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From: Dimitris Sioutis (MBA)
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Sent: Thursday, March 18, 2010 8:11 AM
Subject: ΣΤΟ ΠΗΓΑΙΜΟ ΓΙΑ ΖΗΤΙΑΝΙΑ ΧΩΡΙΣ ......ΦΠΑ!!
ΑΞΙΟΤΙΜΕ Κ. ΠΑΓΚΑΛΕ
ΠΙΣΤΕΥΩ ΟΤΙ ΚΑΝΕΤΕ ΟΤΙ ΚΑΛΥΤΕΡΟ ΓΙΑ ΤΗΝ ΠΑΤΡΙΔΑ ΜΑΣ ΚΑΙ ΣΑΣ ΕΥΧΟΜΑΙ ΚΑΙ ΣΑΣ ΑΞΙΖΕΙ ΚΑΛΗ ΔΥΝΑΜΗ.
ΑΛΛΑ ΣΤΟ ΘΕΜΑ ΤΩΝ ΓΙΑΤΡΩΝ ΚΑΙ ΤΩΝ ΔΙΚΗΓΟΡΩΝ ΘΑ ΜΑΣ ΑΔΙΚΗΣΕΤΕ
ΑΝ ΔΕΝ ΤΟΥΣ ΕΠΙΒΑΛΛΕΤΕ ΦΠΑ!!
ΔΕΝ ΕΙΝΑΙ ΔΥΝΑΤΟΝ Η ΠΑΤΡΙΔΑ ΜΑΣ ΣΤΗΝ ΟΥΣΙΑ ΝΑ ΒΓΑΙΝΕΙ ΣΤΗ ΖΗΤΙΑΝΙΑ ΝΑ ΜΕΙΩΣΕΙ ΤΟ ΤΕΡΑΣΤΙΟ ΧΡΕΟΣ ΤΗΣ, ΚΑΙ ΕΣΕΙΣ ΝΑ ΤΗΝ ΧΑΡΙΖΕΤΕ ΣΤΟΥΣ ΔΙΚΗΓΟΡΟΥΣ!! ΓΙΑ ΠΟΙΟ ΛΟΓΟ ΝΑ ΜΗΝ ΧΡΕΩΝΕΙ ΦΠΑ Ο ΔΙΚΗΓΟΡΟΣ ΑΛΛΑ ΝΑ ΧΡΕΩΝΕΙ Ο ΥΔΡΑΥΛΙΚΟΣ? ΠΟΥ ΕΙΝΑΙ Η ΙΣΟΝΟΜΙΑ? ΤΙ ΚΟΙΝΟΤΙΚΟ ΔΙΚΑΙΟ ΚΑΙ ΚΟΥΡΑΦΕΞΑΛΑ?? ΑΦΟΥ Η ΙΔΙΑ Η ΚΟΙΝΟΤΗΤΑ ΑΠΑΙΤΕΙ ΝΑ ΜΕΙΩΣΟΥΜΕ ΔΡΑΣΤΙΚΑ ΤΟ ΕΛΛΕΙΜΜΑ!!!
ΤΟ ΜΗΝΥΜΑ ΘΑ ΠΡΕΠΕΙ ΝΑ ΕΙΝΑΙ ΟΤΙ ΔΕΝ ΠΕΡΙΣΣΕΥΕΙ ΚΑΝΕΝΑΣ, ΟΤΙ ΔΕΝ ΕΞΑΙΡΕΙΤΑΙ ΚΑΝΕΝΑΣ. ΟΤΙ ΟΛΟΙ ΠΡΕΠΕΙ ΝΑ ΣΥΜΒΑΛΛΟΥΜΕ ΑΝΑΛΟΓΑ ΜΕ ΤΗΝ ΦΟΡΟΔΟΤΙΚΗ ΜΑΣ ΙΚΑΝΟΤΗΤΑ.
ΣΙΓΟΥΡΑ ΚΑΤΑΝΟΕΙΤΕ ΤΗΝ ΚΡΙΣΙΜΟΤΗΤΑ ΤΗΣ ΚΑΤΑΣΤΑΣΗΣ ΚΑΛΥΤΕΡΑ ΑΠΟ ΜΑΣ.
ΕΠΙΠΛΕΟΝ ΥΠΟ ΤΟ ΦΩΣ ΔΥΣΟΙΩΝΩΝ ΑΝΑΛΥΣΕΩΝ ΚΑΙ ΠΡΟΒΛΕΨΕΩΝ, ΚΑΙ ΙΔΙΑΙΤΕΡΑ ΣΕΝΑΡΙΩΝ ΤΡΟΜΟΥ, ΟΠΩΣ ΑΥΤΩΝ ΣΤΟ ΠΑΡΑΚΑΤΩ ΑΡΘΡΟ, ΤΟΥ ΠΟΛΥ ΣΗΜΑΝΤΙΚΟΥ ΑΜΕΡΙΚΑΝΟΥ ΟΙΚΟΝΟΜΟΛΟΓΟΥ FELDSTEIN, Ο ΟΠΟΙΟΣ ΘΕΩΡΕΙ ΟΤΙ ΕΙΝΑΙ ΣΧΕΔΟΝ ΒΕΒΑΙΟ ΟΤΙ ΜΑΚΡΟΠΡΟΘΕΣΜΑ ΘΑ ΑΝΑΓΚΑΣΤΟΥΜΕ ΝΑ ΒΓΟΥΜΕ ΑΠΟ ΤΗ ΖΩΝΗ ΤΟΥ ΕΥΡΩ, ΚΑΙ ΟΤΙ Η ΠΡΟΒΛΕΨΗ ΓΙΑ ΤΗΝ ΕΠΙΤΕΥΞΗ ΤΗΣ ΜΕΙΩΣΗΣ ΤΟΥ ΕΛΛΕΙΜΜΑΤΟΣ ΣΤΟ 3% ΤΟ 2012 ΕΙΝΑΙ ΕΥΣΕΒΗΣ ΠΟΘΟΣ (!!), ΟΦΕΙΛΟΥΜΕ ΤΟΥΛΑΧΙΣΤΟΝ ΝΑ ΑΝΑΡΩΤΗΘΟΥΜΕ ΚΑΙ ΝΑ ΛΑΒΟΥΜΕ ΣΟΒΑΡΑ ΥΠΟΨΗ ΜΑΣ, ΑΝ ΜΠΟΡΕΙ ΝΑ ΕΙΝΑΙ ΒΑΣΙΜΕΣ ΤΕΤΟΙΕΣ ΑΝΑΛΥΣΕΙΣ!!
ΣΥΝΕΠΩΣ ΕΙΝΑΙ ΕΠΙΤΑΚΤΙΚΗ ΑΝΑΓΚΗ ΝΑ ΓΙΝΕΙ ΣΥΣΤΡΑΤΕΥΣΗ ΟΛΩΝ! ΕΞΑΛΛΟΥ ΟΙ ΝΟΗΜΟΝΕΣ ΚΑΙ ΟΙ ΠΡΟΝΟΗΤΙΚΟΙ ΑΝΘΡΩΠΟΙ .....ΜΑΓΕΙΡΕΥΟΥΝ ΠΡΙΝ ΠΕΙΝΑΣΟΥΝ!!
ΑΡΑ ΒΑΛΤΕ ΦΠΑ ΣΕ ΟΛΟΥΣ! ΤΟ ΧΡΕΙΑΖΕΤΑΙ Η ΠΑΤΡΙΔΑ!
ΜΗ ΜΑΣ ΑΔΙΚΗΣΕΤΕ Κ. ΠΑΓΚΑΛΕ.
ΔΗΜΗΤΡΗΣ ΣΙΟΥΤΗΣ (ΜΒΑ)
Feldstein Sees Greece Euro-Exit Pressures as Deficit Plan Fails
By Simon Kennedy
March 17 (Bloomberg) -- Harvard University Professor Martin Feldstein, who warned almost two decades ago that the euro would prove an “economic liability,” said Greece’s austerity plan will fail and the country may quit the single currency to fix its fiscal crisis.
Under pressure from investors and fellow policy makers, Prime Minister George Papandreou’s government is striving to knock four percentage points off its budget gap this year from 12.7 percent of gross domestic product and has vowed to meet the EU’s 3 percent limit in 2012 for the first time since 2006.
“The idea that Greece can go from a 12 percent deficit now to a 3 percent deficit two years from now seems fantasy,” Feldstein, an adviser to U.S. presidents since Ronald Reagan, said in a March 13 interview in Geneva. “The alternatives are to default in some way or to leave, or both.”
His diagnosis clashes with that of European Central Bank President Jean-Claude Trichet, who calls Greece’s strategy “convincing” and rejects as “absurd” any speculation it might leave the euro zone. Investors nevertheless aren’t ruling out Feldstein’s analysis. Billionaire George Soros said last month that the euro “may not survive,” and credit default swaps indicate a 22 percent chance Greece will default within five years, up from 16 percent a year ago.
The judgment of Feldstein, 70, a former contender to chair the Federal Reserve, marks his latest broadside against the single currency five years after he said its rules generated a “very strong bias toward large chronic fiscal deficits” and more than a year since he first suggested the 16-nation bloc may splinter.
‘Absolutely’ Won’t Break Up
He “has more reason to think he’s right than five years ago, and it’s natural to talk about limitations,” said Philip Lane, an economics professor at Trinity College Dublin. “But the euro area will absolutely not break up.”
Greek workers disrupted transportation services and tried to storm parliament on March 5 as lawmakers passed 4.8 billion euros ($6.6 billion) of extra deficit reductions, including lower wages for public employees. Such cutbacks will continue to run into resistance as unemployment is propelled above December’s 10.2 percent and recent declines in the country’s bond yields are tied to cheerleading by European policy makers, Feldstein said.
Greece’s 10-year bond yielded 6.16 percent as of 4:57 p.m. yesterday in London, a percentage point lower than Jan. 28. The premium investors demand to hold the bonds over their German equivalents narrowed to 297 basis points from 396 basis points.
Greece will ultimately need to mull alternative ways to tackle its crisis, possibly by finding a “polite way” to default, Feldstein said. That might include persuading investors to swap maturing bonds for longer-term assets at lower interest rates. Another option would be leaving the euro area to devalue and then returning once the fiscal weaknesses are solved.
“I don’t know that there’s a good solution to this problem,” Feldstein said.
Pulling out and re-entering is impractical and gives other countries an excuse not to restrain deficits and improve their competitiveness within the euro zone, said Charles Wyplosz, a former student of Feldstein’s and director of theInternational Center for Monetary and Banking Studies in Geneva.
While leaving the bloc and devaluing its currency would likely enable Greece to boost exports, the so-called holiday strategy would also require spending cuts, lower real wages and tax increases, Feldstein said.
“Put all that together, and it doesn’t look like countries are going to eagerly line up to do it,” he said.
European governments this week laid the groundwork for a financial lifeline to Greece that would provide emergency loans if needed, breaking a taboo against aid to cash-strapped nations to avert a deeper crisis for the euro. Standard & Poor’s yesterday removed Greece from “creditwatch negative,” lowering the threat of a further credit-rating cut. Greece has a BBB+ rating after S&P downgraded it from A- in December.
While a bailout would be a “relatively painless solution,” Feldstein said it would generate opposition among voters and risk other nations demanding similar assistance.
Feldstein’s opinions command attention because of his career at the hearts of both academia and politics. This experience catapulted him to the brink of the Fed chairmanship five years ago before President George W. Bush picked Ben S. Bernanke.
Feldstein received the John Bates Clark Medal in 1977 as the U.S. economist under the age of 40 who made the most significant contribution to economic thought and knowledge, then ran the National Bureau of Economic Research, arbiter of U.S. business cycles, for most of the next 30 years until 2008.
He chaired Reagan’s Council of Economic Advisers, counseled Bush’s White House campaign and now sits on President Barack Obama’s Economic Recovery Advisory Board. Among his former students are Lawrence Summers and Lawrence Lindsey, the current and former directors of the White House’s National Economic Council.
“Marty’s a very important economist,” said Glenn Hubbard, dean of Columbia University’s Graduate School of Business in New York, who was also taught by Feldstein and chaired Bush’s Council of Economic Advisers. “He’s a great scholar, but what distinguishes him is that his ideas have practical impact, too.”
As long ago as June 1992, Feldstein wrote in the Economist that “economic analysis” didn’t justify a single European currency. In his most-famous contribution to the debate, he wrote in Foreign Affairs in 1997 that “war within Europe itself would be abhorrent but not impossible” under the euro.
‘EMU and War’
Many economists read his comment ahead of the birth of Economic and Monetary Union as a forecast that war would break out. Feldstein denies that, saying an editor wrote the headline -- “EMU and War” -- and he was arguing that the euro wasn’t a guarantee against such a conflict and might fan cross-border political differences.
While Feldstein says he likes Trichet “a lot and I think it’s mutual,” he notes the ECB president often points out that skeptics doubted the euro would exist or last. “You don’t find any of that in my writings,” he said.
Even so, Lars Jonung, an adviser to the European Commission in Brussels and co-author of a January paper on how American economists viewed the euro through the 1990s, says Feldstein is a “consistent pessimist, and so far he’s been proved wrong.”
The currency is well-established and hasn’t sparked political turmoil, trade has increased and inflation differentials in the euro area are similar to those for U.S. states, Jonung said in his Econ Journal Watch study. Greece’s measures and the response of EU governments will eventually strengthen monetary union, he added.
Feldstein counters that global growth during the currency’s first decade helped mask its flaws, such as the mismatch of spreading uniform interest and exchange rates over diverse economies that lack fiscal discipline. His criticism doesn’t stop him from predicting the euro will appreciate against the dollar as investors punish the U.S. trade imbalance. The euro has fallen about 4 percent against the U.S. currency this year and traded at $1.37 yesterday.
Feldstein turned his attention to the implications of the euro for budgets in 2005, when he said a decision by the euro’s members to ease fiscal curbs left the “way open to much larger sustained deficits.” By November 2008, he was writing that diverging bond yields within the region signaled investors “regard a breakup as a real possibility.”
Two months later, as the euro marked its 10th anniversary, Feldstein told the American Economic Association the currency faced an “important testing time” and countries may ultimately leave it to regain control of their economies.
“American economists such as Marty have been proved wrong for a decade and will be proved wrong for the next decade,” said Wyplosz, who predicts that a Greece exit would trigger a “total collapse of the Greek economy.”
Feldstein stands by his analysis that it’s not “unthinkable” some countries may choose life outside the euro area. Leaving is “certainly possible, and in part it can happen even if all the economic advice to a government is, ‘You shouldn’t do this,’” he said. “Politicians don’t always listen to their economists.”
Dimitris Sioutis (MBA)
19, Olympias str,
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