Greece

Thursday

Martin Vander Weyer

What’s good about austerity (whatever the Greeks think)

The only question I remember from my Oxford moral philosophy paper was ‘What is integrity and is it a virtue?’ In the margins of all the politicking that follows the victory of Syriza in the Greek election, I hope someone asks: ‘What is austerity, is it a virtue, and why has it worked in the UK and Ireland but failed in Greece?’ My own definition of austerity in the context of financial crisis, when I debated it with former Greek finance minister George Papaconstantinou, was ‘a synonym for frugal, uncorrupt government supported by willing taxpayers of the sort that has been largely absent in southern Europe’, at which George got

Monday

James Forsyth

Berlin’s nightmare is coming to pass

In recent weeks, European diplomatic sources have regularly argued that Syriza would have to moderate its demand in office. They argued that Syriza wouldn’t win a majority and that to form a coalition it would have to compromise. But this morning, Syriza has formed a coalition with a party that takes just a robust view as it on the need to renegotiate the terms of the Greek bailout, The Independent Greece party. Independent Greece and Syriza have little in common other than their view on the bailout, Independent Greece sits in the same group as the Tories in the European Parliament. That Alexis Tsipras has chosen to do a deal

Isabel Hardman Isabel Hardman

UK politicians squabble over whose point the Greek elections prove

What are the lessons for British politicians from Syriza’s victory in the European elections? They’re certainly very keen to tell voters what lessons we should be drawing. Last night Nigel Farage focused on the failure of Europe, while David Cameron pointed to the importance of a strong – you guessed it – long term economic plan. This morning George Osborne underlined that point on the Today programme, saying: ‘I certainly understand that if you have unemployment at 25%, if your economy has shrunk by 20%, as the Greek economy has over recent years, you are looking for other answers, alternatives – because ultimately this is just the latest chapter in

Abbie Martin

Greece lightning: six things you need to know about Syriza’s victory

It’s official: Syriza, the Greek anti-austerity leftist party, has won the general election. With 98pc of the votes counted it is looks to have taken 149 out of 300 seats, just two short of an overall majority but still in a very strong position. Syriza is pro-EU but anti-austerity – so will soon face a confrontation with the Troika (the European Commission, the European Central Bank and the International Monetary Fund). Germany has indicated that it’s less worried about Greece leaving the EU, so won’t bend over backwards to accommodate demands. The brinkmanship will now begin. 1. Background – the Greek economy Over the last four years Greece has suffered from a depression comparable to 1930s America, resulting in

Sunday

Fredrik Erixon

Syriza’s rule will be short-lived: the EU will never give what it wants

So Alexis Tsipras is Greece’s new Prime Minister. Syriza, the extreme-left party he leads, may end up (just) short of an overall majority. But it won a landslide today – and no one will stand in the way for making government policy of its party programme. This means we’re guaranteed turbulence ahead, both in Greek and Eurozone politics. Syriza is no club for chic leftist posturing, nor is it a discussion circle for grey-haired Marxist academics. It is a coalition of hard and soft communists, violent and peaceful revolutionaries, eco-warriors, radical socialists and a hotchpotch of lefties that think it is an act of fascism to take away bonuses to public servants for washing

James Forsyth James Forsyth

Greece and the Eurozone, what happens next

The Greek Prime Minister Antonis Samaras has called Syriza’s leader Alexis Tsipras to concede defeat. But n European Chancelleries, they will be holding their breath and hoping that Syriza do not manage to win an overall majority—the latest official projection has them just one seat short. If Syriza have to form a coalition, the German government, the European Central Bank and the European Commission will be hoping that it is with Potami, who would moderate Syriza’s demands. But if Syrzia wins a majority or forms a coalition with another party that wants to renegotiate the terms of the Greek bailout deal, then the Eurozone crisis will move into a new

James Forsyth James Forsyth

A Syriza majority will put Athens and Berlin on a collision course

The next set of exit polls are now out from Greece and they, again, show Syriza pulling off a spectacular victory. Their lead might even be just enough to see them win an overall majority; the poll estimates that they will win between 148 and 154 seats in the 300 seat parliament. If Syriza do win outright, they will have no justification to voters for watering down their demands to the rest of the Eurozone. They will have a clear mandate to push for the debt restructuring that they want. But Berlin is not going to be in any mood to grant concessions. Angela Merkel is already deeply unhappy about

Isabel Hardman Isabel Hardman

Anti-austerity party Syriza celebrates as exit polls put it ahead in general election

Exit polls published in past few minutes suggest that anti-austerity Syriza are on course to win the Greek general election. One put Syriza on 35.5 per cent of the vote, and other at 39.5 per cent, with New Democracy behind on 23-27 per cent. Another one puts Syriza on 34.5 – 40.5 per cent of the vote. This would translate to around 146 – 155 seats out of 300 in the Greek Parliament. The party has already declared a victory, tweeting ‘hope has won’ following the poll results: Η ελπίδα νίκησε! #syriza #ekloges2015 pic.twitter.com/7mFdzHyTON — ΣΥΡΙΖΑ (@syriza_gr) January 25, 2015 If the party gets an overall majority, then as James

James Forsyth James Forsyth

Greece votes, Europe waits

Greek voters are currently going to the polls in an election that will have profound consequences for the Eurozone. If the anti-austerity Syriza party wins, as the polls suggest it will—and its lead has actually been increasing in the past few days, the Eurozone crisis will enter a new and more acute phase. Syriza will demand a softening of the terms of the Greek bailout. But the Merkel government, the European Central Bank and the European Commission are adamant that they’ll be no leeway given. With Merkel already deeply unhappy about the ECB’s quantitative easing programme, she isn’t going to sign off on any concessions to Athens. Another reason why

Thursday

James Forsyth

How the Greek election will affect our election

In ten days time, Greece goes to the polls in what is, arguably, the most important election that will take place this year. For if — as looks likely — Syriza wins, then the Eurozone crisis will move into an acute and particularly dangerous phase. Syriza are committed to a loosening of the terms of the Greek bailout deal. But, as I write in the magazine this week, Berlin, Frankfurt and Brussels are all adamant that there will be no easing of the fiscal straitjacket. Indeed, Berlin is making it clear that it would rather Greece leave the Euro than allow it to restructure its debts. As always with Greece

James Forsyth James Forsyth

Why the Greek election could decide Britain’s next government

Before the eurozone crisis, Greek elections didn’t receive much attention in Westminster. At the moment, however, the polls from Athens are being studied by every politico from the Prime Minister down. How Greece votes on the 25 January could determine the result of our election. If anti-austerity Syriza triumphs, the eurozone crisis will move from a chronic phase into another acute one. For the second election in a row, the backdrop to a British poll and possible coalition negotiation would be talk of debt defaults and bank runs, as Athens struggles with the eurozone straitjacket. Syriza does not want Greece to leave the euro. But it does want the ‘fiscal

Thursday

Martin Vander Weyer

The eurozone is strong enough to kick out Greece if Syriza wins

Ever since European Central Bank president Mario Draghi declared himself ready, in July 2012, ‘to do whatever it takes to preserve the euro’, the likely disintegration of the single currency — as predicted by pundits such as yours truly over the preceding years — has all but disappeared from the comment agenda. The combination of a persuasive ECB leader with reform in some bailed-out eurozone states (notably Ireland and Spain) and an easing of bond market pressures, plus the iron will of Germany to see the euro survive, drove the break-up argument into retreat. Indeed it seemed for a while to have been vanquished, and that ex-president Valéry Giscard d’Estaing

Friday

Ed West

Why are the Elgin Marbles going to Russia? They belong to Greece

There can’t be a better spot in the whole of London than the British Museum, the crown jewel of the city’s cultural life and a fantastic tribute to the British fascination with exploring the world around us. I recommend anyone visiting this country to take a look – and it’s free, so one of the few places in London where you won’t get fleeced. But, and as much as I love being able to see them, the Museum’s Elgin Marbles belong to Greece, and the subject will never go away. It has come up again because the British Museum is loaning one of the relics, a headless statue of the

Thursday

Simon Armitage

Visiting the Greek islands in a reverse Tardis

In Huddersfield, where I grew up, a town-centre department store boasted a ‘cruise wear’ section. In the window display the gentleman dummies wore deck shoes, starched white shorts and flannel jackets, while the ladies struck elegant poses and held designer sunglasses in their slender moulded hands. In Huddersfield, the opportunities to flaunt such clothes were limited. The shop closed down, but for as long as it existed it provided a vision of continental chic and luxury living, nestled between Burger King and the Polish mini-mart. Cruising is no longer an exclusive activity: even a half-hearted search on the internet throws up dozens of companies offering thousands of departures to hundreds

Friday

Anne Jolis

The European market hangover – bad news is bad news again

In the latest Spectator, Liam Halligan takes a sobering look at European markets bearing the brunt of sanctions against Russia. ‘The western economy that’s suffered most, by far, is the largest one in the eurozone. Germany’s manufacturing thoroughbreds have sunk tens of billions of euros into Russian production facilities in recent years. . . . ‘This helps explain why, having grown 0.8 per cent during the first three months of 2014, German GDP shrank 0.2 per cent in the second quarter. The eurozone’s powerhouse is now on the brink of recession. Industrial production dropped 4 per cent in August, the biggest monthly fall since early 2009. Exports were down 5.8

Thursday

Liam Halligan

Europe will reconcile with Russia, and soon. It can’t afford not to

After months of escalating tensions over Ukraine and talk of a new cold war, Russia and the West could soon reach a surprising rapprochement. The eurozone economy is suffering badly and sanctions against Russia are partly to blame. Winter is also upon us, and that reminds every-one Vladimir Putin still holds the cards when it comes to supplying gas. The clincher, though, is that Ukraine is heading towards financial meltdown. Unless an extremely large bailout is delivered soon, there will be a default, sending shockwaves through the global economy. That’s a risk nobody wants to take — least of all Washington, London or Berlin. Sanctions against Russia were always going to

Thursday

Anthony Horowitz

Anthony Horowitz’s diary: Keeping James Bond’s secrets for the Smersh of publishing

It was quite fun being named as the new writer of 007 — although actually I’d make a lousy spy. As my family knows, I’m hopeless at keeping secrets and I’ve found it almost impossible hanging on to this one for the past few months. Even now I’m forbidden to reveal the title, the story, the date it takes place or any of the characters… and I’ll probably get into trouble even for writing this. Believe me, Orion Books and their legal department are more sinister than Smersh. In fact I did quite well and only dropped one clue to someone who follows me on Twitter. He asked me what

Thursday

The Spectator

Spectator letters: The best ‘never’ ever is in the Declaration of Arbroath Plus: BST for England, the problem for social workers, and C.P. Snow was not cold

Never say never Sir: Dot Wordsworth (Mind your language, 20 September) quotes various telling usages of ‘never’ for rhetorical or theatrical effect. But she missed one of the earliest and spine-chilling best: the Declaration of Arbroath of 1320. Quite apart from including the first-known written statement of the old Scottish principle that kingship is essentially a contractual appointment, and can be terminated if the people feel let down, the translation ends with: ‘For as long as but a hundred of us remain alive, never shall we on any conditions be brought under English rule.’ Even Scots like me, who would have voted ‘No’ last week if we had been able,

Taki

My ghosts of Athens; a shooting and a royal wedding

Athens This grimy semi-Levantine ancient city has its beauty spots, with childhood memories indelibly attached. There is a turn-of-the-century apartment building across the street from my house where in 1942 or ’43 I watched a daughter and wife scream in horror from their balcony as three nondescript assassins executed a man as he bent over to get into his chauffeur-driven car. His name was Kalyvas and he was a minister in the Vichy-like Greek government of the time. He was bald and from my vantage point I saw the three red spots as the bullets entered his skull. His wife and daughter wore black from that day onwards. The daughter

Thursday

Sofka Zinovieff

When Rachel Cusk went to Greece: would she be nice or nasty?

Last year in Athens, rumours raced about Rachel Cusk’s creative writing classes at the British Council. Some of the (mostly Athenian) pupils revered her for her intelligence and pitiless honesty, while others reviled her for her ‘colonial attitude’ and an apparent antipathy towards Greeks. One might suspect Greeks of tending towards intense emotional reactions, but the phlegmatic British have had no less divided opinions about Cusk’s books. The author of seven novels, she was amongst Granta’s best young writers in 2003, yet her memoirs about the horrors of having babies (A Life’s Work: On Becoming a Mother) and about the break-up of her ten-year marriage (Aftermath) provoked outrage as well