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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

Sunday, August 23, 2015

GIRD YOUR LOINS: Here's your preview of this week's big market-moving events (DJIA, SPY, SPX, QQQ, CNY, USO, OIL)

The global financial markets are getting walloped. The Dow ended Friday at 16,450, down a whopping 1,018 points for the week. The blue-chip index booked its first back-to-back, down-300-plus-point days since November 2008. It's now down 10.3% from its May 19 high of 18,351, which means that the market is now in a correction. World stock markets from China to Europe to the Middle East are getting slammed. Meanwhile, commodities like  oil  and  copper  are getting wrecked.  All of this puts the Federal Reserve in a precarious position as it considers tightening monetary policy in the very near future. Further more, clues from the July FOMC meeting minutes suggest the doesn't exactly have its finger on the interest rate trigger. So as you gird your loins for the week ahead, here's your Monday Scouting Report: Top Stories The thing about big sell-offs. What's causing the sell-off? Maybe it's worries about China slowing. Maybe it's the prospect of higher interest rates fueled by tighter monetary policy from the Fed. Maybe it's renewed turmoil in Greece and how it threatens Europe's lackluster economy. Maybe it's the ominous global economic warning signals from tumbling commodity prices. Maybe valuations were a little stretched and it had just been too long since we had seen a sell-off. Maybe it's everything. Maybe it's nothing."Market corrections are a fact of life, and they can be a healthy occurrence in the long run," NYSE floor governor Rich Barry said. "If a 10% drawdown in the Dow Jones sends you scurrying to lower your 401(k) contributions, you’re doing it backwards," Ritholtz Wealth Management's Josh Brown quipped. "No Elizabeth, this isn’t “The Big One” and while the worst may not be over, it is time to focus on adding risk rather than selling," Brean Capital's Peter Tchir wrote.Bottom line: What's happening in the markets is very stressful and kinda scary, but also very routine. And while there could be a lot more selling, historically the odds of that happening are actually very low.  September December. In just one week, the odds of a Fed rate hike in September went from likely to unlikely. "We know that there was a moment when domestic data was relatively strong and international data was okay," Allianz's Mohamed El-Erian said. "Now, the international data is really scary, and therefore the Fed has lost the opportunity when it had some alignment." Credit Suisse's James Sweeney was among the economists who bailed on his September rate hike call. "With the global growth outlook worsening and the dollar rising, a September hike could exacerbate declining risk appetite," Sweeney said. "Contingent on upcoming data, our official call for the first Fed rate hike is now December 16, 2015."Earlier this month, Wall Street's top economists had exuded confidence that the Fed would surely hike rates in September. While, many are sticking to that call, almost everyone is now a bit more reluctant. Bank of America Merrill Lynch's Michael Hanson: "The Fed reiterated that it would be data dependent, and acknowledged that uncertainty remains around the inflation outlook. We see this discussion as putting the chances of liftoff in September close to even, not substantially below. In the face of this additional uncertainty we still give a slight nod to September, but the next few weeks of data will be important for updating our view." Societe Generale's Brian Jones: "We are still leaning toward a September liftoff, but acknowledge that recent Chinese developments make it a relatively close call." Pantheon Macroeconomics' Ian Shepherdson: "A September rate hike is not a done deal, and if it happens we cannot rule out a dissent or two, but provided the August labor data aren't disastrous and markets are not in disarray at the time of the meeting, we expect the Fed to move." Deutsche Bank's Joe LaVorgna: "We hope that the Fed will look past any potential near-term weakness in August payrolls and focus on the cumulative progress across a range of labor market indicators—most notably, extraordinarily low jobless claims... However, we are concerned that if August payrolls disappoint, market expectations for September liftoff could fall even further given a dovish-leaning Fed that has consistently been hesitant to raise interest rates, even gingerly, off an emergency level that has been in place since December 2008." ... there are a few stubborn Septemberists. Some economists maintain full confidence that September is the month. Citi's William Lee: "If the FOMC decided to wait until October or even December for liftoff, Chair Yellen would be asked what she had learned since September that had changed her mind, which is a question she cannot answer. So September it will be—barring any bunker busters." UBS's Drew Matus: "We'll get another month of labor statistics and another inflation print before the September 17th decision. We will also get a Q2 GDP revision that is expected to boost Q2 growth to 3.0% from 2.3%, a revision that should encourage more faith from Fed officials in the growth outlook." Barclays' Rob Martin: "We retain our view on September, but risks are higher. We continue to see data as consistent with the beginning of policy normalization in September. Data on US activity received since the July meeting have been quite positive on balance and should push the FOMC toward near-term lift-off. We see this as especially true for labor market developments." TD's Millan Mulraine: "We continue to expect both economic growth and labor market activity to continue shifting higher, providing the justification for the Fed to begin the normalization in monetary policy in September." ... and the Decemberists are feeling pretty smart right now. Meanwhile, the economist who had been calling for a later rate hike are feeling more emboldened. BNP Paribas: "The number of FOMC participants favoring an immediate hike in September may increase from the one who favored a July move, but we doubt there would be a majority, let alone the clear consensus or importantly Yellen’s blessing, that would be required to take such a significant step. Hike in haste, repent at leisure. Our central scenario remains a hike in December, and the minutes have increased our confidence in this, though any slippage in the data could begin to see the market start to increase the odds of March next year." Nomura's Lew Alexander: "We thought that a December liftoff was the most likely option and we maintain that view. We believe that the doubts expressed in the Minutes imply that the probability of “liftoff” at the September meeting has gone down materially, while the probability of liftoff in December or no interest rate increase this year has increased." HSBC's Kevin Logan: "The question for financial market participants is whether or not there will be sufficient evidence available before the September FOMC meeting to overcome the reasonable doubts of some of the Committee members. In our view, there will not be. It is unlikely that inflation or average wages will show much of an acceleration between now and September 17th."  Goldman Sachs: "We continue to forecast the first rate hike at the December FOMC meeting." Economic Calendar S&P/Case-Shiller (Tues): Economists estimate home prices climbed by 0.2% year-over-year in June, or 5.10% year-over-year. From Nomura: "The year-over-year growth rate of this home price index appears to be stabilizing near 5% after the pace of appreciation picked up at the end of last year as prices adjusted to tighter inventory levels. Tight inventory of for-sale homes has prompted prices to adjust higher. If the pace of appreciation stabilizes around current levels, it could provide enough incentive to encourage homeowners to put their homes on the market while encouraging potential homebuyers back into the market." Markit US Services PMI (Tues): Economists estimate this services index slipped to 54.0 in August from 55.7 in July. Any reading above 50 indicates growth. New Home Housing Starts (Tues): Economists estimate the pace of new home sales jumped 5.8% in July to an annualized rate of 510,000 units. From Credit Suisse: "We estimate new home sales rebounded in July after two consecutive months of decline. Other housing data reported so far for the month have signaled continued improvement in the sector, with existing home sales and the NAHB housing market index making new highs for the cycle." Consumer Confidence Index (Tues): Economists estimate the Conference Board's index of sentiment climbed to 93.4 in August from 90.9 in July. From Barclays: "Jobless claims remain low and average daily retail gasoline prices are down on the month. Both factors should support consumers’ outlook for the economy and push the Conference Board’s index up modestly on the month." Richmond Fed Manufacturing Index (Tues): Economists estimate this regional manufacturing index fell to 9 in August from 13 in July. Durable Goods Orders (Wed): Economists estimate orders fell 0.4% in July. Nondefense capital goods orders excluding aircraft, or core capex, is estimated to have climbed 0.4%. From BNP Paribas: "Transportation orders will probably have held back the headline rate, as there was a decline in Boeing orders after June’s pop. Meanwhile ex- transportation orders are likely to have been relatively subdued, in line with recent manufacturing data." Initial Jobless Claims (Thurs): Economists estimate initial claims fell to 275,000 from 277,000 a week ago. From Bank of America Merrill Lynch: "While claims only represent one side of the jobs equation, firings, low levels are generally consistent with a healthy, improving labor market. We expect this trend to continue, especially as talent becomes more of a scarce resource as we approach full employment." Q2 GDP (Thurs): Economists estimate GDP growth in Q2 will be revised up to 3.2% from 2.3% a month ago. Personal consumption growth is estimated to have been revised up to 3.1% from 2.9%. From Credit Suisse: "Stronger construction spending and substantially greater inventory building than originally assumed in the BEA’s advance report should be the largest sources of upward revision. Consumer spending growth should be lifted only slightly from its originally-reported Q2 growth rate of 2.9%. We look for the contribution from net exports to remain largely unchanged at 0.1 ppt. With the job market continuing to strengthen, cash flows to households picking up, credit availability normalizing, and even the housing market starting to normalize, we anticipate the growth over the balance of the year to be close to that of our revised Q2 estimate. We project second-half growth at about 3%." Pending Home Sales (Thurs): Economists estimates ales climbed 1.0% in July. From Bank of America Merrill Lynch: "The risk is that pending home sales slips in July. We are forecasting a decline of 1.0% mom, close to the drop in June. Mortgage purchase applications have weakened recently, suggesting some softening in demand. However, it is important to remember that pending home sales, similar to other measures of housing demand, had a strong trajectory through the first half of the year, so it is not surprising to see a modest payback." Kansas City Fed Manufacturing Activity (Thurs): Economists estimate this manufacturing index improved to -4 in August from -7 in July. Personal Income and Spending (Fri): Economists estimate income climbed 0.4% and spending grew 0.4% in July. From Bank of America Merrill Lynch: "We look for consumer spending to increase by 0.4% mom in July. After controlling for a 0.1% mom gain in prices, we expect that spending will be up 0.3% mom in real terms. Auto unit sales growth and core control retail sales growth were both solid in the month. We do, however, expect a decrease in spending on utilities given the decrease in utilities production, which may offset some of the gain from other categories. We expect personal income to increase 0.5% mom in July. Average hourly earnings were up solidly, and aggregate weekly hours jumped notably." U. of Michigan Sentiment (Fri): Economists estimate this sentiment index improved to 93.1 in August. From BAML: "While gas prices have on net risen in the later part of August, employment conditions continue to improve, likely offsetting each other somewhat in terms of consumers’ sense of financial well-being." Jackson Hole (Thurs-Sat): The Kansas City Fed is holding its annual Economic Symposium From August 27 to August 29. The theme: "Inflation Dynamics and Monetary Policy." Federal Reserve Vice Chair Stanley Fischer will speak during a panel discussion on Saturday. Fed Chair Janet Yellen is not expected to be in attendance. Market Commentary Not that we want to pile onto the fear and uncertainty plaguing the market right now. But we'd point out that Deutsche Bank's David Bianco and Wells Capital Management's Jim Paulsen — two veteran strategists who've been characterized as perma-bulls — are warning about trouble in the near-term. And they both point to the most important driver of stock prices: profits. "It's amazing how forgiving the general commentary has been on profits and even the broad economy," Bianco said in an email to Business Insider. "Many seem to celebrate the absence of a recession. The labor market continues to tighten, and thus I expect the Fed to hike, but other than some bright spots like auto and housing, growth is extremely weak with underlying drivers like productivity and investment disturbingly poor and S&P profits are not growing." "Earnings performance is well past its best for this recovery and investors need to consider whether earnings growth will prove sufficient to support current stock market valuations," Paulsen wrote. "The rapidly aging earnings cycle is perhaps best illustrated by an economy nearing full employment with corporate profit margins near record highs. Should global growth remain tepid and overall sales results modest, since profit margins are unlikely to rise much, earnings trends will also likely prove disappointing. Conversely, should global growth and corporate sales results accelerate, because the US is nearing full employment, companies may soon face cost-push pressures and margin erosion, which will likely offset improved sales results." To be clear, none of these folks are saying that you should bring your allocation to stocks down to 0%. They're just saying that you should not be caught off guard. "Investors should reflect on these growing risks and appropriately moderate portfolio exposures," Paulsen wrote. "However, we caution against becoming too defensive since a lone wolf with imperfect timing sometimes gets run over by the pack!"Join the conversation about this story » NOW WATCH: How to clear out a ton of space on your iPhone superfast


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Anti-Mining Protesters Clash With Greek Police; 78 Arrested

Police in Greece say they have arrested 78 anti-mining protesters, mostly foreigners, involved in clashes outside a Greek gold mine. Police said about ...


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Masked man on Greek boat suspected in attack on migrants

Migrants, whose boat was reportedly deflated by Greek Coast Guard, arrived at a Turkish port after they were rescued by Turkish fishermen on Aug.


READ THE ORIGINAL POST AT www.dailysabah.com

Global stocks take another battering as worries over China and Greece combine

A searing six-year rally in US stocks had advanced into the summer months, shrugging off challenges like the dispute over Greece's debt. U.S. stocks ...


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Greece president grants a mandate to leader of Greece's opposition

Greece's main opposition conservative New Democracy (ND) party leader Evangelos Meimarakis on Friday received the mandate to form a ...


READ THE ORIGINAL POST AT www.tjcnewspaper.com

China's BIG PLANS for Greece

… 's major interest in Greece is its strategic assets, such … so many Chinese initiatives, the Greek infrastructure investment plans |are part … Century Maritime Silk Road, as Greece is a |maritime hub connecting …


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Athena Crowdfunds Greek Modeling Show!

All contributors will be supporting the first ever TV Show for Greek Models and for the small Island of Agistri, which is hosting the show, the opportunity ...


READ THE ORIGINAL POST AT bitcoinist.net

Macedonia reopens border with Greece, allowing migrant inflow

Macedonia reopened its border with Greece on Sunday, Aug. 23, 2015, allowing an unrestricted inflow of migrants from the Middle East and Africa to ...


READ THE ORIGINAL POST AT www.upi.com

Photos: More migrants land in Greece day after record numbers rescued from Mediterranean Sea

More than 5,000 migrants crossed into Serbia on Sunday en route to western Europe, as Greece ferried more refugees from overcrowded islands to its ...


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EU Commission: Third bailout deal with Greece possible before August 20

The move saves Greece from a disorderly default on its debts which could have come as soon as next week, but means more hardship for ordinary ...


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Toni Garrn Partners with BidKind for Charity Dinner in Greece!

Toni Garrn poses for a photo with fellow model Constance Jablonski while attending the BidKind dinner benefiting Plan International on Friday ...


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Athena Crowdfunds Greek Modeling Show!

All contributors will be supporting the first ever TV Show for Greek Models and for the small Island of Agistri, which is hosting the show, the opportunity ...


READ THE ORIGINAL POST AT bitcoinist.net

Greek police bust high class drug-pandering ring in Mykonos

3 Greek suspects


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How anti-austerity US economists led Greece astray

#politics #economy


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British tourist killed in Greek bar fight

Lloyd was involved in a drunken brawl and hit his head on the ground, according to Greek police. However, the young man refused to go to the ...


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A Matter of Perspective and Historical Remembrance While Syrians Flock to Greece

Waves of Greeks started leaving their centuries-old homes in Pontus, fearing for their lives and those of their children. Some found a haven in Greece, ...


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More than 5,000 migrants get into Serbia on their way to Europe on buses and trains laid on by the Macedonian authorities

Migrants trapped for days in no man's land between Greece and Macedonia where they clashed with baton-wielding police are now expected to head towards the unpoliced border with Hungary.


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Tension peaks in Italy and Macedonia over migrant crisis: Who is helping?

A standoff between Macedonian police and migrants subsided on Sunday, with thousands of men, women, and children boarding trains bound north for Serbia, after the nation just north of Greece reopened its border. The former Yugoslav Republic of Macedonia declared a state of emergency on Thursday, and ordered its borders closed to migrants fleeing conflict and political unrest. Police, backed up by armored vehicles, spread coils of razor wire over rail tracks used by migrants to cross on foot from Greece into Macedonia, the Associated Press reports.


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Faulty finances: Israel's economic growth below Spain, Greece

Report in Finance Ministry notes decrease in exports, manufacturing as reasons for poor economic performance; Kahlon: 'Figures worry me as finance ...


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Greek PM Alexis Tsipras resigning after bailout rebellion

The Greek constitution stipulates that when a government resigns, the president should ask the second and third biggest parties – now the centre-right ...


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CHRISTOPH M.

… other European lenders, has provided Greece with emergency financing – recently joined … for Greece’s crisis? The short answer is no. While Greece’s … that any solution to the Greek crisis reinforces, rather than undermines …


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The Greek coalition process is dragging

As the Greek coalition process remains slow there's concern that the lack of momentum will prevent the country from dealing with its simultaneous ...


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Greek Foreign Ministry: ‘Albania’s Response on Himare Incident Is Very Encouraging’

Greece’s Foreign Ministry described Albania’s response on Saturday regarding the country’s commitment to respect and fully protect individual, religious and property rights of the minorities as “very encouraging.” The statement follows an incident that occurred at the Holy Church of Saint Athanasios in Dhërmi, Himarë, when residents of Greek-descent tried to stop local authorities from


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Greek Main Opposition Slams Tsipras for Refusing to Meet with Party Leader

Greek main opposition New Democracy accused Prime Minister Alexis Tsipras of having an “authoritarian approach” on Sunday, following his refusal to meet with New Democracy leader Evangelos Meimarakis in his attempt to form a government and avoid snap elections. “The meetings of political leaders in the framework of exploratory mandates are institutional and constitutional, and aim,


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Greece, the Most Flirtatious Country in the World

Men and women have often argued about what constitutes the perfect way to flirt. There are several cultures where flirting comes naturally while others appear to be more aggressive and go to extremes, often scaring off their potential dates. Thrillist posted questions to Reddit and Quora users, asking them to share their extreme flirting stories


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Emotional refugee photo causes thousands of reactions online

Father clings on to children as they arrive to safety on Kos, Greece


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Skouries workers to block roads in protest actions against Greek government decision to shut mining site

Eldorado to take Greek government to court


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Greece: a country forced to sell

Greece is being sold as if a prize -- but impoverished -- estate at an auction, piece by piece. And this unprecedented crisis appears to benefit ...


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Stocks sink for second day over China, Greece fears

Wall Street slumped at the open on Friday, falling for the fourth straight session, as more grim data from China spooked investors already anxious ...


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Migrant flow resumes in Macedonia

Thousands of migrants resume their journey north through Macedonia and into Serbia, after Macedonia reopens its border with Greece.


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Macedonia throws open border gates, refugees resume trek to EU

Beleaguered refugees and migrants who had been stranded at the Macedonian border have resumed their journeys to seek asylum in western Europe. Mass movement has resumed after Macedonia reopened its frontier with Greece.


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Macedonia clears migrant backlog, 5000 enter Serbia

The flow was unabated, as Greece ferried refugees from inundated islands to the mainland. A record 50,000 hit Greek land by boat from Turkey in July ...


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Constantinople’s Greeks Want Turkish “Patriarchs” out of Orthodox Cemetery

CONSTANTINOPLE – The Greek Orthodox community in Constantinople wants to remove the graves of Papa Efhtim and his sons, Papas Efthim II and III, from its historic cemetery in Constantinopole, the Hurriyet Daily News reported. Efhtim declared himself the pope of the Turkish Orthodox Patriarchate, which he founded in 1921 (other accounts date the founding […] The post Constantinople’s Greeks Want Turkish “Patriarchs” out of Orthodox Cemetery appeared first on The National Herald.


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Macedonian police abandon attempts to stem flow of migrants from Greece

A steady stream of migrants crossed unhindered from Greece into Macedonia on Sunday after overwhelmed security forces appeared to abandon a ...


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Eyewitness: Athens, Greece

Photographs from the Eyewitness series Continue reading...


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Greek Election Campaign to Begin This Week After Lafazanis Bid

… . If resisting the bailout means Greece exiting the euro area “this … , government spokeswoman Olga Gerovasili said. Greek media have meanwhile speculated that … Saturday. The agreements reached with Greece stand regardless of who is …


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Macedonia opens border with Greece as hundreds of refugees spark police action after rushing lines

… Macedonians opened the border with Greece late on Saturday night. The … the journey through Turkey and Greece, their lives destroyed by conflict … influx that has overwhelmed the Greek authorities and the country…


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Migrants Pass Greek-FYROM Border Barriers Heading for Europe

On August 22, migrants and refugees were desperately trying to bypass the FYROM police and army forces, located at the neutral zone near the Greek-FYROM border. Several were injured as thousands of people were trying to forcibly enter the country in their journey to northern Europe. The policemen and military forces lined at the border


READ THE ORIGINAL POST AT greece.greekreporter.com

Greek State Minister Rules Out Post-Election Coalition with Opposition Parties

There will be no cooperation after the elections between SYRIZA and New Democracy, “To Potami” or PASOK, Greek State Minister Nikos Pappas said in an interview to “Ethnos” newspaper on Sunday. “If this possibility existed, there would be no need to resort to elections,” he was quoted as saying, while adding that the party will


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18-Year-Old British Tourist Found Dead in Crete

A gifted British athlete passed away after a fight that broke outside a bar in Malia, Crete. Archie Lloyd was an 18-year-old student at Harrow, one of Britain’s leading independent schools. Lloyd was involved in a drunken brawl and hit his head on the ground, according to Greek police. However, the young man refused to go


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Syrian enemies share Greek ferry voyage into the unknown

For Rana, who married her husband with little fanfare in the Greek island of Rhodes days before setting out on the next part of the journey to ...


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Thousands of refugees stuck between Macedonia and Greece

THOUSANDS of rain-soaked migrants, including many women and children, were trapped yesterday on the border between Greece and Macedonia, ...


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Harrow pupil dies after attack outside Greek nightclub

Archie Lloyd, a pupil at Harrow, was punched in a drunken argument in the town of Malia and hit his head on the ground, according to Greek police.


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Police In Macedonia Fire Stun Grenades At Refugees Who Storm Border

Thousands of migrants broke through police lines and crossed the border from Greece into Macedonia, hoping to continue northward to new lives in northern Europe. Macedonian police fired stun grenades.


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Macedonia Begins To Clear Refugee Backlog

More than 5,000 refugees have been able to board trains and buses to Serbia and northern Europe, ending their ordeal in makeshift camps on the border between Greece and Macedonia. Some of the people - mainly from Syria, but also from other countries such as Iraq and Afghanistan - have spent days in the open with little or no food after Macedonia declared a state of emergency and closed its borders to them. Also on Saturday night thousands had managed to get through to the town of Gevgelija, where trains were waiting to take them to Serbia.


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Greek coalition process crawls as election calls grow

ATHENS (Reuters) - Greek opposition leaders took things easy on Sunday in their quest for a new coalition, ignoring calls from home and abroad for a rapid move to elections so the country can deal with its simultaneous economic and humanitarian crises.


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Hundreds of migrants cross unhindered into Macedonia

Hundreds of migrants crossed unhindered from Greece into Macedonia on Sunday after overwhelmed security forces appeared to abandon a bid to stem their flow through the Balkans to western Europe following days of chaos and confrontation.


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Chaos as migrants overpower police at Greek/FYR Macedonia border

… are the desperate scenes at Greece’s border with FYR Macedonia …


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Santorini; 9+1 ‘Under-The-Radar’ Surprises

The Greek island of Santorini is mainly known for its dominating cliff-faces adorned with impressive clusters of white-washed tiny houses boldly facing one of the most spectacular sunsets in the world. In reality, though, Santorini has much more to offer and the following list is the indisputable truth. Enjoy! 2 Do List 1. Live the experience of the magnificent


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Greek PM Tsipras Declines Meeting with Main Opposition Leader

There is no room for programmatic convergence between Greece’s main opposition New Democracy and ruling coalition partner SYRIZA or forming a government in the current parliament, government sources said on Sunday, explaining Prime Minister Alexis Tsipras’ refusal to meet with New Democracy leader Evangelos Meimarakis who is in the process of an exploratory mandate granted on Friday.


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