Eurostat: -1.2% Inflation Rate in Greece

Deflation slowed down in Greece last month according to annual Eurozone inflation rate figures released by Eurostat on Wednesday, which gave an annual rate of -1.2% for Greece in November 2014, from -1.8% in October. Annual inflation throughout the Eurozone slowed to 0.3% in November, down from 0.4% in October, and annual inflation in the EU28 stood at 0.4% in November, down from 0.5% in October. Countries experiencing deflation on an annual basis include Bulgaria (-1.9%), Greece (-1.2%), Spain (-0.5%) and Poland (-0.3%). The highest rates of annual inflation were in Romania and Austria (1.5%), followed by Finland (1.1%). The rate of annual deflation has slowed down significantly in Greece compared to November 2013, when it stood at -2.9% against an EU average inflation of 1%. (source: ana-mpa)

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Greek Court Disapproves 7 Mil Budget for the Reconstruction of Panathinaikos Stadium

The sixth section of the Court of Audit ruled as unlawful the 7 million euro budget approved by the Attica region authority, under former Governor Giannis Sgouros, for the regeneration of Panathinaikos’ FC home ground “Apostolos Nikolaidis” on Alexandras Avenue, downtown Athens. The decision comes in accordance with the position of the Supreme Court’s financial section, which on last September ruled illegal the contract signed for the stadium’s renovation. The renovation of Panathinaikos’ stadium Among others, the framework for the reconstruction of Panathinaikos’ stadium on Alexandras Avenue includes: Increase of the stadium’s capacity to 20,000 seats (additional platforms would be placed over the existing ones). Replacement of all seats with new ones. Modernization of the existing changing rooms and other areas of the pitch. Installation of a modern lighting grid on the stadium’s exterior walls, towards Alexandras Avenue, that would change colors and markings. Parking space. New pedestrian bridge over Alexandras Avenue. Improvement of the green areas surrounding the stadium. Panathinaikos claims ownership of the stadium and accuses the city and Athens Mayor Giorgos Kaminis of applying pressure to the club to let go of the stadium for a new one, in an area several kilometers away, which the club is in no position to finance. Newly elected Governor Rena Dourou has expressed some vague concerns about the plan, but now, after the court decision, will be called to offer a definitive solution to an issue concerning millions of Athenian fans.

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Greece May Fall Into “Chaos” As Elections Leave Uncertainty

Democracy might actually break out in Greece — and as a result bond investors may share in the pain with austerity stricken Greek residents.

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More Britons and Americans eyeing Greece for vacations

Greece enjoyed the fifth-biggest increase in Google searches from the UK market this year in the category of emerging holiday destinations, according ...

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Voices: The positive, underreported aspects of Greek life

It’s not too often that I take responses like this personally, yet this question truly resonated with me. I have been working as an intern at USA TODAY College for a full year and — although I could list dozens of stories that we’ve published in ...

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Greek government in peril as parliament fails to elect new president

Greece’s embattled government failed Wednesday in its first of three attempts to elect a new president, raising the specter of snap elections and the rise of Europe’s first anti-austerity party.

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Greek election uncertainty fuels concerns over eurozone stability

Lawmakers with the opposition Independent Greeks and Democratic Left parties have said they will oppose Dimas - raising the spectre that, ultimately, ...

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Greek parliament tries to avert disaster in second-round presidential ballot

Greek lawmakers enter a second round of voting after Stavros Dimas lost the first round of a critical presidential ballot. Should he fail to gain enough votes, it could mean ruin for the nation's economic recovery.

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ISIL Foreign Jihadist Recruitments' Impacts on Mare Nostrum

Even though the unity and political existence of the Mediterranean (Mare Nostrum) are still questionable, the Mediterranean region is nonetheless a historical, cultural, social and environmental reality. Since 2010, citizens of both shores of the Mediterranean have actively participated anti-governmental protests. Citizens of Northern Mediterranean countries demonstrated against their governments in the Spanish Indignados camp movement (May 2011), the Portuguese "Geraçao a Rasca" protests (March 2011), Italians with the Rome demonstrations (October 2011), and Greek rallies to protest austerity measures. The Arab Spring, ignited when Bouazizi set himself on fire to protest local authorities in Tunisia in December 2010, lit the fire of revolutions among the people of the Southern and Eastern Mediterranean countries (SEMCs) who shared a similar sense of frustration and powerlessness along with their demand for jobs, fundamental freedoms and democracy. Citizens have become increasingly vital players in the Mediterranean. The Mediterranean Citizens Assembly (MCA) was founded before the Arab Spring in 2008 with the aim of construction of a Mediterranean community of peoples on the democratic values of freedom, peace, respect for cultural diversity and environmental responsibility through citizens' dialogue. It organized its Fifth Assembly 13-16 November 2014 in Marseille, France with the participation of over 120 peoples including representatives of various institutions present in the region, such as the Arab League, the Union for the Mediterranean, the Parliamentary Assembly of the Mediterranean, amongst others from 20 Mediterranean countries. What was the difference between this fifth meeting and the other four assemblies of the MCA, which took place in Valencia (2010), Tunis (2011), Volos (2012) and Istanbul (2013)? The theme of each meeting reflected the changes occurring in the Mediterranean Basin since the first meeting coincided with these turbulent days. After the debates of the fifth meeting, which focused on the theme "Citizenship and Construction of a Mediterranean Community of Peoples," the citizens concluded that public institutions have not advanced in the construction of a Mediterranean community of peoples. Instead, the policies implemented in recent years have perpetuated inequality throughout the region and conflicts between countries and peoples. Economic and social crisis affect the majority of people in Mediterranean countries, especially the underprivileged, young people and women. Wars and violence continue in the Mediterranean. The necessity of the peace, which is first and foremost important to create a community of peoples of the Mediterranean, re-emphasized strongly. In this context, the circles' supports to the efforts to resolve the conflict between Mediterranean countries and to end the violence that destroyed the peoples of the Eastern and Southern Mediterranean were reiterated. Increase in terrorism, immigration, xenophobia and their possible effects on the establishment of Mediterranean people of community were among the topics discussed. ISIL, Migration and Mediterranean People of Communities Islamic State (ISIL) - a militant group active in Iraq and Syria- has attracted significant numbers of jihadists from all around the world, including from Northern and Southern Mediterranean countries. ISIL became one of the major problems of this region due to the ISIL threat, along with recruitment of ISIL jihadists from Mediterranean countries and its possible repercussions on the Northern Mediterranean countries and their migration policies. Developments in the SEMCs in the post-Arab Spring era and the geographical proximity of these countries to the Northern Mediterranean countries has already made Northern Mediterranean countries more vulnerable to a new mass immigration flow from the South. The increase in instability, violence and radicalization in the SEMCs, which led to mass immigration flow from South to North, has enforced the EU to take further steps with regards to the EU's external border protection such as FRONTEX Plus. Besides this, the recruitment of ISIL jihadists from various EU member states and fear of possible terror attacks of these jihadists when they come back to Europe also led some EU member states to take extraordinary measures. Briefly, immigration is linked to terrorism and security threats. The EU's security-driven migration policy, which is a costly policy, not only has repercussions on their budgets but also has the potential to influence the EU's foreign policy, which is based on strengthening cooperation and partnership with its SEMCs. Security concerns led to the EU to take extraordinary measures to contain migration. Their contribution to the EU's security is questionable as much as its contribution to facilitate the socio-economic integration of the Muslim population of Europe. The ISIL threat and its foreign jihadists recruitments' impact on the perceived image of Muslim immigrants not only have the potential to heighten suspicion about Muslim immigrants of Europe, but also to lead to increased power and attraction of ultra-nationalist parties that already have Islamophobic agendas. In conclusion, the negative impacts of the ISIL on the construction of a Mediterranean community of peoples can be explained with the following vicious cycle: Religious radicalism in the SEMCs and their repercussions on young European Muslims feeds the European ultra-nationalists with anti-immigration and anti-Muslim agendas. The perceived negative image of Muslims as a threat to the society leads to an increase in Islamophobia, which leads to alienation/exclusion of Muslims in European societies... Finally, it causes the major challenge on the path to "free movement of people" in the Mediterranean, which should be the one of the major steps towards construction of a Mediterranean community of peoples. More importantly, it is a challenge to the future unity and political existence (and peaceful coexistence) of Mare Nostrum.

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Greek MPs fail to elect president in first round of voting, risking fears of early elections

Ballot of 300 MPs fails to yield clear result, with two rounds left to choose a winner and avoid eurozone instabilityEarly elections that could potentially destabilise the eurozone could be called in Greece next year, after the country’s 300 MPs failed to elected a new president in their first round of voting.In a ballot of MPs that disappointed government officials, 160 lawmakers backed the conservative-led coalition’s candidate, former European commissioner Stavros Dimas. Continue reading...

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A Greek olive branch for Steve Keen

In short, where I argued that the election of an anti-austerity government opens up the risk of a new Greek crisis, Steve writes that austerity is the real ...

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Insight

ATHENS (Reuters) - Prime Minister Antonis Samaras has bet on Greece's future with an early vote for the presidency. But in contrast to a recent predecessor, he made sure before dropping the bombshell that Berlin and Brussels wouldn't stand in the way.

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Greek premier prepared European ground before vote gamble

ATHENS, Dec 17 (Reuters) - Prime Minister Antonis Samaras has bet on Greece's future with an early vote for the presidency. But in contrast to a recent predecessor, he made sure before dropping the bombshell that Berlin and Brussels wouldn't stand in the way.

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Greece: could election of far left herald wider change in Europe?

But Greece – and the rest of Europe – may have to get used to a government in which the far left party holds key positions. It is currently polling 24 per ...

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Greek's EMU Future Hazy After Presidential Poll

The government's candidate loses the first round of the presidential ballot, creating a path to power for Greece's euro-skeptic party.

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Behind the Scenes of the Greek Presidential Election

A total of 160 positive and 135 negative votes managed to attract the nomination of Stavros Dimas in the first open vote for the Presidency of the Hellenic Republic held at 7:30 pm in the Greek Parliament. According to article 32 of the Greek Constitution, during the first and second ballots of the Presidential Election, a total of 200 votes are needed in order to successfully elect a new President. Apart from the parliamentary groups of coalition government partners New Democracy and PASOK that count 155 MPs, five more MPs voted in favor of Prime Minister Antonis Samaras’ nominee, Dimas. The five are Spyros Lykoudis, Grigoris Psarianos, Giorgos Ntavris, Christos Aidonis and Katerina Markou. Amongst those who voted negative, apart from the opposition parties’ parliamentary groups (SYRIZA, ANEL, KKE, DIMAR and Golden Dawn) were independent MPs Byron Polidoras, Vassilis Kapernaros, Petros Tatsopoulos, Mimis Androulakis, Niki Founta, Vassilis Oikonomou, Chrysoula Giatagana, Panagiotis Melas, Rachel Makri, Theodoros Parastratidis, Markos Bolaris, Theodora Tzakri and Giannis Kourakos, some of whom were expected to vote in favor of Dimas. Emerging from the Parliament after the procedure’s completion, Melas underlined that on the remaining two ballots, he might change his vote and vote “Yes.” Absent on the first ballot was ANEL’s Kostas Giovanopoulos, whose absence is considered meaningful, as it might leave the possibility open to vote in favor of Dimas in the following ballots. Also absent were the two former Golden Dawn MPs, Stathis Boukouras and Chrysovalantis Alexopoulos, who were expected to vote “Yes,” independent MP Giorgos Kasapidis, who earlier today lost his father and was also expected to vote in favor of the new President, and SYRIZA MP Anna Chatzisofia. Greek Parliament President Evangelos Meimarakis has announced that the second round of voting will be held next Tuesday, December 23, requiring again a two-thirds majority or 200 votes. If this is not reached, a third round on December 29 will require 180 votes. According to the Greek Constitution, following a possible failure to elect a new President in the third round, the country goes to general elections. “Tonight was the first of three ballots. Two more ballots are ahead of us and I hope that the President will be elected. I want to congratulate the independent MPs who voted in favor of Stavros Dimas,” Prime Minister Samaras stated while emerging from the Parliament, without answering further reporters’ questions. On his behalf, main opposition SYRIZA leader Alexis Tsipras underlined that “the scaremongering of the recent days fell into the gap, the strategy of fear collapsed, tomorrow will be a new day.” Referring to the possibility of snap elections, Tsipras added that “the answer will be given by the people and Democracy.” While exiting the parliament, Independent Greeks (ANEL) leader Panos Kammenos also highlighted that “the operation to terrify MPs failed. We will proceed with the democratic procedures to replace the government.» “On the occasion of the election of the President of the Hellenic Republic, a new two-party fight is being set. An new political polarization, known from the past, is being set. New Democracy and SYRIZA accuse each other for the country’s destabilization. In fact, both are sitting the exams of the European Union, the markets and capitalism. They want the people in the corner, they want the people unarmed, watching the developments and accepting long-lasting Memorandums and agreements of strict supervision imposed by its lenders without judging, accepting the shackles of the European Union and the chains of Eurozone,” Greek Communist Party (KKE) secretary general Dimitris Koutsoubas commented. It should be noted that the first ballot for the election of the new President of the Hellenic Republic was covered live by numerous foreign media. In addition, increased were the security measures during the procedure, while the nine imprisoned MPs of extreme right Golden Dawn (including the now independent former Golden Dawn MP Boukouras) were granted a permit to get to the Parliament and participate in the ballot.

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A Tycoon In Iraq Is Building A $20 Million Replica Of The White House Miles From ISIS Strongholds

A Kurdish business tycoon is building a $20 million replica of the White House in a swanky neighborhood in Erbil, Iraq. The knockoff is situated not 50 miles away from ISIS-held Mosul. Shihab Shihab, a Kurdish business tycoon, commissioned the mansion to be built with Greek marble instead of sandstone, and while it is smaller than the original White House at 32,300 square feet, the home comes complete with a 9-foot crystal chandelier, 21-karat gold ceilings, and a Turkish bath.  Shihab dreams of Obama coming to visit the house in Kurdistan one day. "If Obama comes, I will invite him to come here," Shihab told NPR. "We will invite him to have Erbil kebab and fish." Here's a peek inside the construction:  The mansion is being built in Erbil's Dream City, a luxury neighbourhood in northern Iraq lined with million-dollar villas. The mansion is slightly smaller than the actual White House, measuring 32,300 square feet instead of 55,000 square feet. The home's columns have been finished with 21-karat gold leaf. The banister of the home's grand staircase, as well as the ceiling, have also been trimmed with 21-karat gold. A large swimming pool is just one of many features Shihab has made on his replica of the White House. A Turkish bath, decorated with intricate Turkish tiles, is another. Shihab hopes people will talk about his copy as much as they talk about the real White House. He plans to make this colorful room the gym. The home will have two master bedrooms, but Shihab doesn't remember how many rooms the mansion has total — he told NPR it's so big, he can't keep track. When a buyer offered to pay $17 million for the mansion back in October, Shihab reportedly refused, according to the NY Daily News. "I wanted a house people would talk about," Shihab told NPR. "I wanted to create a new landmark that rivals the Citadel. And I think if you have money you should live in luxury."SEE ALSO: A Look Inside The Abandoned Factory That Caused The Worst Industrial Disaster In History FOLLOW US: Business Insider is on Twitter! Join the conversation about this story »

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Implications of a Syriza Win in Greece

Independent source of news and views, sourced from the academic and research community. Like Sisyphus, the ill-fated king in Greek mythology, Greece’s achievements are at risk with the looming parliamentary election of a new president, which the official ...

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Dimas fails to garner necessary votes in first Greek ballot

Greek lawmakers failed to elect Stavros Dimas as the country's next president in Wednesday's first-round vote, but the result indicated he could still ...

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First Greek vote for President fails 160-135

The over/under on the vote was around 165 votes but with a Greek vote you never know. It will be take some heavy suitcases to reverse that vote.

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Greek presidential vote, economy fears, go into second round

Greece's high-stakes presidential election -- and concerns about the future of its fiscal reforms -- went into a second round Wednesday after parliament failed to pick a head of state in a first ballot. The coalition government of Prime Minister Antonis ...

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Greece heads towards second round of presidential elections

Parliament will vote again next week on Greece's next president, but failure to secure a majority vote will make a general election more likely.

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Greek opposition head says government 'strategy of fear' failed

ATHENS (Reuters) - Greek opposition leader Alexis Tsipras hailed the government's defeat in the first round of a presidential vote on Wednesday, saying the result showed a strategy of "fear-mongering" had not worked. With two more rounds of voting to come, Prime Minister Antonis Samaras's failure in the first round was not a surprise. But the final count of 160 lawmakers in his favor was at the ...

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Greece fails to elect president in first-round ballot: AFP count

Athens (AFP) - The first round of a three-stage presidential election in Greece failed to elect a new head of state, an AFP vote count showed.

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Parliament Fails to Elect Greek President in 1st Round; 2 More Tries to Prevent Gov't Falling

Parliament Fails to Elect Greek President in 1st Round; 2 More Tries to Prevent Gov't Falling. ATHENS, Greece — Dec 17, 2014, 12:47 PM ET ...

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Greek Parliament Doesn’t Approve Samaras’s Presidential Candidate

ATHENS—Prime Minister Antonis Samaras ’s candidate for the presidency failed to win enough votes in the first round of voting in the Greek parliament Wednesday, although the outcome was expected. Greek lawmakers didn't provide the supermajority needed ...

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Greek PM says hopeful a president will be elected

Greek Prime Minister Antonis Samaras said he remained hopeful that parliament would elect a head of state, after failing on Wednesday in the first of three attempts to elect his nominee and avert snap ...

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Crucial Greek presidential vote fails in 1st round

ATHENS, Greece (AP) — Parliament has failed to elect a new Greek president in the first round of voting, leaving another two tries before the government falls and early elections have to be called.

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Greece’s Presidential Election: First Round Results Do Not Elect Stavros Dimas as Greek President

With a negative result on the election of a new Greek President concluded the first round of voting by the Greek Parliament a few minutes earlier. The only candidate nominated by the coalition government partners, New Democracy and PASOK, and Greek Prime Minister Antonis Samaras’ favorite, is the former Foreign Minister of the Papademos administration, and former EU commissioner, Stavros Dimas. ‘Yes’ to the election of Stavros Dimas voted a total of 160 MPs, while 135 blank votes opposed the election. Five MPs were not present during the vote.

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Greek PM falls short in first round of presidential vote

ATHENS (Reuters) - Greek Prime Minister Antonis Samaras secured the support of 160 lawmakers in the first round of a presidential vote on Wednesday, leaving him well short of the supermajority needed to win the final round later this month. Samaras's nominee Stavros Dimas required 200 votes in this round to be elected president, but the threshold will drop to 180 in the final round on Dec. 29 ...

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Mad Greek restaurant adds new chef, updates to the menu in Cleveland Heights

for his Cleveland Heights landmark, The Mad Greek, 2466 Fairmount Blvd. just off of Cedar Road. The restaurant has been a popular destination since ...

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Greece’s Presidential Election: Watch Live; Updates from the Greek Parliament

At a crucial point for Greece’s future the Greek parliament is voting for a new Greek President. The only nominee is former EU Commissioner Stavros Dimas. Watch the live feed from the Greek Parliament below:

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Greece Fails to Gather Support to Elect New President

The prospect of early parliamentary elections has roiled financial markets in Greece, evoking memories of the height of the financial crisis in 2012 ...

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Another Greek Drama And Making The Case For The Slow Horse

Before you rush out to buy EZU or broader VGK, the latest Greek tragedy will play out over the rest of December which means that EZU could be ...

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Man Found Dead in Northern Greece After 13 Days

The body of a man who disappeared on December 4, 2014, was found in the Egnatia area of Evros river in northern Greece. The 49-year-old police officer had gone on a fishing trip 13 days ago but the heavy rainfall and extreme weather conditions resulted in the river flooding and ultimately to the man’s death. After almost two weeks, the flooding of Evros river has finally begun to subside, however Greek civil protection services are still concerned and remain on alert. While water level has fallen to 5.5 meters in several river areas, its southern part still remains as high as 7 meters, stated Deputy Regional Governor Dimitris Petrovitis. Over the last 12 days, several areas of northern Greece have declared a state of emergency due to heavy rainfall that caused significant damage to 110,000 acres of agricultural land. According to the Interior Ministry, a 500,000-euro grant will be provided to the regions of Macedonia and Thrace, northern Greece, in order to cover damage costs caused by the extreme weather conditions. Meanwhile, the Greek Agricultural Insurance Organization (ELGA), in collaboration with agronomists from the districts of Macedonia and Thrace, are evaluating the damages caused in the area by the floods.

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Why Europe Votes Samaras

Greece is wounding us yet once again. Certainly, the image projected by the country does not encourage the drawing of pleasant conclusions. The post Why Europe Votes Samaras appeared first on The National Herald.

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Public pensions America's Greece?

Illinois is like Greece in one obvious way: it overpromised and underdelivered on pensions and has little appetite for dealing with the problem, says ...

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Greek PM to Lawmakers: Vote for President or Trouble for Greece

The future of Greece in the euro zone will be at risk unless PMs vote in favor of the president of the Hellenic republic in the ballot that starts today, says the Press release from the office of Prime Minister Antonis Samaras. A few hours away from the first ballot, the Greek premier continues his struggle to convince lawmakers to vote for Stavros Dimas. The official announcement from the Maximos Mansion says that Greece may get in serious trouble if the parliament fails to elect president of the Hellenic republic. “The votes in favor will not be considered as votes in favor of the government, but as a decision to protect the Constitution and in respect of the institution of the presidency of the republic. It will also mean the avoidance of political turmoil that may put at risk the future of Greece in Europe,” says the announcement. The coalition has 155 votes at hand from New Democracy and PASOK lawmakers. It needs 25 more to reach the desired 180 to elect president. Samaras has to draw 25 votes from a pool of 46 MPs: 24 independents, 12 from Independent Greeks (ANEL) and 10 from the Democratic Left. So far, Samaras has secured a few “yes” from independents but, analysts say, the maximum he can get at the moment is 167. Therefore the struggle will have to continue until the third and crucial ballot of December 29. The government hopes that the arguments in favor of the positive vote and political and economic conjunctures between now and that date will persuade more MPs to vote in favor of Dimas.

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Kicks! Quicks

The aptly named Grecian Corner has been a cornerstone (pun intended) of the Galleria Shopping Center for 16 years, and for a taste of Greece, this ...

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Generations of Greek cafés

Michael Arvanitis immigrated to America from the Greek Island of Tenedos, before it was ceded to Turkey. He worked in a coal mine in West Virginia ...

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Family: Greek authorities have ignored UK evidence

Matthew Cryer's family have spoken of their pain at Greek authorities' refusal to pursue a case against the four men who may have killed him.

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The U.S. FOMC Statement is on Many Minds

fomc.jpg Home Page News Page The Fed Meets Today The US dollar's recovery that began yesterday continues today.  The euro reached the 50% retracement objective of its slide since mid-October (~$1.2565) and now is more than a full cent lower.  The dollar's slump against the yen ended just above the JPY115.50 level, also a key technical retracement level.  The dollar's high today was JPY117.50.   The US dollar's recovery that began yesterday continues today.  The euro reached the 50% retracement objective of its slide since mid-October (~$1.2565) and now is more than a full cent lower.  The dollar's slump against the yen ended just above the JPY115.50 level, also a key technical retracement level.  The dollar's high today was JPY117.50.  See Also links url:  http://www.economywatch.com/features/The-Fed-Meets-Oil-Prices-Plunge-Abe-Wins-and-Greece-is-the-Word.12-15-14.html Title:  The Fed Meets, Oil Prices Plunge, Abe Wins and Greece is the Word See Also type:  Reference read more

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Greek deputy PM says ready for elections if president vote fails

Greek deputy Prime Minister Evangelos Venizelos urged lawmakers on Wednesday to back the government in a crucial vote to decide the next president but said his centre-left party would be ready for a snap ...

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Greece: The Fraud of “Recovery”

Probe a little further, and you'll find a third and much larger group of the dispossessed: the people of Greece themselves, refugees in their own land, ...

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The road to Greece: Getting Greek food flavors off the street and into your kitchen

Greek street food, like this pork and chicken souvlaki on skewers with pita and tzatziki from Souvlaki Boys, is not beyond the grasp of a standard home ...

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Why everything is at stake and yet nothing will be decided in today's Greek presidential election

On December 9th the Greek stock market experienced the largest drop within one day since 1987 (-12.78 percent, 7.9 billion dollars lost). This was the ...

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MarketsGreek markets eerily quiet as vote looms

Greek markets are trading remarkably calmly today, after stocks and bonds crashed last week ahead of a crucial presidential vote that may trigger ...

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Greek Lawmakers Vote In Crucial Ballot, As Government Risks Collapse

ATHENS, Greece (AP) — Greece's lawmakers vote Wednesday in a crucial presidential election process that risks a government collapse if the sole candidate fails to win enough votes by Dec. 29. The vote comes amid stalled negotiations between bailed-out Greece and its international creditors. The renewed political instability has roiled international markets, sending Greece's borrowing costs spiraling and its stock exchange index plunging. There is scant chance that government nominee Stavros Dimas, a former EU commissioner, will win in Wednesday's first round, when he needs a two-thirds majority in the 300-member parliament. A second round is scheduled for Dec. 23, and a third on Dec. 29, when 180 votes are needed to avoid parliament being dissolved and early elections being called. Although lawmakers are voting for a president, the position is a figurehead and the true issue is whether to keep the coalition government in power or trigger early elections. Conservative Prime Minister Antonis Samaras' office issued a statement hours before the first round saying saying a vote for Dimas was not a vote for the government, but would mark a decision "to avoid a political adventure that could prove fatal to the country's European course." The left-wing opposition party, Syriza, has long called for early elections and has campaigned on promises to renegotiate Greece's deeply resented bailout commitments. That possibility, comments about reversing reforms and hints about the possibility of Greece not repaying debts have spooked international markets. Samaras announced last week he was bringing forward the presidential vote, originally scheduled for early 2015. The move raises a real possibility his government will fall about half way through its four-year term. For Dimas to win, Samaras needs to secure the backing of at least 25 independent or opposition lawmakers. So far less than 10 have declared they will support him.

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What Are Traders Chatting About Right Now? Fed Day! (DIA, SPY, SPX, QQQ, RSX, OIL, USO)

JonesTrading's Dave Lutz has what traders are chatting about right now. Good Morning, and Happy Fed Day (2pm announce, 2:30 Yellen Presser) - US Futures are higher this morning, decoupling from stress overseas.   Russia had some wild swings overnight, with the Ruble falling from 75 to 62, then chatter the Russian Central Bank was intervening surged it back positive.   This, coupled with EU CPI coming in the lightest in 5years, has Deflation fears accelerating, pushing German 5Y Breakevens lower (-20bp now).   We have the Greek Election today (no winner expected this round), and while their market is up 3%, the rest of Europe is a sea of red.   Eurostoxx off 1% as Banks are under pressure in EU on slowdown and widening PIIGS spreads, while Airlines weigh on the FTSE.   Germany’s DAX is off 70bp in very light trade, with only Telecom in the green.   In Asia, Russia’s MICEX was able to cut 4% losses in half, and the Nikkei was able to eek out a small gain as the Yen weakened.   Shanghai closed up another 1% on dovish hopes, while Hang Seng lost 40bp, weighed by Macau gaming names on the latest China Graft headlines The US10YY is higher early, bouncing 3bp to 2.09% - That said, there remains a strong bid under Bunds, pressing their 10YY under 59bp.   The DXY is higher, stretching it’s legs above 88, as the Greenback is stronger against both Euro and Yen.   The Oil complex is under pressure, with Brent off 1.2% and WTI 1.6% as we had a Heavy build in last night’s API data ahead of the DOE today at 10:30, Analysts Expect a Drop of 1.9 Million Barrels.  Another factor weighing is the Saudi budget was announced, showing strong reserves and spending on “Mega Projects” – no pullback on Oil drop.    Silver is rebounding from the 5% hit yesterday, and while Gold is 50bp higher, it remains under $1200/oz.   Scheduled Catalysts today include US CPI at 8:30, DOE data for Crude, Gasoline and Distillates at 10:30, the FOMC Rate Decision (With Dots) at 2, and the Yellen presser at 2:30 A few trends I’m watching for early today: ·         Smallcaps underperforming on Reversal of the “Good Harbor” trade yesterday ·         XOP, OIH well outperformed the commodity yesterday ·         Gaps in Gold as chatter intensifies Russia could sell reserves ·         Rails continue to show a bid, despite Oil – Could see a rotation accelerate from Airlines ·         Selling EU to Buy US trade – Will be most evident in Banks (IYF EUFN)SEE ALSO: 10 Things You Need To Know Before The Opening Bell Join the conversation about this story »

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Juncker's meddling in Greece's election sparks controversy

In Greece, there is a general feeling that international lenders are trying to impose their preferences in Greek politics, further damaging an already ...

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