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Sunday, June 9, 2013

Eurozone: three countries have debt-to-income ratios of more than 300%

Figures expose indebtedness of eurozone governments in relation to government revenues – UK is sixth with ratio of 212%

Ireland, Greece and Portugal are labouring under debt-to-income ratios of more than 300%, according to figures that expose the indebtedness of eurozone governments in relation to their government revenues.

The measure, intended to show governments' abilities to pay debts, shows Ireland's total debt in 2012 was €192bn (£163.1bn), or 340% of the government's income. Ireland came a narrow second in the table to fellow bail-out recipient Greece, which has amassed an even worse debt-to-revenue total of 351%. Portugal – which has also received aid from the troika of the International Monetary Fund, the European commission and the European Central Bank – came third with a debt-to-revenue ratio of 302%, while Britain was sixth last year on the list of 27 European Union member states, with a debt-to-revenue ratio of 212%, according to calculations based on European commission figures.

Debt figures are usually calculated as a ratio of a country's national income and expressed as a proportion of GDP. But national income figures reflect activity across the whole economy, in both the public and private sectors. governments must pay debts from tax receipts and other government income, not the income for the economy as a whole. Some analysts argue a government's debt-to-revenue ratio provides a clearer picture of its ability to fund annual debt payments once interest rates are taken into account.

The US is in even worse shape than Greece. Its $16tn (£10tn) debt is the equivalent of 105% of GDP, but more than 560% of government revenues. Washington's debt payments are cheap after a plunge in the interest it pays on government bonds, but with revenues of only 14% of GDP compared with about 40% across much of the EU, its ability to pay is weakened.

Ireland, which is often commended for its recovery from the banking crash, has seen a sharp rise in its debt-to-revenue ratio in the last four years. In 2009 the ratio was 187%. A year later it had jumped to 262% before reaching 340% in 2012. However, the country appears to be in better shape when debt-to-GDP figures are used. It ranks fourth, with a 117.6% ratio, after Greece, Italy and Portugal.

Greece's performance, by contrast, has improved. It has pushed through a huge clampdown on government spending and has seen its ratio fall from 402% in 2011 to 351% in 2012.

Some of Europe's strongest economies have jumped up the league table of indebted EU nations when the debt-to-revenue measure is used. Germany has a ratio of 181%, Malta's is 178%, while France has a ratio of 174%, all higher than countries that are often cited as troubled and at risk of default such as Slovenia (120%) and Hungary (168%).

The healthiest economies according to the debt-to-revenue measure are the Nordic nations, where Sweden enjoys a 75% ratio, Denmark a 82% ratio and Finland a 99% ratio in 2012.

In the aftermath of the 2009 banking crash, the US investment bank Morgan Stanley argued that debt-to-government-revenue ratios should be included in any discussion of a possible sovereign debt default.

Analyst Arnaud Marès, who has since left the firm, said in August 2010: "Whatever the size of a government's liabilities, what matters ultimately is how they compare to the resources available to service them. One benefit of sovereignty is that governments can unilaterally increase their income by raising taxes, but they will only ever be able to acquire in this way a fraction of GDP.

"Debt/GDP therefore provides a flattering image of government finances. A better approach is to scale debt against actual government revenues. An even better approach would be to scale debt against the maximum level of revenues that governments can realistically obtain from using their tax-raising power to the full. This is a function of the people's tolerance for taxation and government interference. Seen from this angle, the US federal debt no longer compares quite so favourably with that of European governments."

In 2010, US debt to revenue was 365%.


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UK Compensates Kenyan Torture Victims, Boosts Greece's Hope For WWII ...


UK Compensates Kenyan Torture Victims, Boosts Greece's Hope For WWII ...
Huffington Post
Ironically, this piece of good news came at the moment that Greece is preparing to commemorate the 69th anniversary of the Distomo massacre where on June 10, 1944 the German occupiers brutally executed 218 innocent villagers and torched the homes of ...


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2013 Atlanta Greek Picnic afterparty at 595 North Club (Photos)


Rolling Out

2013 Atlanta Greek Picnic afterparty at 595 North Club (Photos)
Rolling Out
Tens of thousands of black Greek fraternity and sorority members from around the country converged in the Capitol of the New South for the 2013 Atlanta Greek Picnic annual extravaganza. The five-day event included parties hosted by Lance Gross, The ...

and more »

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Turkish immigrant to US wins Entrepreneur of the Year award for Greek yoghurt ...


Turkish immigrant to US wins Entrepreneur of the Year award for Greek yoghurt ...
Irish Times
He set up a company called Chobani in 2005 and launched a Greek-style yoghurt two years later. In the space of six years, the company has become a business worth about $1 billion a year in sales and is the best-selling brand of yoghurt in the US.

and more »

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Lagarde list publisher returns to Greek court months after being exonerated

Kostas Vaxevanis will again be tried for breaking privacy laws after publishing names of 2,059 suspected tax dodgers

A Greek newspaper editor accused of breaking privacy laws when he published the names of suspected tax dodgers with deposits in Switzerland is to be retried this week in a case that has raised howls of protest over press censorship in the crisis-hit country.

Seven months after being exonerated by a tribunal in Athens, Kostas Vaxevanis will be brought before a court to face the same charge on Monday. "It is tragic that instead of going after tax evaders, it is me who is being put on trial when an official investigation has already proved that the list was utterly mishandled," he told the Guardian.

"None of this would have come out had we not published the names," he added, referring to the 2,059 wealthy Greeks on the so-called Lagarde list.

The hearing, made necessary when the public prosecutor's office in Athens invalidated the first verdict after declaring it erroneous, comes as a parliamentary inquiry into the handling of the dossier enters a critical stage.

The investigation took an unexpected turn when MPs voted to step up charges against former finance minister George Papaconstantinou, who was accused of dereliction of duty after Vaxevanis revealed the list in the bi-monthly magazine Hot Doc.

Papaconstantinou, who left politics as a result of this, was given the names of Greeks with holdings in the Geneva branch of HSBC by his then French counterpart, Christine Lagarde, and has been charged with doctoring the list to remove three of his relatives from it.

Lagarde, now head of the International Monetary Fund, says she handed Papaconstantinou the data – originally stolen by an HSBC employee – on the premise he would use it to pursue tax dodgers.

In a secret ballot last week, conducted on the basis of the inquiry's findings, parliament voted to toughen charges against Papaconstantinou, accusing him of criminal breach of faith. The offence carries a prison sentence.

"The decision to widen the case against Papaconstaninou will mean the committee will have to sit longer," said Vaxevanis. "As several of my lawyers are part of the inquiry, we will request the trial is postponed."

Deferred or not, the hearing coincides with increasing popular demands for punishment to be meted out to politicians, who are widely perceived to have played a central role in bringing Greece to the point of economic collapse.

Plummeting living standards and relentless austerity measures have harshened the political climate. In an atmosphere thick with resentment and rage, Papaconstantinou is seen as the architect of Greece's first bailout – a rescue programme that even the IMF concedes was botched.

The former LSE-trained economist told parliament last week that he had been scapegoated by a political establishment whose credibility has been shattered by the crisis and the measures successive governments have been forced to take.

"The aim here is not to serve justice, unfortunately, the aim is to find a political victim," said Papaconstantinou. "The truth is that, as finance minister, I was forced to make cuts so that my country wouldn't collapse."

A dramatic few weeks lie ahead as the parliamentary committee prepares to end its investigation by questioning Papaconstantinou and his relatives. If Vaxevanis is tried and found guilty it will add to the turmoil.

Vaxevanis has insisted he is willing to go to prison to highlight press censorship in a country where media owners are often in cahoots with government interests.

"Vaxevanis has done nothing wrong," says Giorgos Kyrtsos, a prominent political commentator and publisher of the self-financed Free Press in Athens. "Once again, this trial proves that far from being independent, the judiciary system in this country is politically controlled by the state."


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Fran�ois Hollande: the eurozone crisis is over

French president declares end of Europe's debt crisis during state visit to Japan, despite continent's record unemployment

François Hollande, the French president, has declared an end to the eurozone debt crisis, despite record unemployment across the continent.

"You must understand that the crisis in the eurozone is over," Hollande told an audience in Japan during a three-day state visit.

"Europe has become more stable, but it must now be oriented toward growth," he said during a speech in Tokyo. "I believe that the crisis, far from weakening the eurozone, will strengthen it.

"Now, we have all the instruments of stability and solidarity. There was an improvement in the economic governance of the eurozone, we set up a banking union, we have rules on budgetary matters that allow us to be better coordinated and have a form of convergence."

Hollande's comments come a week after thousands took to the streets of European cities to vent their anger at the "troika" of international bodies – the International Monetary Fund, the European Commission and European Central Bank (ECB) – whose insistence on austerity is blamed for worsening their economic hardship. There were angry scenes in Frankfurt near the ECB headquarters, as well as in Spain and Portugal, two of the countries that have received multi-billion euro bailouts to help them plug fiscal holes. Eurozone unemployment is at a record high – with 19.38 million out of work – and the single currency area is in its longest recession since it was created in 1999.

Youth unemployment is even more dire with 7.5 million (24%) young Europeans aged between 15 and 24 not in employment, education or training, according to EU data. More than half of young people in Greece (59%) and Spain (55%) are unemployed.

Finance and labour ministers from Spain, Germany, Italy and France are scheduled to meet in Rome on Friday. They aim to hammer out a European plan to "rescue an entire generation" who fear they will never find jobs.

Just two weeks ago Hollande warned that Europe's young unemployment could lead to the "complete breakdown of identifying with Europe".

Despite Hollande's claims that the crisis is over, Angela Merkel, the German chancellor, said eurozone countries must follow Germany's lead in tightening budgets and reforming labour markets. "It's greatly in Germany's interests to do everything so that structural reforms and budget discipline can take place in other countries," she said in her weekly podcast.


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Tsipras Says Samaras Continues IMF Mistake

SYRIZA leader Alexis Tsipras actually isn’t happy Greece’s major opposition party Coalition of the Radical Left (SYRIZA) leader Alexis Tsipras has lambasted Prime Minister and New Democracy Conservative leader Antonis Samaras for staying with austerity measures ordered by international lenders even though the International Monetary Fund (IMF) has admitted it made a huge error in ...

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Rough Road to Victory at Grand Prix in Greece


Rough Road to Victory at Grand Prix in Greece
New York Times (blog)
Leinier Domínguez Perez needed a little help to overcome a bad start and go on to win the Grand Prix tournament in Thessaloniki, Greece. Chesstest Position after 45 … Rb5; click to replay. Chesstest Position after 12 h4; click to replay. Domínguez, a ...


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Greece may yet profit from IMF 'mistakes'

ATHENS: Two junior partners in Greece's ruling coalition said mistakes mentioned by the International Monetary Fund on how the country's bailout was handled could be a bargaining chip during talks with creditors to avert more austerity. In a report on Wednesday that reviewed the first "troika" bailout for Greece in 2010, the IMF said some aspects could have been better handled. As an example, it ...

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Bishop opens Hunterdon's St. Anna Greek Orthodox Church today


Bishop opens Hunterdon's St. Anna Greek Orthodox Church today
Hunterdon County Democrat - NJ.com
RARITAN TWP. — The long-awaited opening of St. Anna Greek Orthodox Church took place this morning, Sunday, June 9. The church-opening service of Thryranixia was conducted by Metropolitan Evangelos, spiritual leader of the Middle Atlantic Greek ...


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Greek firms in Turkey wary of political developments


Kathimerini

Greek firms in Turkey wary of political developments
Kathimerini
While no problems have been reported so far in the interbank transactions of Greek companies active in turbulent Turkey, entrepreneurs speaking to Kathimerini have said that they are keeping a close eye on the protest rallies and riots that have rocked ...


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Austerity Leads Greeks to Obesity

According to Kathimerini, more and more Greeks are becoming overweight in our days. The Memorandum and the crucial financial conditions have led Greeks to eat more fast food, according to the Hellenic Medical Association for Obesity (HMAO) which is observing the health risks of this tendency. Compared to 2003, this year a statistical study showed that 40 percent of school children are dealing ...

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More Colorado entertainment events happening this week 692013 Gospel at Colonus Greek Festival Jimmy Buffett

Jimmy Buffett performs at the 2006 New Orleans Jazz & Heritage Festival in New Orleans. (AP file photo) "GOSPEL AT COLONUS" A Greek tragedy told through African-American gospel music. An ambitious cross-cultural mash-up, featuring Don Randall as Preacher Oedipus. Thursday through June 30. Su Teatro, 721 Santa Fe ...

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St. Anna Greek Orthodox Church Now Open

(Photo/Keith Muccili/MyCentralJersey.com) A group photo at St. Anna Greek Orthodox Church in Raritan Township, N.J. as parishioners mark the placement of the new cross at the very top of the new church, lifted into place on Sept. 21, 2012. It took a while to finish all the work. FLEMINGTON, N.J. - St. Anna Greek Orthodox Church, Flemington began admitting the faithful on June 9 after completing ...

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Low Turnover in Greek Media

A great fall was recorded in the first quarter of this year on the turnover of enterprises engaged in the field of information and communication technologies in the country. Specifically, the data published by the Greek Statistical Authority, show the following: The turnover ratio in the films, video and television program production, sound recording and music publishing fell by 16.7% in the ...

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Maintaining a brave face


Author(s): 



The European Commission is being picked-on. According to the International Monetary Fund (IMF) it hasn’t exactly been doing a bang-up job in salvaging the Greek economy. In a stinging report, the IMF said that the EU’s executive didn’t do enough on structural reforms, and that Greek debt should have been restructured as soon as the crisis erupted.  The commission, said the IMF, was wrong in allowing the Athens government to delay structural reforms until 2012.


read more


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The Island Fighting For New Greece

(Photo/Reuters/Yorgos Karahalis) The suspended Mayor of Kastelorizo, Pavlos Panigyris at the port of the Greek southeastern island, denys all allegations of wrongdoing and land grabbing against him. He still shows up for work too. Authorities says residents used a law to effectively steal property by supplying witnesses - and getting the mayor to agree. KASTELORIZO, Greece (Reuters) - When George ...

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Greek Olive Oil Promoted Abroad

? project of a total budget of 5,922,129.14 euros for the promotion of Greek olive oil to the markets of the USA, Canada, Australia and Norway, is going to run after the contract signed between SEVITEL and the Alternate Minister of Rural Development and Food, Maximus Charakopoulos. This program is a continuation of the "program of informing and promoting European olive oils in third ...

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SYRIZA Says IMF Mistake Wont Ease Austerity

(Photo/AFP) An elderly woman begs by the Bank of Greece headquarters in Athens, a common spot for charity-seekers on a busy thoroughfare as austerity measures have put more people on the streets. The slogan reads: Cops, Your Children Will Eat You. ATHENS (AP) -- An admission from the International Monetary Fund this week that it mishandled the early stages of Greece's massive bailout will ...

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Real Slice Of Greece Found In Foraging

Marisa Churchill (L) foraging in the Greek wild with Sotiris Lumberopoulos, who left a good-paying job in finance in London to return to his homeland to pick greens and goods he now sells to restaurants. He says he prefers it to the pace of city life. It was on a flight about six months ago that I first read about Sotiris Lumberopoulos, a forager who had left his London-based job in statistical ...

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French President Says The Euro Crisis Is 'Over'

Fracois Hollande

The eurozone crisis is over, French president Francois Hollande said as he sought to reassure Asian investors on a visit to Japan.

"What you need to understand here in Japan is that the crisis in Europe is over," he said. "And that we can work together, France and Japan, to open new doors for economic progress."

Europe needs to put more emphasis on taking steps to promote growth and competitiveness "so that we can have a better presence in the world", he added.

Mr Hollande, the socialist leader who ousted Nicolas Sarkozy, is not the first European politician leader to declare an end to the crisis. Last year the Spanish prime minister Mariano Rajoy said that "the worst has passed" for the euro .

Markets have also grown less concerned about the situation in the shared currency region. One analyst recently suggested that a "Greecovery" - Greek recovery - might now be a more apposite term than the feared "Grexit" - Greek exit from the euro.

While the imminent threat of a country being forced to leave the currency has receded, the region does however remain mired in recession.

The eurozone's collective economy has shrunk for six straight quarters and unemployment has hit 12.2pc, its highest level since the euro was established in 1999.

Some suspect that tensions could rise again after Germany's national elections in September, when politicians will be more prepared to tackle the area's economic problems.

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Boat Carrying Afghan Refugees Sinks off in Turkey and Greece Waters

A boat carrying at least 15 migrants reportedly sank off in Turkey and Greece waters. Afghan refugees association website reported that majority of the migrants were Afghans and were looking to travel to Greece from Turkey when the incident took place. The boat sank off on Saturday and the death of at least one persons recognized as Wahida Salami has been confirmed while five others are still ...

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'My Big Fat Greek Wedding' creator details adoption experiences in 'Instant Mom'


'My Big Fat Greek Wedding' creator details adoption experiences in 'Instant Mom'
Burlington Times News
One of my favorite aspects of the book was the sneak peek into how “My Big Fat Greek Wedding” came to be. Vardalos based the screenplay on events from her own wedding, and many of the movie's characters are based on her real-life family members.


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