Time for Greece to change? Don't hold your breath.

Yo! Dude. Is that really you?, originally uploaded by Teacher Dude's BBQ.

You would think that after a monumental failure of governance such as the one that Greece is experiencing in the wake of an unprecedented financial crisis that those responsible would be at the very least keeping a low profile or even furtively fingering their passports should the need to rapidly exit the country become apparent.

On the contrary the conservative New Democracy party that ruled the country for the last five years and in large party morally resonsible for a substantial portion of Greece' massive foreign debt has doggedly refused to accept that it is to blame for the worst crisis Greeks have faced since the tanks rolled into Athens in 1967.

Instead of heading for the hills to avoid lynch mobs the new leadership headed by reformed ultra - nationalist Antonis Samaras has led a media attack on the present PASOK government's handling of the meltdown that threatens to condemn Greece to penuary for the forseeable future. There has been little or no mention that his party one not one, but two general elections and helped pile up a mountain of unpaid bills that now have to be paid by the 11 million citizens of this country unlucky enough not to be MPs with salaries that start at 6100 euros a month and are guaranteed a pension for life after just one term in power.

Can there be any more galling sight that that of politicians who managed to rack up more than 50 major scandals in the space of five years lecture us on good governance? Now Samaras has argued that attempts by PM Giorgos Papandreou to set up a parliamentary committee to investigate the current debacle are premature as they would damage Greece's credibility.

I'm not sure which part of the South Pacific Antonis Samaras has been marooned upon for the last month but obviously no news of how the New Democracy party has dragged Greece's name through the mud internationally has managed to reach his ears.

If Greece has any credibility left with international political and economic circles is open to debate and if it is to regain any the first thing it has to do is find any punish those responsible for the fact that the country lies on the brink of disaster.

However, its is a also a matter of debate whether MPs will be willing to investigate fellow party members and get the bottom of this case which involves both major parties. If previous enquiries such as those into the Vatopedi land swop scandal or the Siemens corruption case are anything to go by then I believe no.

In which case can the present political structure be trusted to reform itself to avoid a repeat of this disaster? My view is that it cannot as the disfunctions that have led us to this present pass are hardwired into the system and that any attempt to change it is doomed to failure.

Icelanders riot outside parliament over economic crisis

The small Scandanavian country, blessed with abundant natural resources and enjoying one of the highest living standards in the world is hardly the kind of place one associates with economic catastrophe and riots. All that changed yesterday when thousands took to the streets to protest the present government's handling of the recent financial crisis. With gross national product down two thirds, a 45% rise in unemployment and the country defaulting on loan repayments Icelanders are faced with the worst economic crisis in living memory.

Riot police clashed with demonstators (click here for video) outside the Althingi House, Iceland's parliament after 2000 people surrounded the building according to Icelandic journalist, Iris Erlingsdottir writing in The Huffington Post. Icelandic press reports said Over 30 arrests were made, including an 11 year - old.

The target of their anger members of the government that presided over a meltdown in the banking sector and wider economy which has been so severe that a third of islanders are considering emmigration according to a report in the Economist. The coalition government has repeatedly rejected calls for elections in light of the current situation

As with the recent riots and protests in Greece, the impression that those in power have lined their own pockets while ordinary citizens have had to pay the price for financial mismangament has infuriated ordinary Icelanders.

Despite sub zero temperatures the protests have continued for a second day with members of the parliamentary opposition taking time out from debates to join the demonstrators.

NowPublic

Tags: protests | Iceland | World | Riot | Economist | Huffington Post | reykjavik | Credit Crunch | economic crisis

For more updates check out Iceland banking crisis video and more 2008 and 2009 blog.

"Spare a billion for a banker down on his luck"

In what commentators are calling the crime of the century, Greek police have uncovered the theft of 28 billion Euros (38 billion dollars) from central government funds. The identity of the culprits still remains unknown, however, the authorities are analysing an image taken by CCTV camera taken at the time of the robbery that may shed light on the identity of those involved.

Although the Athens police have only released the bare details of the case, sources in the department talk of an inside job. Members of the public are urged not to tackle anyone they suspect of taking part in the robbery as the gang member are believed to be deperate and possibly dangerous.

If you do recognise anyone of the people shown in the picture please contact 210 338 5224.

Image courtesy of Salata Epoxis.