Major effort under way after floods in Serres

Local authorities, residents and members of the armed forces in Serres, northern Greece, worked together on Monday in an effort to limit the damage caused

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Greece, Troika Wrangle Over Reforms

With its next financial deadline looming, Greece is struggling to convince its creditors it has a viable economic reform plan to unlock emergency funds.

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European Stocks Shrug Off Greek Uncertainty -- 2nd Update

Greek government bonds weakened somewhat on Monday, though trading volume was thin. The yield on the country's two- year bonds was around ...

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Alexis Tsipras vows to stop Greek 'bleeding' as creditors continue to frustrate Athens

Greek pleas for a bond-swap or outright haircut on its debt mountain have subsided following a February 20 agreement to extend its bail-out by four ...

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Greece Looks to Russia as Deal With Europe Stumbles

ATHENS — With the prospect of a default looming in Greece, Prime Minister Alexis Tsipras is preparing to meet next week with President Vladimir V.

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National Bank of Greece (ADR): Greece Struggles To Accommodate Creditors With New Reform ...

National Bank of Greece (ADR) (NYSE:NBG) stock is down 2.36% during pre-market trading today. Greece's creditors are currently evaluating the new ...

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Opinion: Europe still hasn't abandoned Greece

Blockade, stalemate, bluff: Just like in classical drama, it is hard to find a way out of the debt crisis, writes DW's Bernd Riegert - even if there is one. Greece will not exit the European Monetary Union. Period. Chancellor Angela Merkel spoke these ...

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Former Greek minister into the operating room

Vasilis Kikilias, Greek MP and former minister of Public Order and Citizen Protection, also works as a doctor in a national hospital of Athens and he posted a photo on Instagram from the operating room in order to wish a ...

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Tsipras: previous gov't knowingly sabotaged economy

Greek Prime Minister Alexis Tsipras accused the previous government of deliberately sabotaging the economy, leaving a gap of €2.5 billion, in order to undermine what they knew would be the coming of a new government. In a speech to Parliament Monday ...

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How to fix Greece: A seven-point plan for economic salvation

All eyes are on Greece, again. After six years of austerity that drove some four million Greeks on to the breadline as economic activity declined by 25 per cent, citizens are holding their breath, watching as the newly elected leaders present their case to the powerbrokers of the eurozone. Ordinary Greeks have endured huge economic hardship as previous governments implemented the austerity economic programme demanded as a condition of the bailout by the "troika" of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) in 2010 – and then again in 2012 – to address the country's debt crisis.

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Time Out: Let's Stop the Blame Game in Europe

ATHENS -- A German television presenter recently broadcast an edited video of me, before I was Greece's finance minister, giving his country the middle-finger salute. The fallout has shown the potential impact of an alleged gesture, especially in troubled times. Indeed, the kerfuffle sparked by the broadcast would not have happened before the 2008 financial crisis, which exposed the flaws in Europe's monetary union and turned proud countries against one another. When, in early 2010, Greece's government could no longer service its debts to French, German, and Greek banks, I campaigned against its quest for an enormous new loan from Europe's taxpayers to pay off those debts. I gave three reasons. First, the new loans did not represent a bailout for Greece so much as a cynical transfer of private losses from the banks' books onto the shoulders of Greece's most vulnerable citizens. How many of Europe's taxpayers, who have footed the bill for these loans, know that more than 90 percent of the €240 billion ($260 billion) that Greece borrowed went to financial institutions, not to the Greek state or its people? Second, it was obvious that if Greece already could not repay its existing loans, the austerity conditions on which the "bailouts" were premised would crush Greek nominal incomes, making the national debt even less sustainable. When Greeks could no longer make payments on their mountainous debts, German and other European taxpayers would have to step in again. (Wealthy Greeks, of course, had already shifted their deposits to financial centers like Frankfurt and London.) Finally, misleading peoples and parliaments by presenting a bank bailout as an act of "solidarity," while failing to help ordinary Greeks -- indeed, setting them up to place an even heavier burden on Germans -- was destined to undermine cohesion within the eurozone. Germans turned against Greeks; Greeks turned against Germans; and, as more countries have faced fiscal hardship, Europe has turned against itself. The fact is that Greece had no right to borrow from German -- or any other European -- taxpayers at a time when its public debt was unsustainable. Before Greece took any loans, it should have initiated debt restructuring and undergone a partial default on debt owed to its private-sector creditors. But this "radical" argument was largely ignored at the time. Similarly, European citizens should have demanded that their governments refuse even to consider transferring private losses to them. But they failed to do so, and the transfer was effected soon after. The result was the largest taxpayer-backed loan in history, provided on the condition that Greece pursue such strict austerity that its citizens have lost one-quarter of their incomes, making it impossible to repay private or public debts. The ensuing -- and ongoing -- humanitarian crisis has been tragic. Five years after the first bailout was issued, Greece remains in crisis. Animosity among Europeans is at an all-time high, with Greeks and Germans, in particular, having descended to the point of moral grandstanding, mutual finger-pointing, and open antagonism. This toxic blame game benefits only Europe's enemies. It has to stop. Only then can Greece -- with the support of its European partners, who share an interest in its economic recovery -- focus on implementing effective reforms and growth-enhancing policies. This is essential to placing Greece, finally, in a position to repay its debts and fulfill its obligations to its citizens. In practical terms, the Feb. 20 Eurogroup agreement, which provided a four-month extension for loan repayments, offers an important opportunity for progress. As Greece's leaders urged at an informal meeting in Brussels last week, it should be implemented immediately. In the longer term, European leaders must work together to redesign the monetary union so that it supports shared prosperity, rather than fueling mutual resentment. This is a daunting task. But, with a strong sense of purpose, a united approach, and perhaps a positive gesture or two, it can be accomplished. This is an updated and extended version of a post at yanisvaroufakis.eu. © Project Syndicate

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Daily Agenda: Greek Resolution Remains Elusive

The likelihood of this happening now appears less certain, with sources inside the negotiations indicating that the proposed Greek reforms were ...

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Greek PM Tsipras addresses MPs on debt crisis

All the latest economic and financial news, as the Greek government struggles to persuade its lenders to release much-needed funds before the eurozone crisis erupts againLatest: Tsipras in parliament nowTsipras: Greece needs debt reliefGreek proposals emergeBrussels officials see little progress 7.48pm BST No need to summarise Samaras’s speech - Diane has done it for us samaras had only 2 points--one, we'll support you if you follow our policies and, two, tsipras's problems are his opposition w/in syriza 7.48pm BST Antonis Samaras also tried to prise open the fractures within the Syriza party, saying is is divided over the route forward.#Greece ND Samaras: "LOOK at your party, Mr. Tsipras, they do NOT even want us to help where we can." 7.42pm BST Samaras has urged the Greek government to meet the 450m euro repayment owed to the IMF on April 9th. Failure to do so would be extremely serious, he warns.....#Greece | ND's Samaras: Don't even think abt not paying back the IMF. It wld constitute a credit event & would be the 1st step toward Grexit 7.41pm BST Samaras is piling into Tsipras with some tasty one-liners.Samaras says Tsipras imagined he'd get money without terms but ended up getting terms without money #Greecesamaras: when i was abroad i liked making friends for greece. you like making enemies, sometimes artificially. 7.38pm BST Samaras says his party are prepared to offer Tsipras support, but only on measures that they would choose to implement themselves.And he criticises the PM for demanding support, without revealing exactly what his reform plans will be.ND's Samaras tells Greek govt: 'We will support you, but not on anything. If you push the country back to recession and deficits, we won’t' 7.35pm BST Former prime minister Antonis Samaras is now responding to Alexis Tsipras.Samaras defends his own track record, saying Greece was on course to exit its bailout under his leadership.Samaras responds to Tsipras by stressing his gov't also adopted policies not in MoU, such as handing out part of primary surplus #Greece#Samaras to #Tsipras : As you keep going with the virtual negotiation, the bill will keep increasing.samaras: if you wanted people to know what is happening, you would've brought the bailout extension to parliamnet. 7.31pm BST Here’s some instant reaction to Tsipras’s address to parliament:Those hoping @atsipras would seek to broaden support to @pasok & @ToPotami likely to be disappointed in speech mainly attacking opposition#Greece PM Tsipras ends speech. No attacks on creditors. That's a first.#Greece PM Tsipras ended his speech, didn’t say much abt the negotiations with the partners though, which was the reason for this session 7.30pm BST Not the most rousing speech in Alexis Tsipras’s career. And not the most informative either. I don’t think we actually learned anything about the state of the negotiations over Greece’s reform programme.The speech did avoid any direct attacks on Greece’s lenders, but the PM made up for that with a swathe of attacks on opposition parties, particularly Antonis Samaras’s New Democracy party. No olive branch for them! 7.27pm BST Tsipras ended his speech by urging citizens to continue to stand by his government, and calling on other parties to speak the truth too. 7.17pm BST More applause, as Tsipras vows not to deceive the Greek people.#Greece PM Tsipras: We only know how to speak the language of truth. We have chosen sides a long time now. 7.16pm BST #tsipras: the pillaging of the middle class and salaried workers must end. that is our plan. 7.16pm BST Tsipras then takes a pop at his predecessor, Antonis Samaras, for failing to tackle tax evasion even after the government received a list of Greeks with Swiss bank accounts.#tsipras openly challenges samaras over inaction on broadcast licences and lagarde list 7.14pm BST Tsipras says he wants to reach a fair compromise with Greece’s lenders, but not a full-scale surrender to their demands.He’s received a couple of rounds of applause, and one ripple of dissent, but MPs are being generally quiet (so far). 7.13pm BST Tsipras in brief: You’re either with us, or you’re with the Institutions (the former Troika)Tsipras reveals 1 of his goals from tonight's speech: To try to put opposition parties in tight spot over whether to back gov't #Greece 7.10pm BST Tsipras then asks the opposition parties if they will support his efforts, or simply be a mouthpiece for Greece’s creditors. 7.09pm BST Greece faces a straight choice, says Alexis Tsipras, between unconditional surrender, and reversing the disastrous policies that have caused such damage to the Greek economy. 7.08pm BST *TSIPRAS: GREEK DEBT NEEDS RESTRUCTURING, IN ORDER TO BE REPAID 7.08pm BST The four-month bailout extension agreed last month is an opportunity to reshape Greece’s future, Tsipras says.And he then declares that Greece needs debt restructuring if it is ever to repay its debts.#tsipras describes feb20 agreement as a landmark deal#Greece PM Tsipras says that w the #Eurogroup agreement of 20th Feb, the issue of debt restructuring opens up. 7.05pm BST Our strategy is bearing fruit, Tsipras insists, and denies that Syriza is dragging Greece deeper into trouble:Greek PM Tsipras tells Parl't: We inherited a country not the edge of the abyss, but deep in the abyss already 7.04pm BST PM Tsipras: The country has stopped being a debt colony #Greece pic.twitter.com/1vsfjjH3PG 7.04pm BST It is time to face the truth, Tsipras says. And he accuses the previous government of misleading the people about the health of the public finances.The brilliant Diane Shugart is tweeting the details:#tsipras: the last govt spoke of a primary surplus of abt 3.3 bn euros but reality was it was 2.7bn less than what it said in campaign#tsipras says public coffers had nothing and cash deficit of about 2.5bn euros 7.01pm BST Alexis Tsipras begins his speech by telling MPs that his government has been delivering on its pledge to ‘turn the page’, and end Greece’s existing as a country governed by memorandums imposed by its creditors.We are delivering on our election pledges every day, and support for our plans have grown since January’s election, he says.#tsipras says this choice is a choice to return to democracy. people support us and consistently ask us not to take a step backwards 6.59pm BST Alexis Tsipras is speaking to MPs now -- there is a live feed here (no translation from Greek, though). 6.46pm BST Is Greece’s unpopular property tax (an annual levy of real estate) going to be abolished or not? Efi Efthimiou of financial news website Capital GR hears that it is definitely being ditched, as Syriza promised in the past. There have been persistent rumours, though, that it would be included in the reforms being drawn up in Brussels......#Greece Remember these FinMin sources saying ENFIA (property tax) will remain? Forget them. Govt sources say it will be replaced 6.12pm BST The debate on Greece’s reform plan, and the laborious route towards a deal, is now expected to start in 20 minutes.parliament on short break; tsipras to open party leaders' debate at 8:30 pm. 6.02pm BST Tension is building in Athens ahead of Alexis Tsipras’s speech in parliament, which should start shortly....Lots of speculation on what Tsipras may say (or announce) in his parl speech. I'll just hear what he has to say & take it w a pinch of salt. 5.57pm BST Despite the continuing worries about Greece’s financial predicament, leading shares were on the rise, helped by positive comments from China suggesting it will implement measures to boost its economy if necessary, and a number of takeover deals in the US. The final scores showed: 5.54pm BST The FT’s Brussels bureau chief, Peter Spiegel, has a good take on the talks around Greece’s reform plans, as negotiations drag on tonight.People on both sides of the talks say that despite three days of talks, the list is not comprehensive as yet. “There was no such thing as an original list,” insists an official from one of the bailout monitoring institutions. “There were contributions, tables, pieces of paper.”Indeed, on the Greek side, some involved in the discussions say a fuller, longer, and more detailed document is in the works. They argue the issue is not, as many among the bailout monitors claim, a lack of detail. The issue is getting all the details – some 72 reforms, according to one person in the Athens camp – into a well-organised document, in English, without mistakes in substance or politics.EU officials said they don’t expect to be back and in full force from the Easter holiday until next Tuesday, leaving very little time for any decision to release bailout funding before Greece must make a €450m payment to the International Monetary Fund next Thursday, April 9. All eyes are on whether Athens has enough cash on hand to make that payment. It could be a nerve-fraying week.Is yet another #Greece reform list in the works? It would appear so. An @FTBrussels blog post on latest developments: http://t.co/R9EKqaLtI2 5.34pm BST Riot police have been deployed outside Athens University after a group of protesters occupied the main building today.They are supporting a hunger strike being conducted by prisoners; calling for maximum security prisons to be closed, and anarchist campaigners to be released from custody. 4.20pm BST Here’s a summary of the leaked Greek reform proposals:Details of #Greece govt's reform & fiscal proposals [via @toxrima]: - 2015 privatizations to bring in €1.5bn (€7… http://t.co/LKwEbdxjo7 4.01pm BST Government officials are refusing to confirm the details of the Bloomberg story, says Helena Smith in Athens:If true, the report would suggest that prime minister Alexis Tsipras’ leftist-led administration has put the emphasis on shifting reform onus to wealthier Greeks, starting with a crackdown on deposits held abroad.That would fit perfectly with the government’s mission. 3.23pm BST Bloomberg is reporting more details of the proposed Greek reforms:Greece’s bid to bolster its finances relies on taxing capital transfers and fighting tax evasion, according to a list of reforms submitted to European negotiators. Prime Minister Alexis Tsipras’s coalition targets revenue of as much as €875m from the “intensification of audits on lists of bank transfers and offshore entities,” according to a 15-page draft document detailing reform proposals in exchange for more emergency loans from the euro area and the International Monetary Fund. 3.06pm BST Back with the US, and more signs of an improving housing market.Pending home sales rose 3.1% in February, according to the National Association of Realtors, compared to expectations of a 0.4% increase. This was the highest level in around 18 months. 2.59pm BST An update on the European Central Bank’s quantitive easing programme:ECB Announce EUR41.016 Bln Settled In QE Purchases As Of March 27 (Prev EUR26.3 Bln) 2.52pm BST US stock markets have opened strongly after a series of deals gave investors a lift.The Dow Jones Industrial Average is up more than 250 points in early trading, while the S&P 500 has jumped by 1%, following news that insurer UnitedHealth was paying $12.8bn for pharmacy benefit firm Catamaran, Israeli pharmaceuticals group Teva would buy drug developer Auspex Pharmaceuticals for $3.5bn and Ireland’s Horizon agreed to buy US drugmaker Hyperion Therapeutics for $1.1bn. 2.42pm BST Late on Friday, Fitch downgraded Greece’s default ratings and unsecured currency bonds from B to CCC, ahead of its next scheduled review on 15 May. It said:Fitch believes that developments in Greece warrant such a deviation from the calendar and our rationale for this is laid out below.Lack of market access, uncertain prospects of timely disbursement from official institutions, and tight liquidity conditions in the domestic banking sector have put extreme pressure on Greek government funding. We expect that the government will survive the current liquidity squeeze without running arrears on debt obligations, but the heightened risks have led us to downgrade the ratings.The damage to investor, consumer, and depositor confidence has almost certainly derailed Greece’s incipient economic recovery. The damage will take time to repair even if prospects for a successful programme completion improve over the coming days or weeks. We have revised down our growth forecast significantly to 0.5% this year from 1.5% in January 2015 and 2.5% in December 2014, with risks to growth on the downside. Liquidity conditions faced by firms will have worsened substantially, in our view, due to increased government arrears to suppliers and bank funding strains. 2.00pm BST Over in Helsinki, Angela Merkel has warned that Greece’s reform programme must “add up”, while insisting that Germany wants to avoid Grexit. “The question is can and will Greece fulfil the expectations that we all have...“There can be variation as far as which measures a government opts for but in the end the overall framework must add up.”“We saw this in Ireland when a new government changed parts of the programme. But in the end the financial stability of the country must be restored. Greece is talking with the institutions now. We are waiting on these talks. And we will wait for the evaluation of the institution.” 1.29pm BST A quick recap.Greek officials are sitting down with their creditors in Brussels for another round of talks over the country’s reform plans, as time continues to run short.“Investors fear that if external funding is not secured, a cash crunch and subsequent default may lead to the country’s exit from the Eurozone. Such an outcome would be unprecedented, carrying with as-yet unknown implications for the financial markets at large. 1.12pm BST German’s inflation rate has inched back into positive territory, in the latest sign that the eurozone is not sinking into a deflationary slump.The German consumer prices index rose by 0.1% annually on a harmonised basis, with prices up by 0.5% month-on-month. 1.00pm BST Alexis Tsipras has reminded us that sixty-three years ago today, Greek communist and resistance hero Nikos Beloyannis was executed.We honor the memory of the Greek resistance fighter, Nikos Beloyannis, who was executed on March 30, 1952 #Greece pic.twitter.com/ATNoFFJzQi 12.53pm BST Heads-up. Angela Merkel is visiting Finland today, for talks with prime minister Alex Stubb.He’s just given her a warm welcome to a rather chilly Helsinki. Kanzlerin #Merkel besucht finn. MP @alexstubb in Helsinki. Pressekonf ca 14 Uhr dt. Zeit live: http://t.co/KI8y6ZD9iW pic.twitter.com/iG39WszyOSPrime Minister @alexstubb and Chancellor #Merkel will discuss situation in Ukraine and matters relating to Russia and the euro area economy. 12.45pm BST Greece’s new president, Prokopis Pavlopoulos, is visiting Cyprus for his first official visit since taking office -- as is traditional for all new Greek presidents.“We expressed our determination for the unwavering support of the Greek government in its effort to deal with the economic and humanitarian crisis.” 12.00pm BST Over in Athens, heated debate over the government’s proposed reforms has prompted frantic negotiations within the ruling Syriza party. “The Chinese have been here for some time – and it is accepted that their activities have worked positively for the wider region.” 11.25am BST The European Commission’s top spokesman, Margaritis Schinas, is briefing Brussels journalists on the situation in Greece now."We're not there yet," says @EU_Commission spox @MargSchinas on #Greece talks. #UnderstatementEuroworking Group will have a teleconference on Wednesday to take stock of negotiations @MargSchinas #Greece 11.00am BST Over in Berlin, the German government is warning that Greece has not yet submitted a firm list of proposals to its creditors.The finance ministry spokesman also cautioned that bailout funds will not be released until some measures have actually been approved by Greek MPs in Athens.German FinMin spokesperson: #Greece hasn't submitted proposals to Euro area. Talks on reforms continuing. (BBG) 10.47am BST Britain’s banks are to be tested on their ability to cope with a dramatic slowdown in China, a eurozone recession, the worse deflation since the 1930s and UK interest rates being cut to zero.BoE to stress banks for contraction the eurozone, slowdown in China along with deflation and zero interest rates in the UKCooperative Bank is not included in BoE stress tests this year as too small, seven others financial firms to be tested 10.45am BST European Commissioner Pierre Moscovici has welcomed the jump in economic confidence:Encouraging news: @ecfin #eurozone economic sentiment indicator at highest level since June 2011.Confidence returning http://t.co/L0G0gNe3vF 10.36am BST This morning’s rise in economic sentiment means confidence is now at its highest since July 2011, points out Howard Archer of IHS Global Insight.He adds: A third successive, and markedly, increased rise in overall Eurozone economic sentiment to a 44-month high in March indicates that a more favourable growth environment in the Eurozone is increasingly being fostered by the much more competitive euro, low oil prices and major ECB stimulus. Consumer confidence across the Eurozone rose to a near eight-year high in March while sentiment improved in most business sectors. 10.28am BST Italy has also reported an increase in economic confidence, suggesting that Europe’s economy is, finally, strengthening after several tough years. #Euroboom2015 has now reached Italy. Only France and Greece left acc to economic sentiment indicator pic.twitter.com/VNwTSaDwEd 10.13am BST European companies are increasingly confident about their economic prospects, the EC’s latest survey has found.The Commission’s economic sentiment index jumped to 103.9 this month, beating expectations. Eurozone consumer sentiment improves from -6.7 in February to -3.7 in March. Economic sentiment rises from 102.3 to 103.9 10.00am BST Britain’s housing market is picking up pace, according to new data from the Bank of England.Mortgage approvals hit a six-month high of 61,760 in February, up from 60,707 in January, and beating analyst expectations. 9.46am BST China’s main stock market has hit a seven-year high, driven by stimulus hopes. 9.36am BST The uncertainty over Greece’s financial situation is weighing on its bonds this morning.The yield (or interest rate) on 10-year Greek debt has inched up to 11.11%, from 11.04% on Friday night“Greece did not submit a reform list on Friday. They just showed some ideas over the weekend. The discussions from Friday to Sunday were meant to help the Greeks prepare a list for tomorrow.....We still look forward to receiving something on Monday.” #Greece's delegation at #BrusselsGroup presented reform proposals only in e-form for mobile devices and in Greek ~EU official to @tagesschau 9.15am BST Greece’s stock market isn’t sharing in this morning’s rally. The main ATG index has dropped by 1.4% in early trading, with bank shares among the fallers.But....shares in Piraeus Port Authority have jumped by 8.5%, following reports that the government will press on with plans to privatise it. Such a move will not please members of the Syriza party, though. 9.08am BST Greece’s deputy finance minister Dimitris Mardas has insisted that the government hasn’t given up its demand for debt relief.He told financial daily Naftemporiki that:“The government has not abandoned any claim regarding its aim to make the country’s debt viable..... either there will be a haircut or it will be extended, or ....linked to an increase in output or exports, or there will be a lower interest rate. 8.58am BST Talks between Greece and its creditors over its economic reform plans are due to start at 1pm in Brussels (or noon BST), according to the FT’s bureau chief Peter Spiegel:"Brussels Group" talks on #Greece bailout to resume here at 1pm. 8.54am BST European stock markets are rallying in early trading, following Asia’s lead, on hopes of more stimulus measures in China. 8.46am BST Across the eurozone in Spain, prices are still falling, but at a slower rate.Spain’s harmonised consumer prices index dropped by 0.7% this month, data released this morning showed, compared with -1.2% in February. 8.44am BST Greece’s MPs will get an update on the situation this evening, when prime minister Alexis Tsipras addresses parliament. 8.30am BST Greece had hoped that eurozone finance ministers might meet this week to agree to hand over some aid funds.But that now looks unlikely, as Europe heads towards the Easter break. 8.25am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Greek govt is still working on a plan to meet terms for further bailout; it may well miss its 450m euro IMF payment, says #SocGenNegotiations between Greece and troika not going well. This is not going to be settled soon. http://t.co/5k79LAUuoqGreek officials said Alexis Tsipras, the prime minister, had given ground on two key demands made by creditors: increasing value added taxes for Greek islands, a measure previously repudiated by Yanis Varoufakis, the Greek finance minister, and retaining an unpopular property tax that Mr Tsipras had vowed to abolish.The property tax concession appeared to be the centrepiece of the new plan. It would raise an estimated €2.5bn of a predicted €3bn in new revenues, which Greek authorities estimated would put their primary budget surplus — the amount of revenue taken in, minus spending, not counting interest on debt — at almost €3.5bn for 2015. Continue reading...

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Bank of England right to stress test for possibility of China meltdown

Fear that the next financial crisis will come from disruption in emerging markets is uncomfortably plausibleWhat vision of financial catastrophe has the Bank of England invoked this year as it tests banks’ ability to withstand shocks? Is it a collapse in UK prices provoked by the popping of the London property bubble? Or a break-up of the eurozone triggered by a Greek exit?Neither, actually. The Bank’s sights are trained on distant horizons – the global economy and, specifically, a deflationary spiral aided and encouraged by a slowdown in China and a fall in the value of the renminbi. Quite right, too. Deflation and China are the biggest risks in the system. Continue reading...

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Greece in talks with eurozone as Angela Merkel says reform plan must 'add up'

Officials attempt to secure bailout funds from creditors amid suggestions proposals from Alexis Tsipras’s government are not detailed enoughGreek officials were locked in talks with eurozone creditors on Monday amid signs that the country’s list of reforms might not be detailed enough to allow a much-needed tranche of bailout funds to be released. The Greek government presented the reforms demanded by its lenders on Friday, but despite talks over the weekend, the two sides seemed no closer to an agreement. Without more aid, Greece could run out of cash before the end of next month, while a €450m (£329m) payment needs to be made to the International Monetary Fund on 9 April. Continue reading...

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German Govt and Media: Greece Hasn’t Sent a Complete Reforms List

Totally clear to what Greece should do to receive the financial aid appeared today German Finance Minister Wolfgang Schaeuble’s spokesperson Martin Jaeger. As he said, the Greek side has not yet submitted a complete list of proposals to the Eurozone and talks about the reforms continue. The most significant of his statements though, was the one explaining what Germany sees as the main criterion needed in order to unlock liquidity for Athens. As he underlined, “the Greek Parliament will have to approve the reforms before a further aid is given to Athens,” while he rejected that a date has been agreed for a Eurogroup discussion on Greece’s progress. On her behalf, German Chancellor Angela Merkel, while on a visit to Helsinki, underlined that there is flexibility as to which reforms the Greek government will opt to implement, however there must be several additions to the overall framework. “We saw the same thing in Ireland when a new government changed segments of the program. But in the end, the financial stability of the country must be restored. Greece is currently talking with the institutions and we are waiting to see the result of these talks,” the German chancellor said, concluding that the question is whether Greece will fulfill the expectations we all have. Bild: The Greeks scoff at the Europeans, they sent the reforms list in Greek The opportunity for yet another snide comment on Greece found German tabloid Bild. As it reported, “the Greeks laugh at the Europeans on the reforms. They presented the reforms via a tablet and written in Greek. Athens is one step away from bankruptcy and is trying to buy time,” highlighted Germany’s largest circulation newspaper, adding that “from early April, Greece will be unable to repay its debt. Only the help of the European Central Bank (ECB), which has not come yet, could prevent it from bankruptcy. The government of Alexis Tsipras is still playing poker and so far has not submitted any utilitarian reforms list, which will further provide it with the financial assistance.” The newspaper cited an unnamed European diplomat, who said that the Greek government’s list is “vague and unreliable.” On his behalf, Greek Deputy Finance Minister Dimitris Mardas, in an interview to Greek television denied Bild’s report on the subject.

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Sieren's China: Money from Beijing to Greece

Now that Greece is running out of money, it views Chinese investments as the lesser evil, writes DW columnist Frank Sieren. And Beijing is in a very good negotiating position.

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Soros puts Grexit odds at one in three

Billionaire financier George Soros (photo) put the chance of Greece leaving the eurozone at one in three on Monday.

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Releasing migrants from detention centers not enough, says UN rights watchdog

The Greek government's shift on immigration is “the beginning of what will no doubt be a difficult process,”

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Turkish Cypriots say they will halt gas search as Greek president visits Nicosia

Turkish Cypriots said on Monday they were suspending their gas exploration off the coast of Cyprus and that the Barbaros seismic vessel, whose presence within the Mediterranean island’s maritime zone caused Nicosia to pull out of peace talks last year, will soon return to Turkey.

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Hoteliers hire firm to monitor illegal tourism accommodation

Greek tourism bodies are forming a strong front – including a dedicated inspection unit – against the phenomenon of illegal tourism accommodation.

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Construction crumbles by 80 percent in just five years

Construction in Greece has suffered one of the biggest declines to have been recorded by any professional sector within just a few years, as business activity in the domain has dropped as much as 80 percent since 2008, a study by the Foundation for Economic and Industrial Research (IOBE) showed on Monday.

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Greek bourse benchmark closes at the day’s high

A quiet bourse session at the start of the week ended with the benchmark of the Greek stock market at the day’s high, just over half a percentage point above Friday’s close, but on significantly reduced trading volume.

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Greek PM says wants 'honest compromise', debt relief

ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras said on Monday his government was ready to implement a deal struck with euro zone lenders in February but would not do it at any cost. "It is ...

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Germany Is Trying to Save the Eurozone, Not Pick on Greece

For some countries, like Italy, France and Greece, this can mean painful reforms. Billed as austerity programs, these reforms are often extremely ...

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Three Greece players suffer minor injuries after being involved in fatal car crash following Euro ...

Three Greece internationals suffered minor injuries after being involved in a fatal car crash in Budapest on Monday following their Euro 2016 qualifier ...

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Greek Debt Talks Will Produce Deal but Not Without Risks

NEW YORK (TheStreet) -- The Greek government faces mounting political risks as it works to hammer out a debt deal with creditors ahead of an April 20 deadline.  Weekend talks moved slowly, but Blanka Kolenikova, an analyst with IHS, believes a deal will ultimately be reached and that it will include more concessions and cost-cutting by the Greek government.Must Read: 10 Stocks George Soros Is ...

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Pavlopoulos visits graves of executed Cypriot independence fighters

Greek President of the Republic Prokopis Pavlopoulos laid a wreath Monday on the "Imprisoned Graves," at Nicosia Central Jail, where the British colonial rulers buried executed Cypriot independence fighters. Pavlopoulos is visiting Cyprus, his first official visit after being sworn ...

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Ten Reasons Why Obama Should Travel to Armenia on April 24

Armenia's President Serzh Sargsyan has invited several world leaders to Yerevan on April 24 to commemorate the Centennial of the Armenian Genocide. The Presidents of France, Russia, Poland, Cyprus and Belarus have already accepted Pres. Sargsyan's invitation. The White House has yet to make a public statement on whether Pres. Obama plans to travel to Armenia on this most solemn occasion. A Century ago, Henry Morgenthau, U.S. Ambassador to the Ottoman Empire, described the systematic annihilation of 1.5 million Armenians as "The Murder of a Nation." Raphael Lemkin, a Polish-Jewish lawyer, told CBS that he coined the term genocide based on the mass crimes committed against Armenians during WWI and Jews during WWII. Here are 10 reasons why Air Force One should make an auspicious landing in Yerevan's Zvartnots International Airport on April 24. 1. Pres. Obama would pay tribute to hundreds of thousands of compassionate American citizens for having raised over $117 million -- today's equivalent of over $2 billion -- to aid destitute Armenians in the aftermath of the Genocide. Initiated by Amb. Morgenthau and supported by Pres. Woodrow Wilson, Near East Relief helped rescue and care for 132,000 Armenian orphans. This massive charitable effort was the first international humanitarian outreach in U.S. history. 2. By visiting Armenia on this occasion, Pres. Obama would be reaffirming the longstanding US acknowledgment of the Armenian Genocide -- a settled historical fact recognized as genocide by: -- The U.S. Government in a document submitted to the World Court in 1951; -- The House of Representatives in 1975 and 1984; -- Pres. Ronald Reagan in a Presidential Proclamation issued on April 22, 1981; -- 43 out of 50 U.S. states; -- Two dozen countries, including France, Italy, Russia, Canada, Holland, Vatican, Switzerland, Sweden, Argentina, Lebanon, Greece, Cyprus, Poland, and Venezuela; -- Several international organizations, including the UN Sub-Commission on Prevention of Discrimination and Protection of Minorities; the European Parliament; and the International Association of Genocide Scholars. 3. The Centennial could well be Pres. Obama's last opportunity to regain the trust of the American public in general and the Armenian-American community in particular by honoring his repeated pledges as Senator and Presidential candidate to acknowledge the Armenian Genocide. 4. Pres. Obama could lay the foundation for improved Armenian-Turkish relations based on truth and justice, in line with a pending resolution in the House of Representatives, and his previous April 24 statements, declaring that "a full, frank, and just acknowledgement of the facts is in all of our interests." Pres. Obama's visit would also encourage Turkish human rights activists to continue their arduous task of assisting the Government of Turkey to reckon with the darkest pages of its past. 5. The U.S. President could take advantage of this visit to urge Turkey to lift the blockade of Armenia, while taking a glimpse at the biblical Mount Ararat just across the closed border. 6. In response to mounting attacks by Azerbaijan on Nagorno-Karabakh (Artsakh), Pres. Obama could stress Washington's strong support for a peaceful settlement of this thorny conflict. 7. Pres. Obama's visit would help balance Armenia's relations with the West, particularly after its membership in the Russian-led Eurasian Economic Union, and in view of Putin's planned trip to Yerevan on April 24. Armenia has enjoyed close relations with Western Europe and the United States, and has participated in international peacekeeping forces in Afghanistan, Iraq, Kosovo and Lebanon. More recently, the appointment of former Prime Minister Tigran Sargsyan as Ambassador to Washington, underscores the importance Yerevan attaches to its relations with the United States. 8. Since Pres. Obama, due to the Ukraine crisis, is not planning to travel to Moscow to take part in the World War II Victory Day celebrations on May 9, he would have the opportunity to meet with Pres. Putin in Yerevan, in a less conspicuous atmosphere. 9. Pres. Obama's visit to Armenia would be a significant gesture of goodwill toward the Armenian-American community. Last week, 16 major Armenian-American organizations sent a joint letter to the President urging him to participate in the Armenian Genocide Centennial events in Armenia. 10. Pres. Obama would be making a historic first U.S. presidential trip to Armenia, preceded by several high-ranking American officials: Secretary of State James Baker III in 1992; Secretary of Defense Donald Rumsfeld in 2001; and Secretary of State Hillary Clinton in 2010 and 2012, when she laid a wreath at the Armenian Genocide Memorial in Yerevan, as all U.S. Ambassadors have done on every April 24, since the country's independence in 1991.

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The Contra-Narrative: EU’s elites blackmail Greece

There is a another narrative to the usual “Greece doesn’t deliver”, “Greece sent reform list for the garbage bin”, “Greece does not try enough” and all the other nice things we have been reading since the new Greek government came into power. The counter-narrative is called: EU’s elites blackmail Greece. […]

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FOREX-Euro falls on Greece debt worries, dollar rebounds

Encouraging data mitigate worries about Greece debt talks. * Euro sets for biggest quarterly loss vs dollar since 2008. * Dollar index rebounds after ...

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Is Europe forcing Greece into the arms of Russia?

As its creditors were considering the Greek government's latest economic reform proposals, Greece's Energy Minister Panagiotis Lafazanis boarded a ...

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'Uncatchable' crocodile who terrorised Greek island and evaded world's greatest hunters is found ...

Sifis the crocodile triggered shock and panic after mysteriously emerging on the Greek island of Crete in July last year but quickly gained hero status ...

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Greek Energy Minister Visits Russia, Spurning 'Germanised Europe'

Greek energy minister Panagiotis Lafazanis will meet his Russian counterpart Alexander Novak as well as Alexei Miller, the chief executive of Russian ...

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JK Rowling's life advice: ten quotes on the lessons of failure

The Harry Potter author’s new book is based on an inspirational speech she gave to Harvard students. Here are some of the best quotesJK Rowling has some inspirational advice for graduating students – or for anyone in this universe, really. Her new book, Very Good Lives: The Fringe Benefits of Failure and the Importance of Imagination, out on 14 April, is her 2008 commencement speech at Harvard University, published by Little, Brown. Proceeds from sales will be donated to Lumos, a charity for disadvantaged children founded by Rowling, and to a financial aid programme at Harvard. Some of her wisdom from that speech, for those of you who weren’t in the Harvard audience, is collected below.There is an expiry date on blaming your parents for steering you in the wrong direction; the moment you are old enough to take the wheel, responsibility lies with you.I am not dull enough to suppose that because you are young, gifted and well-educated, you have never known hardship or heartbreak. Talent and intelligence never yet inoculated anyone against the caprice of the Fates.I am not going to stand here and tell you that failure is fun. That period of my life was a dark one, and I had no idea that there was going to be what the press has since represented as a kind of fairy tale resolution. Failure meant a stripping away of the inessential. I stopped pretending to myself that I was anything other than what I was, and began to direct all my energy into finishing the only work that mattered to me. Had I really succeeded at anything else, I might never have found the determination to succeed in the one arena I believed I truly belonged. We do not need magic to change the world, we carry all the power we need inside ourselves already: we have the power to imagine better.Many prefer not to exercise their imaginations at all. They choose to remain comfortably within the bounds of their own experience, never troubling to wonder how it would feel to have been born other than they are. Those who choose not to empathise enable real monsters. For without ever committing an act of outright evil ourselves, we collude with it, through our own apathy.Every day of my working week in my early 20s I was reminded how incredibly fortunate I was, to live in a country with a democratically elected government, where legal representation and a public trial were the rights of everyone.One of the many things I learned at the end of that Classics corridor down which I ventured at the age of 18, in search of something I could not then define, was this, written by the Greek author Plutarch: ‘What we achieve inwardly will change outer reality.’ That is an astonishing statement and yet proven a thousand times every day of our lives. It expresses, in part, our inescapable connection with the outside world, the fact that we touch other people’s lives simply by existing.As is a tale, so is life: not how long it is, but how good it is, is what matters. Continue reading...

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Flooding in Northern Greece, Farmers in Despair

The mound in Serres, northern Greece, which has suffered many blows this winter, could not bear the high water pressure and finally gave in, flooding the area’s farmlands and sending local farmers into despair. The situation in Serres is quickly deteriorating, especially in the Municipality of Visaltia. Despite the mounds built by the Greek army and local authorities, the farms in the region are in immediate danger. Meanwhile, according to locals, the livestock has already been removed from the farms. Local authorities are worried because a total of 2,000 hectares of farmlands have already flooded, while they expect that the water will rise even more. Meanwhile, in Lake Kerkini, even though the lake water has reached dangerous levels, the situation appears to be under control. “The situation is extremely serious but stable. We don’t want to endanger people’s lives”, said Mayor Kleanthis Kotsakiachidis from Iraklia Municipality.

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Three Greek International Footballers Involved in Fatal Car Accident in Budapest

Three Greek international footballers, included in the country’s squad in an away draw with Hungary yesterday, were involved in a fatal car accident while on their way back home from the Hungarian capital of Budapest. Hungary and Greece produced a time-wasting game and a goalless tie in which both teams proved they lack what it takes to make it through to the Euro 2016 finals in France the following summer. Against a fearful and unimaginative Hungary, Greece missed a grand chance to turn the tables around and get back to fighting for the ticket to France, remaining at the bottom of the table with only two points. Straight after the game, Vaggelis Moras, Panagiotis Tachtsidis and Giannis Fetfatzidis took a taxi to get to the airport, as they did not depart from the hotel the team was residing with the rest of the players and staff. However, the three international footballers were not able to make their flight back to Italy, where they are currently playing for Serie A clubs, as the taxi that was taking them to the airport collided with another car. According to reports, the three Greek players walked away without suffering any injuries but the accident left a man dead. The man killed was the driver of the second car involved in the accident. The three talented players were transported to the local hospital as a precautionary measure and they were be released an hour later to return to Italy.

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World Press Review: Greece Should Stop Blaming Others

A look from media around the world shows little sympathy for Greece’s reckless spending ways and having its hand out all the time.

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Are European Authorities Destroying Greece's Economy in Order to “Save” It?

But blackmail is actually an understatement of what the ECB and its European partners are doing to Greece. It has become increasingly clear that they ...

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Turkey, Greek Cyprus withdraw vessels searching for gas to resume talks

Turkey has reciprocated Greek Cyprus's move to withdraw its vessel that has been searching for natural resources off the Mediterranean island's coast ...

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Greek Proposals to Unlock Aid Need Lots of Work, EU Aides Say

The 15-page draft, which was discussed Sunday in Brussels, requires more information and details and was a long way from serving as the basis of a deal, said one of the aides, who asked not to be named because the talks were private. Seeking a strategy that passes muster with European officials now withholding loans as the country’s cash crunch deepens, Greece’s government foresees a net ...

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Tsipras honours executed Greek communist leader Beloyannis – PHOTO

Greek Prime Minister Alexis Tsipras posted on his official Twitter account a message in order to honour the Greek communist leader Nikos Beloyannis. Nikos Beloyannis was a leading cadre of the Greek Communist Party. "We honor the memory of the Greek ...

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Germany says no date set for Eurogroup meeting on Greece

BERLIN (Reuters) - Greece's European partners are still waiting for Athens to present a comprehensive list of reforms and there is no date set yet for a ...

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Greek plan – a detailed programme or vague list of ideas?

The Greek government has sent a reform package to its EU and International Monetary Fund creditors, hoping it will unlock desperately needed funds to stave off bankruptcy. The line from Brussels so far is that the list is more a collection of ideas than ...

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Germany's Merkel says Greek reforms must "add up"

HELSINKI, March 30 (Reuters) - German Chancellor Angela Merkel said on Monday that Greece had a certain degree of flexibility on which reforms it ...

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The Real Greek Bank Stress and Why It Doesn't Matter—Yet

It is no secret that Greek banks have been losing deposits in recent months. Data released by the Greek central bank show deposits have plunged to ...

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Greek football fight: kicks fly in brutal brawl during lower league football game in Greece

FOOTAGE has been released of a brutal fight during a Greek lower league football match in which one player is kicked in the head while lying on the turf. Details are hazy but the shocking incident reportedly occurred during a clash in Athens between ...

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Greek Reforms List Proposes Bad Bank, Lowers Asset Sales Target

Greece’s government has proposed setting up a bad bank to deal with the rising level of bad loans, a finance ministry official said on Monday.

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Sifis the Crocodile Found Dead

Sifis, the crocodile found in Crete, Greece, in July 2014, was found dead in Potami Dam near the city of Rethymno. Unfortunately, Sifis was not able to withstand the harsh winter weather that hit Crete this year and he passed away. He was found afloat in the dam. Since mid-February, the committee that was responsible for the crocodile had not been able to locate the animal in the lake. For more than a month, they had been trying to find the famous reptile in order to trap it alive. However, on Monday, March 30, Forestry and Natural History Museum executives along with Greek herpetologist Petros Lyberakis retrieved the crocodile’s body from the lake. Sifis was later transferred to the Natural History Museum in order to administer tests and answer the questions that scientists have been asking since they first found the famous crocodile. The two-meter-long crocodile was spotted at the area of Potami Dam in Crete on July 6, 2014. Despite major operations organized to capture it, the crocodile avoided the traps set up by Greek authorities.

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Tsipras Coming, Putin Sees Greek Role in Russian Pipe

Greece’s new SYRIZA government has shown an interest in the Gazprom-backed Turkish Stream natural gas pipeline project.

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