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Saturday, June 20, 2015

GREECE IS DOWN TO THE WIRE

The Wall Street Journal is reporting that the Greek government is once again working to revise its proposals for economic reforms so that it might finally strike a deal with its creditors on Monday. Greek government leaders will meet Sunday to approve the revisions, according to the WSJ:  Government members are putting together a plan they hope would achieve budget targets that bailout creditors want, while relying more on eliminating tax breaks and less on pension cuts than the lenders’ own proposal, the officials said. The Greek cabinet is due to discuss the proposal on Sunday morning. It isn’t clear whether the cabinet under Prime Minister Alexis Tsipras will endorse the plan, which was being prepared on the weekend by Deputy Prime Minister Yannis Dragasakis and others who are considered among the more pragmatic members of the leftist Syriza-led government. Monday's meeting with Greece's troika of creditors, the European Commission, the IMF, and the ECB, will be crucial. The group has thus far refused a litany of previous proposals for reform from Greece's government officials. The ECB had to grant Greek banks emergency liquidity over the weekend to make sure that they will be able to open Monday, and Bloomberg reports that this is a "weekend of fear in Greece."  In an op-ed in the Irish Times Saturday morning, an obviously frustrated Greek finance minister Yanis Varoufakis wrote that so far, eurogroup negotiations have proved to be "a strange forum, one ill-equipped to forge good, hard decisions when Europe truly needs them." In another weekend op-ed, this one in the Financial Times, economist Larry Summers wrote that without a deal, Greece might become a failed state — although at least one critic suggested that Summers' argument might be a bit hyperbolic.SEE ALSO: Greek finance minister: Europe's negotiators are 'ill-equipped to forge good, hard decisions' 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 prime minister prepares last-ditch offer to avoid default on debts

“We are close to the point where the Greek government will have to choose between accepting what I believe is a good offer of continued support or to ...


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Greece debt: Tsipras to bring more to negotiations

Greece may bring more to the table in negotiations for a debt deal with its creditors, a close aide to the prime minister said on Saturday, as time runs ...


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IMF is right! Greece agreement can only happen with "adults in the room"

With default a real possibility on June 30, when Greece's next debt payment is due, Greeks are draining their bank accounts as fast as they can - a ...


READ THE ORIGINAL POST AT economictimes.indiatimes.com

Greece Debt Crisis: US Warns Athens to Reach Deal or Face 'Decline'

ATHENS, Greece — The United States turned up the heat on the Greek government over its debt crisis Saturday, urging it to reach a deal with ...


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Greece's Tsipras to Assemble Cabinet on Eve of Bailout Talks

Greece's cabinet will huddle with the prime minister on Sunday to map out its strategy for a meeting the next day that will decide the nation's future in ...


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Greece Considers Last-Ditch Proposals

Greece’s government is considering new fiscal proposals to avoid a collision with its creditors on Monday, in what could be a last-ditch effort to avert capital controls and a debt default.


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Cramer Remix: It isn't Greek to me

The good news about next week, in Jim Cramer's perspective, is that the Greek financial hostage situation will soon end. And while that is good news ...


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European Central Bank extends credit on fears of Greek bank collapse

The ECB, which loaned the Greek banks another €1.1 billion of “Emergency Liquidity Assistance” on Wednesday to reach a total of €84.1 billion, ...


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Europe boosts emergency funding as Greek banks bleed

ATHENS: The European Central Bank expanded emergency funding for Greek banks as depositors pulled out 1.2 billion euros in a single day on ...


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Lew Says Euro Exit Would Hurt Greek People, Economy

U.S. Treasury Secretary Jacob J. Lew said that a possible Greek exit from the euro would have a major impact on the country's citizens and economy ...


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Bond Investors Look to Euro Leaders' Summit as Greek Deal Eludes

Notch up another week of frustrated efforts to end Greece's impasse with creditors. Investors in euro-region bonds are now focusing on an emergency ...


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Saving Greece 2: Twinkie Solution Won't Work – How About Greek Yogurt?

I looked into this (after breakfast) but found, on further investigation, that the bankruptcy and re-birth of Hostess would not help the Greek people.


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Tens of Thousands of Britons March Against Austerity

Tens of thousands took to the streets of UK towns and cities on Saturday to defy reelected PM David Cameron's plans to continue with austerity policies. In London alone, between 70 000 and 150 000 people are estimated to have attended the main rally, according to The Guardian. Protesters demanded equality and more commitment to helping the poor. The Bank of England and the Houses of Parliament were among the main venues where participants gathered in the capital. Northern Ireland's Deputy First Minister Martin McGuinness was also part of the demonstration. The organizers from the People's Assembly Against Austerity said results of their effors went beyond their expectations. Foreign guests, including a member of Greek far-left SYRIZA party, had arrived for the event. 


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This is the human toll of the Greek debt crisis

Matina Stevis used to be a reporter on the ground in Athens for the Wall Street Journal. She covered the Greek debt crisis as she lived it. Eventually, she moved on, and is now in Nairobi, as the WSJ's Africa business reporter. This week, she wrote a moving essay for the paper's Expat blog about the experience of being a Greek citizen living abroad as her country endures an economic crisis.   This is the crux of it:  Five years of being told that what’s happening in Greece is what Greeks deserve (“Too bad you can’t drive your Porsche Cayennes any more”); when your parents have lost their pensions, as have their friends; when people you knew have taken their lives and others have seen their businesses collapse, and they always worked, and always paid taxes; and none of us owned Porsches: It’s just not funny anymore. And let me be clear: This isn’t about politics. Two non-Greek colleagues I respect were raving about the current Greek government the other night — how it’s showing the rest of Europe and the International Monetary Fund what’s what, how it’s a triumph for the little guy. And I walked away from that conversation too, because the risks Athens has taken are unfathomable to me, and I’m not sure they should be glorified or celebrated over beers in Nairobi. Read the full essay at the Wall Street Journal's website.SEE ALSO: Greek finance minister: Europe's negotiators are 'ill-equipped to forge good, hard decisions' Join the conversation about this story » NOW WATCH: These guys used a giant excavator to make a hot dog and it’s shockingly delicate


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WRAPUP 2-Greece mulls next move as clock ticks on debt talks

ATHENS, June 20 (Reuters) - Greece's left-wing government promised on Saturday to offer concessions to creditors to unlock billions of euros in funds ...


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The consequences of Greece's impending breakdown

When, as now appears likely, Greece financially separates from Europe, it will at one level be no one's fault. The Greek leaders will rightly explain that ...


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Weekend of Fear in Greece as Monday Brings Salvation or Ruin

Dorothea Lambros stood outside an HSBC branch in central Athens on Friday afternoon, an envelope stuffed with cash in one hand and a 38,000 ...


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U.S. Warns Athens to Reach Deal or Face 'Decline'

The U.S. turned up the heat on Greece over its debt crisis Saturday, urging it to reach a deal with creditors as ordinary people braced for a default.


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Putin to EU: Deals With Russia Will Help Greece Pay Its Debts

President Vladimir Putin has touted Russia's renewed trade relationship with Greece, saying a pipeline deal they sealed that day would help Greece ...


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Greece may make concessions at crisis summit

Greece will update its proposals on economic reforms when Prime Minister ... If Greece does not receive help from its creditors by June 30, it will be ...


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Greek premier Tsipras, ministers discuss strategy, proposals for next week's Eurozone summit

Two days before a crucial summit of Eurozone leaders, Greek ministers are huddling to discuss strategy and assemble a new package of proposals, officials say.


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Larry Summers: Greece 'will probably become a failed state' without a deal

Europe's future might be on the line. In a chilling op-ed in the Financial Times on Saturday, economist Larry Summers published a dire warning to the continent: If creditors don't figure out a way to hammer out a deal with the Greeks, the southern European country is likely to become a "failed state."  That has huge implications for all of its neighbors. He goes as far as to compare the current situation to how politicians in Europe handled the run-up to World War I:  Historians understand how the first world war was allowed to start but are still, a century later, incredulous that it happened. Financial historians may look back at the events of next week and wonder how Europe’s financial unravelling was permitted. He also argues that a failed Greece is likely to be much more expensive to Europe than bailing it out:  When Greece fails as a state, Europe will collect far less debt than it would with an orderly debt restructuring. And a massive northern out-migration of Greeks will strain national budgets throughout Europe — not to mention the challenges that will come as Russia achieves a presence in Greece. Debt negotiations between Greece and its European creditors, known as the troika, are down to the wire. There are reports that Monday is the last chance for the two sides to strike a deal, and given the hostilities that have been reported over the last several months of negotiations, the outlook isn't good. Bloomberg is calling this a "weekend of fear in Greece," reporting that terrified Greeks are trying to get their money out of the banking system, unsure if it will still be standing next week. All eyes are on Monday, when the next — and perhaps final — round of negotiations begins.SEE ALSO: Greek finance minister: Europe's negotiators are 'ill-equipped to forge good, hard decisions' Join the conversation about this story » NOW WATCH: Animated map shows what Europe would look like if all the Earth's ice melted


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Varoufakis wants 'clear decision' from Merkel at summit

Greece's Finance Minister Yanis Varoufakis said German Chancellor Angela Merkel must make a clear decision at a eurozone summit Monday on whether to negotiate a rescue deal with Athens or heed populist calls to jettison the debt-wracked country. Merkel can ...


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Berlin, Rome, Paris protesters say yes to migrants

Thousands of people took to the streets in several European cities on Saturday, in a show of solidarity with migrants seeking refuge in Europe and against austerity measures in debt-ridden Greece.


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Greece contemplates concessions for creditors in debt talks

A Greek minister of state has expressed hope for a breakthrough in bailout talks with Europe and IMF ahead of a eurozone summit. He has said his country is examining several concessions for creditors.


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Greece's Varoufakis says Merkel faces "stark choice" at Monday meeting

Greek Finance Minister Yanis Varoufakis said German Chancellor Angela Merkel will face a "stark choice" on Monday when euro zone leaders meet to decide whether or not to strike a deal with Greece to save it from bankruptcy. In an article published on the website of the Frankfurt Allgemeine Sonntagszeitung on Saturday, Varoufakis suggested that it was up to Europe's most powerful leader rather than the government in Athens to move to avoid a Greek default. "On Monday, the German Chancellor will face a stark choice," Varoufakis wrote, in English.


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Greek ministers discuss debt plans

Greek ministers have discussed strategy and a new package of debt proposals two days before a crucial summit of Eurozone leaders. A meeting between Prime Minster Alexis Tsipras and three senior ministers finished this evening and a new one is scheduled for ...


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'Last Days of Pompeii' in Greece as crunch time approaches

Greeks do not know for certain if their banks will stay open next week, nor even whether euros or drachmas will emerge from cash machines beyond this month. But in the graffiti-stained streets of Athens, alongside the shuttered windows of countless ...


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ECB's Nowotny says Grexit would costs less today than two years ago

The costs of a Greek exit from the euro zone would be significantly less today than it would have been two years ago, European Central Bank governing council member Ewald Nowotny told Austrian newspaper Der Kurier in comments published on Saturday. Today this is different," Nowotny said when asked about the costs of a so-called Grexit. "The yield on bonds from Italy, Spain and Portugal has barely risen, not least because of the monetary policy of the ECB.


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French leftists rally in support of Greece

PARIS (AP) — Several thousand leftists have rallied in Paris to "give Greece a chance" two days ahead of a critical summit of eurozone leaders on a bailout.


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Greece to Make New Proposals as Merkel Puts More Pressure

“We will try to supplement our proposal so that we get closer to a solution,” State Minister Alekos Flabouraris said on Greek television on Saturday, after German Chancellor Angela Merkel said that Greece must make a deal with creditors before Monday’s summit. Monday’s emergency summit of Eurozone leaders is crucial for Greece as it is the cash-strapped country’s last hope to make a deal and receive much-needed bailout cash. As negotiations on a technical level have come to a stalemate again, Greece is counting on a political level agreement. A meeting of Eurozone Finance Ministers will take place before the summit and creditors ask Greece to bring a comprehensive plan of reforms to the table. “Let me make it very clear as to the expectations. Such a summit can only become a summit of decisions if there is something to base a decision on. It is up to the three institutions [the European Central Bank (ECB), the European Commission and the International Monetary Fund (IMF)] to assess this, and up to now we don’t have that assessment,” said Merkel. The Greek side will bring a new proposal including more concessions. “We are not going there with the old proposal. Some work is being done to see where we can converge so that we achieve a mutually beneficial solution,” Flabouraris said on Greek television. So far, the ECB is keeping Greek banks afloat and on Friday it raised the ceiling on Emergency Liquidity Assistance (ELA), which the Greek banks currently rely on.


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Former IIF Chief: A Grexit Could Turn into a Bloodbath

Investors are optimistic about the consequences of a possible Grexit, but it can turn into a bloodbath, said Vice President of Partners Group investment firm Charles Dallara. According to a CNBC report, Dallara is worried about the possibility of Greece’s exit from the Eurozone, because markets are not prepared for a Greek bankruptcy. This could turn into a bloodbath for them, he said. Dallara took part in negotiations between Greece and creditors when he was Managing Director of the Institute of International Finance from 1993 to 2013. The Partners Group VP said that Greece’s exit from the common currency bloc would damage Eurozone’s credibility and move the pressure to European periphery countries. “As I look into Europe, I see many attractive companies (for investment) but with the uncertainty about the integrity of the Eurozone, you cannot just think that Greece will leave the euro and everything will stay in place,” Dallara said. “The summit is critical and Eurozone heads must sit down and discuss, and not leave the table before there is mutual understanding,” he added. Dallara was referring to Monday’s emergency Eurozone summit that will take place in Brussels. The summit is very crucial for Greece as default looms large. Greece and creditors have reached an acrimonious stalemate with each side blaming the other for lack of cooperation. On Friday, European Council President Donald Tusk made an official statement saying, “We are close to the point where the Greek government will have to choose between accepting what I believe is a good offer of continued support or to head towards default.”


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‘Refugees welcome here’, say protesters in Europe

Some 1,800 people took to the streets of Berlin on Saturday to express their solidarity with migrants seeking refuge in Europe and against austerity measures in debt-ridden Greece, local police told AFP.


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Greek officials meet, prepare proposals for Eurozone summit

ATHENS, Greece (AP) — Two days before a crucial summit of Eurozone leaders, Greek ministers are huddling to discuss strategy and assemble a new package of proposals, officials say.


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Slovak police detain 60 people at march against immigration quotas

Police in Slovakia said on Saturday they detained 60 people at an anti-immigration march in the capital Bratislava after protesters damaged police cars and attacked spectators at a cycling race. The march was organised on Facebook against a proposal from Brussels for compulsory national quotas as a way to tackle a growing influx of migrants to the European Union. Slovakia and several other EU members, including France, Hungary and Poland, oppose the plan under which 40,000 refugees currently in Italy and Greece would be resettled around the European Union.


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Learn 5 Greek words before going to Greek Fest in Saginaw Township

SAGINAW TOWNSHIP, MI — Catherine Cook ready to help those who want to learn some Greek words to prepare for the St. Demetrios Greek Fest.


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Greek pensioners describe nation in decline

The Greek government will eventually have to agree because they will have no other choice or else we go back to Drachma (former currency) and we ...


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Is the Eurogroup a “modern Inquisition” aiming to combat political and economic heresy?t

Democratic procedures in Europe? Well… Hardly… Most likely it is about a mechanism of Institutions that rule setting aside democratic elected governments and ministers. A very serious claim about the Eurogroup meeting of last Thursday is made by Greek Finance Minister Yanis Varoufakis. In his article to the Irish Times, […]


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Other Countries Change Their Gun Laws After Mass Shootings. Why Not America?

Every week The WorldPost asks an expert to shed light on a topic driving world headlines. This time, we speak with Harvard professor Dr. David Hemenway. Dylann Roof spent more than an hour at a Bible study session in a historic black church on Wednesday before opening fire. Nine people died in the mass shooting at the Emanuel African Methodist Episcopal Church, including the pastor, a recent university graduate and a librarian. President Barack Obama responded to the shooting in a solemn address on Thursday. "I've had to make statements like this too many times. Communities have had to endure tragedies like this too many times," Obama said. "Once again, innocent people were killed in part because someone who wanted to inflict harm had no trouble getting their hands on a gun. We as a country will have to reckon with the fact that this type of mass violence does not happen in other advanced countries." The horrifying killings in Charleston, South Carolina, came just two years after U.S. lawmakers failed to pass a proposal for expanded background checks for gun buyers that was drafted in the wake of the horrifying killings at Sandy Hook Elementary School in Newtown, Connecticut. The tragic events this week once again prompted activists and pundits to demand tougher restrictions on firearms. To put those demands into perspective, The WorldPost spoke with Dr. David Hemenway about gun laws and gun violence in other wealthy countries. Hemenway is a professor of health policy at Harvard University and the director of the Harvard Injury Control Research Center. He headed the pilot program for the National Violent Death Reporting System and is the author of Private Guns, Public Health. How do American gun laws compare to those of other Western countries? Other high-income countries have much stronger gun laws than we have. They vary from incredibly draconian gun restrictions in countries such as England and Japan, where almost nobody has guns, to places like Canada, where a fair amount of people own guns. Let me give you some examples of what other countries are doing: Virtually every other country requires gun licenses -- most places in the U.S. don’t -- and the licensing is typically much stricter than here. The background check in the United States basically just confirms you’re not a convicted felon, and it doesn’t allow for much police discretion. Other countries have a much higher bar to pass. Sometimes you need people to vouch for you. Sometimes they tell your spouse or ex-spouse that you want to get a gun. There’s usually also a waiting period. Almost all of those countries require gun training before you’re able to obtain a gun, and once you get a gun, you have to store it properly. Many other countries don’t let you obtain a handgun without a good reason. What does current research say about a possible link between stricter gun laws and less gun violence? It’s always hard to speak of direct causes -- some people even argue that cigarettes don’t cause cancer. What we know is that if you look at comparable states and countries, you see that where there are many guns and weak laws, there are more violent deaths because there are lots more gun deaths. The number of guns doesn’t seem to have much effect on the total amount of crime. Guns just make arguments more lethal. They make robberies more lethal. If you compare the United States to all the other high-income countries, we have by far the most guns and by far the weakest gun laws. We are not an outlier in terms of violence. There’s no evidence that we have higher rates of non-gun crimes -- robberies, burglaries, car thefts -- or that our children are more likely to bully other kids. But when it comes to gun stuff, we are just off the charts. Why do we allow children, women, old people to get killed at such high rates? In 2010, children in the United States between the age of 5 and 14 years old were 18 times more likely to be murdered with a gun than children in the two dozen other high-income countries (e.g., France, Italy, Norway, Canada, Japan, Germany, Australia, New Zealand or the United Kingdom). At the same time, America’s non-gun homicide rate for that age group was very similar to those of the other countries. Overall, a person in the United States is 25 times more likely to be murdered with a gun than people in other developed countries. I work with a lot of international students in the public health school where I teach, and nobody can understand the United States. Why do we allow this to happen? Why do we allow children, women, old people to get killed at such high rates? What do you think of the argument of groups like the National Rifle Association that having people carry guns makes the country safer? That’s completely wrong, and all you have to do is look at the numbers. They compare us to Honduras, Mexico or South Africa to make it work. It’s important to compare likes to likes -- urban states to urban states and rural states to rural states. If you look at high-gun states, which typically have weak laws, versus low-gun states, which have strong laws, you just want to live in the low-gun states. One place has lots of deaths and the other place does not. Gun advocates point at Chicago and Washington, D.C., cities with restrictive gun laws but high homicide rates. But the truth is that those cities don’t do well because it’s so easy to get guns from nearby areas with loose laws. Massachusetts, for example, has strong laws and relatively few guns -- at least for the United States -- but still our criminals get guns from Vermont and New Hampshire. We do well, but not nearly as well as we would if these other states had our gun laws. Canada could do better if criminals there couldn’t get guns from the United States. In Mexico, criminals get guns from the United States. We once had an intern from Jamaica who determined that something like 80, 85 percent of guns used by criminals in Jamaica came from three counties in Florida. Every time a mass shooting like this occurs, it triggers a new debate about whether we need stricter gun laws. Has that same debate occurred in other countries as well, and did they make changes as a result? In virtually any area of public health, tragedies are the time when there is a window of opportunity to do something, to make beneficial changes. In the gun area, these tragedies are often mass shootings. These mass shootings are not the major part of the problem. Over 300 people are shot every day in the United States, and over 90 of those people die. Mass shootings are terrible, but it’s a relatively small component of our gun problem. But it’s a time to act, and in most countries, when there have been big changes in gun laws, it was because of mass shootings. A person in the United States is 25 times more likely to be murdered with a gun than people in other developed countries. Australia is the classic example. About 18 years ago, more than 30 people were killed in the Port Arthur massacre in Tasmania. Australia’s conservative prime minister at the time said enough is enough. The country tightened its gun laws and organized a massive buyback of semi-automatic rifles. In the 18 years before the changes, Australia had seen something like 11 massacres. Since the changes, there have been zero. Australia’s gun homicide rate has gone down and its gun suicide rate has gone down. In the United States, organizations like the NRA lobby fiercely against stricter gun control. Do other countries face similar obstacles? They don’t have as many obstacles. Some other high-income countries have a strong gun culture, but it’s mostly the gun culture of the NRA before the 1970s, when the organization was not a conservative political powerhouse but basically a group trying to protect the ability of hunters and shooters to do their thing. However, there’s one major thing that makes similar organizations in other countries very ineffective -- and that’s the United States. Because basically whenever there’s a gun proposal, the proponents of gun control can say, “Do you want to end up like the United States?” And nobody ever does. This interview has been edited and condensed for clarity. More from The WorldPost's Weekly Interview Series: - Is Al Qaeda In Decline? - Anguish In Argentina After Prosecutor's Mysterious Death - Could The New Syriza Government Be Good For Greece's Economy? - Naming The Dead: One Group's Struggle To Record Deaths From U.S. Drone Strikes In Pakistan -- 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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Coast guard picks up 44 people off Samothrace

Greek coast guard officers on Saturday intercepted 44 illegal migrants on a boat east of the northern Aegean island of Samothrace.


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Stournaras to face panel on Siemens, but not on Monday

Bank of Greece Governor Yannis Stournaras is willing to appear before Parliament’s institutions committee following the panel’s decision to summon him to testify in connection with the Siemens cash-for-contracts scandal but not on Monday, as requested.


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How the possible scenario of capital controls would play out in Greece

The scenario of capital controls could become a reality if the deposit outflows from local banks continue at the same high rate as in recent days.


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Outgoing head of IKA discusses fund's 'prospects' with president

As fears grow about the sustainability of Greece’s crippled pension system, President Prokopis Pavlopoulos met on Saturday with the outgoing head of the country’s main social security fund, IKA, Rovertos Spyropoulos.


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Two arrested, two sought for sex-trafficking of Bulgarian minor

A 28-year-old Bulgarian and a 36-year-old Greek were arrested on sex-trafficking charges over the weekend, while another two suspects, a 43-year-old foreign national and a 32-year-old Greek, were identified and being sought by police in the same case.


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Greek PM faces tough choices as crisis summits loom

Greece faces another critical week as eurozone finance ministers and leaders gather in Brussels on Monday for successive summits aimed at resolving deadlocked negotiations between the Greek government and its creditors that have fueled fears about a possible Greek default and exit from the eurozone.


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Russian-Greek relations have 'a lot of potential' – Greek Economy Minister to RT

Russia-Greek relations have "a lot of potential" and will develop further once "problems" between the EU and Russia have settled down, Greek ...


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See photos of Greek Fest and check out the weekend schedule

David C Bristow | dbristow@mlive.com George, left, and Paul Bistolarides eat and talk during the 37th Annual Greek Festival 2015 at St. Demetrios ...


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Gyros on the Spit making Greek dish from scratch daily

There are dozens of Greek gyro stands in the region, but only a handful still make their impressive cones of lamb and beef from scratch each day.


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Paul Krugman Is Right; Greece Should Leave The Euro

What with the nearing denouement of the Greek debt crisis the real question is, well, what actually should be done? And that in turn means that we've got to decide whose interests should be paramount. There's perhaps three groups that we should be thinking about and how we weight their [...]


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