Barack Obama won re-election, and America lost its future. Many would call that statement a sign of sour grapes the words of a poor loser. Yet, it is neither. It is the simple conclusion for anyone who has a calculator and has done the math. The national debt for the United States is 16 trillion dollars. That’s 101% of the Gross National Product. It would be like someone making $50,000 a year owing $5,000,000 dollars. Now that Obama has been reelected, the country is projected to reach 20 trillion in debt by the time he is out of office. The only thing that could change that path is if the President were willing to cut the spending spree, something he has shown he does not want to do.

Our debt is unsustainable at its current level. Now that we are guaranteed to have Obamacare written in stone and the two to three trillion dollars it will cost, by 2016 the country will be on a path that cannot be altered: insolvency. It is simple math. It has nothing to do with being a Republican or Democrat. Issues of racism or classicism makes no difference. It is zero’s and one’s. The income either adds up or it does not.

Greece is learning this lesson now. They spent too much on social programs, guaranteed state and country wide union wages, infrastructure built to provide “jobs” and higher taxes. The net result is a country that went running, hat in hand to the European countries for money to keep their country alive. The loans came with strings attached, as most loans do, and the string was a total restructuring of Greece’s spending. The result has been civil unrest, labor strikes, and riots. If you ask the rioters why they are doing these things, they will tell you because of the cuts to wages, and social programs. The very things that made them have to go begging for loans to stay afloat. It is like a person who buys the exotic sports car, and then gets mad at the person who comes to repossess the car, because they cannot make the car payment.

America is on that path, and has been for quite some time. Like the minor tremors that portent a large earthquake, little signs have been appearing: polls that show most people wanting those that make more than they to pay more in taxes, backlashes against any plan to slow down the spending and cost of medicare, men and women alike defending the idea that others have an obligation to pay for the birth control of women, support for fiscally dubious high speed rail projects across the country. Little by little, inch by inch, the mindset of the government spending the viewpoint of entitled thinking has been creeping into the psyche of the American populace.

Tonight’s election was the seismic event that was building. It signals that America has turned toward a social democracy like Europe. This has occurred not because of Barack Obama, but because people chose him. America’s populace chose tonight. They did not choose Romney because he was a bad candidate or ran a bad campaign. They chose Barack Obama, because they want the freebies, and they want someone else to pay for it. There are more people that embrace class warfare, than shun it. The days when President Kennedy said, “ask not what your country can do for you, but what you can do for your country,” is dead and gone.

We want the healthcare, we want the free birth control; we want the government to take care of us. The only problem is we cannot afford to do it. We cannot do it at 16 trillion in debt, and moving to 20 trillion in debt will not make things better. More debt never does.

American lost tonight, make no mistake about it. America died tonight. What the country that now occupies its space on this planet ends as is pretty clear. We become Greece on steroids, and the collapse will be televised.

Image Courtesy : WCHI News

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In an era where global peace and tranquility is alive only in the imagination, where an economic scene is filled with a series of erroneous judgments, and where in many parts of the world societal values are diminishing, the Nobel Peace prize given to the European Union is an upright mockery of all human endurance.

The Norwegian Nobel committee recently declared the European Union (EU) as the winner of the Noble Peace Prize for 2012, for uniting the union for the last 60 years.

It is a paradoxical sign demonstrating deep ignorance of harsh global realities. Bombings, kidnappings, hijackings, violent uprisings, turbulent political sabotages and almost stable unemployment (in many countries) have become hallmarks of the 21^st century. 50 years down the line, these years will be remembered as a period of widespread inhumanity and chaos of the highest order noted in modern times.

Let me take you on a long ride to places where human existence itself is fast becoming an unbearable burden, with widespread killings, bombardments, unemployment, austerity, and fear of more darkness ahead in future.

Let’s start with Syria, where according to the Washington post, 8,003 people were killed in Homs, 3,133 in Hamah, 2,405 in Damascus, 5,896 in Rif Dimashq, 4,601 in Idilb, and 3,672 in Aleppo since the revolution began against the Syrian government. According to CNN, in an article published in early 2012,  Lynn Pascoe, a senior UN official, told the Security Council that “the death toll now often exceeds 100 civilians a day, including women and children.” She further said that “the total is certainly well over 7,500.”

In Libya, there’s a different tale behind the bloody mayhem. According to the Huffington Post, as many as 30,000 people were killed between March and September 2011, and nearly 4000 people are still missing.

Naji Barakat, the health minister in a new Libyan leadership, said “the number of war wounded is currently estimated to be at least 50,000, including some 20,000 with serious injuries, but expected to rise.”

It can be said that it’s not just civil animosity against state, nor it’s barbarous bombardment in certain country; on the contrary, it’s the convergence of crisis in many varied forms, globally accountable for vanishing away the peace.

Greece, a country once regarded as a place of intellectual evolution and philosophical enrichment, is now captive under the chains of the economic failure, where austerity has become an arsenal, wiping out peace and stability in recent years. Greece emerges as ponderous testimony completely in contrast to what the EU has achieved so far, and clearly a sign amplifying that the union has lost the economic thrust required to uphold a union.

Economic unity does not come along with the cooperation of various markets by the elimination of bureaucratic borders; rather, it’s a product of collective economic and political interests.

Unemployment in many countries can also be regarded as a pivotal factor responsible for domestic and social unrest, causing a psychological and emotional imbalance among the people. Peace is something that needs collaboration of preferences and interests so that prosperity can prevail.

In the case of the European Union, the restoration of peace requires a platform of economic equality among countries, so that the failure of economic management does not cause social upheaval. And peace is not a regional significance limited to the EU. The Nobel Peace Prize should be for the globalization of peace.

Image Courtesy of Dmitry Berkut / Shutterstock.com

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Imagine a group of people being stranded amidst deep amazon forests with nothing to eat except insects and lizards, with nothing to cover their heads, being tugged out into the wilderness of discomfort and agitation. After days of extensive and tireless operations, rescue officers ultimately landed with loads of food and all the amenities they can offer. But there was a tragic turnaround: rescue officers decided not to take the stranded people out of the claws of death; on the contrary, they agreed to continue their operations as long as they can.

This is what Greece is going through. Over the year of crisis, it has been observed that whatever the assistance mechanism (in terms of bailouts and loans) designed and amended so far contributed more towards fiscal chaos and debasement of the economy, affecting the lives of millions of people and its image as a whole.

Assistance extended so far allowed Greek government to spend,  since the engine of the economy has bottomed-out and domestic resources dried away.

Bailouts and loans just sway a nation back and forth in ravines of debt and despair. Bailouts may help a worn-out engine run, but it can’t help reduce deficits. It is very uncommon to witness that after years of crisis, authorities failed to restructure deficits, failed to frame rules concerning public expenditure, failed to eradicate to fiscal illness, and failed to bridge the fiscal gap and move on.

For example, how far have measures taken to stabilize Argentina debt crisis been successful? Ten years after the Argentinean sovereign debt default, the world seems to have ignored or fizzle out lessens learned in South America. Even today, after a decade of financial fall-out, litigation are continuing; debtors are still hopeful that one day they might get their money back.

On the other hand, austerity measures help curtail expenditure. They assist in lowering the possibility of the further accumulation of debt, but in no sense do austerity measures help reduce previously accumulated debt. This is where action by the International Monetary Fund and European Central Bank turns folly.

A system has to be put in place that brings public expenditure under an axis of regulation, under the barricades of the financial capability of a nation to spend, rather than printing stacks of money to purchase government bonds. Institutions aiding financially are just acting like a cushion, instigating or backing-up nations to carry on reckless spending patterns no what matter whether they can withstand the debt burden or not!

Institutions that promote spending cuts followed by hybrid doses of bailouts partly shift responsibility back to themselves from a debt-laden nation, and continue the legacy of fiscal fallacy.

Legal framework on a systematic platform has to be implemented at a global level, so that in the future we live in a debt free world, a world where fiscal discipline matters and budget surpluses are a reality for all. At least in the case of Europe, a fiscal institution has to overlook the fiscal affairs of all the member nations, capping public spending based on the country’s own financial health and current debt.

The situation where Greece is currently dwelling is very close to people stranded in Amazon forest. What is needed is effective fiscal management. International institutions can play a much bigger role with technical guidance on budget management and by discounting policies that hardly bring any substantial change.

The need of the hour is to lift people away from the woods, not to let them survive being the weakest!

Image Courtesy of   Ververidis Vasilis / Shutterstock.com

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The Czech Republic, who were humbled in their opening game against Russia, took on Greece at the Municipal Stadium in Wroclaw, Poland in search of their opening win in the tournament.

It did not take long before the Czech fans were celebrating as they took the lead in just the third minute of the game. Veteran player Tomas Hubschman unlocked the Greek defense with a pinpoint pass for Petr Jiracek, and Czech midfielder had little difficulty beating Kostas Chalkias with his left foot.

No sooner than the Czech fans’ cheers had died down, they were once more on their feet celebrating their second goal of the game. A drilled cross from Gebre Selassie was dealt with poorly by Greek goalkeeper Chalkias, who only managed to palm the ball into the path of the arriving Vaclav Pilar and the ball was bundled into the back of the net off of the knee of Pilar.

Chalkias’ nightmare start to the game came to an early end as he walked off with an injury to be replaced by Michalis Sifakis, who was almost immediately called upon to make a good diving save to prevent Tomas Rosicky from extending the Czechs’ lead.

Despite being down 2-0, and in desperate need of at least one goal before half time, the Greece team looked lethargic for the rest of the half, failing to trouble the Czech defense with any meaningful attacks. The closest Greece came to pulling a goal back was through Giorgos Fotakis, who headed the ball in at the far post from a cross, only for the linesman to raise his flag for offside and ensure the score remained unchanged at the interval.

Instead of pressing hard to get back into the game in the second half, Greece was lucky to not be further behind when Selassie’s shot found its way to the feet of Milas Baros but the striker couldn’t connect properly with the ball and wasted a golden opportunity.

A lifeline was gifted the Greeks, however, when a cross was spilled by Czech goalkeeper, Petr Cech, following a mix up with Tomas Sivok, leaving Fanis Gekas with the easiest of finishes to give Greece their first goal.

The goal seemed to spur on Greece who was now in control of the game, but a combination of bad finishing and a lack of a final pass saw the Greeks spurn a host of chances as the game moved into the final 15 minutes.

Despite doing much better in the second half, Greece was unable to find a much needed equalizer, leaving them in the precarious position of needing to beat the strong Russia side in their last group game if they are to have any chance of qualifying for the knockout stages. The Czechs on the other hand are in a much better position going into their last game against Poland and, providing they can replicate their form from the first half of this game, will fancy their chances of qualifying from the group.

Image Courtesy of  photoplanet.am / Shutterstock.com

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According to a report put out by the European Central Bank on Wednesday, May 30, 2012, none of the eight countries that are waiting to join the euro currency are ready. Most countries in the group have only been waiting since 2004 or 2007 but Sweden has been waiting since 1995.

Bulgaria, the Czech Republic, Latvia Lithuania, Hungary, Poland, Romania, and Sweden are the eight countries that are members of the European Union but are not a part of the Eurozone – meaning they are not using the euro as their currency. Seventeen countries are currently using the euro, including Greece, although there have been discussions that it may have to leave the Eurozone. Currently the United Kingdom and Denmark are not using the euro either – instead they are using the pound sterling and krone respectively – but the decision to not use the euro was theirs, not the European Central Bank’s.

The United Kingdom opted out of the euro by negotiating an exception within the Maastricht Treaty of 1992. Joining the euro was heavily opposed by most of the United Kingdom, although its close neighbor, the Republic of Ireland, has adopted the euro. Denmark was able to opt out of the euro as one of the four conditions of the Edinburgh Agreement in 1992.

The European Central Bank must report on the progress of these eight countries every two years. So far it appears as if only Latvia will be able to join the euro currency by the next assessment in 2014. According to the bank, “in none of the eight countries examined, [is] the legal framework fully compatible with all requirements for the adoption of the euro.” They also claimed, “incompatibilities remain regarding central bank independence” in all of the countries.

Additionally Latvia and Lithuania are the only two countries of the eight currently taking part in the exchange rate mechanism II for more than two years which is required to be a part of the Eurozone.

Many of the countries’ economies are doing better than current eurozone countries. Seven of the eight countries – the exception being Hungary – have a debt-to-GDP ratio under 60% which is the Eurozone limit. Currently Greece’s ratio of debt-to-GDP is 165.3% and Italy, Ireland, and Portugal had ratios last year above 100%.

According to a statement from Prime Minister Donald Tusk of Poland earlier this May, Poland is still interested in joining the Eurozone even though the euro has been damaged by the current debt crisis.

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In an opening match that that the bookies believed was going to be an unexciting and uneventful opener for the start of Euro 2012, Greece was able to come away with a point in a 1-1 draw against the host nation Poland. The game turned into a dramatic 90 minutes of international soccer. Thanks to the help of Dimitrios Salpigidis, who was substituted into the game at the start of the second half, Greece was able to save themselves from molding Group A into the predicted shape.

The first 10 minutes of the match were completely dominated by Poland, who took advantage of the weakly defended right side of the field. In the meantime, Greece tried to keep up with the barrage of offense that the host nation kept throwing at them. Poland was finally able to capitalize in minute 17 when Lukasz Piszczek was able to get through the Greece defense and cross the ball into the box. It was then headed in by Robert Lewandowski.

Greece seemed to be heading down a slippery slope when Sokratis Papastathopoulos received a yellow card in minute 35, then another in minute 44, resulting in him receiving a red card and being sent off the field. Both calls were considered extremely harsh due to the lack of justification for each call, and the first half ended on a very disappointing note for the losing Greece side.

The second half began with an instant substitution made by Greece. Salpigidis was brought in for Sotiris Ninis, leaving three attacking players out on the field even though they were playing a man down. It only took five minutes for the substitute to make his presence known by hopping on a loose ball that was poorly played by Polish goalkeeper Wojciech Szczesny, and hammering it into the net to tie the game up at 1-1.

The tying goal led to a change in tactics for both teams, and to several minutes of frustrating soccer for the audience. Greece began playing a game of attrition, hoping to come out of the game with a draw. Poland, on the other hand, continued to press on the attack even though they were unable to capitalize on several chances.

When Poland’s luck seemed at its lowest point, they were struck with another blow. Goalkeeper Szczesny was shown a red card for completely missing the ball in a tackle attempt, which in turn brought down the Greece forward Salpigidis in the penalty box and gave Greece a penalty kick. Poland’s second-string goalkeeper, Przemyslaw Tyton, came into the game without warming up and was about to face a penalty shot that could end the game early for his team. But in the end, the 25-year-old goalkeeper was able to save the penalty shot taken by Giorgos Karagounis and keep Poland in the game with 20 minutes left to play.

Although both teams had their chances, in the end both were not able to finish, leaving the game at a 1-1 draw.

Almost all of the action in the game came from players that started the match on the bench. If every game is as entertaining as the one played between Poland and Greece in the tournament opener, this is going to be an amazing month of international soccer.

Poland’s next match will be against the group-leader Russia on Tuesday, while Greece faces off against the Czech Republic earlier on the same day.

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Cyprus, like all other Eurozone countries, has been struggling with debt and recession. However, due to the recent crisis in Greece it is looking more and more likely that Cyprus will be the next country requesting a bailout from the Eurozone, like Greece, Portugal and the Republic of Ireland have before them.

Cyprus has a total of 23 billion euros (US$29 billion) tied up in the Greek financial crisis. The second largest lender in Cyprus, Cyprus Popular Bank, lost 1.8 billion euro (US$2.2 billion) in Greek investments. The Cypriot government has since underwritten the 1.8 billion euro equity issue to help the bank raise capital from other investors, but if the bank is unable to raise the money from other investors by June 30, 2012, the government will have to put up the funds itself – an amount equal to a tenth of the Cypriot economy.

Talks about Greece leaving the euro currency are also making Cyprus more nervous. If Greece leaves the euro they will most likely switch back to the drachma. However, Greece will no longer have the advantage of other countries to appreciate the value of their currency even though they have a bad economy, meaning the drachma will be severely devalued in relation to the euro.

This devaluation will cause Greece to default on their loans to other countries including not only the bailout to the Eurozone, but also to Cyprus. President Demetris Christofias stated, “[Greece leaving the Eurozone and the euro currency] is something I hope will never happen.”

Cyprus and its banks have not been able to borrow on international markets since June of 2011 after two of the world’s top three credit raters gave Cyprus a junk status.

Since then Cyprus managed to borrow 2.5 billion euros (US$3.1 billion) from Russia which it has used to survive for the past year. Cyprus is trying to find another independent investor or country to loan them the 1.8 billion they need to save Cyprus Popular Bank and their economy. According to the Telegraph, Cyprus is in talks with China for another loan and possibly another undisclosed investor as well.

The European Commission has recommended that Cyprus make significant changes to its economy. Some of these changes include fixing its public finances, recapitalizing its banks, reforming labor and service markets, revitalizing the energy sector, updating education policy, and correcting pension and healthcare systems. Cyprus will release a new plan that will hopefully help them reach their deficit goal of 2.5% of GDP this year. Cyprus also hopes to keep its low 10% corporate tax to encourage financial investments.

If Cyprus is unable to receive another investment from an independent nation or investor or Greece leaves the euro, it will need to request a bailout from the Eurozone.

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In recent weeks Spain’s banking crisis has gone from bad to worse. Spain’s credit rating has recently been downgraded from an A to BBB+ by Standard & Poor’s because of the debt it will most likely take on from its banks and regional government failures. Spain is the fifth largest economy in the Eurozone, leaving many worrying about the ramifications of these recent developments on the rest of Europe.

Currently Spain’s deficit is too high for the Eurozone. The European Commission says that Spain can be given more time to reduce their deficit from the 8.9% of the GDP – as it stands currently – by 2013. However, the high deficit in Spain is causing fewer individuals and countries to risk investing in the country.

Bond yields in Spain are up to 6.7% meaning that they are high risk. Yields on bonds are higher when they are riskier because investors want a higher return if they are putting money into something that is unstable. In contrast the German and US bond yield is at 1.28% and 1.64% respectively. Therefore, instead of investing in Spain’s government bonds more people are investing in the US and Germany. However, this high bond yield also means that Spain will accumulate more debt and have to pay a higher interest when borrowing money.

Despite all recent efforts the Spanish economy is expected to shrink 1.8% this year alone and another 0.3% next year. However, Prime Minister Mariano Rajoy insists that Spain will not require a bailout like Portugal, the Republic of Ireland, and Greece have needed; Spanish banks, on the other hand, have already asked for bailout money.

Bankia, a recently formed banking group of seven banks, asked for a 19 billion Euro bailout. Bankia originally reported a 309 million Euro profit for the year of 2011 when it actually had lost 2.98 billion euros. It is unknown as of yet how Spain will get the bailout money when it is already struggling under its own deficit.

The President of the European Commission, José Manuel Barroso, has suggested that they use the Eurozone’s new 500 billion euro stability mechanism to inject some capital into the banks, but Germany, Europe’s largest economy, has already rejected the plan. Another option is for Spain to give Bankia government bonds to then trade with the European Central Bank (ECB) for money.

Although it has been reported that the ECB has already rejected this plan a recent article by the BBC claims that these reports are false and that the solution is not yet off the table. The European Commission has also suggested creating a “banking union” to monitor all Eurozone banks in the future.

In addition to struggling with the mounting bank debts, Spain is also forced to rescue several regional governments who are no longer capable of borrowing money. Several regional governments have gone bankrupt and rating agencies, such as Standard & Poor’s, have put these regions at junk status. Most recently Catalonia, the wealthiest autonomous region in Spain, has asked for help from the central government; Catalonia accounts for one-fifth of the Spanish economy.

Spain is giving these regions government-backed bonds which they can then use to borrow money. However, as stated previously, these bonds are at a high yield which makes this solution temporary. A Spanish economy ministry spokesperson stated, “the goal is to reduce the pressure on the regions, which is often greater than the pressure on the state in general, with some regions not ale to borrow on the market.”

Regional banks have tried to strengthen each other through mergers. Ibercaja, Liberbank, and Caja3 merged in late May to become more resilient. This merger created the seventh biggest lender in Spain with 120 billion euros in assets. Liberbank and Caja3 were previously mergers of four and three regional banks respectively.

Spain’s unemployment as of April is at 24.3%, the worst in the Eurozone – even worse than Greece. It is expected to climb to 25.1% by 2013 even with the recent precautions taken by the newly elected center-right government. Prime Minister Rajoy has made several labor market cuts including cutting back on severance pay and restricting inflation-linked increases in salary; these decisions have been unpopular with unions and workers. Spain’s high unemployment also means that there are fewer people who are paying higher tax rates or even paying taxes.

Spain’s economy is heavily tied to the economy of Italy, the fourth largest economy in Europe. These close ties lead investors to worry that if there is a run on the Spanish banks there will also be a run on the Italian banks, throwing both countries into a deeper crisis. Italy is now borrowing at a rate over 5.66%; borrowing at a consistent 7% rate is considered unstable and has triggered the bailouts for Greece, Portugal, and the Republic of Ireland in the past.

The Spanish debt crisis was not caused by irresponsible government spending such as in Greece. Spain ran a balanced budget every year until the recession hit in 2008. The problems were planted when Spain joined the euro in 1999 and interest rates fell because Spain’s economy was good and other economies, such as the German economy, were not.

Investors wanted to invest in Spain which is what drove the interest rates lower. While the Spanish government resisted taking out more loans because of the cheaper interest rate the Spanish people did not. The country experienced a long housing boom that also affected the construction sector. When the recession hit, the housing and credit bubbles burst leaving many banks with toxic debt – debt that was unlikely to be repaid.

Image Courtesy of  Alberto Carrasco Casado

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Fort Lauderdale, U.S.A - Voyages to Antiquity, the cruise industry’s premier specialty enrichment provider, has published its 2013 brochure including more port calls in the Western Mediterranean; itineraries to France and Spain; a stronger emphasis on Sicily, the epicenter of Ancient Rome 3500 years ago; additional Dalmatian Coast sailings from Venice along the Adriatic and an additional Black Sea voyage. The line continues to offer a unique array of experiences in Greece and Turkey.

“The Mediterranean itineraries are the heart and soul of Voyages to Antiquity and we endeavor to make each season full of unique experiences for our guests. This year we have expanded our product offerings in the Western Mediterranean while also providing an emphasis to the ancient civilizations found in Sicily,” said Mitchell J. Schlesinger, vice president of marketing and sales for Voyages to Antiquity.

“We’ve received growing support from prestigious organizations whose well-traveled clients are interested in an educational, enriching vacation experience, including Smithsonian Journeys, the Archaeological Institute of America and numerous alumni organizations.”

The Mediterranean season begins and ends with sailings between Cairo and Istanbul, highlighted by two Wonders of the World, as well as the following sites:

• Cairo to Istanbul – March 30, 2013 and Istanbul to Cairo – October 25, 2013

Western Mediterranean cruises along the Riviera coast include:

• Rome to Cannes – May 16, 2013

• Cannes to Venice – May 28, 2013

Itineraries highlighting the Adriatic’s Dalmatian Coast and the treasures of Sicily include:

• Istanbul to Athens – April 12 and September 9, 2013

• Athens to Venice – April 24 and September 21, 2013
  Venice to Athens – June 11, 2013

• Venice to Rome – May 6 and October 3, 2013

• Athens to Rome – June 23, 2013

• Rome to Istanbul – July 3 and October 13, 2013

Guest lecturers and celebrated speakers from around the world complement the in-depth shore experiences by bringing to life the art, history and culture of the Mediterranean region.  Regional foods and wines further immerse guests in the destinations visited.

Extraordinary value is a hallmark with cruise fares starting from $3995, including shore excursions with complimentary bottled water; gratuities to shipboard staff and wine, beer and soft drinks at dinner. To accommodate the significant demand from single guests, Voyages to Antiquity has increased the number of dedicated single cabins to 26 to complement single supplements in double occupancy cabins, which start from just 25%.

Roundtrip air is available from $595 per person from 60 North American gateways, including transfers and all air taxes and surcharges. Guests who book by September 30, 2012 can enjoy up to $1000 in stateroom savings on departures from March 30 through July 3, 2013.

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First of a four part feature as we look at the top young players who will grace the eight stadiums in Poland and Ukraine this summer, some will make the final grade for their countries this year but some may not even make the final squads, going to show the growing competition for places in 23-man squads is ever increasing. First up, Group A, consisting of hosts Poland, 2004 winners Greece, Russia and Czech Republic.

Wojciech Szczesny (Arsenal & Poland)

Ok, so most of you know who Szczesny is, he’s become Arsenal’s No.1 over the past 18 months, and has become one of the top goalkeepers in the Premier League. Considering his age, it’s clear to see that Szczesny will be a star for the long-term future, but he’s included in our feature because it will be his first appearance at a major international tournament.

His shot-stopping abilities have kept Arsenal in many games and have saved them many points over the course of the season, and his relaxed personality has even endeared him to fans of other clubs.

Poland face an uphill task to qualify from their group, but not an impossible one. The Czech’s have fallen from grace over time, Russia are unpredictable and Greece do not have much to offer if the World Cup is anything to go by. But if Poland are to qualify from Group A, Szczesny will have a big hand (or two) in whether they do or they don’t.

Robert Lewandowski (Borussia Dortmund & Poland)

At the other end of the pitch, there is a rapidly developing striker who could cause a stir in Europe this summer. Despite being 23, Lewandowski has been around for a few years now and first came to knowledge of the top European teams when at Lech Poznan, scoring 32 goals in 58 games, which was enough for Borussia Dortmund to snap the Pole up in 2010. Since then he’s become a proven goalscorer in the Bundesliga, with 27 goals in just over 60 appearances for Dortmund.

On the international scene, Lewandowski has also impressed, making his Poland debut at just 19 and scoring 13 goals for his country. It is almost certain Lewandowski will lead the line for Poland this summer, and if Szczesny can do the business at one end, Robert could be the man to lead Poland into the knockouts.

Kyriakos Papadopoulos (Schalke 04 & Greece)

It is depressing to think Papadopoulos is younger than me, yet almost certain to play at the European Championships this summer. The defender has impressed many around Europe in the last few years, and whilst at Schalke the 6 foot centre-back has been linked with plenty of top clubs around the continent. He’d only made 12 appearances for Olympiakos when the German side took him on, but Papadopoulos has put in several classy performances for Schalke recently and made his international debut last year.

Despite just seven international caps, Papadopoulos is one of the highest rated defenders in Europe and I’m almost certain he’ll travel to Poland/Ukraine this summer, perhaps his performances will finally guarantee him that move to a bigger club.

Alan Dzagoev (CSKA Moscow & Russia)

Alan Dzagoev is only 21, yet it seems like we’ve heard his name thrown around as a top talent for years. He’s already made over 100 appearances for CSKA Moscow, and wasn’t even 18 when named the best young player of the year in Russia’s top league in 2008. The creative midfielder has been linked with Man United, Real Madrid, AC Milan, Barcelona and almost every other top club in Europe, but he has remained loyal to Moscow for now.

With 18 caps and four goals for Russia, Dzagoev is improving all the time and will no doubt be the cog in Russia’s midfield this summer, with plenty of creativity around him, it could be another successful Euro’s for the Russian side in 2012.

Tomas Necid (CSKA Moscow & Czech Republic)

They must be breeding them well in Moscow, as our final player to watch from Group A also plays for CSKA. Tomas Necid may not be as well known as Dzagoev, but his impact in Russia is just as well-known. The 22-year old started at Slavia Prague and impressed enough for CSKA to buy him in 2009. He has not been prolific in Russia, but 19 goals in 68 games is steady progress for someone who isn’t guaranteed a regular starting place.

He’s got seven in 25 for Czech Republic but has yet to participate in a major tournament, but with Czech Republic struggling for prolific strikers, it would not surprise us to see Necid heavily involved this summer and could be the man to fire his nation to better things in 2012.

Image Courtesy of   Andrey Yurlov / Shutterstock.com

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This year the world witnessed repercussions of the most disastrous and indecisive fiscal management in the Euro Zone that shattered one’s sense of security and disturbed the lives of millions of people.

The debt crisis of a hand-full of members of the Euro Zone has potentially inflicted a wound, that has possibly introduced a series of deathly rating downgrades across the region and exposed a lot of risky behavior, especially in the banking industry, credit markets and dithered global economic recovery.

The Contagion

According to the Oxford Dictionary, the word contagion refers to a communication of disease from one person to another. In the world of finance and economics, it refers to the spread of economic crisis in one county’s bond or equity market to another.  In this case, there has been the communication or spread of fear, faithlessness, and inefficiency at the political level and, most tragically, the spread of an illogical attitude.

Greece was the first to be exposed to massive levels of debt and because of its inability to service its debt, apparently under a veil of ignorance and falsehood, became doomed and fear of default spread like a raging fire, putting into question the competency of these countries.

Crisis of Consensus

German Chancellor Angela Merkel said the European Central Bank cannot be relied upon to resolve the crisis, since its statutory role is different from the Federal Reserve Bank or the bank of England. She further said that “no single stroke” will work and joint euro bonds are “unthinkable.”

On the other front, the occasion of the failure of the recent German bond issue, a senior fellow at the Council on Foreign Relations in Berlin said that “it’s only got us closer to the end-game, either the break-up of the Euro or Euro bonds.”

The German Government had always been opposed to jointly-issued bonds, because it involves German taxpayers’ money for members of the bloc, it involves partial backing by German Government and, finally, it will contribute to a rise in cost of borrowing for Germany.

The Catastrophic Logic

In his book, “Back From The Brink,” Alistair Darling said he is gravely concerned that the coalition is repeating the mistakes made during the Great Depression in 1930’s in the United States.

The United States went into double-dip recession in 1937 because its government followed stiff fiscal tightening policies, andUK and debt-laden countries in the Euro-Zone today are following suit.

According to Keynesian school of thought, when effective demand is weak, expansionary fiscal policy should be followed, but under these circumstances, widening of authority of the ECB to finance state expenditure is quite undeniable rather than taking the hand away.

Greece has almost frozen its spending along with Italy to some extent, and it has strengthened the belief that the efforts should be in the reverse order to invite stability across the countries. Hopefully, the new proposal by Merkal to bring in radical changes in treaties will resurrect the rubble.

Image Courtesy of   http://www.flickr.com/photos/europeancouncil/

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The most faltering and tragic questions of the 21st century is how to manage the fiscal system of a country regardless of their level of economic growth. Leaders, politicians, lawmakers and ordinary citizens are deeply baffled and greatly offended by the scale of the problem in their domestic economy, and in the recent global economy.

The economy was still in its sick bed in late 2009 when the Greek government spilled the truth about their official figures being misrepresented for years. The most pronounced effect of the horrific level of public debt has been had the outcome of the unpopular austerity measures.

The unprecedented action to curtail and mitigate the dangerously high proportion of debt failed to bring in the amount of hope that the measures were designed for. Attempts to subsidize or fend-off the crisis were made by the European Commission, the IMF and the European central bank by setting-up a tripartite committee to prepare appropriate programs and economic policies.

A loan agreement was reached between Greece and the other Euro zone members, with an agreement settling on a total of 110 billion €. Greece, being member of the Euro zone, it cannot unilaterally stimulate the economy by expanding monetary policy. According to Vicky Pryce, senior director of economics at FTI, “we will see a haircut on Greek bonds, a recapitalization program of banks and increase in the size of the bailout”

Ultimately, nations under the hammer of fiscal congestion and monetary impossibilities will have fewer possibilities of revitalize the sluggish economy in order to gradually subside the debt debacles. President Obama said when German Chancellor Angela Merkel Visited the US, that “European Debt Crisis must be brought under control predicting disastrous results if there is an uncontrolled spiral and default in Europe”

According to the German Finance minister, Wolfgang Schauble, creditors holding soon-to-mature Greek bonds would need new bonds on similar terms that are payable for several years. But this plan doesn’t release Greece from the shackles of their staggering debt — it only shifts the burden to future generations, providing a short-term relief.

In another plan which has been accepted by the European Central Bank, a ‘no bond exchange’ requires that private creditors can cash in on maturity and be encouraged to re-lend some of their money. This plan is only viable if private creditors believe that re-lending to the government won’t put them back to previous risk levels.

Even so, Greece is not out of the woods completely, since it will also require paying interest with principal for those bonds. Some economists have echoed the option of Greece leaving the Euro zone. Greece has some good reason to leave the Euro zone. If it can devalue its currency, Greek exports will rise and provide a cushion for economic activity and bring in cash.

But it might push the inability of other members of the Euro zone to rescue a financially unstable member country and may endanger the whole financial system of the region.

If Greece withdraws itself from the Euro zone, the confidence in Europe would be tarnished, inviting catastrophic consequences to other debt laden nations like Portugal, Italy, and Ireland. Nevertheless, debt restructuring and beyond could be a possibility now the ECB has granted permission for exposed countries to have unilateral monetary policy.

 
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Soon after the so-called end of the depression period in the global economy, at a time when the global economy started a weak recovery, a more complex economic phenomenon emerged as the next bellwether to world economy.

Since 2009, the European economy has been struggling with slow economic growth rate and indomitable debt crisis that led to political disturbance in some countries of Europe. The crisis has dragged these economics back in to recession.

Years of heavy, unprecedented government spending in Greece and other countries of the Euro zone, led governments to go beyond available budgetary resources, and rely solely on borrowing to finance expenditures. This produced a series of risks to these economies and financial systems as a whole.

Leading economists warned that European debt crisis could spread across the continent in a major blow to the single currency system; further, the International Monetary Fund said turmoil in Greece, Ireland and Portugal may engulf the wider Euro zone despite billions of Euros already spent in emergency aid so far.

In an attempt to reduce dangerously rising levels of debt and forced and deep painful cuts in public expenditure — less government spending — drove up unemployment and put several nations back into recession. Many economists around the world claim that such immediate spending cuts are self-defeating in nature.

After much struggle in 2010 the EU and IMF combined to offer Greece a bailout package of 110 Billion Euros, followed by a broader contingency fund of 500 billion Euros. But the new loans came with the effect of austerity measures that apparently demanded a ceiling on public expenditure leading to widespread protests and political uncertainty in Ireland and Portugal.

Recently, the prime minister of Portugal said the government decided to ask the European Commission for financial help. According to economists, Portugal needs financial aid to the size of 80 Billion Euros.

After Greece and Ireland, Portugal became the third financially troubled country in the Euro zone to request financial assistance from Europe’s Bailout Fund and the IMF.

The era of financial trauma in the Euro zone began in December 2009, after newly elected Greek Prime Minister George Papandreou announced that his predecessors had hidden the actual size of the massive budget deficit. In a bid to regain the lost confidence in the region, the IMF urged European leaders to fix the banking problems and slash national deficits that have undoubtly led to stringent austerity measures.

Economists also say that strong policy responses so far that led to the weakening of Greek, Irish and Portuguese economies have contained the fear to some degree. However, markets are uncertain about the Greece capacity to pay back its debt of 285 million pounds, or $463.95.

As of now, Greece has more than 300 billion Euros of debt constituting to a sum of 140 percent of its total GDP. Recently, the EU and IMF Agreed to a 110 billion Euro bailout. According to Jose Manuel of the European Central Bank, a default would have extreme adverse consequences for the Greek economy.

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The current upheaval in Greece continues its unstable and fluctuating nature and while all eyes are on the next step, this report looks to convey in a discreet, convenient and beautiful way what concerns the restless population of Greece.

Is this possible? Maybe not simply because the truth, most of the times, is not discreet, convenient and beautiful. So, what’s going on outside of the Greek parliament in Athens, and in many other Greek cities these days? The answer is simple yet meaningful. This is going on: one of the biggest protests of the last decades of modern Hellenic history.

Let’s take it from the beginning. It obviously been a long time since the economy, as well as the political and social life of Greece, has been taken advantage off and ruined by the interests of Greek and foreign governments, multinational corporations and of course the International Monetary Fund (IMF) and the relevant support mechanisms.

This situation asphyxiated the people, figuratively. They saw themselves as qualified yet were incapable of getting a job. Some lost their jobs and others worked more hours for less salary, their pensions to be reduced tremendously while the daily cost of living was to grow rapidly. In addition the country these people live and the public wealth, has been literally sold out. On the other hand, as usually happens in such cases, corrupted politicians and the upper-class earn more and more.

Citizens from every corner of Greece felt the need to rise up and protest for their rights. They decided via social media to make a huge gathering, in which political parties and violence would be absolutely unwelcome. And so it happened, with a massive participation of people of all ages, occupation, and social class.

They decide to call their selves in Greek “οι ΑΓΑΝΑΚΤΙΣΜΕΝΟΙ”, in which is loosely translated to “the people who feel indignation” in English. With this name, they wanted to express their feelings about the situation they are experiencing. It started as you might expect at the center of Athens, the capital of Greece as well as Thessaloniki, the second largest city, on May 25, 2011.

This spontaneous, peaceful and independent movement of the people, made such a hopeful impression that from May 25 until today, the center of Athens is closed because the protest is repeating over and over, each day. Many people, most of them young, actually live there in tents so that the area can be constantly crowded.

From the afternoon until late into the night there music plays and a microphone is available for the public to voice their opinions. Also vendors of every kind, especially food, settled there to make the life of those who took up residence easier. The protest did not stop in Athens but it spread in many other cities of Greece.

The people who participate in the protest are friendly, helpful and willing to inform passersby about the country’s situation. I know because I was there with them. Their greatest motto is “Real and Immediate Democracy NOW.” There are, however, many more slogans like “Thieves” regarding of course the politicians, “We do not owe, we do not sell, and we do not pay.” Insulting slogans could not be missed targeting the prime minister of Greece George Papandreou, the banks and the IMF.

The goal is to bring about a fair and equal society, in which the people can expressed loud and free, and most of all, their needs and demands can become reality. The people of Greece grew tired of being cheated and ignored, and finally they started to resist in an undefeatable way: massively and peacefully.

The truth is that these Greek citizens may feel indignation, but, above all, they are aware of the situation the country got into. Finally, people can see the government’s game behind their backs and therefore rise up. Day by day, more citizens realize that this artificial economic crisis was carefully planned to satisfy specific interests – not theirs. Greeks refuse to be victims anymore.

This is an inside information i can give about this Greek protests: this protest has shook the Greek government, leaving the country’s leaders frightened for the first time. That is the reason the government had to find a way to prevent the people from gathering and protesting. The problem is that since the protestors are not using any kind of violence, the police forces are incapable to stop them.

So, the government created a reason to let the police use violence and break the protests: using a small amount of people, most likely undercover policemen to penetrate into the other peaceful protestors and cause trouble by throwing rocks or molotov cocktails against the police, or setting things on fire.

The Greek government has used this tactic in similar cases in the past. The protestors try to push this small group of people wearing hoods or helmets to hide their faces away, but since the protestors are unarmed and the others are not, the protestors can’t handle it in most of the cases.

The media, which is more or less controlled by people with the same interests as the government, shows pictures of violence and destruction from the protests to the viewers in order to scare them and prevent them from protesting. Imagine sitting on your sofa, watching images of police officers hitting innocent people on TV.

They are surrounded by huge clouds of fumigants, chemicals and fire. Would you feel compelled to go there? Media play this key-role and I am personally angered by the image being transformed and relayed in both national and foreign media.

I decided to write this article to express my opinion (and I hope the opinion of many others of my fellow countrymen), my intention is to help others to understand what is happening, not only in our country but worldwide. Do not always believe what you hear on the news – stay vigilant on checking up on information. The truth is not always that simple.

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Greek crisis evokes the concerns about the country’s future, since the 110 billion euros bail-out given by EU/IMF is about to run-out, and despite the vote of confidence for George Papandreou’s government on June 22, Greeks seem extremely unpleased to run into more debt in return to meet the the conditions of European Union by sacrifising more . Greek unrest does not seem to calm down within a short-time.

The country is facing real hard times after the recession in 2009. Currently, the debt is 340 billion euros, which means for a country of 11.3 million population the debt per person is more than 30.000 euros. According to Standard & Poors, Greece became the lowest-rated country in the world, despite the efforts of the European partners. The recent Reuters article “Quick Guide to the Greek Crisis” indicates that, “Greece holds two unwanted world records: the lowest credit rating for a sovereign state, and the most expensive debt to insure”.

On Thursday and Friday, EU leaders in Brussels is going to discuss a new Greek bailout, in return for the commitment of economic reform in Greece,  since EU leaders share the concern that a possible Greek default is going to harm the confidence in the euro. Greek example is bringing up the question of European Union’s credibility.

Slavoj Zizek, one of the most influential philosopher and critical theorist of our century, in his “Capitalism and Assault on Reason” article, claims that the Greek crisis is a sign that “not only the Euro, but the entire project of the European Union itself is dead.”

Zizek, sees “Brussels-shaped cold Europe”, against Greek passion and corruption, or in other words, reason against pathos.

Despite the drift of  financial crisis, Zizek offers to hold on to an internationalist and universalist approach by re-politicizing Europe by evoking the phenomenon of ancient Greek democracy and French revolution, instead of adopting a  speech of global capitalism.

Defined as a post-Marxist  philosopher Zizek emphasizes on Marxist jargon and offering communism as an alternative:

“What I would argue is that this state of affairs demonstrates why we need an alternative to the current system of global capitalism, and that communism remains the best name for that alternative. For communism begins with the “public use of reason,” with thinking, with the egalitarian universality of thought.

When St Paul says that, from a Christian standpoint, “there are Jew nor Greek, no slave nor free, no male nor female,” he was thereby claiming that ethnic roots, national identity, gender and so on are not a category of truth.

Or, to put it in precise Kantian terms, when we retreat to the comforts of ethnicity, localism, or even the indulgences of commodity capitalism, we engage in a private use of reason, constrained by contingent dogmatic presuppositions.

We behave, in other words, as “immature” individuals, not as free human beings who occupy the dimension of the universality of reason.”

For Zizek’s insight of economic crisis and critique of capitalism, please watch his interview with Riz Khan, “Are we living in the end times?”

Find more at http://english.aljazeera.net/programmes/rizkhan/2010/11/201011111191189923.html

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