How the world sees Greece
Greece put a brave face on its fraught negotiations with European bailout creditors, with the new prime minister voicing confidence that a compromise can be reached at high-stakes meetings in coming days. Alexis Tsipras' comments came as Greek stocks and ...
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Euro MPs belonging to the Socialists & Democrats parliamentary group on Monday called on the EU and the new Greek government to negotiate a "reform and reconstruction plan for Greece, replacing the current bailout programme designed by the Troika".In ...
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Athens wants deal with EZ partners this week to keep paying bills until unveiling permanent proposal
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On Wednesday the Mexican economist and diplomat Ángel Gurría is expected to meet with the Greek Prime Minister
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Stocks lost ground to start the week as the blue chip Dow index suffered the biggest losses, falling more than 0.6% as markets were still taking stock of headlines out of Greece over the weekend and suggested little progress had been made between Greece and its EU creditors. First, the scoreboard: Dow: 17,734.4, -90, (-0.5%) S&P 500: 2,047.6, -7.8, (-0.4%) Nasdaq: 4,729.6, -14.8, (-0.3%) And now, the top stories on Monday: 1. It's been a volatile year for stocks. Year-to-date, each of the major stock averages are slightly in the red, but the real story has been how rocky of a road it's been to this point. In an email, the NYSE's Rich Barry wrote that Monday marked the 26th trading day of the year, and almost served as the 18th time that the Dow moved up or down 100 points or more. Talk about ups and downs. 2. We're still in the heart of fourth quarter earnings season, and while earnings per share have come in a bit better than expected, revenue expectations for the S&P 500 in 2015 are now flat compared to the prior year. In a note to clients, Goldman Sachs' David Kostin wrote that, "Consensus now forecasts 0% S&P 500 sales growth in 2015 following a 5% cut in revenue forecasts since October. Low oil prices along with FX headwinds and pension charges have weighed on 4Q EPS results and expectations for 2015." 3. We're still digesting the fallout from the RadioShack bankruptcy filing last week. Over the weekend, we highlighted the complete list of RadioShack stores set to close by the end of March. And Business Insider's Ashley Lutz noted on a Monday, a report in The Wall Street Journal suggested that the decline in RadioShack could, as much as anything, be tied to the decline in leisure time for the American worker. 4. Oil is still at the top of the market's mind, and in a note to clients on Monday, Citi's Ed Morse said that West Texas Intermediate crude oil prices could fall as low as $20 as the oil market still looks to balance supply and demand. "It's impossible to call a bottom point," Morse wrote. On Monday, WTI continued its recent upswing, adding another 2% to move back towards $53 a barrel. 5. Companies in the oil and gas space continue to deliver bad news to the market, with oil company SandRidge reportedly set to announce a 75% reduction in its oil rigs, according to a report from Reuters. Reuters reported that SandRidge will implement these cuts through early April, and comes after the company's stock has fallen by about 70% over the last year. Don't Miss: Germany tells Greece there is 'zero' chance it is going to pay World War II reparations »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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Greek Foreign Minister Nikos Kotzias will visit Berlin Tuesday and Moscow Wednesday to hold talks with his German and Russian counterparts at a time when European governments are concerned that the debt-wracked nation is cozying up to the Kremlin.
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British Prime Minister David Cameron chaired a contingency meeting on a possible Greek exit from the eurozone with Finance Ministry and Bank of England officials on Monday, his spokesman said.
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How do you make sense of an economics professor who sees economics, as it is taught in universities across the world, as a useless discipline? Greece’s finance minister Yanis Varoufakis has taught economics at Cambridge University, at the University of ...
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The government program announced in Parliament heralds major changes in the relationship between the state and Greek banks, some of which will entail a reversal in agreements Greece has made with its creditors. The changes concern the state’s voting rights, the operation of the bank bailout fund and the handling of nonperforming loans.
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The Greek finance minister sought to reassure the world that his leftist government has its hand firmly on the levers of reform after a speech by Greece's new prime minister rattled financial markets Monday.
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Insuring Greek bonds against default now requires an upfront payment as the country is considered in distress. That upfront cost rose 5 basis points on ...
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The Greek quandary has put Germany into a no-win situation. If Germany gives into the anti-austerity demands of Greece’s new Syriza government, the decision will embolden other anti-austerity movements in Europe, notably in Spain, where a Syriza ...
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… with right-wing independent party Independent Greeks, has called for an end … any of the creditors off Greece, which is currently buckling under … . Earlier today Mr Varoufakis said Greece would not buckle under pressure …
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NEW YORK (Reuters) - Stocks fell on Monday as investors worried about Greek debt negotiations and disappointing Chinese economic data on top of uncertainty about U.S. interest rates.
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US President Barack Obama said he looks forward to German Chancellor Angela Merkel’s appraisal of the financial situation in Greece as well as the ways to achieve growth. At a joint press conference, after a meeting held between the two leaders in which the Ukrainian Crisis was tabled, Obama said regarding the developments with the Greek program: «I look forward to hearing Angela’s assessment of how Europe and the International Monetary Fund can work with the new Greek government to find a way that returns Greece to sustainable growth within the Eurozone,” adding that such growth is critical to the global economy, including the United States. On her behalf, the German Chancellor referred to the proposal Greece will submit in the upcoming Eurogroup, saying that she expects Athens to present a viable solution and then comment on it. However, she did not avoid to also refer to the existing program, which as she highlighted, underlines every future discussion. At the same time, she talked about the recovery of countries like Portugal, Ireland and Spain that proceeded with major reforms. Finally, Merkel stressed that “we aim to keep Greece in the Eurozone since 2010,” in what is seen as a message ruling out a possible Grexit, underlining, however, that there are certain commitments and that there has been an effort to achieve solidarity with the European partners.
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The end of the crisis will not come if Greece says yet another “yes” to the program. If the drug was bitter but effective we would have taken it, but the drug is “toxic” and even the doctor knows it but he does not change because of his commitments, Greek Finance Minister Yanis Varoufakis said earlier today while presenting his Ministry’s program in the Greek Parliament. The new “Czar” of the Greek economy appeared confident ahead of Wednesday’s emergency Eurogroup, during which the Greek program will be tabled. As Varoufakis highlighted, there will not be any more “yes man” nor a narrow-minded “no man,” but rather “citizens who know how to defend the European interest by standing up against policies that may be the common ones but are currently inflicting on Europe and Democracy.” The Greek Finance Minister prologued a transitional deal, which will be enforced until the end of August instead of the end of May as it was originally planned, and is to be presented by the Greek government on Wednesday’s meeting of the Eurozone member-states’ Finance Ministers. Furthermore, the Greek proposal, which will be presented at the Eurogroup, aims to a -relatively low- 1.5% primary surplus of the country’s GDP, similar to the one achieved in 2014, but will buy the government time for a wider debt renegotiation. In addition, 70% of the outstanding and already agreed measures will be implemented, while the remaining 30% of reforms will be replaced by 10 measures derived from Athens’ proposal, focusing on growth and social restoration. In detail, the Greek proposal is based on four basic axes that will restore both the troubled Greek economy and social fairness. The four axes include: A Transitional program until September that will include 70% of already agreed measures and 30% of new ones. A reduction on primary surplus goals. The Greek side does not accept 3% of GDP as a primary surplus for 2015. A Greek debt settlement with bond swaps and T-bills, which the European Central Bank (ECB) is in favor of. Measures aiming to put an end to the humanitarian crisis and restore social justice and fairness. At the same time though, and according to The Financial Times, the Greek decision to end its EU/ECB/IMF bailout program is concerning the financial markets and Eurozone capitals, raising questions on whether Athens will secure financing without the official support. The reaction was particularly sharp in the capital markets, with the cost of insuring Greek debt against default jumping to its highest level since the “Grexit” fears peaked in 2012. Greece’s three-year borrowing costs jumped above 21%, also the highest since 2012, and the Athens stock market fell more than 6%, the newspaper reported. Commenting on Greek Prime Minister Alexis Tsipras’ announcement to withdraw from the bailout agreement, German Finance Minister Wolfgang Schaeuble declared self-worried regarding the impact such a move will have on the financial markets. “I would not know how financial markets will handle it, without a program, but maybe he knows better,” he characteristically said while addressing reporters at a G20 Ministers meeting in Istanbul, only to add that “we have never forced anyone into a program. I am ready for any kind of help, but if my help is not wanted, that is fine.” On his behalf, European Commission President Jean-Claude Juncker, who is considered an enemy of the Grexit scenarios, also appeared cautious during a visit in Germany: “Greece should not assume that the general feeling in Europe has changed so much that the Eurozone would accept the Tsipras government program without any limitations.”
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Moody’s downgraded five Greek banks on Monday, citing heightened uncertainty regarding the new government’s ability to reach an agreement with its creditors before the end of the current support program that expires at the end of February. The ratings agency said it downgraded the long-term deposit and senior debt ratings of Piraeus Bank (from Caa1 to Caa2), National Bank of Greece (from Caa1 to Caa2), Alpha Bank (from Caa1 to Caa2), Eurobank (from Caa2 to Caa3) and Attica Bank (from Caa2 to Caa3). “A possible deadlock in the government’s negotiations with official creditors could place at risk its own liquidity and funding needs, limiting its ability to support the banks in case of need,” Moody’s said in a press release. The agency also considers there may be a reduction in the Hellenic Financial Stability Fund’s (HFSF) capacity to support the banks, the agency added. The ratings were placed on review for further downgrade. Moody’s placed Greece’s Caa1 sovereign rating on review for downgrade on February 6. (source: ana-mpa)
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The announcement of the new Greek government policy by Prime Minister Alexis Tsipras was very touching to a populace that has suffered five years of harsh austerity measures. He spoke soothingly and full of emotion. He aimed to restore the wounded pride of Greeks, while giving them hope for a better future. Something on which the previous government failed abysmally. It is rare for a leftist to address issues of national pride, but Tsipras did. He spoke of the Greeks’ wounded national dignity and promised he will never back down to those who want Greece on its knees, a poor debt colony. We will not be blackmailed, he said and he was applauded. Even opposition party members seem to support the new government’s struggle to convince creditors to accept the Greek proposal for the country’s burdensome debt. Greece’s youngest Prime Minister promised too much to too many, while saying that he has a plan to fulfill all these promises. He spoke touchingly of the humanitarian crisis, restoring to the populist politics of charity and handouts. He promised free electricity to 300,000 have-nots, subsidies to the poor, raises to low pensions. His speech brought to mind his election campaign declarations. He blamed the previous government, and rightly so, in order to remind people how much they suffered. By doing so, he also prepared viable excuses in case of failure. He even accused them of extending the bailout program for two months instead of six. Like blaming them for not extending the “hated Memorandum.” A minor contradiction, one might say. Because the sad reality is that the party that is now ruling, owes its victory on the promise to abolish the hated Memorandum. Yet, SYRIZA was funded — like all parties are state-funded — by money borrowed by those who composed the same, unpopular Memorandum. It is ironic, but for five long years, the wasteful Greek state survived mostly on borrowed funds. And all anti-Memorandum parties took advantage of that. Still, Tsipras said a lot of good things. He pledged to create a fair tax system that will lift the burden off the backs of the poor and the middle class and tax the rich. Especially those who evade taxes; and, unfortunately, they are too many and they are doing it for too long. And he has to do that very fast as cash is running low. He stated that the property of every Greek will be registered and everyone will be taxed accordingly. He spoke of a new Large Property Tax (LPT), without specifying how large is Large. Or how each individual property will be registered. Will tax officials visit every household and register works of art or jewelry, for instance? The new PM will also hire back all public sector employees who were laid off, he will crack down corruption, abolish bureaucracy, cut state spending, and other wonderful things that are truly needed. Unfortunately, as is usually the case with politicians, he never mentioned where will the funds come from. Politicians rarely touch the bottom line. People don’t want to hear about reality when it is painful. Greece is strapped for cash and all reassuring statements from government officials mean very little. The “we’ll tax the rich and give money to the poor” is not enough for a country that needs growth to come out of the crunching depression. And despite the good feeling all these promises create, much more is needed for economic growth. Nevertheless, Tsipras has convinced Greek people that all is financially feasible. The question is, when Finance Minister Yanis Varoufakis goes to the dreaded Eurogroup on February 11, will he convince Greece’s creditors to wait for a “bridge period” of three months before Greece presents a solid plan acceptable by all? Greece’s European creditors have shown that the bridge plan Greece is proposing is not what they want. Yet, only a compromise on both sides can bring a viable solution. Despite Germany’s hard stance, the rest of the European leaders seem to realize that easing the burden on Greece is the only way to keep stability in the Eurozone. Tsipras needs to compromise too. The pressure from within his party to maintain his leftist rhetoric is not good for Wednesday’s negotiation. So far he has shown that he is full of good intentions. What he really needs now is another bridge; one that will connect his good intentions with reality.
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His opinion that Europe has lost the necessary balance between the markets and state institutions expressed Former Greek Prime Minister Costas Simitis in an article published in Greek newspaper “Efimerida Ton Syntakton.” As he highlighted, ever since the northern European countries implemented an austerity policy in Europe, the Eurozone has been dragged into the crisis. Among others, the Former Premier, who was the one that saw Greece enter the single currency during his governing period in 2001, highlighted that “the discussions taking place between the new government and our partners have created the impression in Greece that we are the first country to express doubts about the European project and put forward a new way of dealing with common problems.” As he explained, however, debates and controversies regarding the reorganization of European institutions “have been taking place for years. They were caused by the financial crisis, existing inequalities between states, but also by the different approaches on the way the European Union must operate.” As he pointed out, “the cause of the crisis is that the Eurozone is a complete monetary union, but an incomplete economic and fiscal union of member-states with different structural characteristics; the mature economies of the European North and the less mature economies of the European South.” Concluding, Simitis said that the crisis is only a public debt crisis in a lesser extent and this is mainly the case in countries such as Greece and Portugal.
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Greece will most likely leave the European Union, leaving the country without essentials such as oil and medical supplies and compounding the ...
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Greece's new left-wing government continues to insists on major concessions from its international creditors on debt repayment terms. In Austria today, Greek Prime Minister Alexander Tsirpas said he was confident of reaching agreement on a short-term financing package before the current bailout expires at the end of February. That would buy time for a "compromise" that Greece wants to include ...
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Alexis Tsipras ‘optimistic’ about reaching compromise with Brussels on bailout despite downgrades and share falls appearing to weaken negoitating positionThe Greek prime minister, Alexis Tsipras, has vowed to strike a deal to stay inside the eurozone after a succession of credit downgrades and spiralling bailout costs appeared to weaken his negotiating position with Brussels. Tsipras said he was optimistic about reaching a compromise on renegotiating Greece’s €240bn international bailout. Related: Greece planning to ask Eurogroup for longer bridge programme - live updates Continue reading...
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ATHENS, Greece (AP) — Greece put a brave face on its fraught negotiations with European bailout creditors, with the new prime minister voicing confidence Monday that a compromise can be reached at high-stakes meetings in coming days.
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Comments set the tone for a bruising week of financial diplomacy
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Something is moving towards an agreement with the Eurogroup partners with Greece reportedly to prepare a bridge program until August. Greek media report Monday afternoon about a “ten reforms plan” in order to cover some parts of the current bailout program and that Finance Minister Yanis Varoufakis works out the […]
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Alexis Tsipras, Greek Prime Minister, speaks as he is sworn in at a ceremony at the presidential palace in Athens, Greece, on Jan. 26, 2015.
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After Greece’s new Prime Minister laid out an end to “bailout barbarity” in a rousing speech to parliament, the country’s finance heads now plan to propose a “bridge deal” to ease fears of a eurozone exit.
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WASHINGTON, DC – Greece was on the agenda of a meeting held at the White House between President Barack Obama and German Chancellor Angela Merkel. The discussions will continue over lunch. In his opening remarks at their joint press conference after the meeting, Reuters quoted Obama saying “I look forward to hearing Angela’s assessment of […] The post Greece on Merkel-Obama Meeting Agenda in D.C. appeared first on The National Herald.
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by Associated Press BC-SOC--Greek Standings Associated Press - 9 February 2015 14:29-05:00 BC-SOC--Greek Standings Greek Football Standings Greek League GP W D L GF GA Pts Olympiakos 23 17 4 2 52 14 55 Panathinaikos 22 14 4 4 36 16 46 PAOK Thessaloniki 22 14 2 6 41 28 44 Asteras 22 11 5 6 34 24 38 Panetolikos 23 10 8 5 32 18 38 PAS Giannina 23 9 10 4 33 23 37 Xanthi 23 8 9 6 35 32 33 Atromitos 22 7 10 5 22 18 31 Veria 23 8 7 8 31 38 31 Kalloni 23 6 10 7 21 24 28 Kerkyra 23 7 6 10 24 26 27 Platanias 23 7 4 12 19 24 25 Panthrakikos 23 5 9 9 20 33 24 Levadiakos 23 5 7 11 24 24 22 Panionios 22 5 6 11 21 31 21 Ergotelis 21 4 6 11 23 43 18 a-OFI Crete 22 7 2 13 22 39 17 Niki Volos 19 2 1 16 7 42 7 a-penalized 6 points Saturday, Feb. 7 Levadiakos 1, PAS Giannina 2 Ergotelis 3, OFI Crete 2 Veria 1, Atromitos 1 Sunday, Feb. 8 Panionios 0, Kerkyra 0 Panathinaikos 1, Panetolikos 0 Platanias 2, Panthrakikos 0 PAOK Thessaloniki 0, Olympiakos 0 Monday, Feb. 9 Kalloni 2, Xanthi 2 Saturday, Feb. 14 Panthrakikos vs. Niki Volos, 1300 GMT PAS Giannina vs. Panionios, 1515 GMT Sunday, Feb. 15 OFI Crete vs. Panathinaikos, 1300 GMT Panetolikos vs. Asteras, 1300 GMT Kerkyra vs. Kalloni, 1515 GMT Levadiakos vs. Veria, 1515 GMT Atromitos vs. PAOK Thessaloniki, 1730 GMT Olympiakos vs. Ergotelis, 1730 GMT Monday, Feb. 16 Xanthi vs. Platanias, 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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For all of the angst about the left-wing radicals threatening to rip up Greece's current bailout program, which they hold responsible for the country's ...
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The former Federal Reserve chair thinks Greece should exit the euro and the whole 'currency union' should go away.
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By Steve Scherer ROME, Feb 9 (Reuters) - At least 29 migrants died of hypothermia aboard Italian coast guard vessels after being picked up from an inflatable boat adrift near Libya, the mayor of the Italian island of Lampedusa said on Monday. Two patrol boats picked up 105 migrants late on Sunday from the boat drifting in extreme sea conditions, with waves as high as 8 meters (26 feet) and temperatures just a few degrees above zero, the coast guard said in a statement. The migrants spent around 18 hours on the decks of one of the boats taking them to Lampedusa, buffeted by high winds and spray. At least 29 died en route of hypothermia, Lampedusa's mayor, Giusi Nicolini, told Reuters. The number of dead may still rise, she said. One migrant had been taken by helicopter to the island of Sicily in critical condition, and the second patrol boat has yet to reach port. Nicolini blamed the closure of Italy's search-and-rescue mission, known as Mare Nostrum, last year for the tragedy. Since then no navy ships capable of keeping large numbers of migrants below deck have patrolled the waters near the Libyan coast. "Mare Nostrum was an emergency solution to a humanitarian crisis, so closing it was a huge and intolerable step backward," Nicolini said in a telephone interview. Human rights groups repeatedly warned that ending the mission would endanger lives. "The small patrol boats were completely swallowed by the waves during the trip back. If Mare Nostrum were still going, the migrants would have been given shelter inside a large ship within an hour." The patrol boats sent from Lampedusa are small vessels that ride low to the water so crew members can pull people in. But they cannot accommodate many below deck. Mare Nostrum was abandoned by Prime Minister Matteo Renzi's government partly due to public concern over the 114 million euro ($129 million) cost of the mission in its first year. Now the European Union is running a border control operation called Triton, with fewer ships and a much smaller area of operations. Civil war in Syria and anarchy in Libya swelled the number of people crossing the Mediterranean last year. Many paid smugglers $1,000-$2,000 to travel. The United Nations refugee agency says 160,000 seaborne migrants arrived in Italy by November 2014 and a further 40,000 in Greece. Thousands have died attempting the journey. "To organized crime it's not important if people make it across the sea alive or dead," Nicolini said. "But now, without Mare Nostrum, it's as if no one, and not just the criminals, cares if they live or die." (Editing by Robin Pomeroy)
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Greece and its creditors were at loggerheads again Monday after the new Athens government insisted it would not back down over its massive bailout, sparking new jitters on financial markets over fears of a euro exit. PM Alexis Tsipras's request emergency EU funding to tide the country over while it renegotiates its huge debt baffled German Finance Minister Wolfgang Schaeuble. His finance ...
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Municipal authorities in Athens, Piraeus, Thessaloniki and other cities around Greece on Monday night opened dozens of emergency shelters as temperatures across the country slid into the single digits
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Germany’s Vice Chancellor Sigmar Gabriel on Monday brushed off calls by Greece’s newly elected government for Berlin to pay reparations for damage inflicted during the country’s Nazi occupation
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The Greek stock market closed before the details of the blueprint that Greece will submit to the Eurogroup became known on Monday,
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Around 22,000 hectares of land on the banks of the rivers Evros, Ardas amd Erythropotamos on the Greek-Bulgarian border has been flooded
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With its cash reserves shrinking quickly and ahead of a meeting of eurozone finance ministers this week, Greek Finance Minister Yanis Varoufakis told ...
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"I look forward to hearing Angela's assessment of how Europe and the IMF can work with the new Greek government to find a way that returns Greece ...
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According to the German Chancellor, “what matters most is what will the Greek government bring to the table”
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Piraeus Bank, National Bank and Alpha Bank from Caa1 downgraded to Caa2, while Eurobank and Attica Bank from Caa3 downgraded to Caa2
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fYRoM politicos fall back on an antiquated line of defense': Greek secret service shenanigans
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Next stops Paris and Moscow
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(Bloomberg) -- Greece will seek about 10 billion euros ($11.3 billion) in short-term financing as it tries to stave off a funding crunch while buying time to ...
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Listening to Yanis Varoufakis, Greece's new finance minister, as he canvassed his way across the capitals of northern Europe last week, it seems ...
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During the years of crisis, Europe's integration seems to have reached a limit, which cannot be exceeded. For the past seven years, Greece as well as Europe, has been subsisting the alternating ebb and flow of both optimistic and pessimistic expectations. We are still there. In an unstable and uncertain environment, the main mean to bring about balance between grand illusions and inefficient choices is pragmatism. Within this setting then, Greece's and Europe's relationship is going today through a highly uncertain phase. Neither side desires rupture. Probably an agreement will be reached, probably it will take time. In any case though, the impact of such an impending issue can be particularly serious. A redundant tension would have an adverse impact on both sides, mostly on the weakest link that is Greece. The conditions of a new agreement and the matter of Greece's debt will be negotiated and decided in the framework of EU's institutions. However, there are further crucial issues concerning both Greece and Europe, with serious impending consequences on Greece's growth. Both sides have failed to face significant, even if different, questions during their course of action. One major challenge in Europe during these years is the widening gap between the social reality faced by broader parts of its societies and the political management of these problems. Whatever surfaced during the crisis, beyond all real national causes, is also due to errors associated to broader European policies. Social or political tensions, divergences, skepticism and populism escalated. In ten years the European political scene has experienced the most severe upheavals of recent decades. Populism along with anti-European attitudes is gaining significant ground every year. This is not Greece's fault. Quite the contrary. Greece's unemployment rate reached 27 percent due to the crisis while an average reduction of disposable personal income of about 37 percent was recorded, which means that many peoples' income decreased much more than 37 percent while, obviously, other's less, without that meaning that the repercussions of this 'less' were least painful. Nevertheless, Europe should acknowledge that still 75 percent of the Greek society stays pro-European. The fact that in the last elections, around 50 percent of Greek voters rejected the traditional ruling parties in light of generating a new perspective and appointed forces that would negotiate the constraints and limitations set by the Memoranda, should come as no surprise. If other European countries, facing much less significant difficulties, strengthened fervent anti-European nationalist and populist forces, their reaction to a crisis equivalent to Greece's, would not be limited to a simple renegotiation of terms. One can only imagine the turmoil those societies would experience if they endured what Greece has all recent years. Greece's pressing priorities today are summarized in five critical issues: transforming in-depth its limited competitiveness and productivity; handling unemployment; facing the vast transformation of the public sector and the political management so that the state does become the developmental engine it ought to and not a mechanism of social and economic decline; restoring social justice by reducing tax evasion and underground economy and, also, finding pragmatic answers on a range of financial issues, such as the amount of debt and the imposed commitments to historically unrealistic primary surpluses, never before met by any country within the modern world. The first four points ought to be the government's top priorities, even if European policies are required for their implementation, while the last point is a matter that should be taken up mainly by Europe. Many issues arise due to Greece's weak productive base. However, neither the Troika nor Europe showed any real interest in transforming and strengthening Greece's real economy and production base, although such an advancement is equally a fundamental condition for the success of fiscal adjustment. Today, without national and European synergy on investment policy, technology, education, institutional framework and broader economic and governance issues, macroeconomic imbalances and stagnation will continue to prevail as a result of the weak and fragile productive base of the Greek economy. Given all current complex problems characterizing the European landscape, Greece must abandon many myths and stereotypes, accept that the country itself is the source of many significant problems and that it should mobilize its own internal forces. Europe on the other hand should also admit to its mistakes. Both should agree on a common agenda, where Greece will not obliterate all the sacrifices made by its people and Europe will acknowledge Greece's situation six years after the onset of the crisis, will try to understand why the situation in Greece and in Europe failed to be where it was supposed to be and will re-orient its policies to enhance all crucial drivers of growth. Obviously, within a stable macro-economic framework. EU's bureaucratic policies did not lead very far. Today, extreme circumstances call for innovative political approaches. However, regarding Greece, success depends mainly on Greece abandoning unrealistic perceptions on how growth is accomplished when in crisis, given a weak technology and productivity base. A political choice followed by both sides would give a strong sign of hope inside and outside Greece. Therefore, the first round of discussions must come soon to an end. What must be done and can be done in a country ruled by a left-wing government is far too much. And many of them are to the interest of both sides. However, Europe is the powerful actor in this relationship. It ought to show solidarity, if not to the government, to the Greek people. Solidarity though is not measured in offering money or charity. It is also defined by understanding problems, searching effective political answers and showing political support. I am referring to policy approaches, which regardless of the struggles they might bring about, will provide Greece with a more promising perspective, after being on the verge of collapse and going through a painful recovery; a situation never before experienced by any other European country.
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… soldier left Greek soil. There is no possible extension of Greece’s … ,000 public workers fired “illegally”. Greece's economic woes by … implicit threat is clear. Should Greece refuse, over €60bn of liquidity …
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Greek Prime Minister Alexis Tsipras met with Austrian Chancellor Werner Faymann earlier today in Vienna, where he was jubilantly accepted. A large number of Greeks residing in Vienna, as well as Austrians, had gathered in front of the Chancellery shouting slogans and holding banners asking, among others, to write off Greece’s debt. The Greek Premier saluted in return and thanked the gathered crowd. The Austrian Chancellor welcomed Tsipras in the presence of a large number of representatives of the foreign press and TV crews underlining the international media’s huge interest for the developments. After the meeting, Tsipras appeared optimistic that Greece will soon come to a viable and beneficial agreement for both sides with its European partners, while Faymann highlighted that Greece must stay in the Eurozone and that a commonly accepted solution should be found. At the same time, he said, the commitments toward Europe must also be respected, although these commitments should not further burden Greek citizens. Regarding the mutually beneficial solution, Tsipras said that “so far, we have not heard a viable alternative,” adding that there is no reason not to come to an agreement if there is not a persistence in error. If for such a reason a solution is not found, our common European future itself is under threat, he underlined. In addition, the Greek Premier thanked the Austrian Chancellor for his statement that those who invest in a disaster will be proved wrong, while citing Greek Finance Minister Yanis Varoufakis who said that a possible disaster might lead to the rise of extreme right elements, as it has already happened in Greece, due to the extreme austerity policy of the latest years. Furthermore, Tsipras said that the Greek government’s plan proposed to its partners will “lift the temporary impasse” and will not charge European tax payers a single cent, since it aims to the abolition of further loans in order to cover the country’s needs. Additionally, he characterized an interim agreement -which will be in effect from February until July 1- as “necessary.” “In this way, Greece will obtain the necessary fiscal space and necessary reform time to start implementing the program for the fight against corruption and tax evasion, and the public sector’s reorganization,” he concluded.
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US president and German chancellor Merkel hold news conference‘Lethal defensive weapons’ for Ukraine an option, Obama saysMerkel warns ‘no guarantee’ upcoming Ukraine talks will work 1.33pm ET We’re going to wrap up our live coverage of the Obama-Merkel news conference. The two leaders have adjourned to a scheduled working lunch with vice president Joe Biden. Here’s a summary of the news conference: 1.20pm ET Binyamin Netanyahu has reaffirmed his intention to address a joint session of the US Congress next month on the subject of Iranian nuclear talks, despite opposition in both Israel and the US. Read our report from Tel Aviv:At his weekly cabinet meeting on Sunday, Netanyahu made no mention of the tensions with Washington but insisted he would “do everything and will take any action to foil this bad and dangerous agreement that will place a heavy cloud over the future of the state of Israel and its security”.He also told a group of French-speaking Likud voters on Sunday night that he would go anywhere in the world where he was invited to speak about the Iranian threat, not just as an Israeli but as a leader of all Jews. 1.13pm ET Israeli prime minister Binyamin Netanyahu’s twitter account was active during Obama’s remarks about his planned upcoming address to Congress and the Iran nuclear negotiations:.@netanyahu tweeting as Obama talking about #Iran. Says always been disagreements between US & #Israel but relationship remained steadfast. 1.10pm ET The Russian foreign ministry’s English-language news page has this brief description:Russian-Egyptian talks will be held on February 10, with plans to address prospects for further developing the full range of bilateral relations, as well as current international issues.The President of #Russia arrived in #Egypt on a two-day official visit - http://t.co/7V1ij1sRrE @Rusembegypt pic.twitter.com/Zosl0PHoZF 1.03pm ET Guardian Moscow correspondent Shaun Walker flags an interview with a Le Monde journalist on the situation in eastern Ukraine:Take ten minutes to watch @benvtk give his extremely sharp thoughts on the current situation in E Ukraine https://t.co/5iBd0qjt00 12.55pm ET That’s a wrap. Obama encouraged a long view on the conflict in Ukraine and patience on Iran: “what’s the rush”? Merkel cautioned that there are no guarantees in negotiations with Russia over Ukraine but that it is essential to make every effort to achieve a diplomatic solution. 12.53pm ET Obama agrees that there are no guarantees in the Ukraine negotiations. As for potential lethal aid falling into the wrong hands in Ukraine, the question to be answered, he says, is, “Is it more likely to be effective than not.”“The United States and Europe have not stood idly by. We have made enormous efforts, enormous investments... in trying to resolve this situation. The Ukrainian people can feel confident that we have stood by them.” 12.51pm ET Merkel on Greece: There will be a EuroGroup meeting on Wednesday and “what counts is what Greece will put on the table.”The German policy is to keep Greece in the zone, she says. “I will wait for Greece to come with a sustainable proposal and then we will talk about this.” 12.49pm ET Merkel is asked what she thinks of these calls in the United States for delivering weapons for the Ukrainians. Obama is asked why he’s so sure that weapons sent to Ukraine would not get into hands of rebels.Merkel answers first. She says the world must “try again and again” for a diplomatic solution. Then she draws an ominous analogy to the Middle East conflict. 12.46pm ET I don’t want to be coy,” Obama says. He and Netanyahu have very real differences around the Iran sanctions.“It doesn’t make sense to sour negotiations a month or two before they’re to be completed,” he says. 12.44pm ET Obama turns to Netanyahu’s planned joint address before US Congress in March.“I talk to him all the time... we have a practice of not meeting with leaders two weeks before their elections. As much as I love Angela, if she was two weeks before an election, she would not have received an invitation to the White House, and I expect she wouldn’t have asked for one.” 12.41pm ET Obama says “The issues now are sufficiently narrowed and sufficiently clarified, that we’re at a point now where, they need to make a decision.”Obama says the P5+1 is presenting a deal to Iran that allows them peaceful nuclear power but ensures that they aren’t pursuing a weapon. 12.39pm ET A question on Iran nuclear negotiations, which call for a rough deal to be agreed to by the end of March and a detailed agreement by the end of June.Obama answers first. He said everybody knew “it would take some time to work through” complicated issues “and a trust deficit.” 12.36pm ET Obama says that nobody wants Russia to fail but on the contrary the hope is for Russia to be stable and grow.“Unfortunately, Russia has made a decision that I think is bad for them strategically, bad for Europe and bad for the world,” Obama says. 12.32pm ET Merkel replies to a question about US surveillance of her phone and other spying in Europe.It sounds like there are no hard feelings. 12.31pm ET Merkel says, “What’s important for me is that we stand very closely together. ... Nobody wishes more for a success than the two of us here who stand side by side.The goal is not just a cease-fire but a new set of rules for observing territorial integrity. 12.28pm ET A question from the German press for Merkel: what is red line across which the Ukrainian army must be armed? And what can the Nobel laureate Obama do more to defuse this conflict? 12.26pm ET Merkel says she and HOllande have decided to “make one further attempt” to secure a diplomatic agreement. She says there’s a chance of a cease-fire and to create conditions to stop civilian deaths.“I myself would actually be not be able to live without having made this attempt.” 12.23pm ET First question: The US is discussing sending lethal weapons to Ukraine. Do you two disagree on this, or is this good cop / bad cop? Obama: “The possibility of lethal defensive weapons is one of those options.” 12.18pm ET On Ukraine, Merkel says the “inviolability of territorial integrity” is a founding principle of Europe.If we give up this principle, the idea of a peaceful Europe crumbles, she says 12.16pm ET On to security issues, Merkel notes it is the 25th anniversary of German reunification.“IT is well worth the effort to stand by one’s values for decades, to pursue those goals. 12.14pm ET Merkel is speaking. She agrees with Obama that the conclusion of a free trade agreement would boost European growth. Germany will come out “forcefully” in favor of an EU-US trade deal, she says. She previews the G-7 summit agenda: Health issues, including the lessons of the Ebola epidemic. The international reply has to be quicker, she says. 12.11pm ET Obama moves on to the fight against the Islamic State fighters, saying Germany would help train counter-terror forces in Irbil and stop travel of foreign fighters through Europe and Turkey to Syria. 12.10pm ET “We agreed that sanctions on Russia need to remain fully in force until Russia complies,” Obama says.“We are making it clear again today that if Russia continues on its current course.. Russia’s isolation will only worsen, both politically and economically.” 12.09pm ET Two issues in particular dominated: Russia’s aggression in Ukraine and the international fight against Isil.“It’s clear that they’ve violated just about every commitment they made in the Misnk agreement,” Obama says. He says Russia has sent more arms, tanks and artillery into eastern Ukraine. 12.08pm ET Obama calls for progress on a new trans-Altantic trade partnership this year. He says he looks forward to hearing Merkel’s plans for Greece and promoting growth in Europe. He says over lunch the two will talk about climate change.This morning the pair discussed global security, he says. The countries will work together to train Afghan security forces. They will hold the Iran sanctions regime in place. 12.05pm ET Obama congratulates “Angela and Germany” on their fourth World Cup title. But the US team “continues to get better with each World Cup, so watch out.” 12.05pm ET There they are, on the CSPAN feed, if not yet on the White House feed above. Obama welcomes “my close friend and partner, Angela Merkel, back to the White House.” 12.02pm ET Two-minute warning before Obama and Merkel appear. 11.57am ET Additional sanctions on Russia or Russian interests has been floated as an alternative or possible complement to arming Ukrainian forces. Such sanctions could further damage a Russian economy already struggling with low oil prices, which have fallen by about half in the last six months. The chart below, via the World Economic Forum, shows the top 15 countries that exported fuel in 2012:What #data tells us about the impact of falling #oil prices http://t.co/yzeOVIWmkV pic.twitter.com/M3RAahxnIN 11.47am ET Michael McFaul is former US ambassador to Russia. He’s a professor now, as his Twitter feed might suggest: "Realists" please note: Putin does not want Ukraine to be a neutral buffer state. Putin wants Ukraine to be a failed state. Big difference.Im no IR theorist but wouldn't arming Ukraine be a classic recommendation of realist "offshore balancing"? @stephenWalt @dandreznerDidn’t realists advocate arming Iraq to balance offshore Iran back in the 1980s? Or is my memory failing me? 11.44am ET Not actually the dialogue. Finally got details of Putin peace plan proposal. pic.twitter.com/lyU5stWe3g 11.40am ET 11.29am ET We’ve embedded a video player that will carry a live feed of the conference atop the blog. Should be about 10 minutes now. 11.26am ET Here’s the photo op before the talks before the news conference before lunch:President Obama and Chancellor Merkel posing for photographers before a meeting in the Oval Office #Russia #Ukraine. pic.twitter.com/ipmanPkdnW 11.22am ET Pace the louder voices on the American side, McCain at the lead, Merkel has said the crisis in Ukraine will not be solved by military means, and that the peace agreement struck last September needs to be implemented. From our report at the weekend:Speaking at the Munich security conference on Saturday, the German chancellor said she wanted to secure peace in Europe with Russia and not against it.Germany has opposed aiding Ukrainian troops for fear of worsening the conflict, which has already cost more than 5,000 lives, but the idea has many supporters in Washington. 11.17am ET The United States first stepped up its joint training with Nato forces in Poland and eastern Europe almost a year ago. That training continues.US Marines prepare for the tank mechanized assault course during Integrated Training Exercise. @USMC pic.twitter.com/Kzm5YUbqTP 11.13am ET Guardian Washington bureau chief Dan Roberts (@robertsdan) measures the appetite within the Obama administration for arming Ukraine. The secretary of state has raised the prospect of “additional assistance” and the incoming secretary of defense has gone further: “[Vladimir Putin] is leaving the global community with no choice but to continue to either put more sanctions in place or to provide additional assistance to Ukraine,” US secretary of state John Kerry said in an interview aired on Sunday. “Hopefully he will come to a point where he realises the damage he is doing is not just to the global order, but he is doing enormous damage to Russia itself.”Incoming US defense secretary Ash Carter went further last week, telling lawmakers he “very much incline[s]” towards arming the Ukrainian government, and questioned whether the administration was “in fact doing enough” to deter Russia from attacking the US Baltic allies in Nato. 11.08am ET Egypt says Russian President Vladimir Putin will arrive soon in Cairo for meetings with his Egyptian counterpart, the Associated Press reports.Putin was to meet with European and Ukrainian counterparts in Belarus on Wednesday to address the Ukraine crisis, if diplomats can confirm preliminary terms. It added that both leaders would attend a ceremony Tuesday where several agreements would be signed, although it did not elaborate on the nature of the agreements.Putin last visited Egypt in 2005, when long-term autocrat Hosni Mubarak was still in power. Mubarak was toppled in 2011. 11.01am ET Hello and welcome to our live blog coverage of a joint news conference at the White House with German chancellor Angela Merkel and President Barack Obama. The two leaders are meeting in an attempt, most urgently, to form a united front against Russian aggression in Ukraine. Other areas of bilateral conversation are to include counter-terrorism, the Iran nuclear negotiations, climate change and Germany’s plans for hosting the G7 summit in June. Continue reading...
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By Cliff Blaylock Skorpios or Scorpios is a private island in the Ionian Sea off the western coast of Greece and just to the east of the island of Lefkada. The barren island was bought by Aristotle Onassis in 1963. At the time, it was believed to have cost just 3.5 million drachmas, the equivalent of about £10,000. Spanning 74 acres, the shipping scion piped in utilities, imported sand, planted over 200 varieties of trees, and built a family compound that includes three residences, a helicopter pad and a boat quay. He also built harbor facilities in the bay on the north side for his beloved yacht “Christina.” Onassis never slept on the island but slept on “Christina” at night, although there are living quarters ashore for quest. There are some sandy beaches, most notably the east beach, which was created by Onassis who brought sand from Salamis island for this purpose. The island water comes from a mountain bought by Onassis on a nearby island, so anyone who bought the island would need to buy the mountain as well, which he estimated would cost upwards of 100 million euros. On October 20, 1968, Onassis married former US First Lady Jacqueline (Jackie) Kennedy on the island. The island hosted many parties during Onassis’ time. On the island’s south side, at the edge of a tiny beach, in an idyllic setting, is a small Cyclades-style house Jackie had built so she could get away from it all and swim in the beautifully clear waters of the cove. This was where Jackie was infamously photographed nude by a Greek paparazzo. The shipping scion, Christina and his son Alexander, who died in a plane crash in 1973, are all buried on the island. The small chapel and graves are on the island’s northwest corner. After his death in 1975, the private island passed down through the family, and in 1988, after her mother Christina died at the age of 37, the property passed to Athina Onassis Roussel, his 28-year-old granddaughter and sole living heiress. Athina was born in France, and is the only child of Christina Onassis and her fourth husband, Thierry Roussel. She is married to Brazilian Olympic show jumper Alvaro de Miranda Neto and lives in Sao Paulo. There have been rumors in the past that fashion designer Giorgio Armani, Microsoft founder Bill Gates and pop star Madonna were interested in buying the tiny island. Swiss-educated Athina Onassis Roussel sold the island in April 2013 to Ekaterina Rybolovlev, the 24-year-old daughter of Russian billionaire Dmitry Rybolovlev. It is believed Athina had little Interest in spending time on the island, or in Greece. The sale price is unknown, though several Greek news outlets have reported a price tag in the $150 million range. Whatever the final number, Rybolovlev can afford it. Or more aptly, her father can. Dmitry Rybolovlev is worth an estimated $9.1 billion, making him the 79th richest person in the world. His wealth is largely derived from his former ownership stake in Uralkali, Russia’s largest producer of potassium fertilizer, which he sold out of in 2010 for $6.5 billion. Rybolovlev’s daughter is said to be acquiring Skorpios for business as well as pleasure, with reported plans to create an island retreat for the world’s rich and powerful, according to several Greek news outlets. The nearby islet of Sparti was also included in the sale. From the time Skorpios was sold to Rybolovlev, the whole area has become a forbidden zone for tourists. Specially trained French and American bodyguards with high-tech equipment guard the island 24/7. The Greek government however, is yet to confirm the legality of the purchase by the Russian oligarch. An investigation is currently underway, as New Democracy MP Yannis Mihelakis raised the question in the Greek parliament. Specifically, Onassis stated in his will that the island would remain in the family as long as they could afford to cover its maintenance expenses. According to the will, if his descendants could not cover the expenses, the island would be donated either to Olympic Airways or to the state. Therefore the island is now leased to the heiress for 100 years, still under the belonging of Athina Onassis Roussel. Although it is not possible to land on Skorpios, you can pass close by on a charter yacht and see this beautiful Ionian island, playground of the rich and famous.
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