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Greece Faces the Lenders' Ultimatum, and July 12 Is Decision Day

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Greece Faces the Lenders' Ultimatum, and July 12 Is Decision Day S O C V th ΓΡΑΦΕΙ ΤΗΝ ΙΣΤΟΡΙΑ W ΤΟΥ ΕΛΛΗΝΙΣΜΟΥ E 10 0 ΑΠΟ ΤΟ 1915 The National Herald anniversa ry N www.thenationalherald.com A weekly Greek-AmericAn PublicATiOn 1915-2015 VOL. 18, ISSUE 926 July 11-17, 2015 c v $1.50 Greece Faces the Lenders' Ultimatum, and July 12 is Deci1sion Day After Resounding “No” Referendum Vote, PM to Make Attempt at Striking New Deal With an ultimatum on the Moscovici said on France-In - table to turn over a credible list ter radio that July 9 was "a de - of reforms by July 12 or watch cisive day" for Europe, as Greece go under, international Greece's creditors await a de - lenders have told Greek Prime tailed economic reform plan Minister Alexis Tsipras this is his from Tsipras' government before last chance as they waited to see a midnight deadline. what he's going to present. Moscovici said, "I have the Tsipras, the Radical Left sense that the dialogue is estab - SYRIZA leader who had vowed lished, or restored, and that to reverse austerity – and has a there is a way out." Failure to mandate from a July 5 referen - reach a deal could be the first dum in Greece to do so – never - step toward Greece leaving the theless was reportedly ready to shared euro currency. renege on both and agree to International creditors dis - make reforms to pensions and agree over whether to award the country's notoriously ineffi - the country debt relief. cient tax system. Moscovici said that is not cur - Greece has been waiting rently under discussion al - since last year for release of a though the IMF, saying it would 7.2-billion euro ($7.9 billion) refuse to take less than what it installment from the Troika of borrowed, wants the EU to give the European Union-Interna - Greece a debt break. tional Monetary Fund-European WHAT TO DO? Central Bank (EU-IMF-ECB) With the country's future rid - that was held back because ing on what he does, Tsipras Tsipras, after being elected on was due before turning over a Jan. 25, refused to implement rushed last-minute proposal to tough conditions in return. meet separately with key minis - The country also failed, after ters, or possibly hold a cabinet getting a four-month bailout ex - meeting. AP PHOTO tension on Feb. 20, to come up He will have to tell them that Greek PM Alexis Tsipras (L), German Chancellor Angela Merkel, 2nd right, and French President Francois Hollande, (R), meet with list of reforms acceptable he's backing away from some of 2nd left, European Commission President Jean-Claude Juncker, prior to a Εurozone leaders summit in Brussels, Tuesday. to the lenders and has fallen the key provisions he vowed to deeper into debt after failing to resist, essentially reneging on make a 1.6-billion euro ($1.77 the July 5 referendum he hailed billion) series of bundled op - as an historic moment of defi - tions due the IMF and has to ance. Economists Discuss Greece, Post-Referendum pay the ECB 3.5 billion euros But with banks closed for a ($3.86 billion) which it can't do either. Continued on page 9 By Constantine S. Sirigos Charles W. Calomiris, Henry “An agreement must be critical the situation is now than Faced with start reality, TNH Staff Writer Kaufman Professor of Financial reached in a few days, because it was a year ago,” he said, but Tsipras has asked for a third Institutions at Columbia Busi - of the condition of the banks rather than turn the election bailout, unspecified as yet but NEW YORK – Hellenes are well- ness School, and Nicholas S. and because they will not be into a vote of no-confidence in said to be for as much as 50 bil - represented in the ranks of Economides, Professor of Eco - able to pay the civil servants on Prime Minister Alexis Tsipras for lion euros ($55.17 billion) over Sens. Pappas, economists around the world – nomics at NYU’s Stern School of July 15.” the way he has handled mat - three years also he said he Christopher Pissarides won the Business. He thinks “the probability in ters,” Economides said, “people wants debt relief from the first Nobel Prize in 2010, and Greek- Economides was blunt: not very high – 20 percent – but voted emotionally. They say ‘we two bailouts totaling 240 billion Raptakis Vie Americans among them have “Right now the situation in that is not negligible… the ref - don’t want the Germans to tell euros ($264.83 billion). been monitoring and publishing Greece is extremely critical… erendum, however, has in - us what to do anymore.’ EU Economics Commissioner on the Greek crisis. Greece is in deep trouble. The creased the probability of going “What is perplexing, verging Pierre Moscovici is hopeful that For Increased Two distinguished Econo - banks have been closed for 10 to the drachma, and that will be on the tragic is that near the end a new Greek bailout deal is pos - mists communicated with The days…The roads are empty and a disaster.” of the most recent round of sible, in exchange for "concrete, National Herald after this the stores also, except for the “People in New York don’t complete" reform proposals Grimmigration week’s Greek referendum, supermarkets.” understand how much more Continued on page 3 from Greece's government. PROVIDENCE, RI – Rhode Is - land State Senator Leonidas Raptakis joined with Minnesota MP Mitarakis Says Tsipras’ Senate President Sandy Pappas in asking their respective dele - gations in the U.S. Congress to Ultimate Goal is to Realign take action in response to the ongoing Greek crisis. Raptakis shared with TNH Greece’s Foreign Policy that “with youth unemployment rates in the country at a stag - gering 50%, the legislators are By Constantinos E. Scaros foreign policy. Essentially, to asking federal officials to raise move Greece away from the the quota limit to allow more CHIOS, GREECE – In a July 3 West. Greeks to enter the United interview with The National In the interview, which took States as their nation’s economy Herald, Member of Parliament place two days before the refer - has gone into a free-fall. Both Notis Mitarakis (New Democ - endum vote, Mitarakis ex - Senators said that by allowing racy – Chios) said that Greek plained that while he considered Greek nationals with solid, mar - Prime Minister Alexis Tsipras’ ul - the referendum itself to be ille - ketable job skills to come into timate goal is to realign Greek gitimate insofar as what the the United States to put their people would be voting on was talents to work, the U.S. gov - twice amended and expired be - ernment would be providing an fore the vote date, he is voting important lifeline to Greece. NAI-YES, because he sees it as “‘While the financial melt - We’re Called a larger question: YES means down in Greece has been in the Greece stays in the euro, and news of late, the horrible eco - NO means it returns to the nomic conditions and youth un - “Patients” for drachma. employment rates have become Mitarakis said that although a disturbing way of life for a some feel a NO vote gives (L-R): Supreme Treasurer Andrew Zachariades, Supreme President Phillip Frangos, Archbishop generation of young Greeks,’ A Reason Greece more leverage for a bet - Demetrios, Chairman of the Board Nicholas Karacostas, and George Horiatis, who presented said Raptakis. ‘We have a ter deal, the Tsipras government $30,000 from AHEPA District 5 for St. Nicholas at Ground Zero at the Grand Banquet. chance here to take a basic step is not seeking a better deal. that will help provide some By Dr. Constantina The interview follows: measure of relief to a country Michalos TNH: Do you think Greeks which has been a strong ally of should vote yes or no to the ref - AHEPA Holds its 93rd Convention the United States for many HOUSTON, TX – I have a mam - erendum? decades.’ mogram every spring. The NM: I think it’s a very unfair “Pappas [who was featured preparation is the same. No lo - referendum. First of all, while By Constantine S. Sirigos President of the Sons Jimmy lope’s 85th anniversary. in the Feb. 7, 2014 issue of tion. No perfume. No deodor - no one disagrees that the public TNH Staff Writer Googas and Grand President of After the Convention’s first TNH, “Messenia to ant. It is an uncomfortable has to be consulted on major is - the Maids Deanna Socaris who general session delegates were Minnesota: Sen. Pappas Talks exam, but the alternative hurts sues, it is the government that SAN FRANCISCO, CA – The Or - have also completed their hosted aboard the San Francisco to TNH”] added, ‘this crisis has way more. I don’t really breathe has the executive role to make der of AHEPA hosted its 93rd tenures. The consul general of Belle for a glorious buffet dinner taken a terrible toll on the aspi - until I get the results, and then decisions. annual AHEPA Family Supreme Greece Demetrios Xenitellis also and cruise of San Francisco Bay rations of educated, young I exhale a quick prayer of thanks This government was elected Convention at the San Francisco addressed the guests. with dancing and a karaoke con - Greeks who cannot find work when I hear the words, “Every - in January with a very clear Hyatt hotel July 1-5. The out - The program of the Grand test and have little hope for the fu - thing is fine. Continue self-ex - mandate to renegotiate the going Supreme President of Banquet, the Convention’s cli - At the National Athletic ture.
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