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Wednesday, February 4, 2015

GREECE CRASHED IN THE US (GREK)

The Greek stock market closed hours ago, but the exchange-traded fund that tracks Greek stocks crashed during the final minutes of trading in the US markets. This comes following bad news from the European Central Bank (ECB) to Greece. Shortly after 3:30 p.m. ET, the ECB announced that it lifted its waiver on minimum credit rating requirements for marketable instruments issued or guaranteed by Greece. To put it another way, Greece can't exchange its poorly rated bonds for money. "The waiver allowed these instruments to be used in Eurosystem monetary policy operations despite the fact that they did not fulfil minimum credit rating requirements," the ECB said in a press release. "The Governing Council decision is based on the fact that it is currently not possible to assume a successful conclusion of the programme review and is in line with existing Eurosystem rules." "In other words, the ECB doesn't see Greece complying with existing bailout rules," Bloomberg's Lorcan Roche Kelly explained. However, it's not all bad. The ECB has another way for Greece to exchange its securities for liquidity. "Liquidity needs of Eurosystem counterparties, for counterparties that do not have sufficient alternative collateral, can be satisfied by the relevant national central bank, by means of emergency liquidity assistance (ELA) within the existing Eurosystem rules," the ECB said. "The move from the ECB today is a copy of the suspension of Greek debt that occurred in February 2012," Kelly noted. More to come...Join the conversation about this story » NOW WATCH: Nationwide's Super Bowl commercial about dead children is about corporate profits ... in a way that we can all appreciate


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UPDATE 2-EU's Schulz warns Greece risks national bankruptcy-newspaper

"If Greece unilaterally changes the agreements, the other side is no longer obliged to stick to them," he said in an advance extract of an interview due ...


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Could Greece Make Fiscal Deficits Hip Again?

First, because there's little appetite among Greece's creditors to forgive past borrowings, so the overall debtload isn't likely to move far. But second ...


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Attackers kill 1, kidnap 3 at ship in western Nigeria, Greek authorities say

by  Associated Press Greece: Gunmen kill 1, kidnap 3 at ship in western Nigeria Associated Press - 4 February 2015 15:53-05:00 ATHENS, Greece (AP) — Gunmen have attacked a cargo ship in western Nigeria, killing one man and kidnapping three others, authorities in Greece say. The government's Merchant Marine Department said a Greek first officer of the Maltese-flagged ship Kalamos was killed in the attack in the Qua Iboe area early Wednesday, while two Greek and one Pakistani crew member were kidnapped. Theodoris Dritsas, the deputy minister for marine affairs, told reporters in Athens the other 19 crew members have been reported to be safe. The ship was traveling from China without cargo. Other details of the attack were not immediately available. News Topics: General news, Kidnapping, Crime People, Places and Companies: Greece, Nigeria, Athens, Western Europe, Europe, West Africa, Africa Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Greeks Meet Skepticism in Frankfurt, Brussels

The European Central Bank said it would no longer accept Greek government bonds from banks seeking liquidity, damping plans by the new Greek government to ease its bailout conditions.


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Greek PM Tsipras seeks anti-austerity ally at Paris talks

Greece’s new Prime Minister Alexis Tsipras has urged France to help drive European growth with "a change of policy" and a shift away from austerity at talks in Paris as he seeks to drum up support for easing Greece’s debt burden.


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Opinion: Have the Greeks come to their senses?

The high of the election victory has faded. Syriza has come down to earth, and it's facing the financial facts. Greece needs help, and it needs it now, says Bernd Riegert.


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Spain: Greek pilots managed to pull the ejector, but didn’t make it after all

The crush was not caused by engine failure but from damage to control system


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ECT blast: No Greek bonds accepted henceforth

Euro declines – Spreads soar sky high – Frankfurt appreciates that following the current situation is not possible to successfully complete the evaluation - The decision will come into effect from February 11


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No political will to tackle the housing crisis

While the stupidity of the Tory government’s change in relation to affordable housing is obvious to all – even Tories dealing with the issues, such as planners at Westminster council – who is going to even try to deal with the house-price madness (Property forms profit as home rules change, 2 February)? Average house prices in London are now far beyond even bankers and others on £100,000-a-year salaries: an average flat in north-west London costs over £900,000. Who let this happen and, more important, who is going to do anything about this ludicrous situation?Not the Tories, since Brandon Lewis, the Conservative housing minister, talks about requirements for “affordable” flats in new developments as “a stealth tax” that hindered regeneration and encouraged empty properties. And that is in relation to the developers’ notion of affordable, at 80% of local prices. The crude mansion tax from Labour might have some impact on prices at the top end, but even a complete revision in council tax will not affect these prices without hitting every householder equally hard. We did nothing to earn the increased values of our flats, this is just a side effect of all the funny money looking to London for a safe haven for their mostly ill-gotten gains, rich Greeks included. Continue reading...


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Greek minister says will close migrant detention camps, stop police operations

Greek Immigration Policy Minister Tasia Christodoulopoulou said she will halt a police operation designed to curb irregular migration and close migrant reception camps, infamous for their poor conditions, according to an interview with news website left.gr. The previous ...


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ECB: Banks can't use Greek debt as collateral

The European Central Bank has revoked a waiver that allowed banks to use Greek government debt as collateral for loans.


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Greece calls for ECB bridging funds

Greece’s new leftist government appealed to the European Central Bank on Wednesday to keep its banks afloat and vowed to respect European Union rules as it seeks a negotiated solution with euro zone partners to reduce its debt burden. Finance Minister ...


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Greece and the Unlearned Lesson of 1990

Greek voters have decisively repudiated the economics of austerity by handing an overwhelming victory to the left-wing party Syriza in their recent parliamentary elections. This was not a big surprise. Greece has been suffering from high levels of unemployment, including a rate higher than 50 percent for young people. The standard of living for much of the population has dropped precipitously over recent years, as a direct result of the cuts in government programmes mandated by the European Union and the International Monetary Fund. But the EU should have predicted this result even before it insisted on austerity as a solution to the Greek debt crisis. After all, this was the great unlearned lesson from the experience of east-central Europe over the last 25 years. Twenty-five years ago this year, the people of east-central Europe braced for the cold shower of economic reforms that reduced government spending and threw millions out of work, East Europeans took solace in their expectations that they would live at the same standard of living as their western counterparts within a decade. Instead, 25 years later, the region has made very little relative progress. Consider Hungary and Austria, two neighbouring countries that were once part of the same cognate empire. In 1991, according to the World Bank's figures, Hungary's per capita GDP was $8,240 while Austria's was $20,610. By 2013, Hungary's level had risen to $23,482, but Austria's now stood at $45,493. Other countries have remained as far or even further behind this halfway mark: Poland ($23,649), Romania ($18,991), Bulgaria ($15,732). Perhaps these glass-half-empty results reflect decades of communist mismanagement. Surely it was unrealistic to expect to close this gap so easily. But for all of its defects, the communist era left behind a well-educated population, some decent infrastructure, an organised if inefficient agricultural sector, and an industrial base considerably more advanced than China's on the eve of its economic expansion. In fact, the people of the region had every reason to believe that they could catch up with the west. Compare eastern Europe in 1990 to west Germany in 1946. The latter had been broken by the war, most of its factories and building stock reduced to rubble, a large section of its able-bodied population dead. But two decades later, West Germany had not merely caught up with the rest of Europe - it was the continent's most powerful economy. The expectations of eastern Europeans were fed not only by west Germany's wirtschaftswunder. Earlier expansions of the European Union had come with a promise that the new members would eventually rise to the level of their peers. Ireland was at the bottom of the heap when it joined the European Community in 1973. Twenty-five years later, and after billions of dollars in Euro-assistance, the Celtic Tiger's economy had surpassed that of its fellow clubmates. Although the bubble later burst, Ireland's GDP today remains comparable to Austria's. The failure of eastern Europe to replicate the German and Irish experiences has produced all manner of reactions in the region, from extreme nationalism and nostalgia for the communist past to Hungary's embrace of a more authoritarian approach to governance. Millions of people have fled the region in search of better prospects, Bulgaria for example suffering the largest demographic drop of any modern country not seized by war or famine. There are many complicated reasons for eastern Europe's failure to close the gap. The economic reforms of 1990 largely achieved their primary goal of macroeconomic stability. But these reforms failed to address high levels of long-term unemployment, establish law-based states strong and transparent enough to guide economic renewal, or provide Keynesian stimuli to restart stalled growth. Meanwhile, the EU was more concerned with restricting the budgetary policies of its newest members than helping close the gap with the rest of Europe. These problems may sound familiar. Greece currently faces the same problems endemic in eastern Europe in 1990. And the EU has offered the same solution: budget-cutting austerity. By rejecting this solution, Greek voters have set up a major confrontation with Brussels. The issue, ultimately, is not whether Greeks or Poles or Spaniards need to make sacrifices. Economics is all about making hard choices with limited resources. The issue is what people get for their sacrifices. Given the economic difficulties that eastern Europe still faces after 25 years, including the failure to catch up to the west, the people of Greece have concluded that if that's what they get for following the EU rules, they'd rather have Plan B. Originally published in OpenDemocracy


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ECB set to back further liquidity assistance for Greek banks -paper

The Greek central bank wanted the possibility to accord emergency liquidity to the tune of a double-digit billions of euros figure, Die Welt reported, ...


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A Greek tragedy or comedy: Cartoonists aren't yet sure when it comes to Alexis Tsipras

The new, young, leftist Greek Prime Minister Alexis Tsipras wants debt forgiveness and an end to European austerity measures but as you can see, ...


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Greece rejects Germany’s demands to “cancel anti-austerity promises”

Just hours before the meeting between Greek finance minister Yanis Varoufakis with his counterpart Wolfgang Schaeuble in Berlin, and the German side most probably thought to put the agenda of Thursday talks. In a document leaked to the press, Berlin made its positions towards Greece very clear and demands from […]


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Merkel Says Greece Isolated on Diplomatic Push to Ease Debt Load

… Greece’s political establishment. Their demands for overhauling the terms of Greece … . “Greece, not Germany, is under time pressure,” Friedrich said, citing the Greek … slump in demand for Greek Treasury bills. Greece sold 812.5 million …


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Greece's new government braces for collision with Germany

Greece's prime minister, Alexis Tsipras, found a receptive audience during meetings on Wednesday with the heads of the European Commission and ...


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UPDATE 1-Greece's Tsipras confident on deal, Hollande says commitments binding

Tsipras and Finance Minister Yanis Varoufakis are meeting senior officials across Europe this week to seek support for a new agreement on Greece's ...


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Greek finance minister stakes claim to German "solidarity"

Greek Finance Minister Yanis Varoufakis voiced confidence on the eve of a meeting with Germany's Wolfgang Schaeuble that Berlin will "show solidarity" in tackling Athens' debt burden. Asked by German public broadcaster ARD what he expected from the European Union, Varoufakis said the one thing Greece was asking for was not to be put under pressure by means of an ultimatum. "Give us until the end ...


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Give Greece a chance to save itself

Greek Prime Minister Alexis Tsipras said Greece would like to honor its debts, but wants half of it written off and the rest restructured so it can be paid ...


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Greek merchant marine officer killed in tanker hijack

Pirates have hijacked an oil tanker off the Nigerian coast, taking three hostages and killing the vessel's Greek deputy commander, a spokeswoman for the Greek coastguard said Wednesday.


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It’s all change again for Greece’s tax system

The government is preparing a taxation overhaul that will provide for one set of brackets for all taxable incomes regardless of source. It is also planning to implement a large property tax (LPT) that will concern not only real estate but also big bank deposits, works of art and other investment tools, with a tax-free threshold of 300,000 euros.


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People, firms coming forward to help get historic bridge back up

A growing number of people and firms are offering the government assistance in the project to rebuild the historic Plaka Bridge in northeastern Greece, which collapsed over the weekend.


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Golden Dawn trial likely to start in March, before predetention expires

Dozens of members of Greece’s neofascist Golden Dawn including the party’s leader Nikos Michaloliakos (photo) and all GD MPs – current and former – are to stand trial, possibly by mid-March, on a string of criminal charges including running a criminal organization, a committee of judges ruled on Wednesday.


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Almost 400 buildings damaged by floods in Epirus

Experts on Wednesday continued assessing the damage done by flash floods in Epirus, northwestern Greece, over the last few days.


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Greek PM Urges France to Take Greater Role in Stimulating Greece''s Economy

The new Greek Prime Minister travelled to Rome Tuesday and met with top officials in Brussels earlier Wednesday, while his Finance Minister Yanis ...


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Change cannot simply be for change’s sake

Syriza is not alone in thinking that some of Greece's bail-out conditions are undesirable and unworkable.


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Greece's growth-linked debt plan may face legal obstacle -lawyer

By John Geddie LONDON (Reuters) - Greece's plans to make its debt more manageable by swapping rescue loans for growth-indexed bonds may be deemed illegal under European Union rules, according to a lawyer who worked on the country's 2012 debt restructuring. Greece's creditors will probably object to proposals for such a swap, said Yannis Manuelides, a partner at Allen & Overy, because they cannot ...


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Greek cargo ship attacked off Nigeria; one crew member killed

Gunmen attacked a Greek-owned tanker while it was waiting to load off Nigeria late on Tuesday, killing its Greek deputy captain and taking hostage three other crew, Greece's coastguard said on Wednesday. The attack on the vessel Kalamos, which had a crew of 23 and was sailing under a Maltese flag, took place at Qua Iboe, a sea area between Cameroon and Nigeria, the coastguard said. "The foreign ...


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The Lazard Banker Shaping Greece's and Ukraine's Financial Fate

In Greece, new Prime Minister Alexis Tsipras has promised to slash the country's heavy debt burden. But other eurozone leaders have declared that ...


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Greece backtracks on privatisation

The Taiped shake-up is a tangible example of the early policy shifts by the Syriza-led government that are unsettling Greece's creditors, particularly in ...


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Greece Said to Face Cash Crunch in March Without ECB Help

(Bloomberg) -- As Greece's creditors line up to oppose the country's demand for a debt restructuring, Prime Minister Alexis Tsipras's refusal to accept ...


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Varoufakis: I'm sure Dr. Schaeuble and Ms Merkel will show solidarity

Greek Finance Minister Yanis Varoufakis said in an interview with German public broadcaster ARD that he was confident Germany would show solidarity with Greece. "I'm sure that... Dr. Schaeuble, Ms Merkel and everyone in Germany will show solidarity. It is not ...


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Ankara: Turkish-Cypriots Have Right to Exploit Natural Resources

Greek Prime Minister Alexis Tsipras’ statements during a joint press conference with the President of the Republic of Cyprus, Nicos Anastasiades, during his first official visit abroad, in Nicosia, caused Ankara’s fierce reaction. “Tsipras’ statements during his visit to the ‘Greek-Cypriot administration,’ (sic) especially those regarding research vessel ‘Barbaros,’ do not contain elements expected from Greece, which is a guarantor power and mother homeland, in order to achieve a settlement in the Cyprus problem based on the equality of the two peoples,” Turkish Foreign Ministry spokesperson Tanju Bilgic said, adding that Turkey is willing to return to the negotiation table in order to find a solution on the Cyprus problem. “Our priority is that Turkish-Cypriots should have the right to exploit natural resources. That is why Turkey will continue to always support the Turkish-Cypriot side,” he highlighted. It should be noted that during his visit to Cyprus on Monday, Tsipras expressed the opinion that “the presence of research vessel “Barbaros” undermines the talks for a just and viable solution, and constitutes a flagrant violation of international law,” causing the reaction of Turkish Deputy Prime Minister Bulent Arinc, who said that his country’s right to conduct research, undertaken in some parts of Cyprus’ Exclusive Economic Zone (EEZ), “is arising under domestic and international law.” “Tsipras’ statements were aimed at domestic politics and so we do not feel the need to criticize them,” he added. Although, he concluded that he does not believe these developments will negatively affect the relations between Greece and Turkey, as these statements should be considered normal in such visits. Cyprus, which is a part of the European Union since 2004, has been violently divided since 1974, after a brutal Turkish invasion and the following occupation of its northern lands or 37% of its territory. On its part, Turkey has repeatedly denied to recognize the Republic of Cyprus, despite numerous calls by international institutions and the European Union, which Ankara aims to join. At the same time, numerous United Nations-backed negotiations to reunite the island under a federal government have failed. In October 2014, Cypriot President Anastasiades suspended his participation in the peace talks following a NAVTEX (Navigational Telex) issued by Turkey for the conduction of hydrocarbons research in Cyprus’ EEZ by seismic vessel “Barbaros,” escorted by a number of Turkish Navy ships.


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Bulgaria Warns Greece on River Levels

Bulgarian civil protection authorities have sent a warning to Greece and Turkey regarding the dangerously rising levels of rivers Maritsa, Tundzha and Ardas, in the country’s south east. The urgent note issued earlier today informed the neighboring countries of a possible flooding danger, arising after consecutive days of heavy rainfall. On their behalf, Greek and Turkish civil protection officials have already sent data regarding the three rivers’ water levels to their Bulgarian counterparts. The easternmost Evros region in Thrace is facing major problems as water due to heavy rainfall in neighboring Bulgaria has entered Ardas river and is directed towards Evros’ riverbed, while the rushing water tore down a piece of the border fence with Turkey and the biggest part of the fence is now under water. It should be noted that the previous days’ incessant rainfall in various parts of Greece, and especially in Epirus, has created serious damages and problems to infrastructure, crops and flooding in basements, shops and farms. The historic bridge of Plaka collapsed due to the heavy rainfall that hit the area of Tzumerka. The news have shocked all of Epirus, since the bridge is the “Acropolis” of their region. It was the largest arch bridge in the Balkans. Today, certain neighborhoods and villages on the Ioannina lake coastline, as well as parts of the lake’s island itself, have been evacuated due to the increasing water levels, while major damages have been caused to numerous buildings.


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Berlin Wants Greece to Remain Within Previously Agreed Program and Troika in Place

A German document leaked earlier today by Reuters, reveals that Berlin wants Athens’ new leftist government to ditch its pre-election anti-austerity promises and remain within the framework of economic policies its predecessors have agreed with the country’s international creditors if it wants further support. According to Reuters, the German document stressed that Greece’s new SYRIZA-led government must not roll back any of the cutbacks and reforms made so far in an effort to improve bloated public finances and regain market trust. “The Eurogroup needs a clear and front-loaded commitment by Greece to ensure full implementation of key reform measures necessary to keep the program on track,” the document said, while in another part it was highlighted that “the aim is the perpetuation of the agreed reform agenda (no roll-back of measures), covering major areas as the revenue administration, taxation, public financial management, privatization, public administration, healthcare, pensions, social welfare, education and the fight against corruption.” In addition, it is revealed that the German government wants the EU/ECB/IMF Troika to remain in place, against the will of Greek Prime Minister Alexis Tsipras’ administration. It also calls on Greece to declare it would honor its debt repayment commitments towards its international creditors as well as bilateral loans from Eurozone member-states extended to Greece under its bailout program. “On the basis of the elements outlined above, we are ready to further intensify our cooperation with Greece to foster growth and create new jobs. More needs to be and can be done – on a bilateral basis as well as in a European framework,” the document dictates, according to Reuters.


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Only Juncker can save Greece

by  Basil A. Coronakis Yes, Jean Claude Juncker can save Greece, in less than a months time, without money at the table and without anybody's help. It is simple, fast, easy and legitimate. Greece is the economic paradox of the world. Five years after deep recession with salaries and pensions cut to half, consumer prices keep increasing. Why? Because the Greek market is the most cartelised market in Europe. How to do it? By sending to Greece a robust team of DG Competition for one month and asking them to do their job. This will reduce consumer prices by over 30%, which would correspond to a salary and pension increase for most of the lost income. With rents reduced already to one third (that market is not cartelised), this would be a salary and pension increase more than 30%. In Greece, one liter of diesel fuel is sold for € 1,30. In Brussels, this is € 1,05. The price of crude is the same for both countries and the average labor cost at the Greek refineries is less than € 1,000 per month (all costs included) while in Belgium it is over € 4,000 per month. Energy in Greece is a cartel. Likewise, there are at least four other sectors of the economy that are locked and cartelised. The Greeks are paying highway tolls  to private contractors at fees higher than those of France and Italy, for highways that now do not exist but will be constructed. When? After that, the contractors will collect construction costs from the tolls! That they have been already paid by the Greek state (and the Cohesion Fund) means the construction costs are irrelevant. In a similar manner, passenger charges in the main airport of the country (run by a private company) are the highest in Europe simply because passengers are robbed. Supermarkets are also cartelised, milk and dairy products are cartelized, construction materials starting from cement are all cartelised. See also: Greece; No plan, no future.  Prices for these goods keep increasing despite the basic salary being reduced from € 751 to € 500 per month. This is mass robbery. The previous Commission President Jose Manuel Barroso had established the notorious Task Force, a team of Commission functionaries led by a lady responsible for covering-up the two hundred million Euro scandal. The Task Force was sent to Greece to advise the government on how to deal with the crisis. Instead, they did nothing. They became friends with the “system,” the ruling class of Greece and its inner circle; the cartel oligarchs, black marketeers and fuel oil smugglers. The Greek Competition Authority is impotent to do anything against cartels as Greek oligarchs are very generous. Indeed, not long ago the Director General of the Greek Competition Authority was arrested while getting a bribe (in cash) by the dairy industry. As to the noble ambitions of the new Greek government, about taxation of the rich, tax evasion combating and the like are nice and necessary but it will take time, months or even years, before getting tangible results. DG Competition can help Greece needs to go back to normal and restore hope and growth in no time. Just by enforcing the dominant position rules of the Treaty. Greece can be saved now, without money, without the support of Mario Draghi and without the approval of Angela Merkel, simply by an internal call of Jean Claude Juncker to Alexander Italianer (ext. 94393).


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BC-SOC--Greek Standings

by  Associated Press BC-SOC--Greek Standings Associated Press - 4 February 2015 14:01-05:00 BC-SOC--Greek Standings Greek Football Standings Greek League GP W D L GF GA Pts Olympiakos 21 16 3 2 50 13 51 Panathinaikos 21 13 4 4 35 16 43 PAOK Thessaloniki 21 14 1 6 41 28 43 Asteras 22 11 5 6 34 24 38 Panetolikos 22 10 8 4 32 17 38 PAS Giannina 22 8 10 4 31 22 34 Xanthi 22 8 8 6 33 30 32 Atromitos 20 7 9 4 20 15 30 Veria 22 8 6 8 30 37 30 Kalloni 21 6 9 6 17 19 27 Kerkyra 22 7 5 10 24 26 26 Levadiakos 22 5 7 10 23 22 22 Platanias 22 6 4 12 17 24 22 Panthrakikos 21 4 9 8 17 29 21 Panionios 21 5 5 11 21 31 20 a-OFI Crete 21 7 2 12 20 36 17 Ergotelis 20 3 6 11 20 41 15 Niki Volos 19 2 1 16 7 42 7 a-penalized 6 points Wednesday, Feb. 4 Kerkyra 0, Levadiakos 0 Panetolikos 4, Ergotelis 0 Asteras 1, Platanias 0 OFI Crete 3, PAOK Thessaloniki 1 PAS Giannina 4, Veria 1 Xanthi 1, Panionios 1 Olympiakos vs. Atromitos, 1730 GMT Thursday, Feb. 5 Panthrakikos vs. Kalloni, 1730 GMT Saturday, Feb. 7 Levadiakos vs. PAS Giannina, 1300 GMT Ergotelis vs. OFI Crete, 1515 GMT Veria vs. Atromitos, 1730 GMT Sunday, Feb. 8 Asteras vs. Niki Volos, 1300 GMT Panionios vs. Kerkyra, 1300 GMT Panathinaikos vs. Panetolikos, 1515 GMT Platanias vs. Panthrakikos, 1515 GMT PAOK Thessaloniki vs. Olympiakos, 1730 GMT Monday, Feb. 9 Kalloni vs. Xanthi, 1730 GMT News Topics: Soccer, Men's soccer, Sports, Men's sports People, Places and Companies: Thessaloniki, Crete, Greece, Western Europe, Europe Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Greece faces showdown with Germany

Schäuble will insist Athens sticks to its EU-backed rescue programme


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Greece May Run Out of Cash as Early as March

Unless the 15 billion-euro ($17 billion) limit on short-term borrowing set by Greece’s troika of official creditors is raised, the government may run out of cash on Feb. 25, said one of the people, who asked not to be named because the figures are confidential. Finance Minister Yanis Varoufakis travels to Berlin Thursday for his first meeting with his German counterpart, Wolfgang Schaeuble, with ...


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The redundant fictions of Greek debt

When non-Greek politicians proclaim that they will never accept any reduction in the value of the Greek debt they hold, they aren't telling the truth: they ...


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Golden Dawn leader and MPs to stand trial, Greek court officials say

Nikolaos Michaloliakos and lawmakers from far-right party could face up to 20 years in prison if convicted on charges of belonging to criminal groupThe leader of Greece’s far-right Golden Dawn party and most of its recently elected members of parliament will go on trial soon on charges of belonging to a criminal organisation, Greek court officials have said.A legal crackdown on Golden Dawn ensued after a party supporter stabbed an anti-racism rapper in 2013, prompting a wave of protests. Continue reading...


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Pirates kill officer on Greek VLCC

Greek manager Aeolos Management told TradeWinds no one could respond to enquiries about the incident until tomorrow. Bloomberg cited a BPCL ...


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Tsipras meets Hollande, urges 'new deal' for Europe

Greek Prime Minister Alexis Tsipras urged a “new deal” for Europe, in statements after his meeting with French President Francois Hollande in Paris on Wednesday. Tsipras said that France was a "factor of stability in the European Union" and stressed ...


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Greece: German demands contrary to the will of the people, will be rejected

The Greek government has unofficially responded to a document circultaing within the German government demanding that Greece's new radical left government roll back its promises. Sources close to Prime Minister Alexis Tsipras say that the German demands ...


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FTSE dips as oil price falls again and Greek uncertainties return

Leading shares pull back from attempt at new record as commodity companies move lowerA day after pushing towards a new record high, leading shares have come off the boil.With weak Chinese services data - prompting a cut in the country’s reserve ratio - and another drop in the oil price hitting the commodities sector, the FTSE 100 slipped 11.78 points to 6860.02. Ahead of a meeting between new Greek finance minster Yanis Varoufakis and his German counterpart Wolfgang Schäuble, worries about the prospects for Greece and the eurozone re-emerged, adding to the general jittery feeling. David Madden, market analyst at IG, said:The possibility of another round of the Greek debt crisis and a slide in natural resources stocks is a worrying scenario for markets. The admission by the Greek finance minister that the country is ‘bankrupt’ set the wheels in motion for a day of selling, and the failed attempt by Beijing to spur economic activity by slashing the central banks’ lending requirements cemented it. The mining sector initially jumped on the back of the news from Beijing, but it isn’t nearly enough to coax traders into buying mining stocks and the sector is squarely in the red. Eurozone equities are on edge as Greece is at loggerheads with Frankfurt again, and neither side wants to back down.Based on our channel checks and view that Stryker does not want to be third in the orthopedic market where it competes (behind Zimmer Biomet and Johson & Johnson), we do believe that the company will indeed purchase S&N. By our estimate, S&N would be at least $0.50 accretive (probably closer to $0.75) to Stryker’s 2016 earnings per share (we assume it will take at least nine months to close). From a regulatory perspective, we do ot believe that either the EU or US Federal Trade Commission would challenge the deal or require a meaningful level of divestiture to complete the deal. In light of BT and 3UK entering into exclusive talks to buy EE and O2, respectively, we analyze the potential impact network consolidation could have on Dixons Carphone’s profitability and conclude that investors may be overly pessimistic. We would not dismiss that network consolidation will be a prevailing theme in 2015 but our analysis suggests that at the current share price investors already assign a 50% probability for Carphone UK to be worthless. We understand that Dixons Carphone has signed binding long-term contracts with all network operators at least until 2020 that should support mid-term profitability.The worst case scenario in which all networks abandon Dixons Carphone after 2020 could potentially cost Dixons Carphone £170m of lost earnings before interest and tax or 130p a share on our estimates, but we consider it a tail event distant in the future for which we assign a 10% probability. We do not change our estimates but bring our price target down by 10p to 480p to incorporate this scenario. We reiterate our overweight rating. Continue reading...


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Greek merchant seaman dead in Nigerian Delta pirate attack

Another two Greek held as hostages - The attack occurred in open waters of Nigeria


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Greek minister flies to Germany for showdown over debt repayments

Syriza finance minister Yanis Varoufakis claims widespread support in eurozone over debt relief for Greece, but Angela Merkel stands firmGreece’s newly installed leftwing government is heading for a showdown with German leaders over plans to cut the debt repayments due from Athens this summer.Greek finance minister Yanis Varoufakis flew to Berlin to prepare for meetings on Thursday with his German counterpart Wolfgang Schäuble. At the end of a four-day whistlestop tour of European capitals, he claimed he now had widespread support for his debt relief proposals. Related: It's not just Greece and Spain that need their debt restructuring | Jonathan Glennie Continue reading...


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