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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

Tuesday, June 7, 2016

Greek doctor prescribes Aspirin for patient – Reason “Accident in Spaceship”

Did you know that there spaceships in Greece and that somebody can have an accident with it? Or in it? I’m sure you didn’t know. But apparently, there are. And not only there are, Greece’s Health System has made provision for such cases. It has “specific codes” to cover treatment […]


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Football: 60m wonder strike seals win for Greece

… 60-metre goal proved decisive as Greece beat Australia 2-1 in a … struggled to break through the Greece defense. Australia has an international …


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Greece may not be at Euro 2016 but this SIXTY-YARD scorcher deserves to have been on the big stage

… ;t that long ago that Greece were stunning the cream of … the consolation prize for the Greeks this summer was a jaunt … minute Matt Leckie winner but Greece avenged that defeat today with …


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Greece fans set off flares at Socceroos friendly in Melbourne

New Delhi, June.6 (ANI): Indian star boxer Vijender Singh will next face Australian Kerry Hope in his first professional fight in his home turf for the WBO Asia Pacific Super Middleweight title ... The Proteas, who lost to the West Indies in the opening ...


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Small issues with a big significance.

When New York Times columnist Thomas Friedman visited Greece at the beginning of the crisis, one of his comments was the following: If in a few years from now you hear that young Greeks are leaving their homeland, then you will know what the future holds for the country. I would even add that as


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Academy of Hellenic Paideia Presents 1st Annual Art Festival

ASTORIA— On June 6, the Academy of Hellenic Paideia’s TIMARETE Hellenic Art Festival opened its Children’s Art Exhibition at the Greek Cultural Center showing the fantastic artwork created by the children in the Drawing and Painting class offered by the Academy, taught by renowned artist and teacher Antonia Papatzanaki who curated the exhibition as well.


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Mediterranean Migrant Death Toll Hits Record Levels

There is fear that 320 migrants and refugees have drowned off the Greek island of Crete last week alone in the deadliest toll on record. The International Organization for Migration reported the deadly incident on Tuesday. The migrants who survived said that their boat set sail from Egypt with about 350 people aboard, said the


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GREEK PM opens Posidonia with plea for trust

GREEK Prime Minister Alexis Tsipras officially launched the Posidonia international shipping exhibition on Monday evening with a plea for the ...


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St. Nicholas's Annual GREEK Folk 4-Day Festival

The St. Nicholas GREEK Folk Festival will be held on Thursday, June 9 through Sunday, June 12th at GreekTown Square and Events Center, 701 S ...


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GREEK cruise ship companies left all at sea by strike

GREEK cruise ship operators are worried of a lasting impact on the sector from an ongoing strike by port workers protesting against the sale of the ...


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GREEK government eyes constitutional reform

In what is being interpreted by some as an attempt to divert public opinion away from the austerity measures, government spokeswoman Olga ...


READ THE ORIGINAL POST AT www.ekathimerini.com

Watch: GREEK soccer player scores from 65 yards out

In a friendly against Australia on Tuesday morning, GREEK midfielder Ioannis Maniatis scored from his own half—over 65 yards away from goal—to ...


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GREEK Food Festival Begins in Scranton

An assortment of favorite GREEK foods are available . The church's recently renovated hall, which is now air-conditioned, will be opened from 11am ...


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Corruption spurring the brain drain from GREECE

The majority of those comprising the recent brain drain are 40 years old or younger, and four in every five of them have left GREECE in the last five years ...


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Something puzzling has been going on in the economy, and we now have an explanation for why

[Buried cash]We all know the theory: If you drop interest rates, then, all things being equal, companies and households will invest in the future.  Businesses will invest in things like machinery because the cost of doing so — the interest on the debt to finance the acquisition — is reduced. Except that hasn't been happening. Corporate investment has been weak, despite record low interest rates. And Jason Thomas, managing director and director of research at private equity giant Carlyle Group, has an interesting theory for why.  In short, lower interest rates fail to boost business investment because companies are incentivized to pay dividends or buy back stocks instead, according to a research report published Monday. Here is Thomas on the issue:  It may be that low rates do not spur business investment because of their impact on investor preferences. Capital markets are two-sided. If accommodative monetary policy causes portfolio income from “safe” government bonds to fall below certain thresholds, investors are likely to respond by diversifying into “yield products,” or securities that pay out a large share of returns through cash distributions. And by increasing the market value of distributions relative to long-lived capital, these types of portfolio shifts may create financial incentives for businesses to distribute incremental cash flow rather than reinvest it in their business. Investors often search for dividend-paying stocks as interest rates drop. Companies can choose to either pump money into new projects or distribute cash flow to shareholders. As real interest rates decline, investors bid up the prices of dividend-paying stocks, with the stock market effectively rewarding those companies that give out the most in distributions.  [d1] This is not something new. In fact, Thomas found that higher-yielding stocks tend to outperform the overall market.  Over the past forty years, a 1% decline in real interest rates has been associated with a 0.76% increase in the monthly returns of the highest-yielding 10% of stocks, after accounting for company-specific factors like size, valuation, and systematic volatility. The effect is more pronounced as rates drop and stay low for a longer period of time. When five-year rates dropped by 0.5% between February and May this year, high-yielding stocks benefited, as seen in the 5.8% jump in the S&P Dividend Aristocrats Index versus the S&P 500, according to Thomas. [d2] Demographics play a part in this, too. Certain types of investors have a preference for current income (rent, dividends, yields) over capital gains (an appreciation in price). This group includes retirees, family offices, and pension funds.   "In economies where societal aging has increased the share of investors dependent upon current income to fund consumption in retirement, investment demand could be expected to fall in response to cuts to real interest rates," Thomas said. "Below certain thresholds, an increase in the relative value of distributions would likely offset any decline in business’ cost of capital." In other words, at a certain point the value of distributions (think rising share price) is greater than the benefit accrued by a decline in the cost of debt. This has broad implications, according to Thomas.  "Monetary policy may be unable to deliver incremental accommodation in such economies without more explicit coordination with fiscal authorities," he said. "Money-financed stimulus, once unthinkable, may become a potential policy option in these situations." SEE ALSO: THE BIGGEST FORCE POWERING THE STOCK MARKET IS STARTING TO DISAPPEAR, AND IT COULD BE A HUGE PROBLEM Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: How I dealt with stress when Greece nearly defaulted


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This $500,000 supercar sold out so fast that McLaren is building more for those who missed out

[McLaren 675LT MSO Carbon Spider]McLaren The McLaren 675LT Spider sold out just weeks after the company confirmed its existence last December, and several months before the public was even able to see the car. The company's only making 500 of these, and with all of them already spoken for many of McLaren's clients were left disappointed.  So, the Woking, England-based company is giving buyers who missed out another shot with 25 limited edition MSO Carbon Edition 675LT Spiders.  Although the "standard" 675LT Spider is built around a carbon fiber tub with carbon fiber body panels, the MSO cars have 40% more carbon fiber components. In fact, at $515,000, the Carbon edition cars carry $140,000 in carbon fiber upgrades — including exposed, matching carbon fiber weave on all external panels. Also carbon fiber are the car's retractable convertible hard top and tonneau covers.  Known for its incredible strength and light weight, carbon fiber has become the material of choice for supercar makers. It was McLaren that really put the material on the map. Thirty five years ago, the company helped pioneer the technology in its championship-winning Formula One cars. And 25 years ago, in its ground-breaking, 240-mph McLaren F1 hypercar.  In fact, every McLaren road car every built has featured a carbon fiber chassis. Like all other McLaren 675LTs — LT stands for Long Tail in reference to the company's legendary Long Tail race cars of the late 90s — the Carbon edition cars are powered by a 3.8 liter, 666 horsepower, twin-turbocharged V8 engine. According to McLaren, the 675LT Spider is good for a 0-62 mph sprint in just 2.9 seconds with a top speed of 203 mph. McLaren expects to begin customer deliveries of the MSO Carbon 675LT Spider by the end of the year. [McLaren 675LT MSO Carbon Series LT_02]McLaren NOW WATCH: FORMER GREEK FINANCE MINISTER: How I dealt with stress when Greece nearly defaulted


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Christians renovate Jesus’s tomb together, overcoming centuries-old religious rivalries

Greek Orthodox priests hold liturgy outside the tomb of Jesus in the Holy Sepulcher church in Jerusalem. A team of experts is set to begin a historic renovation at Jesus’ Tomb in Jerusalem’s Old City, overcoming longstanding religious rivalries to ...


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Leonardo DiCaprio in New York with members of the Wolf Pack as friend Lukas Haas vacations in Greece

Lukas Haas is in Greece. I only know this because Maria told me yesterday because she creeps his Instagram. Not because Lukas Haas, himself, is worth creeping but he’s Leonardo DiCaprio’s shadow. It’s a geo-search for the Wolf Pack.


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GREEK defender Giannis Maniatis launches 55m wonder-strike

GREEK defender Giannis Maniatis launches 55m wonder-strike. now. share. Source: Youtube: DeeMan Gaming. RAW: GREEK defender Giannis ...


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The US Stock Of A Former GREEK Shipping Billionaire Sinks To $1

In 2005, George Economou led about a dozen GREEK dry-bulk shipping firms to publicly list their companies in the U.S., starting with the IPO of his own ...


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GREECE revises Hellenikon property deal, unlocking bailout funds

ATHENS (Reuters) – GREECE on Tuesday revised terms for the sale and long-term lease of the old Athens airport of Hellenikon, meeting the demands ...


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New monument marks arrival of Utah's first Greek Orthodox Church

… GALLERY (3) Utah's Greek community recently celebrated a monumental … ;s first Greek Orthodox Church. That edifice, dubbed Holy Trinity Greek Orthodox … wrote a history of the Greek Orthodox community in the Salt …


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Stunning long-shot goal as Greece beat Australia

… in Melbourne on Tuesday. The Greeks won 2-1, with Olympiacos midfielder … Milligan was dispossessed deep inside Greece’s attacking half and Benfica … Postecoglou took over as coach. Greece were a far different proposition …


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Modern Greece Set Against Backdrop of Rising Unemployment, Socioeconomic Turmoil, Financial Instability, & Illegal Immigration

"Worlds Apart" (Enas Allos Kosmos), Greece's highest grossing movie since 2009, made its North American debut on June 5, 2016, at the Egyptian Theater in Hollywood, closing out the tenth annual Los Angeles Greek Film Festival. The film was so successful in ...


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Mystery Behind Underwater GREEK Ruins Couls Actually Be A Geological Phenomenon

There were mounds of ruins underwater and it was initially thought that these must be the remains of an ancient GREEK city. However, a team of ...


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GREECE player scores UNBELIEVABLE goal from well inside his own half

Well, no. Because, having lost six of their 10 qualifiers, GREECE finished rock bottom of their qualifying group and instead competed with Australia in ...


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Valeant just had to tell Wall Street about its new cataclysmic problem

[upside down guys in suits] Valeant Pharmaceuticals on Tuesday morning reported a Q1 earnings loss of $373.7 million, or $1.08 a share. It also cut guidance for the rest of the year. The stock has fallen 16% in Tuesday's trading day. There was one piece of information that really upset Wall Street. You could tell because analysts kept asking about it over and over again on the earnings call. It had to do with Valeant's new agreement to sell drugs primarily through Walgreen's. The problem is simple to explain, but hard to correct. Valeant isn't getting nearly as much as it expected for the drugs it's selling through Walgreen's. Average sales price (ASP) is way down. In fact, sometimes Valeant is seeing negative average sales prices, and it doesn't seem like management is totally clear on how to fix that. "We're excited about the Walgreens program... the program as you know is very innovative. It's a 20-year program and naturally when you put something together that is innovative you're going to experience some speed bumps," new CEO Joe Papa said on the call. THE NATURE OF THE BUMP Valeant didn't have "speed bumps" with sales before because, for a while, it had its own private specialty pharmacy. It was called Philidor, and its very existence was unknown until October, when a short seller pointed out some shady activity going on with Valeant's accounting. That, combined with government scrutiny over its pricing practices, brought Valeant's stock crashing down 90%. [valeant problems]And it brought about the end of Philidor. The government is still investigating why Philidor employees were told to use other pharmacies' identification numbers to push through sales with payers; why Valeant purchased the option to buy Philidor for $100 million; why Valeant employees worked at Philidor using fake names. Basically it's a mess — the kind of mess that turns off the doctors who have to prescribe Valeant drugs, and the payers who have to pay for them. Valeant says it's working to rebuild those relationships, but that takes time. THE CHANNEL In the meantime, without Philidor segments of Valeant's business were left without the support of a distribution channel that pushed through sales. This has been a huge problem for the dermatology unit, which represented 21% of Valeant's US revenue, according to Morgan Stanley.  In December, Valeant struck this primary sales deal with Walgreen's, but Walgreen's is no Philidor. First off, patients did not have their prescriptions automatically switched from Philidor to Walgreen's. David Risinger at Morgan Stanley said in a recent note to clients: Some patients had to obtain new Rx's from their physicians in order for Walgreens to dispense refills. This contributed to early 2016 disruptions and resulted in some lost prescriptions because some physicians elected to prescribe non-Valeant medications. Remember, some doctors are none-too-pleased with Valeant.  The other problem has to do with process. If you're paying cash for a Valeant drug at Walgreen's, you're good. If you're a commercially covered patient, then you should be good if Valeant drugs are covered by your healthcare provider. But, when the drugs require prior authorization before disbursement from your provider — that's where Valeant is running into problems. Sometimes, it seems, Walgreens is sending or giving out the drugs and the payers are saying: "Hey, we don't do that product, sorry. We won't pay." IN NEGATIVE TERRITORY [bridget to guidance valeant chart]That's where Valeant is getting into "negative APS," which alarmed many an analyst on the Tuesday call. What's more, Morgan Stanley noted that dermatology sales aren't going up — they're actually leveling off since Valeant started it's program with Walgreen's. "According to our VRX derm tracker, derm scripts appeared to peak at close to 100,000 in February 2016 and fell below 90,000 in April. We observe a recent uptick to approximately 91,000 in the most recent week," Risinger wrote in the note dated June 1. We should note that on the call Valeant executives said that negative average sales prices did not impact the service fees it pays to Walgreen's. This problem isn't just impacting dermatology either. On the call one Valeant executive mentioned that this was also impacting the company's crown jewel, Xifaxin. It was expected to be a $1 billion drug in 2016, but in Q1 it only hauled $207 million in revenue. In order to gain more distributors for the drug, Valeant had to settle for lower prices.  Executives blamed "disruption workforce turnover changes in leadership" (the head of Xifaxin's division left Valeant earlier this year) and "enrollment in high deductible plans." On that latter point, it just seems patients don't think this $1 billion irritable bowel syndrome drug is worth their co-pay.  TECHNICALLY, A PROBLEM Papa and his crew framed this low ASP problem as totally solvable on the call. On the one hand, they explained that company is working hard to regain its standing with doctors and payers. On the other hand, Papa tried to describe negative ASP incidents as technical glitches. "We now have the data to look at that, and now we know which patients and issues we can address. We can work more closely with Walgreen's to fix it," he said. [how to get back to good valeant chart]Morgan Stanley agreed with that. Yes, the company needs to know which payers will actually pay for it's drugs. But is also has to actually make its new business model of selling a higher volume of drugs at lower prices actually work. "We believe Valeant is evaluating which drugs to put into the program and how to manage reimbursement coding, so that when it offers brands at generic prices it does not cause peripheral pricing risk to branded drug reimbursement. For example, we believe Valeant may need to limit the program to select branded drugs which already have an extremely low Medicaid best price which would not be a risk of re-setting lower," Risinger wrote. In other words, Valeant should only try to sell it's already cheap drugs, cheaply. And a lot of them. Like, a whole, whole lot of them. There were other issues/things on the call that are worth pointing out: * Analyst David Maris at Wells Fargo asked why Valeant wouldn't provide guidance numbers according to Generally Accepted Accounting Principles (GAAP). He was told "we find to our investors it's more informative to guide to non-GAAP." (Uh, okay) * Valeant says that it's going to be working with independent pharmacies, giving them coupons to sell products in June. * The company would not break out numbers for individual businesses and would not discuss debt issues going into 2017. The company was, however, confident that it would have enough cash through 2016 * The company expects generic competition for two of its most controversial drugs, Nitropress and Isuprel, to hit the market within the next 6-12 months. * Valeant would not answer questions about what information the SEC has subpoenaed from it. That's all folks. SEE ALSO: THE DEPARTING VALEANT CEO'S SEPARATION AGREEMENT MIGHT MAKE YOU CHOKE UP A LITTLE BIT Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: How I dealt with stress when Greece nearly defaulted


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Australia beat Greece with late Leckie goal in friendly

The former Melbourne Victory skipper did an excellent job playing out of position in central defence in the 2-1 defeat to England last week and said it was important all squad players had that flexibility if Australia was to challenge at major tournaments.


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American Airlines just made a big change most passengers will hate (AAL)

[American Airlines]AP American Airlines is switching its frequent flyer program over to a revenue-based award system in August. This means that instead of rewarding passengers for each mile flown, the airline will instead base miles on the amount of money spent on a ticket.  AAdvantage members will earn 5-miles for every dollar spent. But members with status will earn more, all the way up to 11 miles per dollar for "executive platinum" members.  It's a move that will surely annoy many of the airline's economy passengers, but will reward American's coveted premium cabin customers. "American Airlines is evolving AAdvantage to continue our tradition of having the best loyalty program in the world by rewarding our most loyal customers with the benefits they value the most," American Airlines chief marketing officer Andrew Nocella said in a statement. Both Delta and United switched their loyalty programs over to the revenue-based model in early 2015, with American the lone hold out until now. Since the revenue based model doles out miles and status based on how often a passenger flies and how much money he or she spends with the airline, corporate clients paying full price for tickets will benefit from the new scheme. People who have been buying bargain tickets, on the other hand, lose out.  The revenue-based model also prevents savvy value-minded customers from gaming the reward system through elaborately constructed long-distance, low priced routes called mileage runs.  Later this month, the airline will post the estimated frequent flyer miles the new model will generate for each itinerary on its website. American also announced that it will introduce a new elite status category called Platinum Pro. It will slot between Platinum and Executive Platinum while rewarding 9-miles per dollar spent. NOW WATCH: FORMER GREEK FINANCE MINISTER: How I dealt with stress when Greece nearly defaulted


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Here is a list of ad agencies that were caught in the past taking the kind of media rebates that the industry is freaking out about

[mud]REUTERS/Vasily Fedosenko Advertising agencies expressed outrage today at a report into the way they allegedly took rebates from the media companies where they place ads. An investigation by the Association of National Advertisers (ANA) published Tuesday alleged agencies are routinely taking hidden cash and credit deals, and other non-transparent practices. The rebates are "pervasive" in the US ad-buying system, the ANA says, despite ad agency groups persistently denying they happen. The 4A's (the ad agency lobby group) said the report was unfair: "The immense shortcomings of the ... report released today – anonymous, inconclusive, and one-sided – undercut the integrity of its findings." But neither advertisers nor their agencies should be too surprised by these allegations, as there is a long public record of ad agencies that were caught engaging in similar behavior. Here's a selection of them: * Haribo, the German candy maker, in 2013 obtained a court order requiring its buying agency, Mediaplus, turn over any details of rebates it received on its $47 million account. The case is currently being appealed. * In 2012, Leo Burnett's Greek subsidiary went bankrupt after the agency's chairman allegedly operated a Ponzi-style check-kiting scam that fell apart when a local TV company it was colluding with in a media credit scam went out of business. The collapse left about €150 million in unpaid bills. Senior management at Publicis — who were surprised by the scheme — called it "very stupid, very insane" at the time. * Also that year, a now-defunct unit of Aegis was investigated by the FBI for an alleged $20 million accounting fraud in which outdoor poster execs had a "rebate agreement" with a media vendor that returned to the agency 5 to 10 percent of its media spend, or $5.8 million overall. Two executives pleaded guilty to fraud later that year. * Aegis also paid €30 million to settle a case in 2010, brought by Danone alleging that 2010 its former president siphoned Danone's TV media credits for himself. * Leo Burnett's Chicago office paid $15.5 million to settle litigation brought by the US Army alleging that it had padded its bills to the military when it "improperly submitted an invoice from its Internet division and affiliated company as third party independent contractors to increase its profit margin," according to court papers. * Interpublic Group settled an SEC probe over $250 million in improperly booked volume discounts, from Europe, back in 2008. Interpublic had to restate its quarterly earnings disclosures when the SEC disclosed that Interpublic's McCann agency had kept $600 million in European rebates that should have been paid back to clients.  * Grey Advertising, before it was acquired by WPP, took $5.6 million in kickbacks on its printing accounts in London for P&G and SmithKline Beecham in the 1990s. The scam was discovered because Grey London's financial director secretly taped his meetings with Grey's managing director. The agency settled a civil suit in the case. * In the late 1990s, a San Francisco print shop called In Sync bankrupted itself due to the excessive number of gifts it gave executives at FCB, the agency that had given In Sync the print production duties on the $100 million AT&T ad account. No legal claims were brought against anyone at FCB but detailed allegations about the gifts came out in several civil lawsuits between former employees who were trying to recoup their costs. The cases have all been closed. * Similarly, Grey New York — also prior to its acquisition by WPP — was the center of a print ad kickback scam that led to 12 indictments across the New York advertising world. Grey executive vice president Mitch Mosallem was sentenced to 70 months in federal prison for the fraud. * In the decade from 1994 to 2004, the US Department of Justice indicted 60 ad execs for kickback scams that frequently involved media rebates. Most pled guilty or were convicted at trial. Only a few were found innocent. Why bring this up now, when these are all old, long-settled cases? Well, until today ad agencies had always argued that these cases were the lone bad apples in the barrel. The ANA report suggests it's worse than that. _If you have evidence of kickbacks or non-transparent volume discount rebate schemes in the ad business, please email Business Insider's advertising editor, Lara O'Reilly, in confidence, at loreilly@businessinsider.com. We'd love to tell your story._ NOW WATCH: Yes, this is a giant baby stroller for adults — here's the next time you can see it live


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Greek Port Strikes Hit Cruise Operators

Greek cruise ship operators are worried of a lasting impact on the sector from an ongoing strike by port workers protesting against the sale of the country's biggest port, Piraeus, to Chinese shipping giant COSCO. Greece in April agreed the sale of a 67 ...


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Alexi Pappas makes her family proud by making GREEK team for Rio

So in just her third 10,000-meter race on the track, she shattered the GREEK national record — finishing in 31 minutes 46.85 seconds — and will be the ...


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Three-day festival brings taste of GREECE to Danbury

Photos from The Greek Experience Festival 2014 at Assumption Greek Orthodox Church in Danbury, Conn. Friday, June 6, 2014. Photos from The ...


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Painful choices still hang over Greece

The IMF now acknowledges that the programme agreed in 2010 was wildly unrealistic


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Windstar Adds Croatia, Greece Cruises for 2017

… of the Croatian Coast & Greece: Two new 12-day cruise departures … , Croatian seafood, and mezze from Greece. New Panama Canal Private Event …


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Greece Perlite Market Review 2010-2020

… GREECE 2. RESERVES IN GREECE 2.1. Deposits 3. PERLITE SUPPLY IN GREECE 3.1. Greece output in 2010-2015 3.2. Greece production …


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'We are treated like animals. I'd rather be shot than endure this': Women reveal how they live in fear of sex attacks against them or their children in migrant camps on Greece 

… squalid conditions  Camps on the Greek islands were initially set up … refugees and asylum-seeker arrivals in Greece have been women and well … the most notorious camps in Greece is known as VIAL, on …


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Death toll of migrants in wreck off Crete climbs to 320: IOM

… have drowned off the Greek island of Crete last week as the … Migration said on Tuesday. The Greek coastguard said on Saturday that … about 350 people. On Friday, Greek authorities said 340 people were …


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Constitutional Reform: Greek Gov’t Plans Another Referendum for Greece

Greek Government Spokeswoman Olga Gerovassili left open the possibility of another referendum for the country during her press briefing on Tuesday. The last referendum in 2015 posed the question on whether Greece should accept bailout conditions, with the result being firmly opposed to these despite the government’s approval of a third bailout. Now, the government


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Greek Unpaid Taxes at 90 Bln and Rising

In April, outstanding tax debt to the state rose by 700 million euros, reaching 4.332 billion euros. The amount is expected to increase to even greater levels when the next single property tax (ENFIA) installment is due. Total revenue debt, taking into ...


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Largest ever Posidonia exhibition highlights importance of GREEK shipping for global economy

Addressing the global audience, the GREEK Prime Minister Mr. Alexis Tsipras said that the GREEK ocean going shipping contributes seven percent to ...


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Britain reborn as GREEK wild-child?

But her experience of the GREEK crisis and the EU's attitude to Greece means she is in favour of Brexit. “I think that the EU has behaved in a quite ...


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Deputy FM Amanatidis meets with the new Serbian Ambassador to Greece, Dušan Spasojević

Deputy Foreign Minister Ioannis Amanatidis met at the Foreign Ministry today, Tuesday, 7 June, with the new Serbian Ambassador to Greece, Dušan Spasojević.During the discussion, which took place in a very friendly and constructive atmosphere, there was a coincidence of opinion that, in the coming time, the traditional ties linking the two countries need to be the foundation for the dynamic development of bilateral cooperation in the sectors of politics, economy and culture.Ambassador Spasojević conveyed the Serbian side’s gratitude for Mr. Amanatidis’ recent (18 April 2016) participation in the celebration of the 100th anniversary of the arrival and accommodation in...


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Deputy FM Mardas meet with the Georgian Ambassador to Greece, Ioseb Nanobashvili (Athens, 7 ...

The Deputy Foreign Minister for International Economic Relations, Dimitris Mardas, met at the Foreign Ministry today with the Georgian Ambassador to Greece, Ioseb Nanobashvili.The discussion, with took place in an excellent climate, focused on issues of bilateral interest, with emphasis on the further expansion of the two countries’ economic and trade relations. Specifically, they discussed the prospect for convening the 3rd meeting of the Greek-Georgian Joint Interministerial Committee in the first quarter of 2017, as well as the carrying out of a Greek business mission to Georgia.


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Greek cruise operators fret over strikes sparked by port sale

Greece in April agreed the sale of a 67 percent stake in Piraeus Port to COSCO for 368.5 million euros under a third international bailout. Port workers have held 48-hour rolling strikes since late May, disrupting cargo operations and services provided to ...


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There's a $6.6 trillion reason the US might be nearing a recession

[car crash test]Michael Dalder/Reuters Talk of a recession dominated market analysts' conversations during the swoon that started 2016, but it started fading into the background after the market recovery. According to Joe LaVorgna of Deutsche Bank, however, in addition to slowing jobs growth and weakening economic data, there is a huge reason to worry about a recession: debt_._ "The corporate sector has taken on a substantial amount of debt in the current business cycle," LaVorgna wrote in a note to clients. "Non-financial corporate debt has increased by $2 trillion from its trough in Q4 2010." A breakdown from analysts at S&P earlier this month found that corporate debt had risen at the 2,000 or so largest US firms to $6.6 trillion to end 2015, up from $3.8 trillion at the end of 2010. According to LaVorgna's breakdown, corporate debt as a percentage of gross domestic product has reached a level previously seen only just before the two most recent recessions. "The ratio of non-financial corporate debt to nominal GDP is at its highest level since Q2 2009, when the economy was still in recession and nominal output was substantially depressed," he wrote. "This is one reason why the Fed needs to be very cautious with respect to the pace of policy normalization." [Screen Shot 2016 06 07 at 8.14.25 AM]Michael Dalder/Reuters This also becomes an issue as the cost and standards for lending become tighter. As we noted, the most recent report on bank lending standards showed loan officers tightening those standards. As LaVorgna outlines, with the amount of debt outstanding, this tightening of conditions could have a huge impact. "An over-tightening of credit conditions would be problematic for a highly levered corporate sector, especially if final demand were to remain weak," he said in the note. "If capital costs were rising in an environment of declining margins, employers would at minimum slow the pace of hiring, and perhaps even cut labor outright. This may already be occurring, given the broad-based weakness of the May employment report." The idea here is that as it becomes more expensive for companies to service debt, they will cut back on labor costs. In turn, consumers stop spending as they get worried about their jobs, and this decreases income for businesses, creating a cycle of slowing ending in recession. NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy


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