Ἄρθρα σημειωμένα ὡς Hellas

European Economic and Monetary Union and the Historically Wealthy Hellas: Her Current Debt Crisis [3]

European Economic and Monetary Union
and the Historically Wealthy Hellas:
Her Current Debt Crisis [2]
Dr. Ioannis N. Kallianiotis
Economics/Finance Department
The Arthur J. Kania School of Management
University of Scranton
Scranton, PA 18510-4602

Part 1– Μέρος Α´ : https://christianvivliografia.wordpress.com/2011/04/01/european-economic-and-monetary-union-and-the-historically-wealthy-hellas-her-current-debt-crisis

Part 2– Μέρος B´ : https://christianvivliografia.wordpress.com/2011/04/04/european-economic-and-monetary-union-and-the-historically-wealthy-hellas-her-current-debt-crisis-2/


(i) The Evolution of Events

.       The planned global financial crisis of 2008 affected negatively Greece and the government tried to reduce this effect on the real sector of the economy by offering a package of 28 billion euros to the banks. This crisis brought to the surface the structural weaknesses of the Greek economy (a capitalistic economy based on governmental and European support). The governmental debt from 172 billion euros in 2002 reached 252 billion euros in 2008 (a +47% growth). The trade deficit from -27 billion euros in 2005, became -42 billion euros in 2007 (+55% growth). The budget was in deficit of 19 billion euros in the first half of the 2008.[1] The country has, currently, negative growth, very high unemployment, and high inflation.

.      On November 24, 2008, the Chinese President made an official visit in Greece. He signed an agreement to lease for 30 years the seaport of Piraeus (the harbor of Athens).[2] Greece is selling everything (its public wealth) to foreigners and soon will be in major socio-economic crisis.[3] Started in 2009, EU is cutting by 50% the subsidies to tobacco growers (farmers).[4] This will have a tremendous negative effect on the Greek economy because tobacco is the main agricultural product in many poor regions of the country.

.     The unemployment is a very serious problem for the country. A businessman from Thessaloniki said that the unemployment in his area was 20%.[5] Privatization,[6] outsourcing, the moving of firms in countries with lower cost of production, and the illegal migration are some causes of high unemployment in the country. There is a tremendous corruption in governments (in both parties, PASOK and N.D.) since 1974 and their scandals are continued, which have made people to mistrust politicians. Democracy is in crisis and its consequence was the current financial crisis and every other crisis (from summer fires to Vatopedi to riots, etc.). If the leaders, who are the prototypes for the citizens are corrupted, what can we expect from the masses of citizens controlled by left and anarchist political parties? Another plague for the country are the car accidents. The death tolls and the wounded are innumerable.[7] A rioting continued for two weeks in Greece encouraged by communists (SYRIZA), anarchists, and other enemies of democracy and social stability in the country. On December 16, 2008, protesters broke into TV and radio studios of ERT (the public media) and forced broadcasters to put out antigovernment messages.[8] Rioting also started in many other European nations. French police arrested 38 people in Lyon when a student protest against school revisions turned violent.[9]

.          The indisposed crops of grain, corn, and other agricultural products are making up mountains in Greece. Their prices are degrading and below cost because of uncontrolled imports from other low cost countries. The agricultural sector of the economy is eliminated from Greece and the country will be in trouble.[10] The retail market has been negatively affected by the financial crisis and the high unemployment of the country. The public health system experiences tremendous shortcomings. The lack of nurses and other medical personnel and the shortage of materials cause serious problems. The government has no money to maintain this expensive and corrupted sector of social health system.[11] Government promised loans to small businesses and poor individuals to help them during this global crisis.

.        With the illegal immigrants and especially with the inflow of many criminals after the opening of prisons in Albania, Greece has daily robberies of homes, people, stores, cars and kidnapping of individuals.[12] The illegal migration is the most serious problem that Greece faces the last 15 years and is becoming worse. Greece is losing its identity. These strange people do not respect the country, its laws, its culture, and its values. Their criminality is unique in the country’s history and Greek citizens are abandoning their homes and their stores, due to these problems. The market value of housing and of any property has fallen to a very low level because of the ghettos that have been created in some regions (i.e. Agios Padeleimon in Athens, etc.).[13] Five policemen have been killed, the last three years by the “imported” criminals, who have overflowed the peaceful Greece.[14]

.         Unfortunately, education in Greece has deteriorated since 1974, when the communists took over the higher educational institutions and later, the high schools. Anarchists wearing hoods and covering their faces hit students and professors inside the amphitheater of the Chemistry Department (at a meeting of Pedagogical Institute) of the University of Athens. This is very common in Greek universities the last 30 years.[15] Even though that the country is struck by everyone, it tries to continue with her “competitive advantage”, her education (paideia), civilization, and culture. Greece opened a Center of Hellenic Studies in Alexandria, Egypt.[16]

.       Tourism has declined drastically (more than 40% in the winter resorts), due to the global financial crisis and the high prices from the overvalued euro. Even Greeks are going abroad for their vacations, where the cost is lower.[17] Also, S&P cut Greece’s credit rating as its economy deteriorates and the national debt is increasing.[18] The Greek farmers are under disappearance, due to low prices of their products and lack of demand for them, the high cost of production, and their high debt. The agricultural problems in Greece are many and require immediate solutions. Globalization plans to reduce the agricultural sector and increase dependency of individuals and thus, it will be easier to control them. EU tries with its policies to satisfy this objective and with its policies and directives it plans to reduce the Greek agricultural population below 5% and unfortunately for Greece the two parties in power (PASOK and N.D.) agree to this destruction of our villages, towns, and the foundations of the Hellenic nation. Greek citizens must react to this planned catastrophe of the sovereign nation from the dark powers and their followers.[19] Greece had national elections on October 4, 2009, and the PASOK party won and became government, which means new troubles for Greece from those anti-Greek and anti-Orthodox members of this party.[20]

.        Euro-zone finance ministers held Greece to her promise to radically turn around the fiscal deficits that threaten the country with a growing risk of losing her creditworthiness and disrupting the common currency. European Commissioner for Economic and Monetary Affairs Joaquin Almunia pushed for more central powers to audit the accounts of the Greek government.[21] Greece is worse off since her undemocratic (without a referendum) entry to the EMU in 2001. The best for Greece will be to abandon the EMU and the euro and get back her sovereignty, her independence, her values, her self-sufficiency, and her three thousand years old currency, the drachma.

.         Greece and the entire EMU have a serious problem with speculator John Paulson, who is betting against Greece’s government bonds, British banks, and against euro.[22] The EU said it would accept Greece’s plan to reduce its budget deficit, but said more spending cuts and new taxes might be needed.[23] Further, Goldman Sachs Group Inc. did “nothing inappropriate” when it arranged currency swaps for Greece that reduced the nation’s national debt by 2.37 billion euros ($3.2 billion), a top executive said. The bank was paid about $300 million from the swaps, the New York Times reported on February 14, 2010.[24]

.      France and Germany agreed on a framework to aid debt-stricken Greece, with Nicolas Sarkozy bowing to Angela Merkel’s demand for an International Monetary Fund role in any potential rescue. The contingency plan hammered out by the French president and German chancellor before a European Union summit called for IMF funds in addition to bilateral loans to Greece. It provided a coordinating role for the EU, according to their aides who spoke to reporters on condition of anonymity because the agreement had yet to be approved. Then, leaders of the 16-nation euro region met on March 25, 2010 in Brussels to debate the contingency plan for a mix of IMF and bilateral loans, as the ECB’s president, Jean-Claude Trichet, said that Europe has to resolve the crisis on its own.

.          The European Central Bank joined the international rescue of Greece, saying it would indefinitely accept the country’s debt as collateral regardless of its country’s credit rating, underpinning gains in the bond market. The decision came less than a day after Greece agreed to a 110 billion-euro ($145 billion) package of emergency loans from the International Monetary Fund and its euro-region allies (Troika). Under the plan backed by the ECB, Greece pledged 30 billion euros in budget cuts to bring a deficit of 13.6 percent of gross domestic product within the EU limit of 3 percent in 2014. The ECB is a key player in the rescue package designed to help Greece and it is clearly buying insurance against the likelihood of further multiple downgrades of the Greek debt, something that might lead to a halt of ECB financing to the Greek banks. The yield on Greece’s benchmark 2 year bond fell 183 basis points on May 3, 2010 to 11.74 percent, after reaching almost 23 percent on April 28 on rising concern about a possible Greek default.

.         Greece’s Parliament began debating austerity measures demanded by the European Union and International Monetary Fund as a condition of a 110 billion-euro ($140 billion) bailout. Finance Minister George Papaconstantinou told the legislature, that wage and pension cuts that have prompted protests are necessary to secure the package and avoid default. “In less than two weeks, a 9 billion-euro bond comes due and the state coffers don’t have this money,” he said. “As we speak today the country can’t borrow it from foreign markets and the only way to avoid bankruptcy and a halt on payments is to get this money from our European partners and the IMF.” Greece agreed to the package on May 2, 2010, pledging 30 billion euros in budget cuts in the next three years to tame the euro-region’s second-biggest deficit. Prime Minister George Papandreou was forced to seek the aid after soaring borrowing costs left Greece cut off from markets. During a general strike against the measures on May 5, 2010, three employees were killed when a small group of protesters set fire to their bank.[25]

.     Greece received the first installment of a three-year emergency-loan package from euro-region allies, allowing the country to repay 8.5 billion euros ($10.6 billion) of bonds due on May 19, 2010 and avoid default. The International Monetary Fund, which is participating in the bailout, made its initial contribution of 5.5 billion euros. The loans covered Greece’s financing needs for May and June 2010. Euro-area ministers and the IMF agreed on May 2, 2010 to a 110 billion-euro aid package for the debt-stricken nation. Greece pledged to implement austerity measures of almost 14 percent of gross domestic product in exchange for the rescue funds that EU officials hoped would stem declines in the euro. The initial bailout failed to stem the slide in the euro and end the decline in bonds of other high-deficit nations such as Spain and Portugal. EU leaders on May 9, 2010 agreed to a financial lifeline of almost $1 trillion to try to stop the contagion.

.       Without the option of currency devaluation, Greece needs to push gradually through efficiency in the public sector and tax reforms to improve her competitiveness. The country ranked 109th, in an “ease of doing business” survey of 183 countries, according to the World Bank. Without growth and expansionary public policies, Greece is doomed to bankruptcy. There are serious economic difficulties in the euro zone. There is even a risk of a double-dip recession. The 16-member euro area emerged from its five-quarter recession in the three months through September. A double-dip recession would mean the region’s economy contracting again for at least two consecutive quarters.

(ii) The Current Economy of Greece

.        The economy of Greece is the 27th largest in the world by nominal Gross Domestic Product (GDP), according to data by the World Bank for the year 2009. Per capita, it is ranked 24th by nominal GDP. Greece is a developed country with the 22nd highest human development and quality of life indices in the world. The public sector accounts for about 40% of GDP. The service sector contributes 78.5% of total GDP, industry 17.6%, and agriculture 4%. Greece is the 31st most globalized country in the world with her “New Age” pseudo-leaders and is classified as a high-income economy.

.        In 2004, Eurostat, after an audit performed by the New Democracy government, revealed that the budgetary statistics on the basis of which Greece joined the European Economic and Monetary Union (budget deficit was one of four key criteria for entry), had been massively under-reported by the previous Greek government (mostly by not recording a large share of military expenses – although it was claimed that the differences were due to accounting practices, i.e., recording expenses when material was received rather than when ordered).[26] However, even according to the revised budget deficit numbers, calculated according to the methodology in force, at the time of Greece’s application for entry into the Eurozone, the criteria for entry had been met. Official Eurostat calculation according to the current methodology is still pending for the 1999 budget deficit (entry application reference year).

.          Greece is a developed country, with a high standard of living and “very high” Human Development Index, ranking 22nd in the world in 2010, and 22nd on The Economist’s 2005 worldwide quality-of-life index. According to Eurostat data, GDP per inhabitant in purchasing power standards (PPS) stood at 95 per cent of the EU average in 2008. Greece’s main industries are tourism, shipping, industrial products, food and tobacco processing, textiles, chemicals, metal products, mining and petroleum. Greece’s GDP growth has also, as an average, since the early 1990s been higher than the EU average. However, the Greek economy also faces significant problems, including rising unemployment levels (13.9% in November 2010), inefficient bureaucracy, tax evasion, and corruption.

.        In 2009, Greece had the EU’s second lowest Index of Economic Freedom (after Poland), ranking 81st in the world. The country suffers from high levels of political and economic corruption and low global competitiveness compared to its EU partners. Although remaining above the euro area average, economic growth turned negative in 2009 for the first time since 1993. An indication of the trend of over-borrowing in recent years; but saving was a virtue for the Greek-Orthodox tradition and must continue.  By the end of 2009, the Greek economy faced the 2nd highest budget deficit after Ireland and the highest government debt to GDP ratios in the EU. The 2009 budget deficit stood at 15.4% of GDP. This and the rising debt levels (127% of GDP in 2009) led to rising borrowing costs, resulting in a severe economic crisis. Greece has been accused of trying to cover up the extent of its massive budget deficit in the wake of the global financial crisis. This resulted from the massive revision of the 2009 budget deficit forecast by the new Socialist government elected in October 2009, from “6-8%” (estimated by the previous government) to 12.7% (later revised to 15.4%). This revision (which, as claimed by members of the previous government, at least in part reflected the Socialists’ failure to control tax collection during their first months in office) has seriously undermined Greece’s credibility leading to higher borrowing costs for Greece.

.            The Greek maritime fleet is the largest in the world, at approximately 18% of the world maritime fleet, and the shipping industry is a key element of Greek economic activity dating back to ancient times. Today, shipping is one of the country’s most important industries. It accounts for 4.5% of GDP, employs about 160,000 people (4% of the workforce, but lately, it employs low salary illegal immigrants). During the 1960s, the size of the Greek fleet nearly doubled, primarily through the investment undertaken by the shipping magnates Onassis and Niarchos. The basis of the modern Greek maritime industry was formed after WW II when Greek shipping businessmen were able to amass surplus ships sold to them by the United States Government through the Ship Sales Act of the 1940s. According to the Bureau of Transportation Statistics (BTS), the Greek-owned maritime fleet is today the largest in the world, with 3,079 vessels accounting for 18% of the world’s fleet capacity (making it the largest of any other country) with a total deadweight tonnage (dwt) of 141,931 thousand. In terms of ship categories, Greece ranks first in both tankers and dry bulk carriers, fourth in the number of container ships, and fourth in other ships. However, today’s fleet roster is smaller than an all-time high of 5,000 ships in the late 1970s. But, another industry that is suffering, today, from the credit crunch, is the Shipping. Last year, the basic price of shipping a large container of goods from Asia to Europe was $2,800. In October 2008, with demand plunging, that price was an unprofitable $700. The container shippers during boom times ordered fleets of new vessels for as much as $50 million apiece that are getting delivered only now. Companies will try to cancel their orders, sell the ships, or even convert them to tankers or cruise vessels. EU countries with huge shipping industries will face high risk in this sector of their economies.[27]

.          Finally, Greece attracts more than 16 million tourists each year, thus, they are contributing 15% to the nation’s Gross Domestic Product. In 2008, the country welcomed over 16.5 million tourists. The number of jobs, directly or indirectly, related to the flourishing service sector of tourism was 659,719 and represented 16.5% of the country’s total employment for 2004. Lately, due to the overvalued euro and the global financial crisis and recession, tourism is declining, which affects negatively income and employment in the country.


The economic and social indicators reveal that Greece from a moral, ethical, and just society, after 1974 and her European integration is becoming less and less competitive and more and more contaminated from all these foreign influences; and EU is becoming less friendly with its members (especially the small ones) and the rest of the world.[28] European Union (the forced integration of 27 nations, without referenda) is the worst “innovation” in human history. It is a mixture of twenty seven nations without domestic public policies, without self-determination, without sovereignty, with huge European subsidies, with enormous debts and deficits, and of course, without any future[29] and with different present. All these strange evolutions coupled with the global financial crisis, have increase the global uncertainty and the European crisis, have caused unemployment and recessions in EU[30] and in Greece, have reduced competitiveness, and have augment anxiety and health problems (mental and physical) to citizens. The free-market system has failed and needs more government regulation and better corporate governance. Then, what are the social benefits? Why we need these global changes and “evolutions”, which are against humanity? What are the social benefits of the European Union and the EMU? Today, Greece is controlled by the Troika (EU, ECB, and IMF), which shows that the country has lost her sovereignty.

.         The introduction of the euro in 1999 is a mismatch between the EU’s advanced economic and monetary union and the poorer countries and at the same time, this is an incomplete political union. The Euro-zone has a single monetary policy, but 17 separate national fiscal policies. This unique arrangement is prone to problems and imbalances that threaten the viability of having a common currency for distinctive and completely different countries, like from Germany to Malta. The EU tries to create a European Monetary Fund (EMF), which will respond more smoothly to financial crises within individual member-states, operating like the IMF on a regional basis.[31] Greece’s and the other Euro-zone’s nations crises have brought to light imbalances within the Euro-zone. Some Northern European and industrial countries, such as Germany, have relied on exports for economic growth and pursued policies that aim to promote such export-led growth (as wage moderation, keep cost of production low, increase competition, use of conservative fiscal policies, promote high levels of savings, and large current account surpluses). The Southern European and non-industrial countries, like Greece, have relied on agriculture, tourism, and shipping, but the global financial crisis and the euro have negatively affected all these sectors (their products became expensive, due to an overvalued euro; as more socially oriented nations, they have had higher levels of wage growth and more expansionary fiscal policies, leading to less competitive exports and lower levels of savings; have run large current account deficits; and another problem that they have is the high levels of corruption; for all these, they have to borrow to finance these deficits, the economic and the ethical one).

.           Actually, the Greek economy had two major problems; overconsumption (under-production and waste of resources) and lack of savings (dis-saving and borrowing or spendthrift).[32] These cause current account deficits and capital account surpluses, which affect the risk, the interest rates, the national debt, and the inflation. We must learn that we do not have only rights, but also obligations towards our nation; we cannot live beyond our means indefinitely. Actually, there is a vicious cycle in the economy. Without an investment in sustainable development, Greece will lose the competitiveness race. The global uncertainty, the illegal migration, and the other domestic problems, due to globalization and integration are going to change our economic system (many economic laws do not hold anymore) to “glob-onomics” or “shock-onomics”. The only prediction that we can do for the future, after the current financial crisis and the deep recession, is that this new economic system will be the last in our socio-economic history, except if we will decide to go back to a value oriented system. These corrupted people in financial markets and governments need some knowledge in value-oriented welfare economics and business ethics.

.        Finally, Hellenes must be aware, after the current debt crisis and the civil unrest in North Africa and Middle East, that we are undergoing changes in our financial, economic, geopolitical, cultural, and risk contexts and we must be sensitive and act with attention to these changes. Of course, our hope is God and not the weak leaders, who have failed completely. Russia is not an enemy of the west, west is actually an enemy for Russia; and Asia might be proven to be the future “enemy” for the entire west, the EU and the US. We cannot be opportunists and we cannot be danger-speakers, but realists, altruists, humanists, truthful, and above all hopeful. “From the start, the construction of Europe was an extravagant political idea designed to imprison the nations of Europe into an ‘ever closer’ union of states.”[33] The best will be to reassess the need to move forward with the union or to hold back. Holding back might preserve whatever remains of each nation’s sovereignty and indigenous culture. We do not need any type of integrations and of course we do not want to have a supra-nationality, as a minority of people believes, but it has louder voice, powerful control and global influence than the majority. In recent years, citizens of Greece, Europe, and of the U.S. have shown their disappointment in and apprehensions for whom to vote. They try to elect the least evil in their questionable, corruptive, and immoral “democracies”. The elected representatives are unable to act in favor of their countries’ interest. Their treacherous practices have become very dangerous for the security of the nation. In Greece there are two different Europeanized domestic parties that both have the same beliefs and objectives, to ignore their country; and they have created a class of citizens through favoritism and job offering to them that these voters support and fight for these parties. Territorial changes and political upheavals, as well as a public sense of lost identity and a public loss of faith in the government and all their leaders have become citizens’ every day problems. Euro-communism is doing relatively better in EU (and in Greece is terrorizing businesses and universities) than in Russia, now. All these have a profound negative effect on individual country-members and on the current interdependence between the EMU and its members. But, the current problem is to recover from the financial crisis and its recession, which seems as a very long process.


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[1] The government of the N.D. was saying «ρῆξις καὶ ἀνατροπὴ εἰς τὴν ἐπανίδρυσιν τοῦ κράτους», but continued the same as the previous party (PASOK). See, e-grammes.gr, November 22, 2008.

[2] TV News ALTER, November 24, 2008.

[3] See, Kallianiotis (2009a).

[4] TV News MEGA, November 18, 2008.

[5] TV News ALPHA, November 26, 2008.

[6] The ministry of interior tried to privatize the garbage collection, but due to disagreement with the workers in the local government, the management of garbage stayed, at the moment, with the local city governments. (TV News ALTER, November 30, 2008). Unfortunately, now, Greece has two new evils: “Kalikratis” and Troika.

[7] TV News ALTER, November 30, 2008.

[8] See, The Wall Street Journal, December 17, 2008, pp. A1 and A16. This situation today in Greece reminds the late 1940s, where the communists tried to take control of the country. The government has to impose the order and restrict these enemies of the Hellenic-Orthodox civilization.

[9] See, The Wall Street Journal, December 19, 2008, p. A1.

[10] TV News ALPHA, November 26, 2008.

[11] TV News ALTER, November 28, 2008.

[12] TV News ALPHA, November 26, 2008.

[13] TV News ALTER, November 28 and 29, 2008.

[14] TV News MEGA and ALTER, March 2, 2011.

[15] TV News ALTER, November 28, 2008.

[16] TV News ALTER, November 28, 2008. The country is doing well abroad with her cultural and educational centers, teaching the Greek language and Greek history and philosophy to foreign students and other interested people. Only inside the country, there is a war against the Greek language, Greek history, Orthodox faith, and anything that has made this country great, during her 7,000 years march in history.

[17] TV News ALTER, November 29, 2008.

[18] From January 2009, Greece is borrowing at a higher interest rate (due to the risk premium). TV News ALTER, January 14, 2009.

[19] See, TV News, January 2009 and Kostas Kardaras, “The Real Substance of the Agricultural Issue”, e-grammes.gr, January 28, 2009.

[20] TV News ALTER, MEGA, and ALPHA, October 4, 2009.

[21] See, The Wall Street Journal, January 20, 2010, pp. A1 and A12.

[22] TV News ALTER, January 20, 2010. From Wikipedia, the free encyclopedia, we read: John Alfred Paulson (born December 14, 1955) is president of Paulson & Co., Inc., a New York-based hedge fund. Paulson received his bachelor’s degree in finance from New York University’s College of Business and Public Administration, 1978, where he graduated first in his class, and a Master of Business Administration from Harvard Business School, where he was designated a Baker Scholar, the school’s top academic honor, for graduating in the top 5 percent. Paulson began his career at Boston Consulting Group before leaving to join Odyssey Partners, working under Leon Levy. He later worked in the mergers and acquisitions group at Bear Stearns. Prior to founding his own firm, he was a partner at mergers arbitrage firm Gruss Partners LP. In 1994, he founded his own hedge fund with $2 million and two employees (himself and an assistant). In early 2008, his firm (Paulson & Co.) hired former Federal Reserve Chairman Alan Greenspan.

[23] See, The Wall Street Journal, February 2, 2010, pp. A1 and A15.

[24] “They did produce a rather small, but nevertheless not insignificant reduction, in Greece’s debt-to-GDP ratio,” Gerald Corrigan, chairman of Goldman Sachs’s regulated bank subsidiary, told a panel of U.K. lawmakers today. The swaps were “in conformity with existing rules and procedures.” Corrigan was the first executive at Goldman Sachs, Wall Street’s most profitable securities firm, to speak publicly about the swaps after politicians including Germany’s ruling Christian Democrats questioned whether it helped Greece reduce the deficit to comply with the euro’s membership criteria. “There was nothing inappropriate,” Corrigan told Parliament’s Treasury Committee. “With the benefit of hindsight, it seems to be very clear that the standards of transparency could have, and probably should have been, higher.” See, Bloomberg.com, February 22, 2010.

[25] Bloomber.com, May 6, 2010.

[26] The scandals with enormous commissions that politicians were made during the purchase of military materials are unique in the Greek political history. These people abused the immunity system of the Greek Constitution, but their behavior was criminal against the country and its citizens and they have to be persecuted. TV News ALTER, March 2, 2011.

[27] See, The Wall Street Journal, October 8, 2008, p. B1.

[28] The U.S.A. was the biggest economic power in the world and is declining daily. Greece was the biggest spiritual power on earth and is descending daily. We must grieve for the plight of these two nations and someone is responsible for this. The problem must be the bad and controlled leadership in these two “model” nations.

[29] For example, in Greece, 73.8% are against privatization, 80.9% are against Turkey’s entrance to EU, 83.6% are against Euro-constitution (Treaty of Lisbon), 71.6% want to go back to their previous national currencies, 71.5% of Greeks are in favor of vetoing Skopje’s (Vardarska’s) entrance to NATO and EU, Europeans are against the independence of Kosovo, and 86.1% of Greeks are against the marriage of homosexuals. (e-grammes.gr., different polls). Europeans are actually against this “anti-European creature”, the EU.

[30] The main reason for unemployment in Europe is the illegal and uncontrolled immigration. Europe is in trouble to lose its thousands years old identity.

[31] European leaders met in Brussels in February 2011 discussing the creation of the EMF and put an amount of €500 billion as its reserves. TV News ALTER and MEGA, February 15, 2011.

[32] See Kallianiotis (2007b).

[33] Serfaty (1996, p. 75) tells us a big truth without wanted to say it.


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European Economic and Monetary Union and the Historically Wealthy Hellas: Her Current Debt Crisis [2]

European Economic and Monetary Union
and the Historically Wealthy Hellas:
Her Current Debt Crisis [2]
Dr. Ioannis N. Kallianiotis
Economics/Finance Department
The Arthur J. Kania School of Management
University of Scranton
Scranton, PA 18510-4602

Part 1– Μέρος Α´https://christianvivliografia.wordpress.com/2011/04/01/european-economic-and-monetary-union-and-the-historically-wealthy-hellas-her-current-debt-crisis


(i) The Development of the European Union

Following World War II, the idea of economic integration was promoted in Western Europe. Who were these people and what was their ultimate objective of this experiment are unknown.[1] The world is waiting to see the conclusion of this union of nations, peoples, cultures, dogmas, histories, economies, politics, and civilizations.[2] The majority of Europeans are very skeptical and anxious for the future of their continent and of their nations. In 1950, Jean Monnet convinced Premier Robert Schuman to support a plan for the integration of the coal and steel industries of France and West Germany.[3] Negotiations on the Schuman Plan led to the establishment in 1951 of the European Coal and Steel Community (ECSC). The ECSC included France, West Germany, Italy, Belgium, the Netherlands, and Luxembourg. The success of the ECSC helped advance an even bolder proposal developed by Monnet. In 1957,[4] the six members of the ECSC signed the Treaty of Rome establishing the European Economic Community (EEC), known as the Common Market. The members of this Common Market committed themselves to eliminate trade barriers and to promote free movement of capital and labor.

.     The rapid postwar economic growth of western Europe continued through the 1950’s and 1960’s, making it the longest period of economic progress uninterrupted by slumps or depressions since the origins of the modern industrial system. At the same time, the dream of a united Europe, which is as old as Charlemagne’s “Holy Roman Empire” appeared.[5] Napoleon’s French Empire encompassed almost all of continental Europe. Hitler tried to create a Festung Europe under Nazi denomination. All such efforts failed because they forced the nations to submit to the “union” (their authority). But sovereignty and nationhood were important values in the minds of Europeans and they opposed all proposals or attempts to infringe upon or in any way diminish their sovereignty. There is a big distinction between international and supranational organizations and the majority of people are against the supranational ones.[6] But in today’s “democracies”, no one is asking citizens to express their will. There is a political backwardness in our societies, imposed by the “dark powers” on all political parties.

.       Proposals for some kind of supranational organization in Europe have become increasingly frequent since 1945 and have been issued from ever more influential and suspicious sources. The proposals spring from unidentified and strange motives and they do not want to make these public because they are afraid of citizens’ reactions. What they maintain as motives for the public is political and economic. The political motive, manifested somewhat tenuously in the Council of Europe, is rooted in the belief that only through supranational organization can the threat of war between European powers be permanently eradicated. Some proponents of European political unity further believe that the compact nation-state of the past is now outmoded; if the nations of Europe are to resume their role in world affairs, they must be able to speak with one voice and have at their command resources and manpower comparable with those of superpowers.[7]

.      The economic motive rests upon the argument that larger markets (economies of scale) will promote greater specialization and increased competition, thus higher productivity and standards of living. But, countries have different value systems and work ethics, so they cannot be equalized. Unfortunately, nothing of these has happened. So far the cost of integration has exceeded the benefits for the Europeans. Greeks have lost their jobs, due to competition from the other country-members. Prices have increased because of the common market, goods are moving to markets with higher income and prices, and to attract them you have to pay the same high prices. Salaries are completely different among the members.  Finally, illegal immigrants, drug dealers, terrorists,[8] international mafia, every corrupted person, and every kind of criminality move freely from one nation to the other because borders have been abolished (ξέφραγο ἀμπέλι).

.        The Common Market treaty took effect on January 1, 1958 and on July 1, 1968 all tariffs between member nations were completely eliminated, several years earlier than the date originally foreseen. In 1961, Britain signified its willingness to enter the Common Market if certain conditions could be met, but in January 1963, president de Gaulle of France in effect vetoed Britain’s membership, an action he repeated in 1967 and 1969. The accession of Britain, Ireland, and Denmark took effect on January 1, 1973. Greece acceded to the Community on January 1, 1981, without a referendum,[9] and Spain and Portugal on January 1, 1986. On January 1, 1995, the EU-12 became EU-15, with the accession of Austria, Finland, and Sweden.[10] On May 1, 2004, ten new members joined the Union: Poland, Hungary, the Czech Republic, Slovakia, Slovenia, Estonia, Latvia, Lithuania, Cyprus, and Malta. Lately, on January 1, 2007, Romania and Bulgaria became EU members, reaching the implausible number of EU-27. So far the results are that the sovereign nation has disappeared from Europe and many other ordeals are following.

.        A justifiable question to everyone is the following. What is this organization that is called the European Union (EU)? It is a combination (mixture, unwilling participation, and authoritarian entity) of twenty seven (27) European countries, for which have been decided   (mostly, without the consensus of their citizens) that their future “well-being” will be enhanced by this Union (the EU knows better than the individual nation-state and its citizens). These member-nations are gradually evolving from independent sovereign states to a malevolent federation of “the United States of Europe” and with a prospect to be the first states of the inhumane “global government”. This process of asphyxiating integration is both economic (monetary) and mostly political (regulatory and constitutional). The fundamental forces behind this artificial union are political (rules, laws, directives, controls, standardizations, requirements, restraints, institutions, constitution, and any kind of confinements of national public policies, sovereignty, and individual freedoms), covered under an economic mantle, that is why they are so controversial, but nation-states and their citizens have lost control of their own governance and they are leaded blindly without any opposition, except some reactions that we saw lately (the three negative votes against the European constitution by France, Holland, and Ireland). Greek leaders have never allowed any referendum for their citizens. Of course, as moral social scientists, we have the obligation to warn the decision-makers in EU to avoid the mistakes of the past and their own current mistakes, due to their bad and bureaucratic “advisors” (the pressure from abroad or any other powers behind them)[11] who know no history, no culture, no peculiarities, no indigenous values, and no uniqueness of a nation, like Hellas and her people.

(ii) The Dreadful Economic and Monetary Union

.        Article II of the Maastricht Treaty summarizes the economic goals of the Economic and Monetary Union (EMU) as follows: “The Community shall have as its task, by establishing a common market and an economic and monetary union and by implementing the common policies or activities referred to in …, to promote throughout the Community [1] a harmonious and balanced development of economic activities, [2] sustainable and non-inflationary growth respecting the environment, [3] a high degree of convergence of economic performance, [4] a high level of employment and of social protection, [5] the raising of the standard of living and quality of life, and [6] economic and social cohesion and [7] solidarity among Member States.” So far, after 19 years, none of the above objectives of this treaty have been satisfied. It was obvious and it has been proven, during the current debt crises that the EU and mainly, the EMU has failed and has carried away to its failure the defenseless European citizens and their nations, as the historically value-wealthy Hellas.

.        The Maastricht Treaty was signed in February 1992, but it, then, had to be ratified by all the independent member nations. This process went “well” because the state governments did not hold a referendum for ratification of the treaty by their citizens.[12] Denmark voted “no” on June 2, 1992 in a referendum and then the following day France announced that it would hold a referendum. Eleven years later, on September 14, 2003, Sweden had a referendum and 56.2% said “no” to the EMU. For this monetary union to begin on January 1, 1999, prior to 1999 (on December 31, 1997), a majority of countries should have met the five criteria (gross government debt/GDP, budget deficit/GDP, 10-year government bond yield, inflation rate, and ERM member) established by the Maastricht Treaty. Nevertheless, in 1999, according to the treaty, EMU would commence for those countries, which had converged (however it looked, they were only very few, actually, Luxembourg and France), but eleven of them had been confirmed by the European Commission. The twelfth country (Greece) joined a little later in 2001.[13] The thirteenth one (Slovenia) became an EMU member on January 1, 2007; the fourteenth and fifteenth (Cyprus and Malta) on January 1, 2008; the sixteenth (Slovakia) on January 1, 2009; and the seventeenth one (Estonia) on January 1, 2011.


to be continued 

[1] As the time is passing, this integration reveals itself; it is actually the predecessor of the globalization (=the global slavery).

[2] Does this remind the Biblical Babel or not? With all these confusions of languages and cultures this “construction” would have no good future.

[3] See, Kallianiotis (2011).

[4] On March 25, 1957, two treaties were signed in Rome that gave birth to the European Economic Community (EEC) and the European Atomic Energy Community (Euratom): the Treaties of Rome. These Treaties were ratified by National Parliaments over the following months and came into force on January 1, 1958. (http://www.historiasiglo20.org/europe/traroma.htm ).

[5] Charlemagne’s empire closely approximated the boundaries of the founding members of the EEC.

[6] International organizations depend upon the voluntary cooperation of their members and have no direct power of coercion. On the other hand, supranational organizations require their members to surrender at least a position of sovereignty and can compel compliance with their mandates; concealed submission.

[7] See, Blum, Cameron, and Barnes (1970, p. 1032).

[8] A French court sentenced nine men to prison for belonging to an Islamist group accused of plotting bombings. (The Wall Street Journal, October 24, 2008, p. A1).

[9] Even though that the charlatan Andreas Papandreou was elected because of his promises to the voters: “out of NATO” and “out of the EU”, he signed the accession of Greece to the EEC. What a deception!

[10] The people of Norway voted against membership to the Union and if there were referenda in other countries, the EU would have less than half of its current members.

[11] The U.S. was pressing EU to accept Turkey as a member and to give to it a date of starting acceptance negotiations, which took place during the December 17, 2004, summit meeting of EU leaders in Brussels. Today, this pressure has become worse.

[12] But, as we see every day in EU country-members, demonstrations and burnings of the EU=s flag are going on, showing citizens= opposition to this artificial monetary-political union.

[13] This was the goal of Kostas Semitis and it was met with the help of Goldman Sachs, which cost to Greek taxpayers only $400 million.

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European Economic and Monetary Union and the Historically Wealthy Hellas: Her Current Debt Crisis [1]

European Economic and Monetary Union
and the Historically Wealthy Hellas:
Her Current Debt Crisis [1]
Dr. Ioannis N. Kallianiotis
Economics/Finance Department
The Arthur J. Kania School of Management
University of Scranton
Scranton, PA 18510-4602
E-Mail: jnk353@scranton.edu

  • «Ἡ Πατρὶς καὶ ἡ Ἐκκλησία ἔχει σήμερον ὑπέρ ποτε ἄλλοτε ἀνάγκην
    ἀνδρῶν ζώντων οὐχὶ δι᾽ ἑαυτοὺς ἀλλὰ διὰ τὸ Γένος καὶ τὴν Ἐκκλησίαν»
    (Ἅγ. Νεκτάριος)

March 2011


This paper discusses the Greek economy since 1974, before and after joining the European Union and some of the problems that the current global and European debt crises have created to Greek and to all European citizens. The most severe problems are the social chaos, which is increasing every day, due to the current financial crisis and the worst recession since the great famine of 1940s, the economic and political corruption, which are underrated by the officials, and the tremendous uncertainty that this artificial and controlled “creature” (the Economic and Monetary Union) has generated to its member-nations and their citizens. Europe has a seven thousand years old history, which comes from ancient Greek civilization and is complemented by Christianity. Greece experienced many difficulties, conflicts, and invasions by barbarians and other neighboring countries, but she was defending her land. During her history, many good periods with tremendous contribution to the global scene are recorded. After WW II, the nation and its citizens enjoyed a huge growth, a stable development, a multiple improvement, and a preservation of their traditional social values (the real wealth of the nation). Lately, the European integration has destroyed the sovereign nation-states and it is ruling undemocratically an entire continent and Greece, as a member of the EU and EMU. European Union’s economic and social policies cannot satisfy any welfare functions for the Europeans, like justice, fairness, allocation, equity, stability, distribution, efficiency, full employment, homogeneity, security, sovereignty, independence, self-sufficiency, certainty, and democracy. EU has lowered Greece’s indigenous culture to a uniform sub-culture of waste, dependency, and apostasy. Unfortunately, if this union will not learn from its thousands years old European history and will not respect its Hellenic-Orthodox civilization, it would be better for Europeans to be knocked down, because it will just play the role of the main experiment for the accelerated globalization and the prototype of the human enslavement, the destruction of the nation, and the falsification of the history for these misfortune Greeks and all Europeans.


My intention in this paper is to provide an outline of the economic history lying behind Greece before and after its joint to European Union (EU), a cost benefit analysis, her interdependence with EU, and the ineffectiveness of her lost public policies. Europe and “European Union” is nowadays a very political word and we will try to see what it has in common. The answer is that Europe has been different things at different times and has caused similar problems all the times. The goal of the study is to analyze the severe changes that have taken place in Greece after the 1957 Common Market idea and the 1992 integration. Of course, history now gets less attention among economists than it was once the case, and that makes current economies more vulnerable than in the past. Human beings are making history and most of the time, do so unconsciously. Hellenic history took its unique direction (with the Providence of God) because the country occupies an incomparable position and her people have a particular objective, which was to offer some possibilities to all humans to become persons (perfect personalities). It is very hard to describe truthfully, and impossible to analyze the contribution of Greeks and their nation to European history, but after 1974, the facts are well known to everyone of us. “The most important of them are to be found in ancient Greece, the world the Romans made, early Christianity, [the spiritual and godly Byzantine Empire], and the barbarian incursions into Western Europe in the closing of antiquity. Between them, they constituted the foundations of a future Europe.”[1]

Europe is the smallest of the five major continents and it is expanded to the Aegean Sea, the Black Sea, the Caucasus Mountains, and the Ural Mountains. To the east of those borders, Asia starts and Europe ends. Greece is between the Ionian and Aegean Sea and the Libyan Sea in the south; from north is bordered with Albania, Skopje, Bulgaria, and Turkey (north-east). Europe is not a matter of numbers and geography, but a concept of civilization, which started in Greece more than seven thousand years ago and expended to the rest of Europe. Europe’s earliest Neolithic sides have been found in Greece, Chalkidiki (the cave of Petralona). By 5600 B.C., skeletons and pottery was made in this region of North Greece (Macedonia). Also, a wooden plate with the first written text in Europe was found at Dispilio (Δισπηλιό) in Kastoria (North-West Greece), dated from 5260 B.C. Thus, Greeks were writing with syllables since that Neolithic period, prior to Phoenicians, Babylonians, Sumerians, Chananaei, and other eastern peoples.[2] Then the areas around the Aegean are those, which gave the first civilization in Europe. The cattle appeared to have been domesticated by 6000 B.C. in Crete[3] (Knossos) and on the island of Euboea Εὔβοια= Εὖ βοῦς),[4] which took its name from its good cows, both of which are in Greece. Minos was famed for his ships and Crete was the first naval power.[5] Later, this Minoan civilization ended and another emerged in Mycenae, which mobilized forces from many Greek cities and islands to siege Troy (1200 B.C.).[6] The Hellenes came to use “Europe” (Εὐρώπη) as a name for their territory to the west of the Aegean as distinct from the older lands in Asia Minor.

The ancient Greek civilization is called the “classical” one; later the word “classical” became the source of standards by which subsequent achievements can be measured.[7] “There is a quality of excellence about Ancient Greece that brooks few comparisons.”[8] These peoples (Hellenes) shared the same language (in an oral and written literature) and they recognized a common heritage “Hellenes”, which they did not share with other men. They belonged, as they felt, to “Hellas”.[9] The non-Greeks were “barbarians”. The sharpness, the clarity, and the nimbleness of spirit of the Ancient Greeks, together with their lively imagination, created a unique mean of expression, the Greek language (Ἑλληνικὴν Γλῶσσαν).[10] The achievement and importance of Greece comprehended all sides of life. “The Greeks did more for future civilization than any of their predecessors.”[11] All Europe drew interest on the “capital” Greece laid down, and through Europe the rest of the world has benefited from what Greek offered to human civilization. Alexander, the son of Philip, is one of those historical Greek figures called “Great”. He was a passionate Hellene,[12] who believed Achilles[13] was his ancestor and carried with him on his campaigns a treasured copy of Homer. He had been tutored by Aristotle (a student of Socrates). Alexander the Great had a staggering record of success, even though that he died at the age of 33 years old. The history of Europe is the history of the Western civilization (a Greek-Orthodox civilization).[14] Indisputable, Roman civilization was descended from the earliest Greek (Hellenic) civilization.[15] Today, Europe has changed drastically because of so many influences by different sub-cultures (especially, from the Muslim illegal immigrants). “European, or Western, civilization originated from the fusion of German (barbarian) culture and Roman (Hellenic-Christian) civilization during the Dark Ages from the 5th to the 10th century A.D.”[16] Of course, history repeats itself. There were even monetary and economic unions in Ancient Greece, i.e., “the Common of Euboeans”, in 2nd century B.C.,[17] where they issued a common currency, but they did not last for very long time because of the oppression on their weak member-states.

From the ancient times, Greeks and later other Europeans were expansionists (some aggressive), conquering, colonizing, trading, proselytizing (except the Orthodox), and spreading their cultures. Initially this cultural expansion to the West, with the colonies, owed much to the moral and ethical ancient Greek culture and later was complemented with the Christian faith (the Revealed Truth).[18] St. Constantine the Great (324-340 A.D.) changed the world history more than any other emperor. He founded Christian Europe and he continues to protect it. Also, he was the founder of the Byzantine Empire. This Christianization gave to the European world a unity and cultural cohesiveness that was the ideological foundation of its civilization. Unfortunately, during the 9th century, barbarians from the West (Francs) occupied Rome and imposed their own “innovations” on this homogeneous Hellenic-Orthodox civilization. The schism between West and East (Byzantium) actually started during that period[19] and Europe will never recover spiritually.

In the 14th century, Europe descended into an era of crisis and contraction (occupation) that lasted more than one hundred years and about 400 years for the Balkans. An increasing materialism started and a decreasing spirituality of the Roman Catholic Church, even the “pope himself for a time became a tool of the French king”[20] and the Great Schism between Rome and Constantinople, which took place in 1054 A.D., contributed to the isolation of the Latin church from its other sister churches, the Orthodox Patriarchates of the East.[21] Then, national monarchies started emerging and a new wave of economic expansion and revitalization of European intellectual life began.  Commerce and industry expanded in 15th and 16th century, gold and silver poured into Europe from the New World, prices rose, and a worldwide pattern of trade with Europe was going on. Furthermore, in the 14th century, an intellectual and artistic revival of the Renaissance started in Italy from the Greeks, who were driven out from Constantinople and spread to northern Europe in the 15th and 16th centuries. It was a revival of classical learning and an artistic flowering without parallel in history. During that period, this confidence of the Western world [the South-Eastern part of Europe was occupied by the barbaric Mongolians (the Muslim Seljuk Turks)] found new outlets beyond the frontiers of Europe.

Lastly, this unified Roman Catholic Christian faith of Western Europe was challenged by Martin Luther in 1517 A.D. and Orthodox Churches were expected him to come back to Orthodoxy, but a new dogma, the Protestant Reformation soon became a revolt against the papal ecclesiastical  authority, producing theological variety and denominational atomism and ultimately, assuming the triumph of secularism. The East part of Europe stayed firm to its Traditional Orthodox Christian Faith and even though that the Balkans were under occupation from the barbarians of the East, they survived, due to their strong faith and “secret schools” (κρυφὰ σχολειά) from the Orthodox Church and Monasteries. The net gain of the age of the Reformation went to the rulers of the emerging nation-states, whether Protestant or Catholic, who were already fashioning the absolutism that would dominate the European world from the middle of the 17th to the end of the 18th century. A revolution in science and economics (capitalism and socialism) started and still exists today, transmuting to the cursed globalization. Crises also started from the 17th century, like destructive wars, compounded of religious motives and dynastic ambitions, filled most of the period and brought in civil commotions, revolutions, and two international wars in the 20th century. In summary, according to all historians, “The Greeks are the only people in history who have made four major contributions to human culture and civilization (the spring of Minoan Crete, the summer of fifth-century Athens, the golden autumn of the Alexandrian empire, and the wintry splendour of Byzantium), have so competitive a spirit that they cannot tolerate for long the exceptional brilliance of one man.”[22] The 20th century is also the period of the creation of the European Union and its brainless child, the Economic and Monetary Union. We hope and wish that this Union will not cause the end of the European identity and history before the end of the 21st century. Greece is pushed towards this direction. Unfortunately, “contemporary history is vulnerable to all sorts of political pressure”,[23] but we are responsible to write the Truth, which is the duty of men of letters. “Europe” is a relatively modern idea of the earlier concept of “Christendom” because the entire continent was Christian and its citizens had a common Christian identity.[24]

[1] See, Roberts (1997, p. 1).

[2]In other words, there are no doubts that Greece is the cradle of the world’s civilization. See, Γιῶργος Ἐχέδωρος, «Ἀνατρέπονται τὰ Ἱστορικὰ Κατεστηνένα-Γραπτό 7.270 Ἐτῶν(!)» http://logioshermes.blogspot.com/2011/02/7270.html

[3] See, Roberts (1997, p. 12).

[4] See, Kallianiotis (1995, p. 26).

[5] This comparative advantage is continued even today; Greece is the number one commercial maritime power of the world.

[6] See, Homer, Iliad and Odyssey.

[7] With their wisdom, like: “Moderation in all things” Πᾶν μέτρον ἄριστον) and many others, they set the foundations and advanced the world.

[8] See, Davies (1998, p. 95).

[9] Ancient and current Hellenes had and continue to have the same blood, the same language, and the same religion (ὅμαιμον, ὁμόγλωσσον καὸ ὁμόθρησκον), according to Herodotus Ἡρόδοτος), 5th century B.C. See, Kallianiotis (2007c, p. 179). Also, this can be seen from the cultural continuation of these people and lately, science has proved that modern Greeks have the same DNA as those 30,000 years ago! See, Modern and Ancient  Greeks-Racial  Connection,  http://au.youtube.com/watch?v=eQpK2bbHRLA&feature=related

[10]. See, «Τὸ Μεγαλεῖο τῆς Γλώσσας μας καὶ οἱ Προοπτικές της», Voanerges, No. 41, January-February 2009, pp. 63-67. Dictionaries of European languages have 17-20% of their words, which are of Greek origin. The scientific terminology contains 50-80% of Greek words. Physicist Heisenberg said: «Ἡ θητεία  μου στὴν ἀρχαία ἑλληνικὴ γλῶσσα ὑπῆρξε ἡ σπουδαιότερη πνευμαρτική μου ἄσκηση. Στὴ γλῶσσα αὐτή ὑπάρχει ἡ πληρέστερη ἀντιστοιχία ἀνάμεσα στὴ λέξη καὶ στὸ ἐννοιολογικό της περιεχόμενο…».. Many Nobel laureates, Spanish members of the European parliament, the German professor of Philosophy Pleine, Carl Marx, Engels, Lenin, the French professor and academics Jaquelline de Romilly, to name a few, are those who have said that Greek is the only language that its use has improved science. «Ὦ Φιλισταῖοι, καθῖστε πρῶτα καὶ μάθετε τὰ Ἑλληνικὰ καὶ ὅταν τελειοποιηθεῖτε σ᾽ αὐτά, τότε ἐλᾶτε νὰ τὰ ποῦμε. Μόνον ἐκεῖνοι ποὺ ξέρουν Ἑλληνικὰ συζητοῦν σωστά (K. Marx and F. Engels, Ἅπαντα, Vol. 22, p. 544). See also, Kallianiotis (2010c).

[11]. See, Roberts (1997, p. 43).

[12] .See, Roberts (1997, p. 47). Of course, the current Skopje’s propaganda is historically absolutely wrong, but there are some ignorant governments (“friends” of Greece), which have recognized Skopje as a nation with its usurper name “Macedonia”.  This artificial Slavo-Albano-Bulgarian state can be called only with its historic name as Vardarska.  See also, Kallianiotis (1992, pp. 58-59 and 2010a and b).

[13] See, Homer’s Iliad.

[14] The European civilization was a Hellenic-Orthodox civilization up to the 9th century A.D., before its barbaric invasions from West and North. See, Sakarellos (2005).

[15] See, Jones (1997), Kebric (1997), Vasiliev (1984), and Paparrigopoulos (2003).

[16] See, Blum, Cameron, and Barnes (1970, p. 4).

[17] See, Vranopoulos (1995, p. 168).

[18] “The hour has come for the Son of Man to be glorified [by Greeks].”  (John 12: 23).

[19] See, Sakarellos (2005).

[20] See, Blum, Cameron, and Barns (1970, p. 5).

[21] An example is the failure of the Synod in Ferrara and Florence (1438/1439). See, Stephanides (1990, pp. 390-396).

[22] See, Bradford (1980, p. 55).

[23] See, Davies (1998, p. 2).

[24] See, Davies (1998, p. 7).

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