Samaras: SYRIZA serves interests of drachma lobby and speculators

A minority dragged Greece to elections that a majority did not want, Prime Minister Antonis Samaras said on Wednesday in Chalkida, on the island of Evia, speaking of main opposition Radical Left Coalition (SYRIZA) party, which he also accused of fooling other parties it collaborated with. Samaras said that if all SYRIZA claimed were applied, […] The post Samaras: SYRIZA serves interests of drachma lobby and speculators appeared first on The National Herald.

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Latvian PM: New Greek Government Should Respect Agreements Signed With Lenders

Latvian Prime Minister Laimdota Straujuma expressed her hope on Wednesday that the new Greek government will respect the agreements signed with the Eurozone member-states as part of its bailout program. Latvia has just taken over the six-month rotating European Council presidency. Speaking to journalists in Brussels, Straujuma noted that the EU will have to wait for the election results in Greece and not rush to conclusions, as the country has “the right to choose its government freely.” The Latvian Prime Minister also said reforms will have to continue in Greece since there is no alternative solution to the implementation of its program, which has been agreed with its international lenders. (source: ana-mpa)

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Pre-election lead for Greece's Syriza narrowing: polls

An Alco survey to be published in the To Pontiki newspaper on Thursday showed the radical leftist Syriza, which opposes Greece's international bailout program, would win a 33.8 percent share of the vote if elections were held now, ahead of Samaras's New ...

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Opinion Poll: SYRIZA With a 3.3% Lead Over New Democracy, Papandreou’s Party Lower than 3%

A 3.3 percentage point lead of Greek main opposition SYRIZA against ruling New Democracy recorded a poll on behalf of weekly newspaper “To Pontiki” that will be published tomorrow. The poll was conducted among 1,000 Greeks over 18 years of age between January 4 and 6. It should be noted that it is the first opinion poll to be published after Former Prime Minister George Papandreou launched his new party, Democrat Socialists Movement (KDS), on January 3. On vote intention, SYRIZA gathered 33.8%, New Democracy 30.5%, “To Potami” 4.5%, Golden Dawn 4.4%, Greek Communist Party (KKE) 4.1%, PASOK 3.9%, Democrat Socialists Movement (KDS) 2.7% and Independent Greeks (ANEL) 2.4%. The currently parliamentary represented ANEL and newly launched KDS fail to exceed the electoral basis of 3% to enter the new Parliament, same as former governmental partner Democratic Left (DIMAR). Moreover, the poll recorded other interesting facts, such as the parties’ clusters, the voters’ movements, the key role of undecided voters regarding the electoral performance of the two “gladiators,” the voters’ view on the next government’s major issues and the voters’ desired economic policy to be followed. The poll comes just 18 days ahead of the January 25 general elections.

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Wicked Surveillance Is Abominable, Terrorism Is Worse.

Today's deadly attack at Paris offices of Charlie Hebdo is an attack on freedom of expression and on freedom of the press, core values of our own democracy. Such acts of terrorism are not the answer and cannot be accepted, even when such expression takes the form of controversial cartoons portraying the prophet Muhammad, repeatedly published in the last months by the French satirical newspaper. This unprecedented attack comes about a month after the self-proclaimed Islamic State (IS) released a propaganda video calling on Muslims in France to carry out attacks there. While it is still unclear who was actually behind this episode, it cannot be ruled out that some local "Islamic fighters" could have decided to take up that call in their own hands. Today's deadly attack shows one more time that terrorism is an actual threat and that, in order to protect, monitor and prevent such attacks, Western nations must deploy sophisticated technologies and cooperate with each other. It is probably true that the US National Security Agency (NSA) is making a big mistake by spying on millions of people without compelling reasons -- but a bigger mistake would be to pursue a zero surveillance state. Smart intelligence and data gathering are necessary steps in a world so shaky and still marked by wars and conflicts. As repeatedly documented, terror groups take full advantage of the Internet and modern communication technologies. While "loose" or potential IS sympathizers can easily access their propaganda material circulating on mainstream media or TV outlets, more often than not Internet is the preferred channel for the following step -- to get in touch and/or even join those terror groups -- by reading their blog posts or social network feeds, downloading files and other original content. In his recent pivotal book, @War: The Rise of the Military-Internet Complex, Shane Harris (Senior Correspondent at The Daily Beast reporter and former Foreign Policy contributor), details the importance of having access to the most advanced technologies to win today's wars or to protect a country's interests. However, Europe as a whole lags well behind the US in its approach to cyber-security and, despite their recent efforts, EU countries provide an uneven framework. While Germany and France have great intelligence and communication control infrastructures, other countries (i.e., Greece) allocate a very low-budget to such issues and still others lack basic technological knowledge -- thus exposing a deeper cultural problem, whereas cyber-security is clearly not on their priority list. As explained by cyber-security expert Stefano Mele, EU countries are currently drafting a document to pinpoint such issues and how to properly address them in regards to public policies and military involvement -- the so-called EU Cyber Defence Policy Framework. This is an initial step to improve communication security, provide local training and increase International cooperation to advance both defense and offensive strategies for each country and the entire EU as well. Needless to say, such documents drafted must then be applied on the ground in order to make a difference, something easier said than done. It is also worth noting that such collaborative efforts are in danger of being compromised by the lasting effects of last year's NSA revelations. Many are indeed worried by the on-going tension between Germany and the US, as exposed again by Der Spiegel last week and the recent revelation about British surveillance operations against Belgium's largest telecommunications provider, Belgacom. One thing is certain, though: if many people will still believe that we only need protection from the NSA, we may be stuck, forced to deal with the aftermath of more terror attacks at any level. Maybe broader cooperation and funding efforts could not prevent such tragic events such as today's attack in Paris, but in many other instances they will surely have an actual impact. Prevention is key, and sometime select surveillance strategies are needed -- it is a small price to pay to be better safe than sorry.

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Greek Opposition Still Holds Slim Lead in Polls Before Elections

Greece’s leftist opposition party continued to hold a narrow but shrinking lead ahead of this month’s national elections, two public opinion polls showed Wednesday.

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Greece's Syriza party leader says he is not an ogre

The radical left-wing leader who has a strong chance of winning Greece’s crucial election this month has insisted his party is not “an ogre” or a threat to Europe. Alexis Tsipras, the head of the Syriza party, has threatened to renege on part of ...

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Merkel Backs Greece Staying in Euro If It Pursues Reforms

German Chancellor Angela Merkel backed keeping Greece in the euro area, saying she has consistently sought to avoid the most-indebted nation’s exit from the currency bloc.

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National Bank of Greece (NBG) Stock Rises Today on Eurozone Deflation Data

NEW YORK (TheStreet) -- Shares of National Bank of Greece  spiked 3.8% to $1.64 in afternoon trading Wednesday after newly released data showed Eurozone deflation materialized at the end of 2014. Consumer prices in the Eurozone declined 0.2% year-over-year in December, according to this first official estimate, CNBC said. This decline was worse than the 0.1% drop analysts had forecast, and ...

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Mikis Theodorakis: I Will Support SYRIZA Under One Condition

His support to Greek main opposition SYRIZA, under the condition that when elected “it will bring a law on the final discharge of the country from the onerous terms of the Memorandum,” expressed the internationally acclaimed composer Mikis Theodorakis. As the composer underlined in his statement, SYRIZA’s obligation is to immediately set the country free from the Memorandum by passing a law to the Greek Parliament, straight after the January 25 elections. Theodorakis stated: “I remain anti-Memorandum. Which means that I do not accept any connection that the elections are designed for the nomination of the best administrator of the Memorandum terms. Thus, when people ask me regarding my position on the coming elections, particularly in relation to SYRIZA, I declare that I accept to support it under a single condition: It’s pre-election commitment, here and now, that if and as long as it forms a government, the first thing it will do would be to bring a law on the final and complete discharge of the country from all the oppressive terms of the Memorandum.” Furthermore, and explaining his public position ahead of the critical January 25 general elections, the award-winning composer explained that “this is because I find it unthinkable to accept that a Leftist party can govern under conditions of surrendering national independence and autonomy to strangers.” It should be noted that in early December 2010, Theodorakis founded “Spitha: People’s Independent Movement,” a non-political movement that called Greek people to gather and express their political ideas. Spitha’s main goal was to help Greece stay clear of its economic crisis, while he repeatedly heavily criticized the country’s governments for their choices in dealing with it and called people to revolt.

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Greek Non-Contagion Is German 'Wishful Thinking,' Bass Says

Germany is wrong in its contention that a Greek exit from the euro won't spread to other members of the currency bloc, Hayman Capital Management ...

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Greece ‘has made a lot of sacrifices,’ should stay in eurozone, Merkel says

LONDON — German Chancellor Angela Merkel said during a visit to London on Wednesday that Greece had respected its financial commitments to its European partners in recent years and she expected this to continue, dismissing suggestions of a possible Greek ...

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Theophanes the Greek, Russia's first great master of religious art

In Russia, icon painter Theophanes was nicknamed "the Greek" because of ... For example, chroniclers refer to a certain Isaac the Greek, who half a ...

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Greek chapters, Hidden Dores partner to increase MLK Day participation and eliminate 'Black ...

Following conversations with Hidden Dores, all Greek organizations will send representation from their chapters to Martin Luther King, Jr. Day events ...

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Greek Entrepreneurs Who Beat the Economic Crisis

The success stories of Greek entrepreneurs who defied the economic crisis and prospered is the subject of a recent feature article in The Washington Times. Penny Vomva is a fashion designer who took the risk to open a store and sell her creations in prestigious Voukourestiou street in downtown Athens. Now RIEN, her storefront, sits next to Dior and Prada. Her handmade leather handbags sell for 180 to 450 euros, rather steep for the crisis-stricken Greek market, but Vomva says business is good and it would have been better if it wasn’t for the crisis. The 35-year-old designer started in 2008, at the beginning of the Eurozone crisis. She began showcasing her clothes in a hotel suite and now has two stores, one in Athens and the other in the cosmopolitan island of Mykonos. Like many other new Greek business owners, she is focusing on exports. Switzerland and Saudi Arabia are her key targets, selling through an online shopping site and keeping costs low. Vomva has two employees, so she does most of the work herself. Sales are up, however, so she is optimistic. “It is really difficult to work in this crisis,” she said. “If I hadn’t studied business administration before getting in the fashion industry, I wouldn’t have made it.” After working several jobs, Demetri Chriss had the idea to sell canned Greek mountain tea. The rich-flavored tea is not yet known across the world for its medicinal qualities and delicious taste. With the help of chemists and food technologists over the course of a year, Chriss perfected his canned Greek mountain tea made out of tea extract, lemon juice and raw brown sugar. He named it Tuvunu, after the Greek works “tou vounou” meaning “of the mountain.” However, Chriss’ goal was to sell Tuvunu abroad. He teamed with Dimitris Politopoulos, owner of Greece’s first microbrewery, and they worked for two years to produce their tea. After struggling with Greek bureaucracy and an old law that forbade to produce anything other than beer in a brewery, they managed to establish their brand. Now Tuvunu can be found in New York, Chicago and Los Angeles. “I dreamed of an international brand name that would be identified with Greece,” Chriss said. Brothers Stathis and Konstantinos Panitsidis started a 3D printing business in 2013 after visiting a 3D printing exhibition in Germany. Both of them civil engineers, were two of the one and half million of unemployed Greeks. The idea of owning a small printing factory was very exciting to them. In the beginning they made 3D plans for implants for a dental surgeon. Today, they get orders from other industries as well. “Now, after a year of almost experimental operation, it seems like we’re on the threshold of being sustainable,” Konstantinos Panitsidis said.

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Olympiacos: Vitor Pereira Announced New Head Coach

Portuguese coach Vitor Pereira is the chosen one to manage Olympiacos after the sack of Michel. The 46-year-old coach agreed on a 2,5 year contract. After the sudden departure of the Spanish coach who lead the Reds to two consecutive championships and great runs in Europe both this season and the previous, owner Evangelos Marinakis had to come up with a rapid plan as the Europa League round of 32 is due in a month. The plan’s codename is Vitor Pereira. The former Porto and Al-Alhi coach will be landing in Greece today to seal the deal, while at the same time Michel will be flying back to his country. A decision that had been on the table the last few days but most believed it was a fabricated story as many of them are, Michel’s departure came in disagreement with the majority of the fans who respected the Spaniard and his knowledge of the game. After all, it’s not an everyday deed for a well-recognized coach to ditch the glamorous Primera Division and move to the Greek league where weekly battles are against clubs like Ergotelis and Panthrakikos. The truth of the matter, however, is that Michel had failed to display a team that played fancy football and barely made it through the games with the three points. As a result, Olympiacos is now sitting a point behind PAOK in the league and failed to make it through to the Champions League’s final 16. “Olympiacos is announcing the end of its cooperation with manager Michel Gonzalez. The entire family of Olympiacos thanks Michel for his contribution to the club and wishes him every success in his career,” read the Olympiacos brief statement. Michel, in an interview to Spanish radio “Cadena SER,” expressed his disbelief to the announcement of his contract’s sudden termination but did agree that some incidents in the locker rooms (namely an incident with Ibrahim Afellay) could be one of the reasons why he was sacked. Michel walks away as one of the most successful coaches in the Greek club’s history, one who lead the team to victories over the English (Manchester Utd), Italian (Juventus) and Spanish (Atletico Madrid) champions. An unprecedented accomplishment for a Greek club.

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The Third Pillar

With the clock quickly counting down towards election day in Greece this January 25, the two competitors for the Prime Ministerial chair are Alexis Tsipras, the fiery leader of the leftist Syriza party, and Antonis Samaras, the stoic head of the conservative New Democracy party who governed the country until the fall of the coalition last week. All major polls have Syriza as front-runner, a fact that is putting a scare into the financial markets and creating tension among Greece's electorate which, although wishful of a change in direction and in need of a respite from the harsh austerity "memorandum" imposed by the country's lenders, remains leery of the party's radical positions. In the run-up to voting day, New Democracy continues to play a somewhat exhausted trump card, that of attempting to provoke a wave of panic among the voters without offering any realistic proposal for the amelioration of a situation that has plunged the country into a five year recession and left its citizens unemployed and in despair. Importantly, it appears that neither of the two major parties will be able to procure an outright majority, leaving whoever prevails requiring the support, and perhaps needing to co-govern with, one or more of the smaller factions. Of course, the potential scenarios are many. The Party of the Independent Greeks (ANEL), led by Panos Kammenos, which appeared to be in a strong position, saw its fortunes take a turn for the worse as it found itself caught up in a farcical corruption scandal when one of its outspoken members, Pavlos Chaikalis, claimed he was offered millions to help keep the Samaras government afloat. The result was a black mark on Greece's democracy, a ridiculing of its Parliamentary institutions and a swift drop in ANEL's popularity. Another party that hopes to breach the 3% threshold required for Parliamentary representation is the recently created "To Potami" (The River) led by well-known journalist Stavros Theodorakis. Although it managed to secure an impressive percentage of the popular vote in European elections last May, the voters will be scrutinizing Potami much more closely this time around as it remains a group defined by a very vague political program without any parliamentary or governmental experience and devoid of any ideological platform. As it did earlier last year, the party is looking to amass a large protest vote but this may be wishful thinking given that the electorate tends to treat elections to the European Parliament very differently from national ones. In the meantime, a new party has emerged under the tutelage of George Papandreou, son of the former Prime Minister and legendary founder of Pasok, Andreas Papandreou. The younger Papandreou had a brief stint of his own as Prime Minister in 2010, winning a strong majority after naively professing that Greece's problems could be solved "because there is money!" Papandreou saw himself forced out after saddling the country with its first austerity "memorandum," forever linking his name with the tactics of the "troika" of Greece's creditors and the dire economic state of the nation. Shortly afterwards, he would go on to lose the leadership of Pasok to its current leader and Greece's recent Vice-President, Evangelos Venizelos. Regardless, with the backing of some old appartchiks who remain loyal to his father's legacy and to his family, Papandreou hopes to make a comeback by securing the votes to achieve a Parliamentary presence and filling the role of power-broker in a minority government situation. The outlook for Papandreou does not appear bright, however, accused as he is, by the Greek public, of being inept during his tenure. Finally, this brings us to the official party of the socialist movement, Pasok, under the guidance of the aforementioned Evangelos Venizelos. Venizelos was Papandreou's Defence Minister at the time the country was initially placed under the watchful eye of the country's triumvirate of lenders. Later, at a significant political cost to himself and his party, he entered into a coalition government with Antonis Samaras and supported the harsh terms of the "memorandum" in an effort to improve the country's plight by rectifying its budgetary imbalance. Venizelos would seem to be the one most likely to fill the role of "third pillar" in the elections by attracting enough support to hold the balance of power in a minority government. Although weary from many years in office, his Pasok party continues to hold staunchly to its center-left ideology. And, despite the strains of a break with its traditional Papandreou faction and the loss of the bulk of its supporters to the more radical Syriza, it remains a force that helped to guide the country in the most difficult of times. As for Evangelos Venizelos, whose popularity may not be at its apex, he must be respected as one who made sure that Papandreou did not proceed with a potentially tragic referendum on Greece's European membership and looked up to as the country's most capable negotiator with respect to the upcoming deliberations on Greece's future. Should Syriza be ultimately elected, it should look to secure the backing of Venizelos, putting his experience to good use if it hopes to smoothly lead the transition of the country into the "post-memorandum" era. If New Democracy is the victor, it will be unable to continue its policy of structural reform and hope to exit the "memorandum" with the support of lesser, more inexperienced partners. In both cases, only Pasok can play the crucial role of "third pillar" with the ability to sustain a viable Greek government on January 26th.

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Merkel says wants Greece to stay in euro zone

LONDON (Reuters) - German Chancellor Angela Merkel said during a visit to London on Wednesday that Greece had respected its financial commitments to its European partners in recent years and she expected this to continue, dismissing suggestions of a possible Greek exit from the euro zone. ...

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Why A Grexit Is Not The Answer For Greece

The genie is out of the bottle: Europe is again discussing the possibility of Greece leaving the euro. With it, the debate has re-emerged whether this would be helpful or not for Greece and whether there would be contagion to other euro area countries.

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Greek Debt-Relief Talks Possible After Vote, Germans Say

While writing off Greek debt isn't on the table, talks on easing the repayment terms on aid that Greece received from European governments are ...

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Sterling/euro hits six-year high as Greek exit fears resurface

It is clear many Greek citizens feel the terms of the bailouts previously negotiated by the Samaras government have hamstrung their country's ...

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Greek Government Condemns Paris Terrorist Attack

Greek Prime Minister Antonis Samaras appeared appalled by the deadly terrorist attack in Paris that cost the life of 12 people earlier today, while he expressed the Greek people’s solidarity to the victims’ families. Samaras stated: “On behalf of Greeks, I express our deep sorrow and outrage for the deadly terrorist attack in Paris. The Greeks are in solidarity with the innocent victims’ families and participate in the mourning of the French people.” On his behalf, Greek government Vice President and Foreign Minister Evangelos Venizelos also condemned the bloody terrorist attack at the office of the French satirical magazine Charlie Hebdo in Paris. At the same time, he expressed his deep condolences to the victims’ families, the French people and the French authorities. Concluding, Venizelos assured the French government that Greece remains a solid ally of those who struggle for freedom and fight against terrorism.

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SYRIZA Leader Tsipras: My Greece Will Not Harm Europe

Greek main opposition SYRIZA leader Alexis Tsipras attempted to ease the war of words regarding a possible “Grexit” in case his leftish party comes to power. With an article in Italian newspaper “Corriere della Sera,” just 18 days ahead of the Greek general elections of January 25, Tsipras addressed those concerned over his party’s program and attacked Prime Minister Antonis Samaras. Entitled “My Greece will not harm Europe” (“La mia Grecia non danneggerà l’ Europa”), the article highlighted that “SYRIZA is no longer considered a danger as in 2012, but a challenge to change.” Tsipras estimated that his party, to which the polls give a steady lead over ruling New Democracy, reflects the peoples’ expectation for a change not only in Greece but across Europe as a whole. Furthermore, the Greek opposition leader underlined that unless there is a major review of European policy making, the ongoing crisis will not end anytime soon. In addition, Tsipras challenged the Greek Premier’s policies highlighting that during the two and a half years of his administration he has failed to offer something “except submission to the precepts of a harmful and failed austerity that have forced new tax increases and cuts in salaries and pensions in Greece, in addition to six years of sacrifice.” It should be noted that in a poll conducted immediately after the third unsuccessful ballot for the election of the new President of the Hellenic Republic, when snap general elections were announced, SYRIZA appeared to attract 30.4% of the Greek voters against a 27.3% of ruling New Democracy. At the same time, though, regarding the suitability for Prime Minister – between the two political leaders – Greece’s current Prime Minister and President of New Democracy, Samaras, enjoyed a 7.6% lead against main opposition leader Tsipras. Samaras gathered 41% and Tsipras 33.4%.

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The Slain Editor Of Charlie Hebdo's Last Cartoon Is Tragically Prescient

The last cartoon by Stéphane Charbonnier, the editor of the French magazine attacked by gunmen today, seemed to refer to the near-term possibility of a terrorist attack on French soil. "Still no terrorist attacks in France," the top of the cartoon drawn for Charlie Hebdo, the magazine whose offices were attacked in Paris, reads. The subject of the cartoon, a befuddled man with loopy eyes and what appears to be an AK-47 on his back, butts in: "Wait! We have until the end of January to present our wishes."  AK-47s were used on the attack targeting Charlie Hebdomadaire's offices in eastern Paris. The three gunmen killed twelve people — including two police officers — and injured five before fleeing the scene. In 2012, Charbonnier, also known as "Charb," told Le Monde he was "not afraid of retaliation. I have no kids, no wife, no car, no mortgage. It may come off as a bit arrogant but I'd rather die on my feet than live on my knees." Charb dans le dernier @Charlie_Hebdo_ // prophétie glaçante pic.twitter.com/52WHijF6gN — jerome bermyn (@jbermyn) January 7, 2015 Le Monde, France's newspaper of record, had been interviewing Charlie Hebdo's staff after a surge in police protection in the wake of their office's firebombing in 2011. Le Monde republished the article online today in response to the attack. Charb went into his motivation, crediting satire for breaking the taboos of "Eros and Thanatos" (concepts dating from ancient Greek thought regarding sex and death, respectively). "But there remains that of religions," Charbonnier said. "We have to go on until Islam is made as ho-hum as Catholicism."SEE ALSO: The terrorists in France were well-trained Join the conversation about this story »

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Ireland Sells $4.77 Billion of Debt at Record Low Yield

Bond-market troubles for Greece have lost their sting for Europe’s wider bond markets. As the yield on Greek 10-year government debt jumped above 10% for the first time since September 2013, fellow former bailout recipient Ireland sold €4 billion ($4.77 billion) of seven-year debt with a record low yield of 0.867%.

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Syriza: the radical Greek left-wingers poised to take power

A snap general election is set to be held on 25 January, triggered by the Greek parliament's failure to elect a new president last year, and analysts are ...

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UVA Greek Life Returns With New Restrictions

A little over a month after the University of Virginia halted all Greek life activity in the aftermath of a Rolling Stone article detailing rape accusations at a ...

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Poll shows lead for Greece's Syriza narrowing slightly

ATHENS (Reuters) - Greek anti-bailout opposition party Syriza's lead over the ruling conservatives has narrowed slightly, according to a poll conducted after Prime Minister Antonis Samaras called a snap parliamentary election for January 25.

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Gold is glittering once again

Gold often does well during times of market fear. But are gold fans overreacting to the latest Greek drama?

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Euro Slide Not Over As Pressure Grows On ECB: Reuters Poll

By Jonathan CableLONDON (Reuters) - The euro's slide is not yet over because diverging monetary policies at the European Central Bank and the United States Federal Reserve will sink the currency to levels not seen since late 2003, a Reuters poll found.Fears that cheap oil will tip the now 19-member bloc into a deflationary spiral have increased calls for the ECB to take urgent action, possibly as soon as the Governing Council's Jan. 22 meeting.Conversely, the Fed is widely expected to begin tightening its policy later this year given robust job gains and bullish growth signs in the world's biggest economy. [FED/R]"We have the existing disparity between ECB policy and Fed policy. Certainly quantitative easing is priced in to a large extent but not fully," said Jane Foley at Rabobank, the most accurate 12-month euro forecaster in Reuters polls last year.The euro lost around 13 percent against the dollar last year and sank to a nine-year low of $1.184 on Wednesday amid gloomy economic data and renewed fears of a Greek exit that could bring the monetary union to its knees."Political risk is potentially the new factor for 2015 and not just with Greece ... the risk could be extended as we go into Spanish and Portuguese elections too," Foley said.According to the poll of over 50 foreign exchange strategists, the euro will rally to $1.20 in a month then fall back to $1.18 in six months. But at the end of this year it will sit at $1.15, a level not seen since late 2003.Nearly all those forecasts were taken before official data showed inflation fell more than expected to -0.2 percent in December. But already they were far weaker than in a poll last month when the respective forecasts were $1.24, $1.20 and $1.18.Central banks themselves are growing more wary of the euro, the second-biggest reserve currency after the dollar.The share of currency reserves in the euro held by central banks fell to its lowest in over a decade in the third quarter of 2014 at less than 23 percent, according to International Monetary Fund data.LOOSE CABLESterling will also gain ground on the euro in the year ahead, the poll predicts.It concluded you will need 78.2 pence to get one euro in a month, 77.1p in six months and just 76.0p in a year. Last month the respective forecasts were 79.1p, 77.4p and 76.5p.Like the Fed, the Bank of England is expected to begin raising interest rates from record lows later this year, although a recent bout of weaker British data and falling inflation have called the timing into doubt and the pound will struggle against the dollar. [ECILT/GB]Cable, trading around $1.51 earlier on Wednesday, was predicted to be at $1.53 in a month, $1.52 in six and $1.51 in 12. The December poll was much more bullish about sterling with respective $1.57, $1.55 and $1.54 forecasts.Speculators renewed their net long dollar position at the end of last year, data from the Commodity Futures Trading Commission showed, suggesting they also expect it to strengthen.Dollar strength -- it ended 2014 with a gain of nearly 13 percent against a basket of major currencies -- will also keep weakening the Japanese yen , to 123.0 in six months and 125.0 in a year.The yen, trading at 119.2 on Wednesday, lost over 14 percent last year and with the Bank of Japan likely to ease policy further some time after June, any strengthening this year looks unlikely.Emerging market currencies will also stay under pressure, though they may not fall as much as last year: lower commodity prices and tighter U.S. monetary policy could already be largely priced in. [BRL/POLL] [CEEU/[POLL](Adiitional reporting by Hari Kishan; Polling by Sarmista Sen; Editing by Ross Finley/Ruth Pitchford)Join the conversation about this story »

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The Potential for a 'Grexit'

GreekFlag.jpg Home Page News Page Will Greece Remain an EU Member? After Greek elections, Brussels and Berlin can no longer shun the issue of debt relief.  After Greek elections, Brussels and Berlin can no longer shun the issue of debt relief. Before the New Year, the Hellenic parliament rejected the nominee of Prime Minister Antonis Samaras for president. In accordance with the Greek constitution, a general election will follow on January 25.  Before the New Year, the Hellenic parliament rejected the nominee of Prime Minister Antonis Samaras for president. In accordance with the Greek constitution, a general election will follow on January 25.  See Also links url:  http://www.economywatch.com/features/Investors-Political-Blind-Spot-on-Greece.01-03-15.html Title:  Investor's Political Blind Spot on Greece See Also type:  Reference read more

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Turkish vessel's oil exploration work off Cyprus extended, defying Greek objections

The vessel, which had been docked in harbor for the past several days, would resume activities after the Greek Cypriots said they would continue ...

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U. of Virginia Lifts Greek Ban, Adopts New Safety Agreement

The University of Virginia has lifted the ban on Greek social activities that was imposed last semester after an article in Rolling Stone detailed an ...

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Greece belongs in eurozone: French minister

Greece belongs to the eurozone no matter which party is in the next government, France's Economy Minister Emmanuel Macron said in an interview ...

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UK Elections Could Pave The Way For Greece's Euro Zone Exit

LONDON (Reuters) - British elections in May could arguably have as much impact on euro zone stability as this month's snap poll in Greece, making ...

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Opinion: Greece is the word for fearless stock investors in 2015

The year has barely begun and Greece already looks like it is going to Hades in a handcart. The Greek market is off more than 5% so far in 2015, ...

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Gold prices dip with focus on Greece, euro, Fed minutes

Investing.com - Gold prices eased mildly in Asia on Wednesday as investors continued to eye Greece in the euro zone and await upcoming Federal ...

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Financial Warfare and the EU Showdown: Greece Takes on the Vampire Squid

Greece and the troika (the International Monetary Fund, the EU, and the European Central Bank) are in a dangerous game of chicken. The Greeks ...

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Historic Jewish cemetery in northern Greece damaged in storm

ATHENS, Greece (JTA) — A massive winter storm toppled trees and caused significant damage to the historic Jewish cemetery in the northern Greek ...

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Greece 10-year borrowing rate tops 10% on eurozone exit fears

PARIS: Greece's borrowing rate soared above the symbolic level of 10 percent on Wednesday, as investors shunned the bond over fears the country ...

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Greece man accused of having child pornography

Christopher L. Schuck, 31, is charged with 10 counts of possessing a sexual performance by a child, a felony. He allegedly downloaded child ...

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Grexit? Germany plans Greece's possible exit from eurozone – media

Germany is reportedly making plans for Greece to quit the eurozone, according to government sources, as cited by Bild, a German newspaper.

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Grexit? Germany plans Greece's possible exit from eurozone – media

Germany is reportedly making plans for Greece to quit the eurozone, according to government sources, as cited by Bild, a German newspaper.

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Why Greece, Oil Have Become 'Villains' for Indian Markets

Greece's economy might be small - G. Chokkalingam of Equinomics says it's just 0.3 per cent of global GDP - but its problems have roiled global ...

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Judy Asks: Are Greece and the Euro Compatible?

The snap Greek general election to be held on January 25 will be a test of whether Greece and the euro have a future together. So far, Greece has ...

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'Greek Freak' Uses Entire 7'3" Wingspan To Dunk Around A Defender From The Middle Of The Lane

Milwaukee Bucks forward Giannis Antetokounmpo, the 19-year-old Greek prodigy who's having a breakout year, made one of his most astonishing plays yet on Tuesday night. Antetokounmpo is 6'11" with a 7'3" wingspan, hence the "Greek Freak" nickname. He's also remarkably agile for his size. Against the Suns on Tuesday he drove into the middle of the lane from the side of the court, and on his way through the paint he reached out and dunked it with his right hand. He circumnavigated his defender with his length:  Two things. 1. What makes this so ridiculous is that he dunks from the middle of the lane without even driving straight to the basket. His momentum is actually taking him across the paint perpendicular to the hoop. He dunks from here: And lands here, on the other side of the lane: 2. Wow: The Bucks, which were purchased by Marc Lasry and Wesley Edens for $550 million last spring, are the NBA's biggest surprise team. Antetokounmpo has only been in the league for a year and a half. If he continues the grow at this pace, he could be a superstar.Join the conversation about this story »

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Greece Drains 1.625 bln Euros from T-bill Auction‏

Greek authorities on Wednesday successfully auctioned a six-month Treasury bill issue draining 1.625 billion euros from the market at a higher cost. The Public Debt Management Organization, in an announcement, said that the interest rate of the issue was set at 2.30 percent from 2.15 percent in the previous auction of same issue in December 10, 2014. Bids submitted totaled 1.975 billion euros, up 1.58 times from the asked sum. The organization also accepted non-competitive bids worth 375 million euros and will accept additional non-competitive bids up to 30 percent of the asked sum by Thursday, January 8. The auction was made with the market’s primary dealers and settlement date was set for Friday, January 9. (source: ana-mpa)

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A Lake Created By Accident Near Central Athens

Just 30 kilometers from central Athens on the eastern slopes of Mount Parnitha, at an altitude of 600 meters, there is a small artificial lake that seems to belong in a fairytale. The landscape resembles the Alps and is not at all reminiscent of Athens. Lake Beletsi, named after the nearby peak of Mount Parnitha, was created by accident in the 1970s. When construction on the area’s infrastructures began, a torrent mound was closed off. Water began to accumulate in the region, creating the 5,000 square meter lake, which reaches 5 meters in depth. Even though it was created by accident, the lake is now an oasis near central Athens, where the capital’s residents and visitors can enjoy their day. The area is also home to many migratory birds, while the lake waters are often filled with swans and ducks. The lake area has slightly altered, with benches and playgrounds so that everyone can enjoy the scenery. Meanwhile, there are several hiking and biking trails for people who love to exercise. Nearby, there is the Greek Orthodox Church of the Holy Trinity, where hikers can enjoy a breathtaking view of Athens.

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Oil slump drags eurozone into deflation – business live

All the latest economic and financial news, as the eurozone consumer prices index turns negativeSummary: pressure on ECB as inflation hits minus 0.2%Oil to blameWhat the experts sayEarlier:German unemployment at record low, Italy record highBrent falls below $50/barrelGeorge Osborne: Firms must pass savings onto consumers 2.05pm GMT Our economics editor, Larry Elliott, writes that the slide in the oil price should be welcomed, and ought to deliver stronger growth over time:What’s happened in the past six months or so is more of a supply shock. Sure, there has been a slight easing in global demand for crude caused by the slowdown in China and the stagnation in the eurozone. But this has been nothing like as dramatic as the collapse in activity during the winter of 2008-09. Instead, falling oil prices are more to do with over-supply from three big sources. The first has been the expansion of shale production in the US, the big structural change to the market since the financial crisis. The second has been the decision by Saudi Arabia to flood the market with cheap crude, thus forestalling any attempts by Opec to put a floor under the price by limiting output. The third has been increased production from countries – such as Russia – which are trying to protect their oil revenues as prices fall. 1.57pm GMT America’s trade figures should continue to benefit from the fall in the oil price, says Capital Economics’ Paul Dales: The more recent drop in oil prices will soon reduce the trade deficit by a further $5bn or so, to take it to a five-year low of $34bn. 1.48pm GMT The slide in the oil price has helped America narrow its trade gap.The US trade deficit hit an 11-month low of $39bn in November, compared to estimates of $42bn.U.S. trade deficit falls to $39B in November to its lowest level in 11 months: http://t.co/pepWTN0mT8 pic.twitter.com/uadbQ5k2Zb 1.36pm GMT Encouraging news from America -- US private firms created 241,000 new jobs in December, around 15,000 more than expected.November’s private sector payroll figures were also revised higher, to show 227,000 new jobs were created, up from 208,000 previously. 1.24pm GMT Investors continue to push down the value of Greece’s government bonds, ahead of its general election on 25 January.The interest rate, or yield, on Greek 10-year debt has risen to 10.7%, up from 9.6% last night.Bond buyers are preparing for Greece's economy to worsen. MT: @burgessansm Greek 10-Year Bond Yields Exceed 10% http://t.co/eoqQMptnVE#Greece's bonds roiled in the run-up to a Jan25 election, Greek 3yr bonds jumps by 168bps to 15.7% highest since 2012 pic.twitter.com/QzRyM2Pv3Q“We cannot go to a second round of elections,” said the socialist leader addressing the issue of a second vote taking place the following month if Greeks fail to elect a government on January 25. “If we waste February, too, the train will have derailed,” Venizelos told Skai TV insisting that Athens faced an excruciatingly tight deadline to conclude negotiations with creditors and draft a precautionary credit line to replace the bailout funds that formally ended last year. 12.49pm GMT Time for a recap.Pressure on the European Central Bank has intensified after the eurozone’s inflation rate turned negative for the first time since 2009.Europe sinks back into deflation. Ouch. http://t.co/RgF442gn8H pic.twitter.com/rWPDN7lwgO“Today’s figures pile yet more pressure onto the ECB to deliver a sizeable quantitative easing programme at its policy meeting later this month. But it’s too late to head off deflation now,” said “Without a rebound in oil prices, energy effects alone could push the headline inflation rate down towards -1 percent in the early months of this year and keep it in negative territory for most of 2015.”Το πρόβλημα της Ευρωζώνης σε ένα γράφημα... Οικονομία δύο ταχυτήτων pic.twitter.com/SfaPEz6xPd 12.34pm GMT Germany has led the opposition to a full-blown eurozone QE programme, arguing that buying up government bonds with new money would be ineffective and illegal.But Nick Beecroft, senior market analyst at Saxo Capital Markets, reckons the Bundesbank may now cave in at the next ECB meeting: “The news that the estimate for December Eurozone headline inflation fell to -0.2% yoy will surely set the seal on the ECB’s much anticipated introduction of Quantitative Easing and could serve to silence, or at the very least mollify, likely Governing Council dissenters, i.e. the Bundesbank. Very significantly, the descent into deflation was not due only to the recent precipitous decline in energy prices; food, alcohol and tobacco inflation also fell from 0.5% yoy to zero, yoy. 12.17pm GMT Danae Kyriakopoulou, economist at the Centre for Economics and Business Research, also argues that the European Central Bank may feel that the current deflation is the ‘good’ variety.Given that the ECB has for so long resisted QE even while some countries were in “bad” deflation, there may be little hope in expecting action now that deflation has spread to the rest of the bloc due to factors beyond its control. Overall, Cebr would welcome a move to QE but maintains its view that it would be insufficient to kick-start the recovery. A softer take on austerity and the setting of both fiscal and monetary policies in expansionary mode are imperative to avoid another crisis. 11.32am GMT The Wall Street Journal’s Richard Barley is also in the ‘low inflation is good’ camp.Strange days. Investors pay Germany to lend to it and everyone apparently wants the ECB to make oil and food more expensive. 11.31am GMT Back to the eurozone’s lurch into negative inflation (-0.2% in December).Samy Chaar, chief economist at Swiss bank Lombard Odier, argues that Europe is experiencing ‘good’ deflation, thanks to the falling energy prices Though prices contracted by 0.2% in December, core prices (excluding energy, food, alcohol and tobacco) remain stable at 0.8% (slightly increasing by +0.1%). The figures indicating prices fell are skewed because of the low oil price, which means there is slightly less pressure.Nonetheless, this forces the hand of the ECB and the data still makes the case for Draghi to act because of recent signals, market expectations, and the Greek saga. Quantitative easing might stabilise inflation expectations –the key driver of inflation – but the central problem is one of liquidity. 11.15am GMT Ah.... it appears that a false rumour that Saudi Arabia’s King Abdullah had died also pushed up the oil price in the last hour:spurious rumour of #Saudi king passing away cited as reason for move higher in #crude.. Saudi market still up +1.7% so unlikely to be true.. 11.01am GMT Europe’s stock markets are now rallying, on speculation that the ECB will announce a new stimulus programme soon.The FTSE 100, German DAX and French CAC indices are all up around 1.1%. 10.52am GMT There is no improvement in Europe’s jobless crisis. The eurozone unemployment rate was unchanged in November 2014 at 11.5%.As usual, the lowest unemployment rates were recorded in Austria (4.9%) and Germany (5.0%), and the highest in Greece (25.7% for September 2014) and Spain (23.9%). More details here. 10.50am GMT Nick Kounis, economist at ABN Amro, predicts that eurozone inflation will remain negative for several months:We expect headline inflation to remain negative over the next few months. The exact path depends crucially on oil prices. If they were to remain at current levels, inflation would likely remain negative until June of this year. Having said that, core inflation is likely to move sideways. Despite high unemployment, there is little disinflationary pressure coming from the labour market. In addition, import prices (outside of oil) will rise due to the fall in the euro.The Greek issue could complicate the announcement. We expect the ECB to announce that it will embark on a large scale asset purchase programme, including sovereign bonds, at its January meeting. However, it may well hold off from providing any further details until March, giving it a chance to see how the situation in Greece turns out. 10.41am GMT Economists can get into quite a lather arguing about what, exactly, counts as deflation.Back in 2008, ECB board member Lorenzo Bini Smaghi argued that prices would have to be falling for some time before an economy was truly in the grip of deflation (speech here). So you could argue that we’re only seeing disinflation right now......To all the 'deflationists', the usual reminder: deflation, if you can define it, has to be broad-based and protracted http://t.co/Xlue8h9BgF 10.39am GMT The euro is weakening, down 0.33% today to a new nine-year low of $1.1846 against the US dollar. 10.26am GMT Jeremy Cook, chief economist at the international payments company, World First, argues that oil cannot take all the blame for Europe’s slide into negative inflation. The European Central Bank must take some of the blame, he says:“You will only need one guess as to what represents the biggest nail in the European inflationary coffin.“A 6.3% fall in oil price inflation in the year to December has put year-on-year prices into negative territory for the first time since 2009 in the Eurozone. 10.20am GMT Here’s some of the best instant comment on the news that the eurozone inflation rate has turned negative: it may be oil-driven, and oil prices may go back up. but this is still significant. #deflationIf you're a euro hawk and are relying on core inflation of 0.8%, you've already lost the argumentBeautiful. Pro QE camp can use headline inf for their argument, hawks are being served with core inf. Let the fight begin. #ECB #QE #DraghiCore Eurozone inflation has been below 1% in 13 of the last 15 months. This is about more than oil. 10.18am GMT One important point – core inflation across the eurozone rose in December, to +0.8%.Core inflation strips out volatile measures such as food and energy prices, so central bankers see it as a better measure of underlying inflationary pressures. 10.11am GMT The eurozone is officially back in deflation. Consumer Price index fell by 0.2% Y/Y in December 2014: pic.twitter.com/Z6C2UIlBVG 10.11am GMT The drop in eurozone inflation is due to the slump in the oil price -- as this chart from Eurostat shows:Euro area annual inflation down to -0.2% in December 2014 - flash estimate from #Eurostat http://t.co/LvqHgCcf0j pic.twitter.com/TTKnlWvdEx 10.03am GMT If you really want a current 1930s economic analogy the Eurozone is the place to look. 10.02am GMT BREAKING: The eurozone has fallen into deflation.Harmonised consumer prices across the single currency region fell by 0.2% annually in December, according to Eurostat. 9.56am GMT Just a few minutes to go until the eurozone inflation data, and jobless rate, is released.Economists expect to see the consumer prices index fall into negative territory, at minus -0.1% year on year.Due at the top of this hour: Eurozone CPI estimate for Decc, the market expects -0.1% ^KB #FX #EUR 9.47am GMT Michael Fuchs, a senior member of Angela Merkel’s party, has reportedly blamed Italy’s dire unemployment rate on its failure to reform its economy.Here are the newswire snaps:*FUCHS SAYS RECORD ITALY UNEMPLOYMENT IS DUE TO LACK OF REFORMS*FUCHS SAYS `ITALY HAS TO DO ITS HOMEWORK' 9.41am GMT Consumer group uSwitch has urged utility firms to feed the slump in energy prices onto their customers, and criticised the industry for not acting faster.Tom Lyon, uSwitch.com energy expert, says: “It’s only right that consumers should benefit from lower wholesale energy costs. Whilst quick to pass on rising costs, the big six energy suppliers are yet to reduce bills for the majority of their customers who are on standard tariffs.“It’s now high time for one of the big six to cut their standard prices and help hard-pressed households, and lay down the gauntlet to the others to do the same. 9.33am GMT A reminder of the struggle faced by young people in Italy looking for work:Italy Nov Youth Unemployment Rate 43.9% vs 43.3% in Oct pic.twitter.com/YL5bPyySsP 9.30am GMT Brent crude oil has inched back over the $50 per barrel mark, but is still down 1.6% today. 9.24am GMT If Dickens was writing the story of Europe’s economic plight, he might reprise A Tale of Two Cities – Berlin and Rome.Data just released shows that Germany and Italy’s fortunes continue to diverge, and workers are feeling the impact. Italy touches new unemployment record. Yet country seems resigned to decline, afraid of innovation and reforms, stuck in a sorry status quo 9.00am GMT In the City, the slide in the oil price is hurting the energy sector.Weir Group, the Glasgow-based engineering firm which serves the industry, is leading the FTSE 100 fallers, down 1%. Exploration firms Tullow Oil and BG Group are both down 0.8%. 8.39am GMT UK motorists should hopefully see the benefits of the lower oil price on the forecourt soon. Although, as consumer journalist Paul Lewis points out, only a small proportion of the petrol price actually pays for the hydrocarbons. Brent crude falls below $50 a barrel. That is 159 litres. So oil is about 20p a litre. Unleaded average 111p of which 76.45p is duty and VAT 8.32am GMT US crude oil is also being driven lower -- down another 1.5% below the $47/barrel mark. 8.27am GMT The speed of the slump in the oil price mirrors the selloff in autumn 2008, when Brent fell from around $100/barrel to just $36/barrel after the collapse of Lehman Brothers.The low prices are a result of high output clashing with sluggish demand, especially in Europe, which is still struggling with its debt crisis, and in Asia, where China’s growth is slowing and Japan is battling recession.On the demand side, output from North American shale producers remains high, although drilling is slowing, and producer club OPEC has so far resisted calls to cut production in support of prices. 8.04am GMT The slump in the oil price is undoubtedly good news for the global economy, argues Boris Johnson’s economic advisor, Dr Gerald Lyons:There seems to be lot of debate about weak oil prices. As these reflect ample supply not collapsing demand the net effect is good for world. 8.03am GMT Wow!!! Bloomberg breaking news: Brent Crude Falls Below $50 Per Barrel for First Time Since May 2009 8.01am GMT Brent Crude has just fallen below the $50/barrel mark for the first time in five and a half-years.The benchmark oil price has shed another 2% this morning, as the oil price continues to be pushed down by global economic growth fears and excess supplies.#Brent crude falls below $50/BBL for 1st time since May 2009“I would not be surprised if the price falls to as low as around $20... It is purely due to supply and demand. There is a ceiling for oil because high energy prices dampen economic growth.”Oil price was $53 pbl last night - lowest in 5yrs. Vital this is passed on to families at petrol pumps, through utility bills and air fares 7.55am GMT The fall in the oil price is hurting Russia’s currency -- the rouble has lost another 0.5% this morning to 63.5 roubles to the US dollar.#Russia Ruble continues to drop in sync w/ #oil. Now 63.70 per Dollar as Brent has hit fresh 5.5yr low at $50.22/bbl. pic.twitter.com/U6b23fdsiM 7.47am GMT Brent crude oil is weakening further, and is now just a few cents above $50/barrel.Brent about to break through $50 a barrel pic.twitter.com/FsgD9fHvkTTwitter, get ready for the " #Brent #Crude #Oil hits $50" storm... just got within 3 cents... 7.46am GMT This chart shows how the cost of Brent crude has halved since last summer, down to the brink of $50. 7.30am GMT Today’s selloff means Brent crude could fall below $50 today, suggests Bloomberg’s Andrew Barden:Here's an #oil chart to start your day. Will #Brent follow #WTI south of $50 today? #FreeFall pic.twitter.com/GMsRjncjej 7.28am GMT The oil price has continued to fall overnight, pushing Brent crude down towards the $50 mark for the first time since the last global downturn in 2009.Brent has shed another 1.6% so far today, or $0.87 per barrel, to just $50.22. That’s a new five and a half-year low.Oil prices continue to drop, Brent just shy of $50/bbl. Petrodollar drought is risk for mkts. http://t.co/ez9mmBC1Tz pic.twitter.com/obeU2G7gJuHow $50 oil changes almost everything http://t.co/N924K3qWx9 pic.twitter.com/AR0XBBh569 7.24am GMT Good morning, and welcome to our rolling coverage of events across the world economy, the financial markets, the eurozone and business.Today could be D-Day for Europe’s struggling economy. D for Deflation, that is.The oligarchs are high on our agenda,” George Stathakis, the shadow development minister and Syriza’s senior economic spokesperson said in an interview with the Financial Times. “They will be a priority for action.”Wednesday's FT: Greek hard-left party pledges to loosen economic grip of ‘oligarchs’ #tomorrowspaperstoday pic.twitter.com/QfScnnHaRXSainsbury's l4l sales down 1.7% over Christmas - not as bad as feared - so taken share from or are the major grocers fighting back? Continue reading...

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Germany says not planning for Greek euro zone exit

Mass-selling Bild said the government was running scenarios for Greece's Jan. 25 election, including a run on Greek banks, in case of a victory by the left-wing Syriza party, which wants to cancel austerity measures and a part of the country's debt.

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