How the world sees Greece
 FRANCE 24 | Greek shipowners to pay taxes under new deal: source FRANCE 24 A view of the Greek container terminal of Neo Ikonio, near the main port of Piraeus July 27, 2006. Greek shipowners will pay taxes on their vessels registered abroad the first time in decades although their other fiscal advantages will remain unchanged ... |
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Greece's Eurobank says NBG's takeover offer is fair Reuters Greece's banks are under pressure to merge after suffering steep losses from a sovereign debt restructuring, heavy deposit withdrawals and rising bad loans. They are short of cash and so have no option but to swap shares to do deals. National Bank made ... Greece's Eurobank says National Bank's takeover offer fair |
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 Twinsburg Bulletin | News Summary: Greek gold mine savior or curse? MiamiHerald.com (registration) LODE OF CONTROVERSY: Supporters of a new mining project say it will create jobs and pour hundreds of millions into the local economy, as Greece struggles with a devastating financial crisis. Opponents argue it will pollute, wipe out forests and drive ... Greek gold mine savior to some, curse to others |
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Turkey, Greece rank high on Global Terrorism Index Southeast European Times Among the Southeast European nations, Turkey was first on the list, while Greece follows at 26th. The recently published index ranks countries based on the number of terrorist attacks, the number of fatalities and injuries from terrorism, as well as ... |
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 Press TV | Greek bank employees protest government privatization plans Press TV One in every five Greek workers is currently unemployed, banks are in a shaky position, and pensions and salaries have been slashed by up to 40 percent. Greek youths have also been badly affected, and more than half of them are unemployed. MAM/HMV ... Privatisation of Greek postal bank flops Greek market rises cautiously |
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 euronews | German finance minister to meet anti-austerity Greek opposition leader Tsipras Fox News BERLIN – Germany's finance minister will meet Greek opposition leader Alexis Tsipras, a vehement opponent of Berlin-backed austerity policies, when he visits the German capital next week. Finance Minister Wolfgang Schaeuble will meet Tsipras on ... Germany's Schaeuble to meet Greek anti-bailout firebrand |
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Greece delays decision on Postbank to next week-source Reuters UK ATHENS Jan 11 (Reuters) - Greece's government has postponed to next week a decision on how to wind down troubled state lender Hellenic Postbank after international lenders asked to study the bank's business plan, a banker close to the matter said on ... |
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A photographic highlight selected by the picture desk. A play on shapes captured by AFP photographer Aris Messinis
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 Telegraph.co.uk | Greek journalists bombed over economic crisis reports Telegraph.co.uk The bombings were the first such coordinated offensives against mainstream journalists since the Greek debt crisis erupted in 2009. Among those targeted by the gas canisters and explosives packed together were the director of the semi-official Athens ... Makeshift bombs explode outside homes of Greek journalists Greek gov't, parties condemn homemade bomb attacks against journalists' houses Bombs Set Off at Greek Journalist's Homes |
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 Economic Times | Greece to split Postbank after sale stumbles Reuters ATHENS (Reuters) - Greece will tell international lenders on Friday how it will wind down the state's troubled Hellenic Postbank (GPSr.AT) after potential suitors bowed out of the sale. Efforts at finding a buyer failed on Thursday when three of the ... Greece΄s top banks pull out from race for Postbank Privatisation of Greek postal bank flops |
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 euronews | Journalists Targeted in Greece Wall Street Journal In the past few weeks, the coalition government, dominated by Greece's center-right conservative party, has been trying to assert its authority on the streets of Athens as it struggles to cope with worsening law and order problems in the Greek capital. Greece: Arsonists target homes of prominent journalists, no one injured Makeshift bombs explode outside homes of Greek journalists |
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 FRANCE 24 | Privatisation of Greek postal bank flops FRANCE 24 Hellenic Postbank employees march in Athens last month to protest against the privatisation of the company. An attempt to privatise the bank flopped on Friday without any interest in bidding, a banking source said, adding that Hellenic would probably ... Greek market rises cautiously |
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BRUSSELS (Reuters) - Europe will need more spending cuts to emerge from its debt crisis despite an admission by the International Monetary Fund that cost cutting can choke economies, the EU's top economic official said on Friday. The damage from aggressive austerity may be up to three times more than previously thought, the Washington-based lender said late last year, after earlier prescribing sharp deficit cuts to the euro zone. It has since shifted its advice, now arguing against forcing heavily indebted countries such as Greece to reduce their deficits too quickly. ...
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Schumer: upstate NY Greek yogurt at inauguration Wall Street Journal ALBANY, N.Y. — Greek yogurt served at the president's inauguration will be from upstate New York. U.S. Sen. Charles Schumer says that Fage (fi'-yah) and Chobani brand Greek yogurts will be served to guests before the Presidential Inaugural Luncheon. Fage Greek yogurt on the menu at Inaugural luncheon Fage Greek Yogurt made in Fulton County to join Inauguration menu full of New ... Fage yogurt on Obama's menu |
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 AFP | Privatisation of Greek postal bank flops: source Economic Times The Greek state has a 34-percent direct stake in the postal bank and controls another 10 percent through its majority ownership of the Greek postal service, which is also up for sale. A breakup solution was used at the end of July for ailing state ... Greek market rises cautiously |
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BERLIN (Reuters) - The euro zone is not considering a debt restructuring for Cyprus, the EU's top economic official was quoted on Friday as saying, as the heavily indebted island struggles to negotiate an international aid deal. Cyprus applied for a financial rescue last June after its banks suffered huge losses on the EU-approved writedown on Greece's debt. But it has so far failed to persuade its European partners to sign off on the package, given concerns the level of the island's indebtedness means it would be unable to repay the aid without further concessions from international lenders. ...
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 BBC News | Greece unemployment hits highest rate in European Union BBC News The latest unemployment rate for Greece has risen to 26.8%, the highest figure recorded in the European Union (EU). The official Greek data for October sees Greece overtake Spain as the country with the highest unemployment rate in Europe. The Greek ... Greek deficit improves but jobless rate soars Unemployment in Greece reaches record highs Greece Unemployment Hits Record High |
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Fage Greek yogurt on the menu at Inaugural luncheon WNYT JOHNSTOWN - "This is delicious this is really good," said Senator Chuck Schumer as he tasted Fage yogurt Thursday. Schumer said he's hoping President Barack Obama has the same reaction, announcing that the yogurt will be served at an inaugural ... Fage Greek Yogurt made in Fulton County to join Inauguration menu full of New ... Fage yogurt on Obama's menu |
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President of the European Central Bank says eurozone has 'turned a corner' and forecasts regional growth by end of 2013
Mario Draghi sent the euro surging on Thursday by declaring "positive contagion" was helping to drag the eurozone out of its crisis. The president of the European Central Bank said he was confident that a gradual recovery would begin in the euro region this year.
After the ECB voted to leave interest rates unchanged, he told reporters Europe had turned a corner in the crisis, with borrowing costs across the eurozone now "significantly lower". "Stock markets have increased. Volatility is at a historical minimum," said Draghi at the ECB's monthly press conference in Frankfurt. "We have seen strong capital inflows in the euro area."
European commission president José Manuel Barroso was also in ebullient mood. On a visit to Dublin, he announced that "the doomsday scenario of a break of the euro has not come to pass".
Fresh economic data from Greece, though, showed the European periphery was still suffering. The Greek jobless rate rose to a record high of 26.8% in October, with 36,219 people losing their jobs during the month. Youth unemployment hit 56.6%, having almost doubled over the last three years.
With Spain selling bonds at much lower interest rates than last year, Draghi's comments helped to bolster confidence in the City. The euro jumped almost two cents against the dollar to $1.326 after Draghi insisted that the ECB's governing council was unanimous in leaving borrowing costs unchanged – matching the Bank of England's own decision earlier in the day.
In a sign of how the situation in the eurozone has calmed, Draghi even fielded a question on whether there was too much exuberance in European markets, where the FTSE 100 closed at a four-and-a-half-year high. Draghi denied that excessive exuberance was a big threat, arguing that Europe had simply returned to normality.
"We spoke a lot about contagion when things go poorly but I believe there is a positive contagion when things go well. And I think that's also what is in play now. There is a positive contagion," insisted the man credited with saving the eurozone last summer by promising an unlimited bond buying programme that has yet to be activated.
Draghi cautioned that Europe still faced "downside" risks, but refused to be blamed for the eurozone's record unemployment levels - which he partly attributed to 'structural' problems beyond his remit.
Kit Juckes, global macro strategist at Société Générale, believes the ECB president is now 'passing the baton' to Europe's elected leaders.
"Super Mario sounded like a man who thinks the job is done, battle won, time to rest. Superhero departs, leaving unemployed to politicians," Juckes said.
The economic data from Greece showed that women are the worst hit by Greece's long recession, with over 30% out of work.
Elsewhere in the eurocrisis, Cyprus hit back at German MPs who are refusing to support its bailout because of money-laundering concerns. Government spokesman Stefanos Stefanou said Cypriot banks were the victims of Europe's decision to demand a haircut on Greek debt, which left them nursing losses of over €10bn.
"What we are asking for is an expression of solidarity, which is a basic EU principle, towards a country which is the victim of a European decision to restructure Greek debt," Stefanou said.
Nicos Anastasiades, the right-wing front runner to win next month's elections in Cyprus, said he was keen to implement an economic reform plan. However Anastasiades also indicated he would not prioritise the privatisations of state assets - a key demand of international lenders.
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