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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 26, 2015

French banking system safe from possible ‘Grexit,’ says Noyer

The prospect of Greece leaving the eurozone no longer represents a risk to the French banking sector, ECB governing council member Christian Noyer said on Tuesday.


READ THE ORIGINAL POST AT www.ekathimerini.com

OPAP beats profit forecast

Greek betting firm OPAP reported an 18 percent rise in its first-quarter net profit on Tuesday, helped by the launch of new games and cost controls.


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Athens waits to hear EU scheme for refugees

Greece will be looking with interest Wednesday at the news emerging from Brussels, where the European Commissioner for Migration, Home Affairs and Citizenship is expected to announce a plan to relocate about 40,000 refugees from Italy and Greece.


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European court backs Imvros property claim

The European Court of Human Rights ruled in favor Tuesday of a Greek woman who made a claim for property she inherited from her father on the island of Imvros, which has been part of Turkey since 1923, but which Turkish authorities said belonged to the country’s treasury.


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EU funds at risk due to payment halt by the state

Greece runs the immediate risk of missing out on 1 billion euros worth of European Union subsidies this year from the previous support framework, which expires on December 31, as a payment freeze by the state has blocked the proper implementation of projects that will have to finish by the end of the year.


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Half of Greeks cover their needs from their deposits

Greek salaried workers cannot buy what they want but, rather, have to limit themselves to what they can afford on their reduced disposable income, a survey by the Labor Institute of the General Confederation of Greek Labor (GSEE) and the Association of Working Consumers of Greece (EEKE) showed on Tuesday.


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Where to indulge in authentic gyros

Gyros are stars of Greek cuisine and, at one time, hard to track down in this region. Now the rotisseries are all over; many restaurants have several ...


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European Markets Close Lower as Fears of Greek Default Mount

European markets closed the day lower on Tuesday after fears over a Greek default mounted and investors weighed comments made by US Federal ...


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Greek Theatre to Host the 2015 LA Bluegrass Situation

The LA Bluegrass Situation is headed to the Greek Theatre on Oct. 3 for its fifth edition. The roots-music festival will include performances by Dawes, ...


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Great food, fun at Newport News Greek Festival

(WVEC) -- Homemade Greek food and fun will be had at the annual Newport News Greek Festival. It starts Thursday, May 28 and runs through May 31 ...


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Greece looks to buy time for bailout talks with combined repayment to IMF

Eurozone officials close to talks with Athens say Greece could delay payment of €1.6bn until end of June as deadline looms for first instalmentGreece could secure vital weeks to negotiate a rescue deal with its creditors if Athens is able to delay repayments worth €1.6bn (£1.1bn) to the International Monetary Fund (IMF), as critical deadlines approach.The proposal to combine four IMF repayments due in June and delay payment until the end of the month would win more time for vital debt talks that resumed on Tuesday. Continue reading...


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US Stocks Sink on Greece Worries; Dollar Hits Oil and Energy

U.S. stocks fell broadly Tuesday as investors fretted about Greece's debt crisis and soft demand for durable goods last month. A surge in the dollar ...


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Greece Mulls Levy On Undeclared Deposits, But Then Nixes ATM Tax Idea

Greece is proposing to legalize tax-dodgers' undeclared money for a fee, a way to raise money as the country tries to reach a deal with creditors to get more bailout money and avoid default. The post Greece Mulls Levy On Undeclared Deposits, But Then Nixes ATM Tax Idea appeared first on The National Herald.


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UK 'will not accept migrant quotas'

The UK will not be part of any EU plan to relocate thousands of African migrants currently in Italy and Greece, the international development secretary says.


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TSX down sharply amid Greek debt woes, falling commodity prices

TORONTO -- North American stock markets were in broad decline Tuesday amid fears over the Greek debt crisis and pressure on commodities in the ...


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Greek Defense Minister’s Comment on NATO Airbase in Karpathos Causes SYRIZA Reactions

Defense Minister Panos Kammenos caused his deputy minister to react on Monday after admitting that he proposed to the United States the establishment of a NATO airbase on Karpathos island. Kammenos — chief of junior coalition partner ANEL — said that during his visit to Washington last week he proposed to the U.S. the formation of a NATO airbase on the island of the southeastern Aegean Sea. However, Deputy Defense Minister Costas Isichos — who belongs to SYRIZA — said in a newspaper interview that this is not a decision of the Greek government. “Everyone has the right to express their opinion, often putting their own touch, but as SYRIZA’s representative in the ministry I want to be very clear that this is not a decision or a position of the current government,” Isichos said. Kammenos said that he proposed the establishment of the base in order to facilitate NATO to combat the Islamic State jihadists who pose a threat to the region. Allegedly the defense minister also proposed the location of Kastellorizo, another southeastern Aegean island near the Turkish borders.


READ THE ORIGINAL POST AT greece.greekreporter.com

Greek Finance Ministry: Proposal on Taxing Bank Transactions Has Been Dropped

A proposal on taxing bank transactions which was presented during the ongoing negotiations at the Brussels Group has been withdrawn following reactions by the Greek finance ministry, the ministry said in a press release on Tuesday. It also said it rejected a proposal to impose a levy on bank withdrawals from ATMs. “During the negotiations with the Brussels Group, a proposal was submitted to tax bank transactions. The finance ministry disagreed and said that, as far as using plastic money, web banking and bank transfers is concerned, the aforementioned proposal is against the ministry’s policy to provide incentives for reducing cash transactions,” the press release said. “Eventually, the proposal on taxing bank transactions (including ATM withdrawals) were withdrawn from negotiations after reactions by the Ministry,” it added. Main opposition slams FinMin Varoufakis for ‘fastest self-refutation’ Main opposition party New Democracy (ND) on Tuesday criticized Greek Finance Minister Yanis Varoufakis for suggesting he was considering taxing ATM withdrawals and later rejecting it. “We would have congratulated him, but unfortunately, it’s not funny. It’s dangerous,” Anna Asimakopoulou, ND lawmaker said in a statement, adding that Varoufakis “managed to enter in the Guinness book of records today” for the fastest self-refutation. (source: ana-mpa)


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Greek Deputy Finance Minister Orders The Transfer Of Public Accounts

As Greece is running out of funds, Greek deputy finance minister Dimitris Mardas ordered the transfer of 1,039 bank accounts of public authorities in a special account in the National Bank of Greece (NBG). With fears of a forthcoming Greek default triggering volatility in markets across the union today, this initiative depicts cash-strapped Greece’s struggle to collect the money needed to make debt repayments to the International Monetary Fund (IMF) in June and avoid potential bankruptcy. The transfer of funds should be completed by June 5th, the day that the Greek government has to pay its next installment to the International Monetary Fund.


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European Stability Mechanism: ‘Little Time Left for Greece’

German economist and head of the European Stability Mechanism Klaus Regling noted that “time is running out for Greece to reach an agreement with its lenders and there will be no further funds for Athens without it,” during an interview with German newspaper Bild. “There is little time left,” Regling said. “That’s why we’re working day and night for an agreement. Without an agreement with the creditors, Greece will not get any new loans. Then there’s a threat of insolvency. There are a lot of risks contained in that,” he added. “Even missing a payment to the IMF would be dangerous. That would have an effect on other lenders like us. On the other hand, the rescue fund can only extend loans when reforms are implemented. That is also the case now and that’s the only way Greece will be able to restore its economy’s fiscal health,” he said. The Greek government stated on Monday that Greece cannot honor its debt obligations without financial aid. Several senior government officials noted that the country had no way of paying a loan installment to IMF that is due next week.


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The art of managing opera and giving it new life

The first non-Italian – not to mention youngest – casting director to date in La Scala’s history is Greek.


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US stocks broadly lower; strong dollar hits oil and energy

NEW YORK (AP) — U.S. stocks fell broadly Tuesday as investors fretted about Greece's debt crisis and soft demand for durable goods last month. A surge in the dollar pushed down energy prices, and, in turn, oil and gas stocks.


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EU to Propose Relocation of 40000 Syrians, Eritreans From Italy and Greece

European countries could redistribute 40,000 Syrians and Eritreans who arrive in Italy and Greece over the next two years, under a new proposal to be ...


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National Bank Of Greece (NBG): Default Fears Trigger Volatility In European Markets

The Greek crisis continues to dismantle Europe, as fears of a forthcoming Greek default triggered volatility in markets across the union today. Greece's ...


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Greeks to be taxed 15% for their undeclared Swiss deposits

Finance Minister Yanis Varoufakis announced on Tuesday that Greece and Switzerland have come to an agreement that will legalize undeclared deposits in Switzerland. He said that a joint statement by the two countries will be made in the next ...


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European Idol

He is young. He is handsome. He can sing in tune. He put on a great show with special effects and good dance moves. And to top it all off... yes, he wore leather pants. The Viennese crowd loved him. Europe loved him. He is the new European idol. The Swedish artist Måns Zelmerlöw was crowned last Saturday night as the winner of the Eurovision Song Contest. Every year, in the Spring, Europe comes together for what can only be described as one of the world's biggest kitsch fests. For the last 60 years, the Eurovision Song Contest helped kick-start many a career, including its most famous winners ABBA and Céline Dion (who represented Switzerland back in 1988). Originally, it was designed as an unprecedented broadcast event which would bring a bit of cheer and sense of community to a shaken post-World War II Europe. Nowadays, it is widely mocked by the elite as cheesy, cliché and passé. But an estimate of 200 million people continue to watch the contest's Grand final every year. It has become, for many, a feature of European popular culture, of its identity. But is there such a thing as a European identity? I watched the merry sing-along with a few French friends. We were enthralled by France's Lisa Angell's vocal performance, worried by the Swedish or Italian competition, but quite confident that our new nation's darling stood a good chance of winning. Alas, the rest of Europe did not share our enthusiasm. With a voting system where 40 countries are asked to award their 10 favorite contestants points between one and 12, Lisa came third to last. As the results unfolded -- and Lisa's misfortune became evident -- we started to complain about political voting (between neighboring countries, mainly). And in the same breath -- not worried about how consistent our reasoning was -- we slammed Belgium for not giving its French neighbor a single point. Let's be honest, it is part of the Eurovision fun. But watching us behave in such a way, I could not help wonder what it is, today in 2015, that brings us together as Europeans. Can we boast a common identity, common values, a common culture which bind us together? Have we developed a sense of belonging? Year after year, national considerations weigh heavily on an event which is meant to symbolize European unity. Yes, the dashing Swede did win with most countries awarding him points and uniting around his song. But the next day, everyone was talking about the so-called political voting. Disappointed, Lisa Angell reacted stating "I think music and politics do not work together." Last year's competition was widely commented as Conchita Wurst, the Austrian, bearded drag queen, claimed the title. She preached a message of respect and non-discrimination, which took her to the European Parliament and the UN during her year-long reign. But Europe was not unanimous in hailing Conchita as "Queen of Europe." Her mere presence at the contest sparked division in Europe, with petitions even arising in some countries to have her removed from broadcasts. Has the Eurovision Song Contest become a symbol of the fiction that there is a strong European bond? The truth is our ties are becoming weaker. Europeans are finding it difficult to unite over the defense of common values. The European construction seems to be at a halt, if not going backwards. The federalist myth is withering. Very few politicians dare to use that "F-word" nowadays. And whereas, even a few years ago, the dream of the United States of Europe was still alive, it seems like saving what can be saved of European unity has become a more realistic ambition. With Greece's economic problems and the looming British in/out referendum, Europe is facing an unprecedented risk of countries leaving the Union. In this context, a European consensus is difficult to find, even on basic values. Solidarity, one of the European Union's founding principles, has become mere wishful thinking. The most recent example of this is the way in which the Mediterranean migrant crisis has been handled. Part of the problem is that the various European nations are finding it difficult to unite over common values and common goals within their own countries. Needless to say, that the European identity has currently little -- if any -- space to thrive. A sense of belonging to the European Union does not come naturally. It requires commitment. Europe is not America. The European Union has only been around for a few decades. Established Nations with different languages, deep-rooted cultures and histories united progressively to live the European dream of peace and prosperity. But it seems that in the face of adversity, this dream has been sidelined by an urge to protect differing national interests. Europe is today at a crossroads: Reaffirming the need for European unity, and fostering a stronger identity. And this does not mean giving up on specific national identities. It is not an either-or situation. Until it realizes this, to paraphrase Måns Zelmerlöw's winning song, Europe will continue to dance with the demons in its mind. -- 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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Krugman's Right Again; Grexit's A Problem If Greece Succeeds, Not If It Fails

The real danger to the European project of Greece leaving the euro, of Grexit, is not if Greece then collapses into a howling wasteland of an economy.


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Greek FinMin orders state bodies to transfer €€,€€ from bank accounts to BoG by June 5th/15

Remember when you were a kid with not much money? Remember what did you do,  when you and the other kids on the block wanted to pay for ice cream or movies for all? Each kid would empty its pockets and do its share throwing some coins to the common […]


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European shares stumble on Spanish and Greek worries

... economic stimulus measures from the European Central Bank have also enabled European stocks to rally this year, despite the Greek problems.


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Greek and German officials play down looming Athens default

Greek and German officials have tried to play down the possibility of a default by Athens on a looming €300m loan instalment owed to the International ...


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A guide to Greece's debt crisis and what's at stake

ATHENS, Greece (AP) — Greece is out of cash to repay debts due as soon as next week.


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The march of the migrants: Hundreds of Syrians and Afghans walk through Kos as 1,200 migrants arrive on Greek islands in just two days 

Almost 1,200 migrants - some crammed onto overcrowded inflatable dinghies - have been picked up by Greek authorities in the eastern Aegean Sea in the past two days.


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Opa! Wilmington Greek Festival turns 40 this year

But, what people always seem to look forward to most at the annual Wilmington Greek Festival is the food (Just check out the line forming at the gyro ...


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Greece Ready to Pay Next IMF Tranche

Greece will make its next payment to the International Monetary Fund on June 5 as the country will have reached an agreement with its creditors by then, Finance Minister Yanis Varoufakis said.


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Finance Ministry says tax on ATM withdrawals not in the cards

A few hours after Finance Minister Yanis Varoufakis said the Greek government was considering the introduction of a small levy on ATM withdrawals, the ministry issued a statement saying that such a measure is not in the cards.


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No deal without the agreement of the IMF, Juncker says

Τhere is a growing belief that a Greek default can be avoided, European Commission President Jean-Claude Juncker  said in an interview with the news agency MNI. "My impression after talking to a series of colleagues is that the feeling is growing ...


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Weir bucks falling FTSE but AstraZeneca drops on drug disappointment

Leading shares down on Greece worries and strong dollarWorries about a Greek default as conflicting tales about the state of talks with its creditors did the rounds, along with a stronger dollar on hints of a US rate rise this year, combined to send leading shares lower.But there were some bright spots. Engineering group Weir, which supplies equipment to the oil industry, has suffered as the crude price slumped and companies cut back investment. But despite another drop in Brent, signs of improvement in the US industry helped push Weir 65p higher to £20.02. Analysts at Jefferies said:We note a further sequential moderation in the pace of decline in last week’s rig count data (the total US rig count fell by only one last week, which is the slowest weekly decline since December 2014). Weir continues to be a stock that is gathering interest with investors, and with last week’s rig count data/ slowing pace of decline, we suspect this will increase further (we again highlight the strong correlation between Weir’s share price and the rig count and the oil price). Weir is potentially at an interesting inflection point if this data point continues its recent momentum.We had viewed bro-mab as a critical asset to contribute significantly to AstraZeneca’s bottom line from 2017, especially as bro-mab could have been a simple profit stream, as AstraZeneca had no plan for co-marketing a dermatology asset and was supposed to receive a profit share from its 50/50 joint venture with Amgen. Amgen’s decision may not spell the end of the bro-mab. However, in view of increased uncertainty, we have removed bro-mab profits from our earnings model, and hence cut our core earnings per share estimate by 3-9% from 2017-2020, reducing our AstraZeneca valuation from £60 to £56 per share. Continue reading...


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Wall St. Is Lower Amid Concerns Over Greece

United States markets were slightly lower on Tuesday as concerns over Greece's debt crisis overshadowed some upbeat economic news out of China.


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Greece and Germany play down chances of default

Yanis Varoufakis says he expects payment deadline to be met on IMF loan


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Greece Will Make its Next IMF Payment, Says Yanis Varoufakis

ATHENS—Greece will make its next payment to the International Monetary Fund on June 5 as the country will have reached an agreement with its creditors by then, Finance Minister Yanis Varoufakis said on Tuesday, as the country was running extremely low on ...


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Only new refugees to benefit from EU quotas in migrant crisis

By Robin Emmott BRUSSELS (Reuters) - The European Union will consider new refugees reaching Italy and Greece in its migrant quotas, not those already in camps, according to a proposal seen by Reuters to be presented on Wednesday, a concession to EU governments against the plan. Seeking to share out asylum-seekers fleeing chronic conflict in Africa and the Middle East, the EU executive's proposals have been met with scepticism from governments that are facing rising anti-immigrant sentiment at a time of economic austerity. In a 23-page draft proposal to EU governments, the European Commission says the plan to resettle 24,000 asylum-seekers from Italy and 16,000 from Greece "shall apply only to persons arriving on the territory of Italy and Greece as from the exact date of entry into force" of the decision.


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AP NewsBreak: EU to relocate 40,000 asylum seekers

BRUSSELS (AP) — The European Union will seek to shift the migration burden away from Italy and Greece by relocating 40,000 asylum seekers to other EU countries, according to a draft document seen by The Associated Press.


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Stock indexes fall on concerns over Greek debt

GREEK DRAMA: Worries persist that Greece might miss an IMF repayment on June 5 if it fails to receive bailout funds from creditors demanding it ...


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Austerity Is the Only Deal-Breaker

ATHENS -- A common fallacy pervades coverage by the world's media of the negotiations between the Greek government and its creditors. The fallacy, exemplified in a recent commentary by Philip Stephens of the Financial Times, is that, "Athens is unable or unwilling -- or both -- to implement an economic reform program." Once this fallacy is presented as fact, it is only natural that coverage highlights how our government is, in Stephens's words, "squandering the trust and goodwill of its eurozone partners." But the reality of the talks is very different. Our government is keen to implement an agenda that includes all of the economic reforms emphasized by European economic think tanks. Moreover, we are uniquely able to maintain the Greek public's support for a sound economic program. Consider what that means: an independent tax agency; reasonable primary fiscal surpluses forever; a sensible and ambitious privatization program, combined with a development agency that harnesses public assets to create investment flows; genuine pension reform that ensures the social security system's long-term sustainability; liberalization of markets for goods and services, etc. So, if our government is willing to embrace the reforms that our partners expect, why have the negotiations not produced an agreement? Where is the sticking point? The problem is simple: Greece's creditors insist on even greater austerity for this year and beyond -- an approach that would impede recovery, obstruct growth, worsen the debt-deflationary cycle and, in the end, erode Greeks' willingness and ability to see through the reform agenda that the country so desperately needs. Our government cannot -- and will not -- accept a cure that has proven itself over five long years to be worse than the disease. Our creditors' insistence on greater austerity is subtle yet steadfast. It can be found in their demand that Greece maintain unsustainably high primary surpluses (more than 2 percent of GDP in 2016 and exceeding 2.5 percent, or even 3 percent, for every year thereafter). To achieve this, we are supposed to increase the overall burden of value-added tax on the private sector, cut already diminished pensions across the board; and compensate for low privatization proceeds (owing to depressed asset prices) with "equivalent" fiscal consolidation measures. The view that Greece has not achieved sufficient fiscal consolidation is not just false; it is patently absurd. The accompanying graph not only illustrates this; it also succinctly addresses the question of why Greece has not done as well as, say, Spain, Portugal, Ireland or Cyprus in the years since the 2008 financial crisis. Relative to the rest of the countries on the eurozone periphery, Greece was subjected to at least twice the austerity. There is nothing more to it than that. Following Prime Minister David Cameron's recent election victory in the United Kingdom, my good friend Lord Norman Lamont, a former chancellor of the exchequer, remarked that the U.K. economy's recovery supports our government's position. Back in 2010, he recalled, Greece and the U.K. faced fiscal deficits of more or less similar size (relative to GDP). Greece returned to primary surpluses (which exclude interest payments) in 2014, whereas the U.K. government consolidated much more gradually and has yet to return to surplus. At the same time, Greece has faced monetary contraction (which has recently become monetary asphyxiation), in contrast to the U.K., where the Bank of England has supported the government every step of the way. The result is that Greece is continuing to stagnate, whereas the U.K. has been growing strongly. Fair-minded observers of the four-month-long negotiations between Greece and its creditors cannot avoid a simple conclusion: The major sticking point, the only deal-breaker, is the creditors' insistence on even more austerity, even at the expense of the reform agenda that our government is eager to pursue. Clearly, our creditors' demand for more austerity has nothing to do with concerns about genuine reform or moving Greece onto a sustainable fiscal path. Their true motivation is a question best left to future historians -- who, I have no doubt, will take much of the contemporary media coverage with a grain of salt. © Project Syndicate -- 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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No tax on cash withdrawals, says finance ministry

The ministry of finance denies it ever envisaged imposing a tax on cash withdrawals, including from ATMs. In a statement, the ministry said that such a proposal was made by Greece's creditor, "in the framework of the Brussels Group ...


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Grexit is above all a risk for Greece, ECB’s Noyer says

The prospect of Greece leaving the eurozone no longer represents a risk to the French banking sector, ECB governing council member Christian Noyer said on Tuesday. Noyer, who is also governor of the French central bank, said that the ...


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Brussels Group convenes on Wednesday

The meeting of the so-called Brussels Group on the Greek bailout will be held on Wednesday. Government sources report that today the Brussels Group held a teleconference during which various issues were discussed.   ANA-MPA 


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Dutch ministers still have questions about Brussels’ refugee plan

The European Commission’s plan to spread 40,000 refugees who are currently in Greece and Italy across the EU as a...


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Greece presses on with bailout talks, considers legalizing tax-dodgers' funds for a fee

ATHENS, Greece — Greece is proposing to legalize tax-dodgers' undeclared money for a fee, a way to raise money as the country tries to reach a ...


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Why Greece's Negotiators Can't Afford to Ignore Spain Now

Time is running out for Greece. Its government needs to strike a deal with the country's creditors some time in the coming few days if Greece isn't to ...


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WRAPUP 1-Greece and creditors play down fears of imminent default

ATHENS/BRUSSELS, May 26 (Reuters) - Greece and its Europeans creditors on Tuesday sought to play down fears that Athens would default on a ...


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