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Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Tuesday, May 5, 2015

Greece Battles To Avert Catastrophic Funding Crush

By Lefteris Papadimas and Jan Strupczewski ATHENS/BRUSSELS, May 5 (Reuters) - Greece blew hot and cold with its euro zone partners on Tuesday as it struggled to avert a potentially catastrophic funding crunch this month, when it must make a big debt repayment to the IMF as cash reserves dry up. Finance Minister Yanis Varoufakis said after talks in Paris and Brussels that he expected euro zone finance ministers to acknowledge next Monday progress towards a cash-for-reform deal, opening the way to easing Athens' liquidity crisis. "We are certainly going to have a fruitful discussion on May 11 that will confirm the great progress that has been achieved and will be yet another move, yet another step, in the direction of a final agreement," he told reporters after meeting European Economics Commissioner Pierre Moscovici. Earlier, Moscovici had warned the euro zone would not even begin to discuss longer-term funding and ways to reduce Greece's debt until Athens had agreed a "consistent, detailed, complete" economic reform program with its creditors. His comments appeared to slam the door on Greek hopes of bypassing an interim deal and moving directly to a comprehensive debt relief agreement by the end of June. As a goodwill gesture, a senior privatization official said Athens was ready to finalize a 1.2 billion euro deal with German operator Fraport to run regional airports and to reopen bidding for a majority stake in the port of Piraeus. Tuesday's diplomatic flurry came after leftist Prime Minister Alexis Tsipras spoke by telephone on Monday night to German Chancellor Angela Merkel, Europe's pre-eminent leader and Greece's chief creditor. Intensive talks also continued with the International Monetary Fund, European Commission and European Central Bank on an interim deal but there was no sign of a breakthrough on key differences over pensions, labor reform and the minimum wage. In a statement, a Greek government official said Athens had made "significant concessions" but that "serious disagreements between IMF and the EU" were blocking the negotiations and complained the two lenders had set contradictory "red lines." "Against this background, there cannot be a compromise," the official said. The statement appeared intended to shift the blame for slow progress in talks onto the lenders and show Greeks their government was taking steps to reach a deal. Recent polls have shown Greeks overwhelmingly want Tsipras to agree a compromise to avoid financial chaos. LOOSENING STRANGLEHOLD Deputy Prime Minister Yannis Dragasakis meanwhile met ECB President Mario Draghi in Frankfurt, a day before ECB policymakers hold their weekly review of emergency lending assistance (ELA) to Greek banks. The ECB said in a statement that they reviewed Greece's economic situation and the state of negotiations in Brussels, but it gave no further details. Athens wants the ECB to increase the liquidity lifeline and permit the banks to buy more short-term treasury bills, easing the government's immediate funding crunch. Greece has already commandeered cash reserves from municipalities and government bodies as it scrapes together funds to repay 970 million euros to the IMF by May 12. But euro zone central bank sources say hardliners led by Germany's Bundesbank want the "haircut" on Greek securities offered as collateral for the funding to be increased following recent credit rating downgrades of Greece and its banks. One such source said he did not expect the council to make a dramatic change that would put Greek banks in immediate difficulty while negotiations are continuing. The political uncertainty was enough to prompt the European Commission to slash its forecast for 2015 Greek economic growth to 0.5 percent from 2.5 percent just three months ago and cut its estimate for the primary budget surplus before debt service. A Financial Times report that the IMF's European chief Poul Thomsen had threatened to cut a funding lifeline to Greece unless its European partners agree to a debt write-off was denied by German Finance Minister Wolfgang Schaeuble. "The IMF of course did not make such a comment," Schaeuble said, though Thomsen did say things "had become more difficult." An IMF spokesman denied in a statement that the global lender had pushed for large-scale debt relief at the meeting of euro zone finance ministers in Riga on April 24. However, Thomsen had "pointed to the tradeoff that needs to be made" between Greece's slippage from fiscal targets agreed in 2012 and the additional financing and debt relief needed to make the country's debt sustainable, he said. The report had sparked a sell-off in Greek bonds and stocks while worries about Greece helped drive European shares lower. While Germany and its allies have pointed to calm in bond markets to suggest that a Greek default or exit from the euro zone would not cause a wider financial meltdown, as it might have done in 2012, other EU countries are more concerned. Moscovici stressed on Tuesday the Commission's goal was to keep Greece in the euro zone and avert what he called an "accident," while Italian Foreign Minister Paolo Gentiloni warned against belittling the risks of a possible "Grexit." "Italy's government considers it short-sighted and dangerous to underestimate the Greek crisis," Gentiloni told reporters, adding that the idea of a Greek exit from the euro zone could not be taken lightly. (Additional reporting by Philip Blenkinsop in Brussels, Karolina Tagaris and Deepa Babington in Athens, Elvira Pollina in Milan, John O'Donnell and Hugh Lawson in Frankfurt and Anna Yukhananov in Washington; Writing by Paul Taylor; Editing by Catherine Evans) -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.


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World Press View: Greece Running Into Brick Wall

While some optimism is creeping in a deal will be reached, Greece's refusal to impose more austerity has set off worries it won't, world press reports say. The post World Press View: Greece Running Into Brick Wall appeared first on The National Herald.


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Eide Says Cyprus Talks Restarting

UN envoy Espen Barth Eide says rival Greek and Turkish Cypriot leaders will pick a date for reunification talks after they meet. The post Eide Says Cyprus Talks Restarting appeared first on The National Herald.


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Could the EU-Canada trade pact crumble over Greek feta cheese?

Greece will not sign off on the EU-Canada trade pact if it is not granted exclusive rights to use the term "feta" for the classic salty cheese it produces.


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Yet Another Greek Secret: The Case of Phantom Assets

When banks are in distress, it is important to assess how easily the bank's capital cushion can absorb potential losses from troubled assets. To do this ...


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Dragasakis after Draghi meeting: Deal with the creditors 'realistic'

The meeting between Greek Deputy PM Yiannis Dragasakis and European Central Bank President Mario Draghi ended at about 8 p.m. Frankfurt time, according to media reports. Alternate Foreign Minister for International Economic Relations Euclid ...


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STOCKS TUMBLE: Here's what you need to know (SPY, DJI, IXIC, USO, WTI, VDE, OIL, DIS, MSFT, CRM, AVP, BABA)

Stocks tanked after we saw a massive jump in the trade deficit, and global bonds sold off on new concerns about Greece's debt crisis. First, the scoreboard: Dow: 17,921.49, -148.91, (-0.82%) S&P 500: 2,089.43, -25.06, (-1.19%) Nasdaq: 4,938.58, -78.35, (-1.56%) And now, the top stories on Tuesday: The US trade deficit ballooned to $51.4 billion in March. This was an unprecedented jump on a couple of fronts: it was a six-year high, much more than the $41.7 billion forecast, and was the biggest deficit since October 2008. It was a 43.1% increase from last month, the largest jump in 18 years. The surge in the deficit — the gap between imports and exports — has been largely blamed on the nine-month slowdown at West Coast ports, and on the strong US dollar. This means the economy likely contracted in the first quarter. Many economists downgraded their estimates for Q1 Gross Domestic Product into negative territory. "Guess you can kiss the positive 0.2% rise in first quarter real GDP good-bye," wrote Chris Rupkey at Bank of Tokyo-Mitsubishi. TD Securities estimates that the jump in the deficit could erase between 0.2 and 0.3 percentage points from first-quarter GDP. Pantheon Macroeconomics' Ian Shepherdson had this take: "Barring a miracle in other data, the March trade numbers mean Q1 GDP growth will be revised to less than zero. Recession!* *Not really." So there's some relief. West Texas Intermediate crude oil crossed the $60 per barrel mark for the first time since December. Reuters reported that protests in the eastern Libyan oil port of Zueitina stopped crude flows, and blocked exports. Also, Saudi Arabia raised its official selling price for crude oil to the US and Northwest Europe, Reuters reported. Still, Saudi Arabia's oil minister told CNBC in a morning interview, "No one can set the price of oil — it's up to Allah." Disney posted earnings per share above analysts' forecasts, and the stock rose to an all-time high in pre-market trading. The company saw diluted earnings per share of $1.23 (vs $1.10 forecast,) and revenues of $12.46 billion (vs $12.25 billion.) Disney has beaten EPS estimates in every quarter for four years. It’s revenues were boosted by theme park sales and continued demand for "Frozen" merchandise. Income from cable networks fell.  Microsoft is thinking about buying Salesforce. Salesforce has been approached by another suitor about a possible acquisition, sources told Bloomberg. Additionally, a deal with Microsoft is not yet in the works though Salesforce has reportedly hired two investment banks to respond to offers.  Avon shares tanked by more than 11% following a report that it's struggling to sell its North American business. In March, the Wall Street Journal reported that Avon is considering strategic alternatives for the unit, which could include selling parts or all of it. And late Monday, the New York Post reported that companies interested in buying out Avon are struggling to finance an offer. Avon's North American revenues fell 18% in Q1. The service sector expanded in April. Markit Economics' latest services PMI came in at 57.4, just below expectations. ISM's non-manufacturing index also indicated expansion last month, rising to 57.8 from 56.5 in March while topping expectations for a reading of 56.2. Alibaba shares fell to an all-time low ahead of its earnings release on Thursday. The stock fell by up to 3% to as low as $77.77 per share. In an earnings preview, Morgan Stanley analysts noted that in a speech on April 23, Alibaba CEO Jack Ma said he expects a headcount freeze in 2015. That could be interpreted to mean earnings will come under pressure in the near term, the firm noted. Jefferies has a big new call for Tesla: $350. Jefferies initiated research coverage on the stock with a "Buy" rating and $350 price target for Tesla, which saw shares rally by up to 3% to around $239 per share. A recent survey of 700 people suggested that Tesla could sell "at least" 500,000 cars a year by 2020. According to Bloomberg data, only Stifel, which has a price target of $400, is projecting more upside for Tesla shares. DON'T MISS: Americans are losing confidence in the economy »Join the conversation about this story » NOW WATCH: Here are the 11 smartest high schools in America


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16 athlete phenoms who are going to take over the world

Some of these phenoms are already on our list of the 50 most dominant athletes alive. Others, if everything works out, could be in the next few years. While sports history is of full of examples of athletes that fail to live up to the hype, there are also stars like LeBron James, Tiger Woods, and the Williams sisters who actually met their astronomical expectations.Giannis Antetokounmpo, Milwaukee Bucks player (age 20) The so-called "Greek Freak" was better in 2014-15 than anyone in the NBA expected. He has the height of a center, the skills of a guard, and an unreal 7'4" wingspan. His potential is off the charts. He has been compared to everyone from Kevin Durant to Kevin Garnett. He has more raw physical talent than anyone else his age, and if he continues to develop, he could rule the NBA with Anthony Davis once the LeBron era comes to an end. Martin Odegaard, Real Madrid player (age 16) Odegaard, a Norwegian prodigy who burst onto the scene at age 15, had every big team in Europe clamoring for his services in January of 2015. Soccer is full of examples of young players who fail to live up to the hype. Will Odegaard be different? It's promising that he started Norway's most recent European Championship qualifier, and he bypassed the typically club progression and jumped straight to Madrid. Simone Biles, US gymnast (age 18) If there's one person you'd bet on being a star at the 2016 Rio Olympics, it's Biles. Biles has been the most dominant force in women's gymnastics in the last two years. She won four golds at the last World Championships and the gold in the all-around competition in both 2013 and 2014. She's better than breakout star Gabby Douglas was when going into the London Olympics, and has a chance to take home a boatload of medals. See the rest of the story at Business Insider


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Macedonian Opposition Hurls New Accusations at Government, Protesters Gather

The political tensions in Macedonia remain heightened as the opposition SDSM leader Zoran Zaev hurled fresh accusations against the government. At a press conference on Tuesday, Zaev stated that he will expose facts proving that the state leadership and the interior ministry plotted in the cover-up of a 2011 police killing. The revelations concerned the murder of 21-year-old Martin Neskovski, who was killed by a policeman in Skopje while celebrating the victory of the VMRO-DPMNE at the 2011 early elections. Neskovski was beaten to death by a member of the special police forces, with the victim's friends claiming it was a brutal and unprovoked attack, while the policeman said it was an accident. Neither Igor Spasov, the perpetrator of the crime, nor other policemen with him at the time, reported the incident and Spasov had no idea that the boy was badly injured after beating him. Spasov was later sentenced to imprisonment for fourteen years for the murder, the Macedonian Information Agency (MIA) reports. Macedonian Interior Minister Gordana Jankuloska dismissed the accusations of Zaev and in turn accused him of manipulating the facts for his political gains. Jankuloska refused to resign, as had been requested by the opposition leader, saying that the recordings of Zaev proved that there was no cover-up of the case, but a genuine confusion. While Jankuloska was speaking, about a thousand protesters gathered in front of the government building, jumping over the fence and approaching the entrance, which was guarded by a small police unit. Earlier on Tuesday, Zaev said that he was in the possession of wiretapped conversations, which featured Jankuloska, her spokesman, UBK State Security chief, VMRO-DPMNE official and Prime Minister Nikola Gruevski. This is the latest in a series of audio files published by Zaev, who claims he received from insiders in the UBK State Security service. The opposition leader announced the content of the material he will unveil in the final days before May 17, when he called for a large protest. The new tapes will concern the massacre of five ethnic Macedonians by a group of ethnic Albanian Islamists in 2012, the 2013 death of political magazine editor and the negotiations with Greece on resolving the dispute on the country's name. Zaev once again demanded the resignation of Prime Minister Gruevski as part of a political settlement to the wiretapping scandal.


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Thessaloniki's Boutaris angers other mayors by transferring cash

Thessaloniki Mayor Yiannis Boutaris believes that the government’s behavior is “completely crazy” but he has nevertheless led the way among peers in transferring his municipality’s cash reserves to the Bank of Greece, where the government can use them for short-term borrowing.


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Moody's downgrades Greek bank products, OTE rating

Moody’s Investors Service announced it downgraded 18 notes and affirmed one note in eight Greek structured finance transactions late on Monday.


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Greek government takes aim at creditors for stalled bailout talks

Senior official lays blame with disagreements between European Union and International Monetary Fund as economic growth rate forecasts are slashedGreece’s government has blasted its creditors for holding back progress on bailout talks, laying the blame squarely on differences between the European Union and International Monetary Fund.Racheting up the pressure on the two bodies, the anti-austerity Syriza government said conflicting strategies and opposing views were not only impeding negotiations but injecting “a high level of danger” into the talks at a time when the country’s finances had hit rock bottom. Related: 100 days of solitude: Syriza struggles as Greeks once again stare into the abyss Continue reading...


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Greek 10-year yields rise 51 basis points

Greek 10-year yields rose 51 basis points on Tuesday to 11.18 percent, having hit a two-month low of 9.84 percent on Monday, while two-year yields were up 160 bps at 21.13 percent.


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Rocket Internet acquires Greece's e-Food

Delivery Hero, in which German e-commerce investor Rocket Internet holds a 39 percent stake, has acquired Greece’s top takeaway delivery company, e-Food, Rocket said, without giving financial details.


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Multitude of island hotel units on the market

Santorini and Myconos are home to the most expensive hotel properties in Greece, followed by Corfu, Paros, Hania and Rhodes.


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EC slashes Greek growth forecasts as bailout crisis grows

Greece’s bailout crisis deepens as the European Commission rips up its previous growth forecastsGreece vs the creditors: the state of playSummary: EC piles pressure on AthensGreek 2015 growth slashed to 0.5%, from 2.5%FT: IMF taking hard line on GreeceIntroduction: Greek ministers hold crunch meetings 7.04pm BST Hello again: Just to flag up a few newsflashes from Frankfurt tonight, following the talks between Greek deputy PM Dragasakis and ECB president Mario Draghi.Nothing too spectacular, but at least both sides are talking....#ECB: Draghi and #Greece DepPM Dragasakis reviewed Greek economy and reviewed ongoing Brussels negotiations ~BBG#Greece Deputy PM @YDragasakis told #ECB President that reaching an agreement is a realistic & visible target (via @MegaGegonota) #ec #imf 5.51pm BST As the Greek talks drag on with little sign of agreement, and next Monday’s eurogroup meeting suddenly not expected to produce much progress, stock markets turned sharply into negative territory. Disappointing US trade figures also added to the uncertain mood as did the forthcoming UK election. The final scores showed: 5.43pm BST Greek gov't 'non paper' on current state of negotiations, kindly translated into English by @GreekAnalyst: https://t.co/vljoZIgS5I #GreeceHere’s the start of the document: 5.06pm BST Greece is considering plans to slow any capital flight, the Times is reporting.Greek surcharge on cashpoint withdrawals & financial transactions attempts to slow capital flight/raise cash http://t.co/hVmXDMTpPA 3.53pm BST Here’s Bloomberg’s take on Greece blaming its creditors for the current impasse:Greece blamed international creditors for the failure to find an agreement in bailout talks, saying a deal won’t be possible until they agree on a common set of demands.A Greek official said that the European Commission and the International Monetary Fund are confronting the country with too many red lines and aren’t coordinated enough with each other. 3.50pm BST And here is the European Commission:.@pierremoscovici met @yanisvaroufakis to take stock of significant progress made by Brussels group, and prep useful Eurogroup on Monday 3.24pm BST So many conflicting comments coming out about where Greece and its creditors stand. French finance minister Michel Sapin said after meeting his Greek counterpart Yanis Varoufakis that “we have the scope to reach a good compromise..There is no other solution than an accord.”Greece Gov Official - Disagreements between EU and IMF are creating obstacles in negotiations on Greece. 3.11pm BST More on the growing feeling that no deal between Greece and its creditors will be reached next week, this time from the chairman of the eurogroup working group Thomas Wieser, talking to CNBC. Reuters reports:Greece and its European creditors will not reach a comprehensive agreement by next week, as it was expected, the chairman of the eurogroup working group, Thomas Wieser, told US TV channel CNBC on Tuesday, but expressed confidence that a deal will be reached before a real crisis or bankruptcy occurs.“We will get a deal,” Wieser was quoted as saying on CNBC’s webpage. “I think all of the polls show in Greece, the Greek population is firmly convinced its future is in euro. It has given a mandate, which is quite clear it seems to me and it seems to the Greek politicians, [to] do whatever it takes to come to a conclusion with the creditors.”Greek Debt Deal Needed By Beginning Of June, EU's Wieser Says 3.06pm BST And in contrast to Markit, the Institute for Supply Management is reporting the pace of growth in the services sector rose to a five month high in April.An increase in business activity offset a fall in exports, pushing the ISM services index to 57.8 from 56.5 in March and above forecasts of a figure of 56.2. 2.54pm BST Back with the US, and signs of a slowdown in growth in the service sector.The Markit purchasing managers index for services came in at 57.4 in April, down from an initial reading of 57.8 and the 59.2 figure for March. There was a dip in new business growth but the employment component frost to a 10 month high of 55 from 54 in March. Markit chief economist Chris Williamson said:Robust service sector growth adds to evidence that the economy is far from stalling, as indicated by the GDP numbers seen as the start of the year, supporting the [Federal Reserve’s] view of the economy growing at a moderate rate. 2.50pm BST It appears the “crunch” eurogroup meeting on May 11 will be nothing of the sort. No solutions expected, just more talks about progress (or lack of it?)Varoufakis Sees No Accord On Greece At May 11 EurogroupGreek Finance Minister Varoufakis hopes talks next Monday will be a fruitful, however no accord is likely in his view (@RANsquawk)EC: Greece Deal At May 11 Eurogroup Is UnlikelyEC: Debt Sustainability Being Linked With Pension Reforms By IMF -‘IMF Wants To Remain In Greece If Conditions Met’We r definitely going to have a discussion on May11th that will confirm the progress that has been achieved says @yanisvaroufakisSeems like EU and Greek side converging that on May 11th #eurogroup no solution should be expected just progress report. 2.36pm BST Time for a recap.The rise in uncertainty since the autumn of 2014 and the slowdown in the recovery have had a significant impact on Greece’s public finances, resulting in a significant shortfall in state revenues at the end of 2014 and in the first two months of 2015. The poor revenue collection around the turn of the year resulted in a significantly weaker-than- expected fiscal outcome for 2014.#EC slashes 2015 #Greece GDP growth forecast to 0.5%, raises debt/GDP estimate to 180%. http://t.co/CJSmvCL4E3 #economy #ecb #imf“The European economy is enjoying its brightest spring in several years, with the upturn supported by both external factors and policy measures that are beginning to bear fruit.But more needs to be done to ensure this recovery is more than a seasonal phenomenon.”“People are fed up...But withdrawing ELA altogether would be a nuclear bomb.” 2.07pm BST Greece’s stock market has fallen deeper into the red; the main Athens index is down 4.5% today. Bank shares are leading the fallers, as traders react to reports that the IMF was pushing for a new debt writedown. 1.57pm BST The surge in America’s monthly trade deficit means that the US economy “undoubtedly contracted slightly in the first quarter of 2015”, says Paul Ashworth, Chief US Economist at Capital Economics.But he expects growth to bounce back in the second three months of this year, meaning America would avoid falling into a technical recession. 1.48pm BST Just in.... America’s trade deficit has widened unexpectedly to its largest since the financial crisis began, suggesting that its economy could actually be contracting.The US commerce department says that the US trade deficit surged to a jaw-dropping $51.4bn in March, up from $35.9bn in February. Looks like another downward revision to US Q1 GDP...$DXYGDP for Q1 now looking at a -0.5 number ? https://t.co/w1PzU2DFzJSurge in imports likely to result in Q1 GDP being revised below zero...looking a lot like last year (minus the mid-year surge). 1.13pm BST Remember the oil price crash of autumn 2014? Well, it’s a different story today - US crude oil just hit the $60/barrel mark for the first time this year.WTI CRUDE RISES TO $60 A BARREL FOR FIRST TIME SINCE DEC. 11 12.56pm BST We’ve not heard much from Greece’s finance minister today.... but Yanis Varoufakis has just arrived in Brussels, for talks with Pierre Moscovici.Cue the usual scrum to catch a glimpse of Varoufakis; despite the recent reshuffle of Greece’s negotiating team, he retains his magnetic attraction to the media.And the #Greek fin min @yanisvaroufakis is in the house. Media frenzy the least I can say pic.twitter.com/W47AzKtRfh 12.41pm BST Germany’s finance chief, Wolfgang Schäuble, has denied that the International Monetary Fund pushed the eurozone to cut Greece’s debt burden last month.“The IMF of course did not make such a comment,” Schäuble said, noting however that Thomsen had been clear that Greek finances were deteriorating because of a pause in reforms linked to the election there.Thomsen did say things “had become more difficult,” Schäuble said.With the large surplus now turning into a sizeable deficit, Greece’s debt levels would begin to spike again. This would force either Athens to take drastic austerity measures or eurozone bailout lenders to agree to debt write-offs to get Athens’ debt back on a sustainable path, the IMF believes. Officials said Mr Thomsen specifically mentioned the need for debt relief during the three-hour meeting.“The IMF thinks the gap between the two realities is very large right now,” said one senior official involved in the talks. He noted that both Athens, which was resisting new economic reforms, and eurozone creditors would probably fight the IMF on the issue.Wolfgang still reading his script https://t.co/0pCD4KmMHU 12.14pm BST Don’t take the risk of a Greek exit lightly.“Italy’s government considers short-sighted and dangerous to underestimate the Greek crisis.” 12.11pm BST Another interesting development. A senior Greek privatisation official has told Reuters that Athens is eager to crack on with two deals, seemingly in a bid to placate its lenders.That includes reopening bidding for a majority stake in Piraeus Port, and agreeing a €1.2bn deal with German operator Fraport to run regional airports in Greece. 11.19am BST Over in Athens, the stock market has fallen by 3% today. 11.15am BST The Greek government has revealed that prime minister Alexis Tsipras and German chancellor Angela Merkel held a telephone call last night:As #Greece seeks solution in bailout negotiations, PM #Tsipras spoke with #German Chancellor #Merkel by phone last night, his office says. 11.09am BST And that’s the end of the press conference. Brussels reporters have scrambled for country-specific briefings, so I suspect we’ll hear more shortly.... 11.05am BST Could Greece be given some new liquidity assistance at the next eurogroup meeting, on May 11?Moscovici replies that he hopes to see significant progress by the time eurozone finance ministers meet on May 11, but doesn’t go any further. 11.04am BST Last night, EC president Jean-Claude Juncker warned that “Anglo-Saxons will try to break up the eurozone” if Greece were to exit the single currency.Bruno Waterfield of The Times asks Pierre Moscovici what Juncker meant, exactly.....Eurozone a single currency, decision to join irreversible. If one country leaves then you have the question who's next,@pierremoscovici 10.59am BST You can read the Commissions’s concerns about Greece on page 80 of the new Spring Forecasts.This charts show how growth is expected to flag this year, and deflation likely to continue until 2016: 10.53am BST Today’s forecast also contain bad news for Finland; the EC has slashed its growth forecast this year from 0.8% to just 0.3%.Finland is also expected to run a deficit above 3% of GDP this year, breaching EU rules. Brussels is planning to give the new Finnish government some advice next week:Moscovici on #Finland, breaking debt rules: Next week we will provide our country specific recommendations. There will be food for thought. 10.43am BST Finally, the EC allow a question on Greece.The FT’s Peter Spiegel gets the mike, and whether today’s growth downgrade mean that more needs to be done in the current negotiations to get Greece’s bailout programme back on track.#Moscovici giving long answer on #Greece but not really saying too muchMoscovici ruining all the fun by answering Greek related questions in French... #EC 10.33am BST The outlook for Europe’s economy looks brighter than at any time since the financial crisis began in 2008, according to today’s report.It says:The recovery from the crisis and the double-dip recession has been a long and tedious one, marked by numerous setbacks, but now there are clear indications that a cyclical upswing is underway, supported by economic tailwinds. 10.28am BST The EC’s new Spring forecasts are online here (pdf). 10.26am BST Despite Greece’s woes, the EC believes Europe’s economy is healing -- with faster-than-expected growth forecast this year. In the EU, the #deficit is forecast to decline from 2.9% of GDP in 2014 to 2.5% this year and 2.0% in 2016 @ecfin #ECForecastThe fiscal outlook is improving: in the euro area, the #deficit is forecast to fall from 2.4% of GDP in 2014 to 2.0% this year #ECForecastAnnual consumer price #inflation in both the EU and euro area is expected to rise from 0.1 % this year to 1.5 % in 2016 @ecfin #ECForecast#BREAKING The Eurozone deflation that wasn't. https://t.co/DmBOnNwnVG 10.23am BST European Commissioner Pierre Moscovici is outlining today’s growth forecasts now.He tells reporters in Brussels that the EC was forced to cut its forecast for 2.5% growth in Greece this year, to just 0.5%, given recent events.In the light of the persistent uncertainty [in Greece], a downward revision has been unavoidable. 10.18am BST I’ll collect all the growth forecast together shortly, but in the meantime this map shows the hot spots and the laggards:#ecforecast for #EU - GDP up to 1.8% in 2015, 2.1% in 2016 http://t.co/PvwXoZE3z5 pic.twitter.com/zQ1BJEdLmE 10.15am BST New @EU_Commission forecast for #Greece pretty dire, but based on assumption of bailout deal "by June" & subsequent return to biz confidence 10.12am BST The EC is also warning that Greece is failing to get to grips with tax collection.In forecasts, @EU_Commission says #Greece tax collection at end-2014 was so low that 2014 primary surplus only 0.4%, down from 1.7% estimate 10.12am BST The EC is warned that Greece’s recovery has stalled since the previous government called snap general elections at the end of last year.Political uncertainty has been fuelled by the “lack of clarity” over the present administration’s polities, it says, adding that the Greek factory sector is still locked in a depression.#ecforecast Grim for Greece pic.twitter.com/e0N1fTV9Lf 10.06am BST The EC has also slashed its forecast for Greece’s growth rate this year, in another signal that its bailout programme is off track.Brussels now expects Greece’s GDP will expand by just 0.5% in 2015, down from a previous forecast of 2.5%.In new forecasts, @EU_Commission slashes #Greece outlook. 2015 growth to 0.5% from 2.5% in Feb. Debt from 170.2% to 180.2%Both from the European and IMF perspective, the programme must be fully funded...The bigger the hole, the more funds must come in. 10.02am BST Breaking: The European Commission has raised its growth forecast for the eurozone this year, from 1.3% to 1.5%. 9.52am BST Reminder, it’s nearly time for the European Commission to publish its new spring forecasts (live feed here from 10am BST/11am Brussels time)Press conference w/@pierremoscovici on #ecforecast @ 11am here: http://t.co/rmUNKa0V6h pic.twitter.com/Pls6L6NFo9 9.43am BST Growth in Britain’s construction sector slowed last month, as Thursday’s general election casts a shadow over building work.Although the sector expanded, growth was the weakest in almost two years, with firms reporting a sharp drop in new work. But it’s not all bad -- firms are still hiring new workers.“April’s survey highlights another growth slowdown across the UK construction sector, with new work expanding at the weakest pace for almost two years. “The uncertain general election outcome appears to have put some grit in the wheels of decision making. Construction firms widely noted delays with clients’ budget setting and a reduced propensity to commit to new projects. 9.23am BST Greek 10Y bonds wider by 52bps over German 10Ys after FT article suggesting Greece may lose support of IMF weighs on Greek assets 9.18am BST Greek bonds are weakening this morning, after it emerged that the International Monetary Fund believes Greece’s finances are badly off track (see earlier post for details).The yield (effectively the interest rate on Greece’s two-year bonds has jumped by more than one percentage point this morning to 20.7%, up from 19.5% on Monday night. 8.58am BST Austria’s finance minister, Hans Jörg Schelling, has warned that there’s no guarantee of a deal with Greece in time for next week’s meeting of eurozone finance ministers (on May 11)Schelling added that Greece has made some compromises, but is still holding firm on other issues. 8.52am BST What can Greece hope to achieve by meeting Mario Draghi today?Well, according to the Kathimerini newspaper, Greek deputy PM Dragasakis has an “optimistic plan” to push the ECB to lift its restrictions preventing Greece issuing more short-term debt. More here. 8.42am BST Spain’s unemployment total has fallen by a record amount last month, as the country’s recovery continues to gain pace.The number of people unemployed across Spain tumbled by over 118,000 in April, twice as much as economists had expected.Nearly 5x as fast as the average (-25k) for the last seven Aprils.Spain registered unemployment falls 118.923 in April, government claims biggest monthly fall on record. pic.twitter.com/Pu30h04uUg 8.36am BST Athens could come under even more pressure if the European Commission downgrades its economic forecasts for Greece this morning, points out analyst Yannis Koutsomitis.#EU Commission to publish Spring 2015 Economic Forecast today. Possible revision of #Greece growth forecast wll heavily affect bailout talks 8.34am BST The BBC ran an interesting piece last night, explaining how Greece’s government has already missed a swath of payments to Greek workers and companies.That doesn’t count as an official default, of course, but it underlines how perilous Greece’s financial position has become this year.A junior doctor told the BBC that although wages were paid regularly to medical staff, the government was more than four months behind on payments for on-call time.“Last week we got paid on-call time for the month of December,” she said.Greece's undeclared domestic default http://t.co/GX8YqOTSUS 8.21am BST Eurozone crisis experts are alarmed by the news that the IMF could pull funding for Greece unless it receives debt relief.Here’s some early reaction:#IMF gradually pulling rug out from under #Greece by saying that #eurozone Govs need to take debt rightdown before they’ll extend bailoutFocus remains on Greece with the latest reports suggesting the IMF could reduce financial aid to the nation....IMF may hold back its half of the €7.2bn bailout aid that Greece needs. Without the funds, Greece could run out of cash this month. 8.14am BST A new Greek opinion poll shows that a majority of the population want to stick with the euro, with roughly a third favouring Grexit.Macedonia Uni poll for Skai TV In referendum on euro with new MoU vs drachma, what would you choose? Euro 55.5% Drachma 35% N/A 9.5% #GreeceMacedonia Uni poll for Skai TV If Samaras was in power, economic situation would be Worse 56.5% Same 21.5% Better 15.5% N/A 6.5% #Greece 8.12am BST Overnight, Australia’s central bank cut interest rates to a fresh record low of 2%.The move (covered in this liveblog), is intended to ward off an economic slowdown in Australia. But if the RBA hoped to weaken the Aussie dollar, it’s been disappointed -- the currency did drop (as you’d expect) before bouncing back smartly:Do "currency wars" reach a new phase when rate cuts don't have any negative effect? RBA cut, A$ up.So RBA cut, bonds yields up, Shares down and aud up. Maybe better if held and kept easing bias #ausecon Related: Reserve Bank of Australia cuts interest rates to 2% – live 8.04am BST Today’s meetings are overshadowed by the news that the International Monetary Fund fears that Greece’s debt mountain has become unsustainable again.According to the Financial Times, the IMF believes Greece may run a primary budget deficit of 1.5% this year, far from the 3% surplus it was aiming for. Greece is so far off course on its $172bn bailout programme that it faces losing vital International Monetary Fund support unless European lenders write off significant amounts of its sovereign debt, the fund has warned Athens’ eurozone creditors.The warning, delivered to eurozone finance ministers by Poul Thomsen, head of the IMF’s European department, raises the prospect that it may hold back its portion of a €7.2bn tranche of bailout aid that Greece is desperately attempting to secure to avoid bankruptcy.IMF says #Greece now running primary deficit of nearly 1.5% of GDP; warns #eurogroup debt relief may be necessary http://t.co/qsM7aGUqWS 7.47am BST Good morning. We’re back after Monday’s Bank Holiday break to track the latest developments around Greece’s bailout talks, plus the world economy, the financial markets, the eurozone and business.Coming up....Greece’s government is scrambling to reach a breakthrough over its bailout before running out of cash. Related: Greece vows to pay debts as it awaits handout from international creditors Continue reading...


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EU Confident Greece Will Stay in Eurozone

The European Union has expressed confidence that Greece and its creditors will take steps to keep the country solvent and in the Eurozone. The EU's ...


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Greece in new debt diplomacy, next funding crisis days away

“It is important that the good progress that has been made is solidified and it brings Greece to a situation where we can all look forward to new ...


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IMF Speaks of More Potential Financing for Greece

The International Monetary Fund said Tuesday IMF officials didn’t push for large-scale debt relief in recent negotiations for emergency financing for Greece, but rather underscored that more financing would be needed if Athens failed to live up to its ...


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Greece's Hand Just Got Weaker

All this makes Greece's negotiating position worse and means there may be less scope for budget sweeteners to accompany unpopular reforms.


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MITEF Greece Startups on the Rise

It is hard to imagine that this sort of event happened in the very same Greece covered by international news outlets. But these teams are eager to push ...


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Moscovici tweets about his meeting with Varoufakis

EU Economic and Monetary Affairs Commissioner Pierre Moscovici wrote on twitter about the meeting he had with the Greek Minister of Finance, Yianis Varoufakis. Specifically he referred to the issues they talked about which were "the substantial ...


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Dragasakis-Draghi meeting over

The meeting between Greek Deputy PM Yiannis Dragasakis and European Central Bank President Mario Draghi ended at about 8 p.m. Frankfurt time, according to media reports. Alternate Foreign Minister for International Economic Relations Euclid ...


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Greek funding crunch looms

Athens/Brussels - Greece blew hot and cold with its euro zone partners on Tuesday as it struggled to avert a potentially catastrophic funding crunch this month, when it must make a big debt repayment to the IMF as cash reserves dry up. Finance Minister ...


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Greek Painter Varlamis Exhibition in Luxembourg

Greek architect, painter and professor Makis Varlamis presented his artistic collection on Luxembourg at the historic gallery Konschthaus beim Engel, at the invitation of the Luxembourg Ministry of Culture. Twenty paintings centered on Luxembourg but also ...


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FinMin Varoufakis, Moscovici Discuss Brussels Group Progress, Monday’s Eurogroup

Greek Finance Minister Yanis Varoufakis told journalists on Tuesday he expects the Eurogroup on May 11 to discuss the progress made in the negotiations between Greek authorities and the representatives of the institutions. The statements were made following a working lunch with European Commissioner for Economic Affairs Pierre Moscovici in Brussels. Varoufakis reported having a “lengthy and constructive discussion,” with Moscovici that opened the way for a “successful Eurogroup on May 11.” He said the aim of the Eurogroup meeting on Monday will be to record the common ground achieved on a Brussels Group level, in the talks between the Greek government and the institutions. According to the finance minister, the great progress made in the talks must now be stabilized and lead through fast and effective handling to a “bridging of the gap that remains.” He stressed the need for agreements between Greece and its creditors that will help overcome the liquidity problem faced by the Greek economy, give a new boost to investments that will get the economy moving and chiefly promote a package of economic and social reforms needed to return the country to growth. The minister finally expressed his conviction that the May 11 Eurogroup will be “one more step in the direction of a comprehensive agreement.” In a post on his personal twitter account later on Tuesday, Moscovici said the meeting with Varoufakis had focused on the “significant progress” of the Brussels Group and “preparing a useful Eurogroup on May 11.” (source: ana-mpa)


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Greece introduces mandatory surcharges at cashpoints in attempt to raise money

Greece has revealed it is to introduce a surcharge for all cashpoint withdrawals and financial transactions in a desperate attempt to prevent citizens ...


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German President: We Should 'Consider' Nazi-Era Reparations to Greece

“In terms of German governments policy on the reparations debate and Greece, I have nothing new to say here… The position of Germany is clear,” he ...


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National Bank Of Greece (ADR) (NBG): Greek Economy Weakens Further

National Bank of Greece (ADR) (NYSE:NBG) saw its share price heading for the floor with a dive of more than 8% yesterday. The stock is down again ...


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Greece blows hot and cold in race to avert cash crunch

ATHENS/BRUSSELS (Reuters) - Greece blew hot and cold with its euro zone partners on Tuesday as it struggled to avert a potentially catastrophic funding crunch this month, when it must make a big debt repayment to the IMF as cash reserves dry up.


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Thessaloniki cabbie's taxi bursts into flames

A Greek taxi driver was said to be in good health on Tuesday after a fire broke out in his vehicle while it was in motion.


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ATHEX: Stocks drop on Moody’s downgrade

The government’s apparent inability to reach a deal with the country’s creditors to ease the Greek cash crisis and banish the nightmare of a default led Moody’s to downgrade Greek bank products, which in turn increased the risk of a collateral haircut at today’s crucial European Central Bank board meeting.


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Greek gov't announces scheme to boost Roma living standards

Interior Minister Nikos Voutsis on Tuesday heralded a scheme that aims to improve the living standards of the country’s Roma community by relocating them out of makeshift settlements and improving their access to education and health services.


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Report about Greek minister moving cash abroad denied

The government called on two Thessaloniki-based newspapers claiming to have evidence of an alternate minister recently transferring 80,000 euros to a bank in Luxembourg to make the information it has public or to publish an admission that it has nothing with which to back up its claim.


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Over 120,000 Greeks apply for aid from government

Almost 121,000 Greeks applied for meal vouchers, free electricity and rent subsidies in the first two weeks of a new program introduced by the government to tackle what it calls the “humanitarian crisis” in Greece.


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Egypt, Greece, Greek Cyprus form alliance, isolates Turkey further

Egyptian President al-Sisi (C) chats with Greek Prime Minister Tsipras (L) and Greek Cypriot leader Anastasiades in Nicosia in this April 29 file photo.


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It's soon time for the Capital Region Greek Festival in Wormleysburg and its homemade baklava

Baklava from Greek Festival: 65 Things to Eat and Drink in the Midstate Baklava from the Capital Region Greek Festival in Wormleysburg. Rich and ...


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Greece blames disagreement between EU, IMF for stalled talks

The Greek government has said that differences between the EU and the IMF are to blame for the delay in debt negotiations. Both sides, however, have appeared confident that a final deal is within reach.


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5 years of bailouts: the grim legacy of Greece’s crisis

ATHENS, Greece — The sculpture shows a shabbily-dressed man slipping off what appears to be a graph, an economic index perhaps, that is crumbling under his feet. His mouth is distended in something less than a scream, more than a cry. It’s clearly not ...


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Greece blames EU,IMF policy clash for failure to compromise

ATHENS May 5 (Reuters) - "Serious" policy differences between Greece's two major lenders - the European Union and the International Monetary ...


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EUROPE MARKETS: Greece Jitters Pressure European Stocks

European stocks moved sharply lower on Tuesday, as nagging concerns that Greece won't be able to strike a genuine pact with its eurozone lenders ...


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After 5 ghastly years of bailout program, Greece still sees no end to financial pain

ATHENS, Greece — The sculpture shows a shabbily-dressed man slipping off what appears to be a graph, an economic index perhaps, that is ...


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FTSE falls after early gains on election, Greece and US trade worries

Leading shares lost early gains to close sharply lower on a combination of concerns, including UK election jitters, Greece worries and disappointing ...


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More than 120,000 financial support applications in Greece

More than 120,000 people have applied in order to participate in the financial aid programme of the Ministry of Labour and Social Solidarity.  According to the ministry, the total number of applicants has reached 120, 726 in two weeks. More specifically, 44,391 ...


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Greek debt crisis: Cash-strapped country runs out of money to pay public sector workers

The Greek Deputy Finance Minister, Christos Staikouras, recently admitted that Athens was struggling to find the money needed to pay wages and ...


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Greece lobbies creditors for loan payout, cites progress

BRUSSELS (AP) — With Greek ministers dispatched across Europe on a whirlwind goodwill tour on Tuesday, top officials said they were making progress on finding a way to keep the country afloat and in the 19-nation eurozone.


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Oil is hurting America's economy and fuelling an unexpected boom in Europe

It's now clear that Europe's economies have genuinely turned a corner — but what's driving it, and why are some countries being left behind? Oil, it turns out, is a major part of the answer. The big recent declines in oil prices have hampered growth in the US (which produces a lot of oil) but lowered operating costs and boosted consumer for Europe (which produces little). The effect has been to create a rare sweet spot for Europe's economy, in part at the expense of the US. When #Euroboom2015 began as a Twitter hash tag, it was pretty tongue-in-cheek. But the signs of a real, if modest, recovery can't be ignored any more.  Figures out Tuesday show that in April, Spanish unemployment fell at the fastest rate on record: 118,900 fewer people were out of work and looking. That's compared to an average decline of 25,000 in April for each of the previous seven years. Bank of America Merrill Lynch (BAML) analysts are even calling Europe "the sunny side of the Atlantic, for once." On Wednesday, 13 May, just over a week away, we'll get the first look at the eurozone's GDP in the first quarter of this year. The consensus estimate suggests an expansion of 0.5%. That's nothing impressive for most places, but it'll be the best seen in Europe for four years. It'll also be much better than the UK's 0.3%, and the roughly 0.05% recorded for the US.  The recovery is feeding through to big business, too. Europe's companies are having their earnings upgraded en masse — meaning they're now expecting higher profits on net: So what's causing the recovery — and why does it seem to be only boosting Europe? BAML's latest note suggests that the US is struggling for exactly the same reasons that Europe is currently doing well. Oil is the biggest among those: Indeed, the very forces that are hampering growth in the US are precisely those that are boosting growth in continental Europe: 1) The move in oil prices is for now negative in the US, given its impact on investment in energy, before turning neutral, while it is already unambiguously positive in the euro area; and 2) The opposing effects of the exchange rate are clear. According to the Economist, the fall in oil prices cut investment in rigs and mining structures by a 60% annualised rate in the first quarter. That's the equivalent of an 0.8% drop in GDP.  Here's that exchange rate: The strong dollar has been trimming profits for US corporates that make much of their money abroad — and in the same way, the weaker euro has been a boom to the continent's exporters. Weak energy prices have upsides and downsides for the US, but it's much more clearly positive for fuel-hungry and oil-poor Europe.  Despite the fact that Europe is building a little steam, few people yet think that means the European Central Bank will tune down its quantitative easing (QE) programme any time soon. Inflation is still extremely weak and doesn't look likely to test the central bank's patience any time soon. The starting point for core inflation is very low (it has actually fallen yoy since the beginning of the recovery) and we think that with the current high level of slack in the euro area, even two years of above-trend growth would not trigger substantial cost push. Companies’ and workers’ bargaining power is weak. The pass-through from the euro depreciation to prices has so far been limited. This means that we expect the ECB to continue QE after September 2016. Any sign that US weakness would postpone the Fed lift-off after September would, in our view, make the ECB sound even more dovish and counter tapering calls, given the potential adverse effects, from the European point of view, on the exchange rate. Such verbal stance by the ECB would have positive confidence effects. So with cheaper energy prices, a weak euro and supportive monetary policy, the European recovery stool has three decent legs. The other message that's clear from the data is that there are three speeds to the current recovery: Fast, slow, and Greece. Take a look at the growth forecasts released by the European Commission on Tuesday. Euro-bounce: In the slow camp, the main laggards are France and Italy. France's growth for 2015 got hiked by 0.1 percentage points, from 1% to 1.1%. Italy's is static at 0.6%. Countries like the Netherlands (with a forecast raised from 1.4% to 1.6%) and Austria (with a forecast steady at 0.8%) probably fit in this camp too. Euro-boom: In the fast camp, Germany and Spain lead. Europe's biggest economy is expected to see growth of 1.9%, up 0.4 percentage points from February's guess. Spain's revision upwards is even higher, rising from a 2.3% forecast to 2.8%. Ireland's growth forecast was hiked just 0.1 percentage points, but at 3.6%, it definitely belongs in the fast group. Euro-crisis: Greece is in another league. The forecast has been slashed from 2.5% this year to 0.5%, reflecting the country's grim and largely unique circumstances.  This is pretty much as good an advert as the eurozone's structural reform zealots could get. The countries seen as having more significant reforms, or a more competitive structure to begin with (like Spain and Germany, respectively) are reaping the biggest rewards. Those that have delayed and struggled (like France and Italy) and getting far less of a growth dividend. That's not an entirely fair, even if you agree with the need for reforms — it would take Spain many years (or a decade) to get unemployment back to France's current levels, even with much stronger growth. And the people who were most stringently pushing for reforms are often the same who opposed the ECB's QE — one of the factors currently supporting the recovery.Join the conversation about this story » NOW WATCH: Here's what 'Game of Thrones' stars look like in real life


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National Bank of Greece (NBG) Stock Slumping as EU Cuts Outlook

NEW YORK (TheStreet) -- Shares of the National Bank of Greece (NBG - Get Report) are down by 3.76% to $1.28 in mid-morning trading on Tuesday, ...


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EU, IMF disagreement holding up debt deal

With time quickly running out to unlock bailout funds needed to repay its debts, the Greek government has said that differences between the EU and IMF were blocking an agreement. "Serious divergences and contradictions between the creditors, the European ...


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EU economic chief warns on Greek debt

Comments by EU economic chief reflect eurozone resistance to ‘haircut’ on Athens’ sovereign debt


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