How the world sees Greece
Greece's prime minister will meet EU Commission chief Juncker to discuss his government's proposal to unlock the last of its debt relief. Greece's creditors, unimpressed by Athens' plan, have drafted their own framework.
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Greek Prime Minister Alexis Tsipras is set to meet with EU Commission chief Jean-Claude Juncker after months of fruitless negotiations. But a final deal still isn't expected despite a looming IMF payment deadline.
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Global bonds tanked, while stocks rallied for the second time this week on Wednesday. First, the scoreboard: Dow: 18,098.03, +86.09, (0.48%) S&P 500: 2,115.98, +6.38, (0.30%) Nasdaq: 5,102.54, +26.01, (0.51%) And now, the top stories on Wednesday: German bunds and US bonds sold off. Their benchmark 10-year yields – which rise when bond prices fall – made new year-to-date highs. The 10-year bund hit 0.9%, while the 10-year treasury note climbed as high as 2.38%. Yields were also higher across Europe, where many have gone negative in recent months. The rally came after European Central Bank president Mario Draghi held a press conference in the morning. The bank kept interest rates unchanged with a -0.2% deposit rate, a 0.05% main refinancing rate, and a 0.3% marginal lending facility rate. Draghi said that while inflation is expected to rise later this year, it will remain low in the coming months. He said there needs to be a "strong agreement" between Greece and the ECB, and there is a "strong will" for a deal between Greece and its creditors. And, after bond yield spikes, he says markets should get used to volatility. Private payrolls expanded by 201,000 in May, according to ADP, just slightly better than expected. Expectations were for the report to show payrolls grew by 200,000 in May, up from 169,000 in April. In the report, Mark Zandi, chief economist at Moody's Analytics said, "The job market posted a solid gain in May. Employment growth remains near the average of the past couple of years. At the current pace of job growth the economy will be back to full employment by this time next year." The official report from the Bureau of Labor Statistics is due on Friday; it's expected to show the economy added 227,000 jobs, according to Bloomberg. We got more anecdotes on the economy from the Federal Reserve's Beige Book, and it's a great picture overall. "Reports from the twelve Federal Reserve Districts suggest overall economic activity expanded during the reporting period from early April to late May," it said. There was also lots of talk about wage growth from the various districts. The Beige Book is compiled by each of the Fed's 12 district banks. The trade deficit narrowed by 19% to $40.9 billion in April, a steeper decline than expected. Economists had estimated that the trade deficit — the excess of imports over exports — would fall to $44 billion. In a note to clients, Capital Economics' Paul Ashworth wrote, "The spike in March was a temporary surge caused by the ending of the West Coast port dispute in February and possibly the timing of the Chinese New Year holiday." The services sector slowed in May. Markit's Purchasing Managers' Index came in lower than expected, at 56.2. Economists had forecast that the PMI was unchanged from the previous month at 56.4. Also, ISM's non-manufacturing index fell to 55.7, the lowest reading since April 2014. Economists had expected it to come in at 57.0, down from 57.8 in the prior period. US crude oil inventories fell by 1.9 million barrels last week, according to the Energy Information Administration. It was the fifth straight week of a decline. Last week's decline brought the total to 477 million barrels, keeping inventories at the highest levels in at least 80 years. West Texas Intermediate crude oil fell more than 2% to around $59.70 per barrel. The reading on inventories comes ahead of the meeting Friday of 12-member oil cartel OPEC. DON'T MISS: DEUTSCHE BANK: Here are 16 stocks to buy right 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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A Greek exit from the eurozone is "not on the table", Spanish Economy Minister Luis de Guindos said on Wednesday, adding that he was certain a deal would be reached between Athens and its creditors. He was speaking on the ...
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The FT’s correspondent in Brussels Peter Spiegel says creditors have trimmed their demands for the primary budget surpluses Greece must run. He writes: In addition to the 1 per cent surplus this year, Greece will be asked to hit a 2 per ...
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A Greek exit from the euro would be a disorderly process and a costly solution, the head of the European Stability Mechanism said on Wednesday, days before Athens is due to make the first of four payments to the International ...
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Greece has proposed to its creditors to hike the rates of the so-called "special solidarity tax" paid by taxpayers with declared incomes over €12,000, according to media reports. The change will begin with 2015 incomes, privat TV station Star reports. The new ...
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Greece and its creditors are on the brink of a long-awaited cash-for-reform deal, French President Francois Hollande said on Wednesday, adding that any accord should be balanced. "We are a few days or hours away from a possible deal ...
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German Finance Minister Wolfgang Schaeuble said that first view of Greek list suggests Greece talks will not be over anytime soon. He added that optimism on Greek negotiation is not justified. Source: The Guardian
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IMF chief Christine Lagarde said the Greek government has the total responsibility on reaching an agreement with creditors. According to Greek Mega TV channel, Lagarde repeated three times the phrase “Greeks have the responsibility”. An US official said that US goal ...
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Greek Prime Minister Alexis Tsipras has a tougher audience than international lenders as he tries to strike a deal: dissidents in his SYRIZA party. The post SYRIZA MP’s Could Upset Deal appeared first on The National Herald.
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The Organization for Economic Cooperation and Development cut its global growth forecast, saying investment is lagging and risks including a possible Greek default are hurting confidence. In its semi-annual report the OECD says that “the world economy will expand 3.1 percent this year, down from the 3.7 percent predicted last […]
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Short before the meeting between Prime Minister Alexis Tsipras with European Commission President Jean-Claude Juncker in Brussels, Greece’s creditors started to leak their offers to the debt-ridden country. One of the thorn issues is the Primary Surplus. According to the Financial Times, creditors offer a low Primary Surplus for 2015 […]
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Depending on which SYRIZA party official who's speaking, Greece will or won't be able to make a 300 million euro payment to the IMF. The post Greece’s IMF Payment Uncertain appeared first on The National Herald.
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Greece’s prime minister has entered crunch bailout talks with creditors in Brussels. Some officials dampened expectations of a breakthrough even though Greece is running out of cash and faces debt repayments as soon as Friday. But French President ...
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After months of all bluster with no muster, Greece's bluff-and-wait strategy is about to end in disaster unless a deal is struck with lenders. The post World Press View: Signal For Greece – The End is Near appeared first on The National Herald.
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Greece's Finance Ministry says it wants to grant a chunk of a recently-privatized Athens coastal plot earmarked for luxury development to be used as a dump. The post Greece Plans Luxury Resort Dump appeared first on The National Herald.
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About 10,000 refugees reached the Greek islands in 2014; so far this year, Kos alone has accepted 6,000. After the recent series of disasters at sea, ...
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While talks in Brussels have reportedly yielded progress, EU leaders are emphasizing that more work must be done to reach a deal with Greece. Athens faces two debt repayments of nearly 2 billion euros this month alone.
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Talks on Greece's future are starting in Brussels, as the Greek prime minister urged European leaders to show realism with his country's debt.
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Greek PM promises to force his adversaries to ‘accede to reality’
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Greek authorities are struggling to cope with a surge in the number of migrants arriving on its shores. An estimated 30,000 migrants have entered Greece this year – many fleeing war, economic hardship and persecution – prompting the debt-laden country to request urgent assistance from its EU counterparts Continue reading...
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The Greek economy is expected to grow by 0.1% this year and by 2.3% in 2016, the Organization for Economic Cooperation and Development (OECD) said in its semi-annual Economic Outlook report. The unemployment rate is projected to drop to 25.7% of the workforce this year and to 24.7% in 2016, from 26.5% in 2014, while the inflation rate will remain in negative territory in 2015 (-1.4%) before rising to 0.3% in 2016. The country’s fiscal deficit is projected to drop to 3.4% of GDP this year and to 2.8% in 2016, from 3.6% in 2014, while the public debt will rise to 187.9% of GDP this year, easing slightly to 187.6% in 2016, from 184.1% in 2014. The OECD noted that economic growth will remain weak in 2015 because uncertainty related with the reform program and a deteriorating liquidity condition have undermined business confidence and investments. For 2016, economic growth will be more dynamic and unemployment will ease as exports and investments are projected to recover along with a reform effort, although the economy will remain in a deflation trend this year. “The debt burden will remain very high and fiscal sustainability demands the continuation of restrain policies for some time. Fiscal policy must focus on a small primary surplus. Reforming the tax system and tax collection are necessary to boost revenues, while further reforms on the pension system could hep in containing spending,” OECD said in its report. “Structural reforms to reduce hurdles in competition and investments could boost exports and create more high-quality jobs, while reforms in social policy must focus on a fair distribution of costs and benefits from an adjustment policy. Investment recovery will depend on the return of business confidence and the rate of implementing structural reforms. It is necessary to improve access to credit, that is why it is crucial to stabilize the banking system and resolve the non-performing loans issue,” it noted. (source: ana-mpa)
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With the summer season just around the corner, many Greek island airports across the country are facing serious problems. According to Greek newspaper “Ethnos,” there have been several delays and schedule changes in flights to the airport of Mytilene over the last three days. The reason behind the delays is that the navigational radio aids, which enable the aircraft to follow a path from the departure airport to the destination airport, are not operational, therefore it is impossible for pilots to fly at night. Meanwhile, the airports in Skiathos and Santorini are also expected to interrupt their night flights in the coming days, since the one month extension for the inspection of their radio systems will end. At the same time, some issues were also reported in Mykonos airport as management had to mend the aircraft runway multiple times. Due to lack of funds, the asphalt has not been properly repaired in over two years. Because of the issues with navigational radio aid systems, several airports will have to put an end to their night schedules. Greek air traffic controllers explained that while they have been working throughout the year, they have not yet received a valid certification for 2015. As a consequence, flights are permitted to arrive at airports facing these issues just half an hour after sunset and not later.
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The number of illegal immigrants in the Greek island of Lesvos coming from the northern sea borders between Greece and Turkey was increased by 550% during the March-April 2015 period compared to the same period last year. According to official data from the National Coordination Center for Border Control, Immigration and Asylum released by the Greek Interior Ministry, 8,735 illegal immigrants from third world countries were arrested by Greek port authorities in Lesvos during the March-April 2015 period compared to the 1,345 immigrants during the same period last year. As for Samos, illegal immigrants’ arrests were increased by 534.21%, reaching 2,410, when a year ago they were just 380. In addition, 18,456 illegal immigrants travelled to the islands of the northeastern Aegean and the Dodecanese during the first two months of spring, with the increase of those arriving from the sea routes increased by 469%. Τhe migration flow from the Evros river border in northern Greece during the first months of 2015 was about 869 illegal migrants compared to the 445 people arrested in 2014.
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Unknown perpetrators spray-painted football slogans on the remains of the famous Athenian “Long Walls,” inspired originally by Athenian politician and general Themistocles and built after Xerxes’ invasion of Greece (480-479) in order to connect Athens to its ports at Piraeus and Phalerum. Days earlier, strangers had also desecrated the “prison” found on the southwest of the Acropolis, where Greek philosopher Socrates, credited as one of the founders of Western philosophy, was sent to be punished after found guilty of impiety and corrupting the morals of Athens’ youth. Greek Culture Ministry maintenance staff rushed immediately and, after a lot of effort, managed to remove the graffiti. The acts of vandalism took place after the Greek Council of State gave the green light for a free 24-hour access to those wishing to visit various archaeological sites. The monument guards fear that if the sites remain open 24/7, they will soon host several other acts of vandalism due to staff shortage.
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Rhodes and Kos may be the most popular of the Dodecanese but lesser-known islands – including Nisyros, Kalymnos and Symi – offer an equally scenic holiday, minus the crowds but with affordable accommodation and food• Visit our other guides to the Greek islandsThe Dodecanese translates as “the twelve islands”, of which the most well-known to the British traveller are the green expanses of Rhodes and Kos. Those who know their biblical history will have heard of Patmos, where St John wrote his Book of Revelation. In recent years canny visitors have been heading for lesser-known islands. Karpathos, the third biggest of the chain, has a stunning coastline divided between the beaches and bays of the south, and the rough crags of the north. Smaller Kalymnos, Kasos, Kastellorizo and Symi are less lush than their bigger companions but all have elegant harbours – a legacy of their trading past – and rocky interiors that offer good walking.Nisyros, built on a still-active volcano, is a different story, and its dramatic, blackened, landscapes will please geology lovers. Astypalea, on its own to the west of the other islands, feels more part of the Cyclades than the Dodecanese. The more benevolent landscape of Leros and the low-key, and little-visited, charms of Tilos bring the count of 12 to an end. Continue reading...
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He paints with simple black lines and primary colours, and most of his characters don’t even have faces. Yet Julian Opie captures our world in stunning detailArt is a mere imitation of life. Worse, it is not even an accurate imitation. All it can really do is point to the way things look, and hope we recognise a human face in what is just an oval shape with dots for eyes and a line for a mouth. All representational art works like this, from ancient Greek vase paintings to Picasso’s cartoon babes, but few artists have ever explored the reductive essentials of picturing the world as relentlessly as Julian Opie. This lover of dumb beauty, connoisseur of modern life and scientific explorer of the nature of perception wears his thinking lightly. So lightly he might be mistaken for a vacant pop stylist. Yet his exhibition of up-to-the-minute observations of the way we look now is a wonderland for the eye; a revelation of the fleeting beauty of this world. It will make your day, refresh your soul and change the way you see city streets, faces and fields full of sheep for a long time to come. Continue reading...
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Investors hopeful ahead of key meetings between Greece and its creditorsWith markets moving higher - albeit nervously - on hopes of a Greek deal, Morrisons was celebrating retaining its place in the FTSE 100.The supermarket group’s shares moved higher on Tuesday after better than expected sales figures as shown by the latest Kantar Worldpanel report. That was enough to save it from relegation to the FTSE 250 - something which had looked likely as late as Monday night - and its shares jumped another 5.6p to 178.1p. Our neutral rating on Melrose over the past year or so reflected our view that the next deal was not imminent, and therefore that mixed end-market trends would limit performance. However, while the next deal may still not be imminent, our sector analysis highlights the benefits of margin improvement in a slow-growth environment. This is combined with reduced trading risk in our view.Melrose operates a buy, improve, sell model and is looking for its next £1bn-£3bn deal – with the target being to at least double shareholder equity on any deal. We can’t predict the exact timing of the next Melrose deal, but history suggests that management can deliver. They have improved margins by 600-700 basis points within 4 years on their last two deals. We see limited other self-help opportunities in our wider sector coverage group and it is the repeating frequency of self-help at Melrose that we find attractive. Continue reading...
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The current SYRIZA-ANEL coalition government is not in a position to implement any European agreement because it does not have the potential to do so, Greek opposition “To Potami” leader Stavros Theodorakis said at a party meeting late on Tuesday. Theodorakis underlined that the majority of SYRIZA and ANEL members do not believe in social reforms and the European perspective while he did not rule out the possibility of elections within the year. Furthermore, Theodorakis also gave an interview to German newspaper Frankfurter Allgemeine Zeitung. “The governement is not able to implement the reforms that the country needs. Even if we reach an agreement with the institutions, the current government will soon create another rupture with the partners,” he said. Theodorakis also added that “recently, Greek politicians are experimenting with the feeling of falling from a cliff,” while he made it clear -once again- that his party is prepared to help SYRIZA if the governing party makes a suggestion that will benefit the country. However, he stressed that he is not planning to take part in the coalition government. Finally, he stressed that “if Tsipras fails, we are ready. We have a negotiation group consisting of influential people from Greece and abroad. We will make it work.”
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German Chancellor Angela Merkel is not acting alone, spokesman Steffen Seibert said on Wednesday when asked about Merkel’s initiatives on Greece, such as the “mini-summit” she convened in Berlin on Monday night, and whether she was empowered to take them. “What we have is close contacts between the Chancellor and the French President with the European partners, the institutions and the Greek government. These include the discussion on Monday night in Berlin. This was not about taking decisions but for a joint assessment of the situation. For Germany and France it is important that the institutions process a common position and discuss this with the Greek government,” Seibert said, adding that these discussions are thankfully now underway. The spokesman also clarified that the decisions will not be taken by Merkel, French President Francois Hollande or Greek Prime Minister Alexis Tsipras. Instead, there will be an agreement between the Greek government and the institutions, which will then form the basis for the decisions made by the Eurogroup, he said. (source: ana-mpa)
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The special VAT rate on Greek islands was never a red line, SYRIZA parliamentary spokesman Nikos Filis told Greek television on Wednesday. “I don’t believe that it is one of the most difficult decisions, although I know that it will have repercussions on the islands’ residents,” he said, adding that “an idea is not to take a decision that will change the condition of the tourism operation this summer, however, it is closely connected with the finances, how much money you want to have now or later.” Regarding the Christmas bonus and if it is going to be given this year, he said that it has to do with the course of the state finances, it is certainly a difficult decision, it will have more repercussions on people’s lives because it is related with the whole country and has an overall effect on the operation of the economy and the Greek family.” The four red lines are, as he said, no more cutbacks in pensions, reduction in primary surpluses, political statement on the debt settlement and support for growth. He also added that there will be legislation on the labor issues. (source: ana-mpa)
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A deal between Greece and the institutions is imminent, French President Francois Hollande said on Wednesday while addressing an Organization for Economic Cooperation and Development (OECD) meeting in Paris. “It is a matter of a few days….we are a few hours away from a possible settlement,” he said, adding that excessive demands on Greece will prevent the country’s return to growth. At the same time, he stressed that certain requirements have to be met by Greece. “To not demand anything, or something that would be considered not adequate, would have repercussions for the entire Eurozone,” he said. (source: ana-mpa)
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Following the European Central Bank‘s Governing Council meeting on Wednesday, Mario Draghi called for a “strong agreement” between Athens and its bailout lenders, saying the central bank wanted Greece to stay in the euro. “A strong agreement is one that produces growth, that has social fairness but that is also fiscally sustainable and addresses the remaining sources or factors of financial instability in the financial sector,” said Draghi. “Negotiations are proceeding at this point of time,” Draghi told reporters, declining to set out details of any compromises. The ECB chief, however, underlined debt talks had not yet reached the point where the central bank could loosen the strings on Greece to allow it to extend issuance of short-term government debt, known as Treasury Bills (T-bills), as collateral for ECB liquidity. When asked about extending collateral, Draghi said: “There should be a credible perspective for a successful conclusion of the current review. And that would imply by the member countries a disbursement. That would be the condition for the Governing Council to consider, because in any event there is no automaticity for consider a lifting of the T-bills’ threshold. And we are not there.” (source: DW)
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Against a backdrop of last-ditch demands and a threat from the Greek government to miss a €305m (£218.3m) repayment to the International Monetary ...
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The promise of the leftist Greek government to roll back German-led austerity policies has met an unexpectedly unified opposition.
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A closely watched survey shows uncertainty over the financial future of Greece is weighing on the eurozone economy.
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Barring a miracle, it won’t be part of the current package, but debt relief is still the big issue that will have to be tackled at some stage Whatever deal is, or possibly is not, cooked up for Greece, there is an important point to remember: the country’s debts, standing at €320bn (£235bn), or about 180% of GDP, are unsustainable. One way or another, a debt writedown will have to happen at some stage. Barring a miracle, it won’t be part of the current package.This has been easy to forget as the euro circus has travelled between Athens, Berlin, Brussels and Riga in recent weeks and months. The talks have concentrated on setting the terms for the release of the last €7.2bn tranche of loans from the previous bailout. Continue reading...
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A Greek court on Wednesday ordered the conditional release of a former Cypriot minister jailed for helping a leading Greek politician take millions of euros in kickbacks from arms deals more than a decade ago.
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The yield on Greece’s 10-year bond tumbled 41 basis points to 10.95 percent on Wednesday as investors watched Greek debt
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French President Francois Hollande said Wednesday a deal to help prevent Greece from defaulting on its debt was days, or even hours away.
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The prospects for one of Greece’s few privatization projects, the development of the old Athens Airport plot at Elliniko, appeared unclear Wednesday, after Alternate Finance Minister Nadia Valavani said
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Wall Street stocks rose Wednesday following comments from French President Francois Hollande that a deal to prevent a Greek debt default was imminent.
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SYRIZA’s parliamentary group is due to meet on Thursday to discuss the proposal Greece’s lenders are due to present to Prime Minister Alexis Tsipras in Brussels on Wednesday night.
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European Central Bank President Mario Draghi called on Wednesday for a "strong agreement" with Greece to ensure it stays in the eurozone and also has a sustainable economy.
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Italian Economy and Finance Minister Pier Carlo Padoan said on Wednesday he was confident a deal would be reached between Greece and its creditors but warned that time was running out.
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Anthimos, the senior Greek Orthodox cleric in Thessaloniki, on Wednesday lashed out at a planned gay pride parade in the northern
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Greek authorities feared a backlash on Wednesday following an Athens prosecutor’s proposal that a request by anarchist and convicted robber Nikos Romanos
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Greek bank deposit outflows surged about fourfold over daily levels to nearly 1 billion euros last Friday on fears of capital controls,
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(Reuters) - U.S. stocks eased on Tuesday as a jump in bond yields hit utilities and other top dividend payers, but energy gains and optimism Greece is near a deal with creditors limited losses.
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