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How the world sees Greece
Monday, October 29, 2012
Greece Moves Quickly to Put Editor on Trial
The case, surrounding the publication of a list of Greeks with Swiss bank accounts, has raised questions about press freedom and Greece's willingness to crack down on tax evasion.
FOREX-Euro falls vs dollar, yen on euro zone uncertainty
 AFP | FOREX-Euro falls vs dollar, yen on euro zone uncertainty Reuters Euro slips, weighed down by Greek and Spanish concerns. * Yen's upside capped as BOJ expected to ease on Tuesday. * Light U.S. trading expected as major storm nears East Coast. NEW YORK, Oct 29 (Reuters) - The euro fell against the dollar and yen on ... Yen Remains Higher as Global Weakness Boosts Safety Bid Bank of Japan Poised to Ease and Not For the Last Time Koriki Jojima wants BOJ to fight deflation |
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Dutch Parties Set Coalition, Back Cuts
The two centrist parties that won September's Dutch elections clinched a deal to form a coalition government that is likely to see the nation pursue an austerity drive at home but could herald a change of tone toward euro-zone partners such as Greece.
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Greek journalists warn over press freedom
Tension rises between Greek government and media after TV presenters are suspended over criticism of public order minister
Greek journalists have warned that press freedom was under unprecedented attack, with critics being suspended or put on trial by a precarious coalition government struggling to push through an economic austerity programme as a way of attracting foreign funds.
The clash between the government and the press appeared to be nearing a crisis with a strike due to start on Tuesday on state television (ERT) over the suspension of two popular presenters for mild criticism of a minister. Meanwhile, the editor of an investigative magazine went on trial on Monday for publishing a list of some 2,000 wealthy Greeks with Swiss bank accounts who the government has yet to investigate for possible tax evasion.
Dimitris Trimis, the head of the Athens Newspaper Editors Union said the current pressure on press freedom was the most intense of his career. "This is a matter of democracy," Trimis said. "The government feels insecure. The only way it feels it can convince society of its policies is to try to manipulate the media through coercion.
"This is true of both state television and in the private sector of the media where there has been a large number of lost jobs and wage cuts and so it has become easier to manipulate in the interests of the government and the economic elite."
Marilena Katsimi and Kostas Arvanitis were summarily dropped from their morning magazine programme on ERT after discussing the reaction of the public order minister, Nikos Dendias to a Guardian report on claims by anti-fascist demonstrators that they had been tortured by the police. Katsimi said on air that Dendias had not carried out his threat to sue the Guardian over the article because the medical examiners report "shows that there was indeed a crime." She described Dendias's actions as "strange" but did not think he would resign.
"About an hour after the programme ended, the director of information called for a transcript. He didn't ask to talk to us. And it was then announced that two other journalists would present tomorrow's show. We were cut," Katsimi told the Guardian.
"The style of the programme is very informal. It is a morning conversation over a cup of coffee and it is very popular with high ratings. We have been critical of ministers in the past from all parties, and there have been complaints to the management before but this is new. This is threat to public and private media."
Katsimi said the journalists' suspension was one of several "peculiar things" to have happened at ERT recently. "Everywhere in media people are being fired, but at ERT they are hiring. The government want people who agree with their position and they want to hire their friends."
ERT journalists are planning an initial two-hour strike from 6am on Tuesday, to be followed by 24-hour strikes until the suspension of Katsimi and Arvanitis is revoked.
Aimilios Liatsos, ERT's general director for news issued a statement on Monday claiming that the two journalists had "violated the basic rules of journalistic practice". He added that they had made "unacceptable insinuations" against Dendias without giving him an opportunity to express his view, "while their comments appeared to anticipate the results of a court decision".
Another prominent journalist, Kostas Vaxevanis, went on trial on Monday for publishing a leaked list of about 2,000 wealthy Greeks with Swiss bank accounts, who may face investigation for tax evasion.
The list was seized from a computer technician at HSBC bank in Geneva, who was suspected of trying to sell it, and was originally supplied to the Greek government in 2010 by the then French finance minister, Christine Lagarde, now head of the International Monetary Fund. However, the Greek finance ministry failed to act on the list for two years before it was leaked to Vaxevanis's Hot Doc magazine.
The case has triggered an uproar in Athens, where the speed of Vaxevanis arrest and trial – within three days of charges being pressed – has been contrasted with the many years it has taken the government to pursue rich Greek tax evaders.
On emerging from court where the trial was adjourned, Vaxevanis was greeted by cheers from a crowd of about 250, mostly journalists.
"I was doing my job in the name of the public interest," the journalist said. "Journalism is revealing the truth when everyone else is trying to hide it."
The Vienna-based Organisation for Security and Co-operation in Europe expressed concern about the Vaxevanis's brief arrest on Sunday. "I am relieved that Vaxevanis was released from custody after a brief detention, and trust that he will now be tried in a transparent manner considering the acute public interest in the case," OSCE media freedom representative Dunja Mijatovic said.
"It is the responsibility of media as the watchdog of democracy to disclose information in the public interest, even if it is considered sensitive by some."
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Greek Socialists signal they will back austerity cuts
ATHENS Oct 29 (Reuters) - Greece's PASOK party on Monday gave its strongest hint yet that it intends to provide the support the government needs to get cuts demanded by foreign lenders approved in parliament. Athens has been locked for months in talks with its European Union and International Monetary Fund lenders on a package of 13.5 billion euros ($17.4 billion) in cuts and tax measures. A final agreement to secure aid to save it from bankruptcy has been held up by the refusal of the Democratic Left party, the smallest partner in the three-party coalition, to back some private-sector wage cuts included in the package. But the...
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Teenager chased by debt collectors over £9,000 Greek medical bill she unwittingly agreed to pay for friend suffering severe asthma attack
Laura Surtees, 18, pictured, from Sunderland, was unknowingly burdened with the huge medical bill when her friend was taken to a private hospital for treatment.
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Greek turbulence hits European stocks
Greek turbulence hits European stocks NEWS.com.au London's FTSE 100 index of top companies slid 0.20 per cent to 5,795.10 points on Monday, while in Frankfurt the DAX 30 dropped 0.40 per cent to 7,203.16 points, and in Paris the CAC 40 fell 0.76 per cent to 3,408.89 points with a low volume of one ... |
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Greek Socialists signal they will back austerity cuts
Greek Socialists signal they will back austerity cuts Reuters ATHENS Oct 29 (Reuters) - Greece's PASOK party on Monday gave its strongest hint yet that it intends to provide the support the government needs to get cuts demanded by foreign lenders approved in parliament. Athens has been locked for months in talks ... |
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France's Hollande: Will Wait For Troika Report Before Deciding on Greece
France's Hollande: Will Wait For Troika Report Before Deciding on Greece Wall Street Journal PARIS--France will wait for a report of a troika of European Union, International Monetary Fund and European Central Bank officials to ascertain the state of Greece's finances, before deciding on the best way to approach the problem, President Francois ... |
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As Diets Change in Greece, Obesity Becomes Growing Problem
 NET Website | As Diets Change in Greece, Obesity Becomes Growing Problem PBS In the next installment of the "Food for 9 Billion" series, Jon Miller of Homelands Productions examines how Greece has come to have one of the world's highest obesity rates despite a native diet that is extremely healthy. It stands as an example of ... Greece's Obesity Crisis |
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Juncker Calls Extra Finance Chief Talks as Greece Showdown Looms
 Kyiv Post | Juncker Calls Extra Finance Chief Talks as Greece Showdown Looms Bloomberg The negotiations reflect policy makers' struggle to find a solution for Greece, which remains the epicenter of Europe's sovereign debt crisis more than three years after it owned up to an inflated budget deficit. International Monetary Fund chief ... Merkel faces growing lawmaker rebellion over aid to Greece FX Impact: Euro Weakens On Greece Worry Investors See Bargains in Depressed Greek Real Estate |
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Troika letter "closes" discussion on disputed labour issues
The troika of international lenders on Sunday evening sent a letter to Labour Minister Yiannis Vroutsis in which they "close" the discussion on the disputed issues of marriage benefits and collective labour agreements, ministry sources told state-run AMNA news agency.
According to the sources, the EC-ECB-IMF representatives state that "the Greek side, in the context of the negotiation on the labour issues, achieved the biggest possible (...)
According to the sources, the EC-ECB-IMF representatives state that "the Greek side, in the context of the negotiation on the labour issues, achieved the biggest possible (...)
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Forex Flash: Tranquil weekend in Greece – Deutsche Bank
Forex Flash: Tranquil weekend in Greece – Deutsche Bank NASDAQ FXstreet.com (Barcelona) - It was a relatively quiet weekend in terms of news with developments in Greece the main headlines of note. According to Der Spiegel, the troika is proposing a restructuring of Greek debt in addition to giving Greece two more ... European markets down on Greece, US markets closed |
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Greek magazine publisher in court after Swiss bank depositors named
 Sydney Morning Herald | Greek magazine publisher in court after Swiss bank depositors named Washington Post ATHENS, Greece — A Greek publisher appeared in court Monday following the publication in his magazine of a list of the names of more than 2,000 Greek residents with Swiss bank accounts, a case that has caused political controversy during the country's ... Greek journalist in court for revealing names of potential tax cheats Major Greek daily reprints Swiss accounts list Greek Journalist Held Over List of Swiss-Account Holders |
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On the trail of lost taxes in Greece
A Greek journalist has published a list of 2,000 wealthy Greeks purported to have Swiss bank accounts. Some are asking whether his publication will force the government to change the way they collect taxes.
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Meanwhile, in Europe, German-Greek Tensions Rise
Kyiv Post | Meanwhile, in Europe, German-Greek Tensions Rise Barron's (blog) By Brendan Conway. The negative tone in global markets Monday owes at least in part to fresh worries over an old problem — Greece. Reuters has a good writeup on the developments here. In Germany, there are fresh tensions over help for Greece. Investors See Bargains in Depressed Greek Real Estate Juncker Calls Extra Finance Chief Talks as Greece Showdown Looms |
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FOREX-Euro falls on concerns over Greece, earnings
 Moneycontrol.com | FOREX-Euro falls on concerns over Greece, earnings Reuters Euro hits two week low vs yen, subdued against dollar * Hurricane Sandy to disrupt trade, dents risk sentiment By Philip Baillie LONDON, Oct 29 (Reuters) - The euro hit a two-week low against the yen and fell versus the dollar on Monday, weighed by ... Rupee falls to over one-month low; doubts on RBI rate cuts |
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Merkel faces growing lawmaker rebellion over aid to Greece
Merkel faces growing lawmaker rebellion over aid to Greece Chicago Tribune BERLIN (Reuters) - A growing number of lawmakers are threatening to dent German Chancellor Angela Merkel's authority a year before an election by rebelling in a Bundestag vote on help for near-bankrupt Greece. Greece's international creditors are due ... |
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The Greek Gods® Greek-Style Yogurt Offers A Blast Of Citrus Flavor With Two ...
The Greek Gods® Greek-Style Yogurt Offers A Blast Of Citrus Flavor With Two ... Sacramento Bee MELVILLE, N.Y., Oct. 29, 2012 -- /PRNewswire/ -- The Greek Gods® Greek-Style Yogurt has introduced two new flavors to their convenient 24 ounce family-sized yogurt lineup: Honey Orange and Honey Lemon. Bright, tangy citrus coupled with sweetness ... |
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News bites @ 6
1. VAXEVANIS' HEARING Journalist Kostas Vaxevanis' hearing on charges of violating personal data for publishing the Lagarde list has been postponed to November 1. Vaxevanis appeared in court on Monday on charges of violating personal data, two days after his news magazine Hot Doc published a leaked list of 2,059 Greek residents with accounts in Swiss bank HSBC.
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FX Impact: Euro Weakens On Greece Worry
FX Impact: Euro Weakens On Greece Worry IndexUniverse.com The euro faced another down week, as there was still concern as to whether Greece will stay in the eurozone despite the fact that Greek finance minister Yannis Stournaras told lawmakers that Greece had secured a two-year extension to 2016 for its ... Investors See Bargains in Depressed Greek Real Estate |
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Editor arrested for naming rich Greeks
A Greek editor is arrested after publishing list of alleged tax evaders known as 'Lagarde List'. Diana Magnay reports.
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Russia can make Greece prospering state in one year
2 years ago, Greece missed the chance to extricate from the crisis with Russia's help. Nowadays, Russian investments in the country grow and give air to breathe to economies of several regions of Greece, such as the north-east. Russian investors are especially attracted by cheap real estate, tourism and the property that they can buy from the state
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Forex Flash: Greek debt write-off unavoidable
Forex Flash: Greek debt write-off unavoidable - Commerzbank NASDAQ FXstreet.com (Barcelona) - Press reports have been saying that the Troika (EU, ECB and IMF) are pressing for a (partial) cancellation of the Greek debt, leaving for the Eurozone countries the haircut as the ECB and IMF are already distancing themselves ... Greek FinMin says coordination on prior actions done Forex Flash: Greek parliament faces decisions – UBS |
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Greece is not alone – tax evasion is a British problem too | Richard Murphy
A Greek journalist has published the names of those with secret Swiss bank accounts. HMRC has its own list, but no one has come to court so far
Greece is in a tax evasion crisis. Using a variety of sources I estimated earlier this year that 27.5% of its economy was unrecorded giving rise to a total loss to tax evasion that could be as high as €19.2bn a year. Now you can argue with the figures, but few disagree that Greece is in the premier league of European tax evasion, outdoing Italy (just) and leaving Spain trailing in its wake, even if challenged for top spot by some of the more recent EU member states. In that case you would expect the Greek tax authorities to use any and every measure they can to collect their missing billions and in the process mitigate the impact of the most extreme austerity regime ever imposed on a modern democracy.
Well, you might expect that, but that's not what is happening. It's been an open secret for some time that the Greek tax authorities have had access to data on the identity of Greek residents holding bank accounts in Switzerland. It has also been widely known that they have shown a lack of willingness to use this information to tackle those listed. Unsurprisingly, given the severity of the measures being imposed on Greek people, this created resentment that reached the point where Kostas Vaxevanis, a Greek journalist, decided to publish the list of 2,000 names to which he believes the Greek tax authorities have access, but about which he alleges no action is being taken. His reward is to be arrested. His alleged crime is that he has illegally published the names of people without any evidence that they have evaded tax.
The paradox inherent in this action is extraordinary. While the existence of a Swiss bank account in your name is not evidence of any crime, it's no secret that Swiss banks have been used since at least 1934 by tax evaders from outside that country. That is not an accident, or chance: the Swiss introduced their draconian banking secrecy laws to prevent France making inquiries about high-ranking public officials, company directors and even clerics accused of evading tax by using its banks. History has a habit of repeating itself. The fact that a significant proportion of all funds held in Switzerland are illicit is now also widely accepted. The Swiss Bankers Association has agreed that proportion may be as high as 50%. The UK-Switzerland tax deal confirmed this year is built on the assumption that this is the case.
If Swiss bankers now acknowledge that this is the case let's not presume that those using these accounts did not know of the possibility. The Swiss banks made available an opportunity for organised crime to take place, and did so very deliberately. Tax evasion is crime: it is theft just like any other theft. Tax evasion in a Swiss bank account also never occurs by chance: it is a pre-meditated act. Worse, it is by definition the act of a person who does not need to use crime to make ends meet, unlike the supposedly much more villainous, by popular repute, benefit cheat, who in very many cases is simply trying to put food on the table. There is, in other words, no moral defence for this crime.
And yet, extraordinarily, the world is in denial about it. The biggest single leak of names from a bank came from HSBC in Switzerland, whose former chairman is Lord Stephen Green, now a Tory trade minister.
That list from HSBC, and other lists like it, are in the possession of HM Revenue & Customs in the UK. So far no one has come to court as a result. The impression given by the UK tax authorities is the same as the impression given in Greece, which is that these matters should be dealt with rather quietly and subtly, while the bankers and maybe lawyers and accountants, who no doubt played a hand in creating many of these arrangements, appear to be carrying on without hint of remorse or risk of prosecution.
The arrest of Vaxevanis in Greece rightly challenges this cosy position. A man who wants justice to be done has been arrested. In the meantime it is all too obvious justice is not being done, and lame excuses are being offered. It is said that we cannot pay for such lists, or that they were stolen in the first case. But there is a long tradition in many legal systems, including the UK's, of paying for information to secure prosecutions, and of turning a blind eye to the acts of those supplying it. You can be sure that a list of benefit cheats, however secured, would not be treated in the way this list has been.
And it is said, perhaps quietly but none the less definitely, that prosecutions in these cases do not pay: co-operation does. But that's just the "old boys" network at work. It's the typical attitude that the poor are motivated by the fear of prosecution while the rich get a quiet slap on the wrist, a modest fine and an instruction not to do it again while keeping much of the proceeds of their activity (which the UK approach on Swiss tax evasion guarantees now).
The UK, Greece and Europe are in crisis because of a lack of tax revenues, not because of overspending. All countries suffer significant tax evasion (and my research shows that the UK figure is much higher than admitted to by HMRC). The time has come to make explicit that tax evasion cannot pay, whoever does it. Time inside is the best way to deter this crime, most especially for those with reputations to lose. Prosecutions are needed now if reliable information is available, however sourced, both here and in Greece. And the last thing we need is for those who demand justice for corrupt bankers and their customers to be arrested. The time for a change of attitude towards the crimes of the rich has come: this may be the moment when Europe as a whole realises.
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Greek journalist in court for revealing names of potential tax cheats
Sydney Morning Herald | Greek journalist in court for revealing names of potential tax cheats Los Angeles Times ATHENS -- A Greek journalist who was arrested after publishing the names of more than 2,000 fellow citizens believed to have stashed about $2 billion in Swiss bank accounts appeared in court Monday to answer charges of breach of privacy. Major Greek daily reprints Swiss accounts list Greek Journalist Held Over List of Swiss-Account Holders Greek magazine publisher in court after Swiss bank depositors named |
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