Pages

Monday, December 31, 2012

Greece lawmakers call for probe of former minister


Telegraph.co.uk

Greece lawmakers call for probe of former minister
Los Angeles Times
ATHENS – Greece's ruling coalition on Monday called for a parliamentary probe into allegations that former Finance Minister George Papaconstantinou altered a list of more than 2,000 wealthy Greeks with Swiss bank accounts, deleting the names of three ...
Greece Moves to Probe List TamperingWall Street Journal
Greece: former finance minister faces prosecutionU.S. News & World Report
Greece to probe former finance minister over Swiss bank account listTelegraph.co.uk

all 511 news articles »

READ THE ORIGINAL POST AT www.latimes.com

UK urged to spend Afghan withdrawal savings on defence

US ambassador to Nato says Europe is relying too heavily on America and must use cash to re-equip their military

The UK and other European countries must use the money saved by withdrawing from Afghanistan to re-equip their military and help reverse worrying cuts in defence spending, the American ambassador to Nato will warn on Tuesday.

Ivo Daalder said if Europe did not invest in new capabilities, its over-reliance on America would continue at a time when Washington had made the far east and China its new strategic priority.

"If we don't start soon in investing in those capabilities then the gap between the US and the rest is going to grow. And if it is bad now, then it will be worse. If we have problems, they will be even worse."

The ambassador's remarks come as the UK and the US prepare to withdraw thousands of troops from Afghanistan in 2013 in advance of the deadline to end all combat operations by the end of 2014.

Two weeks ago, David Cameron announced that 3,800 British personnel would withdraw from Helmand province in the next 12 months, and later hinted that the total could be higher.

The Ministry of Defence budget has been under huge strain over the past two years and Treasury officials have been privately urging the prime minister to speed up the withdrawal to cut costs.

But Daalder believes Nato allies should plough these savings back into military equipment that is urgently needed to maintain the organisation's strength.

He said last year's Libya campaign had shown Nato was capable of reacting quickly and effectively to a crisis, but warned it had also exposed "worrisome trends" in Europe's ability to act without relying heavily on US help.

If this is not addressed, he said, Nato would not be able to undertake a Libya-style campaign again in 10 years' time.

His remarks offer a stark warning to European governments about cuts in defence spending at a time of turmoil in Syria and across the Middle East.

He revealed the US had sold some advanced munitions to Nato during the Libya campaign because European stockpiles were running out, and there were a "number of other critical capabilities that the US provided in spades".

"In the end we had enough and we were able to resupply and sell equipment," said Daalder. "But it did demonstrate that stocks of equipment had run out and that people were not investing sufficiently to have these capabilities."

For this reason, he said, countries withdrawing troops from Afghanistan should not use the peace dividend to spend on other parts of their budgets.

"That investment, that cost of the operations in Afghanistan [should] be retained and be reinvested in re-equipping the force, investing in new capabilities down the line. What we don't want to see is, as the troops come home because the job is done, we take those savings and pump them into other parts of the budget. We would like those savings to be reinvested in real capabilities because, in part, the expenditure on Afghanistan has come at the cost of procuring new capabilities."

Daalder's remarks reflect concern in the US that Europe cannot wean itself off American military help. The White House wants Europe to shoulder more of the burden to keep Nato robust.

Daalder said the lack of munitions for the air campaign over Libya was "a signal that there is a lack of investment in critical core capabilities by the alliance, and that the continuing cuts in defence spending raise, over time, serious questions about sustainability.

"Not whether we can start a conflict, but whether we can sustain a large-scale conflict over time. Those are the kinds of issues we focused on in the aftermath of the Libya war and are now on the agenda."

Daalder added: "We can squeeze a lot from better co-operation, working together and smart defence. But at some point output is determined by input, and here the trend is, frankly, not good.

"The amount of resources and investment in defences is declining and has declined. If current trends continue, in 10 years from now this alliance would not have been able to mount the kind of campaign it did in Libya. The real question for the alliance is, when are the spending patterns going to be reversed, so that you can build that sustainable force that is capable of fighting wars and conducting operations without having to rely solely on the US for its core capability?

"That is the challenge for the remainder of this decade."

Nato countries are supposed to commit 2% of their GDP to defence spending, but Daalder said only three – the UK, Greece and Macedonia – were at this level. The US, he said, accounted for 75% of Nato's budget and spent 4% of its GDP on defence.

This month, Philip Hammond, the defence secretary, said Germany needed to do more for Nato, but Daalder said no one country could solve the problem.

"The issue is not just Germany doing more, it is everyone doing more. There isn't a single country in this alliance that spends more than 2% [on its military]. In fact, only three countries right now spend 2%. Far more countries are closer to 1%.

"That is really where the rub is. Yes, Germany needs to do more, but it is not just Germany. I don't think the solution is to point the finger at one country and say: 'If only they did more the alliance would be in better shape.'

"I do think frankly the issue is that all of us – that includes the UK and France – are looking at savings by cutting defence at a time when the balance between European and US investment has shifted dramatically in favour of the US. Not just because the US is spending more, but because Europe is spending less."

Daalder said he expected defence spending to return to previous levels once economies start to grow again.

"We recognise that we are all going through tough financial times. Under those circumstances the ability to spend more on defence is constrained. We do expect that once growth resumes that the level of spending on defence will go back to levels that we have seen before.

"The current ceilings should not become the new ceilings, but floors from which we will build up. We can live where we are today, not comfortably. But looking to the future, when growth picks up, so should defence spending. As the cost of the Afghan war goes down, those savings are to be reinvested in real capability."

According to MoD figures, the UK spent £4.1bn on its military effort in Afghanistan in 2011-12. This will fall to £3.6bn in 2013. The Treasury has been pushing for an early withdrawal from Afghanistan to save money and has no plans to increase spending on defence.


guardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds




READ THE ORIGINAL POST AT www.guardian.co.uk

Former Greek finance minister to face prosecution?

Relatives' names disappear from Swiss bank account list; former minister denies he was involved



READ THE ORIGINAL POST AT www.cbsnews.com

Europe's top stock market in 2012? Greece


Europe's top stock market in 2012? Greece
CNNMoney
This year's rally came as Greece's international partners agreed on a second bailout program, and gave a new government elected in June more time to meet its budget commitments. Strong messages of support from Germany and the European Central Bank ...


READ THE ORIGINAL POST AT money.cnn.com

Anti-fascists plan united protest to stop Greece's Nazis


Anti-fascists plan united protest to stop Greece's Nazis
Socialistworker.co.uk
Activists in Greece are building for a massive demonstration against the fascist Golden Dawn party on 19 January. Support is growing among trade unions, city councils, immigrant groups and football fans at the popular Karditsa FC. Last month Athens ...
Golden Dawn second top searched item on Greek Wikipedia 2012DigitalJournal.com

all 2 news articles »

READ THE ORIGINAL POST AT www.socialistworker.co.uk

Greece Moves to Probe List Tampering


Telegraph.co.uk

Greece Moves to Probe List Tampering
Wall Street Journal
ATHENS—Greece's three-party coalition government Monday formally petitioned parliament to investigate an ex-finance minister for allegedly tampering with a list of thousands of wealthy Greeks with Swiss bank accounts in an effort to shield family ...
Greece: former finance minister faces prosecutionU.S. News & World Report
Greece to probe former finance minister over Swiss bank account listTelegraph.co.uk
Papaconstantinou Indicted Over Lagarde ListGreek Reporter

all 452 news articles »

READ THE ORIGINAL POST AT online.wsj.com

Former Greek finance minister faces prosecution


BBC News

Former Greek finance minister faces prosecution
USA TODAY
Former Greek finance minister faces prosecution. 11a.m. EST December 31, 2012. CommentsShare. Papaconstantinou. In this July 5, 2010 file photo, Greek Finance Minister George Papaconstantinou speaks during a news conference in Athens. (Photo: ...
Greek government seeks prosecution of former finance minister over Swiss bank ...Fox News
Greek ex-minister Papaconstantinou faces nepotism probeBBC News
Greek Government Backs Probe of Ex-Minister Over Lagarde ListBusinessweek
Financial Times -Aljazeera.com -Reuters
all 419 news articles »

READ THE ORIGINAL POST AT www.usatoday.com

Greek government seeks prosecution of former finance minister over Swiss bank list

ATHENS, Greece - Greece's coalition government called on Monday for the indictment of former Finance Minister George Papaconstantinou for allegedly removing the names of three of his relatives from a list of Swiss bank account holders whose tax records were to be re-examined.

READ THE ORIGINAL POST AT

Greece: former finance minister faces prosecution


euronews

Greece: former finance minister faces prosecution
U.S. News & World Report
ATHENS, Greece (AP) — Greece's coalition government called on Monday for the indictment of former Finance Minister George Papaconstantinou for allegedly removing the names of three of his relatives from a list of Swiss bank account holders whose tax ...
Greece Moves to Probe List TamperingWall Street Journal
Greece: ex-finance minister in the firing line over 'Lagarde List'euronews
Greeks Say Tax Cheat Crackdown FailingGreek Reporter
BDlive
all 387 news articles »

READ THE ORIGINAL POST AT www.usnews.com

Greek ex-minister faces inquiry

Greece's coalition government backs the investigation and potential trial of former Finance Minister, George Papaconstantinou, for allegedly shielding his relatives from a tax inquiry.

READ THE ORIGINAL POST AT www.bbc.co.uk

Greek austerity leads to 18% retail slump


Greek austerity leads to 18% retail slump
The Times (subscription)
Greek consumers spent almost 20 per cent less on shopping in October amid further proof of the devastating effect austerity measures are having on the purse strings of the nation's population. Retail sales in Greece are down 18.1 per cent year on year ...


READ THE ORIGINAL POST AT www.thetimes.co.uk

Athens Academy Honors Pakistanis


Athens Academy Honors Pakistanis
Greek Reporter
42 A posthumous prize from the Academy of Athens was awarded to two Pakistanis aged 32 and 18 respectively, who were killed in their efforts to extricate an elderly couple from train rails. The awards went to Hamayun Anwar and Wakar Ahmed, for an ...


READ THE ORIGINAL POST AT greece.greekreporter.com

Greek retail sales slump as austerity-hit consumers rein in spending


Telegraph.co.uk

Greek retail sales slump as austerity-hit consumers rein in spending
Telegraph.co.uk
Retail sales had registered a 19.4pc fall in December 2010. "Unfortunately, 2012 is leaving the retail trade sector wounded, with small-to medium-sized firms facing conditions of a deep recession," the Confederation of Greek Commerce said in a statement.

and more »

READ THE ORIGINAL POST AT www.telegraph.co.uk

Greek government seeks prosecution of former finance minister over Swiss bank ...


Greek government seeks prosecution of former finance minister over Swiss bank ...
Fox News
ATHENS, Greece – Greece's coalition government is calling for the indictment of former finance minister George Papaconstantinou for allegedly removing the names of three of his relatives from a list of Swiss bank account holders whose tax records were ...

and more »

READ THE ORIGINAL POST AT www.foxnews.com

Greece: Former finance minister faces prosecution


Greece: Former finance minister faces prosecution
Huffington Post
ATHENS, GreeceGreece's coalition government is calling for the indictment of former finance minister George Papaconstantinou for allegedly removing the names of three of his relatives from a list of Swiss bank account holders whose tax records were ...

and more »

READ THE ORIGINAL POST AT www.huffingtonpost.com

Forex: EUR/USD quiet after Greek retail sales


Forex: EUR/USD quiet after Greek retail sales
FXstreet.com
Forex: EUR/USD quiet after Greek retail sales. Mon, Dec 31 2012, 11:37 GMT | FXstreet.com. Related News. Forex: EUR/USD quiet after Greek retail sales · Forex Flash: CFTC points to liquidation pressure in commodity currencies - TD Securities · Forex ...

and more »

READ THE ORIGINAL POST AT www.fxstreet.com

Greek retail sales slump deepens in October, recession bites


Greek retail sales slump deepens in October, recession bites
Economic Times
ATHENS: Greek retail sales fell 18.1 per cent year-on-year in October, recording the steepest drop in almost two years, as the deep recession and record-high unemployment took a toll on consumer spending. Figures released on Monday by the statistics ...

and more »

READ THE ORIGINAL POST AT economictimes.indiatimes.com

Greece October Retail Sales Slump


Greece October Retail Sales Slump
Fox Business
Greek retail sales volume fell at an annual rate of 16.8% in October, data from the Hellenic Statistical Authority showed Monday, reflecting a slump in consumer confidence levels in the recession-ravaged economy. The figures, which are adjusted for ...

and more »

READ THE ORIGINAL POST AT www.foxbusiness.com

TABLE-Greek retail sales slump 18.1 pct y/y in Oct


TABLE-Greek retail sales slump 18.1 pct y/y in Oct
Reuters
ATHENS, Dec 31 (Reuters) - Greek retail sales by volume fell 18.1 percent year-on-year in October, with the pace of the decline accelerating after a revised 11.8 percent drop in September, data from statistics service ELSTAT showed on Monday. Retail ...


READ THE ORIGINAL POST AT www.reuters.com