Will Greece make it with no additional help?

This question has been thoroughly analyzed and opinions have been published throughout the media. Below is my take from what I have read the last two days.

Greece was able to persuade private-sector bondholders to join the debt deal whish was completed Friday. The Greek government’s strategy of emphasizing the cost of not participating in the swap deal has been a significant factor behind its success.

With this deal the IMF and Greece’s European partners will be possessing 77% of the country’s outstanding debt. The focus on Friday’s deal was the haircut of 100 billion Euros imposed upon the investors. This will provide relief by cutting back on 15 billion euros in interest and principal the country was paying each year to its bondholders. The establishment of the Greek system whereby tax revenue must be used first to pay off debt obligations, before being spent domestically, it will no longer allow Greek politicians to run budget deficits for political purposes. The deal will also result in payouts on the country’s government bonds. But even after erasing €135 billion worth of debt, Greece will still be facing with a ratio of debt to gross domestic product of 151 percent in 2012 and 149 percent in 2013. This is well above the 120 percent that the I.M.F. considers the highest sustainable level.

In 2008 almost 100% of Greece’s debt was held by private-sector investors. Last week, before the deal, the private sector debt was 62%. Now the private sector debt is 27%. With the Greek economy still in a wretched state — fourth-quarter GDP shrank 7.5 percent in 2011 and youth unemployment at 51 percent which is officially the highest in Europe — it is by no means clear that Greece will be able to generate the cash to service its remaining debt.
Mr.  Stephane Deo, an economist at UBS in London, expects Greece to ask more money in 2013, when the country would be able to show a primary surplus — meaning that its budget would be in balance - if it did not have to pay interest on its debt. Then, Greece would ask to stop paying interest and use its money for domestic purposes instead. There is no question that in the short term the deal has saved Greece from a disorderly default and exit from the euro.

Greece of 2021

Ελλαδα του 2021

Οταν μιλουν οι ξενοι για την εποχη του 1821, φουσκωνουμε απο υπερηφανεια και θυμομαστε τους ηρωες της Ελληνικης επαναστασεως με δεος.  Η ιστορια εχει γραψει πολλα γι’ αυτους και για την γεματη θυσιες και ηρωισμους ζωη τους. Ειναι αυτοι που βρηκαν μια Ελλαδα σκλαβωμενη και περνοντας δυναμη απο τους υπολοιπους πατριωτες που πολεμουσανε τον κατακτητη απο την πρωτη ημερα, σηκωσαν τα πρωτογονα οπλα τους και φωναζοντας «Η ΕΛΛΑΔΑ ΠΟΤΕ ΔΕΝ ΠΕΘΑΙΝEI» πολεμησαν για την πατριδα τους.

Θα διερωτωστε γιατι κανω αυτον τον παραλληλισμο του 1821 με το 2021. Νομιζω οτι οπως το 1821 ελευθερωθηκε η Ελλαδα απο τον Τουρκικο ζυγο ετσι και μεχρι το 2021 θα μπορεσει να ελευθερωθει απο τα οικονομικα και πολιτικα της προβληματα και τα λιμανια της θα γινουν τα πιο εμπορευσημα λιμανια της περιοχης.

Αυτο το Σαββατοκυριακο καθησα στο σπιτι και απολαυσα τις καλλιτερες ειδησεις που θα μπορουσα να βρω απο το T.V. και το internet. Εαν επιτρεψετε στον εαυτον σας να ξεφυγει απο τις φλυαριες των πολιτικων μεταξυ Γερμανιας, Γαλλιας και Ελλαδας και μελετησετε τις ενεργειες του Ελληνα επιχειρηματια η επιστημονα τοτε θα διαπηστωσετε κι’εσεις μια συμαντικη αναπτηξει.

Ποιοι ειναι αυτοι που προτειμουν το ευκολο χρημα με υψηλα επιτοκια απο το εξωτερικο; Ποιοι ειναι αυτοι που προτιμουν την φοροδιαφυγη απο την νομιμη αναπτυξει του κεφαλαιου τους. Ποιοι ειναι αυτοι που βγαζουν αφορολογητα χρηματα απο την Ελλαδα για να κερδοσκοπησουν ευκαιρειες αργοτερα; Ποιοι ειναι αυτοι που δεχονται τους ξενους επενδυτας την στιγμη που η εκκλησια προσφερει την εκκλησιαστικη περιουσια προς εκμεταλευση;

Και τελικα ποιοι θα ειναι οι Ελληνες που θα οδηγησουν την πατριδα μας στο 2021; Ευτυχως ειναι αρκετοι αυτοι που κουραστηκαν να περιμενουν στα περιθωρια της αναπτυξης.

Ειναι μια Ελληνικη εταιρια που ανακαλυψε μια ηλεκτρονικη εφαρμογη που να μπορεις να καλεις ταξι απο το κινητο σου, γρηγορα και με ασφαλεια.

Ειναι ο ιατρος Χρυσανθος Ζαμπουλης που βραβευτηκε σε Διεθνες Επιστημονικο Συνεδριο για μια απλη και αναιμακτο επεμβαση που μας δινει πληροφοριες για τα αγγεια του ματιου, υπερταση και γενικως για την υπαρξη αρτηριοσκληρωσης.

Ειναι ο εμπορος που βρηκε τον τροπο να πουλα πατατες, ντοματες, αγγουρια .....και αρνια για το Πασχα κατευθειαν στον καταναλωτη ο οποιος γλυτωνει περιπου 140% της τιμης. Δηλαδη το Πασχαλινο αρνη θα παει απο 15 ευρο σε 6 ευρο. Ξερετε τι θα πη αυτο; Αυτο θα πη οτι ο γιγαντας αρχιζει να ξυπνα.

Τωρα λοιπον ειμαστε στην εποχη πριν το 1821 και προετοιμαζουμε το εδαφος που θα μας οδηγησει στην οικονομικη ανεξαρτησια και στην αναγεννησει της χωρας, στο 2021.

Ελλάδα-Ισραήλ-Τουρκία

Μαΐου 31, 2010 Ισραηλινά σκάφη περικύκλωσαν τον Στολίσκο της Ελευθερίας που κατευθυνόταν προς τη Γάζα και από τις συμπλοκές σκοτώθηκαν εννέα Τούρκοι υπήκοοι.  Η κρίση στις σχέσεις Ισραήλ-Τουρκίας και η ταυτόχρονη ανακάλυψη ενεργειακού θησαυρού στα ανοιχτά της Κύπρου οδήγησε το Ισραήλ στην αναζήτηση νέων συμμαχιών. Στην Ελλάδα δίνεται μια ευκαιρία να βελτιώσει τις σχέσεις της με το Ισραήλ, αποσκοπώντας, αφενός, στη βοήθειά του για τον καθορισμό της Αποκλειστικής Οικονομικής Ζώνης (ΑΟΖ) που θα της επιτρέψει να αξιοποιήσει τους ενεργειακούς πόρους που πιθανόν βρίσκονται στο Αιγαίο, και αφετέρου να δημιουργήσει ένα ισχυρό άξονα Αθήνας - Λευκωσίας - Τελ Αβίβ αλλάζοντας τις ισορροπίες στην Ανατολική Μεσόγειο. Η ευκαιρία αυτή όμως εμπεριέχει και σοβαρούς κινδύνους.

Εγω νομιζω οτι τωρα ειναι ευκαιρία για εμάς που οι συμμαχίες αλλάζουν. Η συνεργασία με το Ισραήλ στη εξόρυξη ενεργειακών πόρων ισούται με αμυντική συνεργασία. Αναβαθμίζοντας τη συμμαχία μας με το Ισραήλ γίνεται πιθανότερο να επιτύχουμε συμφέρουσες οικονομικές συμφωνίες - όπως η μεταφορά του φυσικού αερίου στις ευρωπαϊκές αγορές-, η τακτοποίηση της ΑΟΖ μας με διευθέτηση του ζητήματος του Καστελόριζου, η αλλαγή των ισορροπιών με την Τουρκία υπέρ της Ελλάδας, μέχρι και την επίλυση του Κυπριακού προβλήματος. Εκτός αυτού θα μας δοθεί η ευκαιρία να αναβαθμίσουμε συνολικά το ρόλο μας στην περιοχή και να γίνουμε πιο πολύτιμοι στα μάτια των συμμάχων σε Ευρώπη και Αμερική.

The Greek Debt in Summary

 Greece was given 110bn euros of bailout loans in May 2010 and in October 2011, the banks agreed to a 50% "haircut" on their Greek holdings, alongside an enhanced 130bn-euro bailout.

The second agreement will unlock the latest 130bn euros in bailout loans and allow a further 100bn-euro write-off of the country's debt to private banks.

The money will be lent at a low rate of interest, but still above the cost of borrowing for countries like Germanyand France and European banks will have to write off between 50% and 70% of the money they are owed by Greece.

Additionally Europeans leaders may be asking the European Central Bank to write off some of the Greek debt they hold and lowering the interest on bail out loans to Greece.

Greece was told to agree to further cuts in government spending equal to 1.5% of GDP, cuts in pensions and thousands more civil service job cuts and in general cutting the cost of doing business in Greece.

The government was told to dramatically cut the minimum wage and to scrap a habit of paying a "holiday bonus" equal to one or two months' extra pay.

Greece had already previously agreed to far-reaching austerity measures. Taxes will increase by 5.4 bn euros by 2013. Some 30,000 public sector workers are to be suspended, wage bargaining will be suspended and monthly pensions of above 1,000 euros cut by 20%.

The government also aimed to raise about 50bn euros by 2020 from by selling land, utilities, ports, airports and mining rights. That will also help reducing the Greek debt from 160% of GDP to 120% of GDP in 2020.

Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget.

The country was hit by the downturn, which meant it had to spend more on benefits and received less in taxes. There were also doubts about the accuracy of its economic statistics.

Greece's economic problems meant lenders started charging higher interest rates to lend it money. Widespread tax evasion also hit the government's coffers.

There have been demonstrations against the government's austerity measures to deal with its debt, such as cuts to public sector pay and pensions, reduced benefits and increased taxes.

The EU, IMF and European Central Bank agreed 229bn euros ($300bn; £190bn) of rescue loans for Greece. Prime Minister George Papandreou quit in November 2011 after trying to call a referendum.

Eurozone leaders are worried that if Greece were to default, and even leave the euro, it would cause a major financial crisis that could spread to much bigger economies such as Italy and Spain.

Under Prime Minister Lucas Papademos, Greece is trying to negotiate a big write-off of private debts and secure a second bail-out of 130bn euros ($170bn, £80bn) before a 20 March deadline.

Σκεψεις μου για τις ερχομενες εκλογες

Ολα παιζονται σ'αυτες τις εκλογες η εποχη της μονοκομματικης κυβερνησης εχει νομιζω τελειωσει, τουλαχιστον σ'αυτες τις εκλογες. Αν θυμαστε δυο βουλευτες απο το "Λαος" υπεγραψαν το μνημονιο εναντια απο την αποφαση του κομματος των και εν συνεχεια προσχωρισαν στην Ν.Δ.

Ας θυμηθουμε τωρα τον λογο για τον οποιον η κυρια Μπακογιαννη εφυγε απο την Ν.Δ. Η κυρια Μπακογιαννη εφυγε απο την Ν.Δ. επειδη εκεινη ηταν υπερ του μνημονιου ενω το τοτε καμμα της ηταν εναντια αυτου. 

Νομιζετε οτι η κυρια Μπακογιαννη και ο κυριος Σαμαρας θα συνεργαστουν και θα κατεβουν σαν ενα κομμα?

Εγω πιστευω οτι μπορει να γινει αυτο!

Τελικα οι εκλογες θα κριθουν απο το ποσοστο του λαου που θα ψυφησει και την ηλικια των ψυφοφορων. Και εαν δεν υπαρξει αυτοδυναμη κυβερνηση τοτε δεν μπορουμε να αποκλεισουμε το ονομα του Παπαδημου σαν πρωθηπουργο.

Will China become a Superpower?

China has the largest population and the second largest economy. China is an export oriented economy and it is dependent on the consumers of the West primarily in U.S. Remember that U.S is in a position to block China’s ports and it will take the Chinese several decades to build up a navy able to compete with the U.S.

Additionally, China has to be able to defend herself from its neighbors like Japan, Russia, Korea, Taiwan, India, Indonesia and even Vietnam.

Debt in China is increasing to European’s standards, many think that its bubble will explode soon.

That is why China will not become a superpower in the near future.

Το Ευρω βαριδι στα ποδια της Ελλαδας

Μέχρι τώρα τα σκληρά μέτρα λιτότητας δεν έχουν μεiωση το χρεος της Ελλάδας. Αντίθετα, το δημόσιο χρέος αυξήθηκε από τότε που άρχισαν να επιβάλλονται, και η Ελλάδα νομιζω οτι στερήθηκε με τεχνητό τρόπο την δυνατότητας να διορθωσει την οικονομία της

Ας ξεκαθαρισουμε ομως ενα πραγμα. Το θέμα δεν είναι ότι οι Έλληνες ειναι τεμπεληδες και δεν θέλουν ή δεν ξέρουν να δουλεύουν αλλα οτι δεν έχουν τις δυνατότητες υψηλής τεχνολογίας για αποτελεσματική αξιοποίηση της εργατικής δύναμης.

Ας μη ξεχναμε οτι η Ελλαδα ειναι στην πιο γεωστρατηγικη θεση της Ανατολικης Μεσογειου επηρεαζοντας κρατη οπως η Ρωσια, η Τουρκια  κ.α.

Νομιζω οτι η Τρόικα και η κυβέρνηση ΠΑΣΟΚ οδηγησε την Ελλαδα στην οικονομική εξαθλίωση. Η ελλαδα ισως ειχε την δυνατοτητα να ανταπεξελθει την οικονομικη κριση το 2008, αλλα ξαφνικα εμφανιστηκε ενα ελλειμα το οποιον ειχε καλυφθει στα επισημα χαρτια της προηγουμενης κυβερνησης. Αραγε ειναι αυτο η αληθεια? Αυτο μας ειπαν κι’ αυτο εκανε την οικονομικη κατασταση αφοριτη με αποτελεσμα να εκτοξευθουν τα κονδυλια και να μη υπαρχει ευκολη λυση. Τοτε ηρθε η Ευρωπαικη Ενωση με τις προσφορες δανειων.

Το ευρώ ήταν βαρίδι στα πόδια της Ελλάδας. Της στέρησε τη δυνατότητα να υποτιμήσει το εθνικό της νόμισμα, και επομενως στερησε στην Ελλαδα τη δυνατότητα οικονομικης ρευστότητας εφόσον η Ελλαδα δεν διέθετε δικό της νομισμα. Μη έχοντας οικονομικη ρευστότητα απέμεινε μόνο ένας τρόπος, η μείωση των κοινωνικών δαπανών που οδήγησε στην εξαθλίωση. Ισως να προκειται για ενα μεγαλο παιγνιδι η μαλλον για μια μεγάλη τραγωδία, οπως μερικοι την αποκαλουν. Χωρίς επενδύσεις είναι αδύνατο να αυξηθει μια οικονοκια. Σ’ αυτόν τον δύσκολο φαύλο κύκλο βρίσκεται η Ελλάδα τωρα.

Και τωρα θα πω παλι αυτο το οποιο πιστευω ακραδαντα. Μια ομαλη και προσχεδιασμενη αθέτηση του χρέους (orderly default) θα διευκόλυνε την άμεση πίεση και θα οδηγουσε την Ελλάδα στην επιστροφή της δραχμής. Αυτο θα καθιστούσε τα ελληνικά προϊόντα πιο οικονομικά και θα έδινε στους Έλληνες εξαγωγείς ένα πλεονέκτημα.

Politico-Economic Agreements

Deputy Finance Minister Filippos Sachinidis said that "the consequences of disorderly default would be incalculable for the country - not just for the economy ... it will lead us onto an unknown, dangerous path. Let's just ask ourselves what it would mean for the country to lose its banking system, to be cut off from imports of raw materials, pharmaceuticals, fuel, basic foodstuffs and technology".  In an interview with the newspaper Imerisia, he described the situation that Greece would suffer if it failed to meet debt repayments of 14.5 billion euros due on March 20.

The Minister correctly stated that the consequences of a DISORDERLY DEFAULT would be incalculable for the country. But, the consequences of a disorderly anything is bad, no matter how we look at it. Therefore an intelligent leader who is leading a country through the 21^st century needs to make sure that all the actions and the politico-economical agreements are done within reason and most definitely in an orderly manner. An orderly default would evaluate and take measures for the import materials that would be reduced and most importantly for the availability of the new currency as of the default date.

I become sad when I watch the news every day and see Greece going deeper and deeper into an economic situation that has no hope. I do not believe that the new loan of $170 billion would make any difference, especially under the premises that this loan was administered. Many blame the Greek people saying that they are lazy and that all they know nothing more than drinking ouzo and have a good life. But this is not true. The latest statistics indicate that Greeks are one of the hardest working people within the European community, additionally, Geeks all over the world make tremendous progress in business as well as in academia.

I am trying to find out the root cause of the problem for Greece’s outstanding debt and the measures that need to be taken for a sustainable future growth. Is it within Greece or they are outside influences, economically motivated, that they try to advance their own political and economic agendas? Let’s not forget that the 1.9 trillion euros Italy's debt is greater than Greece, Portugal and Spain combined.

So American ... or Is It?

Surprise! American Icons That Aren't American

Ahh, what's more American than enjoying a cold bottle of Budweiser while your kids enjoy some Good Humor ice cream? It sounds so "American," right? Surprise! These two good ol' standbys are not American -- or at least not U.S. owned.

Whether they never were American or were simply bought by foreigners, freelance writer Carol Vinzant takes a look at iconic American brands, companies, products and places that are currently -- or could soon be -- owned abroad.


Budweiser
Anheuser-Busch

Beer drinkers were shocked when Belgian beer juggernaut InBev put the moves on Anheuser-Busch, which initially tried to fend off the bid. However, on July 14 it was announced InBev would buy its rival for $52 billion. The deal sees control over America's largest brewer move overseas.

CITGO

Started by an American oilman, it is now owned by the government of Venezuela. Henry Doherty started Cities Service Company in 1910 as more of a wholesaler of gas and electricity than an oil company. In 1965 the company started calling itself CITGO. In 1986 Petr'leos de Venezuela, S.A. (PDVSA), the national oil company of Venezuela, bought half the stock. Then in 1990 it bought the other half.

Good Humor

Harry Burt, a Youngstown, Ohio, candy maker, got the idea to put chocolate-coated ice cream on a stick in 1921. He sent neatly dressed Good Humor men to sell the bars from white trucks. Lipton bought Good Humor in 1965. Unilever, the British-Dutch conglomerate, had bought Lipton in 1937. Unilever is now the world's biggest ice cream maker. It also owns Ben & Jerry's and Breyers.

French's Mustard

It was never French. It's no longer American. It's British! Created by American brothers with the last name French, it was invented for the 1904 St. Louis World's Fair. French's mustard was actually first introduced as a salad topping. During the anti-France fury at the start of the Iraq War, French's made a point of telling the world: "For the record, French's would like to say there is nothing more American than French's Mustard." Except that it's now owned by Reckitt Benckiser, a British conglomerate.

Frigidaire

An Indiana inventor made the first refrigerator that didn't need ice in 1915, but his company couldn't produce it efficiently. General Motors bought the company and rechristened it Frigidaire. White Consolidated Industries snapped up Frigidaire and other floundering appliance makers in the 1970s. Then Sweden's AB Electrolux bought it in 1986.

Tretorn, Puma and Adidas

Adolph "Adi" Dassler of Germany basically invented sneakers in 1920 and started the Dassler company with his brother, Rudolph. After a fight, Rudolph founded Puma and Adolph renamed his company Adidas. For a while, Adidas was under control of the French and Robert Louis-Dreyfus, cousin of Julia. It's now German and owns Reebok. Puma bought Tretorn, the classic preppy shoe, which was originally Swedish.

The Plaza Hotel

This National Historic Landmark near Central Park in New York City, where fictional Eloise lived, has passed through many hands over the years, including Hilton's and Trump's. After Donald Trump's divorce from wife Ivana, who was the Plaza's president, Donald sold the hotel for $325 million in 1995 to a partnership between Saudi Prince Al-Walid and Singapore-owned Millennium & Copthorne Hotels. Now it's owned by Israeli billionaire Yitzhak Tshuva's El-Ad Group.

The Flatiron Building

Located in Manhattan, Daniel Burnham's 1902 Flatiron Building has been a National Historic Landmark since 1989. According to Wikipedia, it is shown in the opening credits of 'The Late Show With David Letterman,' and was used as the Daily Bugle building in the 'Spider-Man' films. It is a popular spot for turist photographs. Italian real estate investor Valter Mainetti, who likes to collect trophy properties, bought a share of the Flatiron in 2006, then recently brought his share up to 53%.

The Chrysler Building

Many New Yorkers consider the Chrysler Building the prettiest in the city. Briefly the world's tallest building, this 1928 Art Deco gem has gargoyles designed for its original tenant, the Chrysler Corporation. Cooper Union, a private college, owns the land and leases it out. In the 1950s Chrysler lost control of the building. TMW, the German arm of an Atlanta fund, bought most of the lease in 2001. Now the Abu Dhabi Investment Council controls 75%.

Caribou Coffee &
Church's Chicken

A Minneapolis couple thought up Caribou Coffee on their honeymoon trip out west. They opened their first shop in 1992. Six years later they sold out to the predecessor of Arcapita, which is backed by the Bahrain-based First Islamic Investment Bank. Arcapita, which conforms to Sharia Law, also owns Church's Chicken.

Trader Joe's

The original Trader Joe was 26-year-old Joe Coulombe, a manager at Rexall Drug, which wanted to get into convenience stores. In the sixties, Joe bought the convenience store chain from Rexall, changed the name and concentrated on offering affordable, exotic foods with a healthy and environmental bent and tropical d'cor. German billionaires Karl and Theo Albrecht, who owned ALDI, bought Coulombe out in 1979 but kept him as CEO.

7-Eleven

The Southland Ice Company started selling food at off hours to customers in 1927. By 1946 -- long before the concept of 24/7 -- the company changed the store name to 7-Eleven to advertise its long hours. The founder tried to buy out the company but got caught in the market crash of 1987. His largest franchisee, Japan's Ito-Yokado, got equity and now its parent, Seven and I, own 7-Eleven.

Holiday Inn

A Memphis family driving to D.C. was appalled by local motels, so the father, Kemmons Wilson, already an entrepreneur and builder, vowed to start his own chain. He opened the first Holiday Inn -- named after the Bing Crosby movie -- in 1952. The green neon signs sprang up around the country, luring weary travelers with the promise of consistent quality. He retired 27 years later and then the firm was bought by Brits from Bass (as in the beer), a company that later morphed into InterContinental Hotels Group.

Dial Soap

Armour, the Chicago meatpacking company, sold, canned and used the byproduct tallow to make soap. When they added a germicide in 1948, Armour branded the soap Dial because you could wear it for 24 hours -- or around the dial. The company went through many corporate machinations, was owned by Greyhound for a while, and in 2004 the Dial Corporation was bought by conglomerate Henkel KGaA, based in Dusseldorf, Germany.

Campton Place Hotel

The elegant Campton Place Hotel on San Francisco's Union Square has been a landmark and sanctuary in the city for decades. In 2007, it sold for $58 million -- or $527,000 a room -- to Taj Hotels Reports and Palaces, a luxury lodging arm of India's Tata Group. Tata also owns another California favorite, Good Earth Tea.

Shell

It's hard to imagine a Dutch company called Koninklijke Nederlandsche Petroleum Maatschappij becoming a household name in the U.S., so call it by its nickname: Shell, or the more formal Royal Dutch Shell. The Shell nickname comes from a British trading company that specialized in Asian shells in the 1830s, then turned to oil. The Royal Dutch part comes from an oil company started in 1890 and merged with Shell in 1907.

T-Mobile

The one thing consistent in T-Mobile's decade-and-a-half history has been grating TV ads starring first Jamie Lee Curtis, then Catherine Zeta-Jones. What hasn't been consistent is its name or nationality. The company started as Western Wireless, which merged then spun off as VoiceStream Wireless. In 2001 it was bought and rebranded by Deutsche Telekom, the publicly traded remnant of the former state-owned German telephone company.

Firestone

Henry Firestone started the Firestone Tire and Rubber Company in Akron, Ohio, in 1900. The company expanded rapidly across the country and into all kinds of other businesses. In the 1970s the company had to pay the then-largest corporate fine ever after its radial tires were blamed in 34 deaths. The company cut back radically and sold itself to Japan's Bridgestone in 1988.

Sunglass Hut

Optometrist Sanford Ziff opened a kiosk in Dadeland Mall, Miami, in 1971, hoping to sell luxury sunglasses. He sold off part of the business to expand, then cashed out completely after two decades. The company gobbled up rivals and expanded overseas. In 2001 Italian eyewear seller Luxottica Group bought it.

The Indiana Toll Road

Indiana calls itself the "Crossroads of America." The Indiana Toll Road -- otherwise known as part of the cross-continental Route 80 -- links the Midwest to the East Coast. The state of Indiana built the road in 1965, then leased it to a joint venture of Spain's Cintra and Australia's Macquarie for $3.8 billion in 2006 for 75 years. Truckers boycotted for a while and now drivers are complaining about long toll lines. In 2008 the cash toll was raised from $4.65 to $8 to ride the whole 157 miles.

The Chicago Skyway

If you keep driving on the Indiana Toll Road towards Chicago, you'll hit the Chicago Skyway, which was leased by the same Australian-Spanish consortium for $1.83 billion for a 99-year lease starting in 2005. The Chicago Tribune reports that when residents feel underserved, they continue to ask what the city did with all the money.

Toll House Cookies

Nestl', a Swiss company, is the owner of the Toll House brand of chocolate morsels, baking supplies and cookie dough. But ... the cookies are an American invention. Ruth Wakefield owned the Toll House Inn outside Whitman, Mass., and baked colonial-inspired desserts. Her big hit was a butter cookie that she flavored with bits of a Nestl' chocolate bar. In the mid-1900s, she and Nestl' struck a bargain. They could use the Toll House name and in return she got a lifetime supply of chocolate. In 1939, Nestl' started selling chocolate "chips."

Chicago Midway Airport?

The Second City's second airport is on the block. Chicago Mayor Richard M. Daley, a huge fan of privatization, hopes to get billions for a 50-year lease. The FAA has a pilot program for airport privatization that allows five regular airports and one hub to privatize. Midway wants to be the one hub and has made progress getting airline approval. Six groups are competing -- five of them are foreign. The nationalities involved include Spanish, Australian, German, Canadian and French.

The Pennsylvania Turnpike?

For the last two years, Pennsylvania has been mulling over whether to offer a 75-year lease for its turnpike. If it does, the leading contenders are foreign. The deal has hit a snag because of analysis that shows the highest bid of $12.8 billion from a Spanish company is too low and would likely result in higher tolls and lower infrastructure funding.

Puget Sound Energy?

Seattle Australian investment bank Macquarie is leading a group that's trying to buy Washington State's Puget Sound Energy for $7.8 billion. Consumers are wary of how much debt the company would have after a leveraged buyout.

If you enjoyed this gallery of current American icons, here's some blasts from the past: Remember E.F. Hutton? RCA? Reminisce about some companies that made a name for themselves, but didn't stand the test of time.

Return to Drachma

Some of my friends are suggesting that Greece should swallow her pride and accept what Eurozone is willing to offer. I am crazy, they say, for even suggesting returning to drachma. 

Yes, I do believe that in the long-run it will be better for Greece to return to drachma but it will not be easy and it will take 2 to 5 years for the Greek economy to turn around. But when the economic growth is approaching slowly from the horizon, we could all proudly say to ourselves – WE FINALLY DID OUR WAY! By the way some economists are still insisting that Greece should ditch the euro and return to the drachma.

The basic problem with the euro is that the country doesn't have the same kind of control over the euro that it would if it had its own currency. So that brings severe credit contraction and absence of liquidity for small and medium businesses. This is one reason, and the second is that it cannot adjust its exchange rate to become internationally competitive. Because of those two things Greece has lost a lot of its competitiveness by being within the eurozone.

Am I suggesting that Greece should essentially default on its loans? I believe these loans were designed to choke Greece financially. I am not an expert in economics, all I am trying to suggest is a way to rejuvenate the Greek economy while maintaining the Greek Pride alive.

So yes, the Greek government should first start printing the new currency (drachma) and then stop payments to the interest of the loans. This will lead the country to a controlled default while its currency is available to sustain business. Greece will be unable to borrow money for some time from the bond markets but it does not necessarily mean that the country would not be able to borrow money from anywhere in the world. And, we might not need to borrow any money, don’t forget Greece was doing fine up to 2001 before it got into the eurozone.

The alternative is to let Brussels and Frankfurt make all the major economic decisions and let them treat Greece as their colony.

Having our own currency injecting liquidity in our economy and taking advantage of the drachma devaluation, we will have an increase in tourism, an increase in exports and a reduction in imports. In relative terms, food and other items that are grown in Greece will become less expensive.

So if Greece does default on its loans, it will suffer a period of economic pain but it will recover more quickly than if it adopts the European austerity measures.