Word: papandreou
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...Last month, Greek Prime Minister George Papandreou blamed his country's economic meltdown on "an attack on the euro zone by certain other interests, political or financial. We are being targeted, particularly with an ulterior motive or agenda." And according to Spain's El Pais newspaper, agents at the country's National Intelligence Center are investigating whether "attacks by investors and the hostility shown by some sectors of the British and U.S. press" amount to "collusion." "None of what is happening, including editorials in some foreign media with their apocalyptic commentaries, is happening by chance or innocently," Spanish Transport Minister...
Greek Prime Minister George Papandreou, who is headed to Berlin on March 5, has tried to dampen down talk of reparation claims and said raising the issue now could be seen as "a sign of weakness and an effort to evade our responsibility." For now, the feud is merely dinner table bickering. But issues of money have a way of straining otherwise happy families...
...hope. All over the country, priests throw a gold cross into open water and young men dive in to retrieve it. The winners get a blessing on the spot; everyone else takes home some holy water for a trouble-free new year. Newly elected Greek Prime Minister George Papandreou attended ceremonies on the Aegean island of Lesbos this year, but with Greece sinking under debt and a huge budget deficit as fast as a priest's crucifix, Papandreou is going to need more than holy water to get through...
Shortly after Papandreou took office in October, his socialist government revealed that Greece's finances were in far worse shape than the previous government had let on. The 2009 deficit was nearly 13% of GDP, more than four times the euro zone's 3% limit. The European Commission blasted Greece for the faulty stats, and ratings agencies downgraded Greek debt, sending yields on government bonds skyrocketing. Over the past two months, as fears have grown that Greece's poisonous finances could infect the rest of Europe, the euro has slipped by almost 7% against the dollar. The Greek crisis...
Athens has scrambled to calm jittery investors and skeptical European Union partners that it can clean up its mess without any assistance. In mid-January the Papandreou government, which has to raise $75 billion to close its gaping fiscal shortfall, announced an ambitious three-year austerity plan to reduce the deficit to 2% of output by 2013. "Greece is playing by the euro zone's rules and it will put its house in order," Greek Finance Minister George Papaconstantinou tells TIME. "To borrow words from an ad: Watch this space...