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How the world sees Greece
Tuesday, June 17, 2014
Chinese PM eyes investments ahead of landmark visit to Greece
Just over a year after Prime Minister Antonis Samaras visited China to seek investment, his counterpart Li Keqiang is due in Athens on Thursday for a three-day visit during which both sides are expected to reaffirm their commitment to boosting bilateral t... ...
Fifth day of losses for Athens bourse benchmark
The Greek bourse benchmark saw a fifth consecutive session of losses on Tuesday, with turnover remaining at low levels, as buyers had the upper hand in the morning before conceding ground to sellers in the afternoon.
The Athens Exchange (ATHEX) general in... ...
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Moody’s: Greek RMBS market performance stable in Feb-Apr
The performance of the Greek residential mortgage-backed securities (RMBS) market was stable during the three months ended April 2014, according to the latest indices published by Moody’s Investors Service.
The 90+ day delinquencies of Greek RMBS transact... ...
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Car deliveries soar 42 pct in Greece
Europe’s car sales rose 4.3 percent in May as volume brands Skoda, Renault and Opel posted stronger growth than premium marques BMW and Audi, according to registrations data published on Tuesday.
Europe’s car market has shown signs of recovery from a six-... ...
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Greece sells 1.3 bln euros in 3-month T-bills
Greece sold 1.3 billion euros in three-month treasury bills on Tuesday, the country’s Public Debt Management Agency (PDMA) said.
The T-bills were priced to yield 1.80 percent, down 33 basis points from 2.13 percent in a previous sale in May.
The sale’s bi... ...
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Allianz in talks to buy Agrotiki Insurance
Allianz SE, Europe’s largest insurer, and Munich Re’s primary insurance unit Ergo Versicherungsgruppe AG are in talks to buy Agrotiki Insurance from Greece’s Piraeus Bank SA, according to three people familiar with the matter.
The price of Agrotiki, also ... ...
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Wine with Glyko tou Koutaliou
Gramona GessamÍ Now that peaches, apricots, and cherries are plentiful, this wonderful aromatic summer wine is the perfect complement! Also great with “glyko tou koutaliou” – a spoonful of sweet Greek preserves out of the jar. Produced from Sauvignon Blanc, Muscat d’Frontignan, Gewürztraminer, and Muscat d’Alexandria. This is a vibrant wine, with tons of floral […]
The post Wine with Glyko tou Koutaliou appeared first on The National Herald.
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Greek Students in Microsoft Competition Final
The semifinals of the Imagine Cup competition are concluded and four Greek students will compete in the finals. The worldwide competition conducted under the auspices of Microsoft included more than 17o participations from 76 countries across the world.
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Greek Students in Microsoft Competition Final
The semifinals of the Imagine Cup competition are concluded and four Greek students will compete in the finals. The worldwide competition conducted under the auspices of Microsoft included more than 17o participations from 76 countries across the world.
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St. Nectarios celebrates Greek culture with annual fest
The best in Greek food, music and culture will be on display in Palatine this weekend as St. Nectarios Church hosts its annual Greek Fest celebration. The fest kicks off at 4 p.m. Friday and runs until midnight, then continues from 3 p.m. to midnight Saturday and noon to midnight Sunday. Festival grounds at are the church, 133 S. Roselle Road, Palatine.
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Lecture on ”Racism in Greek Public Discourse” in Melbourne
The Ithacan Philanthropic Society in Melbourne will host on Thursday an open lecture by Dr. Efrosini Deligianni on the racist stereotypes and prejudices like xenophobia which have dominated Greek public discourse both at the political and social level.
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Ribbon Cut on New-Look Unity Hospital in Greece
Ribbon Cut on New-Look Unity Hospital in GreeceTWC NewsThe footprint of the hospital on Long Pond Road in Greece has changed dramatically. Planning actually began six years ago, followed by two years of designing the new facility. Those working on the project say they took into consideration patient needs ...
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Pop star arrested over debts to state
Authorities on Tuesday arrested a Greek pop singer, identified so far only by his initials, A.R., for outstanding debts to the state.
Officials said the debts were linked to Thessaloniki’s Iraklis soccer club, of which the suspect has in the past been pre... ...
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Decapitated body of man discovered at Larissa train station
Authorities in Larissa, central Greece, were investigating on Tuesday the circumstances surrounding the death of an unidentified man whose decapitated body was discovered at the town’s railway station by a security employee.
The man’s head was found a few... ...
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6500 Employee Layoffs in Greek Public Sector
Greek Reporter6500 Employee Layoffs in Greek Public SectorGreek ReporterAccording to the Memorandum of Understanding signed between the Greek government and the Troika of international lenders, approximately 15,000 Greek public employees should have been laid off in 2013 and 2014. From these 15,000, approximately ...and more »
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Greece: The Dilemmas of Democratic Socialism
Greece is experiencing a triple crisis which has a profound impact on the economy, society and political system. The economy has experienced a deep, prolonged depression lasting six years and continuing. Workers and employees have suffered a 40% loss in ...
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How a King Retires
On June 2, 2014, Juan Carlos I, since 1975 the king of Spain, announced that he would abdicate in favor of his son, Felipe. The handover is scheduled to take place later this week.
The king is officially abdicating due to ill-health, but it comes in the face of increasing controversy, and he may have realized that it was just time to get out.
That's very much along the lines of the way the man has operated in the course of his long, and very unusual career. He’s always been very good at responding to political trends.
It’s a rather sad story, though, because the king is not just some foolish old anachronism. Juan Carlos may have gotten a little embarrassing in his old age, as royalty often appears when caught unprepared, but he wasn't a trivial figure. He was actually quite politically important. He probably saved Spanish democracy.
In recent years, as Spain’s economy suffered, he’s become unpopular.
In 2011 his son-in-law was accused of diverting public funds to himself through various offshore accounts via a nonprofit organization he ran.
And then in April, 2012, the king had to be flown back to Madrid after he fractured his hip while on elephant-hunting trip in Botswana, accompanied by German aristocrat rumored to be his mistress. One magazine estimated that the trip probably cost the equivalent of about $58,000, twice the average Spanish annual salary.
Officials pointed out that Spanish taxpayers didn’t fund the trip. A Syrian businessman was bankrolling the vacation, which wasn’t terribly reassuring. This was the sort of holiday that suggested a monarch in 1912, not 2012.
At the time unemployment in Spain stood at 23 percent. Cayo Lara Moya of the United Left party said in a statement that the whole thing "demonstrated a lack of ethics and respect toward many people in this country who are suffering a lot." Other political leaders called for abdication directly.
It wasn't supposed to be that way.
The king’s story is a remarkable one. He was born in 1938 to the royal family of Spain, but they were in exile then, in Rome. His grandfather, Alfonso XIII, was deposed in coup in 1931 and the Spanish Bourbons was living as refugees then, while Spain was in the midst of the country’s civil war.
Francisco Franco’s right-wing Nationalists prevailed by 1939 and he and his backers held the country until his death. But Franco, rare among the world’s dictators, had the foresight to realize that he should designate a successor. Despite his own control over the country Spain was historically a kingdom. And it would get a king when he died.
He found the next monarch in Juan Carlos, an apparently amenable, handsome young man willing to be taught. So Franco groomed the man to take over when he died. He set up a program of study for the young prince.
Juan Carlos moved to Spain in 1948 and attended Spanish schools before joining the army in 1955. And the prince followed the rules, showed up at interminable military ceremonies and public events, resplendent in his army uniform. (Not that there weren’t other options. Juan Carlos’s cousin, Alfonso, tried to increase his odds for succession by marrying Franco’s granddaughter, but the dictator stuck with the original choice.) He married a Greek princess in 1962 and had three children. He maintained official support for the regime, praising Franco and his polices whenever he appeared at public events, which surely must have been rather awkward.
Franco required the prince to swear loyalty to Spain’s only political party, Franco’s fascist Movimiento Nacional, as a condition of his being heir-apparent. This Juan Carlos did without any outward hesitation. In 1969 the Spanish parliament declared him Franco’s successor.
Juan Carlos moved with his family into the Zarzuela Palace in Madrid, kept quiet, and waited, patiently, for Europe’s last fascist dictator to die.
When Franco finally did, in 1975, the transition back to monarchy was relatively smooth.
The king had been meeting with democratic activists since the 1960s. In a referendum in 1978 the country approved the Spanish Constitution and established a constitutional monarchy.
After dodging a 1981 military coup attempt by some of Franco’s supporters, using a public television broadcast while wearing his uniform as Captain-General of the Spanish armed forces and urging support for the country’s elected government, he stepped aside and let the country’s citizens govern themselves, which they did more or less successfully.
Some said it might be time to do away with the monarchy altogether. As Uri Friedman put it at the Atlantic:The popularity of the Spanish monarchy and king has undoubtedly suffered in recent years; an El Mundo poll in January found that only 50 percent of respondents supported the monarchy as a system of government for Spain. But the trend is most pronounced among young people. The same poll revealed that 79 percent of 18- to 29-year-olds wanted Juan Carlos to abdicate in favor of Felipe, compared with 65 percent of 30- to 44-year-olds, 59 percent of 45- to 64-year-olds, and 47 percent of those older than 65.The question is whether Spanish youth will be content with a younger, more popular, less scandal-tainted king, or whether they will demand significant changes to the monarchy or even its outright abolition.
And as Ishaan Tharoor wrote in the Washington Post:Europe's dozen surviving monarchies are mostly fusty, toothless institutions. European royals ski and spawn gaudy weddings; they are not scepter-waving potentates in any real sense. The Booker Prize-winning novelist Hilary Mantel likens them to pandas, "expensive to conserve and ill-adapted to any modern environment."Across the continent, a new generation of princes and princesses have been at pains to style themselves as frugal, ordinary citizens. But this betrays a weird tension: If the royals are just like anybody else, why do they need to exist? Ordinary citizens are not blessed with a divine right to kingship. Ordinary citizens do not exist on public expense. It's the monarchs' role to be living anachronisms. But can Europe afford that?
But in most parliamentary democracies the head of state is a powerless figurehead. It makes about as much sense for him to be a royal figure with a longstanding historic and dynastic connection to the country as for him to be an elected but impotent politician of some sort, the way the president is in a country like Israel or Germany.
The king of Spain’s reign shows that the monarchy has been very good for the country. What Franco wanted in the 1960s is perhaps not really what Spain wanted anymore in 2014, not that Juan Carlos is the same person anyway. He was a crafty modernizing reformer from ancient European dynasty who knew what Spain should have, and then gracefully ushered himself into political irrelevance, exactly where a parliamentary head of state should exist. But by 2014 he’s perhaps not really so useful for the country anymore.
The Spanish king’s family came to Spain in 1700 when a French prince inherited the foreign throne at the age of 16. This king, the cripplingly anxious and paranoid Filipe V, despite his struggles holding on to power—his ascension was controversial and resulted in a war over Europe’s fear of French power—always believed himself to rule by divine right. Porque tal es mi voluntad, “for such is my will,” was used on all royal decrees during his reign, reflecting the Bourbon belief in their rule by divine right.
The upheavals of the 20th century, however, indicate that the king now serves, essentially, at the pleasure of the Spanish people. The king understood, perhaps better than other head of state in 2014, that he was only employed as long as he was useful to Spain.
Both his grandfather and his brother-in-law, Greece’s Constantine II, were deposed. He may simply realize what many other very talented men figure out after many years of success in the same job: maybe he’s just not at the top of his game anymore. He had a role to play and now it’s time to go.
The world’s royal families are celebrities. Their every moves are followed by journalists. Over time this gets a little uncomfortable, and the possibilities for scandal are intense, particularly if in your leisure time you favor hunting elephants in Africa. (In retrospect, elephant hunting in a colonial outpost seems like exactly the sort of thing one might expect an elderly Bourbon trained by a right-wing dictator to do. Big game hunting, with a German aristocrat mistress, in Africa. One wonders if they also smoked innumerable cigarettes, dressed for dinner, and possibly took cocaine with silver syringes.)
His heir, Prince Filipe—named for the founder of the Bourbon dynasty in Spain—who will become Filipe VI later this week, is different.
The prince was born and grew up in Madrid, was a member of the Olympic sailing team at the Barcelona Games in 1992, and has a master’s degree from Georgetown. He is married to Letizia Ortiz Rocasolano, once a television journalist with CNN. He is a former military officer untainted by any scandal.
There’s little to indicate so far what his reign will be like, what Spain’s Future in the European Union will hold, or if he’ll prove as adroit as his father.
But Juan Carlos gave Spain exactly what it needed. He was not just a representative of a “fusty, toothless institution.” He demonstrated what a head of state can do well: represent the country and its citizens above its politics, and be a symbol of stability in a time of turmoil.
He appeared just as conservative as Franco demanded, and proved just as liberal as Spain wanted; we’ll have no more like him.Cross-posted at the Washington Monthly]
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How A Decision By The US Supreme Hurt Argentina And Could Set A Dangerous Precedent Around The World
Since the Supreme Court decided that it would not hear the strange sovereign debt case between Argentina and a Paul Singer-led group of hedge funds, academics, technocrats and the like have worried that a dangerous precedent has been set.
The country's stock market did, after all, take a serious nose dive immediately after the ruling.
"We have said in the past, the Fund remains deeply concerned about the broad systemic implications that the lower court decision could have for the debt restructuring process in general," said Gerry Rice, Director of the International Monetary Fund's Communications department earlier this month.
So what are these implications he and his organization are so worried about?
To get that, you have to understand the case. Back in 2001/2002, Argentina collapsed. Its debt turned into junk — something "no one would want to buy," as Argentina's own President said on TV on Monday night.
But many investors, especially hedge funds, did buy the debt believing that it would increase in value as Argentina put its house in order. It is, after all, a very rich country when it wants to be.
Recovering from default, however, takes time. In both 2005 and 2010 92% of Argentine bondholders restructured the debt, taking 30 cents on the dollar, in order to move the process along a bit and get money over time.
Paul Singer and his company did not. They waited to get the entire pie.
Argentina believes that isn't fair, Paul Singer believes he needs to get his money yesterday. According to Argentina's deal with the 'exchange bondholders' (the ones who took a haircut) the country can't negotiate with Singer unless it absolutely has to (i.e. faces default, as it does now) until 2015.
So you see the problem. Why should anyone restructure their debt if they can just play a waiting game, like Singer, and get 100 cents on the dollar. If this holds, poor countries facing default will have no mercy. Argentina, for its part, may need to print money to pay Singer back, devaluing its currency and punishing its own people.
No one wants that, especially not organizations like th IMF who have to bail poor countries out.
Now, the thing is, these days sovereign debt agreements like this one tend to have Collective Action Clauses (CACs) which state that if a certain percentage of bondholders agree to take a haircut in a given series of debt issuance, everyone has to.
But there are exceptions. Back in 2012, economist Nouriel Roubini pointed out one very important one — Greece.
In Greece's case, Roubini pointed out, the CACs don't go far enough. You don't just need every investor in every series to accept, you need to make it so that ever investor, in ever series, in every legal jurisdiction accepts. For example, some of Greece's debt was issued in Greece, under Greek legal jurisdiction — so potentially more favorable to the debtor, and some of the debt is issued in the United Kingdom — potentially more favorable to the creditor.
Imagine slugging that one out in Court.
Join the conversation about this story »
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The other side of Mykonos: Calm, culture and cuisine on a Greek island that is far more than an up-all-night party destination
Greek mythology has it that the rocky island of Mykonos was created by Hercules when he hurled a pile of boulders at a group of evil giants who were trying to topple the gods. Today, Mykonos is more the natural home of Dionysus, the god of wine and crazed ...
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The 3 Reasons People Are Obsessed With Crossfit
The cult fitness program has primal appeal
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11-Year Old Prodigy from Cyprus Goes International
Konstantinos Chrysostomou from Cyprus will represent Greece at the musical happening Wunderkindz in Buenos Aires, Argentina in August. Wunderkindz is the first international scale audiovisual production to document and relay the life stories of ten performing arts child prodigies living around the world. Konstantinos’ performances in the Greek talent show ‘Greece You Got Talent’ attracted the attention of the well-known Argentinean pianist, songwriter and producer, Ezechiel Palmieri, who invited the 11-year old wunderkind to take part in the show. The participants will be travelling to Argentina accompanied by their families to perform in a prestigious musical called WK: The Gathering at the City of Buenos Aires’ Coliseum Theatre. Despite his young age, Konstantinos has already enjoyed significant success, but remains down to earth. At the age of nine he gave his first recital in the Louis Cristal cruise ship’s Metropolitan Theatre and has also performed at other state events, such as his performance at the House of Representatives during Cyprus’ Residency in the Council of the European Union. Recalling his time in the Greek talent show, he said that it was an unforgettable experience that helped open doors to other opportunities, such as this one. At Wunderkindz, Konstantinos will be performing Icarus’ Sirtaki, a song dedicated to the Greek myth written in the Castilian dialect of Spanish with just one part in Greek by Palmieri. Apart from his vocal and musical talents, Konstantinos is also an excellent pupil at G.C. School of Careers’ Greek-language primary school. His mother, Chloe, being a music educator had spotted his talent early on and supported him. His family has encouraged him to consider all his options reminding him that winning competitions at this age does not mean a child is destined for a musical career as an adult. Whatever career he decides to pursue later on, Konstantinos is now looking forward to his participation in Wunderkindz in Argentina. “I am very excited about taking part. I believe it will be a great experience,” the young singer stated.
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German Magazine Praises Theocharis
German magazine Focus is praising Haris Theocharis and is criticizing the Greek government, describing his removal from the General Secretariat of Public Revenue as a “political farce.” A recent article titled “Too successful. Greece removes the superior tax collector” says Haris Theocharis was too good for Greece. According to the article, the former General Secretary of Public Revenue is “the man Greece urgently needs.” The article points out that the Greek crisis is largely due to the extensive tax evasion. “Haris Theocharis came to change this,” the article mentions, adopting the view of the former General Secretary of Revenue who claims that his removal was due to political reasons and had nothing to do with his performance. Focus, citing Greek publications, claims that the order for Theocharis‘ removal came from above. According to the magazine, Theocharis was forced to submit his resignation by the former Finance Minister, Yannis Stournaras. The article states that neither the Greek Prime Minister, Antonis Samaras nor Yannis Stournaras could fire Theocharis, as his contract was to expire in February 2018. Moreover the position of the General Secretary of Public Revenue was created by Greece’s foreign lenders and was independent from the Greek government. Finally the article refers to his achievements while in office and points out that Theodoros Pangalos believes that Greece achieved a primary surplus thanks to Theocharis.
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WORLD CUP: Joel Aguilar Will Officiate Greece vs Japan on Thursday
Joel Aguilar of El Salvador gets his second assignment when Japan plays Greece in Natal, Brazil. Aguilar was referee in Argentina’s win with 2-1 over Bosnia-Herzegovina. Both teams go to Thursday’s game with zero points as both lost their opening games to Ivory Coast and Colombia respectively. It is a tough challenge for both teams. When Japan and Greece meet, the contest will be officiated by Joel Aguilar, 38 years old. He has already refereed at the Maracana Stadium in Rio de Janeiro in the city’s first match of the competition, bringing with him a vast amount of experience gained within CONCACAF. He has also covered several other FIFA competitions, including the FIFA Confederations Cup 2013 and the FIFA Club World Cup 2011. The 20th FIFA World Cup began on June 12 and ends on July 13. Participating in the tournament are teams of 31 nations along with Brazil. A total of 64 matches will take place in 12 cities of Brazil. Greece’s third game is against Ivory Coast on June 24.
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Ecumenical Patriarch Bartholomew in Athens
The Ecumenical Patriarch Bartholomew arrived in Athens on Monday to attend the events for the completion and restoration of 40 grave monuments at the cemetery of Sisli in Istanbul. Bartholomew will stay in Greece until Friday. On Wednesday, the Ecumenical Patriarch, will meet with Archbishop of Athens and All Greece Ieronymos. At six in the afternoon he will attend the screening of the film “Then the dead die, when they are forgotten” which talks about the Sisli cemetery at the Athens College. The event will be held at the Athens College, under the auspices of the Ecumenical Patriarchate of Constantinople and the Greek Ministry of Culture. On Wednesday evening, he will open the international congress of Environmental Health at the Herod Atticus Theatre, an event organised by the Biomedical Research Foundation of Athens Academy, followed by a concert of famous Greek tenor Mario Frangoulis. On Thursday, Bartholomew will visit the island of Hydra for the first time where after a unanimous decision of the City Council, he will be announced as an honorary citizen.
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Greek Defense Faces Japan Test
Greece's vaunted defense will have to assert itself if the team wants to get past a speedy Japanese squad in the next match of the 2014 World Cup.
The post Greek Defense Faces Japan Test appeared first on The National Herald.
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Greek Government Offers Dutch Royal Family Private Beach
The Greek government gave permission to the royal family of Netherlands to acquire a private beach and to illegally build a dock in the region of Ermioni, southern Greece. The royal family of Netherlands has also a villa in the area, which was bought two ...
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The Best Fans From Every Country In The World Cup
Competition is fierce at the 2014 FIFA World Cup, and not only on the field. As fans from around the world cheer on their teams, each nation appears to be trying to outdo the others for the wildest costumes.
Brazil estimates that some 3.7 million people will travel to the country for the World Cup matches and festivities. Countless others are donning wacky wigs and face paint all over the world to watch the matches on television.
Whichever country fans are rooting for, they have one thing in common: their enthusiasm for the game. These photos of fans from each of the 31 competing nations show that soccer really does bring the world together, in all of its weird and and wonderful hues.Honduras
A fan from Honduras shows off his outfit before the Group E World Cup soccer match between France and Honduras at the Estadio Beira-Rio in Porto Alegre, Brazil, June 15, 2014. (AP Photo/Martin Meissner)Ecuador
An Ecuadorean fan gestures before the Group E World Cup soccer match between Switzerland and Ecuador at the Estadio Nacional in Brasilia, Brazil, June 15, 2014. (AP Photo/Fernando Llano)U.S.A.
USA soccer fans attend the FIFA Fan Fest at Fan HQ on June 15, 2014 in Natal, Brazil. (Kevin C. Cox/Getty Images)Portugal
Portugal fans pose prior to the Group G football match between Germany and Portugal at the Fonte Nova Arena in Salvador during the 2014 FIFA World Cup on June 16, 2014. (PATRIK STOLLARZ/AFP/Getty Images)Ivory Coast
A fan from the Ivory Coast yells before the Group C World Cup soccer match between Ivory Coast and Japan at the Arena Pernambuco in Recife, Brazil, June 14, 2014. (AP Photo/Dolores Ochoa)Colombia
A Colombia soccer fan cheers during his team's World Cup game against Greece inside the FIFA Fan Fest area on Copacabana beach in Rio de Janeiro, Brazil, June 14, 2014. (AP Photo/Silvia Izquierdo)Germany
Fans of Germany pose at the Fanmeile public viewing at Brandenburg Gate prior to the 2014 FIFA World Cup Brazil Group G match between Germany and Portugal on June 16, 2014 in Berlin, Germany. (Boris Streubel/Bongarts/Getty Images)Bosnia and HerzegovinaBosnia and Herzegovina fans pose in front of the Maracana stadium for the FIFA World Cup 2014 group match between Argentina and Bosnia and Herzecovina in Rio de Janeiro on June 15, 2014. (YASUYOSHI CHIBA/AFP/Getty Images)Italy
Italy fans show off their face paint before the Group D World Cup soccer match between England and Italy at the Arena da Amazonia in Manaus, Brazil, June 14, 2014. (AP Photo/Marcio Jose Sanchez)Mexico
Mexico soccer fan Jose Reyna, center, reacts as he watches his team's World Cup match with Cameroon inside the FIFA Fan fest area on Copacabana beach in Rio de Janeiro, Brazil, June 13, 2014. (AP Photo/Leo Correa)France
A France fan enjoys the the atmosphere prior to the 2014 FIFA World Cup Brazil Group E match between France and Honduras at Estadio Beira-Rio on June 15, 2014 in Porto Alegre, Brazil. (Quinn Rooney/Getty Images)Croatia
A Croatian fan with his face painted in the Croatian national soccer team's colors waits to enter Itaquerao Stadium to watch the World Cup opening match, between Brazil and Croatia of Group A, in Sao Paulo, Brazil, June 12, 2014. (AP Photo/Julio Cortez)Japan
Japanese fans listen to their nation's national anthem before the Group C World Cup soccer match between Ivory Coast and Japan at the Arena Pernambuco in Recife, Brazil, June 14, 2014. (AP Photo/Petr David Josek)Uruguay
A Uruguayan national football team fan watches the FIFA World Cup match against Costa Rica on a giant screen in Montevideo on June 14, 2014. (MIGUEL ROJO/AFP/Getty Images)Netherlands
The Netherlands fans cheer during the 2014 FIFA World Cup Brazil Group B match between Spain and Netherlands at Arena Fonte Nova on June 13, 2014 in Salvador, Brazil. (Quinn Rooney/Getty Images)Chile
Chile's fans watch a Group B football match between Chile and Australia at the Pantanal Arena in Cuiaba during the 2014 FIFA World Cup on June 13, 2014. (MARTIN BERNETTI/AFP/Getty Images)Australia
Australia fans hold up an inflatable kangaroo prior to the 2014 FIFA World Cup Brazil Group B match between Chile and Australia at Arena Pantanal on June 13, 2014 in Cuiaba, Brazil. (Matthew Lewis/Getty Images)Switzerland
Switzerland fans cheer during the 2014 FIFA World Cup Brazil Group E match between Switzerland and Ecuador at Estadio Nacional on June 15, 2014 in Brasilia, Brazil. (Clive Brunskill/Getty Images)Spain
Spanish soccer fans watch as their team plays against the Netherlands on the giant screen showing the FIFA World Cup match on June 13, 2014 in Madrid, Spain. (Denis Doyle/Getty Images)Nigeria
Nigeria fans watch the Group F match between Iran and Nigeria at the Baixada Arena in Curitiba at the 2014 FIFA World Cup on June 16, 2014. (JUAN BARRETO/AFP/Getty Images)Iran
Iranian fans cheer for their team before the start of the Group F match between Iran and Nigeria at the Baixada Arena in Curitiba during the 2014 FIFA World Cup on June 16, 2014. (BEHROUZ MEHRI/AFP/Getty Images)South Korea
South Korean fans wave their national flag as they welcome their national football team at the Bourbon Hotel in Foz do Iguacu, Parana, Brazil, on June 11, 2014. (JUNG YEON-JE/AFP/Getty Images)Costa Rica
A Costa Rica national football team fan watches the FIFA World Cup Brazil Group D match against Uruguay on a giant screen in San Jose on June 14, 2014. (EZEQUIEL BECERRA/AFP/Getty Images)Algeria
An Algeria supporter invades the field with others as they celebrate Algeria winning the friendly match between Algeria and Romania on June 4, 2014, at the Geneva Stadium in Geneva, ahead of the upcoming 2014 FIFA World Cup in Brazil. (FABRICE COFFRINI/AFP/Getty Images)Russia
Supporters pose with a national flag as members of Russia's national team take part in a training session at Estadio Novelli Junior in Itu on the outskirts of Sao Paulo on June 10, 2014, ahead of the 2014 FIFA World Cup in Brazil. (KIRILL KUDRYAVTSEV/AFP/Getty Images)Cameroon
A Cameroon fan waves his national flag during Cameroon's training session at the Kleber Andrade stadium in Vitoria on June 16, 2014 during the 2014 FIFA football World Cup in Brazil. (PIERRE-PHILIPPE MARCOU/AFP/Getty Images)Greece
Fans of Greece pose before the 2014 FIFA World Cup Brazil Group C match between Colombia and Greece at Estadio Mineirao on June 14, 2014 in Belo Horizonte, Brazil. (Gabriel Rossi/LatinContent/Getty Images)England
An England supporter reacts in the Walkabout bar in central London on June 14, 2014, after England scored an equalizing goal during their first Group D match against Italy in the 2014 FIFA World Cup in Brazil. (JUSTIN TALLIS/AFP/Getty Images)Ghana
Ghana fans cheer prior to the 2014 FIFA World Cup Brazil Group G match between Ghana and the United States at Estadio das Dunas on June 16, 2014 in Natal, Brazil. (Michael Steele/Getty Images)Belgium
Belgium's supporters attend the last training session of Belgium's national team, the Red Devils, before their departure for the 2014 FIFA World Cup in Brazil, on June 8, 2014, in Brussels. (NICOLAS MAETERLINCK/AFP/Getty Images)Brazil
A Brazilian fan gestures as he watches the 2014 soccer World Cup soccer game between Brazil and Croatia at a Fan Fest complex in Fortaleza, Brazil, June 12, 2014. (AP Photo/Fernando Llano)Argentina
An Argentina soccer fan cheers as he poses for a photo outside the Maracana Stadium before the Group F World Cup soccer match between Argentina and Bosnia in Rio de Janeiro, Brazil, June 15, 2014. (AP Photo/Felipe Dana)
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Greek police: 'Satanist' ritually killed homeless woman in Athens square, planned 2nd killing
Greek police say they have arrested a self-described Satanist suspected of ritually killing a homeless woman in an Athens public square and planning a second murder for this weekend's summer solstice.
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Greece-Japan Preview
NATAL, Brazil (AP) -- Rock-solid defenders who constantly chase, tackle and bully their opponents have been the key to Greece tactics ever since they became European champions in 2004. A decade ago, that team conceded a miserly four goals at Euro 2004 and ...
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'Baking angels' work behind the scenes on treats for Greek Fest
'Baking angels' work behind the scenes on treats for Greek FestMilwaukee Journal SentinelThey're called the "yiayias" and the "baking angels," and without them Greek Fest would not be nearly so sweet. Starting in March, the women of Annunciation Greek Orthodox Church in Wauwatosa begin to congregate in the large commercial kitchen of the ...
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Greece must fix defense to survive
Rock-solid defenders who constantly chase, tackle and bully their opponents have been the key to Greece tactics ever since they became European champions in 2004. A decade ago, that team conceded a miserly four goals at Euro 2004 and its successor only conceded four in qualifying to secure its place at the 2014 World Cup as Greece stayed true to its reputation for hard work and ruthless ...
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Greece needs to rebuild its once-solid defense to advance in World Cup
Greece needs to rebuild its once-solid defense to advance in World CupU.S. News & World ReportNATAL, Brazil (AP) — Rock-solid defenders who constantly chase, tackle and bully their opponents have been the key to Greece tactics ever since they became European champions in 2004. A decade ago, that team conceded a miserly four goals at Euro ...Kagawa tips Greece to attacksportal.co.nzall 6 news articles »
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The “Colossus of Love” Was Found Burnt Alive
The “Colossus of Love” Elias Fanouris found a tragic death on Friday morning, June 13. The man was famous in Rhodes and became known to rest of Greece from the popular documentary “The Collosi of Love.” “Bruno” from Rhodes was the self-proclaimed love specialist who stated that his purpose in life was to make women happy. Elias Fanouris, the star of the award-winning documentary “Colossi of Love”, was a legendary Greek lover who claimed to have bedded 4,500 women and helped boost tourism in the island of Rhodes in the 70s and 80s. “The Colosus of love”, aged 64, was found incinerated under peculiar circumstances in his house on Peisandou Str. in the Agios Fanourios neighborhood of his home island. An investigation is under way as to the causes of the fire and it is conducted by the Deputy Police office of Rhodes and the Investigating Unit of the Fire Department. The Fire Department received a call at 1:30 am concerning a fire that burst in the actor’s house and managed to extinguish it. The firemen discovered an incinerated body inside the house at around 3:30 am. Although they still have doubts on the body’s I.D. since no one could identify it, all evidence show that it belongs to the 64-year-old man who was the only person living in the house. Furthermore police says that witnesses saw him having an argument with a suspicious man that fatal night. Elias Fanouris was the epitome of the Greek “kamaki” (harpoon in English). The kamaki was a Greek man betwen the ages of 20 and 40 whose favorite hobby was to seduce foreign women who spent their holidays in Greece. The golden age of kamaki was the period after the dictatorship until the late 80s when tourism increased rapidly. Some of them were plain gigolos but for the most part these men were a tourist attraction to lonely women who wanted to combine holidays in the sun along with a brief summer fling. The kamaki had his own dress code so to speak: open shirt,gold chain around the neck, tight pants. You would find him in tourist areas and mainly on the beach. He would whisper words of love in broken english and promise everything to every woman available. Some of them ended up marrying foreign women and moved to other countries. The kamaki is no longer a creature that inhabits the Greek tourist areas. He disappeared in the 90s. In 2010 director Maria Koufopoulou “resurrected” the kamaki in her documentary “Colossi of Love” which was shot in Rhodes. The star was Elias Fanouris, of course, along with some other of his comrades. Fanouris revealed all the secrets of his trade bragging in front of the camera and claiming that he is still active but with older women now. The documentary won Best Documentary Award at the Los Angeles Greek Film Festival 2010. “Colossi of Love” was presented at Documentary Festival of Thessaloniki last year.
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Popular Greek Beach Blocked Due to Road Repairs
The road leading to the famous beach of Myrtos, in the Ionian Sea island of Cephalonia will be closed for repairs. According to local authorities, the road was seriously damaged by the recent earthquakes that shook the island this year and needs repair. The consecutive earthquakes that took place in Cephalonia, caused a lot of damage to its road network as well as in several of its marinas. Furthermore, recent heavy rainfall caused even more damage to the road leading to Myrtos beach, causing authorities to rush the repair project which had originally been scheduled for this coming fall. The road will remain closed until mid-July, just before the peak of the tourist season. This decision, caused the strong reaction of local tourism businesses, which blame the government and local authorities for not acting sooner in order to fix the damage. Myrtos is one of the country’s most popular and well-known beaches, which also features in many Greek tourism campaigns. It has also been widely advertised by international media as the number one tourist destination of Greece.
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Thessaloniki seaman in critical condition after port explosion
A sailor working at the port of Thessaloniki in northern Greece was taken to hospital on Tuesday after suffering serious burns in an explosion on a water-skimming vessel.
The seaman, whose details have not been made public, is in critical condition, the s... ...
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Kefalonia Beach Road Closed For Repairs
Business leaders on the earthquake-ravaged island of Iefalonia are angry the road to one of the most popular beaches is being closed for repairs.
The post Kefalonia Beach Road Closed For Repairs appeared first on The National Herald.
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Greece Can Seize Debtors’ Deposits
Greece's highest court has ruled the government can withdraw money from private bank accounts of debtors to the state without telling them.
The post Greece Can Seize Debtors’ Deposits appeared first on The National Herald.
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2010 final referee Howard Webb gets Colombia-Ivory Coast duty; Spaniard for England vs Uruguay
by
Associated Press
2010 final ref Webb gets Colombia-Ivory Coast duty
Associated Press - 17 June 2014 08:51-04:00
RIO DE JANEIRO (AP) — Four years after refereeing the World Cup final, Howard Webb gets his first duty this tournament in the Colombia vs. Ivory Coast match.
The English official's assignment was among the three Thursday match selections announced by FIFA on Tuesday.
Colombia and Ivory Coast, which both won their Group C openers, play in Brasilia.
FIFA says Carlos Velasco Carballo of Spain will handle England vs. Uruguay in Sao Paulo. Both teams lost their first matches in Group D.
Joel Aguilar of El Salvador gets his second assignment when Japan plays Greece in Natal. Aguilar was referee in Argentina's win over Bosnia-Herzegovina at Maracana Stadium, Rio de Janeiro.
News Topics: Sports, 2014 FIFA World Cup, FIFA World Cup, Men's soccer, Professional soccer, Soccer, International soccer, Events, Men's sportsPeople, Places and Companies: Howard Webb, Brazil, Rio de Janeiro, Colombia, South America, Latin America and Caribbean
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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World Cup knockout stage in sight for Ivory Coast, Colombia ahead of Group B tussle
by
Associated Press
Knockout stage in sight for Ivory Coast, Colombia
by STEVE DOUGLAS, Associated Press - 17 June 2014 09:13-04:00
BRASILIA, Brazil (AP) — As two of world football's underachieving nations, Ivory Coast and Colombia will be desperate not to let slip a rare chance to qualify for the knockout stages of the World Cup when they meet in Brasilia on Thursday.
Both teams opened Group C with victories, meaning another in the Brazilian capital will almost certainly guarantee a place in the last 16.
"It's looking a little bit like a final of the group," Ivory Coast coach Sabri Lamouchi said, "(and) I'm pretty sure the winner will be qualified for the next phase."
That would be a first for the Ivorians, who failed to get out of difficult groups in 2006 and '10 — their only previous appearances on the world's biggest stage. It continued a trend of underperformance at major tournaments following failures at the last five African Cup tournaments when they were favorites each time.
Colombia, meanwhile, has only advanced from its group once in four World Cups — in 1990 when the team was eliminated in the following match. Expectations had been tempered this time round after star striker Radamal Falcao was ruled out of the tournament with a knee injury.
Yet a 3-0 win over Greece has raised belief that the Colombians have the tools to cope without their one world-class player, with decent alternatives in attack.
"Colombia proved (against Greece) that we have many positive assets," Colombia coach Jose Pekerman said. "We can play, we can create good opportunities and we can take them.
"All the players did what they were expected to do and that makes us very confident."
Much of the talk surrounding Ivory Coast also centers on a striker.
The 36-year-old Didier Drogba, one of Africa's greatest players and taking part in what surely is his final World Cup, inspired a turnaround in the Ivorians' opening match against Japan when he came on as a substitute with his team 1-0 behind. Within four minutes, they were 2-1 ahead and that's how it finished.
Will that be enough to earn Drogba a starting spot ahead of Wilfried Bony? Probably not, Lamouchi suggested.
"People love Didier Drogba and I know there are a lot of lovers of Drogba's style," Lamouchi said. "But you have to understand the last time he played 90 minutes was a few months ago in Turkey. He's just recovered from injury. He made a lot of sacrifices to be here at the World Cup."
In Falcao's absence, Teofilo Gutierrez is having to step up as Colombia's chief striker and he is already off the mark in Brazil, scoring the team's second against Greece.
In fact, coach Jose Pekerman is blessed with forwards in the country's new generation, with back-ups Jackson Martinez and Carlos Bacca having just enjoyed strong seasons with Porto and Sevilla. With playmakers James Rodriguez and Juan Cuadrado starting the World Cup well, Colombia won't be short of goals in front of its vast, loud and colourful traveling support at this tournament.
It's in defense, where the 38-year-old Mario Yepes still resides, where Colombia's problems may lie. And with Yaya Toure playing behind the front three of Salomon Kalou, Gervinho and either Drogba or Bony, Ivory Coast also have exciting options going forward.
"We will try to improve what we did against Greece and neutralize Ivory Coast's attack," Colombia midfielder Carlos Sanchez said Monday.
News Topics: Sports, 2014 FIFA World Cup, FIFA World Cup, Men's soccer, Soccer, International soccer, Events, Men's sportsPeople, Places and Companies: Its Group, Sabri Lamouchi, Jose Pekerman, Didier Drogba, Teofilo Gutierrez, Jackson Martinez, Carlos Bacca, Salomon Kalou, Carlos Sanchez, Brazil, Ivory Coast, Colombia, Africa, Greece, Brasilia, South America, Latin America and Caribbean, West Africa, Western Europe, Europe
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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UK inflation rate falls to 1.5%, lowest since October 2009; Argentina denies it will default
Supermarket price wars drive down UK inflation rate
Analysts: less pressure to raise interest rates
Earlier:
Argentinian president vows not to default after court defeat
Argentina's options (none good)
Shares in Shire jump on takeover talk
EU car sales rise for ninth month
2.08pm BST
The Bank of England's annual report has landed, giving an insight into how the UK central bank operated last year.
And there are some eye-catching facts.
It is the Banks policy to relocate those appointed to senior positions as necessary, and to incur the costs of doing so. In line with this policy, the Bank relocated Mr Carney and his family from Ottawa to London. Procurement decisions in that process were taken by the Bank.
The final cost of the relocation was £102,816, of which £10,678 was related to 2012/13. Under HMRC rules, these costs, with the exception of the first £16,106, are also subject to tax, and gave rise to a tax liability borne by the Bank of £95,846.
Did the BoE charter a plane specially? Carney relocation cost £102,816 pic.twitter.com/HF4B2YcS30
2.04pm BST
At 2.1%, annual inflation in America's economy in May was a fair lick higher than in the UK, where prices rose by up just 1.5%, of course.
That's pretty unusual - the FT's James Mackintosh reckons it's only the third time since the financial crisis was raging at its peak.
US inflation higher than UK in May for only third month since Lehman collapsed in 2008
1.40pm BST
Instant reaction to the US inflation data:
US inflation picking up, headline 2.1% and core 2% annual rate in May, both above forecsats.
The Fed-to-eye-the-exit meme is going to gather steam.
Real wages (in other words, wages adjusted for inflation) have dropped 0.1% over the last 12 months http://t.co/hYNY96fhSH
1.37pm BST
Just in -- US inflation rate rose by more than expected last month, at the fastest annual rate since October 2012.
The US consumer prices index rose by 2.1% annually in May, with prices up by 0.4% compared with April alone.
Take a bow those of you who didn't freak out over the disinflation of 2013.
1.19pm BST
Supermarket chain Morrisons has just announced that it is proposing to make 2,600 workers redundant, as part of a management restructuring.
As my colleague Sarah Butler reported two weeks ago, Morrisons has been planning a major management restructuring following "trials of three possible slimmed-down management structures in around seven of its new stores".
Morrisons say they're simplifying management structure because some stores currently have seven tiers between shop floor & store manager
Morrisons laying off 2600 staff but creating 4,000 jobs elsewhere. "Displaced colleagues" will be offered these new roles.
1.04pm BST
Goldman Sachs sees a "material risk - circa 30-40%" that UK inflation will fall BELOW 1% by the end of this year.
12.35pm BST
If Argentina defaults again, the impact on other emerging markets will probably be limited, reckons analysts at Nordea:
Nordea: Contagion from another default by Argentina to other emerging markets will likely be close to non-existent
"This decision could also have major implications for other heavily indebted countries like Greece, Ireland and Jamaica. It points to the urgent need for a fair and transparent workout mechanism for international debt, as well as for countries like the US and UK to bring forward legislation to stop predatory vulture funds profiteering from the misery of countries in debt crisis.
11.49am BST
Back to the threat of Argentina defaulting again, after losing its appeal against honouring bonds which it defaulted on in 2001 (full details early in the blog).
This chart shows how its bonds have become much riskier -- it measures the yield, or interest rate, on 10-year Argentinian bonds. Yield rises when the price of a bond falls:
Yield on Argentina's 2017 global bond jumps to 16%. That's a lot, but it was 20% earlier this year: pic.twitter.com/BTx0ObtIAI
11.31am BST
Newsnight's Duncan Weldon has been digging into the inflation data for some details:
Inflation - ONS reports upwards pressure from computer games & 'new world' wine. Downwards pressure from air fares & women's clothes.
11.21am BST
Meanwhile in Germany, investors aren't feeling as cheerful as their triumphant World Cup footballers.
The ZEW institute's monthly assessment of investor confidence slipped this month to an 18-month low. It came in at just 29.8 points, down from 33.1 in May.
#Germany Investor Confidence Index ZEW drops unexpectedly in June to 29.8 (prev 33.1, exp 35.2), despite #ECB measures. Or because of? #euro
11.10am BST
Catherine McKinnell MP, Labours Shadow Treasury Minister, points out that wage rises have lagged inflation for most of the last four years.
The fall in the rate of inflation is welcome, yet most people are still feeling the squeeze.
Wages after inflation have now fallen by over £1,600 a year under David Cameron and the link between the wealth of the nation and family finances is broken. A huge turnaround would be needed to ensure working people arent worse off than when this Tory-led government came to office.
11.03am BST
There is a risk that Iraq conflict drives UK inflation rates higher, making it harder for households to benefit from wage rises
Rob Harbron, senior economist at the Centre for Economic and Business Research, explains:
The price of Brent crude oil has climbed markedly in the past ten days, rising from a low of $108 a barrel in early June to $113 a barrel yesterday. This could increase further in the coming days and weeks, as political crisis deepens in Iraq the fear is that oil supply may be affected by conflict in the region.
In addition, Ukraines gas supplies from Russia were cut off yesterday, a move that was followed by a 6% increase in UK gas wholesale prices.
10.56am BST
Ian Stewart, chief economist at Deloitte, is cheered by today's inflation data:
The UK is experiencing low inflation and strong growth, the holy grail for economic policymakers. Inflation has almost halved from last years peak and growth expectations for this year have almost doubled.
We are in the sweet spot of the economic cycle.
10.43am BST
The pound has fallen back a little since the UK inflation data came out, as traders calculate that there's less pressure to raise rates.
It has lost around 0.2 cents against the US dollar, to $1.6963, away from the near five-year high of $1.70 scaled yesterday.
10.41am BST
Ben Chu of the Independent flags up that the Bank of England has, once again, proved a little inaccurate in the forecasting department:
The Bank of England's near-term inflation forecast from May is considerable miss: pic.twitter.com/G0GAFnfDq9
10.36am BST
This surprise drop in UK inflation to just 1.5% is another twist in the debate on when UK interest rates should start to rise.
Last Thursday, governor Mark Carney warned that rates could rise sooner than the markets expected -- that doesn't look quite as likely now.
Drop in UK inflation to 1.5%, lowest since Oct 2009, helps ease cost of living problem & should defuse some of recent hawkish rate comments.
There is pressure on Mark Carney and the rest of the MPC to hike rates on the back of growth and housing market concerns, but, given their central mandate of price stability, there is little cause to alter the current policy as it stands.
I was vocal in not having rates hiked when inflation peaked to 5.5% in 2011 and growth was low, as I felt it could harm the recovery. I stand by the knowledge that the UK economy has enough spare capacity and slack in labour markets to not need to tighten policy just yet
We suspect that 1.5% will mark the low point for consumer price inflation, but it looks well placed to remain below 2.0% for the rest of 2014, and very possibly beyond.
The inflation data will go some way to abating the aggressive calls for a rate hike from the Bank of England this year, especially so following Carneys hawkish comments last week and other more recent comments from MPC members since.
We could well see one or two votes for a rate hike at the last meeting when the MPC minutes are released tomorrow the BOE Governor may have been prepping the market for such a scenario, but this recent inflation data will put a small dent in expectations for a rate hike this year.
10.28am BST
London house prices rose 18.7% in past year. Biggest annual increase since mid-2007. British regions since '02: pic.twitter.com/rRyGlArw3f
10.14am BST
The Office for National Statistics also reported that UK house prices jumped by 9.9% in April; the biggest rise since June 2010.
And in London, prices jumped by over 18%.
10.05am BST
Good news that inflation down to 1.5%, lowest for 5 years. Another sign that our long term economic plan is working, but lots more to do
10.03am BST
Bang on queue, here's that hashtag:
Good news that inflation is at its lowest for 5 years - it means more stability and financial security for everyone. #LongTermEconomicPlan
9.57am BST
There must be an election coming.... Because over at the Treasury, there's a scramble to welcome the news that UK inflation fell to 1.5% in May.
Here's the official line from a Treasury Spokesperson, crediting David Cameron's favourite hashtag, the #longtermeconomicplan
Inflation has fallen to its lowest level since October 2009 and is now well below a third of its peak in September 2011. Lower inflation and rising job numbers show that the governments long term plan is working and Britain is coming back.
But the job is not done, which is why we must continue to work through that plan.
"As a result of our role in Government, the Liberal Democrats have created the right climate for the recovery and the country is now getting back on the front foot.
Todays inflation figures add to a developing pattern of low inflation, strengthening growth and high levels of job creation.
9.47am BST
Britain's supermarket wars have played a big role in driving the UK inflation rate down to 1.5% last month.
The ONS reports that 12-month inflation rate for food & non-alcoholic beverages is currently at its lowest level for over nine years with prices falling by 0.6% compared with a year ago.
9.38am BST
Confirmation that UK inflation hasn't been this low since the end of 2009:
9.36am BST
The Office for National Statistics says that the drop in inflation was primarily due to lower transport services costs, notably air fares, in May compared to a year ago.
Other large downward effects came from the food & non-alcoholic drinks and clothing sectors.
9.32am BST
Just in: the UK inflation rate has fallen to just 1.5% in May, down from 1.8% in April, and the lowest reading since October 2009.
That's much lower than expected -- economists had expected a reading of 1.7%.
9.26am BST
Nearly time for the UK inflation data....
UK inflation figures are due at 9:30 am main interest is in the input prices and how fast house prices are now rising #CPI #RPI
9.25am BST
The oil price has also eased a little today, with the cost of a barrel of Brent crude dropping by half a dollar to around $112.50.
That follows the news that a small number of US troops are being sent back into Iraq.
"We are just very vigilant in Iraq. Non-essential production people have left but operations continue."
9.17am BST
After some nervous days, European stock markets have risen this morning as concerns over geopolitics ease, a little.
And the takeover talk swirling around Shire is helping it stick to the top of the leaderboard in the City.
9.04am BST
Associated Press has a bit more detail about the unpalatable options on Argentina's platter in its battle with holdout bondholders:
Refusing to comply was "the best option" among a series of grim alternatives that Cleary, Gottlieb, the U.S. law firm representing Argentina in Washington, presented to Fernandez ahead of the Supreme Court decision.
That guidance suggested Argentina should default on all its debts before negotiating in order to gain more leverage.
8.50am BST
Europe's car industry has continued its long, slow, recovery from the eurozone crisis, with sales rising for the ninth month running.
Industry body ACEA reports that registrations rose by 4.5% year-on-year in May -- continuing a record that dates back to last September.
8.36am BST
Just under an hour until we get the latest UK inflation data, for May.
City analysts predict that the consumer prices index slipped a little, to +1.7% annually. That's partly due to supermarket discounting, as Katie Allen's preview explains:
8.24am BST
City traders are also cheering Whitbread, pushing shares in the hotels, restaurants and coffee bar chain up by 3.5%.
Whitbread reported a 9.5% growth in like-for-like sales at its Premier Inn hotels over the last three months, thanks to:
"a buoyant hotel market driven by continuing growth in London and clearer signs of economic recovery in the UK regions.
8.13am BST
In the City, shares in UK pharmaceutical firm Shire have jumped 3.75% in early trading, after Reuters reported it has hired bankers from Citi to handle takeover approaches.
8.07am BST
Argentina appears to have limited options, despite president Fernandez's defiant words overnight. And they all look pretty unappealing.
The vulture funds who won their case against Argentina have claimed that president Fernandez has no choice but to negotiate.
"The time has come for Argentina to enter into good-faith negotiations with holdout bondholders.
"Argentina has expressed a desire to be permitted to re-enter financial markets around the world. The only way that it can do so is by coming to terms with its existing creditors."
Argentina could win a delay of a few weeks by asking for a rehearing, but they are almost never granted.
Bowing to the US courts would force Ms Fernández to betray a pillar of the government that she and her late husband and predecessor, Nestor Kirchner, have led since he won the presidency in 2003: that Argentina must maintain its sovereignty and economic independence at any cost.
7.34am BST
Argentinian president Cristina Fernandez took to the airwaves overnight to insist that her country will not default on its payments to bondholders following yesterday's defeat in the US courts.
"We want to fulfil and honour our debt and we will do that ... I ordered the economy ministry to set up all the tools needed to make the payment to those who trusted in Argentina."
RT @AP: BREAKING: Argentine leader says she won't honor $1.3 billion debt ruling despite US Supreme Court loss
Argentina has shown a more than clear will to pay, but there is a difference between negotiation and extortion.
Its our obligation to take responsibility for paying our creditors, but not to become the victims of extortion by speculators
7.22am BST
Good morning, and welcome to our rolling coverage of the financial markets, the world economy, business and the eurozone.
Three events in focus today.
Continue reading... |
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Greek Parliamentarians Favor Their Own 2,000 Employees
Almost 2,000 employees that are working at offices of Greek MPs,Greek political parties offices, Public Sector, ADEDY labor union, the Social Multicenter of ADEDY and the Greek representatives’ offices of the European Commission, will be evaluated ...
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Medieval Working Conditions for Greek Workers
Greek ReporterMedieval Working Conditions for Greek WorkersGreek Reporteremployment Shocking data released by the General Confederation of Greek Workers Union GSEE reveals that the exploitation of unemployed Greeks is on the rise. Working conditions for hundreds of thousands of workers in Greece can be characterized as ...
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Greek Fest comes home to Hopkins Park
DeKALB – Greek Fest in 2014 will be held June 28 and 29 at Hopkins Park in DeKalb. Hopkins Park hosted the St. George Greek Orthodox Church Greek Fest for many years, and this year, the festival returns home.
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Account Seizures Legal Without Informing the Debtor
The seven members of the Council of State of Greece announced yesterday their decision regarding seizure of salaries and pensions of debtors owing to the State. They announced that debtors will not be informed beforehand in regards to the seizure. While three months ago the Highest Court of Cassation had deemed that the Greek state and insurance funds cannot seize the debts from pensions and salaries without first informing the debtor, so that debtors can go to court or settle their debt, this new decision changes the policy regarding seizures from now on. The Highest Court of Cassation, in contrast to its previous decision, three months ago, has now found that the debtor does not need to be notified of the seizure. Justifying this decision, the court noted that “had the owner been notified of the measure, he would rush to withdraw from the third party (the bank) the funds” or “would transfer his assets to another party, making it therefore impossible to satisfy the public’s demands for satisfaction from these assets.” In fact, the contested decision states: “The debtor knows directly when his debt is past the payment deadline.” Furthermore, debtors should be aware that “the introduction of obligatory measures against him to collect the debt is possible from the very next day of the deadline passed.” Therefore, the constitutional rights of Greek citizens are not violated in any way.
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World Cup: Fernando Santos’s thoughts ahead of Thursday’s match against Japan
In the opening game of Greece’s national team against Colombia, last Saturday, was a disappointment. Greece failed to score any goals and showed no determination. Only a few players managed to meet their coach’s expectations on the field. Consequently, Greece’s manager, Fernando Santos will make changes in the starting lineup. Spiros Karnezis could have played better. He had some slow reactions, but he did not make any serious mistakes, therefore he will remain Greece’s goalkeeper against Japan. Vassilis Torosidis was one of Greece’s best players. However, the Portuguese manager is thinking of keeping out Jose Holevas, and may use Loukas Vintra in his place, on the right back. Therefore, Torosidis will switch to the left. Fernando Santos had some thoughts about using Vaggelis Moras instead of Kostas Manolas, Olympiako’s team defender, at Greece’s starting lineup. As a result, Kostas Manolas and Sokratis Papastathopoulos will play once more in the center of the defense. In the midfield, Panagiotis Kone was quite vigorous and troubled the Colombian defenders in the previous game. Kostas Katsouranis may stay on the bench, because he was too sluggish to follow the opponents’ rhythm last Saturday. In case Katsouranis stays on the bench, then Alexandros Tziolis or Giorgos Karagounis may be playing in the starting lineup. Yiannis Maniatis is expected to maintain his place among the 11 national’s team players. Greece will probably make a few changes among its attackers. Yiannis Samaras will continue to be in the starting lineup, but Dimitris Salpigidis and Fanis Gekas will return to the bench. Greece needs more speed upfront from Yiannis Fetfatzidis of Genoa FC and top scorer, as well as from Kostas Mitroglou of Fulham FC. The next game of the Greek team is on Thursday against Japan, who also lost their opener (to Ivory Coast) and will therefore be as desperate as the Greeks for victory.
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Five Suspects to Testify on 1.1 Tons of Heroin
After a major drug bust in the Filothei suburb of Athens, Greek police has seized almost 1.1 tons of heroin and arrested twelve people in total, five of which will be summoned to testify before an Athens prosecutor on Tuesday, June 17. According to reports, among the people arrested are a prominent 40-year old businessman identified as E.G, his former wife, and her current partner. Her 73-year old mother and the Bulgarian housekeeper in the Filothei villa where the heroin was hidden are also involved in the case. The 15-year old businessman’s son was released after being held in custody because the police found four text messages in his mobile that were sent to an accomplice urging him to “disappear.” Greek police in co-operation with the US Drug Enforcement Administration arrested another five suspect heroin traffickers for a half-ton packages of heroin kept in a Koropi warehouse, northeast of Athens. The authorities have their nationalities given in public, saying the suspects are all Turks with Belgian citizenship. The last one of the eleven suspects, is a 29-year-old Albanian who turned himself in to the Greek police on Sunday. All bank accounts, property and assets of the Greek businessman, his former wife, and her relatives are being thoroughly investigated to uncover further information about their illegal financial activities. According to sources, their names are also found in the famous Lagarde list containing Greeks who hold Swiss accounts to evade taxation. The Greek police authorities operated after having received information from US authorities about a heroin shipment that was due to reach Belgium from Iran, Iraq and Afghanistan via Greece. The drug ring is believed to have operated the warehouse in Koropi in order to receive and hide the shipment, label it as “rice from Pakistan” and then ship it to Belgium in trucks.
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Civil service union calls walkout at noon Wednesday
The union representing Greece's civil servants, ADEDY, has announced a nationwide walkout starting at noon on Wednesday and has called on public sector workers to gather outside the Health Ministry in central Athens before marching to the Ministry of Admi... ...
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Famous Greek Casanova known as 'Bruno' murdered on Rhodes
A 64-year-old resident of the southeastern Aegean island of Rhodes who gained some notoriety after featuring in a 2010 documentary detailing the heyday of the Greek "kamaki," Casanovas who make a business of romancing tourists vacationing in Greece, was f... ...
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Greece Seeks Azeri Gas Investment
Prime Minister Antonis Samaras and visiting Azeri President Ilham Aliyev have discussed the sale of Greece's gas network and building of a pipeline through Greece.
The post Greece Seeks Azeri Gas Investment appeared first on The National Herald.
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Greece offers assistance in search for crashed Turkish jet
Greece is to assist in the salvage operation of a Turkish fighter jet which crashed with its pilot in 1996 in the Aegean Sea, the Greek foreign ministry spokesperson Konstandinos Kutras said on Tuesday. Kutras said Turkish officials informed the Greek ...
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