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Monday, January 7, 2013

The euro crisis is over, declares José Manuel Barroso

European commission president's optimistic comments were in sharp contrast to new year message from Angela Merkel

The euro has been saved and the euro crisis is a thing of the past, European commission president José Manuel Barroso has declared.

But his optimistic comments and the prospect of looser rules for banks failed to lift markets, which ended a strong run of recent gains.

"I think we can say that the existential threat against the euro has essentially been overcome," Barroso said in Lisbon. "In 2013 the question won't be if the euro will, or will not, implode," he said.

Barroso has maintained an optimistic stance throughout the crisis, but his comments were in sharp contrast to the new year's message from German chancellor Angela Merkel, who told TV viewers last week that the currency zone faced another rocky 12 months.

City analysts are also deeply concerned that austerity measures demanded by Brussels as the price of bailout funds would lead to prolonged recessions in periphery countries and the need for steeper spending cuts.

Cuts to essential public services in Spain, Italy, Greece and Portugal are expected to increase unemployment and lead to further social unrest.

Protests on the streets of Madrid on Monday highlighted the tensions inside the euro area after banner-waving protesters blamed Brussels, Berlin and the right of centre PP government of Mariano Rajoy for privatisations and cuts in healthcare spending.

Elga Bartsch, an analyst at Morgan Stanley, said she was anxious that Barroso and his colleagues in Brussels would fail to resolve long-running disputes over the EU's new institutions.

"The euro crisis seems contained for now. But we think it is not resolved for good. In addressing the fundamental flaws in the euro's institutional set-up, progress on banking union will be key. Assuming no crisis escalation, the euro area should re-emerge from recession and return to sub-par growth. Politics is the main risk," she said.

Political deadlock, which has also characterised the reform agenda in Washington and Tokyo, could allow social unrest to grow and wreck any coherent reform plans, she said.

"An extended recession, diverging political positions and several elections create a difficult backdrop for in-depth reforms. We therefore expect only limited progress on an effective resolution of the crisis this year. We believe that progress on banking union, where preparations are under way for a Single Supervisory Mechanism (SSM) and where discussions continue on harmonising, and possibly pooling, bank resolution and deposit guarantee schemes, will be key."

Merkel faces a general election in the autumn against a resurgent Social Democratic party (SPD) while the Italians are expected to go to the polls next month in an election that could see a revived Silvio Berlusconi with enough votes to block reform measures.

Global stock markets, which have warmed to the message that the euro crisis is abating, drifted lower as some investors sought to cash in on last week's strong gains and worries grew of more political brinkmanship in Washington. Major indices surged last week after the US Congress passed a bill to avoid a "fiscal cliff" combination of government spending cuts and tax increases.

The deal, however, remains incomplete. Politicians will face another deadline in two months to agree on more spending cuts while a debate over the country's $16 trillion (£9.9tn) debt ceiling is also looming.

Concerns that the eurozone will suffer another year of economic downturn after entering recession last year were heightened by comments from OECD boss Angel Gurría who said the 17 member zone could continue contracting into 2014.

Britain's FTSE 100 fell 0.4% to 6064 while Germany's Dax was down over 0.7% to 7719.78. France's Cac-40 lost 0.8% to 3701.06.

Wall Street opened lower as well, with the Dow shedding 0.4% to 13,377.13 and the broader S&P 500 falling 0.4% to 1460.14.

The one bright spot for the markets was the banking sector, where stocks were up after global regulators eased new rules obliging lenders to set capital aside. The so-called Basel III rules are a set of new international standards to make sure banks protect themselves from the same trouble that caused the 2008 financial crash.

On Sunday, the officials setting those rules delayed the date by which banks needed to have certain amounts of cash readily available.

The move caused a jump in bank shares – Deutsche Bank was up 3% but the biggest gains were among ailing Spanish banks, which some had feared would struggle to meet the new cash requirements. Bankinter was up 8% and Banco Popular was 2.8% higher.


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Monday Needham Freelance Troupe Giving Greek Myths the Blues.


Monday Needham Freelance Troupe Giving Greek Myths the Blues.
Patch.com
In an upcoming performance by the Monday Needham Freelance Troupe, Homer's Odyssey will get a major facelift in "Mything Links," a new musical based on the Greek epic poem, starring kids from around Needham, opening on Jan. 25. Highlights include ...


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Greek govt majority trimmed over accounts scandal


The Guardian

Greek govt majority trimmed over accounts scandal
U.S. News & World Report
ATHENS, Greece (AP) — A junior partner in Greece's three-party governing coalition kicked two of its lawmakers out of its parliamentary group Monday, reducing the troubled government's majority, as a result of a scandal over a list of Greeks with ...
Greek coalition party expels MPs over tax cheat listYahoo! News (blog)
Greek Tax Scandal Distracts From a Collection ShortfallPittsburgh Post Gazette
Greek coalition loses two seats over tax scandal probeFocus News
Nzweek -Greek Reporter -The Guardian
all 33 news articles »

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Greek coalition party expels MPs over tax cheat list


Kathimerini

Greek coalition party expels MPs over tax cheat list
Yahoo! News (blog)
ATHENS (Reuters) - The smallest party in Greece's government expelled two lawmakers on Monday for backing an investigation into a ruling party leader over his handling of a list of possible tax cheats, cutting the fragile coalition's majority in ...
Greek Tax Scandal Distracts From a Collection ShortfallPittsburgh Post Gazette
Greek gov't coalition loses two more MPs over Lagarde list caseNzweek
Papaconstantinou Says He Knows Bank List TampererGreek Reporter
ANSAmed -Kathimerini
all 10 news articles »

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Greek islands faced with fresh wave of illegal migrants


Kathimerini

Greek islands faced with fresh wave of illegal migrants
Kathimerini
Strengthened security measures along the Evros frontier with Turkey in northeastern Greece since the summer of 2011 have sparked a surge in attempts by illegal immigrants to sneak into the country through the porous coastlines of the country's islands.


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Papoulias says Germans will only gain from investments in Greece


Kathimerini

Papoulias says Germans will only gain from investments in Greece
Kathimerini
Greek President Karolos Papoulias has called on German businesspeople to invest in Greece during a visit to Berlin. “A lot has changed thanks to the sacrifices of the Greek people,” said Papoulias. “I would like to assure you that German entrepreneurs ...


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Stournaras Says No More Heating Oil Help


Greek Reporter

Stournaras Says No More Heating Oil Help
Greek Reporter
stournaras With temperatures falling and many Greeks unable to afford heating oil because of huge tax increases on the fuel, Finance Minister Yiannis Stournaras said the government can't afford to provide more oil subsidies to help the poor and told ...
Stournaras rules out wider heating oil subsidy, focuses on next trancheKathimerini
Greece on road to recovery, first indications in second half 2013Express.gr

all 3 news articles »

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Why Greece is the word for Fulham


Evening Standard

Why Greece is the word for Fulham
Evening Standard
Karagounis was instrumental in his country recording one of the biggest upsets in football history when international minnows Greece overcame the odds to win Euro 2004. And at the age of 35 he was at it again over the weekend with a stunning late ...


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PHOTOS: Theophany at St. George Greek Orthodox Church in Hamilton


The State

PHOTOS: Theophany at St. George Greek Orthodox Church in Hamilton
The Times of Trenton - NJ.com
on January 07, 2013 at 6:45 AM, updated January 07, 2013 at 6:48 AM. Print. View/Post Comments. HAMILTON - Congregants celebrated Theophany - a commemoration of the baptism of Jesus Christ - at St. George Greek Orthodox Church on Sunday.
Church holds 'Blessing of Lake Lanier'Gainesville Times

all 4 news articles »

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The Best Ways to Spend £100 in Greece


The Best Ways to Spend £100 in Greece
Yorkshire Post
For sun, sea and plenty of sandy beaches to lay on, you cant beat a holiday in the Greek islands, but thanks to a fantastic offer from Jet2holidays theres now one more great reason to visit. When you book your holiday between the 26th December and the ...

and more »

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Eurozone crisis live: Silvio Berlusconi reaches Italian election deal


The Guardian

Eurozone crisis live: Silvio Berlusconi reaches Italian election deal
The Guardian
Elsewhere in the eurozone... Greek prime minister Antonis Samaras is jetting to Berlin today for dinner with ECB president Mario Draghi, and then a meeting with Angela Merkel on Tuesday. The two leaders will discuss recent developments in Greece, ...
Berlusconi Renews Alliance With League, Signals He May Step BackBloomberg
Italy: Berlusconi and Northern League in election pactBBC News
Berlusconi strikes election deal with League, wants to be economy ministerReuters
Financial Times -PublicServiceEurope.com -The Associated Press
all 246 news articles »

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AUDIO: IMF 'have learnt lessons of austerity'

The International Monetary Fund's top economist, Olivier Blanchard, has acknowledged that the fund blew its forecasts for Greece and other European economies because it did not fully understand how government austerity efforts would undermine economic growth.

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Greek islander, 98, talks about life on Ikaria


BBC News

Greek islander, 98, talks about life on Ikaria
BBC News
The inhabitants of a small Greek island live on average 10 years longer than the rest of western Europe. Stamatis Moraitis, who is 98, was diagnosed with lung cancer and given nine months to live 45 years ago. He says he survived because of good food, ...

and more »

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Lagarde: Portugal will not follow Greece into recession


Lagarde: Portugal will not follow Greece into recession
Capital.gr (press release)
According to Reuters, IMF chief Christine Lagarde told Portuguese weekly Expresso that she was also confident Portugal would not follow Greece into a spiral of economic recession. The European Union and IMF gave Portugal a 78-billion-euro ($102-billion ...

and more »

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Three-day cold snap to hit Greece, snow expected in north


Kathimerini

Three-day cold snap to hit Greece, snow expected in north
Kathimerini
Greece is bracing for a three-day cold snap from Monday, with heavy snow expected in some parts of the country, northern Greece in particular. In Macedonia and Thrace in the north will see sub-zero temperatures at night, with snow falling on the ...

and more »

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GREECE: Alpha, Attica, Eurobank, NBG bid for Postbank


GREECE: Alpha, Attica, Eurobank, NBG bid for Postbank
Financial Mirror
"Banks that have received support by the HFSF must submit their interest to the fund for approval before binding bids are routed to the Bank of Greece," an HFSF official told Reuters. After HFSF grants approval, binding offers can be submitted to the ...

and more »

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Greek housing project begins next planning phase to determine cost


Greek housing project begins next planning phase to determine cost
BG News
After determining the location and housing type, the Greek Housing Team is moving on to the next step — cost and layout. This step is part of a project that has been going on since this past March. The project provides Fraternity and Sorority Life ...


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Buying Coca-Cola Hellenic – it's no longer all Greek to me


Buying Coca-Cola Hellenic – it's no longer all Greek to me
Irish Independent
When that stylish poker mov-ie 'The Cincin- nati Kid' was released in the middle of the 1960s, it quickly assumed cult status. The on-screen electricity between "The Kid", played by the super-cool Steve McQueen, and the veteran card sharp, Lancey "The ...

and more »

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Greek PM expresses optimism over debt crisis during Epiphany celebration


Greek PM expresses optimism over debt crisis during Epiphany celebration
Global Times
Greek Prime Minister Antonis Samaras sent a message of optimism that Greece will overcome the current debt crisis, as people celebrated Epiphany on Sunday. "From Piraeus, one of the major ports across the Mediterranean Sea, I wish to send a message of ...


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The Greek island of old age

The island with the secrets to a long life

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