It took less than a year for the “virus” of social resistance to infect social apathy and spread from Tunisia, on December 17th 2010, to the rest of the Arab world and from there, while constantly transforming, evolving and adapting locally as to its causes and demands, to the public squares of "indignant" Europe, in order to reach its final destination in the occupation of public places in dozens of U.S. cities, known as the movement of "99%" against the 1% who owns the wealth in the North American continent.
Greece's underemployment rate in EU-27 during 2010 hit a record high of 49%, amongst part-time workers who are forced to work for less hours and extremely low wages, not by choice, but by necessity.
According to statistical data from Eurostat, which was released on Friday, there were 41.3 million persons working part-time in 2010 in the EU-27, of which three quarters were women.
The recent agreement between the two major Greek political parties to form a transitional coalition government that would lead the country to elections on February 19th, although it is considered a rare political event in Greek politics, on a European level, it is rather the rule than the exception, as evidenced by research on the type of party politics in the 27 member states of the European Union.
When it comes to international economic developments all eyes have turned to Cannes, where on Thursday and Friday one of the most critical G20 summits is taking place under the french presidency. The economic stagnation of the global economy, the regulatory measures to address the crisis in the eurozone, the reform of the international monetary system and the establishment of a safety net, the food crisis and the discussion of measures to boost the economy of developing countries, are the main issues in the summit's agenda.
Looking back at the past of human history, debt crises, defaults, financial "haircuts" and debt restructuring are cases proved as old as public borrowing. The first recorded debt default can be traced back to ancient Greece in 454 BC, when ten of the thirteen city-states of the Delian Alliance, borrowed large amounts of money from the common treasury at the temple of Delos, only to later announce failure to repay their debt and proclaimed the first official default in world history, while eight of them initiated negotiations for debt restructuring.