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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

Friday, June 12, 2015

Five Things Everyone Will Be Talking About Today

... Merkel stepped up to the podium to deliver a speech in Berlin, the audience was probably expecting a headline on Greece not the single currency.


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Eurozone Raises Specter of Default as Pressure Mounts on Greece

Senior officials from all 19 eurozone countries have jointly discussed the possibility of a Greek default for the first time, in a sign of mounting pressure as Athens seeks to unlock desperately needed bailout funds.


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Greece and the Eurozone: Politics Trump Economics

Greece and the Eurozone will find a way through this latest trouble. A Greek exit would create a nightmare for Greeks, with bank runs, capital controls, further economic contraction and dislocation. Crossing the threshold of a Euro exit could also threaten the economic stability of other financially stressed European countries, as well as jeopardize repayment on hundreds of millions of debt repayments. Both sides have an interest avoiding a Greek Exit, so odds are they will find a compromise. These are the thoughts that keep coming to my mind as Greece edges ever closer to a default. As reasonable as they sound, as a former diplomat I have seen time and time again that economic rationality and self-interest are often trumped by politics and populist thinking. And right now it's the politics, not the economics, which are driving the outcome. In Athens, the radical left government is in an impossible situation: Greeks overwhelmingly want to stay in the Eurozone but reject any further austerity program lorded over them by creditors. On the other side, European creditors face "bailout fatigue" from their taxpayers, and are politically unable to foot the bill for any further bailouts not accompanied by a strong dose of fiscal and structural reform medicine. Greece's natural allies, like Spain and Italy, who have faced their own political problems with austerity, are also no longer sympathetic now that they are at risk from being flanked politically by populist left movements in their own countries. So what happens next? As no one wants to be blamed for a Greek exit and all the problems that will go with it, there will continue to be a flurry of diplomatic activity to find a compromise. However, even if Greece and its creditors can hold their noses and hammer out an agreement that gets them through the next round of significant repayments, it is hard to imagine, given the fundamentally different philosophies on how to restore economic health to Greece, that the two sides will be able to negotiate a new bailout program that would be politically sustainable over the medium term. Unless European creditors look the other way or accept some "smoke and mirrors" with respect to further fiscal adjustments to accommodate debt service payments, at some point, the Greek government will face a choice of either making debt payments or paying salaries and pensions and keeping the hospitals running and the lights on. The government will -- out of political self-preservation -- choose the latter and de facto default or the government will collapse. At that point, the European Central Bank will find it very difficult to continue propping up Greece by financing its bank debt collateralized by government bonds. This will very quickly create a liquidity crisis for the banks and for the government. A run on banks, and the imposition of capital controls, will likely follow. Because of the overwhelming support for remaining in the Eurozone, Greece will likely struggle for as long as possible with capital controls to avoid moving back to the Drachma. But as the economic situation rapidly deteriorates, at some point, the economic pain and dislocation and the mountain of debt still hanging over the country will likely force a future government to manage the transition back to the Drachma. It remains to be seen whether new elections could bring in a more centrist coalition government willing to impose more stringent fiscal reforms to support a new agreement that would unlock new financial flows and a debt restructuring. However, it is a long shot as there is little support for further austerity in Greece across the political spectrum and the political system is becoming more fractionalized. The sad part is this: an offer to dramatically reduce Greece's debt to a still significant but sustainable level could be the key sweetener to help the current government swallow the bitter medicine needed to keep the bailout on track. But politics in creditor countries won't allow that - and inevitably we will have to watch the painful story unfold with all the human consequences it entails. In the end, economics will get the last laugh over politics, but it will be at everyone's expense. -- 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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Greek state broadcaster ERT on air again after two years in the dark

Athens: Employees at Greece's state television ERT hugged each other and cried on Thursday as the channel aired its first broadcast in two years, after it was shut down under one of the previous government's most drastic austerity measures. Leftist Prime ...


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Israel is Perceived by Expats as the Most Dynamic Country Worldwide

Yes, you read it right; Israel was rated by expats as the most dynamic country in the world. It even left the USA and Brazil, countries widely known for their fast and energetic culture, far behind. I bet you were not expecting this, right?Well, you are probably not the only one. Needless to say, the images we see on TV of conflict in the region do not give the impression of a dynamic country at all. However, this is only half of the story, according to expats living in Israel.When you are planning a move abroad, the nature of the local population is an important factor to consider. This can vary drastically depending on what country or region you live in, and whether you are in an urban or rural environment. Your ability to settle in may depend heavily on how comfortable you feel in your new environment and culture. If you consider yourself to be a very rational person, not given much to displays of emotion or outbursts of passion, you might struggle to feel 'at home' in an openly emotional culture, for example. Expats from all over the world were asked by InterNations, the largest network for people who work and live abroad, to give their perceptions of the local population in their respective destination. Survey participants were asked to rate whether they found their neighbors to be more traditional or dynamic, as well as, whether they tend to be more emotional or rational. The outcomes of this research can easily be examined through a series of psychographic positioning charts, based on several geographic regions. Israel's surprising result even surpasses the border of this chart! Keep in mind though, that these results are based entirely on the perception of the expats. It is quite possible that one person would view the local population as very traditional, whereas another person could see them at the other end of the spectrum.Click image to enlargeIsrael was not the only country that stood out. Brazil, for example, which is one of the world's emerging markets, ranks almost as highly as the USA on the dynamic scale. Interestingly, however, no other member of the emerging BRIC countries (China, India and Russia) even came close to Brazil in terms of their perceived dynamism. If a dynamic environment is something that you value strongly, moving to Brazil or Israel might be the best option for you. Click image to enlargeAcross the Atlantic, the African continent shows an interesting divide. Most African countries are perceived by expats to be quite traditional, but Nigeria in the west, Kenya in the east, and South Africa on the cape distinguish themselves prominently by standing out for their dynamic development. This result might not come as a surprise, seeing as these three countries are indeed Africa's fastest-growing regional hubs. The diversity of Africa makes it an exciting destination for all kinds of expats. Click image to enlargeThe results from the European continent offer nothing shocking: Expats perceive the north of Europe as more rational and distant and the south of Europe as more emotional and friendly. If you feel most comfortable surrounded by rational people, why not consider moving to the north of Europe? Germany, Switzerland, Norway and Finland might make you feel at home fast. Are you more an emotional person? Then, Spain or Greece may suit you better. This divide between the north and the south holds true for the American continent as well. Click image to enlargeFor those seeking a new home that highly values tradition, Myanmar could be a good fit for you since it is considered by expats to be the most traditional country in the world. Angola, Kazakhstan and Slovakia also saw high results in this regard.The surprising outcomes of the study teach us to look beyond the stereotypes in our head and the images seen on TV. Preconceived notions are not something that you should take with you when you move abroad. These are not always correct and you will either be in for a pleasant surprise or a rude awakening when you get there. It is important, however, to research the place that you are moving to beforehand in order to familiarize yourself with the environment that you are about to step into. An easy way to do this is by searching for expat-related information on platforms such as the InterNations Guide Section. On the other hand, it is equally, if not more, important to keep an open mind and be willing to experience new things and broaden your horizons. -- 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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WRAPUP 5-EU holds first talks on Greek default as Athens holds out hope

(Adds Greek denial, new talks in Brussels). * Athens denies default was discussed. * Merkel says "where there's a will there's a way". * Greece ...


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STOCKS FALL: Here's what you need to know (SPY, DJI, IXIC, USO, WTI, OIL, VDE, TWTR, WING, ESI, LL)

Stocks finished lower to end a week that saw more shaky headlines out of Greece. Gold, crude oil, and the dollar also edged lower on Friday. First, the scoreboard: Dow: 17,886.29, -153.08, (-0.85%) S&P 500: 2,092.94, -15.92, (-0.75%) Nasdaq: 5,050.64, -31.87, (-0.63%) And now, the top stories on Friday: Twitter shares halted a rally that began in after-hours trading on Thursday when the company announced CEO Dick Costolo is stepping down. The stock surged more than 7% after the close, and opened about 3% higher in early trading. But just after 1 p.m., the stock went red, although it gained by about 0.5% in the final hour of trading.  Wall Street isn't so sure about Jack Dorsey, the interim CEO from July 1. In research notes on Friday, several analysts expressed concern that the company may continue to underperform. However, there were no big changes to their price targets or ratings of the stock. Macquarie analysts wrote, "the surprise timing of this announcement, combined with the "steady-as-she-goes" tone of the executives on the conference call, indicate to us that TWTR will continue to underperform until it can either a) significantly improve its execution against its current strategy, or b) institute a new vision." Business Insider's Henry Blodget notes that the whole plan for an "interim CEO" is pretty much a sham. There's a 'Plan B' for Greece. According to Reuters, senior EU officials formally discussed, for the first time, the possibility that Greece will default on its debt. This follows the IMF's abandonment of talks with Greek officials on Thursday. "The discussion was very theoretical because the scenario of a eurozone country defaulting within the currency union would be without precedent," Reuters reported.  The US oil rig count fell for a 27th straight week. Data from driller Baker Hughes showed that the number of active US oil rigs fell by seven to 635 this week, the lowest since August 6, 2010. The combined count fell by nine to 859. West Texas Intermediate crude oil was lower for much of Friday, dipping to as low as $59.75 per barrel. US oil production continues to surge, although the Energy Information Administration forecasts a slowdown from June until next February. In economic data, the preliminary reading of the University of  Michigan's consumer sentiment index for June jumped to 94.6, crushing the forecast for 91.2. This was the first time in three months that the index rose. In the release, the index's chief economist Richard Curtin wrote, "The June gain was due to the most favorable personal financial prospects since 2007, with households expecting the largest wage gains since 2008." Producer prices posted the biggest month-over-month gain since 2012 in May. The Producer Price Index rose 0.5% month-over-month and fell 1.1% year-over-year. Excluding food and energy, core PPI rose 0.1% and 0.6% respectively. A 15.6% spike in fuel prices accounted for three-quarters of the increase. Chicken wings chain Wingstop surged 60% in its public market debut. The chicken wings chain priced had priced its shares at $19, higher than the previously indicated range of between $16 and $18 a share. The stock rose to as high as $31 per share, valuing the company at around $880 million. Wingstop had $8.9 million in profits last year, according to its IPO filing. As at December 2014, it reported 712 restaurants across 36 states and 6 countries. Wingstop joins Bojangles, El Pollo Loco and Shake Shack among restaurant chains that have gone public in the past year.  Shares of for-profit college ITT Educational spiked 30% following a quarterly earnings report filed one month late. The company is struggling financially, and is under investigation for fraud charges by the SEC; it allegedly hid the poor performance and financial impact of two student loan programs from its auditor. Earnings jumped to $10.4 million, or 44 cents a share in the quarter – reflecting lower expenses. "This is the dumbest rumor ever," wrote hedge fund manager Whitney Tilson on chatter that Home Depot seeks to acquire Lumber Liquidators, whose shares jumped 12%. The hardwood flooring retailer has been rattled by allegations that its flooring sourced in China contains excessive levels of formaldehyde. Tilson wrote, in an email, that Lumber Liquidators may only be an acquisition target two years from now, when the legal liabilities have faded. The company declined comment. DON'T MISS: One of corporate America's most controversial practices could become a major issue in the 2016 election »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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Greek Banks Can't Pull Out Capital From Macedonia

Greek bank owners with assets in the Republic of Macedonia can't pull out their capital unless they offer their holdings for sale, the former Yugoslav ...


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Greek President to visit Berlin on July 7

Close aides of President of the Hellenic Republic  Prokopis Pavlopoulos confirmed to ANA-MPA, on Friday, a report by German news agency DPA that the Greek president plans to visit Berlin on July 7. However, they clarified that the details of his visit ...


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Greece Readies Proposals To Break Troika Impasse

Greece said June 12 it will present its creditors with new proposals over the weekend in an attempt to breathe life into stalled bailout discussions that have stoked fears of the country's bankruptcy. The post Greece Readies Proposals To Break Troika Impasse appeared first on The National Herald.


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Greek Lessons From The Marshall Plan

Greece, which can look back on thousands of years of history, can look to 1947 and the Marshall Plan that rebuilt Europe to save itself. The post Greek Lessons From The Marshall Plan appeared first on The National Herald.


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EU looks at Plan B for Greece

Greece owes €1.6 billion in bundled payments to the IMF on June 30. ... before the extension to Greece's second bailout package expires at the end of ...


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Germans increasingly resigned to Grexit

Merkel remains publicly committed to a deal with Greece but doubts are growing among top officials


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NATO Warsaw Summit Should Invite Macedonia, Montenegro to Join

NATO should invite Macedonia and Montenegro to join when it holds its next summit in Poland in July of next year, Polish Defence Minister Tomasz Siemoniak has said. "It would be excellent news if the invitations could be sent from (the NATO summit in) Warsaw to Macedonia and Montenegro," Reuters quoted Siemoniak as saying at a conference in Wroclaw, Poland on Friday. According to Siemoniak, if “deprived of this element”, the summit “will not bring full satisfaction to many nations, including Poland." The two southeast European states both want to join the Western military alliance, of which their regional neighbours Albania, Bulgaria, Croatia, Greece, Slovenia and Romania are already part. An invitation to join NATO is likely to meet strong opposition from Moscow which has perceived the bloc’s eastward expansion since the end of the Cold war as a threat to Russia’s security. Russia’s Foreign Minister Sergei Lavrov said last year that NATO’s Balkan expansion to Macedonia and Montenegro could be seen as a provocation. Siemoniak spoke a day after NATO Secretary-General Jens Stoltenberg said that Montenegro will have to increase its public support for NATO and strengthen the rule of law before it can join the alliance. According to opinion polls, public support for NATO has never exceeded 40 percent in the country which is deeply divided between its traditional links with Russia and aspirations to become member of the alliance, AP said. Speaking after meeting Montenegro’s Prime Minister Milo Djukanovic in Podgorica, Stoltenberg said that Montenegro's membership bid is in "the crucial phase".  “We re-confirm that we are ready to make the decision by the end of the year at our foreign ministerial meeting in December,” Stoltenberg said.


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Waste management contract signed in Western Macedonia

Athens-listed Ellaktor SA announced on Thursday that special purpose vehicle EPADYM had signed a partnership contract and the relevant financing agreement regarding a waste management project in Western Macedonia, northern Greece.


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Greece says to restart talks in Brussels, submit counter-proposals

Greece’s government is ready to submit counter-proposals to bridge differences with its creditors and will restart negotiations in Brussels on Saturday, a government official said on Friday.


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Arrivals by ferry from Italy posted 14 pct drop in Jan-Apr

The number of arrivals by ferry at Greek ports recorded a decline in the first four months of the year on an annual basis, as did the number of visitors coming over to Greece from Italy by ferry, according to data released on Friday by the SETE Intelligence unit of the Association of Hellenic Tourism Enterprises.


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ATHEX: Stocks tumble on IMF and Euro Working Group news

As expected, the Greek bourse benchmark failed to hold on to the 8 percent increase posted at the end of Thursday’s session since there simply weren’t enough solid facts to back it up.


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Most Germans want Greece out of eurozone

Germans are losing patience with Greece after the protracted debate over its debt crisis and more than half want it to leave the eurozone, according to an opinion poll by ZDF television published on Friday.


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Greek president said to be invited to Berlin by German counterpart

Greek President Prokopis Pavlopoulos is due to travel to Berlin on July 7 on an invitation by his German counterpart, Joachim Gauck, German news agency DPA reported on Friday.


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KEDE union refuses to transfer cash reserves

Local authorities insisted on Friday that they would not give in to the Interior Minister Nikos Voutsis’s demands for municipalities and regional authorities to transfer their cash reserves to the Bank of Greece, where they could be used for short-term borrowing by the government.


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SYRIZA’s coalition partner says it will not back citizenship bill

Coalition partner Independent Greeks said on Friday that it will not support the government’s citizenship bill unless there are changes to four articles.


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Athens Stock Exchange Index Slipped 4.4 Percent

The Athens Stock Exchange Index slipped 4.4 percent on Friday and shares in Greek banks fell as much as 8.8 percent. Returns on Greek bonds crept upward to 25.439 percent. Europe’s main stock markets were also down on Friday. Germany’s Dax 30 index lost 1.38 percent to 11,176.72 points. London’s benchmark FTSE 100 index lost 0.67 percent and was at 6,800.81 points in afternoon trading. In Paris, the CAC 40 sank 2.05 percent to 4,869.68 points. Anxiety over a potential Greek debt default also darkened the mood among traders on Wall Street. Five minutes into trade, the Dow Jones Industrial Average fell 0.33 percent to 17,980.09 points, the S&P 500 fell 0.35 percent to 2,101.45 points and the Nasdaq Composite Index lost 0.34 percent to 5,065.34 points. (source: DW)


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IMF quits Greek discussions

Washington/Brussels - The International Monetary Fund dramatically raised the stakes in Greece's stalled debt talks on Thursday, announcing that its delegation had left negotiations in Brussels and flown home because of major differences with Athens.


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Is Greece Moving Towards Capital Controls?

After following the Greek crisis for five years, I don't think I've ever been as pessimistic about the potential for a solution to be found to keep Greece in ...


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Greece, IMF at odds over debt repayment

Ed AdamczykBRUSSELS, June 12 (UPI) -- International Monetary Fund members walked out during debt negotiations in Brussels with Greece, after criticism of Greece from the European Union president.


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US Stocks Drop Amid Greece Worries

Traders said declines were driven by negative headlines about Greece's financing talks, which also weighed on European stocks. “You've certainly ...


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Greek jitters slam FTSE 100 into losses for the week

The FTSE 100 erased its weekly gain on Friday, tracking a downbeat mood across European markets after the latest blow to Greece and its attempt to ...


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Greece prepares counter-proposals, Tsipras sends delegation to meet with creditors’ representatives on Saturday

After the stalemate and the ice-cold atmosphere amid Greece summer, the government reportedly prepares some counter-proposals for its creditors. At the same time, Prime Minister Alexis Tsipras sends a small delegation to Brussels to meet with creditors’ representative on Saturday, state broadcaster ERT reported at its 6 o; clock news […]


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Interview with Jeb Bush: 'I Admire the Fact that Germany Is On the Right Path'

Presumed Republican presidential candidate Jeb Bush sat down for a brief interview with SPIEGEL in which he talked about Greece, Germany's finances and the need to supply weapons to Ukraine.


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Tsipras faces toughest decision yet

Greek leader’s popularity remains high thanks to tough line with creditors


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US bonds slightly higher amid consumer sentiment data

There remained no progress in Greece's negotiations with its lenders on a deal to avert default, a move that traders fear might hasten the ...


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Photos: Greece's deserted factories are ghosts of the past

Deserted grain silos are seen in front of the snowcapped Mount Olympus near the town of Larissa in Thessaly region, Greece April 22, 2015. Photo by ...


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Greece running out of time to avoid default, leaders concede

Until Friday EU executives have refused to countenance the prospect of default and the issue has not been discussed at any official levelGreece has less than a week to strike a deal with its eurozone creditors to avoid defaulting on its massive debts and perhaps being kicked out of the single currency area, with German leaders and top EU officials now conceding that default is the likeliest outcome.Negotiations between the leftist government in Athens and the creditors are now at their lowest ebb since Alexis Tsipras became Greek prime minister in January. Continue reading...


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Greece set to present fresh proposals to break impasse

ATHENS, Greece — Greece said Friday it will present its creditors with new proposals over the weekend in an attempt to breathe life into stalled ...


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16 paradoxes that will make your head explode

"I know one thing," Socrates famously said: "that I know nothing." This statement is a paradox in itself, demonstrating the complexities of self-referential statements, but it also suggests a crucial insight from one of the founders of Western philosophy: You should question everything you think you know. Indeed, the closer you look, the more you'll start to recognize paradoxes all around you. We've picked our favorites from Wikipedia's epic list of more than 200 types of paradoxes.To go anywhere, you must go halfway first, and then you must go half of the remaining distance, and half of the remaining distance, and so forth to infinity: Thus, motion is impossible. The dichotomy paradox has been attributed to ancient Greek philosopher Zeno, and it was supposedly created as a proof that the universe is singular and that change, including motion, is impossible (as posited by Zeno's teacher, Parmenides). People have intuitively rejected this paradox for years. From a mathematical perspective, the solution — formalized in the 19th century — is to accept that one-half plus one-quarter plus one-eighth plus one-sixteenth and so on ... adds up to one. This is similar situation to saying that 0.999... equals 1. But this theoretical solution doesn't actually answer how an object can reach its destination. The solution to that question is more complex and still murky, relying on 20th-century theories about matter, time, and space not being infinitely divisible. In any instant, a moving object is indistinguishable from a nonmoving object: Thus motion is impossible. This is called the arrow paradox, and it's another of Zeno's arguments against motion. The issue here is that in a single instant of time, zero seconds pass, and so zero motion happens. Zeno argued that if time were made up of instants, the fact that motion doesn't happen in any particular instant would mean motion doesn't happen. As with the dichotomy paradox, the arrow paradox actually hints at modern understandings of quantum mechanics. In his book "Reflections on Relativity," Kevin Brown notes that in the context of special relativity, an object in motion is different from an object at rest. Relativity requires that objects moving at different speeds will appear different to outside observers and will themselves have different perceptions of the world around them. If you restored a ship by replacing each of its wooden parts, would it remain the same ship? Another classic from ancient Greece, the Ship of Theseus paradox gets at the contradictions of identity. It was famously described by Plutarch: The ship wherein Theseus and the youth of Athens returned from Crete had thirty oars, and was preserved by the Athenians down even to the time of Demetrius Phalereus, for they took away the old planks as they decayed, putting in new and stronger timber in their places, in so much that this ship became a standing example among the philosophers, for the logical question of things that grow; one side holding that the ship remained the same, and the other contending that it was not the same. See the rest of the story at Business Insider


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GLOBAL MARKETS-Shares fall on Greek woes, output worry hurts oil

European shares fall after IMF walks out of Greek talks. * Dollar trimmed though consumer sentiment data rises. * Rate hikes in focus ahead of Fed ...


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Stocks knocked back by faltering Greek debt talks

Greek Prime Minister Alexis Tsipras has been trying to convince EU and IMF lenders to relax conditions on releasing the last 7.2 billion euros ($9.9 ...


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PM’s Representatives in Brussels On Saturday; Greek Side Ready to Submit Counter-Proposals

The Greek side is ready to submit counter-proposals in order to bridge the remaining differences with the institutions, exactly as agreed during the prime minister’s meetings in Brussels with French President Francois Hollande, German Chancellor Angela Merkel and European Commission President Jean-Claude Juncker, Greek government sources said on Friday. Representatives of Greek Prime Minister Alexis Tsipras will be in Brussels on Saturday morning, in order to meet with the heads of the institutions, the sources added. They also underlined the Greek government‘s evaluation that an agreement was closer than ever, given that the differences between the two sides on primary surplus targets was just 0.25% of GDP. “What is therefore needed now is the political will for mutual understanding,” the sources said, saying it was hard to imagine that Europe’s political leadership will lead Europe to a division over such a small difference and over an insistence to not implement in Greece the same legal framework for collective labor bargaining as that existing in the rest of Europe. Prime Minister Alexis Tsipras had a phone conversation with European Commission President Jean-Claude Juncker, government circles said on Friday, adding that the two officials discussed the next steps in the ongoing negotiations. (source: ana-mpa)


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Brewing Conflict over Greece: Germany's Finance Minister Mulls Taking on Merkel

Finance Minister Wolfgang Schäuble appears to have given up hope of a satisfactory outcome to the Greek crisis. Unlike the chancellor, he is willing to cut the rope on Athens. But will he dare to dig in his heels and defy Merkel?


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Bloomberg: six charts illustrating thr economic state of Greece over time

Bloomberg has published another article with six charts unraveling the six month economic situation of Greece.   The first diagram illustrates the stock market’s relation to certain time frames from the past few months. The second diagram ...


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US stocks fall at midday after setback in Greek debt talks

NEW YORK (AP) — The U.S. stock market fell broadly on Friday as a setback in talks between Greece and its creditors heightened concerns that the country could default on its debts. An unexpected decision by the International Monetary Fund to walk away from talks with Greece spurred the selloff in Europe and America.


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FTSE falls on Grexit fears while Shell and BP slip as oil price declines

Growing talk of possible Greek default unnerves investorsIt was a grim end to the week as fears of a Greek exit from the eurozone grew stronger, with the country and its partners seemingly as far apart as ever despite the promise of yet more talks.Investors were already unnerved by Thursday’s news that the International Monetary Fund - one of the beleaguered country’s creditors - had left the negotiating table. But market falls accelerated following reports that EU officials had discussed the prospects of a Greek default on Thursday for the first time.Whitbread’s market leading positions via Premier Inn and Costa Coffee in fragmented but growing UK markets leaves it well placed to achieve its new 2020 milestones of 85,000 UK hotel rooms and £2.5bn of Costa system sales. Indeed, we believe both divisions could grow strongly for at least a decade before investors need to worry about hitting market saturation. This should be more than enough time for Whitbread to build out its international bridgeheads into significant growth drivers. We are upgrading our recommendation to buy from hold and hiking our target price to 6000p [from 4300p], implying 20% potential upside.The stock has risen 30% in the year to date (relative to a 10% increase in the FTSE 350 general retail index), and no longer offers compelling value given that we estimate it is generating a free cash flow yield of 4.8% for adjusted EBITDA compound annual growth rate of 6% over the next 3 years, with some margin pressure likely from dollar appreciation. For income investors this might be a solid holding given the relative comfort of the return of the free cash flow to shareholders, with the company announcing that it will return cash later this year (with the quantum to be announced at the interim results), but we find better value elsewhere on a total shareholder return basis. In the mid-cap UK retail space, for example, we prefer B&M and Pets at Home. Continue reading...


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IMF angry at Greeks but frustrated at euro zone too

By Anna Yukhananov and Paul Taylor WASHINGTON/BRUSSELS (Reuters) - When the International Monetary Fund announced it had ordered its team home from stalled debt talks with Greece, the gesture of frustration was aimed chiefly at Athens but also at euro zone governments, sources familiar with the talks say. The pullback partly reflected exasperation at the chaotic way in which the talks have been conducted, with technical experts denied access to Athens' public accounts, kept cooped up in hotels and latterly forced to cool their heels while talks moved to a political level involving government leaders. IMF spokesman Gerry Rice cited "major differences" over pensions, taxation and financing when he announced on Thursday that the global lender's representatives had returned to Washington in the absence of progress in the negotiations.


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Greek counter-proposals to focus on budget issues

Greek counter-proposals to the country's international creditors on a cash-for-reforms deal will focus on budget issues and Athens hopes an agreement can be sealed by June 18, a government official said on Friday. Requesting anonymity, the official said the government refused to raise the value-added tax rate for electricity as demanded by the European Union and IMF lenders. Earlier, another official said Athens was ready to submit the counter-proposals and would restart negotiations in Brussels on Saturday.


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Greek woes depress FTSE 100 further

London's leading shares fall further as fears grow over Greece's ability to negotiate a settlement with its European creditors.


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EU emergency refugee plan faces strong opposition

BRUSSELS (AP) — Diplomats say an emergency European Union plan to help Italy and Greece manage thousands of migrants crossing the Mediterranean could be vastly watered down next week.


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Greek Stocks Tumble on Setback in Bailout Talks --5th Update

Greek stocks led European markets lower Friday after recent optimism over the country's financing talks melted away. The Stoxx Europe 600 slipped steadily through the session to close 0.9% lower midafternoon, extending a selloff that began late in Thursday ...


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Wall Street opens down on Greece fears

Shares in the US opened lower as hopes fade of a deal between debt-laden Greece and its European creditors, and nervousness over next week's Fed meeting.


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Greek deal 'unimaginable' without departed IMF, warns Jeroen Dijsselbloem

The news knocked the Greek stock market on Friday morning, which lost much of the ground it had gained on hopes that tensions had thawed.


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