The number of refugees and migrants arriving on Lesbos and on other Greek islands has surged to a full-scale disaster, and only squalor awaits them.
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How the world sees Greece
Tuesday, August 4, 2015
On Island of Lesbos, a Microcosm of Greece’s Other Crisis: Migrants
The Latest From Athens
This is my last dispatch from Athens before the vacation season kicks into full swing. I am sure there are an ample amount of jokes about long vacations, but the Greeks do have a much better philosophy than the US ... the Greeks work to live, and the Americans live to work. As a side note, most of my Greek friends are not taking vacation this year; they are trying to keep their business afloat. The tone of this update is a 180-degree swing from what I have previously written. The reason is quite simply, things in Greece have changed dramatically since the "No vote" and the passage of the provisions outlined in the Euro Summit Statement. I am mindful of the fact that my comments may not be well received. For the record, I am not any less bullish on business opportunities in Greece. In fact, if my prediction plays out, there will be even more opportunities. Unfortunately, the losers in all of this are the Greek people and for that I am sorry; they deserve better. Up until now, I have been adamant in my position that Greece would not leave the Euro. I felt that when "push came to shove" the Greeks would accept whatever it took to remain in the Euro, and likewise the Germans would be forced to allow Greece to remain. To summarize where we are: Germany has somehow managed to destroy every bit of goodwill it has gained in the last 70 years. Those of us old enough remember JFK's speech in Berlin in 1963's "Ich bin ein Berliner." Today the rally cry is more likely to be, "Do not buy German cars." The German ambassador to the US's article that appeared in the World Post on July 25, 2015, concerning Germany's desire to see a strong Greece seems like it was written by a propaganda machine of long ago. The idea that Germany proved its support of Greece because the Bundestag overwhelmingly passed the agreement with the EU makes no sense; of course Germany voted to have Greece raise taxes, cut pensions and get no debt relief. Is this not what they wanted in the first place? Greece passed the measures concerning tax increases on July 15th, which was followed by an hour of bomb throwing at the parliament and the arrest of a number of anarchists; most (if not all) were not Greeks, by the way. It seems we have gone from eco-tourism to anarchy tourism. Greece then passed a watered down series of measures on July 22nd; leaving issues concerning pensions and taxation for farmers until a later date, or not at all. The two Greek votes were met with a series of emotions ranging from relief to euphoria. The banks reopened and everyone's August vacation plans remained intact. Greece thanked the US for coming to its aid. The man on the street was heard saying, "Obama did this. Clinton did that. Lew has been in constant contact with Tsipras" ... who knows. Tsipras is now expected to call for elections in September to solidify his power and dump the far left wing of his government. Things could not be worse. First, the Greeks and the Europeans could not agree where to meet to discuss the implementation of the settlement (they finally did). Pensions are off the table, because according to the agreement, they were never on the table. I guess we all must have misread the agreement, which included the following statement: "Greek authorities [will] legislate without delay a first set of measures. These measures, taken in full prior agreement with the Institutions, will include upfront measures to improve long-term sustainability of the pension system as part of a comprehensive pension reform programme." Then, the issues with the banks remain. Greece is to privatize E50 billion in state-owed assets, and then uses half of those proceeds to recapitalize the banks. There are nowhere near E50 billion in assets to privatize. And why in the world is the EU putting E25 billion into the banks in the first place? When do they realize that the banks do not need money, their customers need money? A far better solution would be to pay the established banks in Europe E25 billion to simply buy the Greek banks for E1 (not E1 per share, E1 for each bank). And how important is the US in all of this? It seems that the US's interest in Greece is related to the stability of the Euro (which seemed to survive just fine in the last month); stemming the flow of possible terrorists into Europe (which is less of an issue if Turkey and the US are fighting ISIS together); and finally, the US wants to keep Russian gas out of Europe and Euros out of Putin's treasury (Azeri and Iranian gas coming into Europe via a pipeline controlled by the EU resolves this issue). In any event, it is hard to imagine the US's interest in keeping Greece in the Euro will last forever. The ball is back in Tsipras's court and this time it is not a game of brinksmanship. Tsipras has some explaining to do. Why did he pick Varoufakis as his Minister of Finance and why is he seemingly defending him? Tsipras enjoys overwhelming support, but George H. W. Bush enjoyed an 89% approval rating in February 1991 and lost the presidential election 21 months later. The Greek economy has gone from bad to worse. The banking system remains a mess. If current banking restrictions are lifted, every Greek is going to attempt to withdraw all of their money from the banks. The banks will be forced to close again, and this time for good. The Athens stock exchange is attempting to reopen on Monday. Who is going to buy a single share of a stock trading in Greece? What does the market do? Open down 25%? Close after an hour? It is impossible for Greek businesses to get credit outside of Greece. The amount of money that may leave the country to buy essential goods and services is severely limited. It will be no surprise when GDP shrinks in the third quarter and when unemployment spikes. This leaves us asking the questions of the moment ... Will an agreement be reached before the next payment on August 20th ... I doubt it. Will Greece implement the necessary changes to satisfy the EU ... not a chance. Will non-performing loans be sold, thereby freeing up the necessary capital to turn the economy around ... in another lifetime. Will the banks be closed again ... no doubt. Will Tsipras survive until the end of the year ... if the banks close again, no. The irony is that if Germany simply goes radio silent and leaves Greece to its own devices, Germany is going to get its wish. Greece will be out of the Euro by year-end. -- 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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Why Greece Declined a Euro Holiday
Even as their country's economy crashed, Greece's new government remained adamant in demanding debt relief without austerity – that is, until ...
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Greek Education Ministry Announced Panhellenic Exams Program For Greeks Living Abroad
The Hellenic Ministry of Culture, Education and Religious Affairs announced on Tuesday that the PanHellenic Exams for admission to higher education for children of Greeks abroad and children of Greek officials serving abroad will be held from September 7 to 11 at examination centers operating in Attica and Thessaloniki. Candidates with special abilities and educational needs will be examined at the
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Athens Stock Exchange Maintains 28-Year Low Closing at -1.22%
The Athens Stock Exchange maintained Monday’s 28-year low closing at -1.22 percent and 659.94 units on Tuesday, after a low of 635.06. The bourse re-opened on Monday after a five-week hiatus due to the imposition of capital controls by the Greek government. Greece’s banking stocks plummeted for the second day in a row, holding down
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Tom Hanks, Nia Vardalos Promoting Greece via Social Media
Actress Nia Vardalos,whose parents are Greek Canadians, is putting her visit to Greece on display. Vardalos, who is perhaps best known for her leading role in My Big Fat Greek Wedding has been using her Instagram account to exhibit the country’s beauty. Vardalos has posted some 13 pictures in the last three days that depict her and her friends as
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Top Greek ministers meet again with creditors Wednesday
#politics #economy
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Passenger sneaked cat into the UK from Greece by hiding it in her HANDBAG
Another traveller spotted the bag moving and informed authorities at Glasgow Airport after the 2,000-mile flight. The owner then refused to be ...
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There is one big winner from all this market volatility
Market volatility due to uncertainty in Greece has been great for one US company: the Chicago Board Options Exchange. That is according to a note from UBS' Alex Kramm, which said that surging volatility spurred increased activity on America's largest options exchange last month. "We view CBOE as the best growth story in the exchange industry," he wrote. The CBOE is home to the VIX index, which uses option prices to gauge expectations of volatility. The VIX is often described as the 'fear index'. Kramm said that a surge in trading activity at the end of the second quarter and beginning of the third "shined a spotlight on CBOE's leverage to volatility." "We believe there is upside as a wider set of market participants appreciates the opportunity to hedge against or speculate on volatility," he wrote. CBOE's top and bottom line numbers topped expectations last quarter thanks to better trading volumes. Take a look at CBOE's volatility index: Join the conversation about this story » NOW WATCH: Jeff Bezos Reveals Why He Spends So Little Time Talking To Traders
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An anonymous crowdfunder is asking the Internet to make him a millionaire in 90 days — and people have already given him $12,000
Wemadeamillionaire.com launched on July 28 with one goal — get strangers on the Internet to make another stranger a millionaire within 90 days. "You don't know who I am, where I am from, or how I'm going to spend your money," says the millionaire hopeful in the website's video. Word has just started to get around and donations are already nearing $12,000 to date. In order to reach its goal, the site needs to earn over $11,000 every day until its October 25th deadline. The project is described as a social experiment: The mystery person behind it will document the next year of his or her life if the goal of $1 million is met. There are three different levels of donating: gold ($9.99), silver ($4.99), and bronze ($1.29). All that's offered in return is a photo and custom message on one of the site's "walls of fame." The website doesn't state whether "donations" (not pledges) will be returned if the project fails to meet $1 million in 90 days. SEE ALSO: These are the things that keep millionaires awake at night DON'T FORGET: Business Insider is on Twitter Join the conversation about this story » NOW WATCH: 6 mind-blowing facts about Greece's economy
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Greek police arrest 4 human traffickers and 24 illegal immigrants
They crossed from Evros river on the Greek-Turkish borders
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Greece beat Australia to advance to water polo semis
A place for the final up for grabs against Croatia
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Falling Greek stocks weigh on Europen markets
Greece's main stock index seemed to have stabilized by the time the markets closed on Tuesday, with shares closing down around 2.2 percent - a far cry from the record drop in share prices from the day before.
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Greece and lenders strike upbeat tone, deal seen on bailout
ATHENS (Reuters) - Both Greece and its lenders said on Tuesday they were optimistic they could broker a deal within days on a multi-billion euro bailout, striking a surprisingly upbeat tone on a process previously fraught with bitterness.
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Opinion: There may never be a 'second' Greece
The International Monetary Fund's acknowledgment that Greece's debt is unsustainable could prove to be a watershed moment for the global financial ...
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Cost of a third Greek bail-out is likely to be too high for Europe
Subsequently, the IMF has said it will not participate unless Greek debts are written down and unless Greece can prove itself more committed than in ...
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Greek businesses left gasping as capital controls bite
After the Greek government imposed capital controls to prevent the country's banks from collapsing, businessman Athanassios Savvakis feared ...
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Capital controls throttle Greek business
Small companies hit hard as government limits on funds paralyse imports
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Greek Stock Market Carnage Enters 2nd Day
(Newser) – At this rate, Greek banks may soon start to look like a canny investment. The Athens Stock Exchange had its worst drop on record ...
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Greek stocks: general index stabilizes, banks still in free fall
#economy
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Pledge to accept sparks protest in Latvia
RIGA (Reuters) - Hundreds of Latvians protested on Tuesday against a government decision to accept 250 asylum seekers over the next two years as part of a European Union plan to deal with migrants flooding into Greece and Italy.
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Greek government: 'New elections are likely'
The prospect of a fresh vote looms after Syriza party hardliners vowed - once again - to reject new austerity measures. Finance Minister Euclid Tsakalotos hopes the latest bailout talks will conclude this week.
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Greece bailout: prospect of early election grows as market dives
Greece’s government has conceded that dissent within the ruling party was likely to force an early election, while bank shares plummeted again on the stock market. The left-wing government is relying on opposition party support for approval in parliament ...
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Greek Health Ministry Considers ‘Fining’ Cancer Patients Who Didn’t Have Preventive Exams
Health Minister Panagiotis Kouroublis is considering having cancer patients pay 50 percent of treatment costs if they did not have regular preventive exams for the four prevalent types of cancer. According to a report in Elefthereos Typos daily, the ministry will establish a series of mandatory preventive exams for the four most common types of
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Greek FinMin: Deal with Lenders Possible by August 20
Greek Finance Minister Euclid Tsakalotos said on Tuesday that based on the progress of the negotiations with Greece ’s lenders, an agreement could be achieved by August 20. Speaking after the completion of the first part of the negotiations with the representatives of the four institutions, in which Economy, Infrastructure, Shipping and Tourism Minister George
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Deposits in Greek Banks Rise Over Past Two Weeks
The Greek banking system could be slowly regaining some pace. Bloomberg reported on Tuesday that since Greek banks reopened on July 20, customers have deposited 1 billion euros in the country’s banks. The news agency cited an anonymous senior official at the Bank of Greece who also said that the European Central Bank will conduct a stress test on Greek banks
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Greek bank stocks battered as bailout talks grind on
Athens (AFP) - The Athens stock exchange slipped further Tuesday as bank shares were battered for a second straight day, while Finance Minister Euclid Tsakalotos held a new round of talks with Greece's creditors on the terms of a mammoth new bailout.The ATHEX index finished the day down 1.22 percent after suffering its steepest ever fall of 16.32 percent on Monday when trading resumed after a five-week shutdown imposed by the country's debt crisis.Banking shares were again the worst hit, with Piraeus falling the maximum 30 percent allowed for the second day running. Eurobank shares fell 29.70 percent, those in Alpha Bank by 29.65 percent and National Bank by 28.45 percent."Banking shares are the ones we have the most doubts about," said Konstantinos Botopoulos, head of the Greek financial markets commission. "Their recovery will depend on the recapitalisation of the banks."The Athens market reopened on Monday five weeks after the government imposed capital controls to prevent a bank run and stave off financial collapse at the height of its standoff with EU-IMF creditors over a new bailout.The ATHEX suffered its worst drop in nearly 30 years, highlighting investors' anxiety about the Greek economy even after a new rescue deal worth up to 86 billion euros ($94 billion) over three years was agreed in principle last month.The previous worst loss in the Greek stock market's history was a 15.03 percent plunge in 1987.Senior EU and IMF auditors kicked off talks a week ago with Greek ministers to finalise the terms of the new bailout decided after months of acrimonious wrangling.Analyst Michael Hewson of CMC Markets UK predicted that the new rescue package will have to be "well above the 86 billion euro numbers being bandied about, which in turn is likely to make any discussions about debt relief even more contentious."What is more, Greece faces a repayment deadline of 3.2 billion euros to the European Central Bank on August 20 -- and if the bailout talks grow tense Greek banks may "come under further pressure in the coming days," Hewson said.Tsakalotos was holding Tuesday his second meeting with EU and IMF negotiators since their arrival in the country last week.Government spokeswoman Olga Gerovassili said initial talks finished on Tuesday and would shift Wednesday to a "second phase" in which the two sides would begin actually drafting the accord.She said expressed optimism an agreement would be concluded on August 18, "if the two sides respect the commitments of the July 12 summit" that set the stage for the new bailout.The tough conditions demanded by creditors in return for the rescue funds have put a major strain on Prime Minister Alexis Tsipras, whose leftist Syriza party came to power on an anti-austerity platform.The 41-year-old premier, who faced a mutiny among his lawmakers last month, has warned that early elections will be called if his MPs refuse to ratify the new bailout in parliament. - 'Could be worse' - Uncertainty over the fate of Greece's economy, especially fears of a "Grexit" out of the eurozone, has seen bank customers withdraw some 40 billion euros since December, leaving lenders dangerously low on cash and in urgent need of recapitalisation again.Banks across Greece were ordered to stay shut when the government imposed its capital controls on June 26. They reopened on July 20, but withdrawals and money transfers abroad remain restricted.Analyst Craig Erlam of Canadian forex trader Oanda said the curbs had helped stem further damage to the banking sector. "In reality, it could be even worse if daily loss limits and a ban on shorting hadn’t been put in place," he said.The reopened stock market currently operates as normal for foreign investors but local traders still face restrictions and cannot buy securities with money from their bank accounts in Greece. They can, however, use foreign bank accounts or make cash transactions.The Greek economy is forecast to contract by at least 3.0 percent this year.Greece registered record dismal manufacturing data in July, with the latest purchasing managers' index (PMI) falling to 30.2."The worst manufacturing PMI number ever... well below the economic breakeven level of 50, (threw) into sharp focus the damage done to the Greek economy in the last few weeks by political uncertainty and the ongoing capital controls," said CMC's Hewson.Join the conversation about this story »
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Valley grad studies fraternal roots in Greece
Phillips, a Valley High School graduate, was one of 20 Sigma Phi Epsilon students selected nationally for the Tragos Quest to Greece, a 10-day study ...
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TSX May Open Higher on Stronger Oil, Greece Deal
Canada's benchmark index looks set to follow the upward movement of September futures after oil prices increased and reports said Greece is ...
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Greek Stocks Plunge On First Day They Resume Trading
The lowest index recorded in the 16-year history of the Greek Purchasing Managers Index went down to 30.2 for July. The most recent time a similar ...
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Greek university may soon enrol Syrian refugees
It follows the arrival of an unprecedented number of mainly Syrian migrants on the Greek islands in recent weeks, with an estimated 28,000 ...
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Greek bailout talks going 'better than expected'
… this month," Gerovasili said. Greece and its EU partners clinched … to be passed by the Greek parliament. Greek Prime Minister Alexis Tsipras … and family status. On Monday, Greece and lenders agreed that any …
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Greeks lose their love of cash as crisis spurs surge in debit cards
… largest bank, National Bank of Greece SA, issued more than 400 … active Visa debit cards in Greece more than doubled in July … supply in Greece The company, which processes almost 60pc of Greek point-of-sale …
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Uber is worth five times Greece's banks
The Greek banking industry is now worth just $10 billion on the stock market. That's about a fifth of Uber's estimated value.
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This is the man who deserves your thanks for saving Europe from 'contagion' when no one believed he could do it
A note sent out by analysts at Credit Suisse on Tuesday morning takes a look at yesterday's European business surveys, and explains that while Greece had its worst month ever, Italy powered ahead. Here's what CS economists Mirco Bulega and Sonali Punhani say: We kick off this note with the evidence of the lack of contagion from Greece in the rest of the euro area. As shown in the chart below, while the Greek economy took a big hit in July, the Italian economy independently accelerated to spillovers have been limited. And here's the chart they use, showing Greece's astonishing collapse. Note, crucially, that the line representing manufacturing in Italy is heading in the complete opposite direction: That reminded me of someone who, probably more than any other single person, needs thanking for the fact that Greece's latest crisis was isolated, and not a euro crisis 2.0. That person is European Central Bank (ECB) president Mario Draghi. Back in 2010-2012, Greece's problems were Europe's problems — particularly southern Europe's problems. Any sign Greece might be tipped out of the eurozone was taken as a sign that Portugal, Spain or even Italy could be next in line. Draghi has had two major victories (and a series of smaller ones) on monetary policy alone during his time at the head of the ECB, both of which have helped to stop a second euro crisis. The first was Outright Monetary Transactions (OMT), a tool which was never deployed, but the mere announcement of it was a big victory. The ECB essentially said that it could buy bonds on the secondary market (from investors, rather than directly from the government issuing the bonds) if any country was in severe fiscal distress. Some pushed back against Draghi for this — a case against OMT even went to Germany's constitutional court. Thankfully, it didn't succeed. And that's been credited with a large effect — the ECB itself says that the mere announcement reduced Italian and Spanish two-year bond yields by two percentage points, while having no effect on French and German yields (as intended). This time round, when investors asked "if Greece can leave, why not any country," they got an answer — OMT, the ECB and Mario Draghi. While Greek government bond yields rose from below 9% before Syriza's election to above 15% at their recent peak, Portugal's actually fell over the same period. The much-feared domino effect simply doesn't look nearly as scary as it once did. The second major victory was Europe's quantitative easing (QE) scheme. About eight or nine months ago I was gritting my teeth every time Draghi spoke. Eurozone growth was faltering, inflation was sinking further and further, and the head of the central bank seemed to be sitting on his hands. It's difficult to remember that now. There's a bigger-than-expected ECB QE scheme in place (and Draghi insists it's guaranteed until at least September 2016, and with very little vocal opposition inside the ECB). More important perhaps than the actual scheme, Draghi has made what is and isn't in the central bank's toolkit clear — he's clearly expanded the range of responses available to the institution, precisely what Europe needs and will need in the future. It's quite easy to imagine how things could have gone another way — a worse way. Bundesbank president Axel Weber, who resigned over his objections to ECB policy, was once a serious favourite to replace Jean Claude Trichet (Draghi's predecessor). A central bank chief that was more of a pushover, or one who was instinctively opposed to further monetary easing and rescue plans could have made the recent Greek crisis a nightmare far beyond its borders — the fact that didn't happen is down to Draghi more than anyone else.Join the conversation about this story » NOW WATCH: This is how rapper 50 Cent made millions and then lost it
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How to pick the right dress shoes for any occasion
You probably know that color and material can affect the formality level of your dress shoes. But other factors come into play as well, like the type of toecap and the overall style of the dress shoe. Learn the terminology, then use this handy infographic calculator created by Clogs.co.uk to understand exactly how formal your shoes are. Or, use it in reverse to tell how formal your shoes need to be. SEE ALSO: These are the only shoes guys need for summer DON'T FORGET: Follow Business Insider's lifestyle page on Facebook! Join the conversation about this story » NOW WATCH: 6 mind-blowing facts about Greece's economy
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This map shows Europe's colossal debt division
Europe's economic problems are partly down to debt — in short, though all the countries use and borrow in the euro, credit ratings agencies think some nations are far more reliable debtors than others. To show that split, Fitch just released their "Eurozone Sovereign Snapshot," which displays the different countries in the currency union and their credit ratings. There's a stark geographic division. Here's the map: There's a pretty clear north-south divide. Italy and Spain get B-level ratings, as do Portugal and Cyprus. Greece gets a C-level rating. Further north, the Baltic states and Ireland all get low A-ratings, France, Austria and Belgium do slightly better, while the strongest scores are reserved for Germany, the Netherlands and Finland. Here's what Douglas Renwick, Fitch's head of Western European Sovereigns, had to say about the Greek deal that's just been set up. There's a smidgen of good news for Europe, but it's mostly bad news for Greece: We see a significant risk that a third programme could go off track in a similar fashion to the first two, as the national authorities have demonstrated clear reluctance to agree to the conditionality involved. This, together with the bleak economic outlook, means that it is far too soon to claim that the risk of ‘Grexit’ is off the table. ‘Grexit’ would likely trigger sovereign bond spread rises in peripheral countries and financial market volatility. However, we do not think it would precipitate a systemic crisis like that seen in 2012.Join the conversation about this story » NOW WATCH: These are the side effects of sleeping on your back, side, and stomach
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FTSE 100 CLOSE — what you need to know
The FTSE 100 index of leading shares just closed down 0.07%, or 4.75 points at 6683.87, in London. Despite it looking like a boring day, there have actually been a lot of big movers. The stock market was dragged lower by drug maker Shire, which tanked 5.4% after announcing plans to buy New York-listed biotech firm Baxalta for $30 billion. Investors clearly don't back the deal. Baxalta was only spun out of Baxter International a month ago. Greek bottling company Coca Cola HBC was another big faller dropping 5.3%. It was dragged down by the continued slump on the Athens Stock Exchange. But those big falls were evened out by two big risers: Meggitt — up 7.7% after aerospace group announced 10% rise in first half revenue and new £10.2 million contract with Ministry of Defence. Smith Group — up 4.8% after reports that activist investor ValueAct, which has just bought a stake in Rolls Royce, has bought a stake. On the FTSE 250 index Vedanta Resources closed up 5% as investors piled in after a recent share price rout. Lonmin fell 8.3%, as the platinum miner was hit by fall in the price of the precious metal.Join the conversation about this story » NOW WATCH: The cheapest new Ferrari money can buy is absolutely gorgeous
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This investor would buy 'anything and everything Greek' if it left the euro (GREK)
Bloomberg News found an investor that would be "wildly bullish" on Greece if it left the euro. Daniel Yu, who runs the firm Gotham City Research, which usually issues reports on companies it thinks investors should bet against, said he would be "wildly bullish" on Greece in the case of a "Grexit," or a Greek exit from the euro monetary union. Yu told Bloomberg that he would look at "anything and everything Greek," if Greece left the euro. He added that a Grexit, "basically means they're not going to pay their debt, and that's a good thing. Once you have debt relief, there are so many positive things that can happen to an economy." Yu, in a way, is making a similar argument to what economists like Paul Krugman advanced when he wrote that if he were voting in Greece's referendum, he would've voted against accepting a bailout. What Greece needs, under this view, is a fresh start and a chance to make it on its own. The irony, of course, is that Greece did vote "No," and then accepted a new bailout package — with even harsher terms — anyway. And so while Yu, like Krugman, might look at Greece's situation from a purely economic or financial standpoint and think that a Grexit and Greek default is what's best, the political reality seems far removed from this scenario. On Tuesday, a Greek official told Reuters that Greece expects to have a new bailout in place in 2 weeks. This would be more of the same for Greece: austerity, current account surpluses, and economic reforms as dictated by the Troika. And while the July economic data out of Greece was shockingly bad, the rest of Europe seems to have shaken off the Greek drama and continued expanding, albeit at a modest pace. But given how things in Europe looked a few years ago during the height of the European debt crisis, politicians in Europe — and Greece, for that matter — seem content, if not determined, to stay the course. SEE ALSO: Greece's stunningly terrible economic numbers were great news for the rest of Europe Join the conversation about this story »
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Tsipras to meet with leaders in Egypt
Greek PM attending inauguration of new Suez Canal
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Greek Yogurt Cake with Figs
Serves 8-10 Ingredients: 4 large eggs, separated 1/2 cup evaporated sugar cane juice 3 tablespoons flour, sifted 1 1/2 cups full fat Greek yogurt Juice of half a lemon Zest of half a lemon 8 fresh figs, washed, stemmed, skins on, sliced Directions: Preheat the oven to 350 degrees F. In a large bowl, beat […] The post Greek Yogurt Cake with Figs appeared first on The National Herald.
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Greek finance minister says bailout negotiations going 'better than expected'
Greece expects to conclude a multi-billion-euro deal with international lenders within two weeks, officials said, and its finance minister said talks were going better than expected. A bailout worth up to €86 billion must be settled by August 20th, or a ...
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EC satisfied with pace of talks between Greece and Quartet
First ESM loan to Greece could be disbursed before August 20
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Bloomberg: Capital controls fully lifted by the end of 2015
Nearly 1bln Euros flowed into Greek banking system from July 20
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FTSE ends flat and Coca-Cola Hellenic loses its fizz
Bottling group hit by sell notes as analysts warn of difficult marketsLeading shares ended marginally lower amid another decline in the Greek stock market - with banks losing another 30% - and despite a recovery in commodity prices.One of the biggest losers was Coca-Cola Hellenic Bottling, which has been under pressure in recent months due to its exposure to the trouble Greek and Russian markets.The big unknowns for us are how the group is coping with the adverse impact of foreign exchange rates, which continue to present a significant headwind on both a transactional and translational basis, how much benefit is coming through from lower input costs and the level of efficiency gains management is driving through the business. On a technical basis, the group’s first half results should also benefit from the additional four selling days, which reverses out in the fourth quarter of 2015. Continue reading...
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Greece doesn't need to immediately reduce debt
But since the negotiation will continue through August, there is an opportunity for improvements that can be achieved by a much stronger Greek ...
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UPDATE 3-Greece upbeat about bailout deal, sees one within two weeks
20 -- or a second bridge loan agreed -- if Greece is to pay off debt of 3.5 ... A deal might bring closure to a traumatic six months where Greece came ...
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Greece Sees Bailout Deal in Time to Meet $3.5 Billion Due to ECB
Greece's government aims to reach agreement with creditors on a new bailout within the next two weeks, enabling it to make a 3.2 billion-euro ($3.5 ...
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‘Pete the Greek’ will not face Libor action
FCA legal panel rules no case against former UBS man Panagiotis Koutsogiannis
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| READ THE ORIGINAL POST AT www.ft.com |