Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Tuesday, May 6, 2014

Greek PM says won't seek money bailout money

ATHENS, Greece (AP) - Greece's prime minister says the debt-strapped country will not ask for any additional bailout money and hopes to begin abolishing austerity taxes later this year. In an interview with private Antenna television, Antonis Samaras said ...


Greek migrants die when boats capsize

Several migrants have died and others are missing after two boats capsized off a Greek island.


Greek PM says won't seek money bailout money, hopes to reduce austerity taxes in 2014

Greece's prime minister says the debt-strapped country will not ask for any additional bailout money and hopes to begin abolishing austerity taxes later this year.


Eurostat: Northern Greece Youth Unemployment Worst in Europe

Northern Greece has the highest rates of unemployment in continental Europe, according to a new report from Eurostat on unemployment, with university qualification


Of Knights and Fair Ladies – Monemvasia Town

Founded in the Middle Ages, the fortress town of Monemvasia is one of the best-preserved historical settlements in Greece, and is still very much alive today. Located on the side of a mountainous-like island overlooking the sea on the Southeastern coast of the Peloponnese, the old town of Monemvasia is a discreet getaway enclosed in […]

The post Of Knights and Fair Ladies – Monemvasia Town appeared first on The National Herald.


Environmentalists issue Caretta caretta warning

A group of 11 environmental groups including WWF Greece have written a joint letter to the Environment Ministry warning that a key breeding ground of the loggerhead sea turtle (Caretta caretta) – the Gulf of Kyparissia in the western Peloponnese – is unde... ...


Paulson hedge fund discloses Greek stakes

A fund run by billionaire investor John Paulson has acquired minority stakes in a bank and a water company in Greece, adding to evidence the country was attracting international investors back after a deep six-year slump. Greece’s fourth-largest lender, A... ...


UAE launched Eu 7B project in Greece

Athens: Shaikh Abdullah Bin Zayed Al Nahyan, UAE Foreign Minister, announced the launch of a major investment project in Greece at a total cost of €7 billion (Dh35.67 billion). The joint venture project involves the development of the old airport in ...


Greece's return from its bond market exile lures global investors

Gulf TimesGreece's return from its bond market exile lures global investorsGulf TimesGreece's return from bond market exile and signs of economic revival have attracted international investors to its privatisation drive, providing more options for raising cash to cut debts, the chief of its asset sales agency said. “Interest is ...Greece investor spring breathes life into privatisation driveYahoo!7 Newsall 1 news articles »


Symposium on Greece v. Galloway

Symposium on Greece v. GallowayWashington PostTown of Greece v. Galloway is a case about religious diversity – how to recognize it and how to accommodate it. Justice Kennedy's majority opinion upheld one version of recognizing diversity, which we might call “deep” diversity or “thick” diversity ...


SCOTUS Misses On Prayer On Day Alabama Chief Justice Proclaims First Amendment Only Meant To Protect Christians

In reviewing the Supreme Court’s 5-4 decision in favor of the permissibility of religious prayers being offered at the start of town meetings in Greece, New York, I couldn’t help but conclude that while both the majority and minority managed to get some things right in making their case for their respective votes, they managed to produce a result that misunderstands the real issue at hand and how it is best resolved.


OECD Estimates Greek Economy Will Improve

The Greek economy has begun to recover due to increased tourism and improved confidence, according to the bi-annual Economic Outlook report of the OECD. The


AstraZeneca hits back at Pfizer; Europe's service sector growth jumps

Rolling coverage of the latest economic and financial news, including the latest healthcheck of Britain and Europe's service sectors, the AstraZeneca bid, and the OECD's new economic forecasts

AstraZeneca emphasises strong prospects

OECD warns UK over house prices

UK service sector growth hits five-month high

Markit: strongest eurozone growth since May 2011

5.29pm BST

Continuing concerns about Ukraine, poor Chinese manufacturing figures and disappointing results from Barclays and Aberdeen Asset Management outweighed positive eurozone growth rates to leave markets floundering. The final scores showed:

The FTSE 100 finished 23.86 points or 0.35% lower at 6798.56

5.17pm BST

Over to Greece, where despite the countrys seemingly improved economic performance, fears of political instability are mounting ahead of this months European elections. Emergency talks took place this afternoon between the coalition governments leaders, reports Helena Smith:

Ostensibly, prime minister Antonis Samaras met with his junior coalition partner, Evangelos Venizelos, to discuss the issue of the countrys debt following Mondays eurogroup decision to finally tackle what is widely seen as the root of Athens financial woes later this year. But emerging from the meeting, Venizelos, who is both Greeces deputy prime minister and foreign minister, gave voice to what is now uppermost in his mind declaring: Without us, there is no government...because if you don't have the mandate, or even the tolerance, the understanding of the Greek people you cannot proceed. That is how democracy works."

He added that a collapse in support for the centre left would create a "problem of legitimacy" for a national salvation government based on concensus.

5.02pm BST

The CBI has joined the chorus of voices commenting on the possible bid for AstraZeneca by Pfizer, and is unsurprisingly against protectionism. The director general of the business leaders group, John Cridland, said:

The most important issue for British business with this proposed takeover is the strength of the UK scientific research base of which pharma is a critical part.

Open markets are an asset for the UK and the CBI does not support protectionism.

4.04pm BST

Dixons Retail shares have jumped 4% following a report its proposed £3.7bn merger with Carphone Warehouse will be unveiled ahead of a Takeover Panel deadline on 19 May.

Sky News said the deal would be a 50-50 merger of equals.

3.44pm BST

My colleague Andrew Sparrow is following all the action from parliament as Vince Cable comments on the AstraZeneca/Pfizer situation.

The details start here in the politics live blog but here is a flavour:

Vince Cable says the government wants to ensure that Britain is at the forefront of life sciences.

There has not yet been a formal bid, he says.

3.40pm BST

AstraZeneca is keeping up its defence with a conference call following its update earlier:

AstraZeneca boss Pascal Soriot says overall shareholders have been supportive; will listen to them more in coming days

AstraZeneca boss Pascal Soriot adds 'you would expect in a situation like this a range of opinions' among shareholders

AstraZeneca CE says takeover by Pfizer could have "negative impact" on company's ability to develop "exciting" drugs in pipeline.

Cable: UK government will approach Pfizer bid for AstraZeneca with "even-handed neutrality."

Cable says govt v live to 'national interest' - swipe at Osborne, we see UK as 'knowledge economy not a tax haven'

Vince on Pfizer/AZ: "using public interest powers a serious step and not one to be taken lightly. I am open minded about it"

3.08pm BST

Back with AstraZeneca, and ahead of a question in the commons, UK chancellor George Osborne said the government would support a takeover by Pfizer if it provided jobs for Britons. When asked about the possible deal by reporters he said (quote courtesy Reuters):

Our sole interest here is in securing good jobs in Britain, good manufacturing jobs, good science jobs. That's what I'm interested in and we'll support any arrangement that delivers that for Britain.

Osborne on AstraZeneca: "well take no lectures from last govt..when there were takeovers did nothing to protect Brits nat econ interest"

2.42pm BST

Royal Mail has ruled out a pay rise for chief executive Moya Greene.

Greene, who was paid a total of £1.22m last year, apparently opted against an increase in basic salary or a new incentive scheme. Royal Mail said the remuneration committee had taken her wished into account.

@vincecable on @RoyalMail boss pay freeze: "I admire the restraint the board has shown." Or otherwise, phew, that's one row avoided .

2.05pm BST

Over in the US, the country's trade deficit narrowed in March as exports improved.

According to the Commerce Department the trade gap fell 3.6% to $40.4bn, down from $41.9bn in February (revised from a reported $42.3bn). This is virtually in line with a forecast of $40.3bn. Reuters reports:

March's shortfall, however, was a little bigger than what the government had assumed in its advance first-quarter gross domestic product estimate last week, suggesting the economy contracted in the first three months of the year.

The trade report was the latest indication that the government is likely to lower its growth estimate to show a contraction when it publishes revisions later this month.

1.59pm BST

Ahead of this week's meeting of the European Central Bank, which has to decide whether to cut rates or unveil a bond buying programme, Italian 10 year bond yields have fallen below 3% for the first time.

#Italy's 10-year yield falls to 2.999, first time ever below 3%. Meanwhile, euro keeps rising toward 1.40. Draghi's conundrum...

12.52pm BST


Former AstraZeneca CEO Sir David Barnes has written to @ChukaUmunna outlining his concerns over Pfizer deal. Details

12.50pm BST

Time to recap, after a busy morning.

12.39pm BST

Just hearing that a government minister will discuss Pfizer's bid to take over AstraZeneca at 3.30pm, at an urgent question.

The Speaker has granted me an Urgent Question about Pfizer/Astrazeneca. It will be at 3:30, and allow me and others to raise questions #fb

12.04pm BST

Britain's MPs are fighting over themselves to quiz the bosses of AstraZeneca and Pfizer.

The chairman of Parliament's Science and Technology committee, Andrew Miller, just confirmed that it will hear from both companies -- just a few minutes after the Business committee announced it will hold a hearing soon.

11.59am BST

This interactive map lets you explore the OECD's new Economic Outlook report (as explained at 10.38am, it cut its global growth forecasts, but hiked them for the UK and the eurozone)

11.23am BST

AstraZeneca has just issued another rebuttal to Pfizer, by publishing a new strategic update which argues it has strong prospects as an independent firm.

The UK pharmaceutical firm declared that can achieve annual revenues of $45bn within the decade - that's a new target - thanks to its strong drugs pipeline and the progress made by its management recently.

excellent growth prospects, rapidly progressing pipeline and the future delivery of shareholder value as an independent company

"The increasingly visible success of our independent strategy highlights the future prospects for our shareholders. These are benefits that should fully accrue to AstraZeneca's shareholders."

11.02am BST

You can read the OECD's warning about the UK housing market here (a pdf of the full Economic outook).

I can't cut-n-paste from it, but here's the key section:

10.48am BST

The parliamentary Business, Innovation and Skills Committee has confirmed that it will hold a hearing into Pfizer's proposed takeover of AstraZeneca.

BIS says:

Both Pfizer and AstraZeneca will be among those invited to appear before the Committee. Further details will follow in due course.

10.38am BST

The Organisation for Economic Co-operation and Development (OECD) has urged the UK government to consider reining in the surge in house prices,and also predicted the British economy will growth strongly this year.

"Monetary policy tightening should be accompanied by timely prudential measures to address the risks of excessive house price inflation

House prices ... significantly exceed long-term averages relative to rents and household incomes."

OECD has revised up UK growth for 2014 to 3.2% - fastest in the G7 - supporting jobs & prosperity & showing #longtermeconomicplan working

Very low underlying inflation and large economic slack are expected to persist for several quarters [in the eurozone],"

"Accordingly, the main refinancing policy rate should be reduced to zero, and possibly the deposit rate to a slightly negative level, and they should be maintained at these levels at least until end-2015."

10.18am BST

Another gobbet of good economic news from the eurozone - retail sales rose by 0.3% across the region in March. City economists had expected a 0.2% decline.

10.13am BST

The UK economy is growing faster than the Bank of England had expected, says Rob Wood of Berenberg, following the news that the UK service sector grew pretty rapidly last month.

Wood writes:

Another very strong quarter is on the way in the UK. There is certainly very little sign of the slowdown in growth that the BoE had been banking on in their February forecasts, when they planned for interest rates staying on hold until mid-2015.

And neither should there be with consumer and business confidence returning, wage growth picking up and monetary policy still extremely supportive....

9.56am BST

News that Britain's service sector grew strongly last month has driven the pound higher against the US dollar, to a near five-year high of $1.695.

Traders are anticipating that the strength of the UK recovery is going to force the Bank of England into an interest rate rise, sooner than the BoE has indicated.

9.44am BST

Britain's service sector has posted its strongest growth of 2014, as firms rapidly taken on more staff to deal with increased demand as the recovery continues.

Markit's monthly UK services PMI jumped to 58.7 in April, up from March's 57.6 - showing strong growth, and the 16th monthly expansion in a row.

The UK economic recovery shows no signs of running out of steam, and growth could even accelerate further in the second quarter.

The upturn in service sector growth matches a similar acceleration to a near-record high for manufacturing output, while construction activity also continues to surge higher.

UK set for another quarter of strong GDP growth (c0.8%) as all-sector PMI up from 58.2 in Mar to 5-month high of 59.4

9.28am BST

Howard Archer of IHS Global Insight agrees that the eurozone recovery "gained traction", with Markit reporting that every country's service sector grew in April:

Encouragingly, services expansion picked up markedly in Germany in April, while particularly welcome news saw Spanish activity expand for a sixth successive month and at the fastest rate since March 2007. This fuels hopes that Spanish recovery is really taking hold. Meanwhile, Italy achieved modest renewed services expansion in April after a dip in March, although progress remains limited.

Meanwhile, Irish services expansion was particularly strong as it reached an 86-month high.

9.20am BST

Chris Williamson, chief economist at Markit, predicts that the eurozone will grow by at least 0.5% in the second quarter of 2014, based on April's strong PMI report.

He explains:

The final PMI confirms the earlier flash estimate, indicating that the Eurozone started the second quarter with the fastest growth seen for three years.

The upturn is led by Germany while France continues to lag, with the French PMI merely indicating near-stagnant growth.

On the periphery.... the most exciting news is the strong upturns that are becoming apparent in Spain and Ireland, where the rates of growth rose to the fastest for seven and eight years respectively. Italys recovery is meanwhile also gaining momentum, with the pace of growth rising to one of the fastest seen over the past three years.

The upturn in the rate of expansion further reduces the likelihood of the ECB considering it necessary to cut interest rates or embark on any other non- conventional stimulus measures, for which the bar is already high. While prices charged continued to fall in April, the accelerating speed of the recovery suggests price pressures should pick up in coming months to allay deflationary fears.

9.13am BST

Europe's private sector is growing at its fastest pace in almost three years, as firms in most countries report a welcome rise in activity.

Data from across the region shows that the manufacturing sector led the way, while service sector business activity rose at the fastest pace for 34 months.

The recovery in the eurozone economy gathered pace at the start of the second quarter, with the combined output of the manufacturing and service sectors rising at the fastest pace for almost three years in April.

France was the only nation to buck the trend, treading water with near stagnant output growth and a slight drop in new business. The sluggish performance of France was mainly centred on the service sector, highlighting the ongoing weakness of the French domestic market.

8.59am BST

Germany's service sector enjoyed another strong month in April, with its service sector PMI rising to 54.7 from 53.0 in March.

Firms said they'd hired more staff to deal with rising workloads, to handle a rise in new orders.

German services activity rises at faster pace in April. Headline index at 54.7 (53.0 in March)

8.55am BST

Growth in France's service sector almost stalled last month, as Europe's second largest economy struggled to match the recovery seen in, say, Spain and Ireland.

The French Service sector PMI fell to 50.4. from 51.5 in March, showing a sharp slowdown took place last month. It's still growth, but only just....

"The French service sector virtually stalled in April amid flagging new business intakes.

"Companies reported that persistent client uncertainty had held back spending, suggesting a lack of confidence in the sustainability of the recovery."

8.50am BST

Italy's service sector has started growing again, thanks to a jump in new orders.

The Italian service sector PMI rose to 51.1 in April, showing it expanded after sliding into contraction territory in March (when it hit 49.5). That may indicate that Italy's economy is avoiding dropping back into recession.

Despite the upturn in activity in April and there being a strong degree of optimism regarding the year-ahead outlook, services firms still maintained a preference for lower staffing numbers. Employment levels fell solidly on the month, and to the greatest extent so far this year.

Encouraging firms to part with staff was a continued lack of pressure on capacity. Indeed, backlogs of work were reduced for the thirty-eighth month in succession, and at a solid rate that was the fastest since January.

8.44am BST

Spanish service sector PMI rises to multi-year high, while unemployment drop is the largest since June 2013 ^KB #Spain

8.42am BST

FastFT makes a great point about Barclays -- the tumble in investment banking earnings (see 8.10am) meant it is now paying a bigger share of its profits to its staff.

They explain:

Barclays revealed on Tuesday that it pared pay costs in the investment bank by 20% year on year, a significant cut - but less of a hit than the 28% fall in revenues across the business.

What may be more difficult for shareholders to stomach is that the unit's huge slide in income meant that Barclays was forced to set aside a much bigger proportion of revenue to pay its bankers - again after a poor performance.

8.35am BST

Spain has followed Ireland's lead, with its service sector firms also reporting their best month since March 2007, before the financial crisis began.

And Spanish firms also reported that they took on more staff -- making some impact into Spain's huge jobless total.

The recovery in the Spanish service sector gathered pace in April with activity and new business each growing at rates not seen since the economic crisis began in late-2007. Employment also increased, ending a two-month sequence of job cuts.

The Spanish service sector put in its best monthly performance since prior to the start of the economic crisis in April according to the latest PMI data, with workloads rising strongly.

A pleasing aspect of the latest data is the rise in employment, with the labour market having previously given little cause for optimism. While there is still a long way to go, improving sentiment in the wider economy does seem to be feeding through to gains at service providers in Spain, suggesting that this time positive momentum could be sustained.

8.27am BST

The euro has also risen against the US dollar this morning to $1.391 - its highest level in almost seven weeks.

8.26am BST

The pound is looking perky this morning . It just hit its highest level in almost five years against the US dollar, up 0.4% to $1.693.

Sterling Trades Above $1.6920; Highest Since August 2009

8.21am BST

Ouch. Shares in Balfour Beatty have slumped 16% at the start of trading in London, after it announced an unscheduled profits warning and the unexpected departure of its CEO.

These conditions have continued into 2014 and, taken together with poor operational delivery issues on a number of contracts and low order intake, the business has experienced an extremely challenging first quarter. As a result, our performance expectations for this business in 2014 are significantly lower than previously anticipated. Furthermore, in major building projects we have experienced further cost increases and delays, mainly on specific projects we highlighted in March.

8.12am BST

Barclays UK retail bank going great guns, problem (for once) is slump in revenue in investment bank (specifically fixed income down 41%)

8.10am BST

2014 has not been a great year for Barclays' investment bankers.

Investment bank profits fell 49% to £668m in the first three months of the year, it reported this morning, after a period of "difficult trading conditions".

Poor performance at the investment bank dragged Barclays' adjusted pretax profit down 5% to £1.69bn. Profit from retail banking rose 20% to £360m, Barclays said in a trading update.

The bank said: "We continue to be cautious about the trading environment in which we operate and as a consequence we remain focused on structurally reducing the cost base in order to improve returns."

7.53am BST

A surge in new business has helped Irish service sector companies to grow at their fastest rate since February 2007.

Investec's monthly survey of the sector also found that firms created new jobs at the fastest rate in seven and a half years, suggesting confidence is growing as Ireland puts its bailout programme behind it. The economic recovery in the UK may also be a factor.

Taken together, todays report and last weeks Investec Manufacturing PMI release show strong momentum across much of the private sector in Ireland. With an improving outlook both at home and across the countrys main trading partners, we expect that this momentum will be sustained over the remainder of this year at least.

7.39am BST

Good morning, and welcome to our rolling coverage of the financial markets, the world economy, business and the eurozone.

Today we'll be tracking the latest healthcheck of Europe's private sector, with the release of the monthly PMI surveys which track activity across thousands of firms.

Breaking: Barclays reports a fall in first-quarter profit to $2.85 billion

Continue reading...


Tax on financial transactions introduced, under criticism from UK, Sweden

by  Dan Alexe

A group of 10 European Union countries agreed to introduce a financial transaction tax from 2016 onward, it was announced at the end of EU finance ministers’ meeting, on Tuesday 6 May. 

The nations — including Europe's biggest economies Germany, France, Italy and Spain, but not the UK — will initially tax only the trading of shares and some derivatives.

European officials started pushing for the tax following the 2008-09 financial crisis, to curb speculation and claw back revenues after government bailouts of banks, but failed to muster the required unanimity for an EU-wide solution.

Britain, which is home to the bloc's biggest financial hub, the City of London, is strongly opposed to the plan, saying it is a populist measure that will harm the economy and undermine banks' global competitiveness.

"It's not a tax on bankers, it's a tax on job on investment, on people's pensions. That's why the United Kingdom does not want to be a part of it," U.K. treasury chief George Osborne said.

The levy's scope won't be as broad as supporters initially hoped, but the countries hope to reach agreement on a wider scope later on.

The EU estimates a broad levy encompassing trading in most assets could yield 30 billion Euros in annual tax revenues.

German Finance Minister Wolfgang Schaeuble acknowledged it was "a very difficult matter to get a common position" on the tax, but said the current limited proposal is a good starting point to get the financial sector to contribute.

"To tell people that we are not able to find a way, is not a way to deliver," Schaeuble insisted.

Britain's Osborne, meanwhile, denounced the lack of detail of the current tax proposal and threatened Britain would challenge any financial transaction tax if it were to affect also EU economies not participating.

"If they seek to damage jobs and investment across the rest of Europe, then we are entitled to challenge that," he insisted.

Spain's Finance Minister Luis de Guindos sought to reassure the countries not participating, saying the group of 11 is "fully aware of the potential consequences" on lending conditions and the wider economy and will carefully draft its legislation.

The EU's top court last week dismissed a British challenge to the introduction of the tax as premature since the tax has yet to be established. Britain argued it is illegal under EU law since it would affect even countries who don't sign up to it. Sweden was also very critical of the tax.

The 10 countries are France, Germany, Austria, Belgium, Estonia, Greece, Italy, Portugal, Slovakia and Spain. Slovenia previously pledged to introduce the tax as well, making it the 11th member of the group, but its finance minister didn't sign Tuesday's statement because his government resigned Monday.

(with AP)

Cf. also:

Eurogroup meeting, financial tax within reach

Shades of pink: Commission's spring economic forecast




Archaeological Museum of Iraklio, Crete, reopens Minoan collections after 7 years of repairs

by  Associated Press Greece's Iraklio archaeological museum reopens Associated Press - 6 May 2014 11:53-04:00

ATHENS, Greece (AP) — The Archaeological Museum of Iraklio on Crete, home to the world's best collection of Minoan artifacts, has reopened after more than seven years of repairs and refurbishment work.

Greece's Culture Ministry says the museum opened its doors to the public Tuesday.

Its collections draw mostly from the island's prehistoric Minoan civilization, best-known for its palace-like complexes and ornate wall-paintings, which flourished in the 2nd and 1st millennia B.C.

News Topics: General news, Museums, Recreation and leisure, Lifestyle, Leisure travel, Travel

People, Places and Companies: Greece, Crete, Western Europe, Europe

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


EU Needs Energy Security Yesterday

by  Kostis Geropoulos

ATHENS - The recent developments in Ukraine highlight energy security and diversification of supply sources as two sensitive areas of European energy policy, a member of the European Parliament’s Committee on Industry, Research and Energy (ITRE) said on 5 May in Athens.

Niki Tzavela from Greece, a rapporteur on the European energy strategy 2025 and shale gas, repeated EU concerns that the 28-country bloc relies too heavily on Russian gas supplies.

“Given the recent developments in Ukraine, we are here to highlight these two sensitive aspects of the European energy policy: energy security and diversification of supply sources. In average EU receives 60 to 70% of its energy from Russia. At the same time, we have developments on the other side of the Atlantic so the global energy map is revisited and redrawn, given that the US expects its energy independence to be valid by 2035 – thanks to shale gas,” Tzavela told a conference on Europe and the Arab World in the framework of the Greek EU Presidency.

The status quo of traditional energy suppliers is changing and that will affect mainly the liquefied natural gas (LNG) market place, she said.

Alleviating Europe’s dependence on gas supplies from Russia - a problem exacerbated by the crisis in Ukraine – will be further discussed when the Group of Seven (G7) leaders meet at a summit in Brussels on June 4-5.

On 4-5 May, the G7 energy ministers met in Rome where they discussed ways to strengthen collective energy security. The energy ministers released a 13-point plan that foresees greater gas pipeline network connectivity, reverse flow pipelines and investment in gas storage facilities as well as low-carbon energy supplies and energy efficiency improvements.

The United States, Canada, Japan, Britain, France, Germany and Italy resumed G7-format meetings in March, after Russia was expelled from the Group of Eight (G8) forum due to its support for separatists in Ukraine.

“In this [June] meeting we will discuss alternative supply options that will reduce dependence on Russian hydrocarbons,” Tzavela said.

“I have been appointed president of the European taskforce that will work with the American Congress and the respective committee on energy and these two committees will discuss energy issues,” she said, reminding that and energy is included in the EU-US free-trade agreement. She added that exporting natural gas from the US during the crisis in Ukraine is a major topic.

However, there are technical difficulties as the US infrastructure was destined to import hydrocarbons, not exporting them, she said.

The MEP predicted, however, that “probably in the near future we will start exporting natural gas and oil from the US to some European states”.

In addition to the shale gas revolution, Tzavela also said the expansion of the use of natural gas and the development of southeastern Mediterranean and Aegean fields will “help Europe become an important player in the geopolitical developments in the region”.

Meanwhile, Panagiotis Mihalos, Secretary General for International Economic Relations at Greece’s Ministry of Foreign Affairs, told the same conference that the Trans Adriatic Pipeline (TAP) that will bring gas from the Caspian region through Greece, Albania to southern Italy will put “Greece into the energy landscape of our broader region”.

“The situation in Ukraine has highlighted the need for energy security and diversification, thus our proposal for a vertical corridor linking south and north Europe – a network of interconnectors between the national natural gas grids that will be fed by the pipelines that transport gas coming from east to west such as TAP and possibly East Med but very importantly also the LNG terminals to Greece,” he said.

Mihalos explained to New Europe on the sidelines of the conference that the vertical corridor will consist of the Interconnector Greece - Bulgaria (IGB), the Gas Interconnection Bulgaria - Romania (IBR) and gas connections through the four Visegrad states: Hungary, Slovakia Czech Republic and Poland. “These interconnectors, some of which are ready or planned to be constructed, will allow transporting gas from the south to the north of Europe with minimal interventions,” he said.

See also:

EU mulls reverse gas flow possibilities

EU seeks to reduce energy dependence

Putin Tells EU: There’s No Free Ukrainian Gas



Greece's Iraklio archaeological museum reopens

ATHENS, Greece (AP) — The Archaeological Museum of Iraklio on Crete, home to the world's best collection of Minoan artifacts, has reopened after more than seven years of repairs and refurbishment work.


France, Germany press on with trading tax but plans still vague

By John O'Donnell and Robin Emmott BRUSSELS (Reuters) - France and Germany led a group of countries on Tuesday in calling for a tax on financial trading, but their failure to agree central elements of the plan means it will fall far short of its original ambitions. The tax was promised in 2011 by German Chancellor Angela Merkel and then French president Nicolas Sarkozy as a means of getting banks to contribute more towards solving a crisis that had by then bankrupted Greece and Ireland. Finance ministers from ten euro zone states made a further pledge on Tuesday to phase in the tax on the trading of shares and some derivatives from January 2016, two years later than the original start date. But they left unanswered crucial questions such as how high the tax - opposed by a second group of European states including finance industry heavyweight Britain - should be and how it will be charged.


They Did not Die in Vain – Ipswich Riots

The death of bystander Nicoletta Paudelopoulou was the centerpiece of the investigation once the 1913 hearings related to the rioting in Ipswich, MA commenced. Yet curiously, the testimony of John Baker, an eyewitness to her killing, was for all intents and purposes totally ignored. No effort was made to have Baker identify the Ipswich policeman […]

The post They Did not Die in Vain – Ipswich Riots appeared first on The National Herald.


Migrants rescued in Greece after deadly yacht sinking

AFP/AFP/File - A yacht is pulled out of the sea by the Greek coastguards on the island of Samos on May 5, 2014 Greece's coastguard on Tuesday said it helped rescue 24 migrants in the Aegean a day after a yacht bringing scores of migrants from Turkey ...


Greece investor spring breathes life into privatisation drive

Greece's return from bond market exile and signs of economic revival have attracted international investors to its privatisation drive, providing more options for raising cash to cut debts, the chief of its asset sales agency said. "Interest is reviving and widening," Ioannis Emiris, chief executive of the Hellenic Republic Asset Development Fund (HRADF), told Reuters in an interview. Pension ...


In Greece, Austerity Kills

A string of academic reports documenting in detail the impacts of austerity on health care and health outcomes in Greece have recently been released [1]. They show how European authorities, IMF and Greek government policies implemented in response to the ...


Greece’s April Tourism Data Points to a Succesful Summer

Shortly before the tourist season officially begins, statistics for April support estimates by tourist agents and large tour operators that Greece will be among the most popular destinations in the Mediterranean this summer. According to the most ...


Greek Public Power Corporation Launches Subsidiary in Turkey

Greece’s Public Power Corporation (PPC) will launch a subsidiary company in Turkey. The new company will trade in electrical energy and will


OECD Says No Greek Recovery Yet

Despite rosy government predictions, the Organisation for Economic Cooperation and Development (OECD) says Greece's won't recover this year.

The post OECD Says No Greek Recovery Yet appeared first on The National Herald.


Greek Municipality Accused In Boy’s Death

An investigation into the death of a 13-year-old at a fairground in Elliniko has reportedly discovered the site was rented out unlawfully and never checked for safety.

The post Greek Municipality Accused In Boy’s Death appeared first on The National Herald.


Greek Merchant Fleet Tops World Tonnage Ranking

The Greek-owned merchant fleet remains one of the world’s biggest, ranking first in tankers, second in dry bulk carriers, second in LNG tankers and container ships. The Greek-owned fleet has managed to compete directly with big shipping countries such ...


NIU Greek Houses Rack Up Dozens of Alcohol Emergencies

NBC ChicagoNIU Greek Houses Rack Up Dozens of Alcohol EmergenciesNBC ChicagoPolice reports and photos obtained by NBC5 Investigates show that pledges endured sexual taunts and were pressured to drink by fraternity brothers and humiliated by sorority sisters brought in for the well planned ritual called, "Greek Parents Night.".and more »


OECD expects Greek economy to start growing next year

Unlike the Greek government and the European Commission, the Organization for Economic Cooperation and Development (OECD) does not expect Greece’s economy to grow this year. In its bi-annual Economic Outlook the OECD foresees the Greek economy shrinking b... ...


Greece launches 'coalition' to boost ICT sector

The Greek government and members of the country’s ICT industry were due to sign a memorandum of understanding on Tuesday to help young people and potential entrepreneurs. “The nine Greek Coalition partners commit to developing an Action Plan within the ne... ...


Greek Benefits Card Set for Online Renewal to Cut Queues

Greece’s Minister of Labour, Giannis Vroutsis, is to present a amendment to parliament Tuesday in a bid to end the long queues outside


Social Dividends Being Sent Out

Prime Minister Antonis Samaras' coalition government this week will disburse a 500-euro so-called "social dividends" to some victims of austerity measures.

The post Social Dividends Being Sent Out appeared first on The National Herald.


Greece set to soar at Eurovision with Freaky Fortune

With "Rise Up," Greece is taking another shot at winning Eurovision with a party anthem. But there's more beneath the surface of the pumping track. Do you think the song has what it takes to win over voters? "Rise Up" is all but guaranteed to get the ...


As search continues for survivors off Samos, coast guard rescues 24 stranded migrants

As coast guard officers continued their search on Tuesday for survivors off the Greek island of Samos, near Turkey in the eastern Aegean, after two vessels capsized in the early hours of Monday and at least 22 people died, a separate group of migrants who... ...


Stamping out hooliganism

Hooliganism needs to be eradicated from the realm of Greek soccer once and for all, with radical and decisive measures that will also prevent it from ever rearing its ugly head again. Hooliganism, one of the most serious symptoms of sickness in a society,... ...


Greek coast guards rescue another 24 migrants, a day after boat accident that cost 22 lives

ATHENS, Greece - Greek authorities say 24 immigrants have been rescued after they were found floundering off an Aegean Sea island where at least 22 people died in a separate incident a day earlier.


EU pledges further conditional support to Greece

Finance Ministers of the European Union on Monday pledged extra support to Greece, on condition of Greece adhering to commitments to the International Monetary Fund and EU financial programs at the Eurozone Finance Ministers' meeting in Brussels.


Alexis Tsipras, leader of Greece's opposition Syriza party: live Q&A

The Greek politician standing as a candidate for president of the European Commission will be online here from 12pm BST. Leave your questions from 11.30am

Alexis Tsipras is the European Left candidate for president of the European Commission. The Greek politician, who was born in Athens in 1974 and has been the leader of Syriza, the main opposition party in Greece, since 2012, is campaigning on a platform to end austerity and rebuild Europe on a democratic, social and ecological basis.

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Military Officers Quit to go Abroad

Many superior officers of the Greek military forces are choosing to immigrate to foreign countries in order to attain higher living standards.


The End of Papandreou and PASOK Too

It couldn't come fast enough for Greece: the end of PASOK and demise of the people who destroyed the party, former premier George Papandreou and non-leader Evangelos Venizelos.

The post The End of Papandreou and PASOK Too appeared first on The National Herald.


Eurozone Delays Greek Debt Relief Talk Until Fall

Eurozone finance ministers said that Greece's request for a break from 240 billion euros in international loans won't be taken up until after summer.

The post Eurozone Delays Greek Debt Relief Talk Until Fall appeared first on The National Herald.


Greece: 24 Migrants Saved a Day After Boat Deaths

Greek coast guards rescue another 24 migrants, a day after boat accident that cost 22 lives


Fleeing War At Home, Syrians Reach State Of Limbo In Greece

NPR (blog)Fleeing War At Home, Syrians Reach State Of Limbo In GreeceNPR (blog)At the end of a weathered street lined with sooty apartment blocks and mini-markets, in a smoky budget hotel in central Athens, the refugees wait. "This lobby is like Syria," says a small, green-eyed man who calls himself Muhammad and says he's from ...and more »


Greek Cypriot president to Turks: Trust me

Hurriyet Daily NewsGreek Cypriot president to Turks: Trust meHurriyet Daily NewsAfter an almost two-year-long hiatus, Turkish Cypriot and Greek Cypriot leaders held their first meeting in early February, issuing a joint declaration that outlines the way forward for a solution to the crisis that has gripped the island for half a ...UN's Feltman meets with Cypriot leaders before substantial talksCihan News AgencyTalks move to issues of substanceCyprus MailTurkish Cypriot President meets UN political aideTurkish Pressall 28 news articles »


Brits Enjoy Sunshine Comparable To Greece Throughout Bank Holiday Monday ...

Huffington Post UKBrits Enjoy Sunshine Comparable To Greece Throughout Bank Holiday Monday ...Huffington Post UKBritain enjoyed temperatures comparable to areas of Greece as sunshine made a welcome appearance on the Bank Holiday. But Nick Prebble, meteorologist at MeteoGroup, warned that it could be the last chance to have a barbecue for the next few days as ...UK hotter than Greece as temperatures soar to 21C... but forecasters warn the ...Daily MailUK weather: Britain 'hotter than Greece' as millions bask in Bank Holiday hotter than Greece for EnglandHerald Scotlandall 28 news articles »


Winnie Huang / Daily Titan

The Daily TitanWinnie Huang / Daily TitanThe Daily TitanCSUF is home to 30 national chapters and local Greek letter organizations with more than 1,200 members, according to the CSUF Greek Life website. Greek members represent roughly 4 percent of the CSUF student population. The Greek life at CSUF ...and more »


19 Greek Olive Oils Among the World's Best for 2014

19 Greek Olive Oils Among the World's Best for 2014Olive Oil TimesNineteen Greek olive oils earned a coveted spot as 'one of the world's best' at this year's New York International Olive Oil Competition (NYIOOC). The judges awarded a majority of them, 12 in all, Gold Award status. Overall, it was a record number of ...


Supreme Court: Greece Prayers Don't Violate Constitution

WROC-TVSupreme Court: Greece Prayers Don't Violate ConstitutionWROC-TV"The town of Greece does not violate the First Amendment by opening its meetings with prayer that comports with our tradition and does not coerce participation by nonadherents," Justice Anthony Kennedy wrote in the majority opinion. "So long as the ...


Cargas for Congress: Greek Passion and Common Sense for Texas

NEW YORK – When Democrat James Cargas ran for Congress for the first time in 2012, citizens’ anger at Congress was running very high. John Culberson, the 11-year incumbent, won, but Americans are even less happy with their representation in Congress, and Culberson himself has not exactly burnished his record since then. Cargas, who won […]

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CSUF Greek life offers opportunities for students to gain leadership skills and friendships

Fraternities and sororities have been fundamental components of Cal State Fullerton since the 1960s. CSUF is home to 30 national chapters and local Greek letter organizations with more than 1,200 members, according to the CSUF Greek Life website.