The 1,500-year-old fragment of Greek papyrus refers to the biblical Last Supper and "manna from heaven," researchers say.
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How the world sees Greece
Friday, September 5, 2014
Here's What LeBron James Is Eating To Lose Weight This Summer
LeBron James is losing a bunch of weight this summer. He lost a reported 10 pounds in the first few weeks of the summer, and shocked the NBA world when he posted of photo on Instagram looking downright skinny. A key part of LeBron's weight-loss plan is cutting carbohydrates. Miami Heat teammate Ray Allen came into camp in the best shape of anyone on the team last fall, Windhorst reports, and that influenced LeBron this summer. Some are referring to it as a "paleo" diet, although it's unclear if LeBron is calling it that. Ken Berger of CBS Sports did a long article on the rising popularity of paleo diets among NBA players in December. Here's his definition of "paleo:" "The Paleolithic diet -- Paleo, for short -- involves eating like our caveman ancestors did: lean meats, wild-caught fish, vegetables, nuts and seeds, some fruit, little starch and no sugar or processed foods. Its proponents call it the 'anti-inflammatory diet' on the theory that avoiding processed carbs and sugars decreases inflammation in the body -- the kind that causes joint pain and the kind that a growing number of medical authorities believe contributes to heart disease, obesity and diabetes." So what's LeBron eating? His Instagram holds some clues. For one lunch he had "arugula salad with chicken, strawberries, mango, cashews and olive oil/lemon vinaigrette dressing" with a bowl of squash and zucchini. This meal is full of "powerhouse" foods. Arugula is the 18th most nutritious food in the world, strawberry is 30th, and winter squash is 32nd. Another particularly delicious-looking dinner was lobster salad with asparagus and mango chutney: As with any diet, the key here is sticking to it. While he was in Greece, a restaurant made LeBron a personalized cake, and he didn't eat it. "To dang on bad I can't eat it! Grrrrrrrrrr!! Smh." he said on Instagram. As you can see above, all of LeBron's meals feature lean meats and vegetables. LeBron's wife, Savannah Brinson, is also into eating healthy. She opened a shop called The Juice Spot in Miami last year that calls itself, "Miami's first Wifi bar fully equipped with organic cold pressed juices, superfood smoothies, Acai and Oatmeal bowls." Last December LeBron was eating Acai bowls and beet juice from the juice bar, so he has a history with these sorts of food: Kobe Bryant was the first NBA superstar to recognize the importance of dieting and losing weight once you enter the back half of your career. Now Carmelo Anthony, Dwyane Wade, LeBron and others are following suit. The result is a leaner, more energetic LeBron James, which is terrifying for the rest of the league. Join the conversation about this story »
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| READ THE ORIGINAL POST AT www.businessinsider.com |
Greece to meet int'l creditors for talks end of September: officials
Representatives from Greece and the “troika” of the European Central Bank, ... “There was a deep discussion” on the issue of Greece's debt, which ...
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| READ THE ORIGINAL POST AT www.chinapost.com.tw |
Benoît Cœuré: Stronger together
A recent study by the OECD estimated that removing restrictions to competition in key sectors of the Greek economy would bring a net gain of around ...
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| READ THE ORIGINAL POST AT www.bis.org |
Spyros Louis Silver Cup Travels to Olympic Museum in Lausanne
The cup was designed by Michel Bréal and was awarded to the Greek marathon winner at the inaugural Modern Olympic Games in Athens, in 1896.
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| READ THE ORIGINAL POST AT eu.greekreporter.com |
Nail, Stonyfield Want You to 'Cheat on Greek'
In the pre-roll video (featured above), entitled “Confessions,” a group of women talk about Greek yogurt, albeit in somewhat suggestive terms. It opens ...
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| READ THE ORIGINAL POST AT www.mediabistro.com |
Flashback Friday: Scott Michael Foster Remembers the Bittersweet Greek Series Finale—Plus, Where's Cappie Now?
Everyone always says that college is the best four years of your life. But there was another four-year chunk of a small group of people's lives that will forever stick out in our...
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| READ THE ORIGINAL POST AT ri.search.yahoo.com |
National Bank top brass optimistic on economy, stress tests
Top National Bank of Greece officials expressed optimism on Friday that the country will emerge from the financial crisis and certainty that Greek banks will grow stronger following the European stress tests. Addressing an NBG event in Thessaloniki, Chair... ...
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
It's all (New Testament) Greek to Divinity students
An ability to read New Testament Greek helps students as they begin to delve into the texts of the New Testament, part of the Scripture of Christianity ...
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| READ THE ORIGINAL POST AT www.cam.ac.uk |
Greece: Gay partnership delay draws protests
ATHENS, Greece (AP) — Gay rights protesters have gathered outside Greece's parliament after the government said it would delay legislation allowing civil unions for same-sex couples, despite a recent European court ruling against the country on the issue.
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| READ THE ORIGINAL POST AT news.yahoo.com |
Slight drop in exports in July, while imports soar
Preliminary estimates by the Hellenic Statistical Authority (ELSTAT) showed a small decrease in Greek exports in July, compared with the same month in 2013, amounting to 1.1 percent including fuel products. At the same time imports showed a strong increas... ...
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July figures show supermarket sector reverting to stability
Supermarket sales in Greece recorded an increase for the second month in a row in July, amounting to 3.5 percent from July 2013, after June (+3.6 percent) was the first month that the sector had posted annual growth in two years. This is seen as a sign th... ...
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US plane with unresponsive pilot crashes off Jamaican coast live
Small plane left US airspace and flew over CubaPilot had been unresponsive; hypoxia suspectedNorad launched two F-15 jets to track planeFlight N900KN took off from Rochester, New YorkFlight plan filed for Naples, FloridaPlane registered to real estate developer, local report says 2.45pm ET CNN has broadcast an audio clip in which one of the fighter jet pilots tracking the plane says the plane pilot was slumped over but his chest was visibly rising and falling. 2.43pm ET The plane has disappeared near Jamaica from the Flight Aware tracker and Flight Radar tracker:#N900KN is gone just north of Jamaica. Last signal was picked up at 25000 feet. We have to wait for more information. pic.twitter.com/sTgldt9W32 2.34pm ET The missing flight, #N900KN, has been identified by Norad as a Socata TBM-700, a small, single-propeller plane that typically seats 7. Heres a roundup of images of the craft. 2.28pm ET US state department spokeswoman Marie Harf says Washington has been in touch with the two countries the unresponsive plane flew over after leaving the US the Bahamas and Cuba.Harf said that the situation generally presents security concerns but she did not allude to any particular concerns in this specific case. 2.25pm ET A local news website in Rochester, New York, the Democrat and Chronicle, says the unresponsive plane is believed to be registered to a Rochester real estate developer:A small plane believed to be registered to Rochester developer Larry Glazer is flying over the Atlantic Ocean and is unresponsive. [...]Attempts to reach Glazer, who has development projects in Naples, on his cellphone were unsuccessful. A voicemail left on his phone was not immediately returned.Larry spends some of his spare time on the ground gardening around his house with his wife, Jane; and some in the sky flying his plane. Larry serves as President of the TBM Owners and Pilots Association. 2.20pm ET After Malaysia Airlines Flight MH370 disappeared in March, reports focused on other planes that had become ghost flights craft still airborne with no conscious pilot. A New York Magazine roundup listed these five ghost flights:Helios Airways Flight 522 (2005, Greece, 121 dead)Golfer Payne Stewarts Learjet (1999, 6 dead, crashed in 1999 in South Dakota after taking off from Florida)Human error was the root of this terrifying 2005 ghost flight that crashed outside of Athens and killed all 121 people onboard. The problem with this 737 began when ground crew set the planes pressurization system to manual to check a reported leak. The system was never switched back to auto. Investigations after the crash showed that the flight crew had several opportunities to notice and correct the setting, but they never did. Instead, pressure started dropping 13 minutes into the Cyprus-to-Prague flight. Alarms sounded onboard but the pilots, beginning to feel the effects of hypoxia, misinterpreted them. Even after oxygen masks dropped to passengers, the plane continued its climb. Unresponsive to radio communication, the jet flew into Greek airspace, where two F-16s intercepted it. The pilots saw a grim scene. The 737s pilots were slumped over their controls and passengers were wearing oxygen masks. 2.09pm ET NYC Aviation and other sites devoted to aviation report that the plane had requested to descend:BREAKING: Before becoming unresponsive aircraft was at 28k ft, requested to descend due to "indication that was not correct on aircraft."The pilot of a plane (#N900KN) is slumped over the control, unresponsive, fighter pilots say. Currently flying over Cuba. 2.03pm ET Norad suspects the pilot of the unresponsive airplane is unconscious due to hypoxia, a lack of oxygen, Norad spokeswoman Jennifer Stabnyck, a Canadian Army captain, tells Guardian US national security editor Spencer Ackerman (@attackerman). We suspect hypoxia, Stabnyck said. 1.54pm ET The Flight Aware web site charts the course of flight N900KN out of Rochester. The plane is over Cuba. 1.51pm ET Two F15 fighter jets were launched from a US base on Friday to investigate an unresponsive aircraft flying over the Atlantic Ocean.Occupants of a small, single-propeller plane, a Socata TBM-700, did not respond to attempts to communicate, according to Norad, the North American air defense authority, which directed the fighter jet response. The unresponsive plane had taken off from Rochester, New York, and filed a flight plan to Naples, Florida, Norad said. It was last tracked over Cuba. Continue reading...
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Greek police, firefighters, coast guards protest
THESSALONIKI, Greece (AP) — About 2,000 police, firefighters and coast guards have held a peaceful anti-austerity protest in the northern Greek city of Thessaloniki, on the eve of a visit by Prime Minister Antonis Samaras.
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Greece and Turkey differ on Cyprus solution
GREECE AND Turkey have “real differences” over each side's view of how the Cyprus problem could be solved, it transpired on Friday after Greek ...
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Minster resident spends summer in Greece for ROTC training, cultural immersion
Mike D'ancona, left, an ROTC member who was part of the Greece Team 3, and Austin McKenzie, of Minster, an ROTC cadet from the University of ...
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| READ THE ORIGINAL POST AT www.sidneydailynews.com |
The real reasons bailout talks took place in Paris – and what it all means for Greece
It might seem odd that the latest talks to tackle Greece's debt crisis are taking place outside of the country in question. In reality, though, it simply ...
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| READ THE ORIGINAL POST AT theconversation.com |
Business events and economic reports scheduled for the coming week
by Associated Press Business events scheduled for the coming week by The Associated Press, Associated Press - 5 September 2014 13:51-04:00 All times are Eastern MONDAY, Sept. 8 WASHINGTON — Federal Reserve releases consumer credit data for July, 3 p.m. BERLIN — Germany releases export and import data for July. TUESDAY, Sept. 9 WASHINGTON — Labor Department releases job openings and labor turnover survey for July, 10 a.m. WEDNESDAY, Sept. 10 WASHINGTON — Commerce Department releases wholesale trade inventories for July, 10 a.m. THURSDAY, Sept. 11 WASHINGTON — Labor Department releases weekly jobless claims, 8:30 a.m.; Freddie Mac, the mortgage company, releases weekly mortgage rates, 10 a.m.; Treasury releases federal budget for August, 2 p.m. FRIDAY, Sept. 12 WASHINGTON — Commerce Department releases retail sales data for August, 8:30 a.m.; Commerce Department releases business inventories for July, 10 a.m. MILAN — Finance ministers from the 18 euro countries meet to discuss their efforts to create a banking union and Greece's bailout. News Topics: Business Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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John Liu, Candidate for the NY State Senate in Sept. 9 Primary, Visits TNH
NEW YORK – To paraphrase Tolstoy, all immigrant families are alike. John Liu, the former NYC Comptroller and current candidate for New York State Senate, has been visiting and working with the Greek-American community and its leaders for a long time. The language he hears is different from what he heard in Taiwan and after […] The post John Liu, Candidate for the NY State Senate in Sept. 9 Primary, Visits TNH appeared first on The National Herald.
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Thessaloniki branch of Doctors of the World treats rising number of Greeks
Nongovernmental organization Doctors of the World (Medecins du Monde) is looking forward to reaching out to more uninsured Greeks at the Thessaloniki International Fair, which has ceded a pavilion to the healthcare activists for the third year in a row. “... ...
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Greece faces even stiffer fines over illegal dumps
Frustrated by Greece’s repeated failure to comply with European waste management regulations, the advocate general at the European Court of Justice, Juliane Kokott, has called for the imposition of stiff sanctions on the wayward nation. In a recommendatio... ...
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British businessman raises thousands of pounds to save neglected tiger from cash-strapped Greek ...
The tiger was rescued from a travelling Italian circus by the Greek authorities in 2001, and was taken to Trikala zoo, in the north-west of the country.
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| READ THE ORIGINAL POST AT www.dailymail.co.uk |
6 great things to do on Staten Island this weekend: From the 'Greek Festival' to 'PourMania'
STATEN ISLAND, N.Y. — It's the only occasion where you can actually utter the words, "It's all Greek to me," and not be labeled a culturally insensitive ...
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The Cloud of Unknowing – Birth of the Greek Gods
It was a lovely day and reminded me how exquisitely rich the Greek myths are and also that there are just so many that no matter how many times one ...
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| READ THE ORIGINAL POST AT westcorktimes.com |
Greek market ends higher
Αthens Stock Exchange ended significantly higher on Friday as market sentiment boosted by after yesterday's ECB decision to begin an ABS ...
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| READ THE ORIGINAL POST AT english.capital.gr |
UN envoy to bring new ideas on helping faltering talks aimed at reunifying divided Cyprus.
by Associated Press UN envoy in divided Cyprus to help peace talks Associated Press - 5 September 2014 13:22-04:00 NICOSIA, Cyprus (AP) — The new United Nations envoy for Cyprus says he will offer new ideas on nudging forward faltering talks aimed at reunifying the ethnically divided island. Norway's Espen Barth Eide says talks haven't gone as had been expected when the island's rival leaders agreed on a joint declaration in February that inaugurated a fresh round of negotiations. He says U.N. Secretary-General Ban Ki-moon wants to see talks make headway. Cyprus was split into an internationally recognized, Greek-speaking south and a breakaway Turkish-speaking north in 1974 when Turkey invaded in 1974 following a coup by supporters of union with Greece. Eide was speaking Friday after talks with Cyprus President Nicos Anastasiades. He says he will also meet Turkish Cypriot leader Dervis Eroglu. News Topics: General news, Peace process, Diplomacy, International relations, Government and politics People, Places and Companies: Ban Ki-Moon, Nicos Anastasiades, Dervis Eroglu, Cyprus, Turkey, Western Europe, Europe, Middle East Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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FYROM PM says Greek suggestions for name are ‘unacceptable’
Greece’s terms for a solution to an ongoing name dispute with the neighboring Former Yugoslav Republic of Macedonia (FYROM) “have been shaped in such a way to be unacceptable to us,” the Balkan country’s prime minister, Nikola Gruevski, told the Skopje-ba... ...
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Police find 87 kilos of hashish in Volos man's house
A 60-year-old man was arrested in Volos, in Thessaly, central Greece, on Friday after police officers discovered 87 kilos of hashish at his residence. The raid was conducted after officers were tipped off about the drugs, while the bust was billed as one ... ...
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Coordinator of Greek Life
Implement and advise Greek Life activities of the Center for Leadership, Activities & Career Services (CLACS) keeping in mind the career, service, and ...
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| READ THE ORIGINAL POST AT www.higheredjobs.com |
Greek Culture Minister Comments on Amphipolis
Greek Culture Minister Kostas Tasoulas recommended patience regarding the course of the excavation project in Ancient Amphipolis, answering to journalists’ questions on the sidelines of the inauguration of the “Macedonian Treasures” exhibition at ...
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Greece: 4.9 magnitude earthquake hits Limnos island
(ANSAmed) - ATHENS, SEPTEMBER 5 - A powerful 4,9 magnitude earthquake shook the Greek island of Limnos on Thursday night as GreekReporter ...
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Influx of Immigrants to Bulgaria via Greece Increases 10 Times
Traffic has been partly diverted to Greece, and the number of people who entered Bulgaria from Greece increased ten times, Gunev noted. According ...
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Monk seal makes herself at home amongst the locals in Greece
Greece's Archipelagos Institute of Marine Conservation team have attempted to deter attention and minimize human disturbance for Argiro in a bid to ...
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| READ THE ORIGINAL POST AT travel.aol.co.uk |
'Ancient Greece' comes to students
“Once Upon a Time in Ancient Greece” follows the story of Stheno, one of the three Gorgon sisters, who heads out on a quest for revenge after her ...
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| READ THE ORIGINAL POST AT missoulian.com |
Andrew brings sunny Greece to Bury gallery
Andrew said: “My work is mostly of Greek origin with bright landscapes and seascapes of Greece in pastel. “I find pastel has the ability to show water in ...
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| READ THE ORIGINAL POST AT www.buryfreepress.co.uk |
Wall Street's Beloved Stocks: National Bank of Greece (ADR) (NYSE:NBG), Achillion ...
National Bank of Greece (ADR) (NYSE:NBG) climbed higher with the European Central Bank cutting three key interest rates. Margins are improving at ...
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| READ THE ORIGINAL POST AT www.marketsemerging.com |
Property Investor Sentiment Returns to Greece
In an incredible about-face, Greece has risen from the ashesof economic destitution and is returning to growth driven by booming tourism ...
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| READ THE ORIGINAL POST AT www.propertyshowrooms.com |
Greek stocks rise for a fourth week
The momentum created at the Greek bourse on Thursday by the European Central Bank decisions to bolster growth in the eurozone continued on Friday, taking the benchmark close to 1,200 points at the end of a fourth consecutive week of gains. News of a cease... ...
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Yes, the Boris Island plan is all Greek to us too, Mr Mayor
Boris Johnson gave a lecture at St James's last night on behalf of policy advisory group the Legatum Institute, specialists in promoting economic ...
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| READ THE ORIGINAL POST AT www.standard.co.uk |
Greek President, Austrian Foreign Minister to visit Armenia
Nagorno Karabakh peace process was among the issues discussed, with Greek Foreign Minister commending mediation efforts of the OSCE Minsk ...
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| READ THE ORIGINAL POST AT www.panarmenian.net |
Greek Festival Dancers
Tsamiko is a Pan-Hellenic dance that can be traced back to the Greek War of Independence. It is thought to be originally from Epirus, which is in ...
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| READ THE ORIGINAL POST AT www.kutv.com |
Survey: High Unemployment and Rising Deficits of Social Security Funds
The General Confederation of Greek Workers (GSEE) revealed data showing a huge decline in income for most Greek wage earners during the crisis. The data shows that approximately a million jobs have already been lost, while it warns for a new rise in unemployment and sustainability of social security funds. Specifically, the survey foresees a long period of stagnation for the Greek economy, with high unemployment and deficits in the new social security plan steadily on the rise from 2016 onwards. According to estimates, Greek insurance funds will need an additional 950 million euros, as due to the crisis, more than 45 billion euros have been lost, along with one million jobs. The report makes reference to the gradual collapse of the reserves of the Social Security System (SKA), using 2016 as a base-year, and predicts that in 2044, the problem will reach its peak, based on the current trend in the proportion of births/deaths, where it is expected that the natural evolution of the Greek population will stop. The director of GSEE, Savas Robolis, stressed that if the currently implemented policy is not changed, it will remain problematic, even if pensions are totally abolished. “Even if we eliminate pensions, the system will remain in deficit, unless a series of measures, such as stopping the austerity, wage growth, boosting domestic demand and reducing the prices of products, are taken. The turn of Greek enterprises in services and foreign demand, and ultimately in improving their structural competitiveness by investing in technological and productive reconstruction is necessary.” The director added that it is important to create a new framework for financing the pension system by finding new sources outside the state budget. The SKA should, except for contributions and state funding, aim to find additional resources of 950 million by 2016, 1.4 billion by 2017 and 2.5 billion by 2018. Things “darken” further after 2023, as in the period beginning this year and ending in 2028, around 380 thousand “baby boomers” will retire, adding another 3 million to the System’s burden. He noted that if the Greek state does not take all the measures mentioned above, “the 2015-2025 period will be a period of stagnation and the upcoming years wistful.” “The question is not whether it is one or three funds, but how they are organized and what benefits they provide” said GSEE chairman Yiannis Panagopoulos, asked about the government’s intention to merge the funds into one. On his part, Robolis noted that the fund reserves are marginal, amounting to only 4.5 billion euros (amount equivalent to two months pensions). Regarding the available real household income from work (earnings for employees and self-employed), the survey data indicates that from 2010 to 2013 it will decrease by 41 billion euros and therefore driving domestic demand (which is considered a driving force for the economy and production) at the levels of 1990 (-32.4% since 2009). After 5 years of internal devaluation, GSEE finds, among other things, that the cumulative GDP (in the six years from 2008 to 2014) will be reduced by 23.2% and purchasing power (GDP per capita at constant prices) will return at the level of the year 2000. Furthermore, the available real income will be, overall, less by 43 billion euros, especially after the reductions made in wages.
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Greek Premier to Promise Tax Relief at TIF Address
Prime Minister Antonis Samaras has not yet finalized the main points that he intends to address tomorrow morning when he is going to speak at the opening ceremony of the 79th Thessaloniki International Fair (TIF), but it is certain that he will promise tax relief. Sources indicate that after the talks with the representatives of Greece’s international creditors in Paris, there is no clear indication on their stance during the next evaluation meeting in Athens at the end of September. Despite failing to secure the green light from the Troika, Samaras is said to be set on his intention to announce tax relief for Greek citizens. In his speech on Saturday, he is expected to announce a 30% reduction on heating oil consumption tax and a 50% cut in a solidarity levy on income. He is also expected to unveil changes to the new unified property tax (ENFIA) that had caused an uproar when it was first introduced, as there were many mistakes in the way property values were calculated. The new revised ENFIA, which will also include discounts for owners of vacant properties, is to be submitted in Parliament on Monday and the Prime Minister intends to make reference to this issue during his speech. In addition, Samaras is expected to announce that outstanding tax debts or debts to social security funds can be paid in up to 100 installments, instead of 24 today. Although the focus of his speech will be on tax breaks, the Premier is expected to also outline a long-term plan for boosting growth and creating jobs. Samaras aims to show that the government is sensitive to the plight of austerity-weary citizens. Moreover, the apparent surge of main left-wing opposition party SYRIZA in recent opinion polls is also a serious concern for the coalition government.
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Samaras-Erdogan Meeting In Negative Climate
The meeting between Prime Minister Antonis Samaras and Turkish President Recep Tayyip Erdogan held in Newport, Wales, on the sidelines of the NATO Summit, was completed in early afternoon on Friday after lasting 40 minutes, in a rather “negative climate,” according to reports. The Greek Prime Minister was accompanied by government Vice-President and Foreign Minister Evangelos Venizelos and government spokesperson Sophia Voultepsi. The Turks wanted to play down recent comments made by Erdogan on Cyprus that sparked a strong reaction from Greece’s Foreign Ministry, according to Friday reports. During a visit to the Turkish-occupied part of Nicosia earlier this week, Erdogan called for a two-state solution for the divided island while claiming that Greece was not “doing its duty” as a guarantor power to break the ongoing deadlock. The newly-elected President also said Ankara would allow the reopening of a former Greek Orthodox seminary near Istanbul if Greece permitted the construction of traditional mosques with minarets in Athens and allowed Muslim communities in Thrace, northern Greece, to directly appoint muftis. Greek Foreign Ministry spokesman Konstantinos Koutras responded by slamming Ankara’s “aggressive policy” on Cyprus and accused Erdogan of trying to “equate certain of Greece’s international obligations with Turkey’s heavy burden of responsibility regarding the Cyprus problem.” In a statement, Turkey’s Foreign Ministry has reportedly expressed its “astonishment” over Koutras’ remarks, attributing them to domestic policy considerations. The Ministry reportedly added that the interpretation of Erdogan’s statements by officials in Athens does not reflect the spirit of cooperation that has recently been established between the two sides and which Turkey wishes to maintain. “Turkey will always continue to be one step ahead in this process, in cooperation with the United Nations primarily, the other guarantors and interested countries,” the Ministry said, according to reports.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
IMF Calls for New Meeting-Troika Talks Concluded With No Agreement
A meeting on the settlement of the Greek debt will take place in Washington on November 14 and 15, according to government sources. Troika representatives, the Greek side and possibly other interested parties will participate in the meeting, which is initiated by the International Monetary Fund (IMF). According to Greek TV station “MEGA” and its correspondent in Washington, Michalis Ignatiou, there is going to be a special meeting between Greece and the Troika during the fall regarding the Greek debt and as the reporter said, “it will be of great importance for the future of the Greek debt.” The level of Greece’s participation in the meeting has not been decided yet. However, there will be a preliminary meeting on the Greek debt at the IMF-World Bank Summit on October 10. The Greek government talks with the Troika ended on Thursday, with the head of the European Commission delegation Declan Costello calling them “constructive” and “useful.” Costello said the three days of negotiations with the Greek delegation, led by Finance Minister Gikas Hardouvelis, had been useful as both sides now have a better understanding of the issues discussed and those that would come up during the Troika’s review in Athens later in September. The Greek side also considered the Paris meeting “useful” and an opportunity to discover what each side wants, as well as to address the questions raised by each side in detail, a Finance Ministry source said. The same source added that the Greek delegation had examined “absolutely all the issues, some of which were easier and clearer and others less so,” while the Troika representatives had raised issues of their own. Among the issues discussed were tax exemptions and tax relief, labor issues, foreclosure auctions, non-performing loans, the newly introduced unified property tax (ENFIA) and the country’s debt. Reliable sources said that the labor issues were considered the most “sensitive,” with the Troika having some reservations on the proposals presented by the Labor Minister until they see current reports. Non-performing loans was another topic that dominated the talks. Resolution of the problem will be of great importance for the Greek economy as it will allow for greater business liquidity. There was extensive discussion on what actions state agencies will have to take. The Greek side clearly demonstrated the desire for a quick resolution and no further delays. On the ENFIA property tax, Troika officials agreed that the target of raising 3.2 billion euros in revenues is feasible and that any changes made must be in accordance to this target. Conversely, according to the same sources, there was no discussion on foreclosure auctions, nor an extensive discussion on the Greek debt, since the talks focused mainly on issues that must be resolved within September. Members of the Greek delegation said that they could not give answers on the positions of the Troika since the Paris talks were preparatory, but conveyed their impression that the Troika officials have recognised the efforts made by the Greek side. The Troika has so far signed off on about 50% of Greece’s commitments out of a total of 542 actions. It has not yet taken into account the work done by the Greek government over the summer, with which it greatly surpassed the 50% mark, and will be examined later in September. Therefore, the Greek side expects that the Troika will then be able to pass on the message to the Euro Working Group that Greece is meeting its obligations.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Cœuré: we clearly cannot yet claim that we are done regarding Greece
by KG/EUROPA Benoît Cœuré, Member of the Executive Board of the ECB, gave an interview at the Greek newspaper "TA NEA" saying that ECB hasn't finished its work regarding Greece. ECB Member stressed that investment remains weak, unemployment is unacceptably high and too many Greeks are at risk of poverty. Mr. Cœuré said on 30 August: "The strength of our European polis has been deeply challenged by the crisis. Fragilities resulting from many years of unsustainable national policies and an incomplete governance structure have become evident, fuelling uncertainty, sometimes financial panic, and ultimately high adjustment burden and social hardship. The euro has delivered huge economic benefits since its introduction, but there has been a false sense that it could come as a free lunch for participating countries, creating rights but no obligations. We have seen how excessive imbalances and inefficient structures in individual countries can destabilise the whole monetary union as a result of the close interdependence of our economies. The key challenge in recent years has been to address these fragilities and contagion effects both at the national and European levels. A lot has been achieved since mid-2010, particularly in programme countries where painstaking efforts are now being rewarded and economies are gradually recovering. Let me mention a few telling figures. In Greece the current account balance improved from -14.9% of GDP in 2008 to +0.7% in 2013; the primary public balance (that is the public balance excluding interest) is expected to move from a deficit of 10.5% of GDP in 2009 to a primary surplus in 2014. On the ease of starting a business, recent reforms helped Greece jump from 147th place in the 2013 edition of the World Bank’s Doing Business ranking to 36th in 2014, i.e. 6th among EU countries and well ahead of Finland, Germany and Austria. Greece stands as an example that there is no fatality, that past economic policy mistakes can be repaired and that national reforms combined with European solidarity are able to turn the economy around. However, we clearly cannot yet claim that we are done: investment remains weak, unemployment is unacceptably high and too many Greeks are at risk of poverty. While the financial crisis is behind us, the euro area still faces a major shortfall in both growth and employment. Europeans have a shared responsibility in responding to these challenges. By combining national and European efforts, Greece and other programme countries are being brought back on a path of sustainable and shared prosperity. At national level, we still need substantial reforms of our economic and financial structures in most euro area countries, including Greece, to close the gap to best practices. This is not to please Brussels, Frankfurt or Washington; this is in the very interest of consumers, workers, businesses and social fairness. And it is also true for the large euro area economies. A recent study by the OECD estimated that removing restrictions to competition in key sectors of the Greek economy would bring a net gain of around EUR 5 billion. Structural and governance reforms can also contribute to a fairer society – for instance by fighting tax evasion, rent-seeking, unfair privileges and corruption – and increase the transparency and accountability of policy-making. Moreover, the continuation of the current, very favourable financial environment is predicated on the expectation that these reforms will be taken forward. In Greece, as in other euro area countries, such reforms are in the interests of the people and they are in the hands of the government and the parliament. At the same time, national efforts are being supported by initiatives at the European level. In recent years, Europe has shown substantial solidarity with Greece and other programme countries, providing the necessary time for rebalancing measures and structural reforms to be discussed and implemented. European policies, including the measures taken by the ECB within its price stability mandate, have provided a stabilising anchor by guaranteeing the integrity of the euro area and by contributing to macroeconomic stability. The recent monetary policy decisions of the ECB have been successful in ensuring a very accommodative monetary stance in the euro area and in decoupling it from the other main economic areas. We will provide additional liquidity to banks on the condition that they increase credit to the real economy, and we stand ready to adjust our policy stance further as needed. EU cohesion policy and the European Investment Bank also support the economic recovery, provided that administrative efficiency at the national level is strong enough to allow for the absorption of available funds for the most productive uses. The key challenge in the years to come will be to avoid fragility from building up again in the euro area, based on the lessons learnt in Greece and other euro area countries. By investing in Europe, we will empower ourselves and give the best chances to European workers and companies in the global competition; by enhancing local performance, we will strengthen the European value chain and Europe’s cohesion. These are two sides of the same coin. Let us think of further instruments to reap the most synergies between national and European efforts. Ensuring that individual Member States are converging towards best practices is of common concern. A new convergence process would allow more European citizens to benefit from highly efficient economies and could provide the basis for a sustainable catching-up of both employment levels and, over the medium term, income levels in countries which are currently lagging behind. Once sufficient convergence has been achieved, the conditions would be met for further risk-sharing at the euro area level, for instance by building a common fiscal capacity with appropriate democratic accountability. As we pursue the objective of stronger economies in a stronger union, there is no such thing as a steady state, but a need for continuous improvement towards our common goal: the stability and cohesion of our continent. To this end, the rights and obligations among the Member States which share a single currency have to progress to reflect our increased interdependence, face new challenges and conquer new frontiers. In the words of Heraclitus, “change is the only constant”
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US unemployment rate falls to 6.1%, but job creation hits eight-month low
Rolling business and financial news, as the US Non-Farm Payroll grows by less than expected in AugustLatest: just 142,000 new jobs created last monthWage growth disappointsParticipation rate down tooDollar fallsEarlier:Eurozone failed to grow last quarterEurozone bond yields hit new lowsIs the ECB really doing QE now? (yes, to a point....) 3.31pm BST Back to the US jobs data. Economics blogger James Pethokoukis says todays Non-Farm Payroll is not encouraging.Certainly [it is] not one that suggests a shift into a higher growth gear. The Two Percent-ish economy crawls on.The anemic economy is generating jobs at the top and bottom, not so much in the middle. Average is over as economist Tyler Cowen has put it And data yesterday from the Federal Reserve show that while income rose by 10% for the most affluent 10% of American families in 2010 through 2013, incomes were flat or falling for everybody else. 3.23pm BST Over in Greece, reports have begun to emerge that the International Monetary Fund will soon hold an emergency conference in Washington to deal exclusively with the countrys debt problem. We havent, yet, been able to get a response from the IMF. According to the source, the conference is being described as extremely important. At the high-level November meeting all the issues that concern Greece will be discussed but it is expected that lenders will focus on the debt issue, which as all know is not sustainable. 2.55pm BST 2.51pm BST The US non-farm payroll report is notoriously volatile - indeed, its reckoned to be accurate to only +/- 100,000 people.Chris Williamson of data firm Markit reckons we should focus more on the reasonably robust underlying hiring trend. But theres no escaping the lack of strong wage growth:Most importantly, however, the missing element of the recovery remains wages growth, the absence of which means policy makers will be in no hurry to cool the pace of economic growth via higher interest rates. Average employee earnings rose just 2.1% on a year ago, a rate that has held fairly steady in recent years despite the economic recovery. 2.44pm BST The breakdown of the jobs report shows that manufacturers didnt hire any extra workers, construction hiring rose by 20,000, while the sector service took on 122,000 additional staff. 2.21pm BST The top line in todays jobs report are that fewer Americans found work last month, more simply dropped out of the labour market altogether, and wages barely managed to match inflation.Reuters sums its up: "Job growth slowed down sharply in August and more Americans gave up the hunt for work." 2.15pm BST Some economists seem to be prepared to chuck this months disappointing jobs report in the trash.Rob Carnell of ING says the headline jobs number simply doesnt square with other surveys:Non-farm payrolls has disappointed badly, with a rise of only 142K, no rise in employment in the manufacturing sector, and a fall in retail employment. The headline figure is weak compared to the ADP survey, and both of the ISM surveys, and also many of the regional surveys. As such, we are hard pressed to give it much credence. More believably, the unemployment rate did fall by 0.1pp to 6.1% and hourly wages, which were revised upwards, rose 0.2%mom to stand at 2.1%YoY. Not helping matters, the household survey showed a rise in employment in August of only 16K.Such weakness plays into the hands of the Fed doves, of whom, Chair Janet Yellen is the most important, and gives her more leeway to stand firm against the hawks, many of whom are calling for a change in the Feds language on the likely timing and scale of policy normalisation.If this is the start of a sustained slowdown in payroll growth, I'm a fish."This is impossible to square with all the leading payroll indicators" -- Ian ShepherdsonSince average hourly earnings continued to rise, the report overcomes the notion of weak wage growth and maintains the Federal Reserve on course to taper its asset purchases at this months FOMC meeting, with the plan to end QE3 next month. 2.08pm BST US has created 4mln jobs since the start of 2013. Here's the sector breakdown. Prof.& http://t.co/vEe3C6yPDg leads pic.twitter.com/LivNo4hvC5 2.07pm BST #sarcasmOver the year, average wages have gone up by 2.1%. INFLATION! RED ALERT! 2.04pm BST The drop in Augusts non-farm payroll may just be a one-off event, reckons Capital Economics.Their chief US economist, Paul Ashworth, also suggests that wages arent rising fast enough to spook the Fed:The modest 142,000 increase in non-farm payrolls in August, which was well below the consensus forecast at 230,000 and the smallest gain this year, will inevitably spark speculation that the US recovery is somehow coming off the rails again. However, were not too concerned by what is probably just an isolated blip.Other indicators suggest that labour market conditions are still strengthening and the latest round of survey evidence indicates that economic activity is soaring. Accordingly, this doesnt change our view that the Fed will begin to raise rates in March next year, a little earlier than many others expect, particularly not when the unemployment rate edged down to 6.1% last month, from 6.2%. 1.56pm BST US employment growth slowed from 1.86% y/y to 1.82%. If productivity growth were less feeble, that would be fine. As it is, Meh! Tea time.. 1.54pm BST The US dollar has fallen against major currencies.That suggests analysts are concluding that todays disappointing Non-Farm Payroll makes it less likely that the Federal Reserve will raise interest rates soon. 1.48pm BST Hat-tip to Marketwatch for this graph showing how job creation slowed last month:The US added 142,000 jobs in August. The US gained 215,000 jobs/month on avg. so far in 2014. http://t.co/RizFu7Tan5 pic.twitter.com/7QzpTzQX9P 1.46pm BST Another downbeat stat in the US jobs report - the labor force participation rate fell last month, to 62.8%, from 62.9% in July.That means that more people dropped out of the workforce last month, and explains why the unemployment rate fell to 6.1%. 1.44pm BST Seth Harris, a former deputy US labor Secretary, is disappointed that wages didnt rise more last month.He tweets that wages are rising too slowly, and not beating inflation:Avg hourly #earnings rose 6 cents in August to $24.53. Despite #jobs growth, flat #wages indicate way too many workers for too few jobs.The growth in average hourly #earnings over the year is only 2.1%, about the same as #inflation rate. So, workers' #wages remains stagnant.With revisions to prior months' #jobs reports, the economy added only 113K jobs. That's surprisingly tepid for projected 3+% #GDP growth. 1.41pm BST The non-farm payroll report shows that average earnings rose by 0.2% in August, up from 0.1% in July. On an annual basis, pay packets were 2.1% larger than in August 2013. 1.39pm BST The instant reaction is that its a somewhat disappointing jobs report:Payrolls up a somewhat disappointing +142k. Unemployment dips a tad to 6.1%. June revised down -31k July revised up +3k. 1.37pm BST Previous US jobs reports have also been revised.Julys non-farm payroll has been revised up by 3,000, to 212k. But Junes figure has been cut by 31,000, from 298,000 to 267,000. 1.32pm BST Breaking: The non-farm payroll has been released, and the headline news is that much fewer jobs were created last month than expected.The non-farm payroll expanded by just 142,000 last month, compared to expectations of around 230,000. Thats the lowest number of new jobs created in eight months. 1.22pm BST Reuters survey of economists also found they expect around 225,000 new jobs were created in the US in August: Economists predict nonfarm payrolls increased 225,000 last month, according to Reuters survey. 1.16pm BST Wages, workforce participation rate, part timers and more to watch in the U.S. jobs report http://t.co/t2IQ3eN6jR pic.twitter.com/zXXfcc3pu6 1.05pm BST The Non-Farm Payroll always generates lots of forecasts on social media, with people trying to predict how many new jobs were created last month (excluding the volatile agricultural sector).Bloomberg has been tracking the various guesses informed suggestions, and reports that the consensus is just over 229,000.Social Media #NFP Consensus has been relatively steady this AM: { BTWTNF Index GIP} pic.twitter.com/mAC2Ai6v0f 12.58pm BST Ilya Spivak, currency strategist at DailyFX, reckons todays non-farm payroll could show the US labour market is stronger than economists realise:US economic news-flow has dramatically outperformed relative to consensus forecasts over recent weeks, suggesting analysts are underestimating the vigor of the worlds largest economy and opening the door for an upside surprise. 12.52pm BST OK, just over 35 minutes until the US jobs data for August hits the wires. Its guaranteed to trigger at least a brief period of excitement in the financial markets, but more importantly it should give clues as to whether the American labour market improving... 12.40pm BST The dash into eurozone government bonds just drove the yield on 10-year Irish and Italian debt down to record lows, according to Tradeweb data: 12.32pm BST Economist Shaun Richards has also blogged on the quantitative-easing aspects of the ECBs plan to buy asset-backed securities and covered bonds (which have a revenue flow from underlying assets such as mortgages):Yes these two operations will be a type of QE in the way that purchases of Mortgage Backed Securities (MBS) by the US Federal Reserve have been. Along the way there was a hint from Mario Draghi that the ECB would take its balance sheet back to its peak size. As this would involve around a trillion Euros of expansion he may have to introduce other measures too.Let me remind you of a phrase the Bank of England invented when it was involved in such a policy, phantom securities, where it did not get what it thought it was getting in a repetition of the AAA-rated scandal which got us into this mess. A version of that will replace the clear and transparent rhetoric we are currently seeing, but no-one seems much bothered by that. Indeed ECB policy seems to be exactly the reverse as it asks for a market to be created. Further down the line Euro area taxpayers have legitimate concerns that surprise losses may mount as AAA turns one more time to actually be ZZZ.Negative interest-rates present a trap for the Euro area and the ECB http://t.co/BXimHcNJ2H via @mmlatest #Draghi 12.01pm BST My colleague Katie Allen has been pondering the question of whether the European Central Banks ABS scheme is simply quantitative easing by any other name.She says:When Draghi was asked the question at the press conference yesterday he appeared to dodge it (see quote at 9.59am), leaving economists in the market to try and figure it out for themselves.Its worth bearing in mind a few things here.If it walks like QE, and quacks like QE, then it is a duck. 11.14am BST The pound is heading for its worst week in a year, as Scottish independence jitters hit sterling.Its down again today, dropping 0.2 of a cent to $1.6313. That means its shed 1.7% this week, a big shift in FX terms.#scotcheggsit RT @moved_average: #UK | #GBPUSD 1M implied vol...up quite a wee bit more today... #Indyref pic.twitter.com/2GdFe6e2g7 10.55am BST The eurozones failure to grow between April and June is disappointing and worrying, says Howard Archer of IHS Global Insight:Already lacklustre Eurozone economic activity seemingly suffered in the second quarter as heightened global geopolitical tensions (particularly the Ukraine/Russia crisis) weighed down on investment. 10.30am BST We have confirmation that the eurozone failed to grow last quarter, and companies failure to invest was a key factor. Eurostat has reported that GDP was flat at 0.0% in April-June, in line with the initial estimate. Malta (+1.3%), Latvia (+1.0%), Lithuania, Hungary and the United Kingdom (all +0.8%) recorded the highest growth compared with the previous quarter. Romania (-1.0%), Denmark and Cyprus (both -0.3%), Germany and Italy (both -0.2%). Euro area GDP stable in Q2 2014, +0.7% compared with Q2 2013 #Eurostat http://t.co/6lQXim27rI pic.twitter.com/TmzzF94wAJ 10.05am BST Bad news for the Bank of England as its inflation survey shows that people think it is rising not falling. Oops! http://t.co/35SWUFq942 #BoE 10.04am BST Back in the UK, nearly half the population expect the Bank of England to raise interest rates within the next year.The latest survey of inflation expectations show the 49% of the public see a rate rise in the next 12 months, up from 42% in May. Thats a three year high. 9.59am BST Theres a lot of debate this morning as to whether the ECBs asset-backed securities programme should really be classed as a form of quantitative easing. Arguably it should.The initial reaction in many quarters was that its not QE; as the ECB is buying securities based on private loans, not sovereign debt issued by governments.On the first thing, the definition of QE is not really related to its size, but rather to its modalities. So QE is an outright purchase of assets. To give an example: rather than accepting these assets as collateral for lending, the ECB would outright purchase these assets. Thats QE. It would inject money into the system. Now, QE can be private sector asset-based, or also sovereign-sector, public sector asset-based, or both. The components of todays measures are predominantly oriented to credit easing. However, its quite clear that we would buy outright ABS, the senior tranches, and the mezzanine tranches only if there is a guarantee. In other words, very much like what the Fed did a few years ago. So there is also this component.Befuddling this morning: all the notes saying Draghi didn't do QE. (He did) (QE also included MBS in the US) Also, not like they were ever gonna do govt bond purchases due to a) micro yields and b) politics!! "The ECB would outright purchase these assets. Thats QE" (Still not sure why this isn't getting through.) http://t.co/JQ9w7oyOlWFull QE at #ECB seen at just a 30% probability by yr-end increasing to 45% in 2015 according to Nomura who correctly guessed yest. rate cuts 9.05am BST Investors are piling into eurozone government bonds this morning.The rally has driven the yield, or interest rates, on Irish two-year bonds was into negative territory, according to Bloomberg data. That means investors effectively paying a small premium to hold short-term Irish debt.*IRELAND'S TWO-YEAR NOTE YIELD DROPS BELOW ZERO FOR FIRST TIMEThe new normal: 2yr govt bond yields in the #äEurozone turned negative after #ECB move. pic.twitter.com/0QzeaweQl2 8.53am BST The Euro is holding at the new lower level after yesterday's drop and is now at 1.293 versus the US Dollar #currencywars 8.43am BST The asset-backed security programme announced by the ECB yesterday could be the prelude to a large-scale purchase of government bonds, suspects Jeremy Cook of World First.He explains:From the October meeting, the European Central Bank will begin purchasing assets from the private sector in a bid to loosen credit markets within the Eurozone.This additional measure is the beginning step to a larger plan for the full-scale purchase of European government debt, we believe. There are significant challenges to getting to this destination of course; drastic legal changes are required and we know that the German Central Bank was unhappy with the vote on ABS. There is little chance of getting the Germans onside for full-scale quantitative easing without a significant deterioration in the continents economic outlook.World First Morning Update September 5th - Euro falls hard as Draghi brings in ABS purchases and rate cuts - http://t.co/MxoVAPWweK 8.32am BST A quiet start in the financial markets, with the German DAX and UK FTSE 100 both down around 0.15% in early trading, and the French CAC flat.BP shares are under pressure in London, down another 0.5%. Yesterday they tumbled almost 6%, after a US court ruled the firm was reckless and negligent over Deepwater Horizon disaster. 8.22am BST Another sign that Germanys economy may be recovering after suffering a contraction in the second quarter of this year.Industrial production in the eurozones traditional powerhouse surged by 1.9% month-on-month in July, smashing forecasts for a 0.3% rise. #Germany | JULY INDUSTRIAL PRODUCTION M/M: 1.9% V 0.4%E; Y/Y: 2.5% V 0.6%E pic.twitter.com/2SC2eWe3a1Nice rebound in July for #German industry. But summer holiday this year was late, so risk of setback in August pic.twitter.com/PG6Dp2YqWc 8.11am BST The ECBs stimulus measures are likely to weaken the euro further, reckons Kit Juckes of Société Générale.He predicts: If the US recovery continues enough to allow the Fed to hike rates in line with its famous dots, we will see Eur/USD well below 1.20 in a couple of years.I am watching wages to see if in a world where the annual pay increase is dead, pay growth is driven by whether we pay more for new entrants. This years crop of American graduate trainees and new teachers - Im looking at you. 8.04am BST Something else to watch out for today; Moodys will be releasing a new report on Portugals credit rating:Moody's due to update #Portugal sovereign rating, currently rated "Ba1";outlook stable....#RatingAgencyFriday 8.00am BST Economist Nouriel Roubini reckons that the ECBs asset-backed securities programme (acquiring pools of loans from the banks) is effectively quantitative easing.@Nouriel tells @BloombergTV that "effectively QE has already started" in Europe via ECB asset-backed security purchases 7.48am BST Good morning, and welcome to our rolling coverage of the financial market, the world economy, the eurozone and business.reinforce the narrative of an improving US economy, and bring forward the prospect of a Fed rate hike in 2015.A number higher than 2% could well prompt additional speculation about an earlier rise in rates. Continue reading...
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Paul Rolly: A big fat Greek Festival shopping list
If you think your grocery list is extensive, consider the one compiled by Yannis Armaou. He is in charge of food purchasing for the 39th annual Greek ...
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Greek PM to announce tax relief measures
With several issues remaining open (labor market and pension reforms) but with the troika leaving room for concessions related to the Greek govt's tax ...
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