Greece and the Euro crisis

Written By: - Date published: 9:47 am, June 30th, 2015 - 162 comments
Categories: capitalism, Europe - Tags: , , ,

The invisible hand of the market is busy punching itself in the face today. Some observations on Greece and the Euro crisis, from the factual to the fun, courtesy of Twitter this morning.


https://twitter.com/danylmc/status/615621004849614849
https://twitter.com/danylmc/status/615622735910187008

162 comments on “Greece and the Euro crisis ”

  1. Ad 1

    Just to argue against myself from yesterday, I have to admire the Greek Prime Minister. His referendum will leave the Greek people with either misery externally imposed, or a self-determined type.

    The crap will rain down on Syriza whatever happens in the next few days. They are not responsible for 40 years of poor decisions and 80 years of unstable post-WW2 government. Tsipras is being a bold leader catalysing events to a decisive end.

    Maybe this is beginning to look like Cuba after the collapse of sugar exports and of the Soviet Union. Maybe – as in Cuba – the nation will be held together largely by its grass roots. I’ve no romanticised nationalism at work when I say that.

    It could be argued that Syriza’s efforts should encourage all other anti-austerity movements across Europe. At minimum, and win or lose, I can’t help but admire their Prime Minister.

    • Colonial Rawshark 1.1

      It could be argued that Syriza’s efforts should encourage all other anti-austerity movements across Europe.

      This is the precise political reason that Germany, the ECB and the IMF wanted to see Syriza fold on its negotiating stance and accept further cuts to pensions, wages and an increase in VAT: to discourage similar popular anti-austerity parties across Europe.

      • Ad 1.1.1

        EDITOR: Any chance we could shift these two comments to the Greek section?

        [Done. TRP]

  2. There is no invisible hand of the market. There is no free market. The Libor rates, silver and gold prices are all manipulated. Greece has an economy of 0.2 % of Global GDP so why not let it go bankrupt and start again? Because a bankruptcy would trigger the collapse of the derivatives market of $ 1.5 quadrillion annihilating the too big to fail banks exposing the biggest financial scam in history!

    • Sabine 2.1

      this!

      +1 and then some

    • Gosman 2.2

      The markets for Futures and Options for commodities will collapse as a result of a Greek default will they? Pray tell how this will happen.

      • Mike S 2.2.1

        It’s a possibility, because people get nervous when there is instability and do things they might not otherwise do. These can trigger downward trends which can quickly snowball. For example, the Australian sharemarket today had one of it’s biggest downward slides ever with millions being wiped off share values. They say it was triggered by the Greek crisis. Also, people tend to save more when they think a financial crisis might be looming. This off course might affect demand for NZ goods like dairy products in Europe and elsewhere, which in turn could trigger a slide in the NZX

    • Chooky 2.3

      +100 travellerev

      …and this morning radionz had on the most pathetic panicked establishment Englishman whinging and denigrating the Greeks!…I almost turned it off…pure propaganda and racism…no mention of Goldman Sachs and the banksters who got Greece and its people into this situation so they could rip them off!

      http://www.radionz.co.nz/national/programmes/ninetonoon/audio/201760453/greek-crisis-what's-likely-to-happen

      “There’re 24 hours till a deadline for a Greek debt repayment to the International Monetary Fund – or the country risks bankruptcy. But rather than accept an austere new bailout deal, the prime minister Alexis Tsipras has defied the deadline, closed the banks, and called a referendum on the deal, for July the 6th. Meanwhile, Macedonia has ordered its banks to pull their money from Greece, the first sign of an immediate neighbour moving to protect itself from potential contagion. Dr James Ker-Lindsay is a Senior Research Fellow, European Institute, London School of Economics.”

      Thank goodness for RT…

      ‘Greek pain’

      http://rt.com/shows/crosstalk/269752-greek-pain-eurozone-creditors/

      “Again Athens finds itself at loggerheads with its creditors, particularly the IMF. The Greeks appear to be willing to do only enough to stay in the Eurozone, while the rest of Europe is willing to offer it just enough support to stay afloat – all awhile making the Greek economy almost impossible to grow. Is the Euro a failure?

      CrossTalking with Mitch Feierstein, Stephen Haseler, and Scheherazade Rehman.”

      ( of course things have moved on since this discussion but it is still relevant)

      • Rodel 2.3.1

        I;d like to read an in depth analysis explaining the Greek issue. I suspect there are clandestine agendas and conspiracies that I don’t know about. Does anyone have a good link?..Something with facts would be nice so probably not Gosman theories.

      • Liberal Realist 2.3.2

        “Englishman whinging and denigrating the Greeks!”

        I also heard this on morning report. The thought that sprung to mind is ‘this guy has taken up residence deep inside christine lagarde’s arse (someone with artistic talent could do well with this one?). What a tool!

        Greek creditors have taken zero responsibility for their unsustainable ‘investments’.

        Methinks the EU is now doomed and Merkel will have to own it. The modern pax germanica export market dream is almost over.

    • Jones 2.4

      Spot on!

    • Smilin 2.5

      A game of House of Cards anyone?

  3. Save NZ 3

    Please free us from the Slavery of the ‘Free Markets’.

    And the wicked Neo Liberals who are scamming us.

  4. Colonial Rawshark 4

    Tracey got it right in OM when she said that all the MSM cares about with regards to this “crisis” is the impact on financial markets. The Greek people who can’t access money to live on and small Greek businesses going under unable to pay their rent – who cares.

    • Gosman 4.1

      they can leave the Euro and print their own currency if they want. Of course syriza is trying to convince the Greek people that voting no won’t lead to that situation. Such a dishonest party.

      • thatguynz 4.1.1

        Such a disingenuous commenter… 🙄

      • Sable 4.1.2

        Yes Gossie, they need some good conservative jackboots on their neck and a bunch of corporate parasites telling them what to do….oh that’s right already tried that and here we are…

        • Gosman 4.1.2.1

          Noone forced the Greeks to spend more than they earned in tax and to borrow the difference.

          • Sable 4.1.2.1.1

            Ah Gossie but it wasn’t the current government who caused this mess was it old son.It was a bunch of right wing losers who couldn’t run an olive farm let alone a country….

            • Gosman 4.1.2.1.1.1

              Quite possibly correct. However the Greeks voted for that old government and benefitted from the spending that old government made and from the taxes that old government failed to collect. They are still responsible for the decisions made.

              • Charles

                So the Greeks are responsible for a government that “spent too much”, but they are also responsible to people they didn’t vote for – unknown people more powerful than a legitmate government?

                Apart from the problem of divided votes issue, and that people cannot be responsible for something that they could not foresee (Rumsfeld’s “Unknown unknowns”?), democracy in your world view doesn’t exist, voting is pointless, and there are just just robber barons?

                Under those conditions, no nation could exercise responsible decisions and the robber barons would know that, having done due dilligence before lending, so they have no rightful claim – the game is without rules, no one owes anyone anything. Let the barons fail.

          • Wayne 4.1.2.1.2

            The Greeks just need to do what Ireland, Spain, and Portugal have done. Stop whinging, and getting on with facing up to their responsibilities. That is if they want to stay in the Euro, but is that really the best thing for Greece?

            I note Angela Merkel has been noticeably silent in the last few days. That should worry Syrzia. She must have decided to ditch Greece from the Euro. Most Germans are probably saying “The Greeks don’t have to accept our offer, but then we don’t have to give them any money, which won’t get paid back.”

            In any event, apart from the short term pain, Greeks will be better off with a devalued drachma. That will get their economy going. A “no” this Sunday will deliver that result.

            After all, Greek holidays will look 100% better than Tunisian holidays for most Europeans.

            The Greek government will then be able to have a realistic discussion about the level of write down of the debt. They won’t be able to write the whole thing off, but a discount of say 50%, then restoration of normal terms would be real progress for Greece.

            • Tracey 4.1.2.1.2.1

              borrowers often default. It’s part of the capitalist banking system. Accountants and lawyers actually give advice about when to utilise this “tool”.

              Greece are damned if thy do and damned if they don’t.

              Greece needs the space to negotiate more FTAs aye Wayne, that will turn the country around, especially at the unemployment/low wage end, right Wayne?

              😉

              • Colonial Viper

                Wayne’s not a true capitalist. If he was, he would be supporting a growth programme in Greece – like what Syriza has been proposing for months – so that Greece can actually pay back its loans. Instead, Wayne says nothing about the Troika insisting on more years of fiscal waterboarding of the most vulnerable Greek citizens.

                The fact that tens of billions of irresponsible and odious lending by the major powers to Greece has occurred also seems to have sailed by him.

                • Tracey

                  Just as the bankers and politicians on high prefer to ignore how the greek society broadly worked until the 80’s.

                  Most people (rurally and many in the cities) owned their own home, it was passed down from generation to generation, so they had little or no accommodation costs… parents of daughters would add on tot heir home to accommodate the married daughter or whatever…they also had no credit cards. To say that most people were not financially sophisticated is an understatement (and not an insult). Banks, CC companies did their PR onslaught making it all seem so easy, almost like free money… we are seeing some of what happens in those circumstances 30-40 years on.

                  Of course there are other factors, but this is part of it and that means banks and countries lending money as a product to be touted, advertised and sold, are reaping some of what they sow.

            • Bill 4.1.2.1.2.2

              Over 90% of the 252 Billion Euros ‘lent’ to Greece went, more or less, straight back into the pockets of those who had forced through dodgy loans in the first place.

              All that’s happened is that the debt has been shifted from the private sector to the public sector – ie, the banks got their bail-out using a two step process this time around. And just like ’08, it’s the citizens of Europe and elsewhere who will be picking up the tab for mendacious banking activities.

              There aren’t enough lamp-posts in this world.

              • Tracey

                Yup, many Greeks realise that in times of rising unemployment and lowering of wages, fewer people are working harder to repay just the interest, which flows out of the economy instantly.

                It’s a kind of PONZI scheme frankly.

              • Liberal Realist

                +1000

            • One Anonymous Bloke 4.1.2.1.2.3

              There are two sides to any debt. The creditors seem to have taken the view that Greece would not default and lent on that assumption.

              Why on Earth they would take such a view, given, for example, US history, or the more recent Argentine default, is beyond me, although I suspect it may have something to do with the “too big to fail” fallacy.

              In any event, business is business. Sometimes loans don’t get repaid.

          • thatguynz 4.1.2.1.3

            Actually Gosman, yes they did. Read some fucking facts instead of your myopic bullshit.

            • Switts 4.1.2.1.3.1

              Can you elaborate?

              • thatguynz

                Start with what Chooky has linked at 1.3 and go from there. It’s been discussed ad nauseum in the various threads we’ve had to date here over the past few months however Comrade Gos refuses to believe it.

          • Tracey 4.1.2.1.4

            I agree, and no one forced the IMF and others to lend to a country that didn’t spend the money as they would want. They factored this risk in when they lent, presumably So the argument works both ways.

            • travellerev 4.1.2.1.4.1

              Greece can dump all debt it has as odious debt because they were scammed into taking it on in the first place! Go the Iceland route. Arrest the bankers and the oligarchs that got them there in the first place.

          • Pat 4.1.2.1.5

            have you any concept of what has (and continues) occurred with regard to Greece Gosman or have you simply read a few headlines in the right wing press?

            • Gosman 4.1.2.1.5.1

              You mean like the Guardian? Yes very right wing paper that one.

              • Pat

                If your perusing the Guardian I think your confusing the comments by the trolls with informed articles

  5. Bill 5

    The 2008 crash was ‘our fault’ innit? It wasn’t the fault of bankers gambling on weird shit and losing everything. The evidence for this is that the poor banks had to clamber to their feet over the backs of us and our society being broken down under austerity.

    Now 2015 is going to be the fault of the Greeks, innit? And the poor banks are going to be forced to clamber all over us again. Still. Like I say, unlike last time when we just couldn’t face up to our responsibilities and so rather shamelessly tried to blame the banks and the bankers, this time we can point the accusing finger at the feckless, tax dodging Greeks.

    In fact, I’ve no doubt the corporate world will help us hone our anti-Greek narratives .

  6. Colonial Rawshark 6

    Outstanding RT interview with IMF Executive Director, Paulo Nogueira Batista Jr

    (who is leaving the IMF at the end of June to become Vice President of the new BRICS development bank).

    ‘Greece is one of the least successful episodes in IMF history’

    ‘Countries are very reluctant to give up their sovereignty to out of touch IMF bureaucrats’

    ‘powerful stakeholders in the IMF subordinate the activities of the IMF to their own short term political goals’

    ‘countries are prone to abusing their powers…some countries are used to ruling and are not used to a quickly changing world’

    ‘Ukraine can be seen as a second Greece for the IMF…very problematic…Ukraine may be receiving preferential treatment for both economic and political reasons’

    http://rt.com/shows/worlds-apart-oksana-boyko/270217-greece-ukraine-debt-crises/

  7. AmaKiwi 7

    In the past 30 years Greece has not had a single year when it had a positive balance of payments. Every year Greece and its people spent more abroad than they earned from overseas sources.

    Only two other countries in the OECD have such an appalling 30 year record of credit abuse: Australia and New Zealand.

    You don’t like foreigners buying up our assets? Then pay we must pay them what we owe them. But we can’t.

    • Lanthanide 7.1

      The solution is for NZ just to print our own money. We definitely won’t suffer the same fate as Greece, or Zimbawbe. This time it’ll be different, because it’s plucky English-speaking NZ that is printing the money, and we’re the world’s darlings.

      {/sarcasm}

      • Tracey 7.1.1

        chuckle

        joking aside, IF NZ were in Greece’s position I am confidant our government would be bobbing its head up and down and doing hat ever it was asked in terms of what it would be imposing on its people (well some/most of them). Under its new government Greece is pushing back, and despite predictions that it would be gone or whatever 5 months ago, they have wrestled some concessions by pushing back.

        Now the people get the chance to decide their own fate, and to live by their collective decision.

        What Greece needs is a FTA or a TPP, that solves everything

      • Colonial Viper 7.1.2

        The solution is for NZ just to print our own money. We definitely won’t suffer the same fate as Greece, or Zimbawbe. This time it’ll be different, because it’s plucky English-speaking NZ that is printing the money, and we’re the world’s darlings.

        Shall we go through this again, Lanth?

        NZ should NOT print its own money if its political and civil service class aren’t smart enough to invest that money in building up NZ industries, service capabilities and economic competitiveness.

        In the case of Greece and Zimbabwe, currency was created but not turned into economic capital. Of course, in a situation like that, there will be severe economic damage done.

        Now Lanth, if you don’t happen to have any ideas for how NZ can print and invest $500M in itself to greatly and productively increase its human and economic capital, please get out of the way of the people who do.

      • Mike S 7.1.3

        Why sarcasm? We should create our own money supply. What on earth is the benefit to us from allowing private, for profit , foreign owned banks to create our money supply and ‘lend’ it to us at interest when we, as a sovereign nation could create our own money supply?

        Why on earth does the government borrow 1 billion, with taxpayers lumped with outrageous interest to pay back, when they could just create it themselves by ‘borrowing’ off a truly publicly owned reserve bank?

        There’s no difference in inflationary terms of government borrowing 1 billion or creating it themselves, Either way, 1 billion is added to the overall money supply. so why do we borrow it and get lumped with interest?

        Scam.

      • travellerev 7.1.4

        Would that be worse than privately owned banking cartels printing it out of thin air lending it to us with interest?

    • Chooky 7.2

      and just like the Greeks we have been having Goldman Sachs advise us on what to do

      …. Treasury got Goldman Sachs to ‘review’ KiwiBank !

      http://www.nbr.co.nz/article/treasury-hires-goldman-sachs-run-ruler-over-kiwibank-bd-136461

      http://www.interest.co.nz/bonds/63488/treasury-says-no-official-information-act-request-goldman-sachs-report-kiwibanks-capital

      http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11262662

      …and God knows what else Goldman Sachs has been ‘reviewing’ and advising on in New Zealand

      • Wayne 7.2.1

        Well, as everyone can see Australia and New Zealand are just like Greece. Fortunately, we resisted the temptations of Hone Harawira and Mana.

        • thatguynz 7.2.1.1

          Wayne, now you’re being disingenuous. As a former member of Parliament I’m sure you can explain the role of the IMF in New Zealand’s politics and finances since 1961 can’t you? Particularly culminating in the recent change whereby Govt can enact IMF doctrine without having to table legislative change.

          Please, tell us more.

        • Olwyn 7.2.1.2

          Fortunately, we resisted the temptations of Hone Harawira and Mana.

          So by your world view Wayne, it seems that it is only common sense to rob the poor and the defenseless, among whom rickets has returned, of representation, so that the market will smile on the nice upper middle class, with their nice property portfolios and their nice government contracts.

        • Colonial Viper 7.2.1.3

          Wayne, Goldman Sachs was pivotal in designing the series of transactions which hid Greece’s true debt/deficit situation, falsifying the country’s entry into the Eurozone.

          The Greek oligarchic class was entirely complicit in this scheme.

          Wayne, why are you not fingering Goldman Sachs and the 0.1% oligarchic class as being the real roots of Greece’s problems.

        • marty mars 7.2.1.4

          “Fortunately, we resisted the temptations of Hone Harawira and Mana.”

          for the temptations of liarkey and his mappy-minions – quick get the handcuffs…

  8. The lost sheep 8

    Greece should just default on it’s loans, tell the European Neo Lib idiots to fuck off, and then align themselves with like-minded Marxist oriented countries that are willing to fund Greece’s recovery in a manner consistent with Far Left economic orthodoxy.

    Simple.

    • Alan 8.1

      Which like-minded, Marxist oriented, cashed up and thriving countries would that be Lost Sheep?

      • I believe Lost Sheep was being sarcastic, Alan! But Greece will remain in the EU, so will have a trading relationship on a similar basis to the UK. ie In Europe, but out of the Eurozone.

        • Jones 8.1.1.1

          I think it will be more like the EFTA countries… out of the EU ( or at least out of the Eurozone) but still in the EEA. UK is very much part of the EU, just with their own currency.

    • Wayne 8.2

      The lost sheep,

      They can, but they will be out of the Euro.

      However, to some extent I agree with you. They do need debt relief.

      But they will not be able to write off the whole debt if they want to borrow on international markets again anytime soon. Russia is simply no substitute for Europe. And China will not lend unless they get repaid.

      • Ad 8.2.1

        If Greece remains within the EU but with separate currency, like UK, their economy will start to look like New Zealand’s:

        – Very little to export other than some basics, but great for tourism

        I’m sure Wayne’s government could sit the Greek Prime Minister down and give them lessons on how to get through a currency crisis by doing nothing other than sit on their hands and watch.

        • Daveinireland 8.2.1.1

          “If Greece remains within the EU but with separate currency, like UK, their economy will start to look like New Zealand’s:”

          That would be good for Greece, NZ is much wealthier than Greece.

      • Tracey 8.2.2

        A number of the countries which have lent to them are NOT charging interest. A few of the loans are not due to mature for 10, 20 and 30 years.

    • Ron 8.3

      Are you serious?
      If Greece defaults they are effectively leaving the EEA Single Market
      That would require to have their own currency good luck with that trying to get an effective exchange rate with other countries.
      Secondly it will lose free access to all the other countries in the Union which would mean that Greeks would have to apply for Visa’s to visit other countries and also that all the Greek people currently residing in other EEA countries would have to leave or obtain visa and work permits etc. It’s exports would find it difficult to export to other Market countries as they would be treated as General Tariff and attract duties etc.
      That is as I see it I am open to correction.

      Greece should just default on it’s loans, tell the European Neo Lib idiots to fuck off

      • The lost sheep 8.3.1

        “Are you serious?”

        I would be if I thought there really was any wealthy Marxist oriented Country that would be willing to help Greece.

        The lack of such a benefactor is a serious problem for Syriza, and I reckon it’s leads them right back to having no choice but to confront the realities you have pointed out.

        • One Anonymous Bloke 8.3.1.1

          🙄

          No Capitalist investor will see any opportunities in Greece ever again, no sirree.

      • Daveinireland 8.3.2

        Greece will leave the Eurozone, it will not be leaving the EU.

      • Jones 8.3.3

        The way I understand it: Norway, Liechtenstein, Switzerland and Iceland are all part of the EEA and have an economic relationship with the EU through the EFTA. All four maintain their own currencies. EU passports enable you to live and work in all EEA countries (I once worked in Norway on a British passport and had no problems travelling in and out of the country).

        Why could Greece not be a fifth member of the EFTA?

      • Tracey 8.3.4

        a low currency will make their products really affordable in other countries 😉

      • Tracey 8.3.5

        a low currency will make their products really affordable in other countries 😉

      • Kiwiri 8.3.6

        Hi Ron.
        Mmm, not sure where to start but the various arrangements and agreements such as those related to EU, EZ, Schengen need not necessarily be conflated or seen as inevitably identical.

    • Tracey 8.4

      Greece should default because that is the prudent thing to do in a market driven capitalist system.

      This is known as liquidation or bankruptcy and is used as a specific remedy” for over stretching and not being able to repay. Banks build this risk in when lending.

      Paying, not paying, both have dire consequences but the notion that defaulting on a loan is a foreign concept to the capitalist system is laughable.

    • One Anonymous Bloke 8.5

      Read some US history and then tell me again how debt default is “Marxism”.

      If Greece does default, bear in mind the histories of the countries that’ve taken similar measures.

      Marxism? Pfft.

  9. Tracey 9

    Hosting the 2004 Olympics cost almost €9 billion ($11 billion at today’s exchange rate). They should go to the IOC for a loan

  10. infused 10

    Heh, these comments are so stupid. Especially the twitter ones. It’s not even about this 1.9bn repayment.

    This was known for years and caused by the Greek govt hiding debt caused by the Greeks govt being fucking retarded.

    They should default as there is no way they are coming back from that debt. In saying that, defaulting is going to be pretty destructive to the country, but it’s inevitable.

    • Jones 10.1

      I don’t think you can talk about the Greek Government hiding debt without including “…with the full collusion of Goldman Sachs” and also note that Goldman Sachs subsequently bet on Greek insolvency.

      This cannot be pinned on the Greek’s in their entirety. Goldman Sachs pocketed over $400 million in fees for that deal.

  11. Kiwiri 11

    Adding another piece here from http://www.telegraph.co.uk/finance/11705199/Greece-debt-crisis-Greek-banks-pension-cuts-live.html (yes, it is from The Torygraph but this is worth noting):

    Ambrose Evans-Pritchard has an exclusive interview with Yanis Varoufakis, who has said that Greece has threatened to seek a court injuction against EU institutions.

    He told the Daily Telegraph, “We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable.“

    Any request for an injunction against EU bodies at the European Court would be an unprecedented development, further complicating the crisis.

    • miravox 11.1

      I find it hard to believe how badly the troika have handled these negotiations. They seem to have split the Greek economy from the society it serves and take no account of humanitarian problems that have been increasing.

      A good example of this is Junker’s badly worded plea to the Greeks to vote ‘yes’ to the deal – people in a country where thousands have committed suicide due to their financial situations, he says they shouldn’t commit suicide (vote no) for fear of death (austerity – which he says isn’t what this deal is, when clearly it is). His whole speech was self-serving and distasteful.

      Maybe negotiations should have taken place in Greece instead of Brussels so the negotiators could see and hear the effects of their deals.

      Pretty lucky the authors and administrators of the Marshall Plan weren’t as ‘hard-headed’. If some of these negotiators remembered how their countries were revived post-WWII managing the Greek crisis may have gone a whole lot better.

      http://www.project-syndicate.org/commentary/greece-eurozone-austerity-reform-by-joseph-e–stiglitz-2015-02#v7FDJ6qHFU5plkIP.99

      Seventy years ago, at the end of World War II, the Allies recognized that Germany must be given a fresh start. They understood that Hitler’s rise had much to do with the unemployment (not the inflation) that resulted from imposing more debt on Germany at the end of World War I. The Allies did not take into account the foolishness with which the debts had been accumulated or talk about the costs that Germany had imposed on others. Instead, they not only forgave the debts; they actually provided aid, and the Allied troops stationed in Germany provided a further fiscal stimulus.

      When companies go bankrupt, a debt-equity swap is a fair and efficient solution. The analogous approach for Greece is to convert its current bonds into GDP-linked bonds. If Greece does well, its creditors will receive more of their money; if it does not, they will get less. Both sides would then have a powerful incentive to pursue pro-growth policies.

      • Colonial Rawshark 11.1.1

        I find it hard to believe how badly the troika have handled these negotiations. They seem to have split the Greek economy from the society it serves and take no account of humanitarian problems that have been increasing.

        It doesn’t make sense unless you see that the Troika have EU wide political goals for which they intend to make Greece an example for.

  12. Bill 12

    Joseph Stiglitz’s opinion, for what it’s worth, is that the Greeks should vote ‘No’.

    http://www.theguardian.com/business/2015/jun/29/joseph-stiglitz-how-i-would-vote-in-the-greek-referendum

  13. Ergo Robertina 13

    Economist Joseph Stiglitz (a former World Bank chief economist) on the choice facing Greece:

    ”It is hard to advise Greeks how to vote on 5 July. Neither alternative – approval or rejection of the troika’s terms – will be easy, and both carry huge risks. A yes vote would mean depression almost without end. Perhaps a depleted country – one that has sold off all of its assets, and whose bright young people have emigrated – might finally get debt forgiveness; —
    ”By contrast, a no vote would at least open the possibility that Greece, with its strong democratic tradition, might grasp its destiny in its own hands. Greeks might gain the opportunity to shape a future that, though perhaps not as prosperous as the past, is far more hopeful than the unconscionable torture of the present.
    I know how I would vote.”
    http://www.theguardian.com/business/2015/jun/29/joseph-stiglitz-how-i-would-vote-in-the-greek-referendum

    EDIT – hadn’t seen Bill’s comment before posting.

    • Olwyn 13.1

      I agree with Stiglitz In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.

      In the print copy of the Dom (doesn’t seem to be online), this: Making it clear that he hoped the Greek parliament would take a vote of no confidence in Alexis Tsipras…a stony-faced Dijsselbloem let it slip that whatever the outcome of the referendum, Syriza must go. Dijsselbloem, incidentally, is a Dutch Labour politician. The arrogance and presumption of these people just sickens me. In fact if the Euro-zone was living up to its original claims, they would have sorted out their problems between themselves, as Europeans and laid down their terms to the IMF – not ganged up with the IMF on one of their own.

  14. Tracey 14

    “Top 5 Products exported by Greece Refined Petroleum (35%), Packaged Medicaments (3.1%), Aluminium Plating (1.9%), Non-fillet Fresh Fish (1.7%), and Raw Cotton (1.7%)

    Top 5 Products imported by Greece Crude Petroleum (24%), Refined Petroleum (6.9%), Packaged Medicaments (5.1%), Passenger and Cargo Ships (4.0%), and Petroleum Gas (3.1%)

    Top 5 Export destinations of Greece Turkey (11%), Italy (8.0%), Germany (6.4%), Bunkers (6.0%), and Bulgaria (5.0%)

    Top 5 Import origins of Greece Russia (11%), Germany (9.5%), Italy (8.0%), Saudi Arabia (5.1%), and China (5.0%)”

    So, Greece’s top export country is not in the EU and Bunkers (from what I can tell ) is Iran… 12% to US, Cyprus and UK (not EU countries as such – UK has a bob each way) BUT 20% is definitely EU countries…

    https://atlas.media.mit.edu/en/explore/tree_map/hs/export/grc/show/all/2012/

    • Chooky 14.1

      +100…interesting points ….and as well as Russian support via the gas line

      http://rt.com/op-edge/257505-greece-turkish-stream-russia-investment/

      …..Greece may do very well outside the EU…particularly if it reverts to its own currency and tourism resumes to support the grassroots local economy…certainly get many sympathetic tourists from around the world

      • Tracey 14.1.1

        I am not sure if they will do very well but my sense is that the average Greek is pretty fucked so why not have it in your own hands and see if you can find a way out…

        And then there is China…

    • Anno1701 14.2

      Bunkerage is maritime slang for filling tanks on cargo ships

  15. The Other Mike 15

    Joseph Stiglitz to Greece’s Creditors: Abandon Austerity Or Face Global Fallout:

    A few years ago, when Greece was still at the start of its slide into an economic depression, the Nobel prize-winning economist Joseph Stiglitz remembers discussing the crisis with Greek officials. What they wanted was a stimulus package to boost growth and create jobs, and Stiglitz, who had just produced an influential report for the United Nations on how to deal with the global financial crisis, agreed that this would be the best way forward. Instead, Greece’s foreign creditors imposed a strict program of austerity. The Greek economy has shrunk by about 25% since 2010. The cost-cutting was an enormous mistake, Stiglitz says, and it’s time for the creditors to admit it.
    *
    “They have criminal responsibility,” he says of the so-called troika of financial institutions that bailed out the Greek economy in 2010, namely the International Monetary Fund, the European Commission and the European Central Bank. “It’s a kind of criminal responsibility for causing a major recession,” Stiglitz tells TIME in a phone interview.
    *
    Along with a growing number of the world’s most influential economists, Stiglitz has begun to urge the troika to forgive Greece’s debt – estimated to be worth close to $300 billion in bailouts – and to offer the stimulus money that two successive Greek governments have been requesting.
    *
    Failure to do so, Stiglitz argues, would not only worsen the recession in Greece – already deeper and more prolonged than the Great Depression in the U.S. – it would also wreck the credibility of Europe’s common currency, the euro, and put the global economy at risk of contagion.

    At http://time.com/3939621/stiglitz-greece/
    Maybe I should send this to JK & Bill as well….

  16. Karen 16

    The Greek word for ‘no’ is ‘ochi.’

    Ochi Day is celebrated every 28th October to commemorate the day the Greek Government said no to Mussolini.

    Time to say no to another bunch of facists.

  17. Skinny 17

    The problem is the Nation’s people are spooked by the uncertainty so will most likely revert to type and vote YES. Tragic because they will go to the polls again and vote a pro austerity measures-Right Wing regime back into power. Good to see their Leader is holding his nerve and advocating a vote NO or he resigns, of course he is expecting an 11_hour offer to stay in with alot more wriggle room on offer. Good luck to him he is causing quite the roller coaster ride on world exchanges. The money men will be just as nervous as him.

    • The Other Mike 17.1

      Umm, maybe. Greeks, especially pensioners, are heartily sick and tired of “austerity” :
      TRNN: Greek Pensioners Protest Cuts to Pensions – https://youtu.be/n4XByl1X3rc

      And… Greece has threatened to seek a court injunction against the EU institutions, both to block the country’s expulsion from the euro and to halt asphyxiation of the banking system.

      “The Greek government will make use of all our legal rights,” said the finance minister, Yanis Varoufakis.

      “We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable,“ he told the Telegraph.

      The defiant stand came as Europe’s major powers warned in the bluntest terms that Greece will be forced out of monetary union if voters reject austerity demands in a shock referendum on Sunday.

      Read more: http://www.telegraph.co.uk/finance/economics/11707092/Greece-threatens-top-court-action-to-block-Grexit.html

  18. Chooky 18

    ‘Support debt cancellation for Greece,’ MPs, economists & campaigners tell Cameron’

    http://rt.com/uk/270349-greece-debt-cancellation-cameron/

    “MPs, trade unionists, economists and campaigners have called upon David Cameron to support debt cancellation for Greece, saying it could be funded by seizing capital from speculators and banks that were the true beneficiaries of Athens’ bailouts.

    In an open letter to the prime minister, some 25 Labour and Green Party MPs demanded the government back the organization of a European summit to agree upon a debt write-down for Greece.

    Published by the Guardian on Sunday, the letter called for an end to destructive austerity policies that have wrought poverty and injustice across Europe….

  19. Gosman 19

    Hilarious considering the UK doesn’t own much Greek debt. It would be like New Zealanders demanding debt relief for Sri Lanka.

    • Tracey 19.1

      Do you ever notice how few of your posts address actually human impacts, you know, people?

      • Gosman 19.1.1

        A key difference between Left wing and Right wing economic thinking is that left wingers think that you can keep spending other people’s money indefinately and right wingers suggest there is a limit that will be eventually reached and then there will have to be at a reckoning. We are at that reckoning stage now. The reason we got there was because of people like you tracey who thought they were helping people but inreality they were setting them up for an almighty fall. I laugh when someone like you says someone like me should care about the plight of people hurt by policies you support when I have been warning all along about where those policies will lead to avoid such hurt.

        • KB 19.1.1.1

          Hi Gosman

          Do you mean right wing economic thinking that led to the banks in America and elsewhere receiving enormous bailouts paid for by ‘other people’s money’ in the wake of the 2008 GFC so that the CEO’s etc wouldn’t suffer the hardship of missing out on their huge bonuses?

          • Gosman 19.1.1.1.1

            How is that right wing? More left wing if you ask me.

            • KB 19.1.1.1.1.1

              I’m sure the people running the banks etc in America are not known for their left wing ideas, yet were more than happy to have their hands out to receive ‘other people’s money’ to bail them out of a mess of their own making.

        • Colonial Rawshark 19.1.1.2

          You have some pretty fucked up and incorrect ideas Gosman. Firstly you have no idea of what “left wing” and “right wing” even means.

          Tell me, out of Germany, the ECB, the IMF and Goldman Sachs, which of them are left wing, in your estimation?

          Because all I see are the Bankster 0.1% class against everyone else. That’s not a Left vs RIght dichotomy.

          Goldman Sachs helped Greece cook their books (with the knowledge of the European elite) in order to get Greece into the Eurozone. Is Goldman Sachs ‘left’ or ‘right’ wing in your estimation? In my estimation they simply are part of the bankster class pushing Greece into debt peonage.

          Germany, the ECB and the IMF, for the last several years have been pressuring Greece to borrow tens of billions of Euros that it could not afford. Are these parties Left or Right, in your estimation? In my estimation, in their dealings with Greece they are nothing more than the Bankster class, pushing Greece into debt peonage.

          Greece under Syriza have finally found some backbone to tell the truth – that the country cannot afford to pay back these loans and does not want the citizens of the EU to give it more money which will only turn into more bad debts.

          I am surprised you continue to push an obsolete ‘left’ vs ‘right’ political economic viewpoint, while leaving out discussion of the parasitic Bankster class altogether.

          • Gosman 19.1.1.2.1

            Pressuring??? The Greeks had the ability to say ‘Thanks, but no thanks”. They could also have used the Billions they did borrow to invest in their economy thus enabling them to increase their woeful productivity rates and allow them to pay off the loans. What did they spend the money on instead C.V?

            • Colonial Rawshark 19.1.1.2.1.1

              Pressuring??? The Greeks had the ability to say ‘Thanks, but no thanks”. They could also have used the Billions they did borrow to invest in their economy

              Yeah and what do you say to the creditors who kept lending Greece more and more EU tax payers money even though it was clear that Greece could never pay it back?

          • Tracey 19.1.1.2.2

            sounds to me like the new Greek Government is almost a pure Capitalist government.

            “Fuck your loans, we paid as long as we could and now can’t afford it anymore so we are defaulting and trying a different way”.

            • Gosman 19.1.1.2.2.1

              And yet they have gone back to the Eurozone members to ask for more money. So much for the ‘Fuck your loans’ idea.

              • Colonial Rawshark

                Varoufakis has put plenty of alternatives on the table Gosman, including lines of credit through the European Stability Fund, reformulating loans to delay repayments, and other growth oriented options. But more loans are the only option the Troika will agree to. Why don’t you criticise the Troika.

        • Tracey 19.1.1.3

          hat I wrote was “you ever notice how few of your posts address actually human impacts, you know, people”..

          Your response was a kind of pseudo intellectual “I told you so so don’t expect me to care”.

          Good O.

    • Colonial Rawshark 19.2

      Hilarious considering the UK doesn’t own much Greek debt. It would be like New Zealanders demanding debt relief for Sri Lanka.

      The City of London is one of the largest financial centres in the World. The last thing that they want is for the EU to fuck up Greece at this point and cause a meltdown into GFC 2. So the UK should call for a change in how Greece is managed.

  20. The troika know that their own plan for Greece won’t work anyway, according to a leaked document.

    “Greece would face an unsustainable level of debt by 2030 even if it signs up to the full package of tax and spending reforms demanded of it, according to unpublished documents compiled by its three main creditors.”

    http://www.theguardian.com/business/2015/jun/30/greek-debt-troika-analysis-says-significant-concessions-still-needed

    • Gosman 20.1

      Yes, they will likely require debt relief at some stage. However given the fact it was the Greece’s structural issues that lead them in to this problem in the first place it is better to get them to make the necessary structural changes now rather than give them debt relief first and remove any incentive for them doing so.

      • Colonial Rawshark 20.1.1

        Fuck your euphemisms “structural changes” = selling off Greek assets to foreign privateers for cents on the dollar, as well as punishing pensioners and wage earners more. 4 years of Troika led reforms and Greece’s economy has declined by 25% and here you are pushing for more. Talk about an utter inability to spot a failing strategy, Gossie.

        • Tracey 20.1.1.1

          This is all just a big maths equation to Gosman. he uses the word “greeks” as a catch-all but that is as close as he gets to talking at a human level. BUT he has the certainty of being right on his side. How he swells with pride

        • Gosman 20.1.1.2

          The Greeks have hardly sold a single State owned asset since the start of the crisis. They have been stalling. Not implementing a policy is no indication that the policy has failed.

          • Colonial Rawshark 20.1.1.2.1

            Transferring public wealth into private hands for cents in the dollar has failed everywhere else, dipshit. Great for the bankster class and the management consulting class who make huge fees of the transactions though.

  21. Gosman 21

    Interestesting to see that the Greek government has gone back to the EU requesting further loans of almost 30 billion Euros. The chutzpah of Syriza is incredible. Do they not realise they can’t get more money unless they follow the policies that the creditors have asked them to?

    • Colonial Rawshark 21.1

      LOL its a game of chicken now Gossie, the chutzpah of unelected IMF and ECB bankster officials telling democracy to fuck off is what is truly unbelievable.

      • Tracey 21.1.1

        It will be interesting to see if they can get concessions, cos Gosman says they can’t… they just have to man-up and hand over the money, according tot he spreadsheet and the “rules” he has in his head…

        • Colonial Rawshark 21.1.1.1

          An economic commentator remarked that this stage is a game of chicken where both sides have ripped out their steering wheels and brakes. Could be ugly.

          • Tracey 21.1.1.1.1

            I have no doubt it is going to be messy and ugly, but some here, who choose to only address the human factor by way of blaming all Greeks for where they find themselves, ignore the figures, the deterioration (not improvement) from austerity. So, say some Greeks, if we are going to live without jobs, low wages, and so on, why not do it on our terms, and we will take the consequences (which are serious, medications and the health systems are one) BUT austerity hasn’t improved Greece, unemployment continues to rise, pensions (so maligned) are below the poverty line for some countries, unemployment in the over 60’s is now at 60%… they can’t get jobs even if they want them instead of a pension.

            This is so much more complex and human than people like Gosman are making it with his self righteous holier than thou “they made their bed, each and every one of them, now they must slowly starve”

            • Gosman 21.1.1.1.1.1

              The problem is the Greeks haven’t really implemented any major structural reforms yet. The State still owns many supposedly commercial enterprises that should be privatised and the Labour rules and other regulations still make it a very difficult place to do business. The only areas they have touched upon is government spending and that is because they haven’t got as much revenue to spend anymore. The reason for this is they can’t borrow to fund massive deficits and need to start looking at paying back the debt. That seems more like facing up to reality than austerity.

              • Colonial Rawshark

                The problem is the Greeks haven’t really implemented any major structural reforms yet.

                More utter bullshit from Gosman.

                Anyone who wants the truth, don’t listen to Gosman for starters.

                Then, look up the first, second, third, fourth, fifth and sixth austerity packages that the Greece government implemented. These included privatisations, slashing of pensions, increasing the retirement age, cutting of government jobs, wage freezes and wage cuts, loss of employee benefits and bonuses, increased taxes and a raft of other austerity measures.

                All of which have contributed to a 25% destruction of GDP in Greece and a 1/3 rise in suicides.

                And pro vampire bankster fuckers like Gosman want more of the same.

  22. Big Al 22

    With all the talk of Greek Austerity it seems prudent to actually look more closely as how the Greeks live. What the Europeans want is for some of this to change : Did you Know : there are approx. 20% of trades and professions in Greece which are classified as “hazardous”, and which allows the individual to retire at 50? WITH FULL PENSION! (Believe it or not, this includes teachers). ALso, there is no PAYE in Greece, so a tax inspector visits you once a year and reaches agreement with you on what your earnings were, and the tax rate is set accordingly. So, 20% of the workforce retires at 50 years of age with full pension, and the taxable intake is determined over a cup of tea with the tax inspector. Obviously the tax inspector is himself pretty well off, as a bit of grease comes his way on agreeing your taxable income for the year!
    It’s no wonder the economy is a basket case, and no wonder the European powers want that to change. Greece spends more than it earns, and has borrowed to continue to pay for it. But it doesn’t last forever, and the day of reckoning has arrived. The Greeks refuse to admit they can’t continue this way, and the Greek Govt continues to avoid the elephant in the room : Showdown.

    • Sylvia 22.1

      The only reason you want censorship, you are afraid I might succeed, and this will make you look useless…..big time!

      Back off loser and let the bitch do her thing!

    • Colonial Rawshark 22.2

      Big Al you are full of shit; Tspiras and Varoufakis have fully acknowledged that Greece cannot pay its debts yet Germany, the ECB and the IMF want Greece to take on even more loans!!!

      Where sir, are you not criticising the conduct of the big power lenders in pushing more bad debts on to Greece???

      • tinfoilhat 22.2.1

        If a deal is done, Syriza will no doubt claim some sort of a victory, and the eurozone will congratulate itself on saving the single currency, but for most ordinary Greek people the underlying reality will be that of the same old penury as before.

        • Colonial Rawshark 22.2.1.1

          Tspiras has already said that if the Greek people vote to implement the Troika proposals it will mean further austerity, and he will not lead the government which will run that agenda.

    • Colonial Rawshark 22.3

      With all the talk of Greek Austerity it seems prudent to actually look more closely as how the Greeks live.

      Hey dickhead, I’ll tell you how the Greeks “live”: their economy has collapsed by 25% in the last 4 years thanks to the Troika, youth unemployment is up to 60%, and suicides have increased by a third.

      Bankster loving fuckers like you make me sick.

      • Tracey 22.3.1

        but, but, but CR this is a spreadsheet problem, stop involving humans aye.

        • Colonial Rawshark 22.3.1.1

          indeed

          and TPTB would love us to think of this as a technical and spreadsheet problem

          In fact the whole thing reeks of the exertion of political power over a small country

          NB Italy has a public debt 7x bigger than Greece…see what the Eurozone might really be afraid of if they let Greece ‘get away with it.’

          • Tracey 22.3.1.1.1

            Yup Gosman seems to omit the entry into gReece of Bankers through mortgage and credit cards and how they “sold” them, and who sits behind those banks… it’s all the fault of every single person in Greece, even those not born when the SHTF. Now they must suffer til they understand that Libertarianism is their saviour.

            • Gosman 22.3.1.1.1.1

              Yes those insidious organisations allowing people to choose to take up a mortgage or a credit card but not forcing them to do so. Free choice is so evil.

              Btw the debt problem in Greece is Sovereign not private. People taking up mortgages and Credit cards had little impact on them. In fact the banks offering these financial products would have suffered the most as the Greek people who held them and couldn’t pay could simply default and the lenders have little recourse.

    • Tracey 22.4

      could you post sources for all of this Al. I ask because even before the crisis in late 2007 privately employed Greeks could not receive a pension at 50 and one of the first things to go post GFC was the pension at 50 for those in public service (made somewhat problematic by the cOort ruling in 2012 however)

      If you go here and look at all the stats you will see some myths dispelled

      http://www.businessinsider.com.au/greece-germany-pensions-2010-4#average-pension-entrance-age-greece-624-germany-632-11

      “Average pension entrance age; Greece: 62.4 Germany: 63.2”

      “Minimum pension age for women; Greece: 60 Germany: 65-67”

      “Minimum pension age for men; Greece: 65 Germany: 65-67”

      Some other analysis here

      http://www.theguardian.com/business/2015/jun/15/unsustainable-futures-greece-pensions-dilemma-explained-financial-crisis-default-eurozone

      • Tracey 22.4.1

        “Fourth, although there can be no doubt that many Greeks will have jumped on early retirement possibilities, exploited loopholes and claimed pensions when they weren’t allowed to, one needs to only look at the change in the unemployment rate among 55-64 year olds – it now stands at 20%, up from 6% five years ago – to realise that many will have opted for early retirement not because they wanted to, but because they were unable to find work – and a pension is often the only safety net. “

        • Gosman 22.4.1.1

          Perhaps if they were more productive and used some of the billions they borrowed to invest in their economy they would be able to create businesses to provide the jobs for those people. Instead they sunk those billions in to wasteful non-productive areas. The people receiving the money certainly got wealthier but it was a mere illusion. An illusion they are suddenly coming to the realisation over.

          • Tracey 22.4.1.1.1

            is there a side B to your record?

            “Perhaps if they were more productive and used some of the billions they borrowed to invest in their economy they would be able to create businesses to provide the jobs ”

            who is “they”?

            • Gosman 22.4.1.1.1.1

              The Greek government. It is a Sovereign debt issue after all. You are aware that the issue is with the size of the Government debt in Greece not total debt aren’t you?

          • Colonial Rawshark 22.4.1.1.2

            Instead they sunk those billions in to wasteful non-productive areas.

            Huh? Like buying military arms from the USA and Germany? That’s kind of unproductive, you must agree.

            • Bill 22.4.1.1.2.1

              You do know that a ‘conditionality’ of loans was that defense spending (including the purchase of expensive military hardware from abroad) was not to be cut, yes?

            • Gosman 22.4.1.1.2.2

              Entirely wasteful I would agree, especially considering Greece is in NATO and thus has the added protection of having the US military guarranteeing their defence. I don’t believe the US or the Germans forced the Greeks to spend this money on defence though. Certainly other European nations didn’t have a problem controlling defence expenditure. The Greeks chose to spend this money on their military when they couldn’t afford it.

          • Bill 22.4.1.1.3

            “Instead they sunk those billions in to wasteful non-productive areas.”

            Yeah Gosman, that’s right. 90% of the loans went straight back to the lenders. A complete waste. The banks and other lenders should have been compelled to take the hit, instead of being allowed to transfer the debt they created onto the public through a process of bullying that has definitely killed people and impoverished many, many more.

      • Gosman 22.4.2

        The difference is the Germans earn enough in their economy at the moment to afford the pension at 60 odd. The Greeks don’t hance why they have to borrow money to pay for it.

        • Tracey 22.4.2.1

          Do you know the source/s for this information?

          “Did you Know : there are approx. 20% of trades and professions in Greece which are classified as “hazardous”, and which allows the individual to retire at 50? WITH FULL PENSION! (Believe it or not, this includes teachers). ALso, there is no PAYE in Greece, so a tax inspector visits you once a year and reaches agreement with you on what your earnings were, and the tax rate is set accordingly. So, 20% of the workforce retires at 50 years of age with full pension, and the taxable intake is determined over a cup of tea with the tax inspector. Obviously the tax inspector is himself pretty well off, as a bit of grease comes his way on agreeing your taxable income for the year!”

          • Big Al 22.4.2.1.1

            First source : If you spend some time on google you can get to the lists of protected or hazardous professions. Took me about 1/2 an hour. (suggest you start with “Greek Pensions”).
            Second source : Greek son in law who “negotiated” the income levels for his father with the tax inspector. (Or would this be classified as hearsay ??) He has been in NZ for just over 5 years, but with talking to his Father appears nothing has changed since. The Greeks refuse to change their lifestyle rights, and the Greek Govt choose to protect them. Like all financial situations, if you spend more than you earn then at some time to have to pay the piper. Exactly the same within any home in NZ : reduce your outgoings or improve your income to balance the books. You can only borrow, or load the credit card, until you reach your limit.

        • Colonial Rawshark 22.4.2.2

          The difference is the Germans earn enough in their economy at the moment to afford the pension at 60 odd.

          Bullshit. Germany runs a huge trade surplus (what you call “earning”). Problem is that Germany wouldn’t have this trade surplus unless other countries in the EU were stuck in a trade deficit.

          And as usual you avoid mentioning a core issue that is central to the problems of a common currency without a common treasury.

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    Don’t put it all at risk. That’s likely to be the take-home message for New Zealand Prime Minister Christopher Luxon in his meetings with Li Qiang, the Chinese Premier. Li’s visit to Wellington this week is the highest-ranking visit by a Chinese official since 2017. The trip down under – ...
    Democracy ProjectBy Geoffrey Miller
    3 days ago
  • The Real Thing
    I know the feelingIt is the real thingThe essence of the soulThe perfect momentThat golden momentI know you feel it tooI know the feelingIt is the real thingYou can't refuse the embraceNo?Sometimes we face the things we most dislike. A phobia or fear that must be confronted so it doesn’t ...
    Nick’s KōreroBy Nick Rockel
    3 days ago
  • Gordon Campbell on how moderates empower the political right
    Struth, what a week. Having made sure the rural sector won’t have to pay any time soon for its pollution, PM Christopher Luxon yesterday chose Fieldays 2024 to launch a parliamentary inquiry into rural banking services, to see how the banks have been treating farmers faced with high interest rates. ...
    3 days ago
  • Bernard's Dawn Chorus and pick 'n' mix for Thursday, June 13
    In April, 17,656 people left Aotearoa-NZ to live overseas, averaging 588 a day, with just over half of those likely to have gone to Australia. Photo: Photo: Lynn Grieveson / The KākāTL;DR: My six things to note in Aotearoa-NZ’s political economy around housing, climate and poverty on Thursday, June 13 ...
    The KakaBy Bernard Hickey
    3 days ago
  • Our guide to having your say on the draft RLTP 2024
    Auckland’s draft Regional Land Transport Plan (RLTP) 2024 is open for feedback – and you only have until Monday 17 June to submit. Do it! Join the thousands of Aucklanders who are speaking up for wise strategic investment that will dig us out of traffic and give us easy and ...
    Greater AucklandBy Connor Sharp
    3 days ago
  • The China puzzle
    Chinese Premier Li Qiang arrives in Wellington today for a three-day visit to the country. The visit will take place amid uncertainty about the future of the New Zealand-China relationship. Li hosted a formal welcome and then lunch for then-Prime Minister Chris Hipkins in Beijing a year ago. The pair ...
    PolitikBy Richard Harman
    3 days ago
  • Fossil fuels are shredding our democracy
    This is a re-post of an article from the Climate Brink by Andrew Dessler published on June 3, 2024. I have an oped in the New York Times (gift link) about this. For a long time, a common refrain about the energy transition was that renewable energy needed to become ...
    3 days ago
  • Life at 20 kilometres an hour
    We are still in France, getting from A to B.Possibly for only another week, though; Switzerland and Germany are looming now. On we pedal, towards Budapest, at about 20 km per hour.What are are mostly doing is inhaling a country, loving its ways and its food. Rolling, talking, quietly thinking. ...
    More Than A FeildingBy David Slack
    4 days ago
  • Hipkins is still useless
    The big problem with the last Labour government was that they were chickenshits who did nothing with the absolute majority we had given them. They governed as if they were scared of their own shadows, afraid of making decisions lest it upset someone - usually someone who would never have ...
    No Right TurnBy Idiot/Savant
    4 days ago
  • Exercising with the IDF.
    This morning I did something I seldom do, I looked at the Twitter newsfeed. Normally I take the approach of something that I’m not sure is an American urban legend, or genuinely something kids do over there. The infamous bag of dog poo on the front porch, set it on ...
    Nick’s KōreroBy Nick Rockel
    4 days ago
  • Helm Hammerhand Anime: First Pictures and an Old English ‘Hera’
    We have some news on the upcoming War of the Rohirrim anime. It will apparently be two and a half hours in length, with Peter Jackson as Executive Producer, and Helm’s daughter Hera will be the main character. Also, pictures: The bloke in the middle picture is Freca’s ...
    4 days ago
  • Farmers get free pass on climate AND get subsidies
    The cows will keep burping and farting and climate change will keep accelerating - but farmers can stop worrying about being included in the ETS. Photo: Lynn Grieveson / The KākāTL;DR: My six things to note in Aotearoa-NZ’s political economy around housing, climate and poverty on Wednesday, June 12 were:The ...
    The KakaBy Bernard Hickey
    4 days ago
  • Six ideas to secure Te Huia’s Future
    This is a guest post by our friend Darren Davis. It originally appeared on his excellent blog, Adventures in Transitland, which features “musings about public transport and other cool stuff in Aotearoa/ New Zealand and around the globe.” With Te Huia now having funding secure through to 2026, now is ...
    Greater AucklandBy Darren Davis
    4 days ago
  • The methane waka sinks
    In some ways, there may be less than meets the eye to the Government announcement yesterday that the He Waka Eke Noa proposal for farmers to pay for greenhouse gas emissions has been scrapped. The spectre of farmers still having to pay at some point in the future remains. That, ...
    PolitikBy Richard Harman
    4 days ago
  • At a glance – Does positive feedback necessarily mean runaway warming?
    On February 14, 2023 we announced our Rebuttal Update Project. This included an ask for feedback about the added "At a glance" section in the updated basic rebuttal versions. This weekly blog post series highlights this new section of one of the updated basic rebuttal versions and serves as a ...
    4 days ago
  • Climate Change: Farmers get what they wanted – for now
    Since entering office, National has unravelled practically every climate policy, leaving us with no effective way of reducing emissions or meeting our emissions budgets beyond magical thinking around the ETS. And today they've announced another step: removing agriculture entirely. At present, following the complete failure of he waka eka noa, ...
    No Right TurnBy Idiot/Savant
    5 days ago
  • Presumed Innocent?
    The blue billionaireDistraction no interactionOr movement outside these glazed over eyesThe new great divideFew fight the tide to be glorifiedBut will he be satisfied?Can we accept this without zoom?The elephant in the roomNot much happens in politics on a Monday. Bugger all in fact. Although yesterday Christopher Luxon found he ...
    Nick’s KōreroBy Nick Rockel
    5 days ago
  • Gordon Campbell on our doomed love affair with oil and gas
    What if New Zealand threw a fossil fuel party, and nobody came? On the weekend, Resources Minister Shane Jones sent out the invitations and strung up the balloons, but will anyone really want to invest big time in resuming oil and gas exploration in our corner of the planet? Yes, ...
    WerewolfBy lyndon
    5 days ago
  • Building better housing insights
    This is a guest post by Meredith Dale, senior urban designer and strategist at The Urban Advisory. There’s a saying that goes something like: ‘what you measure is what you value’. An RNZ article last week claimed that Auckland was ‘hurting’ because of a more affordable supply of homes, particularly townhouses ...
    Greater AucklandBy Guest Post
    5 days ago
  • Putin would be proud of them
    A Prime Minister directs his public service to inquire into the actions of the opposition political party which is his harshest critic. Something from Orban's Hungary, or Putin's Russia? No, its happening right here in Aotearoa: Prime Minister Christopher Luxon has announced the Public Service Commission will launch an ...
    No Right TurnBy Idiot/Savant
    6 days ago
  • Resources for debunking common solar and wind myths
    This is a repost from a Yale Climate Connections article by SueEllen Campbell published on June 3, 2024. The articles listed can help you tell fact from fiction when it comes to solar and wind energy. Some statements you hear about solar and wind energy are just plain false. ...
    6 days ago
  • Juggernaut
    Politics were going on all around us yesterday, and we barely noticed, rolling along canal paths, eating baguettes. It wasn’t until my mate got to the headlines last night that we learned there had been a dismayingly strong far right result in the EU elections and Macron had called a ...
    More Than A FeildingBy David Slack
    6 days ago
  • Numbers Game.
    Respect Existence, Or Expect Resistance? There may well have been 50,000 pairs of feet “Marching For Nature” down Auckland’s Queen Street on Saturday afternoon, but the figure that impresses the Coalition Government is the 1,450,000 pairs of Auckland feet that were somewhere else.IN THE ERA OF DRONES and Artificial Intelligence, ...
    6 days ago
  • Media Link: AVFA on post-colonial blowback.
    Selwyn Manning and I discuss varieties of post colonial blowback and the implications its has for the rise of the Global South. Counties discussed include Palestine/Israel, France/New Caledonia, England/India, apartheid/post-apartheid South Africa and post-colonial New Zealand. It is a bit … Continue reading ...
    KiwipoliticoBy Pablo
    6 days ago
  • Policy by panic
    Back in March, Ombudsman Peter Boshier resigned when he hit the statutory retirement age of 72, leaving the country in the awkward (and legally questionable) position of having him continue as a temporay appointee. It apparently took the entire political system by surprise - as evinced by Labour's dick move ...
    No Right TurnBy Idiot/Savant
    6 days ago
  • PSA: NZ's Richest Company, Zuru, Sucks
    Hi,Today the New Zealand press is breathlessly reporting that the owners of toy company Zuru are officially New Zealand’s wealthiest people: Mat and Nick Mowbray worth an estimated $20 billion between them.While the New Zealand press loses its shit celebrating this Kiwi success story, this is a Webworm reminder that ...
    David FarrierBy David Farrier
    6 days ago
  • Bernard's Dawn Chorus and pick 'n' mix for Monday, June 10
    TL;DR: The six things to note in Aotearoa-NZ’s political economy around housing, climate and poverty in the past day to 8:36 pm on Monday, June 10 were:20,000 protested against the Fast-track approval bill on Saturday in Auckland, but PM Christopher Luxon says ‘sorry, but not sorry’ about the need for ...
    The KakaBy Bernard Hickey
    6 days ago
  • In Defence of Kāinga Ora
    Given the headlines around the recent findings of the ‘independent’ review of Kāinga Ora by Bill English, you might assume this post will be about social housing, Kāinga Ora’s most prominent role. While that is indeed something that requires defending, I want to talk about the other core purpose of ...
    Greater AucklandBy Connor Sharp
    6 days ago
  • Baby You're A Rich Man
    “How does it feel to beOne of the beautiful peopleNow that you know who you areWhat do you want to beAnd have you traveled very far?Far as the eye can see”Yesterday the ACT party faithful were regaled with craven boasts, sneers, and demands for even more at their annual rally.That ...
    Nick’s KōreroBy Nick Rockel
    6 days ago
  • Stopping a future Labour government from shutting down gas exploration
    A defiant Resources Minister Shane Jones has responded to Saturday’s environmental protests by ending Labour’s offshore oil exploration ban and calling for long-term contracts with any successful explorers. The purpose would be to prevent a future Labour Government from reversing any licence the explorers might hold. Jones sees a precedent ...
    PolitikBy Richard Harman
    6 days ago
  • 2024 SkS Weekly Climate Change & Global Warming News Roundup #23
    A listing of 32 news and opinion articles we found interesting and shared on social media during the past week: Sun, June 2, 2024 thru Sat, June 8, 2024. Story of the week Our Story of the Week is Yale Climate Connection's Resources for debunking common solar and wind myths, by ...
    7 days ago
  • Fission by the river
    This is where we ate our lunch last Wednesday. Never mind your châteaux and castles and whatnot, we like to enjoy a baguette in the shadow of a nuclear power plant; a station that puts out more than twice as much as Manapouri using nothing more than tiny atoms to bring ...
    More Than A FeildingBy David Slack
    1 week ago
  • Fact Brief – Is the ocean acidifying?
    Skeptical Science is partnering with Gigafact to produce fact briefs — bite-sized fact checks of trending claims. This fact brief was written by John Mason in collaboration with members from the Gigafact team. You can submit claims you think need checking via the tipline. Is the ocean acidifying? Acidification of oceans ...
    1 week ago
  • 20,000+ on Queen St.
    The largest protest I ever went on was in the mid 90s. There were 10,000 people there that day, and I’ve never forgotten it. An enormous mass of people, chanting together. Stretching block after block, bringing traffic to a halt.But I can’t say that’s the biggest protest I’ve ever been ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Josh Drummond's Columns
    Hi there,I wanted to put all of Josh Drummond’s Webworm pieces all in one place. I love that he writes for Webworm — and all of these are a good read!David.Why Are So Many “Christians” Hellbent on Being Horrible?Why do so many objectively hideous people declare themselves “Christian”?Meeting the Master ...
    David FarrierBy David Farrier
    1 week ago
  • Bernard’s Saturday soliloquy and weekend Pick ‘n’ Mix for June 8/9
    Photo: Lynn Grieveson / The KākāTL;DR: On reflection, the six things to note in Aotearoa-NZ’s political economy around housing, climate and poverty this week were:The Government-driven freeze in building new classrooms, local roads and water networks in order to save cash for tax cuts is frustrating communities facing massive population ...
    The KakaBy Bernard Hickey
    1 week ago
  • The no-vision thing
    Hello! Here comes the Saturday edition of More Than A Feilding, catching you up on the past somewhat interrupted week. Still on the move!Share Read more ...
    More Than A FeildingBy David Slack
    1 week ago
  • When Journalists are Disingenuous
    Hi,One of the things I like the most about Webworm is to be able to break down the media and journalism a little, and go behind the scenes.This is one of those times.Yesterday an email arrived in my inbox from journalist Jonathan Milne, who is managing editor at Newsroom.I don’t ...
    David FarrierBy David Farrier
    1 week ago
  • Me, elsewhere: Just say you’ll do the thing
    Wrote something over at 1/200 on a familiar theme of mine: The way we frame the economy as a separate, sacred force which must be sacrificed to, the way we talk about criminals as invaders who must be repelled, the constant othering of people on the benefit, people not in ...
    Boots TheoryBy Stephanie Rodgers
    1 week ago
  • A Voyage Among the Vandals: Accepted
    A nice bit of news today: my 4600-word historical fantasy-horror piece, A Voyage Among the Vandals, has been accepted by Phobica Books (https://www.phobicabooks.co.uk/books) for their upcoming Pirate Horror anthology, Shivering Timbers. This one is set in the Mediterranean, during the mid-fifth century AD. Notable for having one of history’s designated ...
    1 week ago
  • Ministerial conflicts of interest
    Since the National government came to power, it has been surrounded by allegations of conflicts of interest. Firstly, there's the fast-track law, which concentrates power in the hands of three Ministers, some of whom have received donations from companies whose projects they will be deciding on. Secondly, there's the close ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • The 2024 Budget Forecasts Are Gloomy Prognosis About The Next Three Years.
    There was no less razzamatazz about the 2024 Budget than about earlier ones. Once again the underlying economic analysis got lost. It deserves more attention.Just to remind you, the Budget Economic and Fiscal Update (BEFU), is the Treasury’s independent assessment and so can be analysed by other competent economists (although ...
    PunditBy Brian Easton
    1 week ago
  • A government that can't see twenty feet ahead
    There are two failings that consistently characterise a National government. One is a lack of imagination, the other is their willingness to look after their mates, no matter what harm it might do to everyone else.This is how we come to have thousands of enormous trucks carving up our roads. ...
    More Than A FeildingBy David Slack
    1 week ago
  • A post I hope is incorrect
    In May, we learned that National MP David MacLeod had "forgotten" to declare $178,000 in electoral donations. Filing a donation return which is false in any material particular is a crime, and the Electoral Commission has now referred MacLeod to police, since they're the only people who are allowed to ...
    No Right TurnBy Idiot/Savant
    1 week ago
  • Māori Cannot Re-Write New Zealand’s Constitution By Stealth.
    The Kotahitanga Parliament 1897: A Māori Parliament – at least in the guise of a large and representative body dedicated to describing the shape of New Zealand’s future from a Māori perspective – would be a very good idea.THE DEMAND for a “Māori Parliament” needs to be carefully unpicked. Some Pakeha, ...
    1 week ago
  • Cowpats and Colonials.
    Dumbtown, is how my friend Gerard refers to people like ZB listeners - he’s not wrong.Normally on a Friday I start by looking at Mike Hosking’s moronic reckons of the week which he vomits down the throats of his audience like helpless baby birds in a nest, grateful for the ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Gordon Campbell on cutting the sick leave of vulnerable workers
    Should sick leave be part and parcel of the working conditions from Day One on the job, just like every other health and safety provision? Or should access to sick leave be something that only gradually accumulates, depending on how long a worker has been on the payroll? If enacted ...
    WerewolfBy lyndon
    1 week ago
  • Nobody Move: Ageing Boomers, Laurie & Les, Talk Politics.
    So long as we live in a democracy, economic policy can never be anything other than social-democratic.“HEH!”, snorted Laurie, as he waved his debit card over the EFTPOS machine. “Same price as last week. I guess budgets aren’t what they used to be.”“I wouldn’t know,” replied the young barman, wearily, ...
    1 week ago
  • In Search Of Unity.
    Kotahitanga: New Zealand’s future belongs to those who do not fear a nation carved out of unity and solidarity, and are willing to trust the carvers. Some New Zealanders will be required to step up, and others, perhaps for the first time in their lives, will be expected to step ...
    1 week ago
  • Weekly Roundup 7-June-2024
    Welcome to another Friday roundup! Here are some recent links and stories that caught our eye, perfectly timed for your watercooler discussions and weekend reading. As always feel free to share more in the comments. Our header image this week is by Patrick Reynolds, and shows Te Komititanga from above. ...
    Greater AucklandBy Greater Auckland
    1 week ago
  • The Hoon around the week to June 7
    As Workplace Relations and Safety Minister, ACT’s Brooke van Velden is fronting proposed changes to sick pay regulations and The Holiday Act. Photo: Lynn Grieveson / The KākāTL;DR: The podcast above of the weekly ‘hoon’ webinar for paying subscribers features talking with:The Kākā’s climate correspondent talking about the ...
    The KakaBy Bernard Hickey
    1 week ago
  • Did we boil the oceans by cutting pollution?
    Lowering aerosol emissions from shipping has altered clouds, with potentially drastic effects. Photo: Getty ImagesTL;DR: Here’s the top six news items of note in climate news for Aotearoa-NZ this week, and a discussion above between Bernard Hickey and The Kākā’s climate correspondent Cathrine Dyer:New evidence is increasingly pointing at efforts ...
    The KakaBy Bernard Hickey
    1 week ago
  • Skeptical Science New Research for Week #23 2024
    Open access notables Abrupt reduction in shipping emission as an inadvertent geoengineering termination shock produces substantial radiative warming, Yuan et al., Communications Earth & Environment: Human activities affect the Earth’s climate through modifying the composition of the atmosphere, which then creates radiative forcing that drives climate change. The warming effect ...
    1 week ago
  • Fragments
    The best observation I’ve read this week about the deep, profound harm Trump is doingTrump has hurled threats and smears at witnesses, jurors and the judge (including his family)... [he] has tried to intimidate witnesses and delegitimize the New York courts as corrupt. In continuing to incite his mob (that ...
    More Than A FeildingBy David Slack
    1 week ago
  • March for Nature
    Do do do do do do do doDo do do do do doDi di di di di di di di di di diNature enter me…In 2018 the Labour lead government banned new oil and gas exploration in Aotearoa. A change welcomed by those who care deeply for our environment and ...
    Nick’s KōreroBy Nick Rockel
    1 week ago
  • Bernard’s Dawn Chorus and pick ‘n’ mix for Thursday, June 6
    The Transport Minister is trying to push through urgent legislation that would allow him to change emissions standards for car imports without approval from Parliament, after only consulting car importers. Photo: Lynn GrievesonTL;DR: Just as two major reports showed fossil fuel burning was warming the planet to dangerous levels and ...
    The KakaBy Bernard Hickey
    1 week ago
  • A Better Broadway: Act 2
    This is a guest post by reader Grant A, the second of a pair about how to fix Broadway. If you missed the beginning of the show, here’s the link to Act 1 from yesterday. Yesterday, I discussed changing traffic circulation around Broadway in Newmarket. This included implementing a car-free ...
    Greater AucklandBy Guest Post
    1 week ago
  • National breaks another health promise
    National has broken another manifesto health promise, apparently to save only $550,000. It will now train an additional 25 med students next year rather than the 50 it promised. This comes on top of the delays caused by National’s coalition partners in pushing ahead with the Waikato Medical School and ...
    PolitikBy Richard Harman
    1 week ago

  • High Court Judge appointed
    Attorney-General Judith Collins today announced the appointment of Auckland King’s Counsel Gregory Peter Blanchard as a High Court Judge. Justice Blanchard attended the University of Auckland from 1991 to 1995, graduating with an LLB (Honours) and Bachelor of Arts (English). He was a solicitor with the firm that is now Dentons ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Health workforce numbers rise
    Health Minister Dr Shane Reti says new data released today shows encouraging growth in the health workforce, with a continued increase in the numbers of doctors, nurses and midwives joining Health New Zealand. “Frontline healthcare workers are the beating heart of the healthcare system. Increasing and retaining our health workforce ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government to overhaul firearms laws
    Associate Justice Minister Nicole McKee has today announced a comprehensive programme to reform New Zealand's outdated and complicated firearms laws. “The Arms Act has been in place for over 40 years. It has been amended several times – in a piecemeal, and sometimes rushed way. This has resulted in outdated ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government delivers landmark specialist schools investment
    The coalition Government is delivering record levels of targeted investment in specialist schools so children with additional needs can thrive. As part of Budget 24, $89 million has been ringfenced to redevelop specialist facilities and increase satellite classrooms for students with high needs. This includes: $63 million in depreciation funding ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Major health and safety consultation begins
    A substantial consultation on work health and safety will begin today with a roadshow across the regions over the coming months, says Workplace Relations and Safety Minister Brooke van Velden.  This the first step to deliver on the commitment to reforming health and safety law and regulations, set out in ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Growing the potential of New Zealand’s forestry sector in partnership
    Forestry Minister Todd McClay, today announced the start of the Government’s plan to restore certainty and confidence in the forestry and wood processing sector. “This government will drive investment to unlock the industry’s economic potential for growth,” Mr McClay says. “Forestry’s success is critical to rebuilding New Zealand’s economy, boosting ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government cancels forestry ETS annual service charges for 2023-24
    Annual service charges in the forestry Emissions Trading Scheme (ETS) will be cancelled for 2023/24, Forestry Minister Todd McClay says. “The sector has told me the costs imposed on forestry owners by the previous government were excessive and unreasonable and I agree,” Mr McClay says. “They have said that there ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Speech to the LGNZ Infrastructure Symposium
    Introduction Thank you for having me here today and welcome to Wellington, the home of the Hurricanes, the next Super Rugby champions. Infrastructure – the challenge This government has inherited a series of big challenges in infrastructure. I don’t need to tell an audience as smart as this one that ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Government boosts Agriculture and food trade with China
    Trade and Agriculture Minister Todd McClay and Food Safety Minister Andrew Hoggard welcomed outcomes to boost agricultural and food trade between New Zealand and China. A number of documents were signed today at Government House that will improve the business environment between New Zealand and China, and help reduce barriers, including on infant formula ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • NZ and China launch Services Trade Negotiations
    Trade Minister Todd McClay, and China’s Commerce Minister Wang Wentao, today announced the official launch of Negotiations on Services Trade between the two countries.  “The Government is focused on opening doors for services exporters to grow the New Zealand’s economy,” Mr McClay says.  As part of the 2022 New Zealand-China Free Trade Agreement Upgrade ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Prime Minister Luxon meets with Premier Li
    Prime Minister Christopher Luxon met with Chinese Premier Li Qiang at Government House in Wellington today.  “I was pleased to welcome Premier Li to Wellington for his first official visit, which marks 10 years since New Zealand and China established a Comprehensive Strategic Partnership,” Mr Luxon says. “The Premier and ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government and business tackling gender pay gap
    The coalition Government is taking action to reduce the gender pay gap in New Zealand through the development of a voluntary calculation tool. “Gender pay gaps have impacted women for decades, which is why we need to continue to drive change in New Zealand,” Acting Minister for Women Louise Upston ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Funding Boost for Rural Support Trusts
    The coalition Government is boosting funding for Rural Support Trusts to provide more help to farmers and growers under pressure, Rural Communities Minister Mark Patterson announced today. “A strong and thriving agricultural sector is crucial to the New Zealand economy and one of the ways to support it is to ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Latest data shows size of public service decreasing
    Spending on contractors and consultants continues to fall and the size of the Public Service workforce has started to decrease after years of growth, according to the latest data released today by the Public Service Commission. Workforce data for the quarter from 31 December 23 to 31 March 24 shows ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Speech to the Law Association
    Thank you to the Law Association for inviting me to speak this morning. As a former president under its previous name — the Auckland District Law Society — I take particular satisfaction in seeing this organisation, and its members, in such good heart. As Attorney-General, I am grateful for these ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • 25 years on, NZ reaffirms enduring friendship with Timor Leste
    New Zealand is committed to working closely with Timor-Leste to support its prosperity and resilience, Foreign Minister Winston Peters says.   “This year is the 25th anniversary of New Zealand sending peacekeepers to Timor-Leste, who contributed to the country’s stabilisation and ultimately its independence,” Mr Peters says.    “A quarter ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Inquiry requested into rural banking
    Promoting robust competition in the banking sector is vital to rebuilding the economy, Finance Minister Nicola Willis says.  “New Zealanders deserve a banking sector that is as competitive as possible. Banking services play an important role in our communities and in the economy. Kiwis rely on access to lending when ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Ministry for Regulation targets red tape to keep farmers and growers competitive
    Regulation Minister David Seymour, Environment Minister Penny Simmonds, and Food Safety Minister Andrew Hoggard have today announced a regulatory sector review on the approval process for new agricultural and horticultural products.    “Red tape stops farmers and growers from getting access to products that have been approved by other OECD countries. ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government to reverse blanket speed limit reductions
    The Coalition Government will reverse Labour’s blanket speed limit reductions by 1 July 2025 through a new Land Transport Rule released for public consultation today, Transport Minister Simeon Brown says.  The draft speed limit rule will deliver on the National-ACT coalition commitment to reverse the previous government’s blanket speed limit ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Chair appointments for NZSO, CNZ and NZ On Air
    Minister Paul Goldsmith is making major leadership changes within both his Arts and Media portfolios. “I am delighted to announce Carmel Walsh will be officially stepping into the role of Chair of the New Zealand Symphony Orchestra, having been acting Chair since April,” Arts Minister Paul Goldsmith says.  “Carmel is ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Government focus on long-term food, fibre growth
    Food and fibre export revenue is tipped to reach $54.6 billion this year and hit a record $66.6b in 2028 as the Government focuses on getting better access to markets and cutting red tape, Agriculture Minister Todd McClay and Oceans and Fisheries Minister Shane Jones say. “This achievement is testament ...
    BeehiveBy beehive.govt.nz
    3 days ago
  • Govt consulting on cutting red tape for exporters
    A new export exemption proposal for food businesses demonstrates the coalition Government’s commitment to reducing regulatory barriers for industry and increasing the value of New Zealand exports, which gets safe New Zealand food to more markets, says Food Safety Minister Andrew Hoggard.  “The coalition Government has listened to the concerns ...
    BeehiveBy beehive.govt.nz
    4 days ago
  • New Zealand and Philippines elevating relationship
    New Zealand and Philippines are continuing to elevate our relationship, Foreign Minister Winston Peters says.   “The leaders of New Zealand and Philippines agreed in April 2024 to lift our relationship to a Comprehensive Partnership by 2026,” Mr Peters says. “Our visit to Manila this week has been an excellent ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Paid Parental Leave increase to help families
    Workplace Relations and Safety Minister, Brooke van Velden says paid parental leave increase from 1 July will put more money in the pockets of Kiwi parents and give them extra support as they take precious time off to bond with their newborns. The increase takes effect from 1 July 2024 ...
    BeehiveBy beehive.govt.nz
    5 days ago
  • Defence increases UN Command commitment
    The number of New Zealand Defence Force (NZDF) personnel deployed to the Republic of Korea is increasing, Defence Minister Judith Collins and Foreign Minister Winston Peters announced today.  NZDF will deploy up to 41 additional personnel to the Republic of Korea, increasing the size of its contribution to the United ...
    BeehiveBy beehive.govt.nz
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