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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

Thursday, July 16, 2015

GLOBAL MARKETS-Sturdy earnings reports, Greece hopes lift markets

… gain on quarterly earnings reports* Greek parliament's approval of … . While the political climate in Greece remained fragile, with the International … ;The remaining issue is whether Greece will live up to what …


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Greek budget cash deficit down in first half of 2015‏

#economy


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Osborne says UK contribution to Greek loan will be fully protected

#economy


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It's a troubled world when oil is a refuge for equity investors

Chaos in Greece and tanking Chinese markets only add to investor losses, with more than $3 trillion wiped off global equities in the past month


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Eurogroup head says wants Grexit debate to end

BERLIN (Reuters) - The president of the Eurogroup said on Thursday that he would like discussions about a possible Greek exit from the euro zone to stop. "I would certainly be very happy if the talk about Grexit could stop and we could talk about getting Greece back on track and that's what we aim to do with this programme," Jeroen Dijsselbloem, who is also Dutch finance minister, said after meeting with politicians from the Social Democrat (SPD) party in Berlin. (Reporting by Michelle Martin and Scot W. Stevenson; Editing by Angus MacSwan)


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There's a problem developing in the market for student loans

FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors. Student loans are taking longer to repay (Bloomberg) AAA-rated student loans are in danger of being downgraded. Bloomberg reports people who took out their loans before the financial crisis are taking longer than expected to repay them, and that's at least partially due to relief programs created by the government. Rating agencies Moody's and Standard and Poors said the ratings on the bonds could be cut to junk, which Bloomberg says could "unleash an unusual situation where fundamentally sound bonds with minuscule coupons that reflect their low default risk would need to find new buyers, potentially crushing their prices." The ECB turned on the spigots to Greek banks (Business Insider) On Wednesday, Greece's parliament voted to accept the bailout conditions laid out by its creditors. On Thursday, the European Central Bank announced it would increase emergency liquidity assistance to Greek banks. At Thursday's press conference, Draghi said the ELA was increased by 900 million euros after the Greek banking system saw an outflow of 8.18 billion euros in June. 2015 is the year of the mega deal (Wealth Management) The M&A market has been gangbusters in 2015. DeVoe & Company's managing partner, David DeVoe, told Wealth Management there have been eight "megadeals" so far in 2015, which has it on track to be the best year for megadeals ever. Total M&A transactions so far in 2015 total 64, up 84% from a year ago. DeVoe says the average deal size through the first half 2015 is $877 million, up 34% year-over-year.  Some employees want their employers to provide them with a financial advisor (Financial Advisor) A survey conducted by Activehours found 16% of employees would like their employers to provide them with a financial advisor or educational workshop. However, the most common response to how employers could help employees financially was by giving them a raise or retirement savings plan. Almost 50% of respondents gave that answer.  Wells Fargo is considering going robo (Think Advisor) Add Wells Fargo to the growing list of wealth management firms that is considering offering clients a robo advisory option. On the conference call following Tuesday's earnings report, CFO John Shrewsberry said there were a number of new initiatives in the works and that "At some point, it could even include a service or capability that competes with some of the robo-advisory people out there today who rely primarily on technology to construct portfolios and make offerings to customers." According to Think Advisor, Merrill Lynch started the robo advisory movement more than five years ago.Join the conversation about this story » NOW WATCH: Take a tour of the $367 million jet that will soon be called Air Force One


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Greece debt crisis: Eurozone funding talks to start

Talks between eurozone ministers on emergency funding to keep Greek banks afloat have begun, hours after the Greek parliament passed tough reforms required for a third bailout deal. The Eurogroup was also due to discuss next steps in negotiating the bailout.


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Greece to implement VAT changes from Monday

Greece will implement changes to value added tax from Monday, the finance ministry said, fulfilling a key pledge in the bailout deal the cash-strapped country reached with international creditors. Prime Minister Alexis Tsipras promised "the streamlining of the VAT system" in an agreement signed with European partners, with VAT hikes due on food served at restaurants and on public transport. In a sign that Greece may be trying to win back trust from its European allies, many of whom doubted that Athens would come true on its promises, the finance ministry said it would begin working in earnest on the changes.


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Yellen, Draghi upbeat despite tumult in Greece, China

WASHINGTON (AP) — The Chinese stock market is experiencing a terrifying freefall, and Greece is teetering on the brink of financial collapse.


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Fallout from bailout vote means rocky road ahead for Greece's Tsipras

Battles were fought inside and outside the Greek parliament as Prime Minister Alexis Tsipras worked to "convince…


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Kotzias: ‘Bosnia an example of positive energy in the EU’

Athens, July 16, 2015/ Independent Balkan News Agency By Spiros Sideris The improvement of bilateral economic and trade relations between Greece and Bosnia and Herzegovina, which are at a very low level and the assistance of Greece to Bosnia’s accession course to the EU were the key issues in the meeting on Thursday afternoon between […]


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Early Elections 'Very Likely' in Greece as Austerity Reforms Pass Parliament

Greece's government stands divided after agreeing to the terms of its third bailout since 2010. Greek government officials have agreed to adopt unpopular austerity measures demanded by international creditors in exchange for a multibillion-dollar bailout deal.


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Greek banks to re-open 'gradually' on Monday, says finance ministry

Greece's finance ministry has stated that banks will re-open on Monday after being closed three weeks ago, when capital controls were implemented. The decision comes amid increased emergency funding from the ECB.


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Greece: Government Says Banks to Reopen Monday With Restrictions Easing "Gradually"

Greece: Government says banks to reopen Monday with restrictions easing "gradually"


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Denmark says it is willing to contribute to bridging loan to Greece

Denmark is willing to contribute to a bridging loan to Greece to stave off a potential default on ECB repayment next week as euro zone countries debate a third bailout deal, the finance ministry said on Thursday. Sweden and Britain have both voiced concern over the loan because it would come from a fund to which all EU members, not just euro zone members, contribute.  "The euro area has taken a large responsibility for Greece. Denmark is ready to help by supporting a short term EU loan for Greece in the interim," Denmark's finance minister Claus Frederiksen said in emailed comments to Reuters.  Denmark is not a member of the euro zone.


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IMF won't be part of first tranche of planned third Greek bailout

German Finance Minister Wolfgang Schaeuble said in a letter to the president of Germany's Bundestag lower house of parliament that the International Monetary Fund would not be involved in the payment of a first tranche of a planned third Greek bailout. The letter said the IMF would make its further involvement dependent on a successful conclusion of the first programme review in autumn 2015 and a confirmation of Greece's debt sustainability.


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Sales of jewellery, TVs and cars rise as Greeks place their trust in goods

As fears grow over bank closures, capital controls and a potential euro exit, Greek people are buying luxury goods to put their money in something tangibleIt is not every day that Zolotas, the high-end Greek jeweller, attracts a steady stream of local customers. But in recent weeks, its flagship store in the heart of Athens has seen a jump in business that few would ever have expected. “At the height of fears over bankruptcy and banks, we suddenly saw a rise in sales of our classic signature pieces of gold and diamonds,” said Marianne Le Clere Papalexis, the jeweller’s managing director. “Not that long ago, we had a customer, a middle class Greek I’d say, who wanted to buy a million euros’ worth of jewellery via bank transfer. We just had to say no because, we, too, were fearful of what might happen to the banks.” The Greek crisis is being played out in odd ways. On the streets of Athens, in luxury shops off avenues where beggars lie prostrate, panic-buying has ensured a surge in sales. Zolotas, made famous by the likes of Jackie Onassis and Elizabeth Taylor, is far from being alone. Related: The crucifixion of Greece is killing the European project | Seumas Milne Continue reading...


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Greece debt crisis: new ECB cash lifeline could reopen Greek banks

Mario Draghi reveals extra €900m in emergency funding and adds backing for debt write-offs as hopes rise that Greek banks will reopen on MondayBanks in Greece could open their doors on Monday for the first time in three weeks, after the European Central Bank boosted emergency funding for the country’s financial sector by €900m (£628m) and threw its weight behind calls for debt relief for Athens.The ECB president, Mario Draghi, announced the extension of aid to the country’s banks while backing the idea – championed by the International Monetary Fund, but rejected by Germany – that some of Greece’s debts will have to be written off. Related: Greek debt crisis: ECB raises emergency liquidity and pushes for debt relief - live updates Related: Merkel 'gambling away' Germany's reputation over Greece, says Habermas Related: British progressives and the European Union: should we stay or should we go? | Letters Continue reading...


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Jürgen Habermas’s verdict on the EU/Greece debt deal – full transcript

Read the full text of the Guardian’s exclusive interview with philosopher and sociologist Habermas, in which he describes the agreement as ‘toxic’Guardian: What is your verdict on the deal reached on Monday?Habermas: The Greek debt deal announced on Monday morning is damaging both in its result and the way in which it was reached. First, the outcome of the talks is ill-advised. Even if one were to consider the strangulating terms of the deal the right course of action, one cannot expect these reforms to be enacted by a government which by its own admission does not believe in the terms of the agreement.The European Council is effectively declaring itself politically bankrupt Related: Greece’s rescue package: utter humiliation or disaster averted? | The panel Related: Merkel 'gambling away' Germany's reputation over Greece, says Habermas Continue reading...


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EUphoria: Deal on Greece and… Iran

The Greek parliament adopted on Thursday (July 16) the commitments specified for the country’s third bailout programme. But German finance minister Wolfgang Schäuble did not change his mind and still claims a Grexit is better. Another big deal reached this week is the agreement on the Iranian nuclear deal. The EU foreign policy chief Federica […]


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German rallying cry is 'cash only'

Germans' rejection of living on credit explains opposition to Greek bailout.         


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Putting the Greek economy and banks back on the right path

EU lawmaker Brian Hayes, a member of the European Parliament's economic and monetary affairs committee, is confident that Greece will remain the single-currency area.         


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EU's Juncker praises Cyprus recovery after bailout

Nicosia (AFP) - European Commission President Jean-Claude Juncker praised Cyprus Thursday for its budding economic recovery after harsh bailout terms saved the eurozone member from meltdown, and urged re-unification of the divided island."Cyprus found itself in a difficult economic position in 2013, but the Cyprus I am visiting today is very different," he said after talks with President Nicos Anastasiades on his first official trip to the island."The economy is beginning to grow, the financial sector has stabilised and you are again ready to take advantage of the opportunities of the future," said Juncker.A nearly bankrupt Cyprus obtained a 10 billion euro ($10.9 billion) bailout from a troika of lenders -- the European Commission, European Central Bank and International Monetary Fund.In exchange, the government was forced to adopt austerity measures that combined revenue hikes, mostly through higher taxes, and slashed spending.It was also forced to restructure the banking system in an operation that saw many large depositors lose a hefty chunk of their deposits.In an apparent nod to Greece and its woes, Juncker said Cyprus was an example to follow."Tough decisions and commitment paid off in Cyprus, as they did in Ireland, Portugal and Spain. I hope that others will take note."Cyprus has been praised by the troika for adopting the austerity measures and not flinching from a tough reform programme, with high hopes it will exit a more than three-year recession in 2015.Juncker also voiced optimism about progress in the UN-brokered peace process between Greek- and Turkish-Cypriot communities on the island, which has been divided since 1974."This is the last chance. We never had an opportunity such as this one, such a beautiful moment," Juncker told reporters."If done it will be win win for all, for Cyprus but also for the EU, and personally I will spare no effort," he said.He added that the EU representative to the UN-brokered talks, Pieter Van Nuffel, will have a "more visible role" to help bring the Greek- and Turkish-Cypriot communities closer to an agreement. - Halloumi protected status - Juncker had a working lunch with Anastasiades and Turkish Cypriot leader Mustafa Akinci.He announced that an agreement had been reached to grant the iconic Cyprus cheese halloumi the EU Protected Designation of Origin status.As with Italian mozzarella or Greek feta, this status means that only a product produced in a certain area and using certain methods can use the name."After tough discussions with the two leaders, we found a common understanding as far as the geographic protection of halloumi under the EU law is concerned," said Juncker."It is not a small thing. It is a highly symbolic issue for both communities. We build confidence with concrete measures," he said.Halloumi, known as hellim in the Turkish Republic of Northern Cyprus which is only recognised by Ankara, is one of the main exports of the divided island.In 1974, Turkey invaded the country and occupied its northern third in response to an Athens-inspired coup seeking union with Greece.A divided Cyprus joined the European Union in 2004 following a failed peace plan, which effectively saw European law only applied in the government-controlled south of the island and not the Turkish-held north.Stalled UN-brokered peace talks were relaunched on May 15 in what is seen as the best chance in years to reunify Cyprus.On Friday Juncker will wrap up his trip with an address to parliament.Join the conversation about this story »


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More than one way to skin a Greek loan

Creditors agree on the need for debt relief, the debate is how to do it


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‘Go Set a Taxman’: a novel about Greece

Harper Lee’s third book sees a much-loved character return home to father Yanis Varoufakis


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Europe seeks to restore 7b euros in short term funding

Europe moved to re-open funding to Greece’s stricken economy on Thursday, hours after a fractious Greek parliament approved a tough bailout program in a vote that left the government without a majority and looking to new elections within months.


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On the brink, EU leaders clinched bailout deal _ with an SMS

BRUSSELS (AP) — As dawn broke in Brussels on Monday, Europe's frazzled leaders gazed into an abyss: the looming exit of Greece from a common currency that symbolized European unity.


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Greece: Protests turn violent as MPs pass reform package

Greece awoke with a political hangover today after parliament approved a stringent bailout programme, thanks to the votes of the pro-European opposition, amid the worst protest violence this year. The vote, vital to unlocking emergency financing from ...


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Where’s the beef? At 23% VAT, that’s where it is

VAT rates rise sharply, as per Greekment -- Real question, however, is whether remittances will increase as a result


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Greece latest: EU okays parliament vote as #BoycottGermany trends

POLITICAL ACTIVISTS, WHO are less than impressed with Greece’s acquiescence to a third bailout, are calling on people to boycott German products and brands. The hashtag #BoycottGermany has been tweeted almost 33,000 times since Monday as disgruntled ...


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Loan Hike Raises Hopes Greek Banks Will Reopen Soon

The European Central Bank has increased its lending to Greece, raising hopes that banks may be able to open their doors after more than two weeks.


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Greece crisis: EU ministers discuss process to deliver bailout

Euro zone finance ministers are discussing the next steps to deliver Greece’s third bailout after MPs in Athens adopted the contentious package, amid angry scenes in parliament and violent clashes on the streets. The eurogroup of finance ministers began ...


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European Central Bank increases Greek emergency loans

Ed AdamczykFRANKFURT, Germany, July 16 (UPI) -- The European Central Bank offered Greece a vote of confidence Thursday in the form of an expanded line of credit to Greek banks.


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UK 'strikes deal' over Greek bailout

… from the impact of the Greek bailout, the Treasury says. Chancellor … to make bridging loans to Greece. It centred on the use … that could be given to Greece as part of the wider … in this emergency financing for Greece." The chancellor said he …


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'Walking Dead' actor helps rescue Syrian refugees

Actor David Morrissey, best known for his evil role on "The Walking Dead," helped rescue Syrian children from a refugee boat off Greece.


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WorldViews: Watch: Germany’s Merkel makes a young refugee girl cry, then tries to comfort her

In the wake of the economic crisis in Greece, Chancellor Angela Merkel and the German government have been criticized for their tough stance and apparent lack of sympathy. Now, a video that has gone viral in Germany is only going to make things more difficult for Merkel.Read full article


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The Gun Culture of Crete and World War II Memories

The island of Crete is home to great traditions and proud, defiant people who function mainly on tight kinship and friendship ties. Greece’s largest and southernmost island has 620,000 people and its rich, fertile land and gorgeous seaside make it a self-sufficient heaven for locals. Politico magazine featured an extensive article about Cretans’ attitude toward Germany and Europe in light of the recent bailout deal Greek Prime Minister Alexis Tsipras reached with the country’s international creditors and the acrimony between Greece and Germany over the former’s request for war reparations and the latter’s insistence on austerity for the debt-stricken country. The wounds the German occupying forces left on the island have not yet healed. The recent negotiations over Greece’s debt have unearthed vivid memories for the descendants of those who fought in the Battle of Crete and later in the resistance during the Nazi occupation (1941-1943). “Over 1,000 Cretan villages were destroyed by the Germans during the war,” said a local. “Then of course there’s the famous occupation ‘loan’ the Germans forced the Greek government to give them. They took 90% of Greece’s gold reserves — all this to feed their troops,” added the Cretan. And he continued: “Skeletons of hundreds of children were found. I think we should put all those in an album and send it to [German Finance Minister Wolfgang] Schaeuble for his birthday.” Another local vents his hatred for Germany and its Finance Minister: “The German government hates Greece because of the 1941-1943 events. Germany, Schaeuble in particular, has a vindictive rage against our country, especially Crete, because his father was one of the Nazis killed in the Battle of Maleme Airport.” Schaeuble’s father’s grave, he insisted, is in the German cemetery here in Crete. As for German Chancellor Angela Merkel, she is another hate target for many Cretans. The magazine asked a farmer what he would say to Merkel if she came to Crete. “Nothing,” he replied. “I would spit on her face.” “Right between the eyes… That’s what I’d give Merkel,” another local said while he blasted his shotgun into the air with a broad smile. Crete and guns go together. It is the only area in Greece where gun possession is permitted as a tradition. A group of people showed their rifles and fire them into the air. One local excitedly pointed to one that he said their grandfather used in World War II. “It has killed real Germans,” he said. A man turned up with an automatic machine gun. “There are two things that will never disappear from the Cretan inland. Food and guns.” During the recent July 5 referendum, the highest “No” vote (with 73.27%) in the whole of the country was recorded in Crete (in Chania, the island’s second largest city). “I voted ‘No’ because both the Greek government and the Eurozone are taking advantage of the Greek people. They want to take advantage of Greece — and especially Crete, because of our geographical position. That was why Germany wanted to occupy the country, and especially Crete, during World War II, and that’s why they want to occupy us economically now,” said a farmer. When asked about the recent news that Tsipras is ready to sign a deal with creditors, they all replied they feel let down after the “No” vote. “He should be executed,” an outspoken local said.


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Death of Democracy

After last week’s referendum euphoria, authorizing the Tsipras administration to negotiate with creditors on the premise not to accept additional Memoranda, I felt proud to be Greek! I truly believed that Greece would shine again and protect the people against a cleptocratic banking system that has ruined the nation and brought misery to millions. I also believed that the Greek Gods are finally back to govern Greece and show the world what Direct Democracy is all about. This new democracy promised to clean out the stables of a plutocratic elite and change things for the better but also protect citizens from the new world order, namely the IMF/ECB/EU Troika, which does not recognize parliamentary decisions, referendums or even the principle of democracy! How could I have been so wrong and so blind not to see that all those fancy words were simply a charade? The astounding election of the Tsipras administration brought back the dignity and pride of the Greek nation and offered them hope for a better future, but sadly, those dreams were shattered in one night. Just as the president of Cyprus claimed “they put a gun on his head” and had to sign the death warrant of democracy, so did Tsipras. Mr. Tsipras behaved even worse; he received people’s trust with an overwhelming mandate in a referendum – that was amazing! The whole world believed that this is democracy in action against injustice. Today citizens feel betrayed; betrayed by political charlatans who promise one thing and do the opposite in order to maintain the status quo. The excuse: there was no other choice. Rubbish! The Greeks of 1821 faced worse catastrophe and won the day; the EOKA fighters in Cyprus faced a formidable enemy but did not give up and fought for justice. Today no one seems to fight for justice but deviously fight to protect a plutocratic elite and a cozy relationship of a corrupt system at the expense of ordinary citizens and the country. Greece, the land that gave democracy to the world, has now become the land that has buried democracy for good in exchange of money. From this day on, the EU will operate as a new world order that does not recognize the principle of democracy and will not allow dissent or any opposition to its policies; policies dictated by unaccountable bankers, the Eurogroup and unelected Eurocrats. Greece has now lost its sovereignty as a free nation. And just like Cyprus, those economic assassins would never let go. They have now dug their sharp claws deep into the very psyche of the Greek nation and, as of this morning, the EU – but especially Germany – and the IMF gleam with joy for making the biggest political and economic coup in history to subjugate a nation and bloat their coffers with profits at the expense and misery of the Greek people and the new Greek generations not born as yet. Today I certainly do not feel a proud Greek…


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Greek Tourism Industry Leaders Are Optimistic Following Deal with International Creditors

Greece’s tourism industry is likely to benefit from the country’s deal with international creditors, according to tourism business professionals. Greek banks have been closed and capital controls imposed since June 29. The situation raised questions about how the tourism industry – one of Greece’s most profitable – would cope with this reality. Tourism industry leaders told the Athens-Macedonian News Agency that they have a positive outlook on the sector’s performance for this season, following the agreement. Hellenic Hotel Owners Federation President Giannis Retsos said that since this past weekend, the negative trend in tourism, which was mostly due to the lack of new reservations, has been reversed. “The usual [reservation] rate is not what it would typically be during this period, but there is a positive trend. We believe, based on the expected developments, that there will be a normalization of the situation in the next days,” he said and added it is crucial that banks reopen. Retsos said that the developments of the past few weeks have highlighted the resilience of the tourism industry and he expressed the opinion that it would be a great achievement if the sector could attract as many as last year’s 24 million tourists. Five associations had warned Greek Prime Minister Alexis Tsipras that tourism would be severely hampered if Greece failed to reach a deal with its international creditors and liquidity in the country was not restored. Hellenic Association of Travel & Tourist Agencies President Lisandros Tsilidis said that due to recent events, people who wanted to visit Greece were afraid to do so. He noted that the developments of the last few days will help the tourism sector recover from this phenomenon. “I am certain that the rate of reservations will recover,” he said. “After all, we did not have cancellations. We did not have new reservations. It was unclear how and for how long that situation would go on.”


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5th Thessaloniki Biennale of Contemporary Art

The 5th Thessaloniki Biennale of Contemporary Art has promised an entertaining and educative summer to the public, filled with exhibitions in various cultural venues across the northern Greek city. The Biennale opened on June 24 and will continue through the summer until September 30. The organization aspires to be a dynamic meeting between the artists and the public that will give the latter the opportunity to discover the modern, complex artistic reality of the Mediterranean and the rest of the world. For 100 days, Thessaloniki will host 14 contemporary art exhibitions with works by over 100 artists from across the globe, three symposiums, a performance festival, workshops, screenings, guided tours and educational programs at museums, exhibition venues, galleries and monuments, structured in the Biennale’s main and parallel program. The exhibitions, tours and educational activities will take place in venues across the city, such as the State Museum of Contemporary Art, the Pavilion 6, the Thessaloniki City Hall and the Archaeological Museum of Thessaloniki. Admission is free to all events, exhibition and tours. The director of the 5th Thessaloniki Biennale of Contemporary Art and responsible for the overall concept is art historian and curator Katerina Koskina. Chief curator of the main exhibition “Between the Pessimism of the Intellect and the Optimism of the Will” is art historian and independent curator Katerina Gregos.


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The Only Private Island Yoga Retreat in The World Is Greek

Good news for those seeking an exclusive getaway in an untouchable dream place where they can enjoy some quality time surrounded by nature. Because they can now book a spot to secure their place at the only private island yoga retreat in the world, the Silver Island in Euboea, Greece. The privately-owned earthly paradise finally opens its doors after 50 years to host a magical and unspoiled yoga, relaxation and general soul-nourishing experience away from the hustle and bustle of modern daily life. Visiting the 60-acre property of the Christie family, your sight will be lost somewhere between the gorgeous views of several tiny idyllic coves, ancient olive groves, cypress trees and wild flowers while your body will recover its lost power, diving in the crystal blue Mediterranean waters. “I can safely say that it was the best week I’ve had in a very long time, if not ever! Everything about the retreat was perfect; from the surreally beautiful island location to the delicious vegetarian food to the weather and of course the amazing yoga sessions,” famous British fashion blogger RosieGlow wrote, referring to her recent vay-cay to the Silver Island Yoga. “I felt like I got so much from the trip; not just from the lovely people I met, but from the yoga lessons, meditation and general peace and relaxation that the trip gave me. As most of us do these days, I live a pretty non-stop life. Working in social media for a fast-paced company often makes it difficult for me to switch off and it was an amazing feeling to have some time to stop and just be,” RosieGlow added, confirming that this magical place is the absolute destination for anybody interested in practicing the art and joy of yoga. And then she concluded: “I honestly felt like a different (and far more flexible!) person by the time the week was over. I was so sad to leave, but since I’ve been back, I’ve been trying hard to hold on to the relaxed, open-minded feeling the trip gave me, and I’ve been keeping up with my yoga practice, although the view of a Manchester building site from my flat isn’t quite the same as practicing yoga overlooking the sea somehow! At least I’m trying I suppose… I’ve already made a pact with the friend I went with that we will go back to Silver Island in a few years time. I’m already dreaming about it!”


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Fed watchers are focusing on the wrong thing

As we look around at all the craziness in the world today, a common question is: “WWJD?” No, I’m not referring to the rubber bracelets from early 2000s. Instead, I’m talking about economics, where the appropriate question is: “What would Janet do?” That is, Federal Reserve Chair, Janet Yellen. Greece is broke, and so is Puerto Rico. Illinois can’t pass a budget, and Chicago is bumping up against pension payments it can’t possibly make. The U.S. economy is creating some jobs, but wages remain sluggish at best. That casts a cloud over the much-hyped-but-not-quite-here-yet boom in housing millennials will eventually lead. Right now they can hardly scrape together enough dough for a 3% down payment, much less earn enough to qualify for a conforming loan. It’ll be a long time before they rush headlong into the housing market. So as we get closer to the Fed’s September meeting, our current situation has a lot of people wondering what in the world Janet and Company will do. Personally, I’m not too concerned. Don’t get me wrong. It’s not that I think everything is fine. I’m just as concerned about our economic plight – or more so – than most people I know. But I think the hype around the Fed raising rates is overdone. Eventually the Fed will announce that its target for the Fed Funds Rate – the rate at which banks lend to each other overnight – is moving up from a range of 0% to 0.25%, to simply 0.25%. This will affect hedge funds, pension funds, insurance companies, and other institutions that use short-term leverage to increase their buying power. But aside from slightly increasing what banks pay on deposits, the move won’t mean much to everyday people. Most of us don’t live in that rarefied air. Closer to home is what happens with longer-term interest rates, like those on 5-year and 30-year Treasury bonds – and even there I think very little will happen. That’s because interest is supposed to pay lenders (bond buyers) for the use of their money, compensate them for inflation, and provide some degree of security against the risk of non-payment. Right now money is not in high demand. Lenders don’t get paid much to put their money to work, as any bond buyer already knows. As for inflation, I’ve written about how it’s creeping up in certain areas of the economy like health care, education, and food costs, but overall most developed nations are trying to fight deflation, not inflation. Then in regards to security, the Fed can print money to buy U.S. government bonds, so buyers have zero risk of non-payment. In addition to all that, there are a lot of other reasons for interest rates on notes and bonds that mature in more than a year to remain quite low – tens of billions of reasons, and they are flowing from overseas! Currently the European Central Bank (ECB) and the Bank of Japan (BoJ) are printing enough currency to buy all the new government bonds issued by all the countries of the euro zone, Japan, the U.K., and the U.S. combined. Now, these central banks aren’t trying to buy all of those government bonds. The BoJ buys Japanese government bonds, ETFs, and other assets including foreign securities, while the ECB buys government bonds in the euro area and has just approved buying corporate bonds. Still, the point remains that there’s a ton of capital chasing bonds and other investments, which will keep interest rates exceptionally low in developed countries. By extension, these low interest rates on government and even corporate bonds will keep downward pressure on other interest rates. They affect mortgages, car loans, and other consumer finance products. If things work out this way, the yield curve will flatten. Short-term interest rates will move up when the Fed raises the Fed Funds rate, but longer maturities will move only modestly, if at all. It’s even possible that long-term rates will fall, given a statement Yellen made after the last meeting. In her press conference, she pointed out that investors were placing too much emphasis on when the Fed would start raising rates for the first time in more than eight years. Instead of focusing so much on when the Fed would start raising rates, she said that investors should pay more attention to the expected time frame over which rates would rise. That makes me think the Fed might begin pushing up short-term rates sometime this year, but subsequent rate hikes could be few and far between after that. All of this is good news for anyone who intends to borrow money in the months ahead, and it provides investors with a window of opportunity. Many interest rate sensitive investments have fallen dramatically over the past six months as investors have worried about higher rates. That means now could be a very good time to go bargain hunting in that sector.Join the conversation about this story »


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Germany's Merkel defends Grexit debate in conservative meeting

BERLIN (Reuters) - German Chancellor Angela Merkel defended the debate about a possible temporary Greek exit from the euro zone in the conservative parliamentary faction, a source told Reuters. "I think it's definitely right to think through and discuss every option in such a situation," she said, according to a participant at the extraordinary meeting on Thursday. (Reporting by Andreas Rinke; Writing by Michelle Martin; Editing by Paul Carrel and Angus MacSwan)


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Greek banks to get brief reprieve before overhaul

As part of a deal to secure new funding, Athens had to surrender much autonomy over its economy and this will include handing over more power to European institutions to decide the fate of its sick banks. Only Alpha Bank was given an entirely clean bill of health.


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We already know who's snapping up all Greece's gorgeous villas

Russian buyers are scrambling to buy bargain properties in Greece as the financial meltdown has eroded luxury real-estate prices, Damien Sharkov reported for Newsweek. Just to give you an idea of the scale of sales: The Greek real-estate agency IRM Aegean Estate has put properties in package deals, with two villas in Corfu —private beach and all — selling together for $4.9 million. According to the German magazine Bild, the number of luxury Greek villas bought by Russians has more than doubled in the past year, Newsweek reported. That's partially because of Russia's own currency crisis — rich people are looking for safe places to park cash — but also because real-estate prices in Greece have fallen roughly 50% since 2009, Bild reported. "If a villa on the Greek island of Syros still cost €1.6m a few years ago, it is now selling for just €800,000," IRM founder Isabelle Razi told Newsweek. That's a fall to roughly $870,000 from $1.74 million with today's exchange rates. The strengthening relationship between Russian buyers and their Greek holdings is mirrored by ties between their national governments. Last month the two countries agreed to build a $2.27 billion gas pipeline, Sharkov reported for Newsweek, and some critics are concerned the move signifies a tug-of-war between the West and Russia, as Athens may be inching toward the Kremlin's umbrella of influence. Read the original story at Newsweek.SEE ALSO: Greece is flirting with Russia to make Europe jealous Join the conversation about this story » NOW WATCH: This drummer created a whole song by only using the sound of coins


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The Latest: UK says its taxpayers protected in Greek loan

ATHENS, Greece (AP) — The latest on Greece's financial crisis (all times local):


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ECB gives Greece thumbs up with funding boost

FRANKFURT (Reuters) - The European Central Bank increased emergency funding for Greek banks on Thursday, ending a freeze of almost three weeks and urging Europe to find a way to cut the country's debt burden.


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George Osborne backs down on use of EU bailout fund in Greece crisis

In a compromise, chancellor reassures taxpayers there will be an ‘impregnable ringfence’ around the up to £850m of British-backed funds in the EFSMGeorge Osborne has backed down over the use of an EU bailout fund to give an emergency loan to Greece. But the chancellor said there would be an “impregnable ringfence” around the up to £850m of British money in the fund to prevent any losses to the taxpayer.The chancellor argued it was a major victory for Britain in the EU because he had made it a “red line” that UK funds would not be threatened. But Eurosceptics will paint it as an example of Brussels reneging on an agreement with the UK, as David Cameron thought he had secured an opt-out from the EU-wide bailout fund being used after it was set up to help Ireland and Portugal in 2010. Continue reading...


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Bulgaria not keen on contributing bridge financing for Greece – Deputy PM

Nicosia, July 16, 2015/ Independent Balkan News Agency By Kyriacos Kyriacou Bulgaria could join Britain and other EU countries outside the euro zone opposing the use of their funds to provide short-term bridge financing for Greece ahead of a third bail-out agreement, Deputy Prime Minister Roumyana Buchvarova hinted on July 16. Buchvarova said that the […]


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Why not selling Donbass to Russia?

Is it possible to solve the problem of the Donbass by economic means? Not that long ago, members of the German Bundestag offered Greece to sell its islands to repay the debt. This brings up an interesting idea. Russia is Ukraine's prime state creditor. Therefore, if Ukraine is going to declare default, why not selling the Donbass to Russia?


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