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How the world sees Greece
Monday, July 8, 2013
Greece secures more bailout funding
Greece secures 6.8bn euros in further funding from its creditors, but is told the pace of reform is too slow.
Troika gives Greece most of the money requested to avoid default
Creditors will release 6.8 billion euros to Greece in its latest emergency loan tranche. Meanwhile, in Athens, thousands rallied against harsh cuts required by the international lenders.
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Greece Cast Multibillion Euro Lifeline
Greece secureds an $8.7 billion lifeline from the euro zone, but it must keep its promises to get funds.
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Schaeuble Says Payments to Greece Linked to Program Milestones
Schaeuble Says Payments to Greece Linked to Program Milestones Bloomberg “The next installment will be paid in three sub-tranches, depending on the financing needs of Greece. The first tranche by the end of July with 4 billion euros ($5.2 billion), then the next tranche of 1.8 billion euros in August and the third ... |
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Greece secures ?6.8bn lifeline from euro zone
Greece secures €6.8bn lifeline from euro zone Irish Times Greece secured a €6.8 billion lifeline from the euro zone today, officials have said, but was told it must keep its promises on cutting public sector jobs and other reforms in order to get all the cash. The deal, which spares Greece from defaulting on ... Euro-Zone Finance Ministers Reach Agreement for Staggered Aid Disbursement ... |
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Greece to get more aid, will have to cut government workforce
BRUSSELS — Greece passed another hurdle in its bailout program Monday, securing installments of the rescue package that is keeping the cash-strapped country afloat.
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The Greek Diaspora: A People Neglected
The Greek Diaspora: A People Neglected Huffington Post Somewhat after World War I but, predominantly after World War II and the devastating Greek Civil War that ensued, Greece encouraged her children to emigrate, en masse, in quest of a brighter future. Facing a ruined economy, the post-war eras left no ... |
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Greek Aid Payment Seen Winning Ministers' Approval
Greek Aid Payment Seen Winning Ministers' Approval Bloomberg Teams from the so-called troika that oversees euro-zone bailouts reached a staff-level agreement with the Greek authorities on the policies needed to ensure that the country's aid program “is on track to reach its objectives,” the troika said in a ... |
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Euro Finance Chiefs Said to Back $3.9 Billion Greek Aid Payment
Voice of America | Euro Finance Chiefs Said to Back $3.9 Billion Greek Aid Payment Bloomberg European governments agreed to release 3 billion euros ($3.9 billion) for Greece, seeking to buy enough financial calm to prevent another debt-crisis showdown until after Germany's elections in September. Ministers agreed the disbursement at a meeting ... Greek creditors say agreement on reforms reached Troika: Greek Outlooks Remains 'Uncertain' Greek State Workers Protest Layoffs Demanded by EU/IMF Lenders |
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Euro Zone Approves Fresh Aid for Greece
After a week of tense negotiations, Greece and its foreign lenders agreed on a new round of austerity measures that must be taken by the country to unlock the crucial rescue funds.
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A good year for tourism
The tourism figures are impressively strong this summer. The difference can even be seen in Athens, which had been largely snubbed by foreign visitors over the past few years.That said, Greece ought to redesign its tourism product with vision and professionalism. For example, ...
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Dijsselbloem says eurozone finance ministers ready to decide on Greek loan tranche
Euro-area finance ministers will discuss the next scheduled aid payments to Greece when they convene in Brussels later today, Dutch Finance Minister Jeroen Dijsselbloem said on ...
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Eurozone ministers meet to release aid to Greece
BRUSSELS (AFP) - Eurozone finance ministers gathered Monday to decide whether to unlock billions of euros in fresh aid for Greece just after creditors signalled support for its reforms in a long-awaited audit.The eurogroup ministers, holding their last meeting before the summer break which was also attended by IMF chief Christine Lagarde, were to decide if Greece has done enough to obtain some ...
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Greeks march in protest against bailout job cuts
LONDON (MarketWatch) -- Thousands of government workers marched through the streets of Athens on Monday to protest against reforms agreed by Greece with international creditors. A 6,000-strong crowd of municipal employees gathered outside the Administrative Reform Ministry, blowing whistles and waving flags, according to Reuters. The protests came after unions called a strike over government ...
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Lana Del Rey?s Americana In Greece
American singer-songwriter Lana Del Rey will sing the night of July 8 at the Rockwave Festival that take place every year at Terra Vibe Park, in Malakassa, Attica, Greece. Del Rey is one of the most famous singers worldwide and is considered to be the new "star" if the international music scene. The 26-year-old singer will appear on stage accompanied by the British post-punk band Echo ...
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Crisis Spikes Diseases Killing Greeks
Greece’s crushing economic crisis, which has pushed 20 percent of the population in to poverty and left many of the rest trying to survive after pay cuts, tax hikes and slashed pensions, is having more dangerous side effects too: it’s killing people. A survey by the National School of Public Health showed an occurrence of severe and chronic diseases is in high levels in the ...
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Greek Hospitals Dangerous To Your Health
Greece has achieved another negative distinction, this time about the excessive use of antibiotics and hospital-acquired infections, known as a nosocomial infection whose development is favored by a hospital environment, such as one acquired by a patient during a hospital visit or developing among hospital staff. According to a report by the European Centre for Diseases Prevention and Control ...
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Putin?s First Greek Stop Mt. Athos
Russian President Vladimir Putin's first stop in Greece will be Mount Athos, then the island of Apocalypse, Patmos and finally the Byzantine city of Peloponnese, Mystras. Patmos has already started the preparations to welcome him in Mid-August. He decided to visit the blessed island of the Dodecanese to make a pilgrimage to the sacred and loyal of Orthodoxy at the Monastery of Saint John ...
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Greek Cypriot leader seeks more EU aid
The cost of bailing out Greek Cypriot Administration has exceeded estimations. Greek Cypriot leader Nicos Anastasiades asked for more money from Brussels ahead of a key meeting by Eurozone finance ministers.European Union finance ministers adopted a 10 billion Euro bailout package for the Greek Cypriot Administration. According to the EU sources, the Greek Cypriot leader asked the Bloc to provide ...
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Polish Tourists Flocking to Greece
Greek Minister of Development, Competitiveness, Infrastructure, Transport and Networks Kostis Chatzidakis discussed with businessmen from Poland the prospect of attracting investments to Greece while he said 2013 is a critical period. Greece this year expects some 380,000 Polish tourists, the importance shown by DGreek President Karolos Papoulias’ visit to Poland with Tourism Minister Olga ...
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Europe Looking to Send More Bailout Money to Greece
European finance chiefs are moving toward releasing more bailout money for debt-ridden Greece, even as auditors say the country faces an "uncertain" economic ...
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Greece approved to get next rescue loan payments
BRUSSELS (AP) — Greece's international creditors will release 6.8 billion ($8.7 billion) euros in rescue loans to Greece in the coming months as they continue to prop up the country struggling to implement reforms.
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Euro zone grants multi-billion euro lifeline for Greece
Euro zone grants multi-billion euro lifeline for Greece Reuters UK BRUSSELS (Reuters) - Greece secured a 6.8 billion euro (5.8 billion pounds) lifeline from the euro zone on Monday, officials told Reuters, but was told it must keep its promises on cutting public sector jobs and other reforms in order to get all the cash. Euro zone offers to make staggered payments of aid to Greece |
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Stocks Rise in Europe, US; Natural Gas Leads Commodities
Bloomberg | Stocks Rise in Europe, US; Natural Gas Leads Commodities Bloomberg Stocks rose in the U.S. and Europe as investors awaited the start of second-quarter earnings season and a meeting of euro-area finance ministers to discuss aid for Greece. Shares and currencies in Asia declined. The Standard & Poor's 500 Index (SPX) ... Stocks rise, dollar pulls back from 3-year high Dollar to Oil Soar on Fed Tapering Outlook as Japan Stocks Climb |
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In Greece, a case study on Islam in Europe
In Greece, a case study on Islam in Europe Washington Post As an enthusiastic interfaith advocate, and supporter of minority rights including for Christians and Hindus in Pakistan, I was excited to return to Greece. Yet I very quickly discovered that the immigrant community, particularly Muslims, faces ... |
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USDA selects New York to test Greek yogurt in school lunches
WBNG-TV | USDA selects New York to test Greek yogurt in school lunches Syracuse.com (blog) The U.S. Department of Agriculture has selected New York among four states that will test Greek yogurt as a meat alternative in school lunches. Hamdi Ulukaya president and chief executive at Argo Farms in Chenango County stands inside the Chobani ... Schumer announces NYS selected as participant in Greek yogurt pilot program Bids sought for Greek yogurt program for NY schools NY schools to get Greek yogurt |
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Greece closing in on next bailout payment
European finance ministers moved towards granting Greece the latest installment in its bailout program Monday after international debt inspectors pushed the cash-strapped country to pick up the pace of ...
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Citing TAP, Lithuania eyes energy freedom
ATHENS - A decision by Azerbaijan to build the Trans Adriatic Pipeline (TAP) to route Caspian natural gas to Europe through Greece and Italy will boost the European Union’s energy independence since it is a new source of gas, Lithuania’s Ambassador in Athens told New Europe on 5 June, five days after Lithuania began its six-month EU presidency.
Speaking on the sidelines of an event organised by the European Parliament office in Athens, Alfonsas Eidintas, said Azerbaijan can help Europe since it is an important energy exporter.
“Every country with energy resources is in our interests because we’re dependent on one source,” he said, referring to Lithuania, which is anxious to keep Russia at bay - but remains almost entirely dependent on it for energy.
“We’re not blaming that one source, but we’re dependent. Any country that shows interest in the EU with pipelines, with modern LNG tankers, interests us. We’re building a liquefied natural gas terminal. We’re interested in any delivery, in any source of gas, to have some competition between companies. We want to have the possibility to negotiate the price of gas. We’re paying 15% more than Germany pays. You can imagine our salaries and the German salaries and how such high price of gas badly influences our economy,” Eidintas said.
Lithuania’s Energy Minister Jaroslav Neverovic has said that his country is 80% reliant on Russia for energy: almost 100% for gas and 60% for electricity.
The Lithuanian ambassador said his country’s 100% gas dependence on Russia is a problem. He added that Lithuania is also facing electricity challenges since it closed down its nuclear power station. “If the prices are so high and we don’t have any, any instrument to lower them, the conclusion is to gather competitors,” he told new Europe.
Eidintas said Lithuania will work very hard to push for increasing Europe’s energy independence. He noted that at least the EU is already talking with one voice about the energy problem and creating a common energy market, “which is a big achievement already because single countries cannot solve this problem”.
“We’re an island of energy in the EU. Of course, there is an electrical cable planned with Sweden. We’re talking about nuclear power plant and some connections but the closest plan is the Klaipeda liquefied natural terminal,” which is currently under construction, he said.
Eidintas also said Lithuania, which took over the presidency after Ireland's six-month term and will hand over to Greece on 1 January 2014, will also focus on the economy and plans to work with the Greek government.
“The biggest thinkers will be in Brussels and in Vilnius in the summit. Everybody already is convinced that those questions are very important and EU member states cannot be islands of non-growth or islands of energy,” he said, adding that the lack of energy sources, the single market and banking will be key issues that will be addressed.
Asked about his faith in the single European currency, Eidintas said there will be no problems. He added that Lithuania is keen to join the eurozone in 2015 and is working on that goal. “I think we’re following this and hopefully, if we will be lucky, we’ll join the eurozone in 2015,” he said.
Asked if he thinks Greece would still be in the eurozone then, he replied: “Definitely, yes. Now, the worse time passed already”.
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FTSE 100 climbs to highest level in a month with banks leading the way
Lloyds Banking Group lifted by reports of overseas interest as investor mood become more optimistic
Sunny skies outside and a sunny mood in front of the trading screens at the start of the week.
Second thoughts about the better than expected US jobs data on Friday helped markets move higher in early trading. The initial worries hat the non-farm payrolls could portend an end to the US Federal Reserve's bond buying programme eased off, while talk of overseas interest in Lloyds Banking Group helped lift the sector as well as the whole market.
Lloyds closed 2.47p higher at 67.1p after reports that overseas investors were considering buying up some of the UK government's 39% stake. Former Standard Chartered boss Mervyn Davies was said to be heading up one consortium, while Singapore fund Temasek was also reported to have expressed preliminary interest. Gary Greenwood at Shore Capital said:
The fact that such heavyweight investors are queueing up for a piece of the action, suggests to us that they remain confident of future capital appreciation and income generation from the shares.
The reports also helped the other state-owned bank, Royal Bank of Scotland, which rose 12.1p to 288.8p.
Overall the FTSE 100 finished 74.55 points higher at 6450.07, its best close since 4 June. Positive comments from ECB boss Mario Draghi on the prospects for the eurozone economy, and news of a deal between Greece and its Troika creditors, helped sentiment, as did an upbeat start on Wall Street. Later the US reporting season begins, with an update due from Alcoa.
Among the other risers, Arm added 19p to 860p after a buy note from Jefferies, which was optimistic about the chip designer's prospects in the server market. Arm has lost a chunk of its value in recent weeks on two main concerns: firstly that it would lose market share in its key smartphone and tablet market; and secondly, its move into the server market to take on Intel was unlikely to make up the difference.
Elsewhere ITV rose 3.3p to 152.8p following reports it might bid up to £90m for Scandinavian production business Nice Entertainment, which makes dramas and reality shows. Ian Whittaker at Liberum Capital said:
As long as ITV does get involved in an expensive bidding war and shows discipline, a deal should be positive.
Among the mid-caps, Hikma Pharmaceuticals jumped nearly 6% after lifting its full year revenue forecast for the second time in just a couple of months. The company said it expected revenues to rise by 17% in 2013 thanks to strong sales of its antibiotic doxycycline. Previously it had forecast a 13% increase in May. Its shares added 56p to £10.50, helped by vague talk of possible merger activity in the sector.
More evidence of a revival in the UK housing market - boosted by government schemes - has come from Bovis Homes.
After positive updates from the likes of Persimmon and Taylor Wimpey last week, Bovis said it had seen a 40% increase in net reservations in the first six months of the year. Its sales growth accelerated in the second quarter after the launch of the government's Help to Buy scheme. Bovis shares climbed 55p to 830p while other builders also continue to rise, with Taylor Wimpey up 3.5p at 106.3p and Persimmon 11p better at £12.67.
But Betfair fell 39.5p to 840p. Traders said that 11m shares, or 10.57%, had been placed with institutional investors on behalf of Softbank at a price of 827p each, a total of around £90m.
Finally Blur Group, which operates an online marketplace for companies to buy and sell services from advertising to legal help, rose 23.5p to 202.5p ahead of a second quarter update on Tuesday.
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