How the world sees Greece
Greek triple jumper Papachristou has grant suspended GlobalPost ATHENS (Reuters) - Greek triple jumper Voula Papachristou has had her financial benefits suspended by the Greek athletics federation (SEGAS) until further notice, the organisation said on Wednesday. The 23-year-old was withdrawn from Greece's team for ... |
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Spring Pep Rally Surprise at Greece Arcadia Rochester YNN Students at Greece Arcadia High School were in for a surprise at their spring pep rally Wednesday. What students had expected to be a normal pep rally, turned into a performance they will likely never forget. Seventy-five faculty and staff members ... |
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 NEWS.com.au | Athens Bomb Explodes Near Acropolis Wall Street Journal ATHENS—A bomb exploded on Wednesday evening outside the residence of a prominent Greek shipowner near the Acropolis in central Athens, but there were no injuries and only minor damage, a police spokesman said. The blast was preceded by a ... Bomb Explodes Near Acropolis in Central Athens Bomb Explodes in Athens Near Home Former Bank of Cyprus Board Member Bomb explodes near Acropolis in central Athens - reports |
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 Washington Post | Bomb explodes outside ship owner's house near Acropolis in Greece, no injuries Washington Post Greece is suffering an acute financial crisis, and imposed deeply resented austerity measures over the past three years to secure international bailouts that are shielding it from bankruptcy. Domestic anarchist groups have carried out dozens of attacks ... Bomb explodes near Acropolis in Greece, no injuries reported: police Bomb explodes near Acropolis in central Athens Bomb Explodes Near Acropolis In Central Athens, No Injuries Reported |
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People leaving island can reportedly take only €3,000 in banknotes and spend up to €5,000 per month on credit cards
Cyprus last night made eurozone history by imposing swingeing measures to stop money flooding out of the country when its banks reopen after a 12-day hiatus on Thursday.
After repeatedly delaying the reopening of the banking system, officials said banks would finally open at noon today, raising concerns that customers will scramble to remove savings that could face losses of at least 40%.
Cash withdrawals from banks will be limited to €300 a day – although banks in recent days have been restricting withdrawals to €100 per customer to prevent them running out of cash while the country has negotiated its €10bn bailout.
Yiangos Demetriou, head of internal audit at the island's Central Bank, told the Cypriot state broadcaster that a limit of €5,000 would be set on the use of credit cards abroad and insisted the measures would be imposed for just four days.
Since the euro was launched in 1999, no member of the single currency has faced such emergency measures to keep cash within its borders.
"The rationale is that these measures will be reviewed on a daily basis, so if there is the possibility of relaxing them we will," Demetriou said.
Bob Lyddon, the general secretary of IBOS, an international banking association, described the controls as "more reminiscent of Latin America or Africa". "These are permanent controls until the economy recovers," said Lyddon, casting doubt on any suggestion the capital controls could be temporary.
There were also unconfirmed reports that anyone leaving the country – whose banking system had exploded in size to eight times the size of its €17bn economy – will be unable to carry more than €3,000 of banknotes, while families with members studying abroad would not be able to send more than €10,000 a term to relatives.
The security firm G4S is sending 180 staff to all bank branches across the island to ensure calm when they reopen at noon local time. It was reported on Wednesday that €5bn in banknotes had been flown in from Frankfurt by the European Central Bank (ECB).
Much could hinge on the reaction of wealthy Russians who have turned to Cyprus to make huge deposits in recent years. In the US, New York's powerful financial services industry has already benefited from a silent Cyprus bank run. "This past year, we've been seeing a shift in investments in the United States as a result of the financial state of the European Union," said Ed Mermelstein, a New York real estate lawyer who advises wealthy Russians.
Banks in Cyprus were closed 12 days ago shortly before president Nicos Anastasiades announced the terms of its bailout, which included skimming all savers to raise €5.8bn.
The terms have since been altered to ensure that those with less than €100,000 in their accounts are not forced to take a cut, in a move that the European authorities hope will restore faith in the bank guarantee scheme across the 27 EU nations.
Under the terms of the bailout with the EU, the ECB and the International Monetary Fund – known as the troika – the island's second biggest bank, Laiki, is to be closed down and savers with less than €100,000 transferred to Bank of Cyprus, the largest bank in the country.
Depositors with more than €100,000 in their accounts – the level at which savings are guaranteed across Europe – face a levy to raise billions of euros towards the bailout. According to some estimates this could be between 40% and 80%.
In Britain, the government has been working on ways to keep Laiki's four branches being "sucked" into the Cypriot bailout although there was little indication last night that a solution had been found for the 13,000 customers potentially affected. Chris Pavlou, former vice chairman of Laiki told Channel 4 news that Anastasiades was given little option by the troika but to accept the draconian terms, which force savers to take a hit for the first time in the fifth bailout of a eurozone country.
Pavlou said: "It's not very nice, actually, to see two or three people half your age – clever people – coming over there and shaking their hands at the president and saying: 'You have to do this, otherwise we bring you down.' It is very painful for someone who's just been elected to actually face that."
But the meltdown of the Cypriot financial system came as no surprise to well-connected, wealthy Russians, who bundled some of their money to the US. "Many of our clients had a heads-up on this issue," said Mermelstein. "Cyprus had started having the conversations about what it was intending, and that's been going on for half a year."
Michalis Sarris, the Cypriot finance minister, has admitted that Cypriot banks were suffering "substantial outflows" for weeks before the meltdown, indicating that Russians were already anticipating the crisis.
According to investment bankers, lawyers and wealth advisers in the US, over the past year Russians have also been seeking property developments in the US. Lawyers and advisers have been making construction loans and sinking money into the concrete foundations of the big real-estate developments in Manhattan.
Six months ago, Mermelstein said, a Russian client took several million dollars from a Cyprus account and made a loan to a commercial project in New York.
After Cyprus announced an overnight bank raid into the deposits of rich customers, Mermelstein said his client "was happy the loan came out of Cyprus and doesn't have to go back any time soon". Such investments, ranging in size from $5m to $25m, have "gone up substantially", the real estate lawyer said.
With ink on the Cypriot bailout barely dry, the focus was turning to which countries might face the same fate, following Greece, Ireland, Portugal and Spain.
James Howat, European economist at Capital Economics, said: "Cyprus has shown that even the smallest members of the eurozone can rock the single currency area.
"Slovenia is probably the next country most likely to be forced into a bailout programme, but Malta and Luxembourg are also vulnerable given the size of their banking sectors relative to their economies.
"There is already evidence of market stress in Slovenia, with government bond yields rising from 4.5% to 6.5% over the last two weeks."
Analysts at Fathom Research said that the relief surrounding the Cyprus deal would be temporary. "The relief is misplaced and will be short-lived, since the 'doom-loop' undermining the euro – between insolvent banks and their indebted sovereigns – has not been broken, but emphatically reaffirmed."
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 GlobalNews.ca | Bomb explodes near Acropolis, no injuries: police GlobalPost A bomb exploded on Wednesday near the Acropolis, apparently targeting the house of a Greek shipowner, a police source said, adding that there were no immediate reports of injuries. "An anonymous caller contacted a Greek daily at 8:10 pm (1810 GMT) ... Bomb explodes near Acropolis in central Athens - reports Acropolis Bomb: Blast In Central Athens Greek police say bomb explodes near Acropolis in central Athens |
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GlobalNews.ca | Bomb explodes near Acropolis in Greece, police say nobody injured Vancouver Sun ATHENS, Greece - A bomb exploded outside a ship owner's house near the Acropolis in central Athens on Wednesday night, causing damage but no injuries, police said. The explosion near the country's most famous monument occurred at about 8:30 p.m. ... Bomb explodes near Acropolis in Athens Greek police say bomb explodes near Acropolis in central Athens |
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UK left isolated as Ambergris Caye, in Belize, heads table that includes only one European destination
Belize's largest island, Ambergris Caye, a popular destination for scuba divers, has come top of a list of the world's 10 best islands in a survey of travellers.
The western Caribbean nation, which has the second largest coral reef in the world after Australia's Great Barrier Reef, beat another Caribbean destination – St John, in the US Virgin Islands – to top the TripAdvisor survey.
Third place went to Bora Bora, in French Polynesia in the Pacific Ocean, which is surrounded by a lagoon and a barrier reef, and is popular for its overwater bungalows.
"Ambergris Caye boasts spectacular caves, winding waterfalls, tropical rainforest and hundreds of limestone caves," said a TripAdvisor spokeswoman, Emma Shaw.
She said TripAdvisor's inaugural list of the world's best islands was based on millions of reviews and ratings by international tourists on the travel website over the past year.
The highest ranking European island to feature on the list was Santorini, in Greece, known for its black volcanic-soil beaches, whitewashed buildings and dramatic views.
Santorini topped a separate list of the top 10 European islands, in which Greek islands took four of the slots; joining Santorini were Cephalonia, Naxos and Zakynthos.
The top-ranking island in a list for Britain was Mainland, in the Orkney Islands in Scotland, which came fifth in a separate European list.
World
1 Ambergris Caye - Belize
2 St John, US Virgin Islands - Caribbean
3 Bora Bora - French Polynesia
4 San Juan Island - United States
5 Santorini - Greece
6 Isla Mujeres - Mexico
7 Moorea - French Polynesia
8 Koh Tao - Thailand
9 Easter Island - Chile
10 Nosy Be - Madagascar
Europe
1. Santorini - Greece
2. Cephalonia - Greece
3 Capri - Italy
4. Naxos - Greece
5. Mainland, Orkneys - Scotland
6. Gozo - Malta
7. Zakynthos - Greece
8. Jersey, Channel Islands - Britain
9. Isle of Skye - Scotland
10. Fuerteventura - Canary Islands
UK
1. Mainland, Orkneys- Scotland
2. Jersey - Channel Islands
3. Isle of Skye, Hebrides - Scotland
4. Isle of Mull, Hebrides - Scotland
5. Lewis and Harris, Hebrides - Scotland
6. Isle of Arran - Scotland
7. Isle of Man - British Isles
8. Island of Anglesey - Wales
9. Isle of Wight, Hampshire - England
10. Guernsey - Channel Islands
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News Summary: Greek sailors unpaid for months Businessweek NO PAY BLUES: Hundreds of sailors, mechanics, stewards and others who work on Greek ferries have been going unpaid for months at a time, according to seamen's unions. And their patience is wearing thin. THE PROBLEM: Like every other sector in ... |
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 The West Australian | Big Greek Banks Post Steep 2012 Losses Fox Business Three of Greece's largest lenders on Wednesday reported steep losses for 2012 due to the country's deep recession, and downplayed the impact a banking crisis in neighboring Cyprus will have on their operations. National Bank of Greece (NBG), the ... Greek banks post heavy losses UPDATE 1-Major Greek banks post losses as recession bites Deposits at Greek banks head back up in February |
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 BBC News | Coach Rehhagel tapped to charm Greece 27.03.2013 Deutsche Welle Otto Rehhagel's schedule in the Greek capital is jam-packed: first, a meeting with Greece's interior minister, then on to the Ministry of Tourism, then off to watch a match between two junior teams. Rehhagel does it all with self-assured ease. He ... Germany enlists Otto Rehhagel in Greece 'charm offensive' Germany turns to soccer diplomacy in Greece Austerity 'works for Greece |
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bomb explodes near Acropolis in central Athens Fox News ATHENS, Greece – Greek police say a bomb has exploded near the Acropolis in central Athens, but it was not immediately clear what the target was and whether anybody has been hurt. The explosion followed a warning call to a Greek newspaper late ... |
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Travel agents report surge in last-minute bookings as UK shivers in freezing conditions
The grim weather at home is sending millions of Britons abroad in search of guaranteed sunshine over the Easter break, according to travel agents and holiday firms who have reported a surge in last-minute bookings and the strongest demand for seasonal beach holidays in a decade.
Despite the prospect of travel chaos on roads and at airports as a result of the freezing weather and icy conditions – in what is predicted to be the coldest Easter since 1910 – airports are bracing themselves for the start of the busiest holiday weekend so far this year.
A threatened strike on Thursday by French workers at Calais, Dunkirk, Dieppe and Cherbourg could also delay ferries.
The Association of British Travel Agents (Abta) predicts that more than 1.7 million British holidaymakers will head overseas for the Easter weekend, compared with 1.5 million last year.
Spain is the UK's favourite foreign holiday destination, with the Canaries and the Balearics the most popular areas, and Egypt and Tunisia also top choices. Favourite city break destinations are Paris, Dublin, Amsterdam, Rome and New York, while France and Austria – where great snow conditions have allowed many resorts to extend their seasons – are the most popular for skiers.
Mark Tanzer, chief executive of Abta, said: "After two wet summers and no end in sight to the winter many Britons are desperate for some sunshine. We've seen a surge in last-minute bookings to warm destinations."
The holiday company TUI Travel, which owns Thomson and First Choice, said online bookings to resorts such as Fuerteventura in the Canaries, Greece and Tunisia were up 73%, 45% and 37% respectively compared with last year.
Garry Wilson, managing director of purchasing for Thomson and First Choice, said: "With predicted highs of 24C in Fuerteventura, Canary Islands, and 20C in Hammamet, Tunisia, on Easter Sunday versus just six degrees in London and four degrees in Manchester it's easy to see why people are heading south for the long weekend."
Thomas Cook said almost half its 28,000 bookings for Easter were to the Canary Islands, with Mexico the top long-haul destination.
The knock-on effect is brisk business at the airports – Heathrow is preparing for its busiest seven days of the year so far, expecting to handle up to 1.2 million passengers passing through its five terminals between Thursday and next Tuesday. Thursday will be the busiest single day, with over 116,000 people heading abroad for last-minute skiing or guaranteed sunshine.
Regional airports, ferry terminals and the Channel Tunnel are expected to be busy. But a stoppage involving members of Force Ouvriere – who help marshal traffic – could lead to delays for ferry passengers.
More than 60,000 pasengers will be taking continental Eurostar services from the UK to France and Belgium over the Easter break, the company said – with many travelling to Euro Disneyfor the ongoing 20th anniversary celebrations.
The tourism agency VisitBritain said 2.7 million Britons planned to take an overnight trip during the Easter weekend. Blockbuster new London exhibitions such as Pompeii at the British Museum and David Bowie at the V&A are expected to be major draws.
The RAC expects more than seven million motorists to be heading for a getaway in the UK or Europe, preparing for a "roads rush" by scheduling an extra 10% patrol hours for the four days from Good Friday. There could be gridlock in some areas with outstanding roadworks still in place, including a section of the M1 near Milton Keynes in Buckinghamshire as well as part of the M4 near Reading in Berkshire.
The busiest "getaway" periods will be Thursday and Good Friday morning, extending through until Saturday. According to Trafficmaster the most congested stretches of motorway are likely to include all sections of the M25 – especially both ways around junctions 14-17 (Heathrow airport and M4, M40 interchanges) and parts of the M1. Network Rail said rail passengers were unlikely to suffer any disruption, although passengers travelling via Reading station will face diversions as a result of an ongoing £900m refurbishment.
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