STOCK MARKET WATCH -- Tuesday, 16 October 2012

[Demeter]

1. Is the Greek Crisis a Harbinger of Our Future?

http://truth-out.org/news/item/11696-is-the-greek-crisis-a-harbinger-of-our-future

Bank-imposed Greek economic collapse and austerity policies have resulted in social and political as well as economic impacts that may foreshadow what the rest of the so-called developed world can expect.

In August 2012, the unemployment rate in Greece was 23.1 percent, with over 1 million people out of work. Fifty-five percent of Greek youth aged 15-24 are out of work. Nikolaos Tsangos, an unemployed student in North Heraklion, says, "Every day is harder and the things the troika are doing are making it worse. People don't have money to buy food or anything, so businesses are out of jobs every day. In my family we've decreased the amount of our weekly supermarket shopping by about 50 percent."

"The first visual sign of the crisis is traffic. There are no cars in the streets. Big avenues and streets in Athens are empty, when two years ago traffic jams were a huge problem," relates Katia, a self-employed woman from Athens (who prefers her real name not be used).

Niki Kerameus, a lawyer in Athens, explains that as one strolls through Athens, "On the most commercial and expensive streets, one-fourth of the stores are closed down." You can sense the crisis on a social level as well; as Kerameus indicates, "People don't go out anymore." Kerameus adds: "Even in the richest neighborhoods, you see people going through garbage. Begging is very common, and it didn't used to be that way. A large section of the middle class with steady jobs and houses are now lining up at soup kitchens. Often you see people dressed for work in suits in line to receive food."

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