Greece Archives - Emile Woolf writes

Government knows what it is doing? Dream on

SEPTEMBER 2012 King Canute was neither vain nor foolish. He ordered the tide to recede only to demonstrate to his court that even his awesome powers had limits. Vain and foolish politicians, however, aspire to preserve the myth of Euroland and still believe that, by hook or (especially) by crook, they might actually make it […]

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Punishment where it belongs

After six months the fall-out from Tesco’s £263 million half-year profit overstatement still reverberates. The FRC now expects companies to give full and fair disclosure of how they account for income in the areas that brought Tesco into disrepute. Ocado is the first to report under the new regime, yet its accounts give no figures […]

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Fudging the figures for Euro entry? That’s putting it mildly

Chicanery means “clever but misleading talk; a false argument; trickery; deception” (Concise Oxford Dictionary). This phenomenon seems to be prevalent wherever you look. For example, the European Economic Community began as a free-trade association. Then it was driven well beyond mere economic affiliation to become a complex, undemocratic, political combination whose promised benefits have evaporated. […]

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Is the single currency doomed? The problems were there from the start

These days we are all committed to sacrifice, whether attributable to tax increases, reduced public services or declining incomes. This sacrificial thread affects government too, although in a different way. Coalition, by definition, requires the combining parties to sacrifice, or place on the back burner, many of the policies for which they hoped the election […]

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Back to square one: Accounting safeguards do not work

The most sombre issue to emerge from the world’s current financial woes is that of trust. Putting it succinctly, who can you trust in markets where it pays to deceive? it was all in conformity with existing EU accounting rules.. Take Greece’s desperation to sell its bonds to reduce the size of the European bailout. […]

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