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Thursday, May 26, 2016

Sears may sell 4 of its iconic brands (SHLD)

[sears] Sears is looking into possible partnerships and deals for four of its brands. In its earnings statement Thursday, the struggling department-store chain said it's exploring alternatives for Kenmore, Craftsman, DieHard and Sears Home Services. Kenmore is Sears' brand for appliances, Craftsman is for tools, and car batteries are sold under DieHard.  The company said it can grow the brands significantly if they operate beyond Sears and Kmart.  Citigroup Global Markets and LionTree Advisors will work with Sears on any possible transactions.  Sears shares gained as much as 10% in early trading on Thursday before giving back all the gains. This year, they've dropped nearly 40%.  Sears also announced that its chief financial officer, Robert Schriesheim, is leaving the company. He will stay on until a replacement is found, and will be an advisor through January 2017.  In the first quarter, Sears' net loss increased to $471 million, or $4.41 per share, from a loss of $404 million, or $2.85 a year ago. Sales fell 8.4% to $5.4 billion. Sears used to be America's largest retailer, but has rapidly lost ground over the last few years. It has only posted a profit once in the last four years, according to Reuters.    SEE ALSO: SEARS' TOTAL COLLAPSE 'IS A MATTER OF WHEN NOT IF' Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy


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Stocks are going nowhere (SPY, DJI, IXIC, QQQ, IWIM, USO, WTI, OIL, VDE, BNO, ANF, COST)

[ewf] Stocks are virtually flat in late-morning trading, following two strong days for the market.  Near 11:05 a.m. the Dow was down 38 points (0.22%), the S&P 500 was down 3 points (0.16%) and the Nasdaq was down 1 point (0.04%). Crude oil climbed above $50 per barrel. Brent crude, the international benchmark, and West Texas Intermediate crude futures in New York pushed above the threshold for the first time in seven months amid ongoing supply disruptions in Nigeria and Canada.  In economic data, initial jobless claims fell 10,000 to 268,000 last week — more than expected. Durable goods orders jumped 3.4% in April, an advance report showed. That was more that the forecast for 0.5%. However, nondefense capital goods excluding aircraft fell 0.8%, more than estimated and the third straight monthly decline. Pending home sales, a forward indicator of existing home sales, rose to the best level in a decade, rising 5.1% in April.  And so on balance, the data was mixed, showing a strong labor market, slow business spending, and a robust housing market. Sears is exploring alternatives for four of its brands, the company said, as it reported a first-quarter loss that widened from a year ago. Its shares jumped by as much as 10% before turning negative. Abercrombie & Fitch shares tanked 11% pre-market after the apparel retailer's sales missed analysts' expectations.  Costco is 3% higher after the company reported better-than-expected profits. Its US same-store sales flatlined for the first time in six years.  SEE ALSO: WHAT'S HAPPENING IN FX DON'T MISS: DONALD TRUMP IS GREAT FOR GOLD Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy


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Alternate FM Xydakis meets with the Secretary General of the Council of Europe, Thorbjørn ...

The Alternate Foreign Minister for European Affairs, Nikos Xydakis, today received the Secretary General of the Council of Europe, Thorbjørn Jagland, noting that “it is a great honor and pleasure for us to welcome the Secretary General of the Council of Europe, Mr. Jagland. Mr. Jagland, in particular, is a person who knows European and Greece very well, and the Council of Europe is an organization that has always supported the Greek people and the Hellenic Republic in difficult times.”During the meeting, which took place today at the Foreign Ministry, they discussed the refugee and migration issue and, more broadly,...


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Greek agreement opens doors to debt ease

EU leaders agreed on a debt relief for Greece, which will be implemented gradually in the coming years. EU lawmakers consider this agreement a turning point. The Eurogroup meeting, which lasted until the early hours of Wednesday (May 25), might be a “game changer” since the question of a debt relief was clearly raised. The […]


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Greek debt deal reflects changing IMF

Fund steps back from confrontation with eurozone


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Table Hoppin': St. Spyridon prepares for 'Big Fat Greek Festival' June 3-5

St. Spyridon Greek Orthodox Cathedral in Worcester celebrates 40 years of food and culture at its “My Big Fat Greek Festival 2016” June 3-5 on the cathedral grounds, 102 Russell St. Rain or shine! The event celebrates the best of the city’s Greek ...


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Symbolic Greek migrant camp cleared as more die crossing Med

[A child looks out of a window during a police operation to clear a makeshift camp for migrants near the village of Idomeni, northern Greece, on May 25, 2016]The squalid Idomeni refugee camp in northern Greece which became a symbol of Europe's migrant crisis has been fully evacuated, police said Thursday, as another 30 died crossing the Mediterranean.


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After mud and misery, migrants find new hardship in Greek camps

[Migrants and refugees at the Kalohori refugee camp on May 25, 2016, near Thessaloniki, Greece]Hours after leaving the mud and misery of the Greek border camp of Idomeni, Juan from Syria is dismayed to find his new home -- a warehouse turned into a shelter -- is hardly an improvement.


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Thousands of migrants saved this week as traffic on Libya-Italy route swells

A boat of asylum seekers headed for the Italian island Lampedusa capsized off the Libyan coast on Tuesday, leaving hundreds of refugees stranded in the Mediterranean Sea. Tuesday's influx of refugees symbolizes a larger trend in the European refugee crisis: the sea between Libya and Italy has become an increasingly popular route for asylum seekers after the European Union and Turkey signed an agreement in March to slow the surge of migrants entering Greece.


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Obama: 'GREEK debt crisis has eased, still lot of economic work to do'

US President Barack Obama said Thursday the GREEK debt crisis had “eased” but there was “still a lot of economic work to do.” His comments were ...


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EconomyGreek yields jump as IMF repeats debt relief doubts

Less than 36 hours after a broad but imprecise agreement over debt relief was struck, yields on 10-year GREEK government bonds have jumped back ...


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Too little, too late: an appraisal of the latest GREEK deal

A new agreement has been reached between Greece and its creditors regarding the bailout program for the country. Jeroen Dijsselbloem, president of ...


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European Central Bank to Accept GREEK Bonds as Collateral

ecb The European Central Bank has once again agreed to accept GREEK bonds as collateral for loans in order to aid the country's struggling banks, ...


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ECB Expected to Reinstate Waiver on GREEK Bonds Within Weeks

FRANKFURT—The European Central Bank is expected to start accepting GREEK government bonds as collateral in its liquidity operations in the next ...


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Rare Ancient GREEK gold crown was kept for decades in box of newspapers under bed

An incredibly rare gold crown believed to be more than 2,000 years old has been discovered under a bed in a Somerset cottage. The delicate GREEK ...


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GREEK Archaeologist Claims He's Found the Tomb of Aristotle

A GREEK archaeologist who excavated the birthplace of Aristotle in northern Greece in the 1990s says a destroyed structure he discovered may have ...


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Happy Birthday Aristotle: Ancient Tomb Found In Stagira As World Celebrates GREEK Philosopher

The 2,400-year-old tomb of the great philosopher Aristotle has been found in the ancient city of Stagira, according to GREEK media reports Thursday.


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The Friendly GREEK replaces Seaford Palace Diner

At The Friendly GREEK in Seaford, partner Dimitri Kalodimos makes a gyro with a vertical stack of spit-roasted lamb slices. (Credit: Newsday / Erica ...


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The Guardian view on the new GREEK bailout: more extend, but – please – no more pretend

The IMF thinks 1.5% is a more plausible figure and wants “reprofiling” of GREEK debts – easing the overall burden and softening the interest rate.


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Lingering questions after GREEK debt deal reflect shifting powers among IMF members

The deal opened the way for the payment of €10.3bn in bailout funds to Athens heading off the short-term possibility of another GREEK budget crisis.


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Is this GREEK hilltop the 2400-year-old burial place of Aristotle?

GREEK archaeologists believe they have discovered the lost tomb of Aristotle, the greatest philosopher in history. Kostas Sismanidis said he was almost ...


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Patikas excited by Caltex Socceroos' clash with GREECE

When it was announced that the Caltex Socceroos would host GREECE this June in the Dodoni Series, former Australian international and AEK star Jim ...


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GREECE, Italy and Malta close off airspace to Libyans amid NATO operation rumors

GREECE has closed off its airspace for flight from Libya until September 8, local media reported. It comes amid rumors of a looming NATO operation in ...


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GREECE and Russia to Sign New Oil Supply Deal

State energy company Rosneft is to sign a new deal supplying GREECE with oil, the RBC news outlet reported Thursday. The contract between Rosneft ...


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Refugees Passing Through GREECE Share Their Tragedies In Heartwrenching Film

Refugees Passing Through GREECE Share Their Tragedies In Heartwrenching Film. “I was most scared of seeing my children die right in front of me,” ...


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Archaeologists in GREECE Think They Found Aristotle's Tomb

A group of archaeologists in GREECE say they have found the lost tomb of Aristotle, the Greek philosopher and likely world's first true scientist.


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Aristotle's tomb discovered in GREECE: Archaeologists reveal location of philosopher's 2400-year ...

Archaeologists have found the tomb of the philosopher Aristotle in GREECE after excavating for two decades. The 2,400-year-old crypt was discovered ...


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Greek finance minister says hopes GREECE can qualify for ECB's QE program swiftly

Deputy Finance Minister George Chouliarakis told reporters that GREECE will not be able to maintain a primary surplus of 3.5 percent of GDP in the long ...


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GREECE hopes to qualify for ECB's QE, cheap bank lending swiftly

After six months of tense talks, GREECE reached a deal with its foreign ... Both actions, he said, would "send a message to the markets that GREECE is ...


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GREECE Planning Cautious Return to Bond Markets in 2017

GREECE has been locked out of debt markets since 2010, with a brief return two years ago. Interest rates on Greek government bonds have eased after ...


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Infamous Greek refugee camp at Idomeni cleared out

Greek officials have confirmed the closure of the squalid migrant camp near the border with Macedonia. According to activists, the plight of the refugees who lived there has only worsened.


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Biden urges Cyprus leaders to resume talks

U.S. Vice President Joe Biden urged Greek Cypriot President Nicos Anastasiades and Turkish Cypriot President Mustafa Akıncı to resume peace negotiations during separate phone calls on May 25


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This is Saudi Arabia's 'Achilles' heel'

[saudi arabia student youth millennial]Fahad Shadeed/Reuters In the aftermath of the 2003 terrorist attacks carried out by nationals in Riyadh, Saudi Arabia, then-Crown Prince Abdullah argued that youth unemployment was the Kingdom's biggest challenge. Fast forward thirteen years into the future, and the problem remains a pressing issue for the Arab state to this day. "Abdullah singled out youth unemployment as Saudi Arabia's number one security challenge — and it is," Helima Croft, the head of commodity strategy at RBC Capital Markets, told Business Insider in an interview on Tuesday. "That's the 'Achilles' heel' of Saudi Arabia — the question of how to deal with its young population." Approximately two-thirds of the Saudi population is under the age of 30, but about 30% of the population aged 15-24 is unemployed, according to a 2014 estimate from the International Labor Organization. Plus, about 27% of the population is under the age of 14, which implies that Saudi Arabia's going to need to create a lot more jobs in the near future. [Screen Shot 2016 05 26 at 1.13.44 PM]Fahad Shadeed/ReutersAnd so, in this labor market, the big question is as follows: how do these large numbers of unemployed young people occupy their time if they don't have jobs? "It's the problem of young, unemployed men who are idle. They can’t marry; they have no jobs," Croft told Business Insider. "In the Middle East, it takes the form of young, idle men getting swept up in extremist groups." "It's a small fraction of that unemployed population that joined groups like ISIS, [but] you only have to have a small fraction join these groups for tremendous damage to be caused," she continued. Notably, Saudis make up the second largest group of foreign fighter nationalities in ISIS, according to a December 2015 report by The Soufan Group. "I look at Saudi Arabia and think, well, we do have those periodic ISIS attacks in the country ... these low level attacks in the eastern provinces where the Shiites live or on the Yemen border security outposts," Croft continued. "But what if there is something more serious in Saudi Arabia? That's what worries me the most about Saudi. A real security incident there."[ISIS Islamic State Raqqa Syria Member]Fahad Shadeed/Reuters But the youth unemployment issue is not limited to Saudi Arabia. It's actually a big obstacle for various countries in the Middle East and North Africa. A 2015 report from the ILO estimates that youth unemployment rates in Middle East and North Africa have been trending up since the global financial crisis, and are now around 30% in both regions. And if 30% does not sound like a very high number to you, the ILO thinks there are up to 75 million young jobless people in the Arab world — a number roughly equal to the total populations of France and Greece combined.[Screen Shot 2016 05 26 at 12.41.39 PM]Fahad Shadeed/ReutersEven though education and other labor-assisting programs have been implemented in many North African and Middle Eastern states, and young people in the region are "doing well in terms of near universal education" (even for women), youth unemployment rates in the region have risen since the global financial crisis. This contrasts with other regions around the world, which have seen youth unemployment rates either decrease or at least remain relatively stable in the same time frame. "The persistent high unemployment among both youth and adults in the [MENA] regions denotes the deep-rooted structural elements that cannot be resolved by supply-side policies alone," the ILO report said. [yemen unemployment]Fahad Shadeed/ReutersNotably, the correlation between unemployment rates/lack of job opportunities and joining militant groups is evident in some of these MENA countries. The 2016 Asda'a Burson-Marsteller Arab Youth Survey, which surveyed 3,500 Arab men and women aged 18 to 24 in face-to-face interviews, found that young Arabs believe the lack of jobs and opportunities as the primary reason people join ISIS (aka the Islamic State, ISIL, or Daesh). The poll also found that concern about lack of job opportunities is still a huge issue across all 16 countries surveyed, with less than half of respondents (44%) agreeing with the statement "there are good job opportunities in the area I live in.” And the most striking thing about the latter finding is that this concern is particularly high in countries where ISIS has actively recruited young people, according to the Arab Youth Survey. Only 2% of young Yemenis, 7% of Libyans, 21% of Lebanese, 28% of Tunisians, and 39% of Iraqis believe they have good job opportunities available in their country. "It’s one of the central challenges in many countries. It’s the 'lost boys,’” Croft said to Business Insider.  "These young men have nothing to do. The alienated, isolated young men who are open to recruitment — whether it be by militant group in Nigeria or whether it be an online ISIS recruiter. It gives them a sense of belonging, gives them a sense of community." [abu dhabi]Fahad Shadeed/Reuters Another interesting detail from the Arab Youth Survey was that for the fifth year in a row, young Arabs viewed the United Arab Emirates as the top country in which to live and the top country for their home nations to emulate (ahead of the US, Germany, Saudi Arabia, Canada, France, and the UK.) Plus, respondents noted that the top associations with the UAE were “safe and secure,” “has a growing economy,” and “wide range of work opportunities,” and “generous salary package." “The UAE’s popularity is likely a reflection of its status as a model country and regional political and economic safe haven,” the Arab Youth Survey noted. “The Gulf state has developed a reputation for its robust and diversified economy, which encourages a ‘can do’ attitude among its residents and is respectful of religious and cultural diversity.” "The Emirates is what the young people admire because the Emirates have seem to have found a way to diversification — with a hospitality sector, transportation sector, in addition to having the oil produced in Abu Dhabi,” Croft told BI. “It is the model — it’s what the young people through the Arab world look to and say, God, this is our _dream_ — to have the Emirates model." NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy


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Schaeuble Doesn’t Rule Out More Measures for Greece in 2018

German Finance Minister Wolfgang Schaeuble on Thursday did not rule out the possibility of “additional measures” in 2018 to assist Greece financially. However, he expressed the hope that this will not happen. Schaeuble stressed that Greece has made great efforts and expressed confidence that the IMF will participate in the Greek program and reiterated that


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Obama: Greek Debt Crisis Has Eased but More Work Still Needed

U.S. President Barack Obama said that the Greek debt crisis has “eased” during his meeting with reporters on the sidelines of the G7 summit in Shima, central Japan. “The fact that the Greek debt crisis has been resolved for a reasonable length of time should help,” he said. “But we all have got a lot


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Jean-Claude Juncker and Donald Tusk Express Pleasure on Eurogroup’s Agreement for Greece

European Commission president Jean-Claude Juncker and European Council president Donald Tusk on Thursday expressed their pleasure on the Eurogroup’s agreement for Greece during a joint press conference before the start of the GF Summit at Ise-Shima, Japan. “We are pleased that the Eurogroup reached an agreement not only among the 19 members but also with


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Greek Education Min Proposes to Legalize 2,500 Civil Servants With Fake Degrees

The proposal of Greek Education Minister Nikos Filis to legalize 2,500 public sector employees who were hired using forged school degrees has caused an uproar among opposition parties. Reportedly, Filis stated that the 2,500 people who had been hired in the public sector presenting fake documents would have the right to take examinations this summer


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Idomeni Refugee Eviction Complete, Trains to Resume Operation

Greek public broadcaster ERT reported that the eviction of refugees and migrants from the town of Idomeni is complete. The site, near the Greek border with the Former Yugoslav Republic of Macedonia (FYROM), was a gathering spot for people seeking to cross to other countries in Europe. The unofficial camp in the area was overcrowded


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Nana Mouskouri to Visit Refugee and Migrant Children of Greece

UNICEF Goodwill Ambassador Nana Mouskouri, acclaimed singer and humanitarian, is the latest in a round of celebrities to focus on Greece this week. She will accompany UNICEF Central and Eastern Europe Regional Director Marie-Pierre Poirier on a four-day visit that studies the impact of the ongoing refugee and migrant crisis in Europe and ways of


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Gov’t MP: Greece Can Survive 99 Years of Privatizations As it Survived Turkish Slavery

Leftist SYRIZA deputy Anna Vagena compared Greece’s future to the Turkish Occupation of Greece during her interview with private radio station, Stigma 97.6. “We are not afraid of 99 years of privatizations,” she said. “Greece endured 400 years of slavery during Ottoman empire. Greek people have great strength.” In the same interview, she referred to


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NBA Star Antetokounmpo Leads Greek Hoop Olympic Hopes

NBA star Giannis Antetokounmpo will carry Greece's Olympic basketball team into a tourney where the winner goes to the Rio Games.


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The Latest: Greek authorities finish evacuating Idomeni camp

[Migrants carry their belongings as they leave a makeshift camp during a police operation at the Greek-Macedonian border near the northern Greek village of Idomeni, Thursday, May 26, 2016. Greek police continue to evacuate the sprawling, makeshift Idomeni refugee camp where more than an estimated 8,400 people have been living for months. (Yannis Kolesidis/ANA-MPA via AP)]ROME (AP) — The Latest on the flow of migrants into Europe (all times local):


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Grave of Aristotle found in his birthplace in Northern Greece

The grave of famous Greek philosopher of the Antique, Aristotle, has been reportedly found in the ancient city of Stagira, now Olympiada in Chalkidiki in Northern Greece. According to archeologist Kostas Sismanides, there are “very strong indications which lead to certainty” that the grave belonged to the famous philosopher and […]


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Migrants: Greece, clearing of Idomeni camp continues

They included 779 Syrians and Iraqis, 170 Kurds and 57 Pakistanis and Afghans, a police source in Athens said, adding that the operation had concluded for the day and would resume again on Thursday. The authorities say that clearing the camp is expected to ...


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Migrants stranded in Greece take to fields to avoid state-run camps

[People walk through fields after they were sent out during a police operation to evacuate a makeshift camp at the Greek-Macedonian border near the village of Idomeni]By Phoebe Fronista IDOMENI/EVZONI, Greece (Reuters) - They packed up their belongings and began to walk, some heading for the fields, others to a gas station, all seeking to avoid going to state-run Greek migrant camps where they fear they will end up trapped. For months they had been living in Idomeni, a sprawling expanse of tents on Greece's northern border with Macedonia and a symbol of human misery until police and bulldozers began clearing it on Tuesday. Instead, dozens of tents have sprung up at gas station in the town of Evzoni, some six 6 km (4 miles) away, and dozens more were being pitched in a grassy field nearby.


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New Russian Gas Pipeline to Greece May Go Through Bulgaria

… gas pipeline from Russia to Greece may go through the territory … delivery project from Russia to Greece and Italy through third countries …


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Russian Military Cooperation With Greece Important to Restrain Turkey

…  military cooperation between Russia and Greece are important considering that Athens …  military cooperation between Russia and Greece are important considering that Athens …


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Greece Sees Russian Involvement in Syrian Crisis as Positive

… ) Get short URL MOSCOW (Sputnik) — Greece sees Russian involvement in Syria … migration to Europe from which Greece is suffering greatly," Ushakov …


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Greece, Russia May Sign Energy, Tourism Agreements During Putin's Visit

… MOSCOW Sputnik) — Russian Rosneft and Greece's Hellenic Petroleum may …  the Russian Energy Agency and Greece's Centre for Renewable … Russian Investment Agency and Enterprise Greece. Ushakov stressed that Russia-Greece bilateral …


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Privatisations move along at a slow pace in Greece

… been a key condition of Greece’s international bailouts since 2010 … . After six months of talks, Greece reached a deal with its … some terms of the sale. Greece clinched the 915 million euro … , it’s in the Greek government’s and Greek people’s hands …


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