How the world sees Greece
S&P lifts Greece from selective default rating FRANCE 24 AFP - Ratings agency Standard and Poor's raised Greece's sovereign debt rating by six notches on Tuesday encouraged by a burst of support for Athens from eurozone partners. The upgrade from selective default to B-/B "reflects our view of the strong ... |
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Greek bond bet pays off for hedge fund Financial Times Third Point, headed by the billionaire US investor Dan Loeb, tendered the majority of a $1bn position in Greek government bonds, built up only months earlier, as part of a landmark debt buyback deal by Athens on Monday, according to people familiar ... |
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 Livemint | S&P boosts Greece's credit rating - Dec. 18, 2012 CNN Europe's Debt Crisis. comments. S&P boosts Greece's credit rating. By Hibah Yousuf @CNNMoneyInvest December 18, 2012: 2:04 PM ET. S&P lifted Greece's credit rating six notches to B-minus from selective default on Tuesday. NEW YORK (CNNMoney) ... Greek Credit Rating Raised at S&P After Debt Buyback Program S&P upgrades Greece six notches S&P Lifts Its Rating on Greece - WSJ.com |
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Livemint | Standard & Poor's hikes Greek rating by 6 notches - US News and World Report U.S. News & World Report "The stable outlook balances our view of eurozone member states' determination to support Greece's eurozone membership and the Greek government's commitment to a fiscal and structural adjustment against the economic and political challenges of doing ... UPDATE 2-S&P lifts Greek rating from selective default Greek Credit Rating Raised at S&P After Debt Buyback Program |
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Lincoln, Leadership Lessons and Greece Huffington Post Those who do not learn history are doomed to repeat it. Those who learn history with the help of Steven Spielberg and Daniel Day-Lewis, though, might learn how to repeat it -- better. In recent weeks, I've watched American critics and pundits praise ... |
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 Irish Times | S&P raises Greece credit rating Irish Times Rating agency Standard & Poor's has raised Greece's sovereign credit rating to B-minus with a stable outlook from selective default, citing Europe's efforts to keep the country part of the euro. "The upgrade reflects our view of the strong ... |
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 BBC News | S&P Lifts Its Rating on Greece - WSJ.com Wall Street Journal The outlook "balances our view of euro-zone member states' determination to support Greece's euro-zone membership and the Greek government's commitment to a fiscal and structural adjustment against the economic and political challenges of doing so," ... Standard & Poor's raises Greece's credit rating by 6 notches citing EU actions ... TEXT - S&P raises Greece's ratings S&P raises Greece's credit rating |
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 MiamiHerald.com (registration) | UPDATE 2-S&P lifts Greek rating from selective default Reuters "The upgrade reflects our view of the strong determination of European Economic and Monetary Union (eurozone) member states to preserve Greek membership in the eurozone," S&P said. "The outlook on the long-term rating is stable, balancing our view of ... Standard & Poor's hikes Greek rating by 6 notches - US News and World Report Standard & Poor's hikes Greek rating by 6 notches Angry at pay cuts, Greek judges hit state where it hurts |
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Greece raises 1.3bn euros in debt sale | thetelegraph.com.au The Daily Telegraph GREECE has raised 1.3 billion euros ($A1.64 billion) in a three-month treasury bill auction with demand to spare, returning to short-term debt sales after completing an EU-funded debt buy-back last week. "During the auction of 1.0 billion euros of 13 ... |
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MiamiHerald.com (registration) | ATHENS, Greece: Greece raises 1.3 billion euros in T-bill sale - Business ... MiamiHerald.com (registration) Athenians chat outside a bank as they shelter from a rainfall in central Athens, Tuesday, Dec. 18, 2012. Greece is failing to collect the tax it is owed and is in danger of missing key targets that need to be met to reduce the government's staggering ... |
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Greece raises 1.3 billion euros in T-bill sale Huffington Post Greece on Monday received a massive rescue loan installment worth (EURO)34.3 billion, after completing a bond buy back deal last week, in which it paid (EURO)11.29 billion to cancel debt worth (EURO)31.9 billion. The government said Tuesday that ... |
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Review of 2012 - economics: Africa's growth raises questions over wealth distribution, EU's malaise spreads to Brics while Fukushima disaster and territorial disputes halt Japan's recovery
As the Greek national drama entered its third act in the autumn, most eyes had already switched their gaze to Spain. If 2011 was dominated by events unfolding in Athens, the agenda of almost every international gathering in 2012 focused on how Madrid would extricate itself from the debt trap that had already claimed Ireland, Portugal and Greece.
Spain's right-of-centre prime minister Mariano Rajoy inherited a policy of denial from his socialist predecessors and, initially at least, adopted the same tactic. But with Spain targeted by international investors as the next domino after Greece to jeopardise the euro currency project, it became the focus of worldwide attention.
If only Europe could resolve its debt problems, the global economy would recover its momentum. This was the message from Tokyo, Beijing and Washington, where policymakers felt constrained in the face of Europe's procrastination. An impending recession in the eurozone made reforms all the more urgent.
A strongly growing US economy at the end of 2011 entered a presidential election year with Europe on its back. Thankfully for President Barack Obama, the housing crisis, which had seen prices fall by more than 40% in states such as Nevada and Arizona, bottomed out, small companies began hiring and bank lending eased in time for the November vote.
Likewise, Japan began the year in recovery mode. It suffered the double hit of a financial crisis and a tsunami, which wrecked much of the country's north-east in the spring of 2011. Regaining export orders was the No 1 priority and all seemed to be going well until the summer, when the balance of payments went into reverse, largely as a result of huge gas imports to replace the lack of nuclear power following the Fukushima tragedy. Worse, major electronics firms Sony, Panasonic and Sharp revealed deep losses. The South Korean manufacturing revolution, led by Samsung, had effectively ended 30 years of Japanese dominance. Car manufacture continued to be one of the bright spots, though a dispute over a group of uninhabited islands in the East China Sea put even that in jeopardy.
China, which claims the islands along with Japan, allowed nationalists to riot largely unchecked, burning and looting Japanese shops and factories. A boycott of Japanese goods resulted in a slump in sales of Toyotas and Nissans, again allowing the South Koreans a competitive advantage.
Part of the problem followed a year-long slowdown in Chinese manufacturing that was already causing jitters across the west. The Chinese powerhouse economy had survived the global financial crisis after a large injection of government funds, but Beijing had little room to repeat the exercise without stoking inflation and an already rampant property bubble.
Tentative moves to increase government spending on health, social security and pensions, alongside liberalising laws designed to allow more private-sector involvement in areas previously dominated by the state, helped the economy move forward. Yet a political stasis, ahead of November's appointment of a successor to premier Wen Jiabao, appeared to hold up progress.
Brazil, which saw its income jump above Britain's in late 2011 to make it the world's sixth-largest economy, suffered a sharp slowdown following a surge in the value of its currency.
Like the other Bric countries of Russia, India and China, Brazil found it was more dependent on Europe and the west than its public statements of economic independence gave credit.
It complained about the volume of money printed by western central banks that was making its own more attractive. With hot money pouring in, Brazil's central bank raised capital controls. Unfortunately the policy had little effect; foreign investment funds continued to pour in and Brazilian exports became more expensive.
Only Africa appeared immune to the knock-on effects of the eurozone debt crisis. From Nigeria to Zambia to South Africa, growth rates topped 5% compared with less than 2% in the US and sub-zero in most major European countries by the end of the year.
However, a meeting of the World Bank in Tokyo in October revealed widespread disquiet among African trade unions and charities at the distribution of incomes and wealth. World Bank officials were bombarded with stories of poverty among workers while owners, many of them foreign mining companies, made millions of dollars in profits.
In Europe, the year ended on a low note. While Spain appeared to get a grip on its bankrupt banking sector and the European Central Bank pencilled in a recovery for 2013 across the continent, Italy appeared to want the limelight. Silvio Berlusconi burst back on to the political scene, potentially stealing the lead role in the debt crisis from Madrid.
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 Press TV | Greece to receive full EU-IMF loan payment by Wednesday Channel News Asia ATHENS: Greece will receive all of a long-awaited 34.3-billion-euro ($45.2 billion) loan tranche from the EU and the IMF by Wednesday, a Greek official said on Tuesday, hours after an initial payment was carried out. "The full amount should arrive by ... Official: Greece to get loan tranche by Dec. 19 EU: Tax collection still lagging in Greece Greece's lenders warn of 'very large' risks to bailout |
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 Pokerfuse | Greek Gaming Regulation Under Fire Pokerfuse The trigger for the latest missive was a decision by the Greek Finance Ministry to offer partially state-owned OPAP SA a ten year monopoly on virtually all online gaming. OPAP currently has a monopoly on all offline gambling in Greece. This monopoly is ... |
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