socialist states to the detriment of their economies. Greece also abandoned its national currency in favor of the Euro, in hindsight at least a stunningly bad move which for the EU makes this a major financial crisis and an embarrassment of the first order. …
British voters go to the polls on Thursday in the tightest political race in the UK in a generation. Several opinion polls have indicated the strong possibility of a hung parliament, with a Conservative minority government led by David Cameron as prime minister. In order to guarantee passage of legislation under this scenario, the Conservatives would be forced to negotiate with other political parties, significantly weakening the government’s power. Other polls, concentrating on key marginal seats, have pointed to a small Conservative majority, which would give Cameron, if elected, a …
The proposed €110 billion ($140 billion) Greek rescue package announced on Sunday may well not survive the week. Watching public sector workers storming the Acropolis in protest at proposed government spending cuts and tax increases, raises the question of whether the Greek Government itself can survive. Eurozone countries have agreed to provide €80 billion in emergency loans over the next three years for Greece, with the rest coming from the IMF. In exchange for avoiding bankruptcy (at least for the next couple of months), Greece has agreed to pass a …
Last week Greece was admitted as the 36th member nation of the Visa Waiver Program, (VWP). While this is certainly a welcome move for a program that hasn’t added a new member since 2008, it also highlights a real lack of willpower and effort by the White House to keep adding new member countries. In fact, DHS can barely add any new members right now because of the biometric exit mandate Congress linked to its waiver authority. The biometric mandate—which hasn’t gotten much of anywhere is a real stumbling block …
In January, amidst a particularly cold winter, Russia’s quasi-governmental gas giant Gazprom turned off the gas taps to Ukraine after the two sides failed to reach agreement in a pay dispute. Downstream users including Romania, Bulgaria, Greece, and the Czech Republic were also put in the deep freeze. Gazprom has become synonymous with energy intimidation and Moscow has leveraged energy to specifically target former Soviet states such as Ukraine as it seeks to carve out a sphere of influence in its near abroad. However, the conundrum for Moscow in playing …
Ever since Athens Polytechnic University was seized by students in 1973 in an ultimately successful attempt to end the hated military regime of the Colonels, the image of the student protester in Greece has retained an almost mythical status. He stands up for justice and against tyranny most of all. However, much wrong has been done in the name of good because of it. Often, but certainly not always, young Greeks have the storied images of their revered Junta-slaying predecessors in mind more than the perceived injustice at hand as they …
