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Wednesday, January 16, 2013

International Monetary Fund OKs $4.3B loan for Greece

Country's economy is being kept afloat by international rescue loans from other eurozone members and the IMF



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Reuters poll sees slow return to growth for Greece, Spain and Portugal


Kathimerini

Reuters poll sees slow return to growth for Greece, Spain and Portugal
Kathimerini
Greece, Spain and Portugal face a tougher 2013 than previously thought, while the outlook for growth in Ireland, the only bright spot among the eurozone's most vulnerable economies, was cut for the first time in nearly a year. A Reuters poll of 46 ...

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IMF Approves 3.2 Billion-Euro Disbursement for Greece


IMF Approves 3.2 Billion-Euro Disbursement for Greece
Bloomberg
The International Monetary Fund agreed to disburse 3.2 billion euros ($4.3 billion) to Greece after the country made new budget cuts, received more favorable aid terms from European nations and conducted a bond buyback. The IMF board made the decision ...


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IMF approves ? 3.24 billion loan installment for Greece following review

WASHINGTON - The International Monetary Fund has approved a € 3.24 billion ($4.3 billion) loan installment to Greece, following an economic review.

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IMF approves $4.3 billion loan for Greece

WASHINGTON (AP) — The International Monetary Fund has approved a $4.3 billion loan installment to Greece, following an economic review.

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IMF approves $4.3 billion loan for Greece





The decision by the IMF's board Wednesday followed the Greek parliament's approval this week of an emergency bill ratifying dozens of conditions set by bailout lenders.

The loans were granted on condition that the country impose spending cuts and other austerity measures.


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Journalists, political parties become targets of rising violence amid austerity.


Globe and Mail

Journalists, political parties become targets of rising violence amid austerity.
Southeast European Times
Authorities in Greece are expressing grave concerns about an outbreak of extremist violence directed against journalists, political entities and government institutions, believed to be triggered by unrest over the nation's austerity measures. Gunmen ...
Gunmen spray the offices of Greece's governing partyThe Age
Shots fired at Greece's ruling party headquarters, no injuriesGlobe and Mail
Shots fired at Greece ruling party HQ in AthensBBC News
Greek Reporter -Fox News
all 542 news articles »

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Greece Taxes Foreign-Flagged Ships for First Time Amid Crisis


Greece Taxes Foreign-Flagged Ships for First Time Amid Crisis
Bloomberg
Greece will tax merchant ships managed by companies based in the country and sailing under foreign flags for the first time ever as the nation's debt crisis spurs the government to raise revenue. Amendments to a bill passed by lawmakers at the weekend ...

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Yoplait Yogurt Introduces Pro-Force Greek


The Herald | HeraldOnline.com

Yoplait Yogurt Introduces Pro-Force Greek
The Herald | HeraldOnline.com
MINNEAPOLIS — Greek yogurt's explosion of new offerings is complementing the category and Yoplait has identified the next “it” crowd for Greek yogurt—tweens. New Yoplait® Pro-Force™ is a Greek yogurt that contains two times the protein of the ...

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Klaus Schwab: The Re-emergence of Europe

How can we restore stability to the European banking system? A banking union is the only solution, including bank deposit insurance to protect savers' assets and a central regulator, the European Central Bank.

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Almost a third of Britons cannot afford a holiday, ONS poverty report shows

New analysis shows growing proportion of UK population (36.6%) would be unable to afford an unexpected bill

Almost 30% of people in the UK are unable to afford even a week's annual holiday, up from less than a quarter before the financial crisis, according to a new analysis by the Office for National Statistics which reveals the day-to-day struggle facing many families in post-recession Britain.

The finding is part of a wider report comparing levels of poverty and social exclusion across the UK and the rest of the European Union. More than a fifth of the population – 22.7%, or 14 million people – were considered "at risk of poverty or social exclusion" in 2011, the latest year for which data are available.

This level has been largely unchanged since 2007, and compares to an EU average of 24.1% – though that includes countries such as Greece and Spain which are in deep financial and economic crisis.

The proportion of the population in the UK defined as "at risk of poverty," has fallen since the depths of the recession, the ONS reports, from 18.7% in 2008 to 16.2% in 2011 – but that is partly because the definition of the poverty line, which is calculated relative to average incomes, has declined, as real wages across the economy have fallen.

The ONS therefore uses a series of measures of "material deprivation" to give a clearer picture of how living standards have been affected by the economic downturn.

These show that more than a third of people (36.6%) say they would be unable to afford an "unexpected but necessary financial expense", such as a surprise bill, up from 26.6% in 2007, suggesting that a growing number of households are struggling to make ends meet.

There have also been modest increases in the percentage of people saying they struggled to pay their mortgage, rent, utility bills or heating.

The proportion of people in "severe material deprivation", defined as being unable to afford four or more from a list of items, including a washing machine and a telephone, has remained largely flat since 2005, and stood at 5.1% in 2011, the ONS said.

But statisticians also pointed out the higher-than-average level of people in the UK living in a household where there is so-called "low work intensity": where the adults in the household were employed at just 20% or less of their full capacity – in other words, where they were unemployed, or working very few hours.

In 2011, 11.5% of people in Britain lived in a household with very low work intensity. That was down from 13.1% in 2010, but was the seventh highest level among the 26 European countries compared by the ONS. The average across the EU is 10%.


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IMF Expected to Approve Loan Payment to Greece


IMF Expected to Approve Loan Payment to Greece
Wall Street Journal
LONDON—The International Monetary Fund is expected to approve a delayed €3.3 billion ($4.39 billion) loan payment to Greece at a board meeting later Wednesday, after the country successfully completed a bond buyback in December, several people ...

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IMF Set to Approve Greek Loan Payment

The International Monetary Fund is expected to approve a delayed loan payment to Greece after the country completed a bond buyback in December, several people involved in the matter said.

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Building activity in Greece plummeting, 43.7pct fewer permits issued in October


Kathimerini

Building activity in Greece plummeting, 43.7pct fewer permits issued in October
Kathimerini
There was a 43.7 percent drop in the number of building permits issued in Greece in October 2012 compared to a year earlier, the Hellenic Statistical Authority said on Wednesday. Just 1,506 permits were issued during the month, which corresponds to 0 ...


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The debate about Greek defense expenditures


Kathimerini

The debate about Greek defense expenditures
Kathimerini
The high level of Greek defense expenditures, as well as the so-called hypocrisy of countries like Germany and France that have been selling expensive weapon systems to a country with GreeceĆ­s debt and financial problems have often been in the ...
Schengen Rules Threaten Greek TourismGreek Reporter

all 2 news articles »

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Greek Cyprus Vows to Uphold Turkey's EU Talks Vetoes


Greek Cyprus Vows to Uphold Turkey's EU Talks Vetoes
Journal of Turkish Weekly
Greek Administration of Southern Cyprus has said its position will not change with respect to its vetoes of negotiation chapters between the European Union and Turkey as both sides have stressed the need to revive stalled accession talks Today`s Zaman ...

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Greece eyes another haircut


Livemint

Greece eyes another haircut
ForexLive (blog)
Fin Min Stournaras said more restructuring is possible if Greece can secure a primary surplus, but he won't know until the end of the year. “Another [restructuring] would be welcome. We will not say no to another haircut. We express our arguments but ...
Greece says assured January aid tranche to be paidReuters UK
Greek borrowing costs dip in new T-bill saleMiamiHerald.com (registration)
Greece bundles bailout terms into emergency billLivemint
Reuters -Washington Post -Kathimerini
all 174 news articles »

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Thought it was safe to forget Greece? Think again


Kathimerini

Thought it was safe to forget Greece? Think again
Kathimerini
Not so in Greece, a country that international creditors have repeatedly lambasted for its tolerance of rampant tax evasion. While the Lagarde list included about 2,000 Greek depositors, successive Greek governments did not use it to collect a single ...

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Greek Police Raid 3rd Squat After Surge in Violence

The crackdown comes after shots were fired Monday at the offices of the governing New Democracy Party and explosive devices were set off over the weekend.


READ THE ORIGINAL POST AT www.nytimes.com