Windfall for tourists as pound hits new high against plunging euro

Talk of interest rate rise fuels seven-year high against euro but makes life tougher for UK exporters and puts unwelcome focus on household financesBritons holidaying in Europe this summer were handed a windfall by the Bank of England after the prospects of higher interest rates sent the pound to a seven-and-a-half-year high against the single currency.With the euro already weakened by the Greek debt crisis, comments on Thursday by the Bank’s governor, Mark Carney, pointing to dearer borrowing around the New Year pushed sterling to levels last seen in the month following the collapse of Northern Rock in the autumn of 2007. Continue reading...

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German lawmakers back Greek bailout despite rebellion; Tsipras sacks dissenters

By Paul Carrel BERLIN (Reuters) - German lawmakers gave their go-ahead on Friday for the euro zone to negotiate a third bailout for Greece, but a warning from Chancellor Angela Merkel that the alternative was chaos failed to prevent a hefty rebellion in her own party. The Bundestag, the lower house of parliament, whose backing was essential for the talks to start, decisively approved the move by 439 votes to 119, but almost a fifth of Merkel's conservatives voted 'No'. Popular misgivings run deep in Germany, the euro zone country that has already contributed most to Greece's two bailouts since 2010, about funnelling yet more aid to Athens.

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Unlike various shouts, Greece remains a firm voice of logic (also) over the Kosovo issue

Athens, July 17, 2015/ Independent Balkan News Agency By Spiros Sideris The recent statements by Greek foreign minister Nikos Kotzias in the capital of Kosovo Pristina were blatantly distorted by certain media in Serbia, which resulted in a completely unjustified political noise. The bad news is that this noise was bred uncritically by Greek media. […]

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Refugee encounter highlights Merkel's complicated image

BERLIN (AP) — German Chancellor Angela Merkel's image appeared to take a hit this week as she faced accusations of making a young Palestinian refugee cry by telling her Germany can't let everybody stay, an encounter that came as Merkel was being blamed for strong-arming Greece into accepting more austerity.

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EU cheque in mail to Greece as Tsipras heads toward third bailout

Germany backs bailout; Euro 7.2-billion bridge loan to arrive by Monday

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Finance Minister: Romania can be a part of the European level decision on financial aid for Greece

Public Finance Minister Eugen Teodorovici has stated, on Friday, that Romania “can be a part” of the European-level decision on financial aid for Greece, mentioning that discussions in this sense are already underway. Asked if there is a possibility that Romania will participate, including financially, to the third aid package for Greece – and if […]

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Elon Musk just announced 'Ludicrous Mode' for the Tesla Model S (tsla)

Tesla CEO Elon Musk held a press conference on Friday. He announced the introduction of "Ludicrous Mode" for the high performance variant of the Model S.  In Ludicrous Mode, Tesla claims the upgraded P85D Model S will be able to 0-60 in just 2.8 seconds — down from 3.1 seconds in "Insane Mode." The previous acceleration was up there with the world's fastest supercars. But in Ludicrous Mode, an all-electric four-door is catching up or matching hypercars like the Ferrari LaFerrari (0-60 in 2.6 seconds) and McLaren P1 (0-60 in 2.8). When asked on the call whether Ludicrous Mode had been requested by customers, Musk replied, "No one was asking for Ludicrous Mode because it was too ludicrous."  "The car can accelerate at 1.1g," Musk said. "That's faster than falling." In an amusing nod to the ludicrous-ness of Ludicrous Mode, Tesla's press release called it "Luuudicrous Mode." And for what it's worth, rapper Ludacris was the warm-up music for the call, via Tesla's normally space-age New Age-y Muzak. Technically speaking, Ludicrous Mode is enabled by a battery pack and electronics upgrade that effectively extends the acceleration of the P85D past a 30 mph threshold. Once you get to 30mph, the P85D can't boost the power it's extracting from its batteries to bust through the 3-second barrier without melting a fuse. With the upgrade, which will cost $10,000 for new Model S buyers and, for the next six months, $5,000 for existing P85D owners, the car can maintain Insane Mode power up to 60 mph and beyond. According to Tesla, the upgraded S will be able to run the quarter mile in 10.9 seconds and reach 155 mph in 22% less time. Ludicrous Mode will also be available on the upcoming Model X crossover SUV. Musk estimates the Ludicrous Mode-equipped Model X cars to be able to hit 60 mph in 3.2 seconds.  In additional to a faster Model S, Musk also announced the introduction of a 90 kWh battery pack for the car. With the 90kWh pack, the S will have an additional 15 miles of range. As a result, the dual motor Model S with the 90 kWh pack is expected to achieve roughly 300 miles of highway range at 65mph. Musk also announced a $70,000 price tag for the 70 kWh single engine Model S. That's $5,000 less than the dual engine 70D. According to Tesla, with incentives and savings over five years of ownership, the price of the single engine Model S 70 falls to $52,500. SEE ALSO: Analyst: The fourth quarter is critical for Tesla Model X launch Join the conversation about this story » NOW WATCH: 6 mind-blowing facts about Greece's economy

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Puerto Rico is finally facing reality

In a May blog post on Puerto Rico bonds, we commented on why we had chosen not to hold the island’s debt in our municipal portfolios. Puerto Rico’s Governor has since said the debt is “not payable” and former International Monetary Fund officials, including former first deputy managing director Anne Krueger, recommended debt relief in a report commissioned by Puerto Rico. These events were no surprise, but future developments are less predictable. These are the key issues: Unsustainable debt. Puerto Rico’s debt is not sustainable without real economic growth and a consolidated surplus. These will remain elusive over the next several years by any reasonable estimate. One-off improvements in socioeconomic metrics do not imply debt sustainability. Yes, federal transfers will soften the blow, but difficult fiscal adjustments will occur and sacrifices will fall disproportionately on creditors. Nominal haircuts. Officials have suggested they will impose haircuts by seeking to negotiate payment terms, but not a reduction of principal. We consider the growth scenario and Krueger’s analysis optimistic. It demonstrates debt service costs in excess of 30% (of consolidated revenues excluding federal transfers) between 2016 and 2025. Adjusting to a sustainable servicing capacity over the longer term would necessitate larger haircuts through reduction of principal; if not, then Puerto Rico, like Greece, faces future rounds of restructuring. Roadmap to Chapter 9. The island hosted a meeting with creditors on 13 July to discuss Krueger’s recommendations. The meeting was uneventful, but the purpose may have been strategic. Puerto Rico’s public corporations and municipalities are not eligible for Chapter 9, but legislation has been introduced in the U.S. House of Representatives to extend the U.S. Bankruptcy Code to Puerto Rico. To qualify for Chapter 9, municipalities must demonstrate insolvency and good-faith negotiation with creditors. To that end, the meeting was deliberately perfunctory. The probability that Washington changes the code for Puerto Rico is currently remote; however, eventually, Congress may begrudgingly grant Puerto Rico access to Chapter 9 as a path of least resistance when faced with disorderly outcomes and less democratic alternatives (e.g., a federal control board). Legal protections of liens are untested and highly unreliable. We have long believed Puerto Rico’s capital stack will be reprioritized and the sanctity of revenue pledges is at risk. Existing remedies in the event of default are generally weak, and the preservation of liens in a comprehensive restructuring is uncertain. So what’s next? A new committee set up by the Governor will provide recommendations to legislators regarding fiscal and economic reform by 30 August. The committee includes the speaker of the Puerto Rican House of Representatives and the president of the Senate and should be viewed skeptically by creditors. The Commonwealth will also establish a financial control board to implement, and maintain adherence to, the committee’s recommendations across administrations. Granting the control board authority introduces heightened political risk. In the meantime, uncertainty over debt modifications may exert further pressure on bond prices. The island’s advisors intend to negotiate with individual committees over the next several months. However, indentures do not provide collective action clauses and no process exists for “cramming down” modifications on holdouts. We expect discussions to devolve to litigation, particularly between holders of general obligation and sales tax bonds. Puerto Rico’s adjustment will take time, hardship, litigation and substantial debt relief.Join the conversation about this story » NOW WATCH: We snuck a camera inside a Cuban supermarket

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Greece and Europe: Is Europe holding up its end of the bargain?

#economy

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Greek Government Announces Cabinet Reshuffle

 The Greek government announced a cabinet reshuffle on Friday evening, after multiple delays. The new administration is the following: – Prime Minister: Alexis Tsipras – Government Vice President: Giannis Dragasakis – State Ministry: State Minister Nikos Pappas, Transparency Minister Panagiotis Nikoloudis, Government Work Coordination Minister Alekos Flabouraris, Deputy Minister Terence Kouik – Economy, Infrastructure, Maritime and Tourism Ministry: Minister Giorgos Stathakis, Maritime Deputy Minister Thodoris Dritsas, Tourism Deputy Minister Elena Kountoura, Deputy Minister Christos Spirtzis – Interior and Administrative Reconstruction Ministry: Minister Nikos Voutsis,  Public Order and Civil Protection Deputy Minister Giannis Panousis, Deputy Minister Christoforos Vernardakis, Vice Minister Tasia Christodoulopoulou, Vice Minister Maria Kollia-Tsaroucha, Deputy Minister Pavlos Polakis – Finance Ministry: Minister Euclid Tsakalotos, Deputy Minister Trifon Alexiadis, Deputy Minister Kostas Mardas – Defense Ministry: Minister Panos Kammenos, Deputy Minister Dimitris Vitsas, Vice Minister Nikos Toskas – Foreign Ministry: Minister Nikos Kotzias, Deputy Minister Sia Anagnostopoulou, Deputy Minister Giannis Amanatidis – Production Reconstruction, Environment and Energy Ministry: Minister Panos Skourletis, Deputy Minister Giannis Tsironis, Deputy Minister Vangelis Apostolou, Vice Minister Panagiotis Sgouridis – Justice Transparency and Human Rights Ministry: Minister Nikos Paraskevopoulos,  Deputy Minister Dimitris Papagelopoulos – Labor Ministry: Minister George Katrougalos, Deputy Minister Theano Fotiou, Deputy Minister Rania Antonopoulou, Deputy Minister: Pavlos Haikalis – Health and Social Security Ministry: Minister Panagiotis Kouroublis, Deputy Minister Andreas Xanthos – Culture, Education and Religion Ministry: Minister Aristidis Baltas, Deputy Minister Tasos Kourakis, Research and innovation Deputy Minister Kostas Fotakis, Sports Deputy Minister Stavros Kontonis, Deputy Minister Nikos Xydakis – Government Spokesperson: Olga Gerovasili – Parliamentary Spokespersons: Nikos Filis, Gavriil Sakelaridis, Alexandros Triantafilidis By the order of the Prime Minister, a Special Committee to Combat Corruption is proposed, under State Minister Panagiotis Nikoloudis.The Deputy Finance Minister responsible for revenue Trifon Alexiadis, Deputy Minister of Interior and Administrative Reconstruction Pavlos Polakis, Deputy Minister of Justice, Transparency and Human Rights Dimitris Papagelopoulos and Deputy Minister to the Prime Minister, responsible for the coordination of the government’s work, Terence Quick will participate in the Committee.

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Nobel Prize Winning Economist Stiglitz Meets With Greek Govt Officials

Former World Bank chief economist and Nobel Prize winner Joseph Stiglitz expressed his serious concerns over the economic rationale behind Greece’s rescue agreement during his meetings with Greek government officials in Athens on Friday. He reassured, however, that both he and a large number of eminent scientists from Europe and America are willing to assist the Greek government in any way possible during its agonizing efforts to end the harsh austerity tantalizing the country and its people. The American economist has been opposed to the tactics of the International Monetary Fund (IMF) and the structure of the current financial system, defending Greece and the attempts of Greek Prime Minister Alexis Tsipras during his country’s negotiations with creditors, exerting harsh criticism toward Germany. “Germany has shown no common sense regarding the European economy, nor compassion,” he stressed, disapproving the measures imposed to Greece by European forces, and suggested a “brave” haircut to the Greek debt.

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Greece Struggles Against Wildfire Front, Calls For European Union Help

Greece appealed for EU assistance Friday to battle wildfires raging on the outskirts of Athens and in the southern Peloponnese region that forced the evacuation of several villages.

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SPIEGEL Interview with Wolfgang Schäuble: 'There Is No German Dominance'

Criticism of Germany's role in the recent negotiations over Greece's future has been fierce. SPIEGEL speaks with Finance Minister Wolfgang Schäuble about the government in Athens, his own feelings about a Grexit and his relationship with Chancellor Merkel.

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A Government Divided: Schäuble's Push for Grexit Puts Merkel on Defensive

German Finance Minister Wolfgang Schäuble had a plan to push Greece out of the euro zone. Chancellor Merkel wasn't sure what to do about it. The result is widespread resentment of Germany and a damaged Franco-German relationship. By SPIEGEL Staff

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Greece battles 50 fires authorities suspect were lit to protest bailout

Greece asked Germany, which demanded tough austerity for loans, to help battle the blazes.         

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Greek PM Tsipras sacks leftist party rebels in reshuffle

By Renee Maltezou ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras sacked left-wing Energy Minister Panagiotis Lafazanis and two deputy ministers on Friday as he reshuffled his cabinet following a party revolt against a tough new bailout deal adopted this week. The new ministers are expected to be sworn in on Saturday.

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Photos Capture Fiery Wildfires Threatening Greek Homes

Wildfires aggravated by strong winds and high temperatures put large parts of Greece on high alert on Friday and forced hundreds to evacuate.  Firefighters are facing emergencies near the Greek capital of Athens, in the country's south and on the island of Evia, the Associated Press reports. One man died after inhaling fumes and suffering respiratory problems, Reuters notes.  Greek Prime Minister Alexis Tsipras urged Greeks to remain calm. He said he had asked the country's military and air forces, as well as other European countries, for support. Photographs published by wire agencies and social media users on Friday gave a glimpse into the fierceness of the fires and highlight the urgency of the situation.  #GreeceOnFire pic.twitter.com/VmqpZjmmtR— Dimitris (@epp654) July 17, 2015 The monastery of Kareas has been evacuated. #GreeceonFire #AthensLive #Greece #Ymittos pic.twitter.com/sGHkLonL03— AthensLive GR (@athenslivegr) July 17, 2015 Accidental #irony - forest fire in Greece on top of a Eurobank building. #greeceonfire #greececrisis A photo posted by Jan Wellmann (@janwellm) on Jul 17, 2015 at 6:00am PDT A photo posted by Tasos Lymperopoulos (@tasoslymperopoulos) on Jul 17, 2015 at 6:02am PDT -- 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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Greece's Prime Minister Tsipras Reshuffles Cabinet

ATHENS, Greece (AP) — Prime Minister Alexis Tsipras has made changes to his government, two days after suffering a widespread party rebellion over an austerity bill that he had to push through Parliament as part of creditor requirements to start talks on a third bailout. Tsipras removed two ministers who had voted against the government line. He replaced Energy Minister Panagiotis Lafazanis with former labor minister, Panos Skourletis, while Trifon Alexiadis becomes the new alternate finance minister following Nadia Valavani's resignation in the run-up to the vote earlier this week. Friday's reshuffle was limited, with nine changes overall. -- 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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Greece: Death spiral ahead

How the latest ‘solution’ to the debt crisis locks Europe into a grim next chapter.

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Victory in Defeat?: Alexis Tsipras Has Shown Greeks He Can Save Them

He'll have to implement tougher savings measures than any of his predecessors, despite his fight to end them. But Greek Prime Minister Alexis Tsipras could still come out of the euro crisis as the victor, leading his country for years to come.

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Leveraged Loan Issuance Rebounds As Greece, Iran Tensions Fade

Leveraged loan volume in the U.S. shot to $14 billion this week from $4 billion last week as issuers, cheered by developments in Greece and regarding Iran, made their way to market after a two-week lull (which included a holiday-shortened week in which no deals were launched). With the recent activity, [...]

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Greece shuffles cabinet as Germany approves new bailout package talks

German lawmakers on Friday cleared the way for potentially difficult negotiations on a new, third bailout package for Greece that is expected to be worth 85 billion euros.

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Germany's mixed messages on keeping Greece in euro serve a purpose at home and abroad

German government officials have appeared to send mixed messages about their desire for Greece to keep using the euro — and that's just the way they want it.

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Strong pound: good for the holiday, bad for the homeowner

Talk of interest rate fuels 7-year high against euro but makes life tougher for UK exporters – and puts an unwelcome focus on household financesBritons holidaying in Europe this summer were handed a windfall by the Bank of England after the prospects of higher interest rates sent the pound to a seven-and-a-half-year high against the single currency.With the euro already weakened by the Greek debt crisis, comments on Thursday by the Bank’s governor, Mark Carney, pointing to dearer borrowing around the New Year pushed sterling to levels last seen in the month following the collapse of Northern Rock in the autumn of 2007. Related: Pound strengthens against euro after Bank signals interest rate rise Related: How will a strong pound affect my holiday? Continue reading...

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GREECE LATEST-Greek PM Tsipras kicks out rebels in government reshuffle

1902 - Greek Prime Minister Alexis Tsipras on Friday kicked out of his government rebel ministers who voted against reforms demanded by international creditors in return for a rescue deal. 1857 - Greek Prime Minister Alexis Tsipras on Friday kicked out of ...

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Italy says new Greek bailout must focus on both budget and growth

Italian Economy Minister Pier Carlo Padoan said on Friday that negotiations with Greece on a third bailout programme must be balanced and aimed at both keeping spending in check and fostering growth. "It will be a delicate negotiation that must keep in mind the lessons learned from past experiences." The European Stability Mechanism, the euro zone's bailout fund, decided earlier on Friday formally to open negotiations with Greece on a bailout programme that could total 86 billion euros ($93.3 billion) over three years.

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UPDATE 6-German lawmakers back Greek bailout talks despite rebellion

Alternative to deal is chaos, not Greek "time-out" - Merkel. * Greek deal is last attempt to solve problem - Schaeuble. * Grexit debate must belong to the ...

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Greek PM replaces rebels in government reshuffle

Alexis Tsipras reshuffled his govt to show international creditors he is in control of his cabinet The loan agreement has been formally backed by the 28 EU member states today German parliament has given Chancellor Merkel a mandate to negotiate for a third ...

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Greek firefighters battle blazes; save 200 trapped on beach

ATHENS, Greece (AP) — Greek firefighters battled large fires in the south, on the outskirts of Athens and on an island near the capital Friday as flames fed by strong winds forced the evacuation of villages and summer camps. About 200 people trapped by one fire were plucked off a beach by rescue boats.

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Germany should heed how it helped eastern Europe

Greece and its creditors need to build public support for reforms, writes Stefan Wagstyl

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Greek clash sparks unease at German power

Merkel and Schäuble end good cop, bad cop routine in Grexit ultimatum to Athens

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IMF defends call for Greek debt relief

Signs emerge that some European officials are acknowledging the need for some restructuring

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Greece's Tsipras makes changes to government after rebellion

ATHENS, Greece (AP) — Prime Minister Alexis Tsipras has made changes to his government, two days after suffering a widespread party rebellion over an austerity bill that he had to push through Parliament as part of creditor requirements to start talks on a third bailout.

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Greece news: 60 of Merkel’s MPs rebel but she wins support for bailout saying alternative would be 'chaos and violence'

… favour of entering negotiations with Greece on the three-year bailout package … Stabilisation Mechanism (EFSM) will allow Greece to clear its arrears with … Greek banks was being raised by €900m over one week, meaning Greece …

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Economic View: History Echoes Through Greek Debt Crisis

How Greece’s problems have proven Milton Friedman and Martin Feldstein right: the euro has turned into a liability.

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Eurozone ready to start formal talks with Greece over €86bn bailout

Negotiations set to re-open argument over whether the Greek economy can recover while weighed down with debts totalling €320bnThe eurozone is ready to start formal talks with Athens over an €86bn (£60bn) bailout, paving the way for a month of wrangling over the bitterly disputed question of easing Greece’s debt burden.Greece is also getting a €7bn emergency bridging loan from an EU-wide rescue fund, ensuring it will not crash out of the eurozone on Monday when a critical debt repayment falls due. Continue reading...

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Greece's Tsipras Reshuffles Cabinet After Austerity Vote Prompted Dissent in His Party

Greece's Tsipras reshuffles Cabinet after austerity vote prompted dissent in his party

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The Nasdaq is at an all-time high (SPY, DJI, IXIC, USO, WTI, OIL, VDE, GLD, HTZ, GOOG, GOOGL)

Stocks are mixed on Friday, with the Nasdaq trading at all-time highs, and the Dow falling nearly 100 points. Near 10:50 a.m. ET, the Dow was down 75 points, the S&P 500 was down two points, and the Nasdaq was up 28 points. The Nasdaq breached its closing peak reached Thursday to trade at a new intra-day high of up to 5,197.61 points today. Gold is tanking, and this morning, it fell to a five-year low. The precious metal fell more than 1% to as low as $1,129.80 an ounce. Earlier Friday, China disclosed its gold holdings for the first time in six years. Its reserves rose 57%, and it's now the fifth-largest holder of gold, eking out Russia, according to Bloomberg. Google shares are up 14% – a market cap addition of nearly $50 billion – after the company posted better-than-expected earnings, with revenues that slightly missed forecasts. Economic data out this morning has been mixed. Housing starts jumped to the highest level since 2007 in July, rising 9.8% at an annualized pace of 1.174 million, and beating forecasts. Building permits rose 7.4% at an annualized pace of 1.343 million, well ahead of estimates. The preliminary reading of consumer sentiment for July from the University of Michigan came in at 93.3, missing the forecast for 96. "The small loss in early July reflected a slight rise in concerns about international developments [such as the situation in Greece] which was partially offset by continued news of job gains," said Richard Curtin, the survey's chief economist, in the release. At 1:00 p.m ET, we'll get the latest count of US oil and gas rigs from driller Baker Hughes. The oil rig count has been positive back-to-back for the past two weeks for the first time this year. Oil prices are headed for the third weekly decline in a row; West Texas intermediate crude futures to fell as low as $50.16 a barrel today. Join the conversation about this story »

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Pro- and anti-euro Greeks united in anger, frustration

#economy

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Wildfires are raging in Athens (GREK)

Wildfires are raging in Athens. The last month has been stressful in Greece amid a new round of bailout negotiations, a referendum vote, and the imposition on capital controls. But Friday's fires were compounding the issues already facing a stressed Greek population. According to Greek newspaper Kathimerini, woodlands around the Greek capital were being engulfed by wildfires, and more than 80 firefighters and three aircraft were working to keep them under control. Kathimerini added that the fires could delay a reshuffle of Greek prime minister Alexis Tsipras' cabinet, and the paper added that Tsipras told reporters, "We all need to stay calm." No injuries have been reported. The images out of Athens are stunning, and this fire is just about the last thing that Greece wants to be dealing with right now.SEE ALSO: Europe has a bigger problem to fix than Greece's debt See the rest of the story at Business Insider NOW WATCH: This animated map shows how religion spread across the world

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Mixed German messages on Greece serve a purpose

BERLIN (AP) — German government officials have appeared to send mixed messages about their desire for Greece to keep using the euro — and that's just the way they want it.

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Draghi said to surprise ECB governors with bid to ease Greek aid – Bloomberg

#economy

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Greek Finance Minister Tsakalotos to keep post in reshuffle

ATHENS (Reuters) - Greek Finance Minister Euclid Tsakalotos will keep his portfolio in a reshuffle to be announced later on Friday, a government source said. Tsakalotos, the chief negotiator in bailout talks with foreign creditors, became finance minister on July 6, replacing Yanis Varoufakis, who stepped down after clashing with European partners. The reshuffle was made necessary by a revolt among lawmakers of the leftwing Syriza party, which saw three ministers and deputy minister vote against the government in a vote on the bailout in parliament. ...

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Eurogroup chief Dijsselbloem 'certain' to encounter problems on Greece

BRUSSELS (Reuters) - The head of the Eurogroup Jeroen Dijsselbloem said on Friday he was "certain" there would be problems with Greece in the years to come after the euro zone's bailout fund decided to open talks with Greece on a third bailout programme. "It's not going to be easy. We are certain to encounter problems in the years to come. But I believe we will be able to resolve them," he said in a statement. (Reporting by Julia Fioretti, editing by Foo Yun Chee)

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Wildfires Spread Across Greece

At least six wildfires broke out across Greece on Friday, July 17. The first large-scale fire occurred in Laconia, Peloponnese, where firefighters are still trying to get the situation under control using land vehicles and Canadair aircraft. More than two villages, a children summer camp and several touristic areas have been evacuated, while the fire is quickly spreading toward Neapoli, where citizens have evacuated the city suburbs and Health Center. Later in the day, another two wildfires broke out in Kareas and Koropi, Athens. The Kareas fire has spread toward the districts of Ymittos, Vyronas and Argyroupoli. Residents are helping firefighters in an attempt to save their homes and businesses. No injuries or deaths have been reported yet, but, according to Greek media, a house and a local restaurant have been damaged by the fire. A fourth wildfire occurred near Chalkis, Euboea, where the village of Afrati was evacuated and residents were transferred to safety. According to Greek authorities, the fire continues to blaze out of control. The local mayor warned that the situation is crucial since the fire is burning on a very big front, about 600 meters from the village. Very strong winds are blowing in the area, covering it in smoke and spreading panic on local residents. Early in the afternoon, a fifth wildfire broke out in Malakasa, near Athens, and a sixth one is currently spreading across Argolis, Peloponnese. The fire department does not yet have a clear picture of the situation in these areas.

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Two Fires Break Out in Athens

While the Greek Fire Department has been battling a wildfire in Peloponnese, two more flaming fronts broke out in Kareas and Koropi, Athens. The large-scale fire in Karea broke out near Vyronas and is currently moving towards Ymittos mountain. Despite the fact that these are residential areas no houses have been damaged. The strong winds spread the wildfire and covered most of Attica with smoke, in just a matter of minutes. More than 40 firefighters with 15 vehicles, two Canadair aircrafts and a helicopter have rushed to the scene to battle with the raging flames. Meanwhile, the fire in Koropi has also spread and is burning the local woodland. Citizens are helping the firefighters in both fronts, while several citizens in Ymittos claim that the fire was the result of arson since they heard four explosions before it broke out.

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Turkish Fighter Jets Violate Greek Airspace, Again

A formation of Turkish fighter jets violated Greek airspace a total of 20 times on Wednesday before being chased off by Greek aircraft, according to a Kathimerini report. A total of six Turkish fighter jets flying in formation entered Greek airspace repeatedly over the north, central, and southern Aegean Sea. The Turkish jet fighters were carrying armaments and a tense close-quarters confrontation occurred between the neighboring countries’ aircraft. Turkish aircraft violate Greek airspace over the Aegean Sea quite often as maritime boundaries between the two countries are a constantly source of disagreement. The incidents are so routine that Turkey now lists all incidents under the “Daily Activities” section of the chief of general staff website. “The question of sovereignty over the Aegean in simplest terms is the difference between Greek territorial waters of six nautical miles and the 10-nautical-mile airspace Greece claims,” Metin Gurcan writes for Al-Monitor, according to the report. “The conflict arises when Turkey recognizes the Greek national airspace over the Aegean as six miles and flies its planes within the 10-mile airspace claimed by Greece.” Similar incidents happen with frequency and have increased rapidly since 2013. In the first month of 2014 alone, Turkish aircraft allegedly violated Greek airspace 1,017 times, Gurcan reports. This was twice the number of total airspace violations between the two countries for the first half of 2013. The two countries are NATO allies but there is ongoing hostility between them after Turkey invaded Cyprus in 1974, claiming oppression of Turkish populations on the island. Oil and natural gas deposits around Cyprus have also become a major point of contention between the two neighbors.

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German Parliament Approves Greek Bailout Deal Negotiations

The German Parliament authorized the German government on Friday to engage in negotiations for a European Stability Mechanism bailout program for Greece. 439 lawmakers voted Yes, 119 voted No and 40 abstained. 50 lawmakers from German Chancellor Angela Merkel’s CDU/CSU coalition government voted against the bailout deal. Prior to the vote, German Finance Minister Wolfgang Schaeuble reiterated that a Greek debt haircut is out of the question, as it would be illegal. However, he recognized that the proposed bailout program would be difficult for Greece without a haircut and sustainable solutions are necessary for its success. If this bailout deal is finalized, it would be Greece’s third since 2010. Schaeuble told the Bundestag that this would be the most challenging one yet. He also warned German lawmakers that this is the last opportunity to resolve Greece’s problems. The finance minister argued that he wants the debt-ridden country to stay in the eurozone but also noted that the rules of the monetary union need to be followed.

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Greek PM Tsipras Calls on Citizens to Remain Calm After Wildfires Spread

Wildfires are quickly spreading across Attica, Laconia and Halkida due to strong winds, while the fire department is attempting to bring the situation under control. Meanwhile, the Greek Prime Minister Alexis Tsipras visited the Pentagon where he was informed about the current situation, and later he will also visit the General Secretariat for Civil Protection and the fiery front in Kareas, Athens. Tsipras, accompanied by Minister of State Nikos Pappas and government spokesman Gavriil Sakellaridis, spoke with Deputy National Defense Minister Nikos Toskas. After their meeting he addressed the press noting that everyone needs to remain calm. He also added that he asked the air force and armed forces for help and had also appealed to other European countries for assistance with extra fire-fighting aircrafts. The parliamentary representative of the Communist Party (KKE) Thanasis Pafilis made contact with the Alternate Minister for Civil Protection Yiannis Panousis, requesting reinforcements in order to battle the fiery front in Laconia, which has gotten out of control. The minister said he is aware of the gravity of the situation and has already given the appropriate orders, sending seven firefighting aircrafts to the area. Meanwhile, Energy and Infrastructure Minister Panagiotis Lafazanis visited Kareas, near Ymittos mountain in Athens, where one of the large-scale fires broke out earlier in the day. “We are all making an effort to stop the worst,” he said He was verbally attacked by angry residents who accused him of doing “micro politics” and asked him to either help them or leave. “Take your jacket off and come help us,” shouted one of the Greek citizens.

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ESM Approves Commencement of Greek Bailout Deal Negotiations

The European Stability Mechanism (ESM) Board of Governors decided on Friday that it approves -in principle- a loan program for Greece. This effectively means that the institution agrees that negotiations on the bailout deal should begin. The three-year cash-for-reforms program will give Greece 86 billion euros in exchange for austerity measures and structural reforms. The full statement: “The Board of Governors of the European Stability Mechanism (ESM) approved today a decision to grant, in principle, stability support to Greece in the form of a loan program. This decision follows the completion of national procedures that involved parliamentary approval in some of the ESM member-states. The basis for the Board of Governors’ approval was the assessment by the institutions and the proposal by ESM Managing Director Klaus Regling. This in-principle decision paves the way for the institutions to negotiate a Memorandum of Understanding (MoU) detailing the agreed macroeconomic reforms, or policy conditionality, linked to the ESM financial assistance facility. Simultaneously, the ESM Managing Director will prepare a proposal for the loan contract with Greece, the Financial Assistance Facility Agreement (FFA). Once the MoU is finalized, the Board of Governors must take a further decision, involving national parliaments in some member-states, to approve the MoU as well as the FFA proposal. The European Commission must sign the MoU. Finally, the ESM Board of Directors must adopt the FFA and agree to disburse the first tranche of the loan.” ESM Managing Director Klaus Regling commented: “We welcome that the Greek government and parliament voted in favor of the reforms with a very broad majority. This has paved the way for today’s in-principle decision to start negotiations on a new program for the benefit of Greece. Let me stress that thanks to implementation of reforms, Greece had started to grow again in 2014, unemployment had begun to decline, and the country had regained some market access. The ESM has a remaining lending capacity of €455 billion but only a small part of this sum will be needed. The ESM stands ready to provide financial assistance when our members fully adopt an ESM program.”

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