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Φώς στο τέρμα της σήραγγας;

Posted by (Regular StockWatch Contributor) on September 14th, 2011 - 26 Comments
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 Η πρόσφατη παραίτηση του κ. Juergen Stark από τη θέση του πρώτου οικονομολόγου και του Συμβουλίου της ΕΚΤ, η οποία σύμφωνα με την επίσημη ανακοίνωση έγινε για «προσωπικούς» λόγους, αντιπροσωπεύει μια μεγάλη ήττα του γερμανικού μονεταρισμού στην ευρωζώνη.  

Σύμφωνα με διάφορους αναλυτές, ο συντηρητικός κ. Stark, ο οποίος προερχόταν από το κόμμα της κ. Μέρκελ (αυτό το αναφέρω γιατί πολλοί αναγνώστες έχουν τη λανθασμένη εντύπωση ότι η ΕΚΤ διοικείται από ανεξάρτητους τεχνοκράτες) ήταν κάθετα εναντίον του προγράμματος αγοράς Ισπανικών και Ιταλικών ομολόγων, γιατί ήθελε την ΕΚΤ να παραμείνει προσηλωμένη αποκλειστικά και μόνο στο στόχο της σταθερότητας των τιμών.  Ο κ. Stark τυγχάνει επίσης να ήταν ένας από τους κύριους αρχιτέκτονες του Συμφώνου Σταθερότητας και Ανάπτυξης (ΣΣΑ), το οποίο, όπως έχω εξηγήσει στο παρελθόν, έχει πετύχει ακριβώς το αντίθετο από τη σταθερότητα και την ανάπτυξη.  

 Σύμφωνα με τους ίδιους αναλυτές, η παραίτηση του κ. Stark έχει ανοίξει το δρόμο για μείωση του επιτοκίου της ΕΚΤ το Νοέμβριο, αν όχι και νωρίτερα.  Γιατί, μεταξύ άλλων, φαίνεται ότι ο πιθανότερος αντικαταστάτης του κ. Stark είναι ο κ. Assmusen, ο οποίος προέρχεται από διαφορετική σχολή σκέψης (το κόμμα των γερμανών σοσιαλδημοκρατών). 

 Η σημαντική αυτή εξέλιξη – η οποία συνέτεινε και στην πρόσφατη μεγάλη πτώση του ευρώ – δημιουργεί πιο ευνοϊκές συνθήκες για την έξοδο της ευρωζώνης από τη σημερινή κρίση εμπιστοσύνης, γιατί θα επιτρέψει στην ΕΚΤ να λειτουργήσει πιο ευέλικτα και αποτελεσματικά, διοχετεύοντας την απαραίτητη ρευστότητα στις αγορές, ώστε να σταματήσει το παιχνίδι «ποιά χώρα θα διασωθεί και ποιά όχι».  Τα χαμηλότερα επιτόκια ως επίσης και ένα λιγότερο σκληρό νόμισμα θα δημιουργήσουν φυσιολογικά και πιο ευνοϊκές προϋποθέσεις για επιστροφή της ευρωζώνης στην ανάπτυξη.

Η αποχώρηση του Stark σηματοδοτεί ακόμη και την πιθανή απαρχή εξελίξεων στη Γερμανία που με τον ένα ή τον άλλο τρόπο αυξάνουν την πιθανότητα επιβίωσης του ευρώ, όχι όμως κατ’ ανάγκη με τη σημερινή του μορφή. 

Εκείνο που έχει γίνει λιγότερο βέβαιο είναι κατά πόσο η Γερμανία και ο περίγυρός της θα παραμείνουν μέλη της ευρωζώνης.  Οι φωνές μέσα στη Γερμανία που θέλουν τη χώρα να αποχωρεί από τη νομισματική ένωση – στις οποίες πρόσφατα έχει προστεθεί και ο μεγαλοβιομήχανος Henkel – σίγουρα ενισχύονται από αυτή την εξέλιξη.  Σύμφωνα με την FT, η αποχώρηση του Stark έχει μειώσει ακόμη περισσότερο την αξιοπιστία της ΕΚΤ στη Γερμανία.

Από την άλλη πλευρά, μια πιθανή αλλαγή πολιτικής ηγεσίας στη Γερμανία μπορεί να αποτελέσει και το έναυσμα για ένα μεγάλο άλμα της ευρωζώνης προς τη δημοσιονομική ένωση – η οποία είναι ίσως και η μόνη εγγύηση για την επιβίωση του κοινού νομίσματος – όπως επίσης και για θεσμικές αλλαγές στη νομισματική πολιτική που θα απαγκιστρώσουν και επίσημα την ΕΚΤ από το μοντέλο της Bundesbank.   Δηλαδή την αναγνώριση της ισοδυναμίας της σταθερότητας των τιμών με τη χρηματοοικονομική σταθερότητα, την απασχόληση και την ανάπτυξη, όσον αφορά τους στόχους της νομισματικής πολιτικής.  

 Πανίκος Δημητριάδης
Καθηγητής Οικονομικών
Πανεπιστήμιο του Leicester

Categories → Οικονομία

26 Comments
  1. avatar
    Taylor on September 14, 2011 - (permalink)

    I like the last bit a Central bank should also have a financial stability objective as well as a monetary policy objective.

    • avatar
      αθηνα on September 15, 2011 - (permalink)

      Δηλαδή υπονοείς ότι ο Ο είναι ο κλασσικός μονεταριστής; Να μην του κολλήσουμε κι′αυτή την ταμπέλα του ανθρώπου.

  2. avatar
    kkyriacou on September 15, 2011 - (permalink)

    I think reducing interest rates is a good idea. As you suggest though, at the same time, and more importantly, Europe needs to resolve the fundamental problems that currently engulf the Eurozone (i.e. luck of central institutions to deal with problems in a decisive and timely fashion). The recent market volatility and the “crash” of the banking stocks across the globe are a strong indication of the urgency of the problem (very similar to what we have seen in 2007-8). The Germans/French need to take the lead and put the Euro on much more solid ground as this could easily get out of control. Above all Europe needs to solidify and set in motion any measures they may have in place for an orderly default of Greece, and perhaps other countries, while at the same time securing the soundness of its banking system. The time for half-measures is fast coming to an end.

    “You can ignore the markets if you want to, but in time the markets will not ignore you” Nigel Farage said in 2009, on the 10th anniversary of the Euro.
    Worth watching, at minimum for entertainment, on YouTube: http://www.youtube.com/watch?v=5DlVFKBwbuU
    … the guy is shamelessly nuts but he speaks his mind and … to a large extend he’s been proven right.

  3. avatar
    Taylor on September 16, 2011 - (permalink)

    Given that you know O so well and admire him as an ideal Central Banker you tell me the ignorant and biased person what your opinion is on this subject. Do you think he gives more weight to Monetary policy objectives of the CBC or does he balance it with Financial stability and Regulation. I plead ignorance.

    • avatar
      αθηνα on September 16, 2011 - (permalink)

      Taylor,ουδέποτε έχω κρίνει τις γνώσεις σου,εξάλλου όπως ξέρεις είμαι γιατρός.Ομως αφού με ρωτάς θα προσπαθήσω να απαντήσω.Ο Ορφανίδης προσπαθεί φιλότιμα μέσα σε μιά δύσκολη οικονομική συγκυρία και με μιά εχθρική κυβέρνηση,να ισορροπήσει ανάμεσα στη σταθερότητα τιμών[που δεν είναι ανάθεμα] και στην χρηματοοικονομική σταθερότητα.Φυσικά,ουδείς αλάνθαστος.Ομως δεν θα έλεγα ότι ο Ο είναι η Θάτσερ της Κύπρου.

      • avatar
        Taylor on September 17, 2011 - (permalink)

        I didn’t say stable inflation or monetary policy is bad my nickname takes after the John Taylor rule that tries to balance inflation targeting and output gaps hence unemployment something that O has criticised in his academic papers on reasons of data measurement thus adopting a more monetarist or Friedman like opinion on this. I do notthink he is like Thatcher but he certainly gas some of her characteristics like union bashing and his autocratic character.
        Is he doing well in trying to balance these objectives you mention my personal opinion derived from what I personally believe are objective criteria is NO. His record on regulation andFin stability are to my mind below average especially our bank assets which ballooned under his tenure and he dies not worry about this nor do some other commentators on this blog including you and certain UCY academics. In this alliance is also the vast majority of Cy media include tv channels newspapers and websites, they tend to focus on fiscal matters which is only partlycorrect and mainly motivated by political considerations. I throwdown the gauntlet at our politicians media and a large partof the public to carefullystudy what Prof Demetriades and a minority of people on this blog have been saying about ourbanking system and without thinking politically to day hand on heart that our banking system being 9 times our GDP isn’t a problem and has not caused any of the credit downgrades of our country and banks and then to think which individual and institution did not do well and helped to develop this situation. When these people objectively look at the topic I will stop writing on the blog and feel satisfied that I have done my country a service!

  4. avatar
    Anonymous on September 16, 2011 - (permalink)

    Taylor,

    O balances monetary objectives with financial stability and regulation, despite your complete and repeated denial of this. In fact your repeated criticism of O has meant (I think) that people do not read what you have to say if it spans more than three lines, because they know what the end conclusion will be (your conclusion has always been: “O should be fired, he does not know anything about banking”).

    As far as I recall, O took the following steps in the banking front

    1) Contingent convertible securities were used by the banks in cyprus, probably after some prodding by the central bank
    2) Dividends were not paid by banks
    3) Played around with collateral requirement for second houses

    At least you should give him credit that he tried some things and he is not completely oblivious to financial stability and banking regulation as you make him out to be. I am sure there are other things that he has done that the public does not know, and does not need to know. And therefore I think you do not know either. Given that he has been proven right on all other things we do know (the effect of government finances on the economy and the decisions of rating agencies), maybe you should give him some credit, like 70% of the rest of the population in cyprus and the majority of analysts abroad.

    My two cents

  5. avatar
    Taylor on September 16, 2011 - (permalink)

    Anonymous,

    Thanks for giving me tips to make my posts less long. Now with your 3 points:
    Point 1 is not necessarily always a good thing read up on possible danger of CoCo’s and you will see they should not be seen as a panacea.
    Point 2 is good in theory but all Cyprus banks did pay dividends anyhow not this year but last year in 2010 even though he said they shouldn’t, so they tottaly ignored him, so much for how much they respect him.
    Point 3 was incomplete and half hearted.

    What he did repeatedly bang on about to the point of getting into a fight with the ex MoF was his small banking stability fund that would act as a “cushion” and would stop the credit rating agencies from downgrading our banks, as he thought it would delink the credit rating of the banks from the sovereign. He was proven very wrong as his fund was a very insignificant amount and after being criticised(even laughed at)by the agencies he immediately said it should not be 50M Euro but 500M Euro…
    Also he at one point was looking at term structures of interest rates and bond yields in an academic fashion and he believed wrongly that he could de-escalate the interest rate charged by Cyprus banks on loans…Wrong again as they price over their cost of funds which is the interest they pay me and you on their deposits…
    So people who know what he did and not academic types that admire his research do not say he is always right. Analysts abroad are not like the 70% of the population that think he is right as they tend to be more expert on banking than our general population.

  6. avatar
    Anonymous on September 16, 2011 - (permalink)

    Taylor,

    this is better. But your main point is that he does not care about financial stability. Not caring is different from not being able to do something to de-escalate interest rates in Cyprus (do you have any suggestions?) and I am not sure I agree with you about the fund. You have to start from somewhere and 50m for starts is easier to raise than 500m. It is a way to get to 500m if you prefer. But these are different points from your main thesis, anyway.

  7. avatar
    Taylor on September 17, 2011 - (permalink)

    Anonymous I answered in detail but was inexplicably censored by the objective moderator. If I get some more time I will revert but it is a bit deflating to have to write similar things all over, if the moderator thinks some bits are not appropriate he should delete just them, blanket deletions just show bias and a moderator doing a bad job!

  8. avatar
    Taylor on September 17, 2011 - (permalink)

    No easy way to de-escalate interest rates when the Cyprus banking Market funds it’s assets via traditional retail deposits. Perhaps this is a necessary evil to be a more stable economy the alternative is covered bonds for which legislation has only recently passed but beware the banks that rush into covered bonds may be quite tight on liquidity…
    50m may be a start the difference being before the rating agencies ridiculed us 50m was all he had in mind which is not even 1% of our GDP it says a lot if your technocratic governor thought that a find of such size relative to our 9 times GDP bank assets would make the agencies stop the downgrades! 500M is a more realistic number but still not quite enough so this shows how much he underestimated the problem of too big to fail that he made much worse under his tenure!
    So my central thesis is the following he knows a lot about monetary policy and I have Never criticised him in that area. He thinks he knows about
    Financial stability and banking and although he has made some half hearted attempts here his grade is C minus to put it kindly!

  9. avatar
    m hadjinicolaou on September 18, 2011 - (permalink)

    Someone once said ” the UN is not working since the emphasis is on nations rather than on United”
    The EU and the euro will always suffer from the lack of an agreement for monetary and fiscal policy guided by political parties and voters likings.

  10. avatar
    kax on September 18, 2011 - (permalink)

    Σύμφωνα με το Baseline Scenario που από σας μάθαμε κύριε Δημητριάδη σε σημερινό άρθρο των Simon και Boone ο αντικαταστάτης θα έχει ακόμα πιό σκληρή γραμμή εναντίον της αγοράς ομολόγων από την ΕΚΤ.Εγώ που βεβαίως δεν ξέρω ποιά από τις δύο απόψεις είναι σωστή δεν βλέπω φώς στην άκρη της σήραγγας αλλά ακούω καμπάνες να κτυπούν για τον τελευταίο ασπασμό.
    Όπου υπάρχουν συμφέροντα δεν αλλάσσουν αυτά με αλλαγή προσώπων.Στην Κύπρο άλλαξε ο Υπουργός,είναι συμπαθέστατος σαν άτομο,γλυκομίλητος και κοινωνικός αλλά στο τελικό αποτέλεσμα θα μετρήσουν οι αριθμοί.Θα τελειώσει η περίοδος χάριτος του και θα έρθει αντιμέτωπος με την ίδια κριτική με τον προκάτοχο του,εκτός αν κάμει το θαύμα,κάτι που είμαι σίγουρος ότι δεν θα μπορέσει,όχι διότι φταίει αλλά γιατί οι θυσίες που απαιτούνται είναι τέτοιες που δεν γίνονται δεκτές.
    Άκουσα για πρώτη φορά στην συζήτηση της Δευτέρας τον Ορφανίδη.Μου φάνηκε σοβαρός και μου έκαμε εξαιρετική εντύπωση διότιδεν απάντησε σε ερώτηση για την Αμερικανική οικονομία παραπέμποντας στους άλλους που ζούσαν εκεί.Έκανε όμως το ίδιο λάθος με τον Σταυράκη όταν είπε ότι όσοι ισχυρίζονται ότι οι Ευρωπαικές τράπεζες έχουν προβλήματα(δηλαδή σχεδόν όλοι οι ανεξάρτητοι)είναι εντελώς λανθασμένοι.Βασικά η γνώμη μου είναι ότι Σταυράκης Ορφανίδης είναι το ίδιο προιόν σε διαφορετική συσκευασία.Δεν περίμενα βεβαίως να παραδεκτεί ότι οι τράπεζες έχουν πρόβλημα αλλά δεν υπήρχε λόγος να φτάσει στο άλλο άκρο.Αν πράγματι πιστεύει αυτός και η ΕΚΤ ότι λέει η Ευρωζώνη δεν έχει υπόθεση.

    • avatar
      P. Demetriades on September 20, 2011 - (permalink)

      These are interesting observations and I am glad you have found the baseline scenario interesting. However, Johnson and Boone have not earned their reputation for their ability to see turning points. I attach little weight to their view on this occasion, which they offer nothing to substantiate.

      Here’s a report on Asmussen by the Independent that is broadly in line with my predictions. it also explains why the christian democrats have kept a social democrat in their government (because he is talented):

      http://blogs.independent.co.uk/2011/09/12/how-hawkish-is-joerg-asmussen/

      The comment about euro bonds is particularly interesting. See also my comment below with the new info.

      It seems to me that Merkel has now recognised that survival of the euro is more important than the German obsession with price stability. What is the point of having 2.0% inflation if the cost is eurozone breaking up? In any case, pumping a lot of liquidity into the markets when the economies are at the brink of recession is unlikely to be inflationary. Stark clearly cannot see this, which suggests that he is dogmatic. By contrast, Asmussen is described as ‘pragmatic’.

      Finally, let me add that personality, talent and experience can make a huge difference, particularly so in difficult circumstances. When the plane is flying on auto pilot, who is the pilot does not matter. But in a storm, when the auto pilot isn’t working, the pilot can make a difference.

      That is why I was confident from day one that Kazamias was an excellent choice as MoF, see:

      http://givegoodeconomicsachance.blogspot.com/2011/08/cyprus-new-minister-of-finance.html

      I am glad that my predictions are, once again, coming true.

  11. avatar
    P. Demetriades on September 18, 2011 - (permalink)

    Δύο προσθήκες.

    1. Τις τελευταίες 3 μέρες παρευρέθηκα σε συνέδριο μακροοικονομολόγων στο πανεπιστήμιο Birmingham. Μεταξύ άλλων μίλησα με ένα πολύ γνωστό μακροοικονομολόγο που γνώριζει πολύ καλά τα τεκταινόμενα στην ΕΚΤ και γνώριζε τον Στάρκ αλλά και τον προκατοχό του τον κ. ‘Ισσιγκ. Επιβεβαίωσε τα πιό πάνω και πρόσθεσε αρκετά στοιχεία που δε γνώριζα τα οποία ενισχύουν τα συμπεράσματα του άρθρου μου, τα οποία δε μπορώ να δώσω εδώ. Μπορώ να πώ ίσως ότι ο διορισμός του ήταν από την αρχή περισσότερο ιδεολογικός-πολιτικός παρά οτιδήποτε άλλο. Επίσης ανάφερε ότι ο κύριος λόγος που έφυγε ο Στάρκ (και ο Βέμπερ) ήταν ότι έχασαν τη στήριξη της κ. Μέρκελ, η οποία αντιλήφθηκε, γιά λόγους επιβίωσης, ότι η εμμονή στο μοντέλο της Bundesbank γιά την ΕΚΤ θα ήταν καταστροφική.

    2. Η έλλειψη διαφάνειας στις αποφάσεις της ΕΚΤ γιά τη νομισματική πολιτική κάνει οποιανδήποτε συζήτηση του θέματος αυτού προβληματική. Οι ψηφοφόροι της ευρωζώνης έχουν το κάθε δικαίωμα να πιέσουν ώστε τα πρακτικά των αποφάσεων και πως φήφισε το καθε μέλος να δημοσιεύονται, έστω και με μιά μικρή καθυστέρηση (στην περίπτωση της Τράπεζας της Αγγλιάς δημοσιεύονται με καθυστέρηση ένα μήνα).

  12. avatar
    αθηνα on September 18, 2011 - (permalink)

    Δηλαδή Taylor,αν κατάλαβα καλά,τα συνδικάτα είναι οι ιερές αγελάδες που δεν μπορεί κανένας να τις αγγίξει; Μπορεί να φεύγω από το θέμα, αλλά αυτή η μονομανία σου να φορτώνεις τα χάλια της οικονομίας εν είδει αποδιοπομπαίου τράγου, μόνο στον Ορφανίδη,σε κάνει ”χριστοφικότερο του Χριστόφια”.Αυτό δεν νομίζω να περιποιεί τιμήν γιά κανέναν οικονομολόγο που σπούδασε σε δημοκρατία δυτικού τύπου.Ακόμα λίγο θα μας πείς ότι η συμφωνία-φιάσκο γιά την ΑΤΑ,σε εκφράζει.

  13. avatar
    Taylor on September 19, 2011 - (permalink)

    Athina,

    You avoid my central argument about banks, skirting round the issue to “attack” me in another way under the belt, in a party political fashion worthy of a person that goes to meetings of the youth movement of political parties not of an educated objective doctor, with a critical mind…
    So, rest assured that I do NOT agree with the ATA agreement but I’m a realist and given the power of these unions in Cyprus, at least they gave something in an area where not even previous Synagermos governments managed to obtained concessions, on their “sacred cow” issue of ATA. Is it enough? No, Is it better than nothing? Yes. In politics you must negotiate and compromise, the compromise here is not the ideal solution but I’d take that over nothing!
    As to the christofias jibe I will not even comment, you are totally out of place. You are right, I studied in a very Western Economy(starting off with a very right wing view of economics) and was taught both monetarist and Keynesian views of economics and the neo-classical synthesis and all the mathematical and statistical/econometric bs that they teach in top rated economics degrees these days.
    The big difference between me and perhaps other writers on this blog is that I critically examine the theories taught to me, look at what actually happens in the real world and when I see that the elegant mathematical models, although rigorous and worthy of many hours of mental gymnastics, have nothing to do with the real world, I refuse to be awed by them. Any Social Science must describe the real world not an idealised view of the world based on robotic rational utility maximising men with no emotions or no herd like behaviour… On the other hand Neo Keynesian economists such as Stiglitz, Akerlof etc have described the real world as it is. I suggest if you read one academic economic paper in your life, read “The Market for Lemons” by George Akerlof on Assymetric Information, then you will see how the monetarists or rational expectations theories espoused by many right wing economists crumble and I am right wing but my critical thought allows me to realise truth over fantasy…
    Also if you want a book that describes the real world of investments read “The Black Swan” by Nassim Nicholas Taleb a Lebanese in nationality, but Greek Orthodox in religion, writer that also sees the world as it is and correctly challenges the nobel prize winning “efficient market hypothesis” using arguments of Mathematician Benoit Mandelbort. See, If mathematicians are realistic I like them too, I have nothing against maths or rigour as a tool if it is used in a realistic way and not a way to hide fantasy using numbers!!
    Now, I challenge you to DIRECTLY answer about our banking system and regulation and to tell me if you are satisfied with what is happening in our economy in that area,I quote from one of my previous responses: “…our banking system and without thinking politically to say, hand on heart that our banking system being 9 times our GDP isn’t a problem, and has not caused any of the credit downgrades of our country and banks and then to think which individual and institution did not do well and helped to develop this situation” I await your answer and arguments eagerly, to eventually see what some people, who seem to blindly use party political rhetoric and an individual who is used as a “trojan horse” for their OWN political ambitions, think on a very important issue for our country.
    And to further illustrate that I have nothing against the esteemed MIT economis department if it preaches realism I greatly admire other than MIT phd Economists Krugman and Stiglitz, Olivier Blanchard and Charles P. Kindleberger, whose classic book ” Manias, Panics and Crashes” criticises central banks who ignore asset price bubbles and who place primacy on monetary policy over financial stability and who do NOT incorporate the increase of asset prices such as houses in their inflation targets…

    • avatar
      αθηνα on September 19, 2011 - (permalink)

      Taylor,κατ’αρχήν δεν έχω καταλάβει γιά ποιό κτύπημα κάτω από τη μέση μιλάς.Εκτός και αν θεωρείς τις απαντήσεις μου στα έωλα επιχειρήματά σου σαν ενόχληση.Εγώ απολαμβάνω τη συζήτησή μας,όμως αν θεωρείς ότι είμαι unfair απέναντί σου να το αφήσουμε ως εδώ. Τώρα,σχετικά με την συμφωνία γιά την ΑΤΑ.It’s not better than nothing,as you say,but, ,NOTHING,would be better. Διότι αν δεν συμφωνούσαν,θα ήταν πιό ειλικρινείς όλοι,και να μην δίνεται η εντύπωση στην κοινή γνώμη ότι έχουμε any chance.Οσον αφορά το χιλιοειπωμένο 9xGDP.Αυτό από μόνο του δεν θα ήταν πρόβλημα άν η οικονομία μας πετούσε.Aλλά δυστυχώς δεν!Κλείνοντας,θα έλεγα πως,Δούρειος Ιππος θα μπορούσε να είναι και κάποιος που δηλώνει μεν,δεξιός,αλλά από το πρω’ί’ μέχρι το βράδυ κουβαλά νερό στο μύλο του ΑΚΕΛ.Kαι ο νοών νοείτω.

    • avatar
      Alexander on March 5, 2012 - (permalink)

      You have the monopoly on useful infomraiton-aren’t monopolies illegal? ;)

  14. avatar
    Taylor on September 21, 2011 - (permalink)

    You preach socialism for the rich if you think that 9 times GDP is ok if we had a fiscal surplus or no public debt. Please read the book 13 bankers and you will see why the USA with Bank assets of 0.4 of their GDP is worried!! not 9 times…
    Now for the ATA bit you would rather take nothing…ok but when our state becomes bankrupt your nothing will not have helped while the something these rigid Unions are giving is a step in the correct direction and going forward we need to persuade them to give more!
    The Trojan Horse is of course O who for his “academic beliefs” is providing fodder for the opposition in a less than constructive way pushing our economy closer toward the cliff with his speaches to DOW Jones Newswire and Bloomberg that spike the bond yield of CY sovereign bonds on the secondary market.
    I’m not pro AKEL I’m ANTI Orph get over it.
    You are Pro ORPH and are hiding it under a so called rtight wing attitude. Have you by any chance received personal benefit from O. A lot of the people that support him have indirectly benefited from his tenure…

    PS O’s favourite number is 0.89%…

    • avatar
      αθηνα on September 22, 2011 - (permalink)

      Ετσι είναι,αν έτσι νομίζετε [Λου'ί'τζι Πιραντέλλο].Μα επιτέλους Taylor,γιά να τελειώνουμε με αυτά τα 9x GDP bank assets.Πού ήσασταν όλοι εσείς οι επιφανείς οικονομολόγοι και η brilliant διακυβέρνηση γιά να δράσετε σαν Προμηθείς και να πείτε,δεν θέλουμε έναν τραπεζικό τομέα-γίγαντα κι ας τρώμε ξερό ψωμί,παρά μόνο έρχεστε τώρα σαν Επιμηθείς να κλαψουρίζετε και να τα φορτώνετε όλα στον μούργο Goofy που το μόνο που ξέρει, είναι να πίνει μπύρες στα συνέδρια που πηγαίνει στην Αμερική.Επιτέλους τι είχαμε σαν Κύπρος,εκτός από τον χρηματοοικονομικό τομέα [ίσως και λίγα αγγούρια] και τις υπηρεσίες,γιά να τα’ί’ζουν τον αδηφάγο δημ.τομέα;Τεχνολογία αιχμής,ουράνιο,πετρέλαιο;Αλλά είπαμε,άμα θέλουμε να κάψουμε κάποιον,θα βρούμε το πάτημα.Τελειώνοντας,θα σου πώ το εξής:Mπορώ και′γώ να δηλώνω αριστερός μέσα στα blogs,και να είμαι ο δούρειος ίππος του ΔΗΣΥ ας πούμε.

      • avatar
        Anonymous on September 22, 2011 - (permalink)

        oloi klapsourizoun ektos esi. I ironia ine oti oti katigoras tou akelikous oti ine arnia ala ke esi den diaferis. Ime siguros an alaksi politiki o nikolas i averof tha allaksis ke esi.

        Ετσι είναι,αν έτσι νομίζετε [Λου’ί’τζι Πιραντέλλο

        • avatar
          αθηνα on September 23, 2011 - (permalink)

          Διαμαρτύρομαι διότι ακόμα και απλά σχόλια λογοκρίνονται.

  15. avatar
    Taylor on September 22, 2011 - (permalink)

    To Athina, if you really are a doctor, that I sicerely doubt, you would as a scientist and practitioner of a service to society see the truth in our over bloated banking sector. It seems to me you are neither a scientist nor objective nor believe in critical thought. Are you by any chance employed in the one time great institution before your hero took over? It also seems to me that unless you are a firm believer of Rational Expectations, Efficient Markets and No Regulation, there is no way that a well meaning dr what blindly support a person or a misguided policy without even acknowledging the facts, predicting crises is almost Impossible for economists and none have a good record for predicting with their fantasy models.
    I ask one final time and I will not revert cause in your fantasy world you might as well assume away the existence of a banking system.
    For you 9 times banking assets to GDP is the reason we developed as a country? What about Tourism, what about health and education services and coupled with all these IT infrastructure a good road network and telecommunications and yes also legal, accounting and banking services. As I have many times explained before we are obtaining no additional benefits by making all Greek banks subsidiaries, by insisting banks which merged with Greek banks and have 40% of their assets in Greece to be headquartered here. We would obtain exactly the same benefits if these banks were either branches or headquartered in Greece. The fact that you say this is not a problem and insist that your hero was correct in making our bank assets from 6 times GDP to 9 times, via his licensing is biased and non objective and any independent well meaning Cypriot citizen would realise this and not waste her time to defend an official who will leave office in May 2012, in under a year!! Weep Athina the best governor we ever had will leave forget future promotions! Jump ship now to ensure your professional future in June 2012 you will be on this blog singing the praises of your new boss and forgetting that O existed!

    • avatar
      αθηνα on September 23, 2011 - (permalink)

      Αγαπητέ Taylor,επειδή αμφισβητείς ακόμα και την ιδιότητά μου,και επειδή ο moderator δεν άφησε προηγούμενο σχόλιό μου προς τον Ανώνυμο να περάσει,νομίζω να το αφήσουμε ως εδώ,γιατί δεν θα βγάλουμε συμπέρασμα.

    • avatar
      αθηνα on September 23, 2011 - (permalink)

      If you dispute my profession,there is no chance to discuss.For me is an offensive action.I’m sorry.

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