Greece

Tuesday February 2, 2021

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday February 2, 2021

No written guarantee on EU vaccine shipments, says international trade minister

January 28, 2021

Minister of International Trade Mary Ng said she has received assurances that export controls on vaccines introduced by the European Union will not affect Canada’s COVID-19 vaccine orders. 

Testifying at the House of Commons trade committee Monday, Ng said the government received verbal assurances in phone conversations with EU officials that Canada’s shipments will not be disrupted.

Opposition MPs asked Ng why the government had not secured a more formal, written guarantee from the EU.

Ng said she spoke with EU Trade Commissioner Valdis Dombrovskis, while Prime Minister Justin Trudeau discussed the issue with European Commission President Ursula von der Leyen.

“I reiterated that Canada has advanced purchase agreements with vaccine manufacturers in Europe, and we expect that those agreements be respected,” Ng said.

January 7, 2021

“Vice-President Dombrovskis provided strong reassurances that this mechanism will not delay vaccine shipments to Canada, and we both committed to continue to work together, as we have since the beginning of the pandemic.”

On Jan. 29, the European Commission introduced new export controls for the 27-member bloc, which requires member states to get authorization before they can export vaccine doses out of the EU.

The export controls have raised concerns that Canada’s advance purchase agreements may not be honoured, which would threaten the supply of vaccines coming into the country. Canada is not on a list of countries exempted from the controls.

While Ng said Canada would prefer to get on that list, she did not elaborate on a pathway to do so. She repeatedly brought up that other countries such as the United States and Australia are also not exempt.

Ng said she spoke with the Deputy Prime Minister of Belgium Sunday, Sophie Wilmès, who gave similar assurances that Canada’s advanced purchase agreements would be honoured.  The Pfizer vaccines Canada has ordered are being manufactured at a facility in Puurs, Belgium.

Conservative MP Ziad Aboultaif said the government should have pushed for a written guarantee. 

“There’s a term here — if it’s not in writing, [it] never happened. Do you agree?” Aboultaif asked.

Ng responded that she was confident in the assurances she had received.

“What I would say is that assurances by a vice-president and commissioner of the European Union, as well as the European Union president, to a prime minister, is a … good thing,” Ng said. (CBC) 

 

Tuesday May 15, 2012

May 15, 2012

By Graeme MacKay, The Hamilton Spectator – Tuesday May 15, 2012

Greek president warned of “fatal consequences” of instability

Greece’s President Karolos Papoulias described the tragic situation of the country to the three major political leaders Antonis Samaras, Evangelos Venizelos and Alexis Tsipras but failed to convince them that a new election should be avoided.

He pointed out the imminent danger for the collapse of the Greek banking system in order to highlight the urgent need for an government.

According to the minutes of the critical meeting held on Tuesday at the Presidential Palace, Mr Papoulias had been given a full and detailed briefing by prime minister Lucas Papademos, the head of the outgoing technocratic government, Finance minister Philippos Sachinidis and director of the Bank of Greece George Provopoulos, who all suggested that “the extension of political instability will lead to fatal consequences.”

The president made a dramatic appeal to the political leaders that “being fully aware of the situation I am telling you that the danger is real. We have already lost valuable time and the absence of government is a serious risk to the financial security of the Greek people and our national existence.” Mr Papoulias said “I have been informed by the prime minister, the director of the Bank of Greece and the minister of Finance for the country’s cash position and the risk of collapse of the banking system if withdrawals of deposits from banks continue due to the insecurity of the citizens generated by the political situation.”

The Republic President added he was “extremely worried” after contacting with EU president Herman Van Rompuy and President of the European Parliament Martin Schulz on the “outlook of European economic data” and had explained “that we have a duty to agree.” (Source: The Telegraph)

Marvellous Maps

 

Tuesday May 8, 2012

By Graeme MacKay, The Hamilton Spectator, Tuesday May 8, 2012

Merkel readies for fight

Angela Merkel is under pressure to defeat the popular backlash against austerity to save her political skin and preserve Germany’s dominance in the eurozone.

Over the next four weeks, the German chancellor will face the fight of her political life on all fronts, domestic and European, at a moment when one slip could sink her government and tear down the European Union’s single currency.

Merkel must take the lead in trying to find an answer for the crisis in Greece, after three-fifths of Greek voters rejected EU austerity measures. Ger-man taxpayers have put $275 billion on the line to bail out countries such as Greece, and Germany’s patience is running out with countries that reject the prescribed economic medicine of debt reduction while continuing to demand the handouts.

To appease her highly taxed voters, who are worried that EU bailouts have breached Germany’s constitution, Merkel has made German economic aid conditional on all eurozone countries signing the “fiskalpakt”.

The treaty, signed by 25 EU countries, gives Brussels officials the right to block bud-gets that break spending rules which are enshrined in national constitutions, as is the case in Germany.

The measures, the chancellor assured German voters, would prevent eurozone countries going bust and leaving Ger-many holding bailout bills.

Merkel on Monday insisted Greece had to stick to the austerity program so resoundingly rejected by voters and that the reforms to the Greek economy were of “utmost importance”(Source: Vancouver Sun)

 

Tuesday February 14, 2012

By Graeme MacKay, The Hamilton Spectator, Tuesday February 14, 2012

How Ontario’s ‘stimulus’ spending led to disaster

The fiscal mess in Ontario is now common knowledge across the country, thanks in part to a sensational report from the Conference Board of Canada demonstrating that unless the government slashes spending and/or raises taxes, health care and education will have to be decimated. The report was no surprise to people who tracked Premier Dalton McGuinty’s march into Keynesian fiscal stimulus spending.

If we can’t expect politicians to take the blame for following the Keynesian deficit-spending policies advocated by their economic advisors, shouldn’t we turn to the economic experts to get them to explain themselves? The same people who supported and advised the McGuinty Liberals — and the Obama Democrats, the Greek and Portuguese politicians, the French and Canadian governments — to run up spending to rescue the economy will spend the next decade telling governments how to get out of the mess they helped create.

Ontario’s current circumstances create a perfect opportunity to confront the economic establishment and lay blame for the fiscal disaster that is Ontario. Government spending has been soaring for years. It all looks good if growth rates stay strong. Where were the dire economic warnings through the last decade that the expansion in government activity cannot continue without hitting a wall?

A table on Ontario’s spending habits (above) captures the disconnect between the government and the people. While the personal income of the people dragged at 26% growth, government spending soared more than 60%.

On Wednesday, former TD Bank economist Don Drummond will deliver a set of tax and spending options to the McGuinty government, a road map on how the province can resolve its fiscal problems. (Source: Financial Post) 

 

Friday November 4, 2011

Friday November 4, 2011By Graeme MacKay, The Hamilton Spectator – Friday November 4, 2011

Greek Debt Crisis at a Critical Point

In the European currency war, Germany has the biggest arsenal and the strongest interest in forestalling the collapse of the euro. So why is it playing Hamlet: “To lead or not to lead?”

September 2011

To ponder and waver is not the old German way. Today, Germany is about as aggressive as a pussy cat, but pundits and politicos from the U.S. to Greece have blamed its dithering for rising market volatility and the mounting costs of the debt crisis. The 50% haircut on Greek bonds decreed at last week’s EU summit should have been imposed a year ago. Athens was insolvent even then. So it is always too little, too late. Whenever the Berlin-backed European Union rescue brigades and the European Central Bank close one breach, the markets attack on another flank. They will do so again, and the euro will remain in peril. Greece simply cannot grow enough to service its debt.

As the euro burns, Mrs. Merkel fiddles mixed messages. In Berlin the chancellor preaches generosity, dispatching German taxpayers’ funds to Athens. But in Brussels she stalls, demanding ever-more austerity and market reforms before relenting at the last minute. The euro rises, then drops again.

Mrs. Merkel’s latest volley—that any Greek referendum on the terms of a rescue package by the EU and the International Monetary Fund would decide whether Greece keeps the euro at all—sent markets roiling this week.

Ontario’s Greek Crisis

Yet the unraveling of Euroland would hit Germany the hardest. The neue deutschemark would shoot up, while the nouveau franc and the nuova lira would nosedive. And so would Germany’s exports, now an astounding 47% of its gross domestic product, two-thirds of which stay within the EU.

So why isn’t Mrs. Merkel rushing forward to grab Europe’s crown? The answer, of course, is history. (Source: Wall Street Journal)