May 17th, 2012
07:24 PM GMT
Share this on:

Editor's note: This blog was originally published after talks to form a new government following the May 6 election failed. Greece now faces its second election, on June 17.

 

London (CNN) –  Hello, Greece.

The world is again focusing on you. The economic pain and social unrest has rightly made voters and politicians the world over debate austerity, growth and structural reform.

What you are going through has made it clear that austerity is not an easy solution.

You, the Greek people now have a chance to do something I suspect millions in Europe would dearly love to do - vote on whether to leave the euro. That is what June 17 will now be about, because there will be massive pain for you, Greece, if you stay with the economic reforms, and even more pain if you reject the loans from Europe and the International Monetary Fund. Pain either way.
FULL POST

Posted by: ,
Filed under: BusinessFinancial crisisGreece


May 17th, 2012
02:07 PM GMT
Share this on:

Demra, Bangladesh (CNN) - Centuries ago, "jamdani" was among the most highly prized textiles in the world. But these days it's being replaced by cheaper, mass-produced materials, and the expertise needed to make traditional jamdani is dying out.

Jamdani originated in what is now Bangladesh, many centuries ago. Woven on hand looms, for hundreds of years it was traded everywhere from Bengal to China, and as far west as Italy. Historical accounts from the British East India Company show exports of jamdanis in the 1700s worth millions of rupees.

FULL POST



May 17th, 2012
07:04 AM GMT
Share this on:

(CNN) – Global investors inhaled deeply when Greek President Karolos Papoulias relayed a difficult call with the head of the nation’s central bank - since Monday, Greeks pulled around 800 million euros (around $1 billion) out of the nation’s banks.

"There is, of course, no panic, but there is fear that could develop into panic," Papoulias said, describing what Central Bank Governor George Provopoulos told him. "He also said that the strength of banks is very weak at the moment."

So how much money is in the Greek banking system? About 170 billion euros (more than $216 billion) at the end of March, according to the Financial Times.

Since 2009, about 25% to 30% of Greek deposits have left the country. That’s not good for Greece, but given the turmoil of the past two years, it certainly could be worse.
FULL POST



About Business 360

CNN International's business anchors and correspondents get to grips with the issues affecting world business, and they want your questions and feedback.

 
 
Powered by WordPress.com VIP