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Wednesday, September 4, 2013

Events that could shake US markets this month, rated on a Bernanke scale

by  Associated Press September could be a wild month for markets by MATTHEW CRAFT, Associated Press - 4 September 2013 15:32-04:00

NEW YORK (AP) — Investors are bracing themselves for a wild month.

September is historically the worst month for the stock market. Since 1945, the Standard & Poor's 500 index has fallen in September nearly six in every 10 times. On average, it has lost 0.6 percent.

This September looks especially troublesome. The next four weeks are packed with events that could derail the market's 16 percent advance this year. There's a report on employment, a debate on attacking Syria, and a federal budget deadline that could be a prelude to another fight over the debt ceiling.

And then there's a crucial meeting of the Federal Reserve. Investors have spent all summer wondering whether the Fed will announce plans to start phasing out its support for the economy at the end of the meeting.

In May, Fed Chairman Ben Bernanke said that the Fed was prepared to cut back its bond-buying program if the economy looked strong enough. Wall Street has been awash with speculation over the Fed's timing ever since. In every big market move this summer, traders and investors thought they saw Bernanke's influence.

Here's a look at events that could shake markets this month. In tribute to Bernanke's sway, the events are rated on a scale of 1 Bernanke (No biggie) to 5 Bernankes (Uh-oh).

The U.S. Jobs Report: Sept. 6

Rating: 3 Bernankes.

The government's employment report is always a big event for markets, but this one is special: it's the last major economic report before the Fed's monthly meeting. That's when many in the market think the Fed will decide to ease off its huge bond-purchasing program, which has kept interest rates at historic lows and helped the economy and the stock market. But if the report shows a weaker job market, the Fed may postpone those plans. As a result, some traders say a hiring slowdown could jolt stocks up.

Confused? So are many investors.

U.S. Congress Debates Syria Strike: Sept. 9.

Rating: 2 Bernankes.

Congress officially returns from summer vacation Sept. 9, and Syria will likely be at the top of the agenda. President Barack Obama has asked for Congress to support a military strike against President Bashar Assad's regime for allegedly using chemical weapons in its civil war.

Investors say they're concerned about the consequences of a military strike. A wider conflict would likely drive up oil prices, pinching U.S. consumer spending. And when oil prices soar, stock prices fall.

On August 27, the price of oil climbed above $109 a barrel, its highest level in more than two years, on speculation that a U.S. attack on Syria was imminent. The Dow Jones industrial average fell 170 points, or 1 percent, to 14,776 that day.

The Fed Meeting: Sept. 17-18.

Rating: 3 Bernankes.

Many on Wall Street think this is the meeting in which the Fed agrees to start winding down its $85 billion in monthly bond purchases. Traders had the last few months to prepare for it. So if the Fed acts as expected, the stock market is likely to respond with "a collective yawn," says Sam Stovall, chief equity strategist at S&P Capital IQ.

But what if things don't turn out that way? A deep cut to the Fed's bond-buying program — to $55 billion a month, for example — could roil stock, bond and currency markets. But Bernanke's Fed prides itself on giving markets plenty of notice, so the odds of that happening seem slim.

Germany's Elections: Sept. 22.

Rating: 2 Bernankes.

From late 2009 until last year, worries that a European government would fail to pay its debts often sent the U.S. stock market into a tailspin.

Germany's elections will likely push Europe's debt problems back into the spotlight, if only because of what happens afterward. Chancellor Angela Merkel's party currently leads in polls, so many investors are banking on Merkel getting a third term in office with a stronger government.

The new German government is generally expected to take up sweeping reforms for the 17 countries that use the euro currency. That could easily lead to some public spats between government leaders, especially if Greece runs into trouble again.

As a group, the countries of the eurozone make up the world's second-largest economy. So if things get heated, U.S. investors will take notice, says Mark Luschini, chief investment strategist at Janney Montgomery Scott. "That's likely to cause some volatility," he says.

U.S. Budget Deadlines: Sept. 30.

Rating: 5 Bernankes.

To keep the government running, Congress needs to pass a short-term spending bill before the fiscal year starts Oct. 1. Any problem could lead to a government shutdown. But that's seen as a prologue to the main event -- another debt-ceiling standoff.

Last week, Treasury Secretary Jacob Lew warned that the government would lose the ability to pay all its bills by the middle of October unless lawmakers raise the government's $16.7 trillion borrowing limit ahead of time. John Boehner, the Republican Speaker of the House, said he plans to use the debt ceiling to demand deeper spending cuts and promised "a whale of a fight."

The tough talk has reminded many in the financial markets of the debt-ceiling fight in August 2011, when markets plunged around the world.

"Another standoff could spark a market riot," Luschini says. But, like many investors, he expects Congress to come around at the last minute. Things will turn out all right, eventually.

News Topics: Business, Economy, Monetary policy, Government programs, Government budgets, Legislature, Government and politics, Stock indices and averages, Employment figures, Stock markets, Economic policy, Government business and finance, Government policy, Government finance, Financial markets, Labor economy, Leading economic indicators

People, Places and Companies: Ben Bernanke, Barack Obama, Bashar Assad, Angela Merkel, Jacob Lew, John Boehner, Syria, Germany, United States, Middle East, Western Europe, Europe, North America

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. This article is published under the terms of the News Licensing Group, LLC. privacy policy, in addition to the terms of use and privacy policy for this website.


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Chobani pulls Greek yogurt, unofficially recalls product Facebook complaints

If Chobani pulls its Greek yogurt products off supermarket shelves, it's a recall, right? Wrong, according to the New York-based company. However, after numerous complaints appeared on the company's Facebook page, it yanked product from stores over swollen ...

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Sweden was no match for Greece in Eurobasket

KathimeriniSweden was no match for Greece in EurobasketKathimeriniThe national basketball team enjoyed a solid start to its Eurobasket campaign in Slovenia on Wednesday thrashing Sweden 79-51 at Koper and showing it can meet the high standards its fans have set for it. The players of Andrea Trinchieri produced some ...Eurobasket 2013 Group D PreviewWelcome to Loud Cityall 3 news articles »

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We need a fair system for restructuring sovereign debt

If the debt vultures have their way, there will never be a fresh start for indebted countries - and no one will agree to restructuring

A recent decision by a United States appeals court threatens to upend global sovereign debt markets. It may even lead to the US no longer being viewed as a good place to issue sovereign debt. At the very least, it renders non-viable all debt restructurings under the standard debt contracts. In the process, a basic principle of modern capitalism – that when debtors cannot pay back creditors, a fresh start is needed – has been overturned.

The trouble began a dozen years ago, when Argentina had no choice but to devalue its currency and default on its debt. Under the existing regime, the country had been on a rapid downward spiral of the kind that has now become familiar in Greece and elsewhere in Europe. Unemployment was soaring, and austerity, rather than restoring fiscal balance, simply exacerbated the economic downturn.

Devaluation and debt restructuring worked. In subsequent years, until the global financial crisis erupted in 2008, Argentina's annual GDP growth was 8% or higher, one of the fastest rates in the world.

Even former creditors benefited from this rebound. In a highly innovative move, Argentina exchanged old debt for new debt – at about 30 cents on the dollar or a little more – plus a GDP-indexed bond. The more Argentina grew, the more it paid to its former creditors.

Argentina's interests and those of its creditors were thus aligned: both wanted growth. It was the equivalent of a "Chapter 11" restructuring of American corporate debt, in which debt is swapped for equity, with bondholders becoming new shareholders.

Debt restructurings often entail conflicts among different claimants. That is why, for domestic debt disputes, countries have bankruptcy laws and courts. But there is no such mechanism to adjudicate international debt disputes.

Once upon a time, such contracts were enforced by armed intervention, as Mexico, Venezuela, Egypt, and a host of other countries learned at great cost in the nineteenth and early twentieth centuries. After the Argentine crisis, President George W. Bush's administration vetoed proposals to create a mechanism for sovereign-debt restructuring. As a result, there is not even the pretence of attempting fair and efficient restructurings.

Poor countries are typically at a huge disadvantage in bargaining with big multinational lenders, which are usually backed by powerful home-country governments. Often, debtor countries are squeezed so hard for payment that they are bankrupt again after a few years.

Economists applauded Argentina's attempt to avoid this outcome through a deep restructuring accompanied by the GDP-linked bonds. But a few "vulture" funds – most notoriously the hedge fund Elliott Management, headed by the billionaire Paul E. Singer – saw Argentina's travails as an opportunity to make huge profits at the expense of the Argentine people. They bought the old bonds at a fraction of their face value, and then used litigation to try to force Argentina to pay 100 cents on the dollar.

Americans have seen how financial firms put their own interests ahead of those of the country – and the world. The vulture funds have raised greed to a new level.

Their litigation strategy took advantage of a standard contractual clause (called pari passu) intended to ensure that all claimants are treated equally. Incredibly, the US Court of Appeals for the Second Circuit in New York decided that this meant that if Argentina paid in full what it owed those who had accepted debt restructuring, it had to pay in full what it owed to the vultures.

If this principle prevails, no one would ever accept debt restructuring. There would never be a fresh start – with all of the unpleasant consequences that this implies.

In debt crises, blame tends to fall on the debtors. They borrowed too much. But the creditors are equally to blame – they lent too much and imprudently. Indeed, lenders are supposed to be experts on risk management and assessment, and in that sense, the onus should be on them. The risk of default or debt restructuring induces creditors to be more careful in their lending decisions.

The repercussions of this miscarriage of justice may be felt for a long time. After all, what developing country with its citizens' long-term interests in mind will be prepared to issue bonds through the US financial system, when America's courts – as so many other parts of its political system – seem to allow financial interests to trump the public interest?

Countries would be well advised not to include pari passu clauses in future debt contracts, at least without specifying more fully what is intended. Such contracts should also include collective-action clauses, which make it impossible for vulture funds to hold up debt restructuring. When a sufficient proportion of creditors agree to a restructuring plan (in the case of Argentina, the holders of more than 90% of the country's debt did), the others can be forced to go along.

The fact that the International Monetary Fund, the US Department of Justice, and anti-poverty NGOs all joined in opposing the vulture funds is revealing. But so, too, is the court's decision, which evidently assigned little weight to their arguments.

For those in developing and emerging-market countries who harbor grievances against the advanced countries, there is now one more reason for discontent with a brand of globalization that has been managed to serve rich countries' interests (especially their financial sectors' interests).

In the aftermath of the global financial crisis, the United Nations Commission of Experts on Reforms of the International Monetary and Financial System urged that we design an efficient and fair system for the restructuring of sovereign debt. The US court's tendentious, economically dangerous ruling shows why we need such a system now.

• Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University. His most recent book is The Price of Inequality: How Today's Divided Society Endangers our Future.

Copyright: Project Syndicate, 2013.

Government borrowingEconomicsBondsGlobal economyArgentinaHedge fundsUnited StatesJoseph Stiglitztheguardian.com © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds


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Troika Says Defense Industries Must Go

Greece’s proposal to overhaul three state-owned companies, Hellenic Defense Systems (EAS), mining company Larco and the Hellenic Vehicle Industry (ELVO) instead of privatizing or closing them has been rejected by the debt-stricken country’s partners and creditors. The Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) wants Greece to sell off ...

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Chobani voluntarily recalling yogurt products

CTV NewsChobani voluntarily recalling yogurt productsBradenton HeraldTWIN FALLS, Idaho — Yogurt maker Chobani notified stores over the weekend to pull potentially spoiled product from its shelves, but a Costco representative said the company received reports from retailers about tainted product two or three weeks ago.Chobani pulling some yogurt over quality concernsGreenwich TimeChobani unofficial recall; Chobani highly criticized for how they dealt with itExaminer.comExploding Chobani: Greek Yogurt Pulled After Facebook ComplaintsMiami New Times (blog)Headlines & Global Newsall 79 news articles »

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Chobani recalling some Greek-style yogurt

Chobani, maker of popular Greek-style yogurt found in Kroger, Publix, Walmart and other grocery store chains, is voluntarily pulling some of its product from store shelves after complaints from customers. The yogurt maker was also responding Wednesday to ...

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'We Are Next': Greek Jews Fear Rise Of Far-Right Party

NPR (blog)'We Are Next': Greek Jews Fear Rise Of Far-Right PartyNPR (blog)No one has ever doubted Mois Yussuroum's patriotism. As part of the Greek resistance during World War II, he fought Benito Mussolini's fascist army and then the Nazis. "The other resistance fighters didn't know I was Jewish," he says, since he used the ...

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Lesbos, Greece: best resorts and restaurants

Telegraph.co.ukLesbos, Greece: best resorts and restaurantsTelegraph.co.ukWe won't be able to answer them all, but we will do our best. About Marc Dubin. Marc has been writing about Greece for three decades, Cyprus for two. He is the author of several books including the Rough Guides to Greece, the Greek Islands, and Cyprus.and more »

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Tom Sietsema: Mike Isabella’s Kapnos updates an ancient cuisine

Waving the trend in our faces anew is Kapnos, the modern Greek restaurant from Graffiato owner and “Top Chef” personality Mike Isabella ... but the root vegetable salad speaks to today’s fashion with its garnish of green peppercorn ...

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Greek Students Are Smoking Addicts

Smoking continues to be one of the most common bad habits among Greek teenagers. According to researchers, headed by leading epidemiologist Jonathan Eberson of Oxford University, smoke addicts lose four years of their lives. Moreover, smoking increases the risk of premature death, according to a new British scientific research. In a survey conducted among secondary school students across Greece, ...

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Illegal Work Reigns in Northern Greece

The presidents of labor unions described the gloomy picture of unemployment in Northern Greece at a meeting which took place in Thessaloniki in the framework of the TIF. As they said, illegal and uninsured work reigns, while unemployment rates have rocketed. Indicatively in Thessaloniki, unemployment has reached 36%, while in Evros the unemployment rate is 40% and the market is almost dead as ...

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Primary Surplus First Then Greece Speaks

Hoping to rebound from more than three years of submission to demands from international lenders, Greece is hoping to achieve a primary surplus and then use that position as a bargaining chip to negotiate with the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB), Finance Minister Yannis Stournaras said. Speaking to SKAI TV on Sept. 4, he said that ...

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Crossing Guards Occupy Interior Ministry

Among the first to be transferred or fired under a so-called mobility scheme, school crossing guards in Greece sat in at the Ministry of the Interior on the morning of Sept. 4 in a protest the government said would be fruitless. They demanded not to be transferred or fired but wanted a guarantee to be kept as Greece sets about getting rid of 25,000 workers over the next two years on the orders ...

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Public health improving, but not for everybody

by  Andy Carling

Europe’s public health experts and practitioners gathered in Brussels at the annual conference of the European Public Health Alliance, to plan for a healthier future as MEPs plotted in Strasbourg on how to delay the Tobacco Products Directive.

Perhaps there was a subliminal reminder of this central piece of legislation as the introduction was given by Tonio Borg, Health commissioner, who passed on his high hopes for the directive.

There were other issues as public health, like so much else, has been affected by austerity, with spending cuts hitting budgets and a rise in unemployment being two of the most noticeable aspects. It was noted during the meeting that research shows that unemployment doubles the risk of illness and 60% have a lower chance of recovery.

It was also shown that some of the unemployed pay a very high cost for austerity policies as suicide rates in Greece and Latvia have increased by 17%, in Ireland by 15%.

Yves Leterme, former Belgian premier, is now Deputy Secretary-General of the Organisation for Economic Co-operation and Development (OECD). He spoke about the importance of health, responsible for up to 10% of a nation’s GDP. He noted that there were some lobbyists, “pedlars in death,” in Brussels that were promoting their industry’s interests “over the public’s health.”

When challenged about the influence of lobbyists and the ‘temptations’ they can offer to politicians, Leterme defended politicians, saying that they liked to offer good news to the electorate, who often wanted expensive policies and lower taxes, a pleasant but impractical partnership.

Leterme was positive on the economy, albeit gently, “We are seeing the first small signs that the worst of the crisis is passing.” He cautioned that “unemployment will remain at a horrifying level” for many years and that higher poverty levels were challenging the European welfare state model.

His advice was to “do more with less” as budgets will be limited for years to come. He also argued for spending more on prevention and pointed out how this can save very large amounts of money in the future.

The economic case for spending on health was made repeatedly, not least that adding 10% to the price of a packet of cigarettes results in 1.8 million fewer deaths from smoking related illnesses.


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Greek Director Picks Up the Tab for Her Film ‘Marjoram’

Making movies in Greece these days is an odyssey, laments helmer Olga Malea, who was left holding the bag in June when the government pulled the plug on bloated pubcaster ERT. ERT owes Malea co-production coin for “Marjoram,” a psychological ...

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Too soon for tax relief, says Greek minister

Greece's finance minister says the government cannot ease austerity measures until the country balances its budget, and cautioned that bailout money would only fully cover public expenses until July next ...

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Larry's Look

Larry's Look | Yiasou Greek FestivalWCNCIt has been named “Best International Event” by a number of publications over the years, enjoying endless accolades and praises for its authentic presentation of Greek culture. This morning on Larry's Look, we were joined by a whole group of those ...

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Surviving College: Greek Edition

Surviving College: Greek EditionNew Jersey 101.5 FM RadioThere are pros and cons to joining Greek life, I personally think there are more pros, but I guess you could say my opinion is a little biased. I'll admit it. I am a sorority girl. I dress up for themed parties and I sometimes wear bows in my hair. I ...

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Greek School Guards Take Part in Interior Ministry Sit-in

School guards from across Greece were participating in a sit-in at the Ministry of Interior located on Klafthmonos Square in central Athens on Wednedsay. Over 2,200 school guards were included in the first wave of about 4,400 civil servants who were transferred to other positions in the public sector recently as part of a mobility scheme. School guards participating in Wednesday’s sit-in ...

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Top 3 Events: Greek Festival, L.A. Picnic + Good Food Pie Contest

There'll be a lineup of your favorite Greek ... Sept. 7, 10:30 a.m.-1:30 p.m. WHERE: Original Farmers Market, 6333 W. Third St., Los Angeles; (323) 900-8080. COST: $95 general admission; $150 VIP Fifth Annual Good Food Pie Contest KCRW Good Food host ...

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Mentos Completely Changed Its Jingle [THE BRIEF]

Good morning, AdLand. Here's what you need to know today:

McKinney updated the Mentos jingle for its first commercial since taking over the account from the Martin Agency

Dannon is coming back to the Super Bowl with an ad to promote its Oikos Greek yogurt. The company says it does not know whether the ad will include actor John Stamos, who appeared in its Super Bowl commercial in 2012.

Deutsch LA hired Arnold's Pete Favat to be its chief creative officer. During his 14 years at Arnold, Favat spent time working on the Volkswagen account, which now belongs to Deutsch.

Land Rover is unveiling a major integrated campaign that will feature television spots and an online game. The campaign, run by Y&R, Wunderman, and Mindshare, will promote the Land Rover's off-roading capabilities.

Vimeo is partnering with the Toronto Film Festival to offer entrants .5 million in financing.

Petco is rolling out a million "brand transformation" with new ads highlighting the bond between pets and their owners. Redscout and Vitro worked on the campaign.

McKinney updated the Mentos jingle for its first commercial since taking over the account from the Martin Agency.

Digiday looks at Bloomberg News' success with online video.

Vevo hired Nielsen executive Jonathan Carson to be its first revenue chief.

News Corporation sold 33 local publications to a private equity and hedge fund firm.

OMD's U.S. CEO Alan Cohen is leaving to start Giant Spoon, a new agency backed by Omnicom, OMD's parent company. Cohen's spot will be filled by Monica Karo, the U.S. CEO at fellow Omnicom agency PHD. Karo's old job will be filled by Robert Habeck, executive director of global accounts for Omnicom Media Group. 

Previously on Business Insider Advertising:

Unilever Apologizes For Ad Comparing Coming Out To Shooting Dad In The Heart

Heineken Is Using Instagram In An Awesome, Innovative Way

Tell Us Who The Most Creative Person In Advertising Is Right Now

The Cheerios Bee Gets A Hip-Hop Makeover

This Logo Change Caused Tropicana Sales To Plunge

Chobani Pulls Yogurt From Shelves After Customers Complain About A Horrible Taste

See Gisele Bundchen Sing Classic Rock In H&M's Latest Ad

Shoe Company Apologizes For Ad Insinuating Dog Owners Could Run Their Companions To Death

Join the conversation about this story »

    

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RPT-Fitch: Greek Bank Streamlining May Support Profits, Capital

National Bank of Greece (NBG), the largest bank by assets (EUR110bn ... we expect banks' funding imbalances to persist and to continue to be sensitive to macroeconomic and sovereign developments. Capital injections have put the four major ...

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Scion Of Austerity Tall Order For Mitsotakis

(Photo/Nikos Pilos/Der Spiegel) It is up to Kyriakos Mitsotakis to prove that the Greek government, in the sixth year of the crisis, can not only announce changes, but can actually implement them. ATHENS - Kyriakos Mitsotakis has only been minister for administrative reform for a few weeks. But he is already under heavy pressure from the Troika to reduce Greek spending. To show he means business, ...

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Antoniadou Journalists’ Union 1st Female President

Maria Antoniadou Taking the helm during a tumultuous time when Greek newspapers are teetering and many journalists are working for reduced, or in some cases, no pay for long periods to time, Maria Antoniadou was elected President of the Greek Journalists' Union (ESIEA) on Sept. 3, marking the first time a woman is appointed at the helm of the professional organization which was originally ...

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Like non-Greek yogurt? Good luck finding it

Greek yogurt has become the Thing That Ate All The Grocery Shelf Space. The growing popularity of Greek-style yogurt has already prompted other yogurt makers like General Mills Inc. to tear up their recipe books. But it's also forcing revamps of ...

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Greece's main airport sees summer rise in foreign tourists

Nearly 70 percent more tourists from the United Arab Emirates visited the country this summer compared to last year, data from the Athens International Airport showed. Twenty-two percent were from countries outside the European Union ...

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Greek hoopsters promise to try and make fans happy

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Greece will negotiate after achieving primary surplus, says Stournaras

KathimeriniGreece will negotiate after achieving primary surplus, says StournarasKathimeriniGreece will embark on a major negotiation with its partners and creditors, known as the troika, after a primary surplus is achieved later this year, said Finance Minister Yannis Stournaras speaking on Skai on Wednesday. While insisting the country was ...Troika urges Greece to close down defense companiesFXstreet.comTroika Says Defense Industries Must GoGreek Reporterall 5 news articles »

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SYRIZA Sees Greek Debt Restructure

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Merkel’s Frugal Stance on Greece Aid No. 1 Vote-Winner, CDU Says

German Chancellor Angela Merkel’s bearing as a frugal “housewife” on Greece and other troubled euro nations is a campaign vote-winner that won’t change after election day, a regional leader of her party said. “The Swabian housewife ...

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Olympic Air gears up with Travelport’s Rapid Reprice

Travelport, a leading distribution services and e-commerce provider for the global travel industry, announces the successful implementation of Travelport Rapid Reprice with Greek carrier, Olympic Air. Travelport-connected agents booking Olympic Air can now recalculate a fare in seconds. Rapid Reprice yields the correct rules, taxes, additional collections, refunds or change fees, reducing the ...

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Athens Merchants Oppose Sunday Openings

The Greek government’s plan to allow more Sunday store openings to give a boost to store owners has run into a roadblock – from the merchants themselves – who don’t want their businesses to run seven days a week, even for a limited amount of weekends. Only one in eight (12.34 percent) Athens merchants is in favor of commercial stores operating on Sundays beyond the seven ...

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Greece's lost defense industry

KathimeriniGreece's lost defense industryKathimeriniIn the last 30 years Greece has purchased some of the most expensive state-of-the-art defense systems. It is very shocking and sad that the country never succeeded in developing an elementary defense industry of its own. This was never due to a lack of ...

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Greek teen develops exoskeleton glove

KathimeriniGreek teen develops exoskeleton gloveKathimerini“The idea came to me when I saw my grandmother trying to grasp the TV remote and the remote was slipping from her fingers. And I asked myself: How can I solve this problem?” Charalampos Ioannou says in a homemade video posted on YouTube.

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Mickey Mouse latest victim of Greek crisis

The Greek edition of the Mickey Mouse magazine has become the latest victim of the country's economic crisis after its publisher announced that it would halt the publication after 47 years.

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Greece To Take 20 Years To Recreate Jobs Lost From Crisis: Study

Greece will need at least 20 years to see their employment figures return to pre-crisis levels, according to a annual report by the Labour Institute of the General Confederation of Greek Workers (GSEE) leaked this week, with at least 1.4 million Greek still out of work as unemployment rate rose to a record high of 27.6 percent in May.

Greece will need at least 20 years to see their employment figures return to pre-crisis levels, according to a annual report by the Labour Institute of the General Confederation of Greek Workers (GSEE) leaked this week, with at least 1.4 million Greek still out of work as unemployment rate rose to a record high of 27.6 percent in May.

read more


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Explore Venice with Greece Med Travel

Greece and Mediterranean Travel Centre Greece and Mediterranean Travel Centre is a boutique wholesaler and we are true specialists in our field. Call our friendly staff for more information on Greece, Turkey, Croatia, Spain, Italy, Cyprus, Egypt, Jordan, Israel, Dubai, Abu Dhabi and Oman - benefit from our excellent destination knowledge to ensure you make the right product choices! Suite 2, ...

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Wednesday, September 11

by  Associated Press Wednesday, September 11 by The Associated Press, Associated Press - 3 September 2013 20:34-04:00

Today is Wednesday, September 11, the 254th day of 2013. There are 111 days left in the year.

Highlights in history on this date:

1297 - Scottish rebels under William Wallace slaughter a larger English force at Stirling Bridge.

1499 - French forces take Milan, Italy, with little opposition.

1557 - Pope Paul IV makes peace with Philip II of Spain.

1697 - Prince Eugene of Savoy defeats Turks at Zenta, Hungary.

1783 - American statesman and philosopher Benjamin Franklin negotiates a peace settlement between United States, Great Britain and France; calling it the Treaty of Paris.

1830 - Republic of Ecuador is established and granted a constitution by Colombia under which it is to be part of the Confederation of Colombia.

1914 - Two Australian battalions land near Rabaul and occupy the German colony on New Britain, off northeastern New Guinea.

1922 - British mandate in Palestine is proclaimed while Arabs declare day of mourning.

1936 - U.S. President Franklin Roosevelt dedicates Boulder Dam — now Hoover Dam — by pressing a key in Washington to signal the startup of the dam's first hydroelectric generator in Nevada.

1944 - U.S. President Franklin Roosevelt and British Prime Minister Winston Churchill meet in Canada at the second Quebec Conference.

1955 - Thirteen U.S. Air Force men are killed when a B-29 plane crashes in the Pacific between Japan and Formosa.

1973 - Chile's President Salvador Allende dies in a U.S.-supported military coup, and military officials say he committed suicide rather than surrender.

1978 - At least 20 dead and 100 wounded are reported in gun battles between Nicaraguan troops and rebels intent on toppling President Anastasio Somoza.

1990 - U.S. President George H.W. Bush addresses a national television audience to gain support for his deployment of U.S. military forces to the Persian Gulf region to confront the Iraqi invasion of Kuwait.

1991 - Soviet President Mikhail Gorbachev says thousands of Soviet troops will soon leave Cuba; Germany says it will launch an international emergency aid program to help Soviet Union through the winter.

1992 - Hurricane Iniki strikes Hawaiian islands of Kauai, Oahu and Niilau, killing six people.

1993 - In front of human rights observers, a prominent supporter of exiled President Jean-Bertrand Aristide is dragged from a Mass and assassinated outside a church in Haiti.

1996 - Iraq fires two missiles at U.S. F-16 jets patrolling a "no-fly" zone in northern Iraq. Both missiles miss, but the United States responds by sending B-52 bombers to the region.

1998 - Independent counsel Kenneth Starr tells the U.S. Congress there are 11 grounds for impeachment of President Bill Clinton; Russian lawmakers approve Yevgeny Primakov as prime minister.

2001 - Terrorists crash two hijacked airplanes into the World Trade Center in New York City, bringing down the twin 110-story towers, killing more than 2,700 people. Another hijacked jetliner slams into the Pentagon in Washington D.C., killing at least 189 people. A fourth hijacked plane crashes in rural southern Pennsylvania, killing 44 people aboard.

2002 - The entire 21-member Palestinian cabinet resigns, after it becomes evident that Palestinian leader Yasser Arafat could not prevent a vote of no-confidence in the cabinet by the Palestinian Legislative Council.

2003 - Swedish Foreign Minister Anna Lindh dies in a hospital after being stabbed repeatedly the previous day by an unidentified male attacker while shopping at a department store in Stockholm.

2004 - A U.S. soldier admits abusing inmates at Abu Ghraib prison, receiving a lighter sentence in return for his testimony against others charged in the scandal.

2005 - Prime Minister Junichiro Koizumi scores a political triumph as the long-ruling Liberal Democratic Party heads for a landslide win in an election touted as a referendum on his push to privatize Japan's cash-swelled postal system.

2006 - The Islamic group Hamas makes a deal to share power with the more moderate Fatah headed by Palestinian President Mahmoud Abbas after six months of crushing sanctions imposed to force the militants to recognize Israel and end violence.

2007 - The World Health Organization issues an alert urging more doctors to travel to Congo to combat an outbreak of Ebola fever. The Congolese government declares a quarantine of the area in southeastern Congo.

2008 - Spain's highest court rejects plans for a referendum in the Basque region on self-determination.

2009 - Iran's Supreme Leader Ayatollah Ali Khamenei warns the country's reformist opposition it will face a "harsh response" for confronting the Islamic establishment.

2010 - Greece's prime minister promises to lower corporate taxes to help revive the debt-plagued country's shrinking economy, while thousands of protesters march — mostly peacefully — against the government's harsh austerity measures.

2011 - A convoy carrying ousted Libyan leader Moammar Gadhafi's son al-Saadi crosses into neighboring Niger, a spokesman for Niger's government says, one of the highest-profile former regime figures to flee to the landlocked African nation.

2012 - Mainly ultraconservative protesters climb the walls of the U.S. Embassy in Egypt's capital and bring down the American flag, replacing it with a black Islamic flag to protest a U.S.-produced film attacking the Prophet Muhammad.

Today's Birthdays:

D.H. Lawrence, English author (1885-1930); O. Henry (William Sydney Porter), U.S. writer (1862-1910); Ferdinand Marcos, Philippine president (1917-1989); Tom Landry, U.S. football coach (1924-2000); Brian DePalma, U.S. film director (1940--); Harry Connick Jr., U.S. singer/actor (1967--); Moby, U.S. DJ/musician (1965--); Mickey Hart, U.S. rock drummer (1943--).

Thought for Today:

There is nothing so powerful as the truth, and nothing so strange — Daniel Webster, U.S. statesman (1782-1852).

News Topics: Terrorist attacks, Terrorism, War and unrest, General news, Business, Arts and entertainment, International agreements, Government and politics, Plane crashes, Hijacking, September 11 attacks, International relations, Aviation accidents and incidents, Transportation accidents, Accidents, Accidents and disasters, Transportation, Crime, Events

People, Places and Companies: William Wallace, Winston Churchill, George H. Bush, Mikhail Gorbachev, Jean-Bertrand Aristide, Ken Starr, Bill Clinton, Yasser Arafat, Junichiro Koizumi, Mahmoud Abbas, Ali Khamenei, Muammar Gaddafi, D.H. Lawrence, Ferdinand Marcos, Harry Connick Jr., Mickey Hart, Daniel Webster, Palestinian territories, Niger, Iraq, United States, Middle East, Spain, West Africa, Africa, North America, Western Europe, Europe

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. This article is published under the terms of the News Licensing Group, LLC. privacy policy, in addition to the terms of use and privacy policy for this website.


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Cocktail Chronicles: Pursuing the elusive Greek Sazerac

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'Haven' Season 4 spoiler: Check out a 'Greek' Easter egg from the premiere

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Market Meal Theos Greek Kouzina now at seven Edmonton-area farmers markets

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