How the world sees Greece
The European Commission is preparing contingency plans for the Greek banking system in the event government leaders fail to agree to a deal to help the indebted nation, according to two people familiar with the talks. Officials are ...
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Greece, NY (WROC)- Greece Police is investigating a robbery that happened at the Chase bank on Dewey Avenue at 8:30am. A man, apparently ...
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The Greek police union said Parliamentary Speaker Zoe Constantopoulou interfered with an officer trying to keep protesters from getting into the building. The post Police Rap SYRIZA’s Constantopoulou appeared first on The National Herald.
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Brussels: The European Commission is preparing contingency plans for the Greek banking system in the event government leaders fail to agree to a deal to help the indebted nation, according to two people familiar with the talks. Officials are looking at how ...
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LONDON (TheDeal) -- Major European markets slipped Friday morning after German Chancellor Angela Merkel emerged from a meeting with her ...
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But the Greek state did get some new credit, reductions in cash debt service and the provision of liquidity for old debt. How that support was allocated ...
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As Athens faces growing pressure to reach agreement with lenders to avoid financial chaos, an angry Greek public feels the pain of cuts following a ...
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A pair of senior housing projects in Greece are among the beneficiaries of propety and sales tax breaks approved this week by the County of Monroe ...
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The number of migrants arriving in Greece this year rivals the number of those coming to Italy, although the Eastern Mediterranean route is less deadly ...
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Greece's governing far-left party has opened a new front: It wants central bank governor Yiannis Stournaras to resign. He is accused of not following the 'national line' - but his political ambitions may play a role.
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"There is no plan B for Greece, there is no parallel currency, there is only one single currency which is the euro," Sapin told journalists during a joint ...
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May 22 US Treasury Secretary Jack Lew on Friday urged Greek Prime Minister Alexis Tsipras to quickly strike a deal with international creditors or risk immediate hardship for his country. Lew spoke by phone with Tsipras and "cautioned that failure to ...
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Greek Defence Minister Panos Kammenos met with the Assistant Secretary of State for European and Eurasian Affairs Victoria Nuland and asked the US government's intervention concerning the IMF stance, in order discussions with the creditors to proceed. “I met with the ...
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Athens believes that Greece could still clinch an agreement with its lenders but probably at the start of June, rather than by the end of this month as it had previously hoped, following the meetings Prime Minister Alexis Tsipras held on the sidelines of the European Union leaders’ summit in Riga, Latvia.
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Greece will join the United States and other NATO members in efforts to defeat militants of Islamic State (ISIS), an issue which is expected to be discussed in the summit of the transatlantic alliance in Brussels next month, Defense Minister Panos Kammenos said on Friday.
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Greece and its lenders are casting around for ways to prevent the country from defaulting on debts to the International Monetary Fund in June, as negotiations to unlock bailout aid barely inch forward and the Athens government runs dangerously low on cash.
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Greek Prime Minister Alexis Tsipras has held “friendly and constructive” debt talks with the leaders of France and Germany, but gave no sign of a breakthrough ahead of a crucial June deadline. German Chancellor Angela Merkel, French President Francois ...
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ATHENS, May 22 (Xinhua) -- As the curtains fell on the latest EU summit in Riga on Friday, Greek Prime Minister Alexis Tsipras and other government ...
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Inside the Cultural Center, the Hellenic Dancers leap in the year during a performance during this weekend's 40th annual Greek Fest New Orleans at ...
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Thousands of people, including world-class athlete LeBron James and actress Demi Moore, are stripping down for a new kind of quick-and-easy spa experience called whole-body cryotherapy (WBC). The procedure involves standing nearly naked in a chamber filled with super-chilled air — we're talking anywhere from minus 150 to minus 290 degrees Fahrenheit — for three minutes. Its purported benefits include everything from relieving pain and mitigating depression to improving athletic performance and getting better sleep. Our experience Business Insider was so intrigued by the reportedly miraculous benefits of WBC that we sent a few of our reporters to the only center in New York City offering the treatment, KryoLife. There, reporter Graham Flanagan stood in nothing but some clogs, socks, gloves, and his boxers — necessary clothing items to protect certain extremities from potential frostbite — inside of a chamber filled with the super-chilled air. KryoLife assured us that, despite the extreme cold that would be brushing up against his bare skin, the procedure was completely painless. Sure enough, Flanagan emerged from the chamber completely unharmed, though noticably more energetic and giddy, saying he felt a high similar to the one felt after riding a roller coaster. That's the release of endorphins — hormones linked to the euphoria some people experience after intense exercise — kicking in, KryoLife CEO Joanna Fryben said. "I felt the urge to run, lift weights, or play a sport like tennis or basketball," Flanagan said. The effects lasted about an hour, and by the end of the day, Flanagan felt the same as before the treatment. He didn't notice any difference in sleep that night or feel stronger during his weekly exercise routines. Everyone is unique Fryben says each of KryoLife's more than 1,000 clients experiences a slightly different effect from the treatment. Some people come out feeling energized, while others feel relaxed, she said. Similarly, some can tolerate the chamber's chilly temperatures, while others can't wait to get out. Another Business Insider reporter who tried the treatment, Sam Rega, said he felt so relaxed after completing his first session that he went home and promptly fell asleep — a very different outcome from Flanagan's. The procedure has been popular in European countries including Poland, Finland, and the UK since as far back as the '70s. It was only recently introduced in the US, in 2006. Why each person experiences something different is unclear, Fryben says. Customers seem to experience more benefits that last longer the more treatments they complete, Fryben says. In other words, she says, one three-minute session probably isn't going to do much. Freeze and repeat Giovanni Lombardi, a biomedical researcher at the Galeazzi Orthopedic Institute in Italy who has conducted a number of studies on WBC, told Business Insider in an email that to see some of the treatment's alleged rewards over longer periods of time, say weeks or even months, a person needed to do it regularly. "The best way to keep the benefits is to repeat the cycles," Lombardi said. This shouldn't be a surprise because it's no different from other types of spa treatments, such as the relaxing effects of a massage or the relief from acupuncture. WBC, however, can be expensive — from $70 to $90 a session. "In our experience, 15 consecutive sessions over one to three weeks are the best," he said. The long-term purported effects, such as better sleep and pain relief, from that many treatments, Lombardi said, could last up to six months. Lombardi added that the number of cycles a subject should complete highly depended on which benefits the subject is looking for, as there are so many different purported effects. The New York Knicks, for example, use the therapy to accelerate postgame recovery. They have even purchased a couple of the chambers, which they keep at their base. On the other hand, celebrities like Demi Moore reportedly use the treatment to keep their skin looking smooth and young, another alleged benefit of WBC. So, is it worth your money? Cryotherapy versus plain old ice The word cryotherapy is derived from the Greek words "cryo" meaning cold and "therapia" meaning healing, and it refers to any procedure that uses low temperatures to treat bodily ailments such as inflammation or skin lesions. Putting an ice pack on a sore muscle is one common example. Whole-body cryotherapy is different because it exposes the entire body to extreme cold — colder than the coldest natural temperatures ever recorded on earth. Under these incredibly chilly conditions — temperatures about 100 degrees colder than an ice bath — your body begins redirecting blood flow to your core — where your major organs are located — to prevent you from freezing to death. At the same time, the blood vessels in your arms and legs constrict, reducing blood flow to those muscles and alleviating inflammation and the pain that goes with it in the process. It's this reduced inflammation that some research suggests could lead to some of cryotherapy's alleged benefits, like reduced swelling and pain. Some of the other effects people cite, however, such as smoother skin, mitigated depression, and better sleep, have yet to be deeply explored with scientific research. Science vs. stories While there is a growing body of scientific research exploring whole-body cryotherapy, most of the research looks at its impact on athletic performance and use as an alternative method for pain relief. The other supposed benefits, like boosted metabolism, better sleep, and smoother skin lack substantial research to either prove of disprove the claims. The obvious potential benefit of WBC is that it can reduce inflammation throughout the entire body. "This is the key anti-inflammatory action of WBC making it theoretically effective in the treatment of all the inflammatory conditions," said Lombardi. Some of these conditions include exercise-induced soreness and pain from diseases like arthritis and Fibromyalgia. Then again, you can get the same whole-body cold treatment from an ice bath. And it's not clear whether WBC is better for athletes or sufferers of inflammatory conditions like rheumatoid arthritis than just your basic ice treatment. A 2006 study, for example, found subjects with rheumatoid arthritis felt more relief from pain after a week of 2-3 WBC sessions each day than subjects who received other types of cryotherapy treatment, like ice packs applied locally, but ultimately "there were no significant differences in the disease activity between the groups," they write in their paper. In addition, none of the cryotherapy chambers sold in the US are FDA certified — all the companies that distribute the chambers, including KyroLife are required to display a disclaimer saying so — which means the procedure can't yet be legally marketed as a "treatment" for any diseases caused by inflammation. An unproven therapy? While reducing inflammation might be good for reducing pain, it likely won't improve athletic performance, Joseph Costello, a senior research associate at the University of Portsmouth in England, told The New York Times. For that, athletes would need a procedure that stimulates muscle recovery, writes Costello. In a small 2012 study, Costello and two other researchers at the University of Limerick studied WBC's effect on muscle recovery by having thirty-six individuals do intense leg resistance exercises. Twenty-four hours after the exercises, half of them did two 3-minute WBC treatments while the other half were exposed to air that was just slightly cooler than room temperature. They then measured each group's muscles 24, 48, and 72 hours later. Their conclusion: WBC was "ineffective in alleviating muscle soreness or enhancing muscle force recovery," they wrote in the paper. On the other hand, a 2014 study found that WBC did, in fact, appear to reduce muscle damage in a group of young, active, college-aged men after they completed a series of exercises including bench presses, bicep curls, and squats. Out of a group of 18, half of the men had two WBC sessions each day for five days after the exercises while the other half had no treatment-related sessions during those five days. The group who received the freeze treatment exhibited reduced muscle damage and inflammation. Like many studies investigating the effects of WBC in sports medicine, these two studies had only a small number of volunteers and used only a short number of completed WBC cycles. Therefore, it's hard to make any resounding conclusions about the procedure's purported health benefits regarding athletic performance. Without a lot of research to back it up, some researchers say they are more than skeptical of the treatment: "'Skeptical' is an understatement," Ian Harris, a Professor of Orthopedic Surgery at Whitlam Orthopedic Research Center in Australia who has studied the effects of cryotherapy following knee replacement, told Business Insider in an email. "My official position is that unless they can show a clear reproducible benefit from properly blinded randomized controlled trials then they are peddling unproven therapies for profit." SEE MORE: I sequenced my DNA at a community lab in Brooklyn — and what I learned surprised me CHECK OUT: Big, beautiful photos of the giant flying saucer NASA is using to send humans to Mars Join the conversation about this story » NOW WATCH: We tried cryotherapy — the super-cold treatment LeBron James swears by
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Russia’s taken an aggressive interest in a tiny Balkan state’s political turmoil — and it's connected to Moscow's latest gas pipeline agenda. Last weekend the Republic of Macedonia was rocked by anti-government protests and pro-government counter-protests following the release of covert recordings that allegedly show the government planning to rig votes and covering up a murder. The still-in-charge Prime Minister Nikola Gruevski is openly Moscow-friendly. He's has taken a stance against the Western sanctions on Russia and supports the proposed Russian gas pipeline that would probably go through Macedonia. Against this backdrop, it looks like Russia's worried about the possibility of a new anti-Moscow government, which could potentially weaken the Kremlin’s position. (Especially because Moscow has traditionally used its arsenal of gas pipelines as tools of coercion in Europe.) On Wednesday Russia's Foreign Minister Sergei Lavrov stated that "the Macedonian events are blatantly controlled from the outside," according to Russian state-controlled media outlet TASS. "They are trying to accuse Gruevski’s government of not fulfilling its obligations to the population. "However, the reason behind this is a desire to influence it in connection with its refusal to join anti-Russian sanctions, support of the South Stream and willingness to be involved in the implementation of other options of fuel delivery, including the so-called Turkish Stream,” he said. “I don’t have any hard-line facts, but it’s a logical suspicion,” Vladimir Chizhov, the Russian ambassador to the EU, told Bloomberg TV in an interview when asked about the claims. “If you look at the geography of the region, Macedonia is the best place for constructing the extension of the newest energy infrastructure project in the region, the so-called Turkish Stream,” he added. The Turkish Steam, an OAO Gazprom project, was announced back in January after the company abandoned the $45 billion South Stream project in December. The key geopolitical takeaway regarding both projects is that they’re supposed to bypass crumbling Ukraine — which would allow Russia to both maintain its gas leverage over the EU and to hurt Kiev. “To help Gazprom reach Central European markets, Russia has advocated the construction of a pipeline that would run from Greece to Macedonia, Serbia and Hungary,” analysts from Texas-based consulting firm Stratfor wrote in a report, according to Bloomberg. “These four countries are at the center of a Russian diplomatic offensive." Although some analysts have expressed doubts over the projects, "the Russians seem determined to let their transit contract with Ukraine expire by 2019 in favor of the alternative route under the Black Sea. Gazprom has already laid 472 kilometers (293 miles) of the so-called Southern Corridor, the onshore part of the pipeline in Russia, in anticipation of the deal," according to Bloomberg. In any case, it looks like Russia might be closely monitoring the political conflict in Macedonia with the goal of avoiding another Ukraine circa 2013-2014, when pro-Kremlin Yanukovych's regime was kicked out by the masses. Check out the interview on Bloomberg here SEE ALSO: The problem with Obama's foreign policy is becoming clear SEE ALSO: Former Australian leader: We're about to see a world with '2 Asias' Join the conversation about this story » NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants
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European Commission president Jean-Claude Juncker thinks there has been made considerable progress in the negotiations between Greece and its European partners, and hence he thinks it is possible to reach soon an agreement, according to Greece’s governmental sources, ...
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It looks as if Greece's problems over trying to reach a debt deal have just got rather worse. For we've the IMF and the Eurogroup operating as a pincer movement to tell the Greeks that they can't have a quick deal. Meaning that the odds of their running out of [...]
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German bond yields headed for their first weekly fall in five weeks on Friday as the market focused again on central banks’ continued use of heavy stimulus, which is helping to bring stability after weeks of violent price swings.
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Greece crashing out of the euro, or ‘Grexit,’ doesn’t pose a short-term risk to the shared European currency but a medium-term one as it demonstrates that the union is not permanent, Italy’s finance minister said on Friday.
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The Greek growth model for small and medium-sized enterprises during the period of the crisis will have to change, senior banking officials stress.
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Thousands of Greeks filled in forms for the Joker lottery on Friday after Thursday’s draw did not result in any winners, meaning that the next draw on Sunday will have a jackpot of 5.5 million euros.
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For the third time in the past few days the Greek bourse’s benchmark failed to stay above the 850-point level on Friday, as the EU summit in Riga gave traders an ambiguous picture of the course of debt talks.
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Georgios Michelis, a former executive at Emporiki Bank, is on track to become chairman of Greece’s bank rescue fund, according to two euro-area officials.
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The Catholic church in Venice that agreed to lend Saint Barbara’s relic to the Church of Greece has accepted a request from Archbishop Ieronymos for the remains to be kept in Athens until June 1.
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Without a further thought, she quickly threw herself into a working dress, hastily pushed some loose hair under her head scarf and before opening the locker to get her broom, her feather duster and the big blue cleaning cart, she said: “It has to be a comprehensive approach, not a […]
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More than eighteen automotive companies operating in the Greek market recorded a sales increase during the first quarter of 2015. A partial list of the companies that saw a sales increase in the first quarter of the year includes: Peugeot 485,3%, Smart 225%, Lexus 184,6%, Land Rover 137,5%, Porsche 150%, Kia Motors 73%, Mini 63, 7%, Audi 34,1%, Renault 27,1%, VW 22,5%, Volvo 18,6%, Mercedes 17,1%, Nissan 13,4%, Toyota 12,9%, Citroen 12,8%, BMW 10,7%, Suzuki 10,1%, and Ford 5,6%. The brands that faced a significant decrease in profits are: Subaru 73,7%, Lancia 73,6%, Alfa Romeo 46,3%, Chevrolet 46,1%, Abarth 30,8%, Fiat 30,2%, Skoda 16,5%, Honda 16,2%, Dacia 14,6%, Seat 12,3%, Hyundai 3,5%, Mitsubishi 2,8%, and Opel 2,3%. According to official data released by Greece’s Association of Motor Vehicles Importers Representatives (AMVIR), the upward trend in the first quarter of 2015 reached 13.7% compared to the same period last year. 25,072 new passenger cars were sold in the first quarter of this year in comparison with the first three months of 2014, when 22,046 new passenger cars were sold. Source: ANA-MPA
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The Fédération Internationale de Football Association (FIFA) sent positive feedback concerning the changes in Greece’s new sports law, dropping the threat of a Greek soccer’s “Grexit” from all future international tournaments. In a letter made public by the Hellenic Football Federation (EPO) on Friday, FIFA expressed its satisfaction on the progress achieved regarding a law that was approved by the Greek parliament this month in an effort to combat violence and match-fixing, because officials seem to have taken into account the proposals previously expressed by FIFA and UEFA. FIFA had previously complained about an initial draft bill submitted to the parliament because it did not seem to comply with the independence rules of the sport’s administration, giving more power to the state to decide on football matters. For this reason, UEFA General Secretary Gianni Infantino traveled to Athens last month to meet with Greek lawmakers in order to discuss relevant amendments.
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All the latest economic and financial news, as EU leaders hold a summit in Riga overshadowed by the Greek debt crisisIMF: No quick and dirty dealGreek spokesman: Deal can be sealed in 10 daysAngela Merkel: There’s still a lot to doMarkets ‘losing patience’ at slow progressEU leaders pledge commitment to Eastern Partnership 6.03pm BST France’s finance minister, Michael Sapin, also rules out a parallel currency for Greece.france's sapin says there is no plan b for greece, no parallel currency planned...only currency for ez is the € and it's shared by friends 5.57pm BST Europe’s stock markets didn’t like the news that German finance minister Wolfgang Schaeuble had apparently mentioned the option of a Greek parallel currency such as IOUs.It caused jitters, even though it was denied quite swiftly, says Jasper Lawler of CMC Markets: The idea of a parallel currency is not without precedent but the news really just reflects Germany’s willingness to take the game of chicken to the very edge, taking any opportunity to show its not worried about a Grexit. Earlier in the month, Greece officials said Athens is not considering a parallel currency. 4.43pm BST Tsipras may have been all smiles at the EU summit in Riga.But the tough work begins this weekend when he is likely to face a groundswell of opposition at a two-day meeting of Syriza’s central committee. “Any going back on the above will be a distortion of the party’s physiognomy.” 4.36pm BST The Greek government has released a statement following prime minister Alexis Tsipras’ meeting with European Commission chief Jean-Claude Juncker.“Prime minister Alexis Tsipras held a meeting with the president of the EC, Jean Claude Juncker, in a very good climate in which they had a very constructive discussion. The Greek prime minister informed Mr Juncker of the progress in negotiations and expressed the need for a mutual effort by both the Greek government and the institutions so that a mutually beneficial agreement can be found soon within the framework of realism and shared responsibility.” 3.24pm BST The head of the International Monetary Fund has also warned against a “quick and dirty” deal for Greece.“I know there is a lot of work to be done. Parties are now working, receiving proposals, working in cooperation and we will continue to do so as fast as we can.” “It has to be a comprehensive approach, not a quick and dirty job.”IMF head Christine Lagarde states that Greek review cannot be a quick and dirty job, more work needs to be done. 3.17pm BST The Financial Times has the inside line on last night’s three-way meeting between the leaders of Germany, France and Greece.Angela Merkel and Francois Hollande told Alexis Tsipras that there’s no way that Greece will get any funds without the agreement of the International Monetary Fund. The message, delivered by Angela Merkel, the German chancellor, to Alexis Tsipras, her Greek counterpart, at a private meeting in Riga, Latvia’s capital, as well as by lower-level European officials to their Greek interlocutors, comes as the IMF has been weighing whether to withhold its €3.6bn portion of the €7.2bn bailout tranche Athens needs to avoid default.Eurozone and Greek negotiators have been pushing to complete a deal by the end of the month to free up bailout funds before the first in a series of loan repayments owed the IMF totalling €1.5bn falls due June 5. But securing IMF approval for a bailout deal significantly complicates that timeline.Eurozone tells Greece no deal without IMF http://t.co/x55iExxpMQ 2.53pm BST Just in: Germany has officially denied that Wolfgang Schäuble has speculated that Greece will need a parallel currency, if talks with its creditors fail.The German finance ministry tweeted the denial at Bloomberg, which made the claim this morning.@markets Report is inaccurate. This sort of scenario is not up for debate. 2.43pm BST My summary of PM David Cameron's Riga press conference, which finished moments ago: "The more he spoke the less he said". 2.42pm BST Will Cameron recommend Brexit if negotiations fail? 'If I don't get what I want I'll rule nothing out'. FudgeCameron: We've had a number of Treaties since last time British people had their say, I want to give them proper choice on EU membership 2.41pm BST What happens if you can’t get agreement on issues which you say must change?Cameron says he rules nothing out, but he’s confident that he’ll get a deal. 2.38pm BST Cameron’s repeating that the rules on free movement need to be changed, to clamp down on Europeans coming to Britain looking for work, rather than having already found a job. 2.37pm BST Isn’t Britain going to irritate the rest of Europe by demanding changes at this busy time? Might we end up with even fewer friends?I’m not going to say I was met with a wall of love when I arrived, Cameron smiles, but a lot of people were excited about our election victory and keen to work together again. 2.33pm BST 2.32pm BST Are you in a hurry to get this referendum next year? Is that why you raised these issues at a summit about the EU’s links with the former Soviet member states?Our deadline is the end of 2017, but it will be good if can make progress before then. 2.32pm BST Will other European leaders really make concessions, though?We are one of the largest economies in the world, we’re the biggest military power in Europe, replies Cameron.Cameron gives grimmest possible warning for those covering summits to 2017: EU reforms 'will be discussed whenever we're gathered together' 2.27pm BST David Cameron is giving a press conference in Riga now.He’s explaining that his push for a new deal with EU will be a feature at several summits going forward. 2.07pm BST The Greek PM has now met with Jean-Claude Juncker....Meeting earlier with European Commission President @JunckerEU. #euco #Greece pic.twitter.com/v6kLDMak2C 2.01pm BST Donald Tusk’s team just uploaded his statement following the Summit - here’s the conclusion:The European Union is a partner for the long-haul. Our partnership, as well as the Riga Summit itself, are not about dramatic decisions or taking giant steps forward. No, our relationship is built on free will, respect and equality. And our partnership will go forward step-by-step, just as the European Union has been built.The EU is a trusted partner for the long-haul. My remarks following the #RigaSummit: http://t.co/LTczQY1MbE. #EaP pic.twitter.com/WQQvSMU4Bt 1.51pm BST David Cameron is going to have a busy week; after hosting Jean-Claude Juncker on Monday, he will jet to Paris and Berlin for talks with Francois Hollande and Angela Merkel. Related: Cameron to meet Juncker at Chequers in EU renegotiation 'charm offensive' 1.24pm BST A couple of photos of David Cameron leaving the summit just landed: 1.16pm BST Here’s the official statement: 1.15pm BST And that’s it. Not a humm-dinger of a press conference.I think I once went to a press conference even more boring than that but I'm not sure. 1.14pm BST Why does the declaration only talk about the European aspirations of Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine? No-one promised that the Eastern Partnership would be a route all the way to EU membership, Tusk says. This is a long-term alliance, and we have gone as far as we could today. 1.07pm BST .@Straujuma: #RigaSummit confirmed EU's stable and irreversible relations with #EaP countries - https://t.co/9qL29jbDnA 1.06pm BST You promised good news for Georgia at this meeting - where is it?Latvian prime minister Laimdota Straujuma replies that Georgia, and Ukraine, could be included in the visa-free programme next year, if enough progress is achieved.“Georgia and Ukraine might enjoy a visa-free regime” next year says Latvian PM. Juncker says he's given them a list of issues to work on. 1.04pm BST I see @JunckerEU & @PrebenEUspox wearing #eu2015lv ties on stage. Good good good! pic.twitter.com/h5h7HcMzuB 1.02pm BST Onto questions.Was the statement held up because Azerbaijan initially refused to sign up, because of the wording on Crimea? 12.58pm BST We have agreed that Energy and Transport policies will be key priorities in the years ahead, says Tusk.On mobility issues... we welcome the impact that Moldova’s visa-free programme has had, says Tusk. 12.55pm BST The leaders have agreed a 10-page declaration: my colleague Shaun Walker just got his hands on it:Riga summit declaration. To summarise: We reaffirm our commitment to declare the commitment to European affirmations pic.twitter.com/jjJWLKizKv 12.54pm BST The press conference is underway now in Riga -- this live feed is running translations in English, French and Latvian. European Council president Donald Tusk is explaining that all parties reaffirmed their joint interest in strengthening links between the EU and the six former Soviet states. 12.50pm BST Hmmmm. Bloomberg is reporting that Germany’s finance minister, Wolfgang Schaeuble, has raised the issue of a parallel currency for Greece:Schaeuble said to raise possibility of Greek parallel currency. http://t.co/reZvdaq9eF pic.twitter.com/9Zko8c7jlX#Greece: "Schaeuble mentioned the idea of parallel currencies at a recent meeting WITHOUT ENDORSING IT" says the article. Quite a nuance. 12.41pm BST Tick tock...Waiting in Riga. At least when you wait ages for Putin you get an earthy animal metaphor at the end of it. Less sure about Tusk & Juncker 12.34pm BST Politico is reporting that Jean-Claude Juncker will be dining at the UK prime minister’s country retreat, Chequers, next week, as Cameron pushes his renegotiation strategy.Scoop: David Cameron will host private dinner Monday w/ Commission Prez Juncker at Chequers in England http://t.co/XofLXpXOKj #eureferendum 12.30pm BST The summit is wrapping up.....#EaP #RigaSummit drawing towards an end. Press conference of @Straujuma @eucopresident @JunckerEU soon - http://t.co/6m5LNFJyxt 12.07pm BST French President Hollande told French journalists that the PMs Brexit agenda was not discussed at summit, not on agenda, or bilaterals 11.57am BST Jean-Claude Juncker is also expected to meet with Alexis Tsipras in Riga today.@EU_Commission chief @JunckerEU to meet with @PrimeministerGR #Tsipras on sidelines of #Riga @eu2015lv meeting to 'take stock' of progress[the euro’s] not just about monetary policy and economic reasons, but also the dignity of the Greeks”. 11.39am BST We’re expecting a press conference soon with Donald Tusk (President of the European Council), Laimdota Straujuma (Latvian Prime Minister) and Jean-Claude Juncker (President of the EC) in around 10 minutes.It will be streamed live here. 11.29am BST Reporters in Riga are tucking in:Dill for lunch at Latvia's Eastern Partnership summit. Looks like shameless post-Crimea appeasement of the Kremlin pic.twitter.com/gOyTuqJHWo 11.14am BST AFP are reporting that European Commission president, Jean-Claude Juncker welcomed Hungarian Prime Minister Viktor Orban to the summit with the words “Hi, dictator!”'Hello dictator,' says @JunckerEU to Viktor Orban via @lesoir http://t.co/CHRDj1xYqY pic.twitter.com/elbepbtkdU 10.59am BST From Riga, my colleague Rowena Mason writes that Cameron will be pushing his reform agenda at the sidelines of today’s summit - particularly with smaller countries whose leaders he meets less often. Related: David Cameron plays down hopes of quick EU deal I'm meeting EU leaders at the #RigaSummit today. I plan to deliver EU reform before holding an in/out referendum by the end of 2017. 10.34am BST Despite the cautious statements of German chancellor Angela Merkel this morning, her Greek counterpart is still saying he is “optimistic” a deal will be found that would unlock bailout funds “ soon,” “Discussions last night with Chancellor Angela Merkel and President Francois Hollande were constructive and [held] in a very good and friendly atmosphere. I am optimistic that we can soon arrive at a stable, long-term and viable solutions with the mistakes of the past - and that Greece will return with cohesiveness to growth. I am optimistic.” 10.28am BST The European Union and Ukraine have signed a Memorandum of Understanding in Riga, that paves the way for €1.8bn of aid. That’s on top of the €1.61bn already paid in earlier assistance.The EU says it’s a sign of solidarity with Kiev:Today we send the signal to the world - #Ukraine cares about reforms and #Europe cares about Ukraine #EUUkraine #Riga pic.twitter.com/VqvkUo8HAEThis signature is an important milestone in the relationship between #EU and #Ukraine #EUUkraine #RigaSummit & #EaP pic.twitter.com/2Pvfg5zjuGComing into the summit, which ends Friday afternoon, Ukraine, Georgia and Moldova were all pushing for language in the summit conclusions that would allow them to tell their citizens that painful reforms at home could eventually lead them into the European club. Ukraine and Georgia also had hoped for a clear signal that EU leaders would approve their bids for visa-free access to the bloc, a prize Moldova won last year. 9.54am BST 9.35am BST ECB president Mario Draghi is urging eurozone governments to implement structural reforms, in a speech in Sintra, Portugal.It’s not a new theme - Draghi acknowledges that he has raised this issue at every single ECB press conference since he took office. But he’s producing some compelling graphs to show why government need to reform labour markets to boost productivity and get Europe’s potential growth closer to America.For members of monetary union resilience is crucial to avoid that shocks lead to consistently higher unemployment, and over time, permanent economic divergence. It therefore has direct implications for price stability, and is no less relevant for the integrity of the euro area.This is why the ECB has frequently called for stronger common governance of structural reforms that would make resilience part of our common DNA.Monetary policy can steer the economy back to its potential. Structural reform can raise that potential, 9.14am BST German business morale has fallen slightly this month, in the latest sign that Europe’s largest economy is in a soft patch.The business climate index calculated by IFO, the Munich-based research institution, fell to 108.5 from 108.6 in April.Given the long recovery the German economy has already gone through, it is only more than normal that growth rates at some point in time will be lower than in the rest of the Eurozone, which in turn has been suffering from weak growth now for several years.CHART: Today's IFO completes picture of euro-area business surveys for May. Don't panic, levels remain high. pic.twitter.com/iWteoxYV7S 8.57am BST David Cameron began his push for EU reform with a meeting with Poland’s PM, Ewa Kopacz.It was a “friendly but tough’ chat, according to the Polish side - a taste of the reception Cameron will get in Riga?"PMs #Kopacz-#Cameron talks at #RigaSummit - main topic: EU single market - friendly, but tough" via @trzaskowski_ pic.twitter.com/1iXFPFSTYd 8.49am BST The financial markets are getting tired at the apparent lack of progress towards a Greek deal, says Jeremy Cook, chief economist of World First:Despite the Greek government’s constant assertions that a deal is just around the corner it is looking like they may have been kidding themselves as well as the markets.We can but hope for some positive noises from the non-Greek participants later in the day. For now, they are the only ones to believe. 8.41am BST After staying up till 1am talking last night, Angela Merkel and Alexis Tsipras are seated side-by-side again this morning:Alphabet (#Germany #Greece) bringt sie zusammen: #Kanzlerin #Merkel + #MP @Tsipras sitzen b #Rigasummit nebeneinander pic.twitter.com/GuRECElAlb 8.36am BST When he took office, Alexis Tsipras vowed that he wouldn’t wear a tie to these events until he’d secured a new Greek deal.Five months on, he’s sticking to his guns - despite the risk of being grappled by EC president Juncker.Στυλιστικά tips από τον Ζαν Κλοντ Γιούνκερ στον Πρωθυπουργό κατά την προσέλευση στη Σύνοδο Κορυφής #Tsipras #Juncker pic.twitter.com/CGltiNWGUS 8.33am BST No pressure, Mr Cameron:PM starts Renegotiation: We need immigration control, to return powers to Westminster from fishing to energy, & cut £60m a day cost, or Out 8.30am BST The summit is getting underway. European Parliament president Martin Schulz says it’s a “crucial” opportunity to bring more stability to the former Soviet states.#EasternPartnership Summit about to start. Crucial meeting for better, safer & more predictable future for the region & all continent#RigaSummit last one was a disaster (vilnius). this one just depressing. an exhibition of fear weakness timidity 8.23am BST #EaP #RigaSummit HoD familyphoto with @alexstubb representing Finland pic.twitter.com/YAByfgZ3qM 8.22am BST PM will visit Paris and Berlin next week to meet Chancellor Merkel and President Hollande to kickstart EU renegotiation process in earnest 8.15am BST David Cameron arrived in Riga, banging the drum for a renegotiated settlement with the EU.“You’ll hear one day this is possible, the next day something else is impossible...“But one thing throughout all of this will be constant and that is my determination to deliver for the British people a reform of the EU so they get a proper choice in that in/out referendum that we’ll hold before the end of 2017.This will be a parliament of two halves: before the EU referendum and after it. Everything in British politics now hinges on the European issue, including the union with Scotland. But Europe’s hour has now arrived. Europe will be the centrepiece of the speech from the throne on Wednesday. The referendum bill will be published within hours. Cameron and his negotiators are in Riga talking to EU leaders this week. Germany is signalling cooperation within bounds. And all the signs are that the government wants the referendum early, possibly as soon as September 2016 – which is only 16 months away. All other legislative and political business, with the exception of the Scottish devolution plans, will be fitted around the needs of the referendum.....David Cameron faces sudden death over Europe. He cannot fail | Martin Kettle http://t.co/pgGyI2fqID (@martinkettle) 8.01am BST 7.52am BST Angela Merkel has arrived at the EU summit in Riga, and made it clear that last night’s meeting with Alexis Tsipras did not deliver a big breakthrough.Greece must keep working “very, very intensively” with its creditors, she told reporters when asked about the three-way meeting with Francois Hollande. “It was a very friendly, constructive exchange, but it’s also clear that there must be more work with the three institutions. There is a lot to do.”“France and Germany have offered Greece and the Greek Prime Minister that whenever there are questions to be discussed, whenever there is help to be given, to do so but the conclusion needs to be found with the three institutions and there needs to be very, very intensive work.” 7.41am BST Europe would be riven with currency wars if it wasn’t protected by the euro, says European Commission president Jean-Claude Juncker as he arrived at the Riga summit. *JUNCKER SAYS CAN'T SIMPLY THROW GREECE OUT OF EURO: WIWOIf we didn't had the #euro, there'd be currency wars in Europe: Juncker ~@wiwo 7.38am BST The Greek negotiations must speed up, declared Valdis Dombrovskis, European commissioner for the euro, as he arrived in Riga.Dombrovskis put the onus on Greece to show its creditors a proper, detailed, reform plan.EU’s Dombrovskis Says Progress In Greece Talks Needs To Step Up -- BBG - Greece Must Present Comprehensive Reform PackageEU’s Dombrovskis: Not Discussing Debt Writeoff For Greece 7.37am BST Meeting yesterday with Chancellor #Merkel and President @fhollande. #Greece pic.twitter.com/pjhz0SLkc0 7.35am BST There’s a mood of optimism from Athens this morning following last night’s meeting between Tsipras, Merkel and Hollande. “We think conditions have matured for (talks) to progress further and in the next 10 days, in May, for the deal to be sealed”.“Inclusion in this European Central Bank quantitative easing programme falls within the framework of priorities of the Greek government.”GREECE WON'T COMPROMISE ON LABOR REFORMS, PENSIONS: SPOKESMAN 7.35am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.We’re watching events in Latvia today, where EU leaders are attending the Eastern Partnership summit Riga. En marge du Sommet du Partenariat Oriental à Riga, @fhollande s'est entretenu avec A.Merkel et A.Tsipras #Riga2015 pic.twitter.com/jxmG6DMhhfAfter almost two hours of talks the three “agreed on the need for the Greek authorities to keep working with the three institutions”, the aide said, referring to Athens’ “troika” of creditors - the European Union, the European Central Bank, and International Monetary Fund. A Greek government source added that Merkel and Hollande “understood the need for a long-term deal” and said they were prepared to “personally contribute, if needed, to conclude the agreement soon.” Continue reading...
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Every Friday journalists from euronews' various language teams choose a selection of stories from Europe and beyond which did not reach the ...
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A meeting on Friday between Greek Prime Minister Alexis Tsipras and European Commission President Jean-Claude Juncker was conducted in a good atmosphere of mutual understanding and cooperation, Greek government sources reported. During the approximately half-hour meeting, Tsipras briefed Juncker on the progress of the talks, while Juncker said that significant progress has been made and that an agreement is feasible within the timeframe set by Athens, the sources said. Replying to questions, the sources admitted that things “will obviously be made much more difficult,” if a “tougher line” prevails among Greece’s partners, while stressing that all sides must now have an understanding of how the situation has developed. “If we want to realistically deal with the situation, there must be a realistic solution…and a realistic solution now is a mutually beneficial agreement,” the same sources added. Assessing the results of the Greek Prime Minister’s trip to Riga, the sources singled out the meetings on Thursday with German Chancellor Angela Merkel and French President Francois Hollande, as well as Friday’s meeting with Juncker, and expressed certainty that the trip had assisted Greece’s ongoing negotiations with creditors. All sides have expressed the political will to arrive at a solution, they pointed out. Following the meeting with Juncker, Tsipras also met with his Georgian counterpart Irakli Garibashvili and Ukrainian President Petro Poroshenko. (source: ana-mpa)
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Mobile phone group boosted by hopes of a deal with Liberty GlobalLeading shares reached their highest level since the euphoria on May 8 which followed the Conservative election victory.The FTSE 100 finished up 18.25 points at 7031.72, as investors shrugged off worries about Greece running out of money before reaching agreement with its creditors. Sentiment was also helped by better than expected UK public sector deficit figures, although US markets slipped as the dollar surged on higher than expected inflation numbers, prompting new talk of interest rate rises.We think that Vodafone will have to talk to Liberty and will make some sort of announcement (in the next month or so) on whether or not it is in “exploratory talks”. We think that a merger is unlikely but that some form of commercial agreement to work together, though facing major challenges, may be the only feasible outcome other than a breakdown of talks. That would only emerge, if it does, after several months. We maintain an accumulate recommendation.We forecast fourth quarter group like for like sales growth of 3%, including 5% in the UK. This reflects continued market share gains in mobile and the broader electricals market. Management has already guided proforma headine pretax profit to be in the range of £355m-£375m. We expect this range mechanically to increase to £360m-£380m assuming that the Germany and Netherlands businesses, which we estimate made a combined loss of around £5m, are treated as discontinued. Our forecast rises from £365m to £367m, taking into account offsetting currency movements in the Nordics. Underlying momentum is strong and we forecast earnings per share growth of 16.5% in 2015. Our target price rises to 500p [from 480p]. Buy. Continue reading...
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Russia’s taken an aggressive interest in a tiny Balkan state’s political turmoil — and it's connected to Moscow's latest gas pipeline agenda. Last weekend the Republic of Macedonia was rocked by anti-government protests and pro-government counter-protests following the release of covert recordings that allegedly show the government planning to rig votes and covering up a murder. The still-in-charge Prime Minister Nikola Gruevski is openly Moscow-friendly. He's has taken a stance against the Western sanctions on Russia and supports the proposed Russian gas pipeline that would probably go through Macedonia. Against this backdrop, it looks like Russia's worried about the possibility of a new anti-Moscow government, which could potentially weaken the Kremlin’s position. (Especially because Moscow has traditionally used its arsenal of gas pipelines as tools of coercion in Europe.) On Wednesday Russia's Foreign Minister Sergei Lavrov stated that "the Macedonian events are blatantly controlled from the outside," according to Russian state-controlled media outlet TASS. "They are trying to accuse Gruevski’s government of not fulfilling its obligations to the population. "However, the reason behind this is a desire to influence it in connection with its refusal to join anti-Russian sanctions, support of the South Stream and willingness to be involved in the implementation of other options of fuel delivery, including the so-called Turkish Stream,” he said. “I don’t have any hard-line facts, but it’s a logical suspicion,” Vladimir Chizhov, the Russian ambassador to the EU, told Bloomberg TV in an interview when asked about the claims. “If you look at the geography of the region, Macedonia is the best place for constructing the extension of the newest energy infrastructure project in the region, the so-called Turkish Stream,” he added. The Turkish Steam, an OAO Gazprom project, was announced back in January after the company abandoned the $45 billion South Stream project in December. The key geopolitical takeaway regarding both projects is that they’re supposed to bypass crumbling Ukraine — which would allow Russia to both maintain its gas leverage over the EU and to hurt Kiev. “To help Gazprom reach Central European markets, Russia has advocated the construction of a pipeline that would run from Greece to Macedonia, Serbia and Hungary,” analysts from Texas-based consulting firm Stratfor wrote in a report, according to Bloomberg. “These four countries are at the center of a Russian diplomatic offensive." Although some analysts have expressed doubts over the projects, "the Russians seem determined to let their transit contract with Ukraine expire by 2019 in favor of the alternative route under the Black Sea. Gazprom has already laid 472 kilometers (293 miles) of the so-called Southern Corridor, the onshore part of the pipeline in Russia, in anticipation of the deal," according to Bloomberg. In any case, it looks like Russia might be closely monitoring the political conflict in Macedonia with the goal of avoiding another Ukraine circa 2013-2014, when pro-Kremlin Yanukovych's regime was kicked out by the masses. Check out the interview on Bloomberg here SEE ALSO: The problem with Obama's foreign policy is becoming clear SEE ALSO: Former Australian leader: We're about to see a world with '2 Asias' Join the conversation about this story » NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants
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In the heart of Alexandria, the Greek quarter represents a slice of Greece in Egypt stretching from the Consulate and the Club to the ...
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Greek Finance Minister Yanis Varoufakis decided to cut salaries of management officials at the fund, including those of its president, chief executive ...
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NEW ORLEANS —The Holy Trinity Greek Orthodox Church is bringing Greece to New Orleans over the next three days for the 42nd annual Greek ...
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Christine Lagarde became the fifth senior figure among Greece's creditors to throw cold water over the troubled country's chances of a speedy bailout deal on Friday. The International Monetary Fund (IMF) managing director said on a visit to Brazil that the bailout deal with Greece "has to be a comprehensive approach, not a quick and dirty job," according to Reuters. She follows EU Commissioner Valdis Dombrovskis, German Finance Minister Wolfgang Schaeuble and Chancellor Angela Merkel, as well as Bundesbank chief Jens Weidmann all of whom have made similarly sceptical comments today. Aside from Merkel and Schaueble, the figures are from the IMF, European Central Bank and European Commission — Greece's three international creditors. That doesn't mean that the deal is impossible by any means. For example, European Commission chief Jean-Claude Juncker was a lot more positive in German business news magazine Wirtschafts Woche, insisting that Greece must remain in the eurozone. But it does make the current insistence from Athens, that a deal will be stuck soon, as pretty unlikely. Four days have now passed since Finance Minister Yanis Varoufakis said a deal was coming within a week, and Lagarde, Merkel and Schaeuble particularly make it sound like these are not the sort of things that will be resolved by Monday. The stumbling blocks to a deal still seem to be what they were a month ago — labour market reforms and Greece's pension system, which its creditors still regard as too generous. Meaningful compromise on those issues will make a deal more likely, so that's the main thing to keep an eye on now. Join the conversation about this story » NOW WATCH: Here's what 'Game of Thrones' stars look like in real life
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Greek Prime Minister Alexis Tsipras meets European Commission president Jean-Claude Juncker on the sidelines of the European Council meeting in Riga The picture speaks from its self!
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Greek Prime Minister Alexis Tsipras at European Council taking place in Riga, Latvia on Thursday and Friday
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Prime Minister Alexis Tsipras and European Commission President Jean-Claude Juncker held talks in a very friendly and constructive climate on the sidelines of an EU leaders' meeting in Riga on Friday, according to sources who indicated that the two men looked to a possible deal early next month.
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A potential deal to help resolve Greece's debt crisis still requires a lot of work and must not be rushed, the head of the International Monetary Fund said on Friday.
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Greek Finance Minister Yanis Varoufakis announced a 40% cut to the salaries of broad of directors of the Greek Financial Stability Fund (HFSF). The decision refers to the salaries of the HFSF President, CEO, deputy CEO etc. Varoufakis stressed that the cuts will “save 300,000 euro per year” for the […]
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A parallel currency in a parallel universe full of little parallel eurozones? German Finance Minister Wolfgang Schaeuble has reportedly said that Greece may have to invent a “parallel currency” alongside with the euro, if negotiations with the country’s creditors stall. Business Insider reports that Bloomberg reports that hardliner Schaeuble reportedly […]
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RIGA, Latvia—The Greek government appeared optimistic that it will be able to a reach a deal with its international creditors in the coming days, after the meetings of the Greek Prime Minister Alexis Tsipras with his German and French counterparts and ...
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RIGA (Reuters) - European leaders told Greece on Friday to return to the negotiating table for "intensive work" to wrap up a reform agreement before cash runs out, sidestepping Athens' demand for a comprehensive, long-term solution to its troubles.
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