Monday, 20 December 2010

Security and Stability in the 21st century

left-red-arrowAmbassadors, Mr. General Chief of Staff, Mr. Secretary General of the Hellenic Ministry of Foreign Affairs, ladies and gentlemen.

I would like to warmly thank Mrs. Afentouli and Mr. Georgiou for their opening remarks. I also congratulate Mr. Georgiou for his well-organized, persistent and systematic efforts over the years and I hope that the Association will celebrate its 20-year anniversary in 2011 in a befitting way.

Tags: Speeches

Monday, 13 December 2010

 

On the economic crisis:

The economic situation is particularly difficult. The country is in a financial vortex, not alone but along with many other European countries. The crisis is not just European and does not concern the euro zone exclusively. It concerns almost all currency zones.

It is, in reality, a political crisis, one that illustrates the weakness of the EU to function as an integrated political entity supporting –by using the necessary institutions and the necessary political initiatives- the great enterprise that is the Euro. It is a contradiction to have advanced financial institutions, a common currency, to have the ECB and not have a strong EU budget, no institutions to oversee the intra-Community commerce, no institutions for the replacement of developmental deficits -as is the case in other parts of the world with federal systems of government.

Tags: Speeches

Sunday, 28 November 2010

 

Preconditions to exit the crisis

left-red-arrowThese last few days, we are experiencing an upsurge of the international financial crisis. In fact, we stand now where we were two years ago on an international level. We are back in 2008 when this was just a banking crisis, when we had not realized at full extent that it would become a fiscal crisis, a crisis of government debt

From banking to fiscal crisis and back

In this last year, the crisis has indeed become fiscal on a global scale. Suddenly, the Irish tiger turned inwards revealing the frightening extent of the crisis in the world’s -and certainly in Europe’s- banking system. Because we're addicted to Greek macroeconomic and fiscal data, because we’re talking too much about the extent of our budget deficit, because we’re struggling hard to register even one tenth of a percent less in the 2010 deficit, as it will officially be announced by our partners from the European Commission and Eurostat, we’ve come to believe that we might be the only ones with such a high deficit in our budget.

Tags: Speeches