Pages

Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Friday, November 9, 2012

ADR REPORT-European shares fall on Greece concerns


ADR REPORT-European shares fall on Greece concerns
Reuters
NEW YORK Nov 9 (Reuters) - U.S.-listed shares of European companies fell on Friday, on fresh concerns that Greece may not immediately secure a deal to unlock access to urgently needed international aid. Euro zone finance ministers are unlikely to ...

and more »

READ THE ORIGINAL POST AT www.reuters.com

Euro Ministers Hold Talks on Releasing More Greek Aid


VICE

Euro Ministers Hold Talks on Releasing More Greek Aid
Wall Street Journal
The Greek Parliament earlier this week narrowly passed a package of fiscal and structural laws that the creditors had said were a prerequisite for the aid. It also will be voting on next year's budget Sunday, and the three-party governing coalition in ...
EURO GOVT-Growth, Greek concern propel Bunds higherReuters
Greek Aid Payment Call May Not Be Made Next WeekBusinessweek
The Greek Police Got to Use Their Shiny New Water CannonVICE
The Guardian -Ninemsn -RTT News
all 618 news articles »

READ THE ORIGINAL POST AT online.wsj.com

Christina Chang: A Tax on Financial Transactions Is on Its Way, But Who Will Benefit From Its Revenues?

After nearly three decades of development activists' and experts' efforts to bring about FTTs, it would be heinous not to use the revenues to contribute to a better future for millions of poor men, women and children.

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

BritChick Paris: Why I Will Never Be French and Will Always Be a 'Rosbif'

We are close in geography yet in so many respects utterly miles apart. Sometimes I wonder if it would have been easier settling in Beijing. It is as if France is yin to the Brit yang. Strong espresso for them and milky tea for us. Civilised bistrots versus our pub 'culcha'.

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

European shares end higher as US data fuels rebound


Irish Times

European shares end higher as US data fuels rebound
Reuters
LONDON Nov 9 (Reuters) - European shares closed modestly higher on Friday after a batch of strong U.S. data injected some optimism about a recovery in the world's largest economy and fuelled a technical rebound in late trade. A sharp increase in ...
Stocks, Euro Decline on Greece Debt Concern as Commodities RallySan Francisco Chronicle
US Stocks and Euro at 2-month Low123Jump.com

all 157 news articles »

READ THE ORIGINAL POST AT www.reuters.com

The fiscal cliff is an austerity crisis

Reading the headlines this week, you might get the impression that the country was hurtling towards a huge deficit catastrophe on Dec. 31. From the front page of Thursday's New York Times ("Back to Work: Obama Greeted by Looming Fiscal Crisis") to today's Wall Street Journal ("Pressure Rises on Fiscal Crisis"), the rhetoric suggests that the U.S. is facing a crisis akin to problems that have engulfed Europe. (A Yahooheadlinefrom 2011: "The U.S. Fiscal Crisis: Just Like Greece, With One Exception.")

Read full article >>

READ THE ORIGINAL POST AT www.washingtonpost.com

Berlusconi still paying girls at centre of sex scandal

Italy's former Prime Minister Silvio Berlusconi wipes his face during a news conference at Villa Gernetto in GernoMILAN (Reuters) - Former Italian Prime Minister Silvio Berlusconi is still giving thousands of euros a month to aspiring showgirls who attended his colorful parties, a Milan court heard on Friday. Weakened by a sex scandal and graft and tax fraud allegations, Berlusconi, 76, was forced to resign a year ago as Italy came close to a Greek-style debt crisis. But the center-right leader, who recently announced he would not run as candidate for prime minister in next year's election, denies the charges and says there were no sex parties at his villa near Milan, just normal dinners. ...



READ THE ORIGINAL POST AT news.yahoo.com

Greeks wary of brothel owners bearing gifts after school donation

Parents protest after needy school in port of Patras is forced to return madam's €3,000 cheque

In a country ravaged by recession, Soula Alevridou stands out, in more ways than one. Where other Greek entrepreneurs have fallen on hard times, her business is booming – so much so that she has been forced to open new premises to meet demand.

With success has come largesse, but in a nation where few can afford to give – or are too busy stashing their ill-gotten gains abroad – her generosity has touched a nerve.

Alevridou, owner of two brothels in the central Greek town of Larissa, is at the centre of a furore after local officials insisted that a primary school return her donation to cover the costs of textbooks and a photocopier.

This is not her first brush with notoriety: she recently bailed out her local football team, and players now proudly – if awkwardly – wear bright pink jerseys advertising Soula's House of History and Villa Erotica, the two brothels that have made her rich.

"I am a Greek woman, and I love my country," said the petite 67-year-old, who has a penchant for stacked shoes and small dogs. "If we don't help our scientists and athletes, where will we be?" she said last month after announcing she would sponsor the cash-strapped team.

It seemed only natural, then, that when a primary school in the western port city of Patras became insolvent – with bankrupt local authorities making clear they were in no position to provide books or even a photocopier for the school – the self-styled philanthropist would come to the rescue again.

Moved by an appeal last week from the school's parents' association, Alevridou immediately wrote a cheque for €3,000 to cover the costs of the photocopier and a small library.

At first the school was grateful. "She was the only one who tried to help," the town's deputy mayor, Theohari Massaras told the Guardian.

"Schools, now, are totally under-funded. Local municipalities are in charge of their finances and there's no money, not even to buy aspirin for the kids," he said.

"Parents who have badly affected by all the austerity measures are desperate. Many of them can't afford to buy textbooks for their children."

The gesture would have been a footnote in the economic crisis bedevilling the debt-stricken country had news of it not got out. As soon as local media ran with the story, Alevridou found herself at the centre of a furious row over the propriety of a brothel madam stepping into a gap created by fiscal recklessness and state profligacy.

Although prostitution is legal in Greece – where in 2006 its ability to spur economic activity prompted the government to revise its GDP calculations on the basis of tax earnings from the profession – it is frowned upon. Authorities have been quick to denounce Alevridou for using philanthropy to promote her establishments.

"Donations reveal the depths of sensitivity of our society … and as such schools are allowed to accept them especially when they come through parents' associations. But we must not forget that primary school teaches new members of our society, it dictates their value system and stance towards life," said Giorgos Panayiotopoulos, the provincial director of education in western Greece.

"Exploitation of a school, and by extension its children, by different businesses is unacceptable and should be denounced in the strongest possible way, especially when the principles of the business in question are not in keeping with the principles of education," he said, demanding the donation be returned to the brothel owner. "What is legal is not necessarily moral. We must protect our children."

Alevridou admits that her brothels – run out of pastel coloured bungalows in Larissa – have fared better than most, but vehemently rejects accusations that her latest act of goodwill is aimed at self-promotion. "She is very upset and very disappointed and doesn't want to talk," said an employee speaking on her behalf. "She has told me to tell everyone she was only trying to help. This whole thing has been distorted."

At the Patras primary school, teachers and parents are fuming. With the donation returned to its sender, the school remains without books or a photocopier to get children through the term. "It would have been much cleverer had the school simply taken the donation and not said who it was from," said Massaras. "This way everyone has been left with nothing. It's tragic."


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

Greece bailout payment – not next week?


PBS NewsHour (blog)

Greece bailout payment – not next week?
Canada Free Press
It has now been reported that for logistical reasons it is very unlikely Greece will be able to draw down on further bailout funds before the week of November 19 at the earliest, notwithstanding the approval of the Greek Parliament on Wednesday of the ...
Greece's Former Finance Minister Defends Super MarioPBS NewsHour (blog)
Euro Drops to Two-Month Low After Ministers Delay Aid to GreeceSan Francisco Chronicle
Europe stocks recoup on Greece relief, earningsMarketWatch
The Star Online -MNI News -Reuters
all 1,560 news articles »

READ THE ORIGINAL POST AT www.canadafreepress.com

A look at drop in bond yields across Europe





Financial market turbulence in the 17-country eurozone has eased dramatically since mid-summer. That is most evident in the interest rate, or yield, on countries' bonds. When bond yields fall, it means investors are more confidence in a country's public finances.
Here's a look at the yields on the benchmark 10-year bonds for key countries in the eurozone.
Country10-year bond yield (July 24, 2012)10-year bond yield (Nov.9, 2012)Spain7.545.81Italy6.444.92Greece25.2315.96Ireland6.194.78Portugal10.238.66France2.242.02Netherlands1.751.62Belgium2.702.33Source: FactSet.


READ THE ORIGINAL POST AT www.sfgate.com

Cyprus talks with lenders as debt sustainability in focus

Representatives of the ECB, IMF and the European Commission arrive at Cyprus' finance ministry, where the third round of bailout talks are being held, in NicosiaNICOSIA (Reuters) - Cyprus launched a last-ditch bid with potential lenders on Friday to get financial aid needed before coffers in the tiny euro zone economy start running dry. Battered by its exposure to debt-crippled Greece, Cyprus sought a full bailout from the EU and the IMF in June to buffer its banks and plug widening deficits after attempts to secure a credit line from Russia failed. The government has said it could have difficulties paying salaries in December. It is currently heavily reliant on short-term financing from domestic banks. ...



READ THE ORIGINAL POST AT news.yahoo.com

European shares end flat as US data fuels rebound


Irish Times

European shares end flat as US data fuels rebound
Reuters
Euro STOXX 50 flat at 2,479.82 after late bounce. * Index poised for fresh gains - Trading Central. * FTSEurofirst 300 down 0.05 pct. * Strong U.S. data fuels bounce, counters fiscal cliff worries. By Francesco Canepa. LONDON, Nov 9 (Reuters) - European ...
European Stocks Post Weekly Drop on U.S. Fiscal CliffBloomberg
Shares Close Narrowly Higher After US DataCNBC.com
Banks, oil firms weigh on Europe; Novo jumpsMarketWatch
Economic Times -San Francisco Chronicle -QFINANCE.com
all 157 news articles »

READ THE ORIGINAL POST AT www.reuters.com

The Greek Police Got to Use Their Shiny New Water Cannon


VICE

The Greek Police Got to Use Their Shiny New Water Cannon
VICE
Syntagma Square sits in front of the Greek parliament and, as well as resistance to the cuts from outside of parliament, workers inside the building (who have special pay rights compared to other workers) stormed into the parliament chamber and briefly ...

and more »

READ THE ORIGINAL POST AT www.vice.com

HSBC investigated by Jersey regulators

Inquiry follows leak of names of thousands of account holders said to include individuals with history of drug and gun crime

Financial regulators in Jersey have launched an inquiry into HSBC, one of the biggest banks on the island, following a leak of the names of thousands of bank account holders said to include individuals with a history of links to drug and gun crime.

The move follows confirmation that UK tax authorities had also begun eagerly working through the list looking for possible evidence of discrepancies in British offshore depositors' tax affairs.

The leak is highly embarrassing for Jersey, which claims to have comparatively tough regulations for its licensed banks, requiring them to know who their customers are and where their funds come from.

"Jersey has got some of the toughest anti-money laundering regulations in the world, as assessed by the IMF [International Monetary Fund]," said Jersey treasury minister Philip Ozouf. "There are many jurisdictions with banking secrecy and much lower standards than we have. We are a global leader in this area."

Geoff Cook, chief executive of the island's powerful lobby group Jersey Finance, said: "This is a serious matter and we note HSBC's immediate commitment to co-operating with any investigations carried out by the relevant authorities and welcome the clear position taken by the JFSC [Jersey Financial Services Commission, the island's financial regulator] that any failure to adhere to Jersey's clear standards will be robustly investigated and acted upon."

Before joining the financial lobby group Cook was head of wealth management for HSBC and before that worked as deputy chief executive of the bank's operations in Jersey.

HSBC has come in for sharp criticism over failures in its scrutiny of depositors, particularly in relation to organised crime. This week the company said it was braced to receive a fine which could be more than $1.5bn (£938m) from the US authorities. This penalty follows a finding by a Senate committee that the bank had exposed the US financial system to "a wide array of money laundering, drug trafficking and terrorist financing risks due to poor anti-money laundering controls".

Friday's disclosures in the The Telegraph added to the bank's woes as the newspaper named a handful of individuals, with a history of criminal links, who it said were on the leaked list of HSBC Jersey clients.

The paper reported that the onetime owner of a farm near Lewes in East Sussex, where an outbuilding had been used as a £600,000 cannabis farm four years ago, held an account with HSBC Jersey in which more than £250,000 was held. Daniel Bayes' account was said to have been registered to the same address.

It was widely reported in 2009 that Bayes have played a leading role in the cannabis farm – though it was his father, Brian Bayes, who was convicted of managing the operation and of laundering £66,000. Daniel was said to be in Venezuela during the trial and could not attend court because his wife was ill. In sentencing, the judge said: "It is a matter for your son's conscience, not yours. To expose his parents like this is monstrous."

Jersey politicians and regulators point to high-profile convictions, such as that of drugs baron Curtis Warren three years ago, as evidence of their uncompromising approach to organised crime.

HSBC is one of the biggest banks on Jersey, its headquarters on the esplanade dominating the seafront skyline. It routinely caters to many British expats working overseas, notably in the far east, where the bank also has strong ties and there is a substantial British workforce. Many expats use offshore bank accounts at HSBC and elsewhere to legitimately hold their overseas earnings without exposing them to UK tax.

The leaked list of HSBC clients is reported to include names from the oil and mining industries as well as doctors and some celebrities – all groups which typically have significant overseas earnings. "Types and rates of tax vary between countries, so you'll need to understand your tax obligations (at home and abroad) and how to make the most of potential tax efficiencies," the bank advises potential customers moving overseas on its website.

The leaked list of clients has only very recently been sent to Revenue & Customs, where investigators are looking to check that leaked details correspond with the declared tax affairs of the individuals concerned. It is not yet clear whether the information will provide as much evidence of large-scale evasion as the leaking of the so-called "Lagarde list" of HSBC's Swiss clients, some 2,000 of which were British.

That leak, in 2008, is said to have led to hundreds of private settlements with HMRC, but only one prosecution. Tax authorities have argued a pragmatic approach to settling provides the best value for the taxpayer.

The latest leak from Jersey is said to list the identities of 4,388 people giving addresses in Britain who together hold £699m in offshore current accounts. These people may also hold other offshore investments which remain beyond the view of UK tax authorities; however, most are unlikely to be super-rich clients of the kind known to have large fortunes stored in offshore trusts.

Nevertheless, Phil Berwick, a director at law firm Pinsent Masons said it was "inevitable" that HMRC would be looking to use its criminal powers against some of people named on the list. "If people with offshore accounts suspect that they might have a problem, they need to be pro-active. They need to approach HMRC before HMRC approaches them – possibly in the form of a raid of their home or business. HMRC has taken a very interventionist approach in the past year, more than doubling the number of raids they carry out."

A statement from the JFSC suggested the regulator was most urgently seeking to establish that HSBC had not breached rules on who can hold a bank account and where funds can come from. John Harris, chief executive of the regulator, said "The commission is unable to discuss individual licence holder matters but any concerns regarding the use of the banking system in Jersey involving money of criminal origin and failures to follow Jersey's well-known and clearly documented reporting obligations will be robustly investigated with any necessary follow-up action taken in consequence."

HMRC said in a statement: "Clamping down on those who try to cheat the system through evading taxes and over-claiming benefits is a top priority for us, and we value the information we receive from the public and business community."

The information is the latest in a string of illegal leaks of private offshore financial details from some of Europe's most controversial tax haven jurisdictions. HMRC is reported not to have paid for the information on HSBC accounts, though that could not be confirmed.

The bank insisted on Friday morning it had not been notified of any HMRC investigation. "Should we receive notification, we will co-operate fully with the authorities," HSBC said. "We are investigating the reports of an alleged loss of certain client data in Jersey as a matter of urgency."

The latest leaked information follows HMRC's receipt two years ago of the so-called "Lagarde list". Meanwhile, in 2007 the German authorities paid to get hold of stolen trust company details from Liechtenstein relating to tens of thousands of secret structures. US and UK counterparts also paid for the information later. The offshore world reacted with outrage at these payments, describing them as illegal.


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

Defying The Strikes, Greece Hosts Microsoft's Biggest Hack Day In Europe

The tragedy of Greece's economy didn't stop hundreds of students from taking part in Microsoft's latest global competition for developers on Friday.

READ THE ORIGINAL POST AT www.forbes.com

Greek bailout cash 'unlikely to be unlocked on Monday'

Brussels officials say deal to release latest rescue funds may not be agreed at meeting of eurozone finance ministers

Greece faces a week of tense brinkmanship with its international paymasters after officials in Brussels conceded that a long-awaited deal to release €31.5bn of bailout cash is unlikely to be finalised on Monday.

Athens is due to repay €5bn-worth of debts next week, and had hoped to unlock the latest tranche of rescue funds at Monday's meeting of eurozone finance ministers.

But privately senior officials in Brussels say that the Europeans and the IMF are in deep dispute about Greece.

Monday's meeting, postponed from this week, had been expected to sign off on the payout delayed since the summer, after the Greek parliament's adoption of a controversial new austerity package at the behest of its creditors. The parliament is also expected to pass a new budget on Sunday.

But the Brussels official said: "One round of discussions may not suffice to come to a final decision on the whole package. I am not pretending we'll come to a result and a solution on this."

The long-awaited report on Greece from the "troika" of the International Monetary Fund, ECB and European commission officials is expected this weekend.

It will report on Athens's compliance with the bailout terms and also include a "debt sustainability analysis" which is the main sticking point and the focus of the row between the IMF and the Europeans.

At IMF insistence, the bailout terms stipulate that Greek national debt may be no higher than 120% of gross domestic product by 2020 to qualify for the verdict of being "sustainable". The troika report is certain to state that this goal is unachievable.

Janet Henry, European economist at HSBC, said: "When the IMF agrees to provide financing for a country [it is providing €28bn of the second Greek package], it is on the understanding that the debt burden is sustainable. This is difficult to argue in the case of Greece given that the debt stock is now expected to exceed 190% of GDP by 2014".

There is broad agreement among Greece's creditors that as a result, the bailout regime will have to be extended by two years to 2016, generating a financing gap of up to €30bn. But there is no deal on how to fill that hole, and Henry, of HSBC, said a decision could take weeks. The ECB has rejected the idea of making a contribution by accepting a haircut on its holdings of Greek bonds.

Renewed uncertainty about Greece's finances came as reports suggested the German finance minister, Wolfgang SchaĆ¼ble, had asked his experts to assess the risks for the French economy.

The Reuters news agency suggested SchaĆ¼ble had instructed his panel of "wise men", who provide economic advice, to examine the prospects for a slowdown in France, and the potential knock-on impact on Germany.

Europe's leaders are also keenly awaiting a decision from Spain to request an official bailout, which would allow the ECB president Mario Draghi to unleash his latest weapon of "outright monetary transactions", buying Spanish bonds to bring down Madrid's borrowing costs. However, Spain's bond yields have remained safely below the 6% level that many analysts regard as unsustainable.

Reports also emerged in Italy that a full EU summit, due to take place on 22 and 23 November to discuss the EU budget, could be postponed, as David Cameron has made clear that Britain is not willing to accept the proposal that is currently on the table.

The prime minister lost an embarrassing Commons vote over the size of the EU budget last week, with Tory backbenchers uniting with Labour to reject his proposal of a spending freeze.


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

EURO GOVT-Growth, Greek concern propel Bunds higher


The Guardian

EURO GOVT-Growth, Greek concern propel Bunds higher
Reuters
Bunds extend recent gains as Greece aid saga drags on. * French data hints at growing economic malaise in euro zone. * Looming U.S. fiscal cliff to support Bunds in medium term. By Emelia Sithole-Matarise. LONDON, Nov 9 (Reuters) - German bonds rose ...
Greek Aid Payment Call May Not Be Made Next WeekBusinessweek
Euro Weakens on Greek Worries, Poor DataWall Street Journal
Greek bailout cash 'unlikely to be unlocked on Monday'The Guardian
RTT News -NEWS.com.au -Bloomberg
all 567 news articles »

READ THE ORIGINAL POST AT www.reuters.com

FTSE ends week 100 points lower despite Obama win and Greek austerity bill approval

Worries about US fiscal cliff and Greek bailout delay leave investors nervous at end of momentous week

A successful resolution to two major events - the US election and parliamentary approval for Greece's austerity measures - were meant to give leading shares a lift this week.

But even though Barack Obama was re-elected, an outcome supposedly favourable to markets, and the Greek package was passed, investors immediately moved onto other worries. The US fiscal cliff - the tax rises and spending cuts due to come into effect next year - was the main concern, although reports of a delay in Greece receiving its next €13.5bn bailout tranche and continuing concerns about Spain added to the uncertainty.

So the FTSE 100 lost almost 100 points over the course of the week to 5769.68, with 6.37 points of the fall coming on Friday. In the US the Dow Jones Industrial Average was down around 400 points following the election result, although it was around 40 points higher by the time London closed on Friday, following better than expected consumer confidence figures.

Banks came under pressure after reports of possible arrests related to the libor-fixing scandal, with Barclays down 6.45p at 230.15p and Royal Bank of Scotland 4.3p lower at 270.1p.

Car insurer Admiral bucked the trend, accelerating 35p to £10.54 after a double upgrade from Bank of America Merrill Lynch. The bank moved its recommendation from underperform to buy, with an £11.80 target price. Analyst William Hardcastle said:

"The 2013 estimated dividend yield of 9.1%..is now the highest in the sector (and FTSE 100) and can't be ignored in our view. We now see Admiral as an income rather than growth stock."

Elsewhere Diageo added 14p to £18.03 as it confirmed it would buy a controlling stake in India's United Spirits group. If the deal is approved, Diageo would end up paying £1.28bn for a 53.4% stake.

Miners were lower despite better than expected economic data from China, a key consumer of commodities. Eurasian Natural Resources Corporation lost 4.6p to 290p in the wake of an update on Thursday, while Russian steelmaker Evraz, controlled by Chelsea owner Roman Abramovich, fell 6p to 236.4p in the wake of a profit warning from rival NLMK.

Among the mid-caps broker Tullett Prebon dropped 22p to 240p after revealing that revenues for the four months to the end of October had fallen 12% due to challenging market conditions and subdued activity levels.

Finnish miner Talvivaara Mining Company lost nearly 15% to 103.5p on reports its Sotkamo mine in the east of the country was leaking water again, after it thought it had fixed the problem, first detected on Sunday. The company said it had set up a committee to investigate the "unfortunate incident".

Rentokil Initial, the pest control to parcels group, fell 1.05p to 87p as it reported a 9.9% rise in third quarter profit but said its struggling parcels group City Link was likely to remain loss making in the final three months of the year. It had hoped the business would return to profit by the end of the year, but said it had been hit by lower than expected demand during the Olympics. Peel Hunt said:

The third quarter results were in line with expectations. However organic revenue growth continued to soften given the challenging conditions across Europe. Furthermore the loss reduction at City Link was below expectations and management now expect a small loss for fourth quarter instead of a modest profit. As a result forecasts are likely to be reduced and the shares go weaker.

In the US Apple recovered around 2% yesterday in early trading, but has still lost around 20% of its value since its peak in September, on worries about competition from Samsung, supply shortages for the iPhone 5 and concerns the iPad mini could cannibalise sales of its larger sibling.

Still with technology companies, chip designer Arm added another 3p to 712.5p on Friday. The company is part of a consortium which carved up US chip pioneer MIPS Technologies, taking the bulk of its historic patents while Imagination Technologies, up 1.8p to 483p, bought the operating assets.


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

FOREX-Euro falls to 2-month low vs dollar as core Europe slows


BBC News

FOREX-Euro falls to 2-month low vs dollar as core Europe slows
Reuters
Euro hits 2-month low vs dollar, 1-month low vs yen. * Concerns grows over weakness in euro zone 'core'. * Investors nervous ahead of Greece budget vote Sunday. NEW YORK, Nov 9 (Reuters) - The euro dropped to a two-month low against the U.S. dollar ...
After 3 bumpy years, Europe turns corner on crisisThe Associated Press
Eurozone crisis live: Greece calls for calm over bailout delayThe Guardian
GLOBAL MARKETS: Euro Dips, Stocks Fall as Greece Concerns RiseWall Street Journal
Bloomberg -Financial Times -Forbes
all 581 news articles »

READ THE ORIGINAL POST AT www.reuters.com

Greece in bid for bridge finance

Greece makes an urgent bid to raise funds from the financial markets in case it does not receive the next tranche of international bailout aid in time.

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

After 3 bumpy years, Europe turns corner on crisis





Evidence that Europe has turned a corner can be found in countries' falling borrowing costs, rising stock markets and a slow but steady stabilization of the region's banking system:

— After months of withdrawals, deposits are trickling back into Greek and Spanish banks, signaling that fears of their imminent financial collapse are abating.

[...] U.S. money market mutual funds loaned 16 percent more to eurozone banks in September.

Gatherings of European financial ministers no longer cause global stock and bond markets to gyrate with every sign of progress or a setback.

Among the challenges are reducing regulations and other costs for businesses in order to stimulate economic growth, and imposing more centralized authority over budgets to prevent countries from ever again spending beyond their means.

The ECB said Sept. 6 that it was willing to buy unlimited amounts of government bonds issued by countries struggling to pay their debts.

The ECB's pledge instantly lowered borrowing costs for Spain and Italy, which earlier in the year had faced the same kinds of financial pressures that forced Ireland, Greece and Spain to seek bailouts.

The Greek Parliament took a big step Wednesday toward securing its next batch of rescue loans from the troika by approving a new round of tax hikes and spending cuts.

The ECB's offer two months ago to buy unlimited amounts of government bonds is a potential life-saver, but the country's Prime Minister Mariano Rajoy needs to formally request such aid.

Analysts say that if he waits too long Spain's borrowing costs could rise again to unsustainable levels and reignite broader fears in financial markets.

Weakened by massive losses on the government bonds they bought and real estate loans that aren't being repaid, banks across the eurozone have been propped up by governments that are themselves struggling financially.


READ THE ORIGINAL POST AT www.sfgate.com

Hedge fund bets on Greek recovery


Hedge fund bets on Greek recovery
Reuters
Dromeus Greek Advantage Fund launched. * Fund says Greek bonds, equities, oversold. * Several hedge funds turning to Greece. By Tommy Wilkes. LONDON, Nov 9 (Reuters) - The steep sell-off in Greek assets is tempting some investors - including hedge ...


READ THE ORIGINAL POST AT www.reuters.com

Greece to issue debt to cover Nov. 16 bond repayment


Greece to issue debt to cover Nov. 16 bond repayment
FXstreet.com
In the face of EU officials' claims that the next bailout tranche payment for Greece probably won't be approved at the Monday Eurogroup meeting, Athens announced plans of refinancing 5 billion euros worth of treasury bills maturing on November 16.
Forex: EUR/USD extends losses on GreeceNASDAQ

all 210 news articles »

READ THE ORIGINAL POST AT www.fxstreet.com

Fears Grow That Euro Will Drag Down Growth


CNBC.com

Fears Grow That Euro Will Drag Down Growth
CNBC.com
The euro dropped to a two-month low against the U.S. dollar on Friday and could extend losses as fears mount that the euro zone's debt crisis and deteriorating economic conditions could drag down global economic growth.
Eurozone crisis live: Greece calls for calm over bailout delayThe Guardian
Debt crisis: liveTelegraph.co.uk
Greece Likely to Get More Time to Cut DebtVoice of America (blog)
Wall Street Journal -Reuters -Bloomberg
all 445 news articles »

READ THE ORIGINAL POST AT www.cnbc.com

Greece to Hold Oil, Gas Licensing Round in First Half of 2014


Greece to Hold Oil, Gas Licensing Round in First Half of 2014
Bloomberg
Greece plans to hold a licensing round for the exploration of oil and natural gas in the Ionian Sea and south of the island of Crete in the first half of 2014, the energy ministry said. The Nordic Explorer research vessel of Norway's Petroleum Geo ...

and more »

READ THE ORIGINAL POST AT www.bloomberg.com