DigitalJournal.com | Greece Warns Teachers Not to Strike Wall Street Journal After meeting on Friday, Greece's secondary-school teachers union, OLME, agreed on a 24-hour strike for May 17 and rolling strikes to be held the week after. OLME plans to hold a rally in central Athens on Monday and called on the country's two largest ... Greece invokes emergency powers to block teachers' strike Greece: Civil mobilization order to teachers ahead of strike - Digital Journal Samaras Orders Teachers To Work Exams |
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Sunday, May 12, 2013
Greece Warns Teachers Not to Strike
Nine injured in Greece after gold mine project protest
FRANCE 24 | Nine injured in Greece after gold mine project protest FRANCE 24 AFP - Nine people were injured on Sunday during clashes with police at a protest against a controversial Canadian gold mining project in northern Greece, the Athens News Agency reported. Eight riot police officers and one female activist were wounded ... Eight police officers, one protester injured in clash over gold mine |
CVC battle for Betfair goes to the wire
Private equity firm CVC may be forced to raise its 880p-a-share offer to beat the deadline set by the Takeover Panel
Private equity group CVC Capital Partners was last night hopeful of producing a last-minute improved offer for online betting exchange Betfair before a 5pm deadline on Monday .
The deadline set by the Takeover Panel could see CVC, which is bidding alongside two major Betfair shareholders, increase the 880p-a-share offer it made last month to as much as £10. If the deadline passes, the private equity group will be barred from making another offer for six months.
Discussions between the two sides continued throughout the weekend with no sign of a deal expected until the last moment. The board also has the option of extending the deadline if it can persuade the takeover panel a deal is likely.
The majority of current shareholders bought their stakes when the company listed in October 2010 at £13 a share and will need to decide whether there is any long-term value in the company.
Last week, Betfair's chief executive, Breon Corcoran, said the company would expect a higher offer, claiming that cost savings of between £20m and £30m would be in place next year. He raised full-year revenue forecasts from between £370m and £385m to £387m.
Since listing the group has struggled with a series of profit warnings and failed expansion plans, leading to 500 redundancies and withdrawal from markets including Germany, Greece and Cyprus to focus on the core UK business.
Shares closed on Friday up 2.6% at 898p.
Mixed signals for the global economy
By Lucia Mutikani WASHINGTON (Reuters) - A flood of data this week will paint a mixed picture of the global economy, with belt-tightening continuing to dampen activity in the euro zone, but accommodative policies helping to stimulate growth in Japan. Reports from the United States are expected to show some slowdown in momentum early in the second quarter, and the Chinese economy's prospects are unlikely to have changed much. "We expect global growth to decelerate further in the second quarter, hamstrung, mainly from fiscal austerity in the U.S. ...
Míchel wins Greek double
MARCA.com | Míchel wins Greek double MARCA.com The former Real Madrid player's side beat Asteras Trípolis 3-1 in the final of the Greek Cup, in a match that was decided in extra-time. Two Spaniards were on the score-sheet: Rubén Rayos opened the scoring in the 13th minute for Asteras Trípolis and ... Soccer-Olympiakos win Greek Cup to complete domestic double Olympiakos beats Asteras 3-1, wins 26th Greek Cup Olympiakos Beats Asteras At Greek Cup Final; Completes Double (video) |
Pedro Almodóvar's Spanish disaster script is all too realistic
Director's take on Spain's economic jeopardy, I'm So Excited should remind the Rajoy government that the end is still in doubt
A plane circles in the sky with a damaged undercarriage. The passengers get up to high jinks as they wait for the inevitable crash landing. A cast of call girls, gay cabin crew and a crooked banker on the run says this is your traditional 1970s-style Hollywood airline disaster comedy. In fact, it is how Spain's most renowned film director, Pedro Almodóvar sees the current state of his country.
Needless to say, that is not the view of Mariano Rajoy's government in Madrid. While not disputing that Spain has its problems, the administration say the wipeout that was looming last summer has been avoided.
Proof is that financial market conditions have eased since Mario Draghi said that the European Central Bank would do whatever it took to safeguard the future of the euro. Spain used the breathing space to patch up its creaking banking system with European money, and has subjected itself to an eye-watering austerity programme that makes George Osborne's deficit reduction plan look like Keynesian largesse. Labour market reforms – wage cuts and more flexible working practices – have repaired the damage caused to competitiveness by the construction and housing bubble of the 2000s, resulting in multinational firms moving production to Spain from higher cost parts of the eurozone, such as France and Belgium.
Spanish policymakers also think Europe-wide developments are helpful. Governments are being given more time to put their public finances in order and there is growing confidence in Madrid that a banking union will be agreed despite German reservations. Spain, with its still-fragile banking system and bombed-out real estate sector, is desperate for a pan-European system for resolving bank crises and for guaranteeing deposits, and thinks that in the end Berlin will come round to the idea.
Indeed, Rajoy's government favours not just banking union but fiscal union, with a European finance minister having control over a budget that could be used to boost growth in struggling parts of the eurozone.
Spain says two things are needed to make the single currency work better: economic reform at a country level and a more integrated macro-economic policy at European level. Madrid argues the single market can only work effectively with a fixed exchange rate system, because a floating rate system would allow member states to grab competitive advantages through devaluation. But giving up control of interest rates and exchange rates can be costly in terms of lost jobs and output unless there is a more activist fiscal policy. This, Spain believes, is what Europe lacks.
The political will to make this happen is often underestimated in Britain. Spain thinks it had no choice to join the euro once Germany and France had decided to go ahead with the project. What's more, it is convinced monetary union will survive unless Germany decides to pull the plug on France: the one country that has always been able to rely on support from Berlin when the going gets really tough.
Beneath the surface in Madrid, there is simmering anger at the refusal of Germany to help struggling countries by importing more, and resentment that different rules seem to apply to unreformed France. But there is no deep-seated euroscepticism and certainly no nostalgia for the peseta; rather an acceptance that if Spain did regain control of the printing presses the country really would be in trouble.
Even so, the threat of a crash landing remains. That's not just because unemployment in Spain has risen by three and a half million since the start of the crisis and has now reached 27%, or that the domestic economy has shrunk by a sixth. It is that Spain is up to its eyeballs in debt, with no likely improvement in prospect. Despite austerity, little progress is being made in reducing the budget deficit and national debt is heading for well over 100% of gross domestic product. In the absence of more rapid growth and a banking union being agreed swiftly, a Greek-style debt restructuring seems eminently possible.
Spain is perhaps the emblematic eurozone country. Its past performance reflects the design flaws in the single currency; it is trapped in a low-growth, high-debt vortex; and it can only recover if a reluctant Germany backs plans for integration.
Let's take those three points in turn. Interest rates were cut when Spain lost control of its own monetary policy by joining the euro, leading to over-investment in the property sector. There was misallocation of resources on a grand scale as banks lent recklessly for commercial and residential property projects. Governments everywhere love construction booms because they generate the two things politicians like: jobs and tax revenues. Spain's was no exception.
The dark side of the real estate bubble was that the private sector ran massive deficits, worth more than 10% of national output by the time the music stopped. Left to its own devices, Spain would have run a much tighter monetary policy during the first half of the 2000s, but the European Central Bank kept interest rates low, which at the time suited Germany.
Recession led to private sector retrenchment. Firms went bust, real estate projects were mothballed, banks stopped lending, investment plunged and consumers stopped spending. The private sector moved into surplus, but this was matched by a public sector deficit of 10% of GDP.
Spain's boom was accompanied by higher inflation than in the rest of the eurozone, so its goods became uncompetitive. Devaluation was ruled out by membership of the euro so Spain opted for the German solution; grinding out improvements through structural reforms of labour and product markets.
This brings us on to the second problem; the lack of demand either at a domestic or European level. Madrid's entire economic strategy is based around the idea of export-led growth. It sees no prospect of a pick-up in domestic demand until 2015 but is confident that the economy will start to grow in 2014 because hyper-competitive Spanish goods will clean up across the eurozone and beyond. Yet the improvements in the trade balance seen so far have largely been the result of falling imports rather than rising exports. This is hardly surprising given that every eurozone state is doing what Spain is doing: squeezing the domestic economy and relying on exports to take up the slack. This cannot happen.
Finally, there is the German question. Madrid is certainly right in its assumption that Berlin does not want to blamed for breaking up the euro, but Angela Merkel has been doing her best to slow down the pace of reform.
Germany is no hurry for a banking union, let alone a fiscal union, but will do just enough to prevent a crash landing. The risk, though, is not just of a crash landing, but that the plane hits the ground with an almighty thump because altitude has been lost without anyone realising it.
Greece invokes emergency powers to block teachers' strike
DigitalJournal.com | Greece invokes emergency powers to block teachers' strike Reuters ATHENS (Reuters) - Greece has threatened high school teachers with arrest if they go ahead with a nationwide strike that would disrupt university entrance exams that start this week, the official government gazette said. It is the third time this year ... Greece: Civil mobilization order to teachers ahead of strike - Digital Journal Samaras Orders Teachers To Work Exams Greek federation calls for strike action |
Greece Eyes Loans, Samaras Heading To China
Greek Reporter | Greece Eyes Loans, Samaras Heading To China Greek Reporter Samaras, not having to worry about the same kind of social unrest against austerity that brought down the previous government of George Papandreou, the former PASOK Socialist leader, hopes to also promote Greece as a “bridge” to Western Europe for the ... Too early for good news from Greece - New Statesman Greek finance minister: Economic recovery in sight Greek minister sees market return as jobless rate rises - GlobalPost |
Football: Olympiakos complete Greek league, cup double
Football: Olympiakos complete Greek league, cup double - GlobalPost GlobalPost Two extra-time goals by Algerian players lifted Olympiakos to a 3-1 win over Asteras Tripolis in the Greek Cup final at the Athens Olympic Stadium on Saturday. It was the 26th Greek Cup for the Piraeus club and their 16th double after winning the ... |
Malmö live: Interview with Koza Mostra & Agathon Iakovidis from Greece
Malmö live: Interview with Koza Mostra & Agathon Iakovidis from Greece esctoday.com Esctoday.com editor Vasileios Terzopoulos got the chance to catch up and have a conversation with Koza Mostra and Agathon Iakovidis, the Greek artists. The Greek hopefuls spoke about the "good idea of having alcohol is free". They said that friendship ... Eurovision 2013 day 6 - Greece's second rehearsal |
Food the big draw at annual Greek Festival in Waterbury
Charleston.thedigitel | Food the big draw at annual Greek Festival in Waterbury Waterbury Republican American WATERBURY -- When Athena Velezis Ziogas came to Waterbury from Greece 45 years ago, the Holy Trinity Greek Orthodox Church had fewer than 200 members. The church held its first Greek Festival in 1972. It was mainly a plant show, with a few offerings ... Head crosstown for Charleston's annual Greek Festival, Opa! Holy Trinity Greek Orthodox Church to host Pennsylvania Greek Fest Thomas "Tom" Eliades - Sioux City Journal |
Democrats Pick Beebe For Greece Supervisor Race
News 10NBC | Democrats Pick Beebe For Greece Supervisor Race 13WHAM-TV Greece, N.Y. – Democrats have selected Dick Beebe as their candidate for the Greece town supervisor race. Beebe, who has served as a Monroe County legislator and was mayor of Homer, Cortland County from 2001-2003, will face Monroe County ... Democratic candidate announced for Greece Town Supervisor Beebe named as Democratic candidate for Greece Town Supervisor Beebe will challenge Reilich for Greece supervisor job |
Ignoring EU, Greece Won't Ban Golden Dawn
Ignoring EU, Greece Won't Ban Golden Dawn Greek Reporter Nils Muiznieks said Greece must take tougher measures to combat a surge in racist violence that critics blame on extremists. While he didn't recommend that Greece should ban Golden Dawn from public office, Muiznieks added the government would be “fully ... |
Greece Seeks WWII Antiquities From Germany
Greece Seeks WWII Antiquities From Germany Greek Reporter Already pressing Germany for 240 billion euros ($311.6 billion) for World War II reparations, Greece is also readying a case for the return of antiquities looted by the Nazis during World War II, officials said. “The entirety of the archaeological ... |
Greece: Civil mobilization order to teachers ahead of strike
DigitalJournal.com | Greece: Civil mobilization order to teachers ahead of strike - Digital Journal DigitalJournal.com article image Greece: Civil mobilization order to teachers ahead of strike. article:349985:1::0. By Katerina Nikolas. May 12, 2013 - 1 hour ago in World. Comments. By Katerina Nikolas. The Greek government is set to issue civil mobilization orders to ... Samaras Orders Teachers To Work Exams Greek federation calls for strike action |
Greece's FBBank to be Wound Down
IVCPOST | Greece's FBBank to be Wound Down IVCPOST Greece, in a bid for housecleaning, has split one of its smaller lending institutions into 'good' and 'bad' parts. The bank is FBBank and its good parts would be absorbed by the National Bank of Greece, the country's largest lender. The whole ... BANK OF GREECE, THE : Transfer of assets and liabilities of First Business ... National is absorbing First Business Bank National Bank acquires FBBank |
13 surprising ways to use Greek yogurt
The Idaho Statesman | 13 surprising ways to use Greek yogurt The Idaho Statesman Greek yogurt is a nutritional superstar. It has less sugar and nearly twice as much protein as regular yogurt, and the added bonus of a creamier texture. "It's more like the thickness of mayo or cream cheese," says Michelle Dudash, a registered ... It's there in black, white on the labels - Tyler Morning Telegraph |