Greece

Four Intriguing Greece Stories You Need To Be Paying Attention To

Business Insider,

1 October, 2012

Lotsa Greek rumblings this weekend.

Here's a quick summary of what's going on.

• There are reports in German magazines, via Reuters, that Greece will get its next slug of aide. Probably nobody wants to keep throwing money at Greece, but it's obvious that the fear of the unknown, should Greece be let go, is too great.
  
  
  
  
• A Greek newspaper has a crazy story claiming that a year ago there were seriously military coup plans in the works. We've checked in with some folks in Greece, and almost none buy it. One plugged in source says that this was in fact buzzed about last year, but that nobody bought it then. Another thinks it's possible that some old timers joked about a coup, but it's unlikely it ever went very far.
  
  
  
  
• The New York Times chronicles something we've been talking about... the rise of Greece's Neo-Nazi Golden Dawn party. The party would come in 3rd if elections were held today.
  
  
  
  
• The speaker of Greece's parliament says he's being treated "mafia-style, extortionate and roguish." by a Greek newspaper called Real News, which has been accusing him of graft.
  
  

Greece Has A New Factor 

Preventing It From

Recovering

Business Insider,

1 October, 2012

Sometimes people talk positively about the prospect of a Greek Eurozone exit, pointing out that Argentina bounced back relatively quickly once it ripped the bandaid off. This is dubious for multiple reasons, but one advantage that Argentina has had is an abundance of natural resources, and proximity to booming markets like Brazil, and exports to China.

Greece is in the exact opposite spot, as trade is slowing everywhere without the prospect of a major boom from anyone nearby anytime soon.

Today's Greek PMI was dismal, but beyond that, note that export orders are now in an accelerated mode of collapse, hitting their lowest numbers since the economic crisis in 2009.