Euro zone arises troublesome in economic crisis

Euro zone arises troublesome in economic crisis

Dimon, not one to shy away from questions, actually remained silent while shareholders took to their soap boxes, and responded only when directly addressed. And even then the responses were short.But compared to the financial matter, production is a good business now.
As chairman and CEO, Jamie Dimon ran the show, and while he faced a couple questions about his handling of the company’s Chief Investment Office and its $2.3 billion in trading losses, the meeting was generally docile.
It is a proposal that Afscme has put to several companies this year and in the past. It also gets support from corporate governance experts, and proxy advisers. Since the trading losses were revealed, Afscme has reiterated its positions and shareholders may be willing to show more support for this.
With the radical left fast dominating a political landscape whose traditional parties have been decimated for backing policies now blamed for record levels of poverty and unemployment, analysts believe it is only a matter of time before Greece is cut loose from Europe. The result, they say, will be a dramatic decline in living standards as the debt-stricken country, bereft of international rescue funds, slips ever deeper into poverty.
Fears of social chaos being sparked by a disorderly default were also voiced on Monday. Michalis Chrysochoidis, the minister for citizen protection in the outgoing government, predicted that Greece would descend into "civil war" it if left the eurozone and reverted to the drachma.
"Greece is bankrupt and the central question that nobody is asking is where is this country going to get the funds it needs to survive," said Dimitris Kerides, professor of political science at Panteion University in Athens. "Overnight, Greece will go from being a rich country to a poor country. It is a first."
Without the support of Democrat Left, a decidedly "pro-European" force which won 19 seats in parliament, the New Democracy party and centre-left Pasok party fall two seats short of being able to achieve a workable majority.
Papoulias has until Thursday, when parliament reconvenes, to broker a deal. But another well-placed official said it was certain that any hope of the well-respected head of state acting as a deus ex machina in the unfolding Greek drama had been effectively dashed. With bank reserves drying up, liquidity at an all-time low and state revenues dropping precipitously because of the instability, the situation had been exacerbated by growing alarm over the economy.