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

Tuesday, June 3, 2014

Mythical Monsters Swarm Greece in Intense 'Hercules' Trailer

Mythical Monsters Swarm Greece in Intense 'Hercules' TrailerMashableAll hell breaks loose in the second corpse-filled trailer for Hercules, as the gods unleash the monsters from the underworld into mythical Greece. To the rescue comes the title character, played by Dwayne "the Rock" Johnson, who vanquishes his "I'm no ...


As tumult takes a holiday, Greece rebounds back onto the tourist map

Walk the streets of Athens, past the boarded-up shops and the buildings that were damaged by firebombs, and you will notice a sight that was unimaginable two or three years ago: Tourists, and lots of them. It’s not yet high season and the streets are ...


What Goldman Sachs Predicts about Greece in the World Cup

Greek ReporterWhat Goldman Sachs Predicts about Greece in the World CupGreek ReporterThe report forecasts that Greece has close to zero chances to win the 2014 World Cup and that most probably Brazil will top the tournament. However “Greece is not to be written off (in football).” In a recent report, experts at America's investment ...and more »


52-Year-Old Father Arrested for Child Molestation

A 52-year-old father of four, from the city of Ptolemaida, in Macedonia northern Greece is accused of molesting five girls, aged nine to sixteen. Everything started last Sunday, when the 52 year-old  man molested a 9-year-old girl. When the girl returned home she told her mother what happened and the following morning the little girls’ mother reported the incident to police. The first complaint was followed by two others from the parents of two girls aged 12 and 14-years-old. The 52-year-old man, attacked his victims in parks and playgrounds. The police found several toys in his car which he used as bait to lure his victims. The local police found out that the man was hiding in a house in the wider area of the Ptolemaida. The house was owned by two Greeks aged 28 and 30 years old who had given him shelter. The police officers were shocked to find two female friends of the victims who had been attacked by the man, inside the house. Despite his strong resistance, police officers managed to arrest the 52 year-old man and his two accomplices. After searching the accused child molester’s hideout, police confiscated four mobile phones, two memory cards, ten DVDs and his car. The man is accused of seducing a minor and resistance, while his accomplices are accused of harboring a criminal.


Another MP Leaves Independent Greeks Party

The woes of Independent Greeks leader Panos Kammenos, whose party floundered in the European Parliament elections, continued on June 3 when he lost another lawmaker, the second in six days to quit. Mika Iatridi said she was leaving the party because of its dismal showing in the EU ballot, winning only 3.4 percent of the vote, less than half of what it got in the 2012 national elections. In a letter to Kammenos, Iatridi said her departure was due to the “disorientation of the movement.” She also stated that the result of the elections showed that the party proved unable to express and meet the demands of society. In a letter she sent to the President of the Greek Parliament, Evangelos Meimarakis, she announced that she will stand as an independent MP. Concerning  a possible return to New Democracy, she said: “I have expressed my opposition to government’s policy which led to my erasure from the party. My views have not changed. I’m still near to the people who support me and the suffering society.” On May 29, the party lost a former Parliament spokesman and mayoral candidate for Athens, MP Vassilis Kapernaros, who said he was upset he received so little backing in his run for the city’s top job. The Independent Greeks (ANEL) has lost seven MPs and is now down to only 13 in the 300-member Parliament, further negating what little influence it had as Kammenos continues to be hounded by defections and disappointments. ANEL fell below the already-marginalized Democratic Left (DIMAR) which has 14 MPs and did even worse in the EU ballot with 1.2 percent of the vote, leading the party to seek a reorganization and decide whether Fotis Kouvelis will remain as its leader. ANEL now is just ahead of the KKE Communists, who have 12 lawmakers. With Iatridi’s move, there are now six independents in the body.  


Fitch: NBG subsidiary well positioned in Turkish market

Fitch Ratings said in a new report on Tuesday that second-tier foreign-owned Turkish banks are well positioned to face the challenges inherent in Turkey’s volatile operating environment. Finansbank, owned by National Bank of Greece (NBG), enjoys the highe... ...


Greek shipping mulls going public

The TradeWinds Shipowners Forum, a part of the Posidonia 2014 shipping exhibition, on Tuesday heard Athanasios Martinos speaking on behalf of private shipping companies and saying that “there is an apparent trend for Greek shipping going public in the fut... ...


EU carbon breakthrough not seen likely in June

European Union governments are unlikely to reach a breakthrough this month on a proposal to make supply more flexible in the world’s biggest carbon market, according to Greece, which holds the EU’s rotating presidency. Climate officials from the 28 EU nat... ...


Greek, Turkish defense ministers pledge to work on improving ties

Defense Minister Dimitris Avramopoulos (photo) and his Turkish counterpart Ismet Yilmaz on Tuesday pledged to work together to boost improving bilateral ties and solve longstanding disagreements in a meeting on the sidelines of a NATO summit in Brussels. ... ...


Accreditation scheme begins at universities

A pilot scheme to provide independent accreditation of courses at Greek universities and technical colleges is under way, with the aim being for the program to be gradually extended to all 436 departments at tertiary institutions from September onward. “T... ...


Fake Doctor Can’t Be Prosecuted

A man authorities said posed as a doctor but didn't have the degree he claimed - and who is on the loose - couldn't be charged with any crimes because too much time has elapsed.

The post Fake Doctor Can’t Be Prosecuted appeared first on The National Herald.


Jailed Mayor Appeals Life Sentence

Former Thessaloniki Mayor Vasilis Papageorgopoulos has asked an appeals court to overturn his life sentence on a conviction of stealing 17.9 million euros, which he denied.

The post Jailed Mayor Appeals Life Sentence appeared first on The National Herald.


'Hercules' trailer: Dwayne Johnson can't escape his fate

Is the son of Zeus having an identity crisis? The newly released second trailer for Brett Ratner's 3-D action epic "Hercules" finds Dwayne "The Rock" Johnson playing the mythical Greek warrior as something of a reluctant hero.


Backlash Against Destruction of Syria’s Chemicals in Mediterannean

A rally against Syria’s chemicals has been scheduled for Thursday, June 5, in Chania, Crete. The demonstrators will gather on Thursday at 7:30 p.m in the central square of the city to protest against the destruction of Syria’s chemicals in the Mediterranean. The destruction of Syria’s chemical weapons in the Mediterranean will take place just 200 miles southwest of Crete, the Peloponnese and the Ionian islands. The reactions of the residents, scientists and environmental organizations are enormous, while the Greek government and the media remain silent. The Syrian arsenal is being transferred from the city of Latakia, in Syria to the Port of Gioia Tauro, in south Italy. From there, the chemicals will be loaded in the American navy ship Cape Ray. The ship will sail to a location between Greece, Italy and Libya, where 64 experts from the Edgewood Chemical & Biological Center, the largest research center of the U.S. military will destroy the toxic cargo. Hydrolysis, which is considered as the most appropriate method for the destruction of chemical weapons has been used many times, mostly in the U.S. According to the U.S. Department of Defense, Cape Ray contains about 700 tonnes of chemical weapons from Syria, including sulfur mustard and one the sarin precursors, methylphosphonyl difluoride. American experts estimate that the time required for the destruction of chemicals through hydrolysis will reach 90 days. However, Robert Burke, commander of U.S. naval forces in Europe and Africa, told the Guardian that the whole process will last approximately 60 days, depending on the weather conditions. Meanwhile,  the decision of the General Fisheries Commission for the Mediterranean (GFCM) to prohibit fishing activities in the Mediterranean Sea has raised concerns. Many claim that the measure is related to the destruction of chemicals in the area. However, authorities say that the prohibition of fishing activities aims to the protection of fish stocks and the prevention of overfishing.


Bourse loses steam as most blue chips yield ground

After clocking up early gains on Tuesdat, the Greek benchmark ran out of steam and yielded some ground, although many peripheral stocks held on to their winnings. The Athens Exchange (ATHEX) general index closed at 1,234.62 points, shedding 0.85 percent f... ...


Voutoumi Beach, Anti Paxos, Greece: Secret Seaside

Anti Paxos is a tiny island – the smallest of the Ionian Islands – of two square miles with a population that fluctuates between 30 and 100 inhabitants. In the early 19th century, the island was inhabited by Souliotes, who fought the Ottoman Empire ...


Kea, Greece: Secret Seaside, Greece: Secret summer holiday guide · Greece summer holidays guide: beach resorts · Greece summer holidays guide: villas · Greece summer holidays guide: culture · Greece summer holidays guide: food and wine · Greece summer holidays guide: activities and sailing ...


Tsipras Positions Himself As Premier Material

Greece’s major Coalition of the Radical Left (SYRIZA) leader Alexis Tsipras’ rhetoric is a lot less bombastic these days in the wake of his party’s victory in Greece’s European Parliament elections. Tsipras, who built his party’s rise from a largely irrelevant, second-tier political group into a force in Greek politics, did it on the back of a relentless anti-austerity mantra, blaming international lenders, the government, speculators and capitalists for creating a crushing economic crisis that created record unemployment and deep poverty. It’s worked so far, but for Tsipras and SYRIZA to go any further, he’s been positioning himself as more open to business and working with investors and industry to create the growth he said is critical to the country’s recovery, and to overtake Prime Minister Antonis Samaras’ ruling New Democracy Conservatives in the next national elections. Tsipras is presenting a friendlier face to investors as he tries to cultivate an image as the leader of Greece’s next government, the news agency Bloomberg showed in a feature about his makeover. The old Tsipras railed against the financial establishment and the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) that put up 240 billion euros ($327 billion) in two bailouts but demanded, and got, big pay cuts, tax hikes, slashed pensions and worker firings in return. The new Tsipras is now talking about attracting capital to regenerate the economy, pledging to maintain a stable tax regime for companies and offering to cooperate with Europe’s traditional left-wing parties. That’s  a long ways from the days when he said he would renege on the loans, which prompted fears from his critics that he would take Greece crashing out of the Eurozone and bring down the whole financial bloc with him. But as his party rises, Tsipras is losing some of the fire-and-brimstone and sounding more conciliatory, looking for a broader base and understanding he can not get enough of the vote to rule outright, and needs to attract people who had been turned off by his burn-down-the-house approach to solving Greece’s crisis. “There is a gradual move to the center,” Aristides Hatzis, a professor of law and economics at the University of Athens, told Bloomberg. “Tsipras and the leadership of SYRIZA have realized this is the only way to achieve a majority at the polls. After the European elections, this strategy is clearly dominant.” SYRIZA has a long way to go to convince traditionalists and a mainstream audience it’s more than what it is: a motley collection of radicalists, anarchists, Stalinists, Trotskyites, Maoists, Communists, ecologists and verbal bomb tossers. Even with its present strength, SYRIZA doesn’t have enough support to control the 300-member Parliament if it wins national elections and, as Samaras did in linking up his party with the PASOK Socialists and Democratic Left (DIMAR) when he won to form a coalition, Tsipras would need political allies to govern. “We want to attract investors in Greece who will kick start an investment shock to restart the economy,” Tsipras said in a May 28 interview at his office in Athens. “There are two conditions for attracting those investors: to feel safe about the euro area and the prospects of the Greek economy and to see serious public investment.” Tsipras said he wants snap elections now. which Samaras said isn’t going to happen. Whenever it happens, even if it’s not until the government’s term runs out in 2016, Tsipras said he and a new SYRIZA will be ready. “It’s mainstream to be against these policies that are destroying societies in Europe today,” Tsipras said. “SYRIZA is a child of necessity, and of anger, and is a phenomenon that will last in the political life of the country because it has deep roots.”


Eurostat: Slight Decrease in Unemployment

The highest unemployment rate on a European level was recorded in Greece, followed by Spain and Croatia. Meanwhile, Germany, Austria and the Netherlands appear to have the lowest rates of unemployment. In Greece this February, unemployment stood at 26.5%, a slight decrease compared to January of the same year (27.6%), according to data released on June 3 by the European Statistical Service (Eurostat). Furthermore, the eurozone seasonally adjusted unemployment rate was 11.7% in April 2014, a small decrease compared to 11.8% in March 2014, and 12.0% in April 2013. The EU-28 unemployment rate was 10.4% in April 2014, down from 10.5% in March 2014, and from 10.9% in April 2013. However, there are no data on unemployment in Greece for March and April 2014. Overall, in April 25.47 million unemployed were recorded in the EU and 18.75 million unemployed in the eurozone. Compared with the previous month, the number of unemployed people decreased by 151,000 in the EU and 76,000 in the eurozone. The highest levels of unemployment in the EU were recorded in Greece (26.5% in February) and Spain (25.1%), while the lowest were recorded in Austria (4.9%), Germany (5.2%) and Luxembourg (6.1%). Moreover, in Greece, the number of unemployed in February reached 1.3 million. The unemployment rate for men stood at 23.8% and for women at 30%. As far as the rates of youth unemployment in Greece (people under 25 years), they appear to have slightly increased, from 56.7% in January to 56.9% in February. Sadly, Greece still comes first in EU youth unemployment, followed by Spain (53.5%) and Croatia (49%). The lowest rates were recorded in Germany (7.9%), Austria (9.5%) and the Netherlands (11%). In April, youth unemployment in the EU stood at 22.5%, whereas in April 2013 it was 23.6% and 23.5% in the Eurozone whereas last April it was 23.9%. Finally, the largest increase in unemployment between March 2013 and March 2014 was recorded in Cyprus (from 15.6% to 16.4%) and the Netherlands (from 6.5% to 7.2%).


Opa! Wilmington Greek Festival opens today

Opa! Wilmington Greek Festival opens todayThe News JournalThis is the 39th year for the free festival and many attendees consider it to serve some of the best Greek - and festival - food around. Don't miss the pastichio (Greek lasagna), moussaka (eggplant, potato and seasoned beef casserole), dolmades ...St. Sophia's Ready to Share Greek Culture with CNYTWC Newsall 2 news articles »


Greece still tops eurozone unemployment charts, especially among young people

Greece remained at the top of the eurozone's latest unemployment charts, published by the EU's statistical agency Eurostat on Tuesday. The Greek jobless rate for February (latest available data) stood at 26.5 percent, making it the highest in the 18-natio... ...


Northern, eastern Greece brace for storms on Wednesday

Civil protection authorities in northern and eastern parts of the country on Tuesday issued a series of directives to residents and visitors of a precautionary nature following forecasts of strong showers and storms on Wednesday. Storms are expected to sp... ...


New 'The Greeks' exhibit coming to Chicago in 2015

Greek yogurt has elbowed its way onto dairy shelves. Greek mythology is now, more than just a school subject, a standard part of children's fantasy fiction reading and movie-going.


Aegean stable

The Economist (blog)Aegean stableThe Economist (blog)HOLIDAYMAKERS will have been forgiven for steering clear of Athens at the height of the euro-zone crisis, when anti-austerity protests turned violent across the Greek capital. Footfall at Athens International Airport fell from 16.2m in 2009 to 12.9m in ...


There is no symmetry between the so-called 'extremism' of left and right

The recent election of Syriza in Greece (Report, 26 May) offers a vibrant glimmer of hope for the future of social and economic democracy in Europe. At the same time, however, the rise of rightwing nationalism, stoking racist and antisemitic sentiments, threatens the ideals of a plural and democratic Europe. Media accounts that misrepresent the importance of the growing electoral support for Syriza as the rise of leftwing "extremism" must be countered in the strongest of terms. There is no contemporary symmetry between the so-called "extremism" of left and right.

The efforts to dismiss the emphatic call for economic justice in both Greece and Spain (Podemos gathered 8%) as "populist", "anti-European" or "scepticism" misreads their political reach and importance. These radical left victories cannot be compared with the rise of the Front National in France, Ukip in England, the strengthening of antisemitic parties in both Greece and Hungary as well as anti-immigrant populism in Belgium and Denmark.

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Capital Link Hosts CSR Forum

ATHENS – Distinguished Greek-Americans were the featured speakers at Capital Link’s 4th annual Corporate Social Responsibility (CSR) Forum in Athens on May 27 whose theme was “For a Better Tomorrow.” Capital’s Founder/President/CEO Nicolas Bornozis, who served as Emcee, welcomed the guests. One of the highlights was the presentation of the 2014 CSR Leadership Award to […]

The post Capital Link Hosts CSR Forum appeared first on The National Herald.


Romance Two Ways On The Greek Island Of Santorini: Mystique and Vedema

The rugged, volcanic island of Santorini has romantic appeal in spades, especially at its two top hotels.


Chinese Bank to Lend More to Greek Shipowners

The Export-Import Bank of China is planning to significantly boost lending to Greek shipowners to help finance new ship orders at Chinese yards, two people familiar with the matter said.


Greece: The Story Behind Golden Dawn's Success

KathimeriniGreece: The Story Behind Golden Dawn's SuccessHuman Rights WatchPolitical analysts, the media, political parties and even Prime Minister Antonis Samaras have been trying to figure out the shocking rise of the far-right, anti-immigrant Golden Dawn party in Greece. Golden Dawn became Greece's third most important ...The story behind Golden Dawn's successEUobserverall 6 news articles »


Japanese Request Coffee Reading for World Cup Outcome

The whole world has started moving to the rhythm of the samba in view of the World Cup which is set to take place in Brazil. People around the world are doing anything possible to get a glimpse of the future and determine who is going to win. In faraway Japan, which will be playing against Greece on June 19, there was too much suspense to bear. As a result crew from the international news agency NTV, which will be broadcasting the match, arrived in Athens, in search of an answer regarding the match outcome. The news agency’s correspondent planned on visiting Athens’ café “To Flitzani,” which is famous for providing customers with coffee readings. Even the café’s owner was surprised to hear that her shop’s reputation had made its way to Japan. With the help of a translator, she did her best to foretell  the outcome of the match. However, she made it clear from the beginning that the coffee readings concern the person involved in the reading and not a football team. The news correspondent had to drink seven coffees until the reader was able to “see” something about the football match. “You will be very anxious, but happy from the beginning until the end…” was the final prediction of the coffee reading. The Japanese journalist asked for more details, but quickly realized that the cup is not a crystal ball and cannot predict the future in detail! The international network NTV has made a total of 2 trips to Greece in the past. The first was 12 years ago, for a documentary about the escape of notorious Peter Sedom from Korydallos prison, with the help of the prison psychologist Olga Atzamoglou. The second was during the Indignant People protests in Syntagma.


Aristotle’s Lyceum Scheduled to Open Late Summer

The Lyceum Area in ancient Athens was a suburb named after a temple dedicated to Apollo Lyceus. Aristotle‘s Lyceum was established in this area in 335 BC to function as a school of philosophy. This was the place where Aristotle taught rhetoric, mathematics and philosophy to its students and it was also called the “Peripatec School” because students and teachers would stroll (peripatos in Greek means walk) the grounds during the course of the lectures. The remains of Aristotle’s Lyceum were unearthed in 1996 by archaeologist Effi Lygoyri during construction in Rigilis Street. The Lyceum is located between the Officers Club, the Athens Conservatory and the Byzantine Museum. The Third Ephorate of Classical Antiquities hopes to transform it into a place where locals and visitors can take a walk, rest or read, staying in touch with the archaeological site and even motivate them to visit other museums next to the Lyceum. Eleni Banou, the head of the Third Ephorate of Classical Antiquity stated “Our reasoning is that we don’t want people to be afraid of interacting with the site.” The exact inauguration date of the open air museum has not yet been decided. It is expected however, that it will be open to the public before the end of the summer.


Reshuffle expected to be concluded on Wednesday

A reshuffle of the Greek government is expected to be concluded on Wednesday amid continued speculation over who will replace Finance Minister Yannis Stournaras in one of the crisis-hit country's most crucial posts, according to sources cited by Skai on T... ...


St. Sophia's Ready to Share Greek Culture with CNY

A longtime Greek tradition at St. Sophia's Church in Syracuse kicks off Thursday. As Brad Vivacqua reports, the Greek Cultural Festival attracts thousands of people every year.


Greek girl 'Maria' found in Roma gypsy camp to be raised by children's charity, court rules

The fair-haired child has been cared for by the Smile of the Child organisation since she was taken away from the camp in Farsala A court has ruled a children's charity is to get legal custody of a blonde girl found living in a Greek gypsy camp. The little ...


Little Greek plans flurry of openings

Little Greek plans flurry of openingsTampa Bay Business Journal (blog)Little Greek keeps costs down by using “second generation” restaurants — or properties that previously operated as restaurants — and by “not going overboard” in the buildout phase. “Throughout the entire design and construction phase, we always keep ...


Syriza can be the future for Greece, and for Europe too

The radical left is an antidote to an obsolete and harmful economic and political system, and to wider Euroscepticism

The Syriza victory in the May European elections was historic it is the first time the radical left has won in Greece and the celebrations of party supporters outside Athens University lasted until the early hours. The emotional but restrained mood captured the melancholia of a nation torn between an invented tradition of classical glory and a traumatic history of state repression, corruption and dynastic politics that brought the country to the edge of disaster. The elections marked the end of the post-civil war period. Shared hardship makes the old left-right divisions recede.

On a stage three young people sang and danced: Alexis Tsipras, the leader of Syriza; Rena Dourou, the winner of the Attica region, where close to half the population of Greece lives; and Gabriel Sakellaridis, who lost by the smallest margin the Athens town hall. At the edge of the crowd an older couple were crying. "We have been waiting for this day for 70 years," the woman said.

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70 years after D-day, Britain's political class has lost its nerve about Europe

The two world wars led to greater equality and Europhilia in Britain, but we're now moving firmly in the opposite direction

In the days ahead we can confidently expect a burst of fervour around the 70th anniversary of the D-day landings. But this will sit oddly with two other tendencies of the moment: first world war mania and the wave of Europhobia. By contrast with the comforting power of the D-day myth, we still do not know what to do with 1914. We are even less clear about our current position in the world, awash as we are with anti-Europeanism.

History is as much a matter of forgetting as remembering. In the current moment, it has become too easy to see the two world wars as wars of Britishers against Europe. The inconvenient truth about D-day for today's little Englanders is that fighting and winning the second world war was a horribly cosmopolitan business. Yugoslavs, Greeks, Poles, Czechs, Danes, Norwegians, Dutch, Belgians and French mixed and mingled, along with cohorts from all over the empire. Added to which the entire country was overrun by Yanks. For this multinational alliance, securing the UK's independence was not a goal in itself. It was a launching pad for a wider campaign to liberate the continent and to build a better Europe.

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Samaras Mulls Stournaras Successor

As he ponders a Cabinet shakeup, the number one priority for Greek Prime Minister Antonis Samaras is who will replace Yannis Stournaras and where the Finance Minister will wind up.

The post Samaras Mulls Stournaras Successor appeared first on The National Herald.


World Cup Bonus For Greece

Greece's crippling financial crisis has a popular survivor: It's national football team, which uses a daunted defense to keep its world standing high.

The post World Cup Bonus For Greece appeared first on The National Herald.


Greek Artifacts Exhibited in Chicago Museum

The exhibition “The Greeks: From Agamemnon to Alexander the Great” will be held at the Field museum, Chicago, in partnership with Chicago National Hellenic Museum, presenting more than 5000 Greek cultural artifacts, many of which have never before left ...


Tension Outside the Greek Finance Ministry

While the Finance Ministry cleaners continue their protest, some tension arose between them and Greek police. Today, June 3, at around 9:30 am the women who are protesting by occupying the Greek Finance Ministry were attacked by the Special Forces, who attempted to remove them from the premises. A fight ensued for a brief few minutes that resulted with the Greek police forces retreating. The cleaners had started occupying the Ministry a few week ago in order to protest against the fact that they had been laid off. The cleaning staff are refusing to stop the fight, asking to return to work after the First Instance Court decision vindicated them.


Samaras Ponders Stournaras Replacement

As Greek Prime Minister Antonis Samaras prepares for a Cabinet shakeup in the wake of a second-place finish for his New Democracy Conservatives in the European Parliament elections, at the top of the list is who will replace Yannis Stournaras and where will the Finance Minister wind up. There have been on-again, off-again reports that Stournaras, who was the government’s point man in negotiations with envoys from the country’s international lenders, the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) would take over the job as Governor of the Bank of Greece. Samaras is said to be thinking about a series of changes but who will get the top job as finance chief has been unsettled as has whether Stournaras, criticized as being dispassionate about the harsh austerity measures affecting the populace – one of the reasons New Democracy took a licking in the EU ballot – would replace Giorgos Provopoulos, who has been lobbying to keep the Bank of Greece position. Citing sources it didn’t identify, the newspaper Kathimerini said Samaras and his coalition partner and Deputy Premier/Foreign Minister, PASOK Socialist leader Evangelos Venizelos, were putting their heads together constantly over the Stournaras dilemma and would keep talking in private. One of the hold-ups reportedly is that the two leader are unsure about replacing Stournaras with a key Samaras advisor, Stavros Papastavrou because the premier wants him close by when the government undertakes debt relief talks with the Troika later this year. That could mean a political appointment for finance chief rather than someone more skilled in negotiating and less of a public name now that Stournaras has done all the hard work. Still, the government needs someone who can stand up to scrutiny and the pressure from major opposition leader Alexis Tsipras of the Coalition of the Radical Left (SYRIZA). Stournaras, a think tank technocrat, proved debt in deflecting Tsipras’ arguments when the two wrangled in Parliament, especially when the Leftist leader picked up his anti-austerity mantra and blamed the ruling parties for carrying on with measures that have created record unemployment and deep poverty. It’s uncertain when the Cabinet changes will take place and it could be that they will be announced soon but not implemented until after June 30, the day Greece gives up the symbolic, essentially powerless rotating European Union Presidency during which it has done next to nothing but spent 50 million euros, about $68.05 million. While it spent on ceremony for the EU Presidency, the government fired 595 cleaning ladies at the Finance Ministry to save 2.5 million euros ($3.4 million), as part of a plan to shed lower-paid workers including janitors, school nurses, crossing guards and teachers while exempting Parliament workers, managers, consultants and the politically-protected. Samaras is expected to hold a meeting of his party’s executive committee on June 8 to review why it fared poorly in the EU elections, in which SYRIZA won the most Greek seats in a 21-member delegation going to Brussels.  


Greece plays to its strengths at World Cup

The Greeks have become synonymous with grinding out results at all costs and proving their critics wrong. For the most part, their games are not entertaining and the team has been harshly labelled as anti-football. That argument a little weak, as every ...


Greece hosts unofficial Eurozone economic summit

Eurozone Finance Ministers meet with an agenda covering Greece's delayed bailout payment plan and the EU banking union project. An unofficial Eurozone Finance Ministers meeting has begun in Athens under the EU presidency of Greece to discuss a payment plan ...


Greece Heads Major Joint European Police Operation Against Illegal Migration

Greek ReporterGreece Heads Major Joint European Police Operation Against Illegal MigrationGreek ReporterA major joint European police operation aimed at tackling illegal migration, planned and overseen by Greece for the first time, was carried out on May 5-11 in the context of the Greek EU Presidency, it was announced on Monday. The operation code-named ...and more »


Greek top diplomats under investigation for corruption

Two ambassadors and a top diplomat are among those who are under investigation for corruption by the Greek Police Directorate on Tuesday. In a statement released by the directorate, the Lower Court of Athens is in receipt of a corruption case file of ...


Greece crisis costs banks 100 bln euros

Greek banks lost 45.3 billion euros in loans to state institutions, and saw losses of nearly 45 billion euros from toxic loans... Non-performing loan volume and debt restructuring has cost Greece's local banking sector approximately 100 billion euros ...


Italian youth jobless rate hits record high; Eurozone inflation and unemployment figures awaited

Rolling coverage of business and financial news

Italian youth unemployment hits 43.3%

Spanish unemployment drops by 112k in May

French government fights back over BNP Paribas fine

Coming up: Eurozone inflation and jobless data at 10am

9.07am BST

Just In: Italy's young people continue to bear the brunt of its economic woes.

The Italian youth unemployment rate has hit a new record high of 43.3% in April, up from March's 42.9%. That's the highest level since the current records began in 1977.

8.57am BST

Over in Greece, there have been scuffles as finance ministry cleaning staff who lost their jobs last summer held a protest.

They are urging the Greek government abide by a court ruling last month that they should be reinstated.

The protesting cleaners managed to repel police officers who have just attacked them @dromografos #rbnews #greece

Police next to the cleaners blocking entrance to Fin Min, demanding enforcement of court decision @Skar_ #rbnews

The cleaners are blocking entrance to Finance Ministry this morning @Skar_ #rbnews #greece

8.46am BST

The French government is rallying behind BNP Paribas, its largest bank, as US authorities threaten it with a bn fine for breaking sanctions.

"If there is a an error or a violation then it's normal that there is a fine, but the fine has to be proportionate and reasonable.

These figures are not reasonable".

8.24am BST

The first piece of eurozone unemployment data is out...and the number of people registered as out of work in Spain fell by 111,916 people last month -- the biggest fall for a May on record.

That's a drop of almost 2.4%, and takes the total number of people out of work to 4.57%. It's the fourth monthly drop in a row.

Spain's registered unemployment continued to fall in May, down 6.51% y-o-y. SA m-o-m fell by 24,604.

SPAIN MAY NET UNEMPLOYMENT M/M: -111.9K V -112.5KE not as big as 150k suggested by ABC yday

#Spain's registered unemployment falls by 111,00 to 4.57 million, but does not include long-term jobless.

8.10am BST

Europe's stock markets have opened calmly, with the FTSE 100 dropping 8 points to 6855 in the opening exchanges.

The French and Italian indexes also dipped by 0.1%, while the German DAX and Spanish IBEX are flat as traders nervously wait for the inflation and unemployment data at 10am.

8.04am BST

Overnight, HSBC economists have called for Beijing to deploy new stimulus measures after its survey of China's manufacturing sector showed a small contraction.

HSBC's monthly PMI survey rose to a four-month high of 49.4, up from 48.1 in April, but still below the 50-point mark.

The final PMI reading for May confirmed that the economy is stabilizing, but it is too early to say that it has bottomed out, particularly in light of a weaker property sector.

Stronger policy support is warranted.

7.59am BST

In the City, Foxtons chief executive Michael Brown has stepped down just nine months after leading the aggressive London estate agent chains flotation.

He's resigned for "personal reasons" after 12 years at the agent and seven years in charge.

London estate agency Foxtons group: Chief Executive Michael Brown has decided to step down after 12 years for personal reasons.

7.57am BST

Reminder: this latest rise in UK house prices comes hours after the European Commission urges Britain to rein in its property boom, in its annual recommendations to EU members.

7.49am BST

IHS analyst Howard Archer reckons UK house prices will now increase by another 5 to 6% over the rest of 2014, and another 7% in 2015 -- which would be a slowdown.

7.48am BST

The average price of a home in the UK has hit a record high in cash terms.

This is the first time that the index has returned to its peak since the crisis, and news that annual price inflation is now running at 11.1%, its highest level since June 2007, could fuel further calls for policymakers to step in to cool the market.

But at 0.7%, the monthly rate of inflation reported by Nationwide was lower than the 1.2% recorded in April.

7.44am BST

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

The recent moves in European equities have been choppy at best, with some nervous trading heading into the ECB meeting.

Investors will continue to focus on a disappointing inflation picture after German CPI disappointed and ECB member Nowotny suggested higher inflation is necessary to prevent a Japanese model deflation. Everything is pointing towards ECB action on Thursday but the scope and form is keeping investors guessing.

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Greek 'national hero' sticks to WWII claim from Germany

92 year-old European Parliament member Glezos is determined to champion Greece's compensation claim for the loss caused by Nazis. Manolis Glezos, the oldest member of the European Parliament, is resolute to voice his country's compensation claim for the ...


Abuse in Greece, horizontal, vertical and systemic

by  Kassandra

It has been called “the largest illegal structure in Europe”. The 100.000 square meter shopping Mall “ The Mall Athens” has been declared an illegal structure by the Greek Council of State.

But this is Greece and “The Mall” happens to belong to one of Greece's biggest banker, the Latsis Group, so legality doesn't have much to do with it. Accordingly, in total character with the standard clientelists government practices that brought Greece to it's current state, the Greek government decided, not only not to uphold the law but to also extend further support.

A committee of ministers decided yesterday, 2 May, that the”Mall”, on top of not having to pay any fines, can now benefit from being included in the “fast track” procedure for new investment and the creation of new jobs. A programme created under the Troika and Task Force instructions. Implemented this time in order to turn the “largest illegal structure in Europe” to the “largest rousfeti in Europe”, a Greek word with Turkish origin describing rampant favouritism in a clientelist environment.

See also: The Church on the Roof and the “Doctors” of Faith

               Legitimising fraud is easy and simple