manolopoulos - greece's 'odious' debt; the looting of the hellenic republic (2011)

[...]... peso replaced the austral in 1991, one new peso was equal to 100,000,000,000 pre-1983 pesos.4 The end of the twentieth century and beginning of the twenty-first witnessed a dramatic fall for what had been the most prosperous country of South America, and one of the ten richest nations in the world in the first half of the twentieth century By the 1980s and 1990s, a stream of Argentinians of Italian descent... re-invest at the rate of the depreciation of their assets, and quiedy were liquidated The policy of convertibility of the 1990s finished off those who were left The country is very ambitious, and her entrepreneurs as well However, it is going to be several decades before Argentina receives inward investment at a level necessary to re-start the process of industrialisation I doubt that the money of the. .. lost 13 per cent of her population, the largest proportional loss of all the occupied countries of the Second World War Accession to the European Union in 1981, and adoption of the single currency in 2001 seemed like a smooth, continuous process out of the nightmares of the mid-twentieth century After going through the traumas of recent decades, it was natural to focus on the short-term benefits that... father had been approached by a high-ranking member of the military, and proposed that he purchase advertising hoardings that were relatively low in price as they faced the opposite way to on coming traffic in a one-way system Then the official would ensure that the direction of traffic was reversed, and the two would share the huge profits that ensued as the value of the advertising space increased 'Over... for the excesses of the current age They may even start to look up the definition of the 'odious' debt This is a legal theory, established in the 1920s, which holds that national debt incurred by a government for purposes that do not serve the best interests of the nation should not be enforceable Such debts are held to be personal debts of the unrepresentative regime that incurred them and not of that... return home There had been a plunge in the value of their currency, the austral, and they could not afford to be abroad for a day longer.2 Even this shock was not the peak of hyperinflation in the South American country; two years earlier the consumer price index for Buenos Aires had reached more than 5,000 per cent.3 An estimate of the longer-term impact of hyperinflation was that, by the time the new... and their refusal to impose sanctions for breaching the deficit and debt limits of the Maastricht Treaty, could the future populations of the EU begin to challenge whether they should pay the colossal bill that the older generation has accumulated? The rush to monetary union and the failure to consult and hold referendums may come back to haunt the EU's leaders These are extreme scenarios, but the. .. nationalist The country closed itself to the world and is still paying for that dearly Also, during the 1960s and 1970s, Argentina was, like other countries around the world, a theatre for operations of the Cold War, in that the USA and the USSR launched their exercises in left-wing terrorism and right-wing counterrevolutions The result: flight of foreign capital and local savings during the last 40... industrial power at the end of the nineteenth century and the start of the twentieth In that era, you could regard Argentina as being equivalent to Canada or Australia It was in the process of becoming a great power - more advanced, for example, than Brazil, Russia, India or China, the famous 'BRIC5 powers of today The process was abrupdy halted by the appearance of Peronism, and various right-wing dictatorships... sought, and often received, direct assistance from the state Elections and parliamentary decisionmaking returned in 1974 after seven years of dictatorship in the case of Greece, and in 1983 in the case of Argentina In both cases, military humiliation at the hands of a foreign power was a major factor in the collapse of the regimes Both countries have a history of being the most advanced economy in their . 'Odious 5 Debt The Looting of the Hellenic Republic by the Euro, the Political Elite and the Investment Community by Jason Manolopoulos A ANTHEM PRESS LONDON NEW YORJC DELHI Anthem Press An. from the British Library. Library of Congress Cataloging in Publication Data Manolopoulos, Jason. Greece's 'odious' debt: the looting of the Hellenic republic by the euro, the. crucial role. At the time of writing, it is not clear whether the impact will be cataclysmic, representing the beginning of the end of the good way of life for Europeans, or whether it will force