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Friday, January 23, 2015

PM Samaras Calls for Unity, Says SYRIZA Undermines Greece’s Future

Greek Prime Minister Antonis Samaras on Friday called on Greeks to unite and fight during his main pre-election speech in Athens. The Premier slammed main opposition SYRIZA for “undermining the country and its future.” Samaras started his speech from the European Central Bank’s (ECB) announcement on Thursday that it will launch its massive liquidity program, saying the plan gives many opportunities to Greece but these will be jeopardized if SYRIZA wins. “Europe is returning to growth. Greece needs this money, more than one trillion euros from Draghi’s program and 300 billion from (Jean-Claude) Juncker’s package, more than anyone and the country will have it because on Monday New Democracy will be government,” he said. “But when it rains money in Europe, they hold an umbrella. Because SYRIZA decided Draghi and Juncker’s packages are nonsense.” The New Democracy leader noted that for Greece to secure liquidity from ECB’s program, it will have to complete the review with the Troika and reach a deal for the day after the exit from the bailout program. “Our party was there and we will finish it,” he said. But SYRIZA does not recognize the program or the review; they reject the program, the liquidity, the investments, Samaras said. “They say ‘no’ to the dreams of youngsters who hope to find jobs through investments.” The Premier reminded his audience that when he took office two and a half years ago, the country was in the middle of a storm. “Whatever I did, I did it with my partners for one reason; so that Greek youth will have a hope. Abroad, I faced everyone’s mistrust and domestically, I was undermined by those who now criticize us. We worked day and night to keep the country on its feet,” Samaras said. “It would have been easier to promise things but where would Greece be after that?” he asked. The Prime Minister also stressed how Greece started standing on its own feet little by little. “We set the foundations for growth and a real hope. We eliminated deficits, the economy is picking pace, revenue increased in the last quarter. The country is stabilizing, we restored our credibility and now they have blown everything to pieces and dragged the country to elections,” Samaras said. He noted the opposition has brought back economic and political uncertainty but the “Tsipras accident will not happen.” He went on to explain that the pressures that can be placed on the country can be crushing. “How? By stopping liquidity flow. This is the accident that must not happen.” Samaras reminded that this is what happened in Cyprus, where the government was forced to impose limitations in capital movement and people could not withdraw money. This is something that could happen to Greece but New Democracy will not allow it to happen, he said, adding that the opposition has no idea what they will negotiate about, with whom and how. “If the country asks for more loans, they will impose more conditions. SYRIZA will not change Europe but it will turn it against Greece. This is why we all go to vote on Sunday.” (source: ana-mpa)


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Greek Elections: Syriza Victory Could Rally Anti-Austerity Groups In Ireland, Italy and Spain

Syriza had a 6.7 lead over rival New Democracy on Friday, indicating it would take roughly 33.4 percent of the seats in the new Greek parliament.


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Goldman Sachs: Govt-Troika Agreement More Important to Reducing Borrowing Costs Than ECB Decision

Quantitative easing, announced on Thursday by European Central Bank President Mario Draghi, is not going to be as influential in reducing Greece’s borrowing cost as will an agreement between the government formed after Sunday’s national elections and the Troika of the country’s creditors, according to a Goldman Sacks report published Friday. In the report titled “Greece: Uncertainty to Persist and Peak Well After the Elections,” the investment banking firm said, “As opposed to yields across euro area countries, quantitative easing is not going to be a key factor in the process of the reduction of funding costs for the Greek government and private sector. An agreement that ensues following this Sunday’s election between the government and the Troika is much more important in order for capital markets to open up again for the sovereign and the private sector alike.” As the majority of Greek debt is held by the Eurozone’s official sector, it said, the level of official interest rates over time and the maturity of debt are much more central in determining how easily the existing government debt stock is serviced. The report noted that Greece requires official sector funding to meet its obligations in 2015 – between 6 billion and 15 billion euros, depending on economic assumptions. Without that funding, a potential default would ensue. The two main parties at risk are the International Monetary Fund (IMF), with about 8.6 billion euros maturing in 2015, and the European Central Bank (ECB), with about 7 billion euros maturing. If Greece defaults, particularly with the ECB, the most likely repercussion is that the ECB would likely limit its exposure in relation to the Bank of Greece (BoG). This implies that the ECB would no longer provide cash to Greek banks to withstand fresh withdrawals of deposits. This can happen if the ECB refuses to extend further Emergency Liquidity Assistance (ELA). “In such an event, the domestic economy would contract under cash withdrawal limitations and Cyprus-style capital controls,” it said. At the same time, the export economy would also shrink as letters of export credit by Greek banks would not be accepted in the global banking system and transactions would be cash-settled (a phenomenon witnessed during the 2011–2012 crisis). The report said that an agreement with the Troika is necessary to avert such a negative outcome for the Greek economy and for Greek bonds and stocks. Such an agreement would be reasonably straightforward under an administration led by New Democracy, given their election commitments. In contrast, it said, main opposition SYRIZA has pledged to pursue an alternative economic plan, which is at odds with the program framework of the last four years. Voting in favor of economic programs has, in the past, been costly for parties with a long history and established government credentials. “During such processes, PASOK and New Democracy have shed not only MPs, but also voters’ backing and internal cohesion. SYRIZA would likely be no exception to this experience,” Goldman Sachs said of a parliamentary effort to approve such an agreement. Moreover, expectations (for MPs and the public) have been set quite high during the election campaign. Disappointing those expectations could prove quite costly. The firm said that a key to negotiations, if SYRIZA wins the elections, is who will be appointed Finance Minister, as that person will be “called on to set the negotiation tone and manoeuver in the event of an impasse in negotiations.” “The key question in the event that SYRIZA wins the election becomes whether a compromise between international lenders and SYRIZA is possible. While a compromise is possible, SYRIZA would need to make major concessions relative to its current program. SYRIZA said it has communicated that it is ready to commit to specific reforms at the negotiation table that would likely be viewed in a positive light by the Troika (in the areas of public sector administration and tax administration reform), helping to reduce some of the lenders’ demand on the margin. “But the gap that separates the economic philosophy of the two sides is large in key areas (such as budget targets, pension system sustainability, labor market reforms and legislation, privatizations and public sector headcount),” the report said. “Lenders are willing to pay the cost of heightened default uncertainty in Greece rather than provide funds for policies that reverse the reforms that have taken place and deviate from economic orthodoxy,” it said in conclusion. (source: ana-mpa)


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Greek Elections: On Verge of Victory, Europe's Ascendant Left Declares “Subservience is Over”

Greek opposition leader and head of radical leftist Syriza party, Alexis Tsipras (L) and Spanish Podemos party Secretary General Pablo Iglesias wave ...


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Boyne Highlands says U-M Greek orgs' damages total '$25000, and those figures are growing'

University spokesman Rick Fitzgerald released a statement Thursday evening saying the university's Office of Greek Life is requesting indefinite ...


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Greece Could Shift to Left in Election

"It's a party which has grown on the back of a great dissatisfaction with the old establishment parties that ruled Greece for 40 years, and also with a ...


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Greece Could Shift to Left in Election

"It's a party which has grown on the back of a great dissatisfaction with the old establishment parties that ruled Greece for 40 years, and also with a ...


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Alexis Tsipras: Greece's radical or realist?

Angry at education reforms proposed in late 1990 by Greece's centre-right government that would have slashed benefits such as free textbooks, ...


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Everybody Expects Syriza to Win. Then What?

It's now clear that Syriza, the anti-austerity party that wants to tear up Greece's bailout deal with international creditors, will win the election in Greece ...


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Greek leaders in final poll pleas

… ;dignity" to Greece. He wants to renegotiate Greece's debt … to the former Greek currency. He also warned that Greece could miss … expected Greece to uphold the terms of its international bailout agreement. Greek …


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The last stand of Greece's ruling elite

… up the atmosphere by waving Greek flags, beating drums, singing slogans … seven-year recession and widespread unemployment, Greece’s economy is finally starting … fears for Greece’s future in the bloc. “I want Greece, despite …


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Greece’s Samaras Appeals to Voters Ahead of Polls

ATHENS—Greek Prime Minister Antonis Samaras warned Friday that promises made by the main opposition party Syriza to end austerity imposed by international creditors could result in the country crashing out of the eurozone. In a last-minute attempt to win ...


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Financially wounded Greece votes in an election that might not heal

"I will drive you to the wound of Greece. It won't take long."


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Syriza party win in Greek election unlikely to hurt Chinese investment

Greek anti-austerity party Syriza is likely to win the nation's election tomorrow, but analysts say the odds of Greece exiting the euro zone and causing significant financial disruption to global investors, such as China, are slim.


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DAVOS WATCH: Hollande, King Abdullah, Draghi, Greek vote

DAVOS, Switzerland (AP) — The World Economic Forum held in the Swiss ski resort of Davos has the official goal of "improving the state of the world." In practice, it's a massive networking event that brings together 2,500 heads of state, business leaders, philanthropists and artists.


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Sapin: Amount of time given to Greece decided on Monday's Eurogroup

Discussions are to dwell on how long can Greece be self contained as far as liquidity is concerned


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Greek elections: Party leaders make final calls for votes

Greek Prime Minister Antonis Samaras has made a final appeal to voters ahead of Sunday's general election, with his party behind left-wing Syriza in polls. Mr Samaras said that despite years of austerity, the country was showing signs of recovery.


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Greek anti-austerity party holds lead before Sunday elections

ATHENS (Reuters) - Greece's leftist Syria party held onto its opinion poll lead on Friday as it campaigns to form the first euro zone government committed to scrapping austerity outright after elections this weekend. With the fate of Greece's 240-billion ...


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Greek Theatre, LA Ranks Among Top 10 Venues in the World

The Greek Theatre in Los Angeles was ranked among the Top 10 venues worldwide based on the leading industry trade publications, Pollstar, Billboard and Venues Today magazines' 2014 Year-End Rankings of the top amphitheatres.


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Greek leftists set for big win. Now comes the hard part: swaying Europe.

This dreary office complex off a rundown square in downtown Athens doesn't look like the place where the future of not just a country, but the whole European Union, might be shaped. Otherwise, it is eerily quiet on a recent day at the base of Syriza, the left-wing party poised to win parliamentary elections in Greece on Sunday. While Syriza leader Alexis Tsipras says he wants to stay in the ...


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Germany Has No Grexit Model

Germany has not modeled a potential Greek exit — the so-called "Grexit" — from the 19-nation Eurozone, Germany's Finance Minister insisted The post Germany Has No Grexit Model appeared first on The National Herald.


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Poisoned KGB Agent Said Putin Has A 'Good Relationship' With One Of The World's Top Mobsters

Before his death by poisoning, ex-KGB spy Alexander Litvinenko, recorded a tape. In it, he claims that Russian President Vladimir Putin had a "good relationship" with one of the most notorious mobsters in the world, a Ukrainian man named Semion Mogilevich. The Federal Bureau of Investigation believes that Mogilevich, one of the top 10 most wanted fugitives, has spent the last few decades trafficking drugs, trading nuclear material, and orchestrating contract murders and international prostitution. Indicted in 2003 for countless fraud charges, Mogilevich now primarily lives in Moscow. His location allows him to maintain close ties to the Bratva, or The Brotherhood, aka the Russian mob. The 'Boss Of Bosses' A 5'6" and a portly chain smoker, Mogilevich is known as "boss of bosses" in one of the biggest mafia states in the world. Born in 1946 in Kiev, Ukraine, Mogilevich once acted as the key money laundering contact for the Solntsevskaya Bratva, a super-gang based in Moscow. He has since held over 100 front companies and bank accounts in 27 different countries, all to keep the cash flowing. In 1998, the FBI released a report naming Mogilevich as the leader of an organization with about 250 members. Only in operation only four years, the group's main activities included arms dealing, trading nuclear material, prostitution, drug trafficking, oil deals, and money laundering. Between 1993 and 1998, however, Mogilevich caught the FBI's attention when he allegedly participated in a $150 million scheme to defraud thousands of investors in a Canadian company, YBM Magnex, based just outside Philadelphia, which supposedly made magnets. With his economics degree and clever lies, Mogilevich forged documents for the Securities and Exchange Commission that raised the company's stock price nearly 2,000%. When asked about YBM by BBC in 2007, Mogilevich replied: "Well if they found old-fashioned hanky panky [i.e., suspicious activity], it's up to them to prove it. Unfortunately, I don't have access to FBI files." "What makes him so dangerous is that he operates without borders," said Special Agent Peter Kowenhoven, who has worked on Mogilevich's case since 1997. "Here’s a guy who managed to defraud investors out of $150 million without ever stepping foot in the Philadelphia area." In 1998, the Village Voice reported on hundreds of previously classified FBI and Israeli intelligence documents. They placed Mogilevich, also known as "Brainy Don," as the leader of the Red Mafia, a notorious Russian mob family infamous for its brutality. Based in Budapest, members held key posts in New York, Pennsylvania, Southern California, and even New Zealand. "He's the most powerful mobster in the world," Monya Elison, one of Mogilevich's partners in a prostitution ring, told the Voice. He claimed he's Mogilevich's best friend. Geopolitical Influence Arguably one of Mogelivich's most concerning characteristics is his influence in Europe's energy sector. With only a $100,000 bounty on his head, he controls extensive natural gas pipelines in Russia and Eastern Europe. Right now, Russia supplies about 30% of Europe's gas. Ironically, the country's largest pipeline to the rest of Europe shares a name with the mob — Bratstvo. John Wood, a senior anti-money laundering consultant at IPSA International wrote an entire report on Mogelivich. According to his research, the Ukrainian-born Russian mobster had long planned his stake in Europe's gas. In 1991, Mogilevich started meddling in the energy sector with Arbat International. For the next five years, the company served as his primary import-export petroleum company. Then, in 2002, an Israeli lawyer named Zeev Gordon, who represented Mogilevich for more than 20 years, created Eural Trans Gas (ETG), the main intermediary between Turkmenistan and Ukraine. Some reports show that Gordon registered the company in Ukrainian oligarch Dmitry Firtash's name. After that, Russia’s energy giant Gazprom and Ukraine's Centragas Holding AG teamed up to establish Swiss-registered RosUkrEnergo (RUE) to replace ETG. Firtash and Gazprom reportedly roughly split the ownership of RUE. In 2010, however, then prime minister of Ukraine, Yulia Tymoshenko, said she had "documented proof that some powerful criminal structures are behind the RosUkrEnergo (RUE) company," according to WikiLeaks. Even before, the press had widely speculated about Mogilevich's ties to RUE. Although Firtash has repeatedly denied having any close relationship with Mogilevich, he has admitted to asking permission from the mobster before conducting business in Ukraine as early as 1986, Reuters recently reported. At the request of the FBI, Firtash was arrested in Austria for suspicion of bribery and creating a criminal organization. Mogilevich may even have a working relationship with Russian President Vladimir Putin, according to a published conversation between Leonid Derkach, the former chief of the Ukrainian security service, and former Ukrainian president Leonid Kuchma. "He's [Mogilevich] on good terms with Putin," Derkach reportedly said. "He and Putin have been in contact since Putin was still in Leningrad." A Free Man In 2007, Mogelivich told BBC that his business was selling wheat and grain. In 2008, however, Russian police arrested Mogelivich, using one of his many pseudonyms, Sergei Schneider, in connection with tax evasion for a cosmetics company, Arbat Prestige. Mogilevich ran that company with his partner, Vladimir Nekrosov. Three years later, the charges were dropped. Considering the US doesn't have an extradition treaty with Russia, as long as Mogilevich stays within Putin's borders, the "boss of bosses" will likely remain a free man. He's believed to have Russian, Israeli, Ukrainian, and Greek passports.SEE ALSO: Putin Just Tightened His Control Of The East Black Sea Join the conversation about this story »


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Greece isn’t taking a soft option – the people demand real change

If Syriza triumphs in the Greek election, it won’t be because of nostalgia for the bad old days, but a desire for reformThe posters on Athenian bus shelters look like windows to another world: bright colours glimpsed through cut-out letters that read “Hope is coming”. People walk past grey-faced, hunched, caught up in their own trouble. Continue reading...


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Greek elections: what are your hopes for the future?

As Greece prepares to vote in early elections with polls putting radical leftwing party Syriza in front, share your hopes and fears for the future of your countryAre you one of Greece’s 9.8 million voters? We want to hear your hopes and fears for the future of the country. What is the best possible outcome – and what’s the worst?Greece will vote for one of eight political parties on Sunday in what will be a very closely watched election. There are two clear favourites. Alexis Tsipras’ radical left Syriza party – an alliance of Marxists, socialists, Maoists, Trotskyists and greens – has seen its popularity soar in recent weeks. Its anti-austerity promises, either through debt forgiveness inside the euro or a debt-free life, are proving popular. On Tuesday, the University of Macedonia’s poll put it 6.5 percentage points ahead of the ruling centre-right New Democracy party. Continue reading...


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EU Parliament President: Merkel Trusts the Greeks

Just 48 hours ahead of the critical Greek general elections, European Parliament President Martin Schulz called Europe for a fair treatment toward Greece. In an interview with German newspaper Hannoverschen Allgemeinen Zeitung, Schulz underlined that “in order to achieve a steady economic development and serious debt reduction, a fair partnerships framework is necessary, not threats.” Schulz highlighted that what Greece needs now is “a smart policy mix that consists of measures to stabilize its finances, structural reforms and investments in sectors of the future that lead to sustainable development.” Furthermore, he expressed his estimation that German Chancellor Angela Merkel “trusts the Greeks to stand on their feet, on their own.” Finally, commenting on the negative climate within Greece, Schulz said that despite the negative climate, there is no one that can blackmail the European Union or Germany.


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SYRIZA Leader Tsipras: New Greek Govt to Negotiate With Creditors Until July

Greek main opposition SYRIZA leader Alexis Tsipras, addressing a press conference earlier today, dismissed suggestions that Greece will have to complete its international bailout program review by the end of February, saying that a SYRIZA-led government would have until July to negotiate with the European Union and the International Monetary Fund (IMF). According to Tsipras, the European Central Bank’s (ECB) plan to stimulate growth and address the threat of deflation, announced yesterday by its President Mario Draghi, set the de facto timeframe for the negotiations with Greece’s creditors. It should be noted that, as it was unveiled, Greece will not be eligible for the ECB purchase of government bonds program until July. “Yesterday’s announcement sets the timeframe for the negotiations and this timeframe is by July – the same timeframe we have set – and not February 28. I am certain we will find a viable, mutually acceptable solution by then,” Tsipras highlighted. SYRIZA officials have already publicly admitted that the leftist party was already planning to ask for additional time beyond February in order to complete the negotiations with the country’s lenders, but at the same time they have resisted asking for an extension to the bailout, which they strongly oppose. The current Greek coalition government of New Democracy and PASOK has been trying to wrap up the final review under the 240-billion-euro bailout program, although the inspection froze due to the snap general elections to be held in 48 hours. According to the schedule, though, the bailout agreement with the country’s partners is expiring on February 28 and Eurozone officials have already suggested that Greece might need to ask for a program extension. Regarding his first contacts with foreign leaders, if elected, Tsipras said he is planning to make an official visit to Cyprus first, while when asked if the first meeting will be with German Chancellor Angela Merkel, he replied “I do not see Mrs. Merkel as someone very different from the rest of the 28 EU leaders. The negotiation will be on a European level, where we have supporters.” Finally, Tsipras promised that the Greek people’s savings will be safe if SYRIZA takes power. It should be noted that all opinion polls conducted since the announcement of the snap elections have given SYRIZA a steady lead over New Democracy. This lead has also widened during the last days, bringing the anti-austerity SYRIZA party closer to forming a self-reliance government.


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Greek Opinion Poll Gives SYRIZA a 5.5% Lead Over New Democracy

Greek main opposition SYRIZA has a 5.5 percentage point lead over ruling New Democracy in a new nationwide opinion poll conducted for “Vergina TV” and published on Friday. Based on the poll results, 30.1% of respondents said they would vote for SYRIZA in the Sunday election, 24.6% for New Democracy, 5.5% for Golden Dawn, 5.0% for “To Potami,” 4% for the Greek Communist Party (KKE), 3.9% for PASOK, 2.2% for the Independent Greeks (ANEL), 1.6% for the Socialist Democrats Movement (KIDISO) and 0.8% for Greens-Democratic Left (DIMAR). A further 4.7% chose a party other than the above, 5.2% said they would cast a blank/invalid vote and the percentage of undecided voters was a significant 12.5%. Greek Prime Minister Antonis Samaras was selected as most suitable for Prime Minister with 38% and SYRIZA leader Alexis Tsipras with 32%. The poll was conducted on January 22-23 by telephone interview using a sample of 1,005 people. In the previous opinion poll for “Vergina TV,” published a week ago, SYRIZA had 30% and a 1.9-point lead over New Democracy, with 28.1%. (source: ana-mpa)


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Greek tax payments dry up ahead of election

Taxpayers bet poll favourite Syriza party will ease fiscal policy


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The Guardian view of the Greek election: respect the outcome

Whatever the result, the eurozone should not reject the voters’ verdict on Sunday but work with itIt is inevitably tempting to see Sunday’s general election in Greece as a make-or-break moment, which could determine the fate of post-crash economic austerity across Europe as a whole. Greeks could decide on Sunday to honour their commitments to creditors, pursue structural reforms and make further cuts in public spending. Or they may reject the conditions that the European Union, the European Central Bank and the International Monetary Fund have attached to the bailout programme, and demand debt relief and other changes to ease the impact of austerity. The outcome is being watched by the peoples and the governments of Europe, and by financial markets too.Some of the hopes and fears, however, may be overblown. The eurozone has stronger defence mechanisms than was the case when the financial crisis broke out, including the quantitative easing programme announced by the ECB this week. Most Greeks also want to remain within the EU and the eurozone. Alexis Tsipras, the leader of the leftwing Syriza movement, which is leading in the polls, has accordingly been trying to calm some of the worries in Brussels and, in particular, Berlin, about his party’s likely intentions. If Mr Tsipras needs to form a coalition after Sunday, further compromises may be necessary. Continue reading...


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"Greece Is Likely To Elect The Most Leftist Government Europe Has Seen In Decades"

Greece could set a new course for itself and for Europe in this Sunday's elections, empowering the party that opposes the disastrous cuts to public ...


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Russell Indexes Will Greek Markets Have a Post-Election Bounce or Will Grexit Concerns Continue to Weigh on Investors

SEATTLE, WA--(Marketwired - Jan 23, 2015) - Greece has a tendency to come under pressure leading into elections in recent years, only to rebound post-election. As the country approaches a new ...


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Strib Biz Live A king dies Greek election GE Honeywell results

The ECB's stimulus, which has dominated headlines for two days now, is overshadowing the prospect of a change in the Greek government in elections this weekend, a turn that could lead to the end ...


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Euro Extends Decline On ECB Stimulus Greek Elections Weigh

The euro continued its early fall against its major rivals in European morning deals on Friday, in reaction to the European Central Bank's decision to launch EUR60 billion a month bond buying ...


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Greek Left-Wing Party Says No to EU Austerity Ahead of Election

MOSCOW, January 23 (Sputnik) – The leader of the Greek leftist Syriza party, Alexis Tsipras, said his party would put an end to the unpopular austerity measures imposed by EU bankers if it wins ...


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Greeks Doubtful Election Will Speed Economic Recovery

Greeks go to the polls this Sunday in early parliamentary elections. An anti-bailout leftist party is leading in the polls, but the election could still end in deadlock. ...


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What to expect from the Greek elections

The Greek parliament has 300 seats, so any government would need to control at least 151 seats to have a majority. Greek electoral law awards 50 ...


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European shares gain after ECB boost, led by Greek stocks

LONDON, Jan 23 (Reuters) - European stock markets rose on Friday after the European Central Bank's decision to buy government bonds, with Greek ...


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A look at who's in the running for the Greek elections

The vote, held more than a year early, has once more raised the specter of Grexit _ a Greek exit from Europe's joint currency. (AP Photo/Thanassis ...


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Angela Merkel: I want Greece to remain part of the eurozone

… the Greek economy. Analysts say his threat to renege on Greece’s … principles lies solidarity. I want Greece, despite the difficulties, to remain … socialists from the once dominant Pasok party, has a lead of …


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Don't Cry For Greek Entrepreneurs, Cry For Greek And German Bureaucrats!

Disclosure: I own shares of GREK   As Greek citizens head to the polls this Sunday, there appears to be gloom and doom -- over the prospects for the Greek economy if the election yields a regime that doesn’t adhere to the country’s debt obligations.   In our opinion, this gloom and doom is totally unjustified, [...]


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Goldman Sachs: Greece needs troika cash to avoid a Cyprus-style bank shutdown

The report focuses on the successor of current Finance Minister Gikas Hardouvelis


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Another 2 opinion polls show SYRIZA lead; GD, Potami vie for 3rd place

related posts SYRIZA leads in six opinion pollsGreek elections: A rainy day for votingAnother two high-profile opinion polls were released over the last 24 hours in Greece ahead of Sunday’s snap general elctions, with both showing a comfortable lead by leftist SYRIZA over ruling center-right New Democracy party — a result confirmed by previous polls […]


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Greeks go to the polls on Sunday in yet another critical election. A glance at who's who

Greece goes to the polls Sunday in a snap general election that has thrown into question whether the country will abide by the terms of its international bailout agreement if the left-wing Syriza comes to power.


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German chancellor wants Greece to remain in eurozone

German Chancellor Angela Merkel says Berlin wants Greece to remain in the eurozone as the polls show that anti-bailout opposition party Syriza is ...


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Tsipras promises to restore 'dignity' to Greece

The leader of Greece's left-wing Syriza party vowed Friday to restore "dignity" to the hugely-indebted country if as expected they win Sunday's general election. Alexis Tsipras, 40, has campaigned on a pledge to renegotiate Greece's 318 billion euro ($357 ...


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Here's Why The ECB Held Off Launching QE Until Now

The European Central Bank (ECB) provided a welcome boost to European markets by announcing a larger-than-expected €1.1 trillion (£824 billion) asset purchase programme on Thursday, but questions have been raised over why it waited so long to launch it. Here's one of the best theories we've found to explain it. The eurozone's inflation rate has been falling since late 2011 and has been below 1% since October 2013. That is substantially short of the ECB's target of "below, but close to, 2%". Despite this the central bank appeared comfortable watching it fall still further until it finally fell dropped to -0.2% in December (that is, prices across the region were falling). So why did the ECB wait until Europe was flirting with deflation before taking bold action? Dan Davies offers one possible and (to my eyes at least) compelling explanation (emphasis added): "I spent most of 2014 telling people that there was no chance of ECB QE until early in 2015. My reasoning was that a big intervention program could only have any chance of working if the banking system was able to support it by expanding credit, and that Mario Draghi knew that there was no point in pouring central bank funds into the leaky bucket of the Euroland banking system until the Asset Quality Review was finished. That happened late in October, and nothing happens in November or December, so January was the first possible month. This wasn’t any particular piece of predictive genius on my part, by the way — it was always the plan and he said so, in so many words, in a number of interviews and speeches. The year of 2014 had always been written off by the ECB as far as policy went, as a year in which the underlying problems in the banks had to be dealt with before there was any point starting anything else." The Asset Quality Review (AQR) was effectively a health check of the European banking system. It was intended to be much more rigorous than previous stress tests in order to provide investors with reassurance over the health of the region's banks and force those with weak balance sheets to raise additional capital. In the event 25 of Europe's biggest banks failed the eurozone's health check, out of 130 in total. These banks were found to be short a total of €25 billion ($31.67 billion), and the overall impact on them runs to €62 billion ($78.55 billion). Of these, 12 had already raised the required capital to cover their shortfall, but the rest were required to raise another €9.5 billion ($12.94 billion). With all of that hanging over them, it seemed unlikely that measures aimed at increasing bank lending to higher risk companies would have been likely to succeed. And, moreover, this theory appears to have been backed up in the data. According to the ECB's Bank Lending Survey, the fourth quarter of last year saw bank lending in the eurozone beat expectations for the first time in two years. Encouragingly, the authors noted that "financing needs related to fixed investment in particular...contributed to the increase in net loan demand by euro area enterprises, recording the first significantly positive contribution since mid-2011". That is, companies (particularly in Germany and Spain, two of the region's largest economies) are finally starting to borrow to invest rather than merely restocking inventories suggesting they expect better demand for goods and services in future. And the good news didn't stop there. Lending to fund house purchases beat expectations for the third consecutive quarter. In the last three months of 2014 demand for housing loans rose 24%, markedly above its historical average, driven predominately by perceived housing market prospects: All of which is to say, unlike the US and UK versions, the ECB looks like it's launching a QE programme into a credit expansion cycle. Given that the unemployment rate across the eurozone was 11.5% in November, and over 20% in Spain and Greece, the central bank could do worse than fanning the embers of a credit boom to raise demand in the region and close its gaping output gap (the amount of unused potential in an economy). There are a couple of words of caution about this rosy picture, however. The first is that the ECB has a proven unwilling to allow even a modest inflation overshoot (above 2%) in the past. That suggests that if inflation does start creeping up it is highly possible that it will raise rates well before it hits its target. This despite the fact that a sustained period of slow growth with low inflation as the eurozone has experienced could, in theory, justify a period of above-average growth consistent with a slightly higher level of inflation in order to take up the slack. It's important to remember that if QE predominantly boosts lending in stronger core economies, and fails to improve credit conditions in the struggling periphery then these countries would have to be willing to accept rising domestic demand and consequent higher inflation in order to pull the rate of price rises across the region back towards target. It remains very unclear that they would accept such a deal and they could put pressure on the ECB to wind back its efforts. Secondly, the idea that QE leads to an increase in bank lending, as Davies indicates above, is still somewhat controversial. A Bank of England paper from last year found "no statistically significant evidence from either approach that those banks who received increased deposits from QE lent more, all else equal". However, one possible reason for this is that both the UK and US versions of QE were undertaken during a period of distress in financial markets with banks attempting to rid themselves of bad assets and shrink their balance sheets. If Europe is indeed moving into the early stages of a credit expansion cycle, it is possible that monetary policy easing will have a greater effect in this area — especially since European firms relying much more heavily on bank financing than their American peers. At any rate, it seems we do have a good theory why the ECB waited until now to launch it asset purchase programme. But we still don't have a very clear understanding of exactly how it's supposed to work.Join the conversation about this story »


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University Of Michigan Fraternity Suspended For Allegedly Causing $50,000 In Damage To Ski Resort

The University of Michigan chapter of Sigma Alpha Mu (SAM) has been suspended by its national organization for allegedly causing a reported $50,000 worth of damage to a northern Michigan ski resort, according to student newspaper The Michigan Daily. "We are embarrassed and ashamed of the behavior of a few of our chapter members at Treetops Resort over the weekend of January 17-18," the UMich fraternity said in a statement Wednesday. "This behavior is inconsistent with the values, policies, and practices of this organization." "We had a group of a fraternity that was visiting and had an excessive party and did damage on the resort. Food, beer, alcohol, the walls, carpet damage, ceiling broken down and furniture damage," the Treetops Resorts general manager told local 9 & 10 News. He also said that the students had to be led out of the hotel by police. Here's what the damage reportedly looked like: Before the cleanup at @TreetopsMich. Cleaners say looked like an earthquake after @umich frat left. #um #uofm #frat pic.twitter.com/amydmOFKNd — Alyssa Gambla (@AlyssaGambla) January 21, 2015 Another northern Michigan ski resort also experienced thousands of dollars in damage the same weekend, reportedly also caused by students involved in UMich Greek life.  While SAM is already under suspension, a UMich spokesperson told The Michigan Daily that the university has asked other national Greek organizations to take similar actions. UMich Sigma Alpha Mu president Joshua Kaplan released the following statement Wednesday afternoon: We are embarrassed and ashamed of the behavior of a few of our chapter members at Treetops Resort over the weekend of January 17-18. This behavior is inconsistent with the values, policies, and practices of this organization. Our chapter accepts full responsibility for this incident and we will be working with the management of the resort to pay for all damages and cleaning costs. We will work within our own organization and with university officials to hold those who are responsible accountable for their actions. There will be no further comment from this chapter or organization regarding this matter. The University of Michigan sent the following statement to Business Insider Wednesday: We are very disappointed in the behavior of some of our students during a weekend visit to two northern Michigan ski resorts. I want to assure you that the organizations and the individuals involved will be held accountable for their actions. While we are still gathering information, we understand that the damage at Treetops Resort and Boyne Highlands is expected to total in the thousands of dollars. U-M staff members in the Office of Greek Life have begun meeting with the presidents of the fraternities and sororities involved. We expect full payment for all damages. The local Greek chapters are in the process of notifying their national organizations, which could bring their own sanctions. We are confident the national organizations will take this seriously and will work through this situation in collaboration with the university. Additionally, these incidents will be addressed through the Greek Life student judiciary process on our campus. We have reached out to the University of Michigan and Sigma Alpha Mu national for any updated comments.SEE ALSO: U. Michigan Frat Accused Of Causing $50,000 In Damage To Hotel 'Embarrassed And Ashamed' Of Behavior Join the conversation about this story »


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As Greece prepares to vote, a new age of Eurozone tension begins

Last May, during a conference with his left-wing allies in Germany, the leader of Greece’s populist Syriza party offered a warning to German Chancellor Angela Merkel. “I regret that I will say it here in Berlin,” Alexis Tsipras told his comrades from ...


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S&P Warns Euroscepticists Could Hurt European Ratings

A warning that might lead some Greek voters to reconsider their options, just 48 hours ahead of the Greek general elections, was issued earlier today by New York-based ratings house Standard and Poor’s (S&P). As it announced, European countries could face downgrades if their various eurosceptic parties – that are currently on the rise in numerous European Union countries and especially in the troubled South – eventually come to power. Two days before the Greek elections, which have been characterized as the most significant ones for the country’s course since 1974, the S&P warning comes as a direct message to the Greek electoral body. Unpopular Eurozone austerity demands have almost monopolized the interest of the electoral campaign, with opinion polls showing anti-austerity leftist SYRIZA as a clear favorite against ruling New Democracy. According to the ratings agency, Greece’s SYRIZA, along with Spain’s Podemos, which also advocates public spending and restricting debt, are considered the most “credit negative” parties in Europe. Spain will also hold general elections within the coming spring. At the same time, in the United Kingdom, MEP Nigel Farage’s Eurosceptic party, UKIP, emerged as the 2014 European Elections winner and London is considering holding a referendum on leaving the European Union. “Eurosceptics are advocating a major macroeconomic policy shift,” S&P said, adding that “a decision by any government to default on debts or devalue the currency would, without question, represent a new policy direction.”


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German Chancellor Merkel: We Aim to Keep Greece in the Eurozone

Speaking at the World Economic Forum in Davos, Switzerland, yesterday, German Chancellor Angela Merkel appeared confident that Greece will continue on the road of responsibility concerning its agreements with the country’s European partners. “We hear from Greece that the vast majority of Greeks want to keep the country in the euro and since beginning of the crisis I have always said that everything we do politically aims to keep Greece in the Eurozone,” the German Chancellor said. Although, as she emphasized: “We must show solidarity and will continue to do so with the readiness to take on the same responsibility. I am convinced that Greece will continue to show this sense of responsibility.” Regarding the upcoming Greek elections, Merkel underlined that these two elements are necessary. “What will happen after the election is something we will discuss then. The experience of the crisis shows that we always find a European solution based on these two sides of the coin: solidarity and responsibility,” she said. Commenting on the European Central Bank’s (ECB) decision to launch an expanded program of asset purchases, which will include existing programs for abs and covered bonds amounting 60 billion euros per month (some one trillion euros in total), the European Union’s “Iron Lady” pointed out that it should not make us deviate from the fact that, as politicians, we need to establish the necessary framework and conditions for recovery. ECB’s decision was taken by absolute independence, she added. Although, Merkel concluded that being more rigorous in actions and structural reforms is a necessity. “What will happen when interest rates start to go up again? Now is the time for one to put ones fiscal situation in order,” she concluded.


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