How the 2004 Olympics Triggered Greece's Decline
By Nick Malkoutzis August 02, 2012
Athens: Aug. 13, 2004
As they watch the London Olympics, many Greeks may wonder how their country went from the international glory of the Athens Games in 2004 to the recriminations of today’s crisis. Hosting the event cost almost #$%$9 billion ($11 billion at today’s exchange rate), making the 2004 Games the most expensive ever at that point. Greek taxpayers were on the hook for #$%$7 billion, which did not include the cost of extra projects such as a new airport and metro system.
Within days of the closing ceremony, Greece warned the euro area that its public debt and deficit figures would be worse than expected. The 2004 deficit came in at 6.1 percent of gross domestic product, more than double the euro-zone limit, while debt reached 110.6 percent of gross domestic product, the highest in the European Union. (Today, Greece’s debt is 165.3 percent of GDP.) Greece became the first EU country to be placed under fiscal monitoring by the European Commission, in 2005.
With public debt totaling #$%$168 billion in 2004, it’s clear that the Olympics alone did not bring about an economic collapse. Yet the Athens Games epitomized the structural problems that bedeviled the country for decades. It’s not just a question of how much money was spent on the Olympics, it’s also how it was spent and where it came from. After a period of austerity to tighten up its finances and qualify for euro entry in 2001, the Greek government loosened the purse strings once it entered the single currency. The games were just one of several areas where public spending was unchecked and funded by unsustainable borrowing.
It is the international capitalists who loaned the Greeks all they wanted, starting for building those stadiums for Athen's 2004 Olympic Games. Like Puerto Rico, those capitalists should know better but the loan sharks love collecting the vig. How else would they boost profit for their shareholders?
Corporations got out of their debt by filing bankruptcy. Our big banks and giant multinationals got free money for the past 7 years for stock buybacks and dividends.
The Greeks want the same deal !
The Germans are in a dire quagmire. If they negotiate with the Greeks, the rest of the PIGS will want similar deals. If they don't negotiate, euro might be nice experiment that would end after a mere 20 years or so.
Time to sit down and help to solve Greek's 25% unemployment rate by foreign investments by the rich euro zone countries; may be the Chinese and Russians as well.
It was total dominants and afraid that the score could have been more lopsided if our girls did not let up. Great performance, better than the Pat's in the Super Bowl or Warriors in the round ball game 6 championship in my opinion.
Mike Huckabee , the ex-preacher, made it a practice to visit the parish school one day a week. He walked into the 4th grade class, where the children were studying the states, and asked them how many states they could name. They came up with about 40 names.
Huck jokingly told them that in his day students knew the names of all the states.
Little Johnny raised his hand and said, 'Yes sir, but in those days there were only 13 states."
Note: July 4th was always the favorite holiday for Rick Perry. He could always remember what day we celebrate it.
Carly addresses the recent fall in HP's stock price Posted July 27, 2000
Hi, this is Carly. I wanted to talk to you today because many of you may be concerned by the fall in our stock price over the last few days.
On Wednesday, we closed at $110, still substantially above where we were a year ago, but considerably off our recent highs in the $130s. While normally none of us ought to be too focused on daily stock price, particularly in the current market environment, a $20 or $25 drop in four or five days does certainly get people's attention. So I wanted to share with you my view of what's going on and what we can do about it.
On Friday, Agilent Technologies warned that it would experience an earnings shortfall. Some erroneous reports suggested that we were still a partial owner of Agilent. We corrected the facts, but we were, nevertheless, impacted to some degree. Then, and more importantly, a series of reports pointed to a slowdown in PC sales throughout the industry, particularly in
the U.S. Despite the fact that each of these reports highlighted HP as the fastest growing vendor with good channel position, our stock price took another series of hits along with the rest of the PC industry.
Third, both Lexmark and Xerox reported results which missed estimates by a wide margin, and warned that the remainder of the year would be tough. Our stock was negatively impacted by
both reports, and investors broadly assumed that our competitors' failure to execute must indicate problems for us as well.
Meanwhile, our computing competitors posted strong results. Sun reported a staggering 42 percent growth and their strongest quarter ever. IBM beat estimates and signaled a strong second half. Finally, Compaq met estimates and also signaled a strong second half.
So when you add all our competitors' news up, what a $20 plus drop in our stock price means is the market doubts we're really better than Xerox an
Like I have been saying for the past 6 years, pass the public works infrastructure bill instead of doing nuthing.
Agree that 200K is a great number (the revised lower May number of 254K was still hot) but disappointed with the flat wage. It is possible that bls has no way to include fringe benefits as heathcare, childcare, elderlycare, bonuses, stock options, wellness subsidies, not to member free food and transportation from firms like google, yahoo, facebook and their wannabes.
Goes to tell you the big boys got the news last week and you only hear of it yesterday. That would explain why HPQ hit new 52 week lows DAILY in a row on 80% higher volume.
What a bunch of crooks.
If only the do-nuthing obstructionists would pass the infrastructure job bill proposed by Obama instead of passing bills to repeal Obamacare and renaming post offices to honor their donors.
The June print of 223K jobs added was just shy of the 230K consensus, but May's 280K gain was revised down to 254K and April's 221K to 187K. Combined, there was 60K fewer jobs created in April and May than originally reported.
The unemployment rate fell to 5.3% from 5.5% previously and 5.4% expected, but it's due to lower labor force participation rate - it fell to 62.6% from 62.9%. A year ago, it stood at 62.8%.
The broader U-6 unemployment rate fell to 10.5% from 10.8% in May and 12% a year ago.
The average workweek of 34.5 hours was flat for the fourth straight month. Average hourly earnings of $24.95 was flat, and up 2% from a year ago.
Released On 7/2/2015 8:30:00 AM For Jun, 2015
Prior Consensus Consensus Range
Nonfarm Payrolls - consensus is 230,000, Range of 202,000 to 252,000.
Too bad Congress are off campaigning and not doing anything with the pending job bills that Obama has proposed, from Nat Gas to Infrastructure Job Bills. In between are minimum wage which has not moved with inflation for decades. Money for the poor and middle class will be used, unlike the rich who invest in companies often in overseas. Alibaba alone had siphoned off hundreds of billions, hundreds of billions more in foreign mutuals, not to mention loans to Greece, Brazil, Puerto Rico, Vietnam ... everywhere but in USA.
Others have made the analysis for us already. Besides the article I had cited on SET vs FICA, his income really got big as his tax bill since he left office:
he tax forms showed Bush was earning roughly double the median household income throughout the 1980s. He also incurred significant losses from business partnerships between 1985 and 1988, when he actually declared a negative adjusted gross income.
His financial fortunes reversed when his father was elected president, as his income climbed from $96,583 in 1988 to more than $1.3 million in 1990. Bush also earned more than $1 million each year in 1992 and 1993. During the period, Bush undertook numerous profitable ventures with Armando Codina, a prominent Cuban supporter of his father's, and other Cuban exiles.
Bush's income declined under President Bill Clinton, dropping to $370,330 in 1994, and falling further to $283,428 in 1999, the year he took office as Florida's governor, when he averaged $189,734 per year. When Bush left public office in 2007, his bank accounts swelled. He earned nearly $28 million between 2007 and 2013.
There is an article pointing out that he had only paid 36% or higher only once in those three decades and that there are some years he paid nothing. Last he included self employed taxes which he should not have since self employed tax is really FICA for ordinary citizens. You and I don't add FICA on top of our FIT in effective tax rate calculations right?
Being a once upon a time Christian, there is a rule of tithe for all devoted members of the church, and more for the wealthy because they are able to with excess spendable income. Remember the way to heaven ... it is easier for a camel to go through the eye of a needle than for a rich man to ...
In History Channel's Bible Secrets Revealed, There were episodes in examining if Mary Magdalene an apostle and if she was a prostitute, or that she was the secret lover or wife of Jesus and the mother of their child. Does Ruth try to seduce Boaz? Does the Bible condone sexual promiscuity for the sake of procreation? Does Jesus’ kindness to the prostitute in Luke 7 means he is “open” to different sexual lifestyles? Were David and Jonathan Lovers etc. etc. etc.
One of the most humiliating revelations from Jeb Bush's tax records, which he posted online Tuesday, is that Bush is a true Scrooge when it comes to charitable giving. In 2013, he gave $110,616. That seems like a lot, until you consider it's only 1.5 percent of his $7.3 million income that year.
That tax cycle wasn't an aberration. Every year since leaving the Florida governorship, Bush has given 3 percent or less of his income to charity, despite making millions of dollars every year.
Bush is just fine with his giving. "I’m proud of what Columba and I have contributed," he declared upon releasing the records. He shouldn't be.