Greece Outside In: 03/26/13

Tuesday, March 26, 2013

Juliet Stevenson ventures on to BBC's Atlantis

Broadcaster hoping to follow Merlin's success with 13-part teatime drama drawing on Greek myths and legends about the island

Juliet Stevenson, the star of Truly Madly Deeply and The Politician's Wife, is taking her first major role in a Saturday teatime family drama, the BBC fantasy series Atlantis.

The broadcaster will be hoping to repeat the success of Doctor Who and Merlin in luring children and their parents to BBC1 as the nights draw in on Saturday evenings this autumn with the 13-part drama, which draws on Greek myths and legends about the island which, according to legend sank into the Atlantic.

Stevenson has been cast in a line-up that also includes Mark Addy, recently seen in very different roles in the supermarket comedy Trollied and the dark and visceral TV adaption of George RR Martin's Game of Thrones fantasy novels, and Sarah Parish, whose credits include Cutting It, Mistresses, and Monroe.

Stevenson will also be seen on BBC1 this year in Peter Moffat's ambitious drama The Village, which aims to portray the fictional lives of the residents of a small Peak District settlement over several decades from 1911.

Stevenson rose to prominence in the early 1990s in the late Anthony Minghella's bittersweet romantic comedy Truly Madly Deeply and as the wronged woman who turns the tables on Trevor Eve's philandering husband in Paula Milne's Channel 4 drama The Politician's Wife.

Stevenson admitted this was her first experience of fantasy drama. "This genre is new to me, so I am looking forward to a great adventure."

The BBC's take on Atlantis is of a mysterious, ancient place with vast palaces said to be built by giants, snake-haired goddesses and other mythical creatures. The drama's main protagonist, Jason, is a young man who arrives on Atlantis and begins a series of adventures.

Sets depicting the mythical city and island are under construction in Wales and Morroco, with filming due to begin next month.

Atlantis has been written by Howard Overman, creator of E4's Asbo teens with super powers drama Misfits. His other writing credits include Merlin and the BBC4 adaptation of Douglas Adams's Dirk Gently.

Producers will hope they can tap into the current taste for fantasy, sci-fi and horror, with Atlantis following the BBC's successful reinvention of Doctor Who; Merlin, the reworking of the Arthurian legends that ran for five series until last autumn; and time travel meets dinosaurs drama Primeval.

Darker and more adult US excursions into the fantasy genre include Game of Thrones, with its graphic sex and nudity combined with complex storylines of honour and betrayal in a fictional medieval world, while The Hobbit has returned Tolkien's Middle Earth to cinemas.

There are also many new examples of the horror genre, including vampire series True Blood and zombie series The Walking Dead, starring British actor Andrew Lincoln.

Jason Deans

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Greece's Aegean offers concessions in bid to buy out Olympic

Kathimerini

Greece's Aegean offers concessions in bid to buy out Olympic
Kathimerini
Aegean Airlines has offered concessions to try to win approval for its second bid for rival Olympic Air, EU antitrust regulators said on Tuesday, extending their review of the takeover deal to April 23. Aegean has said the 72-million-euro bid is key to ...

READ THE ORIGINAL POST AT www.ekathimerini.com

Cyprus in restive post-bailout mood

Finance minister suggests haircut on deposits over €100,000 could be as high as 40% as Bank of Cyprus chairman resigns

Cyprus moved into its post-bailout phase in restive mood on Tuesday as its finance minister suggested a haircut on deposits over €100,000 (£85,000) could be as high as 40% and the head of the island's biggest bank resigned.

The tiny nation on the frontline of Europe's debt crisis reeled from the news that wealthy depositors would see their accounts being hard hit under the onerous terms of the €10bn euro lifeline thrown by the European Union, the European Central Bank and the International Monetary Fund to Cyprus. Enforced losses had originally been envisaged at no more than 20%.

"The exact percentage is not … yet decided but it is going to be significant," admitted finance minister Michalis Sarris. Hours later, the chairman of the Bank of Cyprus, Andreas Artemis, abruptly resigned saying neither he, nor his board, had been properly informed of the scale of the losses or the government's plan to sell off the bank's network of branches in Greece. Artemis, who was replaced by an outside administrator, stepped down as the island's banks remained shuttered for a 10th straight day in an unprecedented step for an advanced western economy.

Lenders, including banking co-operatives, had been expected to re-open on Tuesday but in a surprise move highlighting Cyprus's financial fragility, Nicosia's beleaguered government announced that the closure would be extended until Thursday at least. Sources said the step followed disagreement between the European commission and the ECB over how to adjust the banking sector in the wake of the decision to wind down the country's second biggest lender, Laiki, and merge part of it with the Bank of Cyprus.

"It's a huge task. We're in uncharted territory and are working around-the-clock," said one source at the central bank. The continued uncertainty was making it increasingly difficult for businesses to operate. Without access to cash, firms said it was becoming almost impossible to find raw materials given that so many suppliers were no longer accepting credit. "Cyprus has been treated very unfairly even if, having said that, mistakes were committed by both government authorities and the financial sector," the island's former foreign minister Nicos Rolandis told the Guardian. "The haircut on depositors is an extreme measure that hurts innocent people who have worked hard to assemble life savings and it sets a precedent."

Despite signs of a massive capital flight from the island in the past week, Rolandis said it was imperative that crisis-hit Nicosia tried to salvage its financial services industry. "The big challenge now is to keep as many foreign companies as possible in Cyprus," he said. "We still have many advantages … taxation is still low, the infrastructure is already there." But in another first for a eurozone member state, Sarris admitted that capital controls would soon be implemented. Among the draft proposals being considered, ahead of banks reopening, were weekly limits on cash withdrawals, curtailing euro transactions abroad and a prohibition on cheques.

The controls were confirmed as experts working in the financial sector confided that they were being approached by officials in Malta, Luxembourg and Lichtenstein to persuade wealthy depositors to move their assets out of Cyprus. "I've received three emails today and that's just from Malta," said Christos Neophytou, a lawyer who specialises in registering foreign companies on the island. "They're even offering financial incentives to try to convince clients to move out of Cyprus"

The developments came as the bleak mood turned to anger with furious bank employees demonstrating outside the Bank of Cyprus headquarters in Nicosia. Earlier, high school children and students took to the streets to denounce the troika's policies. "You have destroyed our future," said one banner held aloft by protesters as they demonstrated against the stringent austerity measures imposed by the EU, IMF and ECB.

Helena Smith

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

Greece's OPAP sale at risk of legal challenge

Greece's OPAP sale at risk of legal challenge
Reuters
Any setback to the sale could have broader economic implications for Greece, given that the stake in OPAP, worth around 660 million euros ($848.7 million) at the company's current share price, is being sold by Athens under privatisation plans which ...

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yoghurt labels all Greek to UK shoppers

Metro

yoghurt labels all Greek to UK shoppers
Metro
They have an Athens in the US – but the city in the state of Georgia prides itself more on fried chicken than feta. Now a 'Greek yoghurt' made in America has fallen foul of the law and been ordered to change its potentially misleading labels. New York ...

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Greek Banks Needed Less Assistance in February

Greek Banks Needed Less Assistance in February
Fox Business
Three years after the country's debt crisis erupted, Greek banks continue to struggle with a severe liquidity squeeze. They have been effectively frozen out of the interbank market amid fears of a Greek sovereign debt default, while at the same time ...
Emergency assistance to Greek banks drops further in Feb-cenbankReuters

all 2 news articles »

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UPDATE 3-Piraeus buys Cyprus bank units in Greece for 524 mln euros

Kathimerini

UPDATE 3-Piraeus buys Cyprus bank units in Greece for 524 mln euros
Reuters
Piraeus signs deal to buy all 3 Cypriot banks in Greece. * Deal will make it Greece's second-largest bank by assets. * Greece's bank bailout fund to finance the acquisition. By George Georgiopoulos, Lefteris Papadimas and Laura Noonan. ATHENS, March 26 ...
Piraeus to pay $678 million for Cypriot bank unitsMiamiHerald.com
Piraeus to wrap up takeover of Cypriot banks in Greece by noonChicago Tribune
Piraeus Bank completes acquisition of Cypriot bank units in Greece for 524mln ...Kathimerini
Xinhua -Shanghai Daily (subscription) -4-traders (press release)
all 2,152 news articles »

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Piraeus to pay $678M for Greek units of Cypriot banks

CBS News

Piraeus to pay $678M for Greek units of Cypriot banks
CBS News
ATHENS, Greece Greece's Piraeus Bank reached an agreement Tuesday to buy the Greek operations of three Cypriot banks for $673 million, as stock markets in Athens were hit hard by the crisis in Cyprus. Piraeus, which was selected last Friday to take ...

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Emergency assistance to Greek banks drops further in Feb-cenbank

Emergency assistance to Greek banks drops further in Feb-cenbank
Reuters
ATHENS, March 26 (Reuters) - Emergency liquidity assistance (ELA) to Greek lenders from their own central bank dropped by a third in February, in a sign of progressing normalisation of the country's banking system, Bank of Greece data showed on Tuesday ...

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The tech scene in Greece is booming—thanks to desperation and 60% youth ...

Quartz

The tech scene in Greece is booming—thanks to desperation and 60% youth ...
Quartz
The contrast between the office and its surroundings is more than aesthetic—it's the difference between where Greece is, a low-tech economy based on tourism and agriculture, and where it could be—a smart, creative and cosmopolitan center for ...

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Where are Europe's banks most exposed?

How much sovereign debt do Europe's banks have in each country in the EU?

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How much government debt do Europe's banks own?

As the Eurozone crisis gets more dramatic everyday, we wondered where each bank was most exposed in Europe.

As it is, Cyprus looks set to keep its banks closed until at least Thursday - and will be under strict controls to try to prevent a bank run in the wake of the island's €10bn bailout.

So, which banks own government debt in Cyprus, for example? Or where do the UK's banks own sovereign debt?

The European Banking Authority - set up after the 2008 crash - carried out a major exercise looking at holdings of government debt by banks - and published the results at the end of last year. It measures 'gross exposure' to sovereign debt in each country in the EU - except Greece - at the end of June 2012. The data itself is there to download - albeit with an interactive Excel sheet which works only on PC versions of the spreadsheet package.

It shows where €3.6 trillion of government debt is owned by Europe's banks. It shows, for instance, that Santander has €5.9bn in UK debt, or that Societe General has €1.7bn.

Barclays owned €8.4bn in French government debt in June last year - 10% of its total EU exposure. However the majority, 54.9%, is in UK debt. In fact that rule of mostly investing in your home country's sovereign debt is a common factor.

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Simon Rogers

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Greek Stocks Slump as Investors Play Catch Up On Cyprus Woes

Washington Post

Greek Stocks Slump as Investors Play Catch Up On Cyprus Woes
Wall Street Journal
Greek stocks fell sharply Tuesday, playing catch up a day after markets were closed for a public holiday and significantly underperforming European peers as investors continued to fret about the fallout from neighbouring island Cyprus. Greece's ASE ...
Piraeus to buy Cypriot banks' Greek units for 524 million eurosFox Business
Cyprus banks sell Greek units for $678m, markets hit despite bailout dealWashington Post
Greek stock market drops by 4.58% on Cyprus worriesFRANCE 24
Benzinga -Shanghai Daily (subscription) -4-traders (press release)
all 2,139 news articles »

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Cyprus overshadows Greek Independence Day

euronews

Cyprus overshadows Greek Independence Day
euronews
Cyprus overshadows Greek Independence Day. 26/03 11:30 CET. Cyprus overshadows Greek Independence Day. no comment. | |. Current Rating 5.0/5; 1; 2; 3; 4; 5. Current Rating 5.0. There was a sombre atmosphere at Greece's annual Independence Day ...

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SAP To Go Greek In Latest Organizational Move

Kathimerini

SAP To Go Greek In Latest Organizational Move
Benzinga
Snabe met with Greek Prime Minister Antonis Samaras Tuesday to discuss the move. “We will invest in Greece,” the executive was quoted as saying after the meeting, when he indicated that SAP would set up offices in Athens. Snabe was also reported as ...
SAP: "We will invest in Greece"Capital.gr (press release)

all 3 news articles »

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SAP: “We will Invest in Greece”

Greek Reporter

SAP: “We will Invest in Greece”
Greek Reporter
SAP Prime Minister Antonis Samaras met today with co-CEO of German multinational software corporation SAP, Jim Hagemann Snabe, in the context of the government΄s efforts to attract foreign investments to Greece and expansion of their activities in the ...
SAP To Go Greek In Latest Organizational MoveBenzinga
German software giant SAP to move southern Europe headquarters to GreeceKathimerini

all 3 news articles »

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Ground euro: where the rich stash & burn

Economic Times

Ground euro: where the rich stash & burn
Economic Times
Doddering Cypriot banks have been crippled by their exposure to the financial crisis in Greece. By Chitra Subramaniam Duella Billions of frozen euros, hundred years of history and a lot of water and oil fields around for everyone to drown in explains Cyprus's ...

and more »

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Why the federal budget can't be managed like a household budget

Not all budgets are created equal – even if politicians say they are. The fed is much better off when it is short on cash

Today in homespun homilies that are out-and-out political hokum, we're going to take on the case of why so many of us believe the federal budget should be managed just like our household finances.

This old saw is routinely trotted out by politicians looking to give themselves cover when they are talking about cutting – oops, I mean "saving" – programs most of us hold dear, like Social Security or Medicare.

The Romney campaign said it. Paul Ryan claimed it, as recently as a little more than a week ago. It's not, you can all but hear them saying, that we want grandma eating cat food when she's 90, but gosh damn it, we need to restore some integrity to our federal finances. After all, you, John and Jane Q. Voter, reconcile your family accounts regularly and can't spend a penny more than what is coming in. Why should those big spenders in Washington, DC get away with doing something you mere Americans cannot?

"Every family in America has to balance their budget," recently thundered Speaker of the House John Boehner.

I guess that's why an online poll last year found 69% of us never reconcile our checkbook and another 10% rarely bother.

So what can be the appeal of this less than truthful analogy? The sad truth is it is a product of our profound financial ignorance.

First, the comparison sounds good. We don't like debtors in this country, even if those debtors are ourselves. This is why former bankrupt turned anti-bankruptcy personal finance guru Dave Ramsey has a career. (Ramsey, if you are wondering, also promotes the canard that the federal budget is like a household budget.) We think we should be punished for debt, like a small child who has misbehaved. Then all will be well.

Actually debt is much more complicated than that. Take a look at the popular home mortgage. Many of us don't see it as a negative drain on our resources. We seem to believe that as long as we can make the monthly payments without difficulty, we are not in hock. This is not true, as anyone who has ever done a net worth statement can attest. Net worth is determined by subtracting the debt owed from assets.

As long as you can afford the monthly tab, most financial experts would tell you a mortgage is a good thing to have. Why? Well, owning a home is a long-term investment, ultimately a good thing for your household bottom line.

Now, of course you could say a certain percentage of government spending is also a long-term investment. Just look at the economic stimulus plan enacted by the Obama administration. Not only does issuing debt and using it to build bridges and educate children offer an economic stimulus in the short term, it also boosts our prospects in the long run, as these investments ultimately improve our productivity for years to come.

Yet this nation of current and former mortgage holders doesn't believe it. Internal Republican party polling obtained by the online publication Politico revealed that a majority of voters believe balancing the federal budget would "significantly increase economic growth and create millions of American jobs."

Been to Great Britain lately? Greece? Italy? That austerity thing is working out just great for them. The more they cut, the worse the hole their economies face. That's why Britain is likely entering its third recession in less than five years.

You cannot contract your way to economic growth. It takes money to make money. This is why personal finance gurus like Ramit Sethi, for example, tell their minions that if they believe they need more in the way of funds, they need to figure out a way to bring more in.

And this is where governments and households are very, very different from one another.

When we are short of money or run into a financial emergency, our options are not great unless we have generous friends or relatives. If we are lucky, we can turn to credit cards. Sometimes we can start up a small eBay or Etsy business, and bring a little bit of extra cash in. But for those of us who are really in financial trouble, we will seek out the services of payday loan lenders, where interest rates can run as high as 30% for a mere two-week cash advance.

The United States government, when it needs some cash, is in a much better situation. It can issue bonds to raise money – federal IOUs with very low interest rates. (The interest on the 10-year Treasury note is currently 1.91%, for instance). The government can raise taxes. As a last resort, it can even print money, as I pointed out last week in a discussion about the situation in Cyprus and why it can't happen here.

As a result, despite the claims of many, many doomsayers (Peter Schiff, I'm calling your name), the United States economy is currently doing more than treading.

If there are any other personal finance statements uttered by politicians you would like me to parse, please mention them in the comments.

Helaine Olen

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

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Tuesday, March 26, 2013

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