How the world sees Greece
Police say a 13-year-old has died after being hit by a fire department vehicle in Greece. Crews were called to Flynn Road in the area of Arborway Lane just before noon. Police say the teen was hit by a Lakeshore Fire Department vehicle. He was rushed to ...
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[time]shutterstock Underfunded government pensions to the tune of $1.3 trillion, with a gap that just can’t be filled, is the ticking time bomb facing the US economy, which faces dramatic cuts in public services and potentially riots reminiscent of Athens six years ago. Danielle DiMartino Booth is the tough talking former Federal Reserve advisor and President of Money Strong, with an insider’s perspective on finance. As she picks apart the danger signs with the US on the precipice of recession, it’s the impending pensions crisis that’s really keeping her awake at night. With so few people privy to what little recovery we’ve had and given how stretched pensions are, checks are going to have to be written from Washington sooner than you think, DiMartino Booth told Real Vision TV in an interview. “The Baby Boomers are no longer an actuarial theory,” she said. “They're a reality. The checks are being written.” A BULLDOZER COULDN’T FILL THE STATE PENSIONS GAP The $1.3 trillion pensions deficit just takes into account state and municipal obligations and with promised returns of 8% and funds compounding at 3% for decades it will take nothing short of an economic miracle to recover. “The average state pension in the last fiscal year returned something south of 1%. You cannot fill that gap with a bulldozer, impossible,” DiMartino Booth said. “Anyone who knows their compounding tables knows you don't make that up. You don't get that back unless you get some miracle.” The last time we saw significant market weakness, the baby boomers pretty much accepted that they would be retiring at 70 instead of 65, she added. “Well, guess what? They're turning 71. And the physiological decision to stay in the workforce won't work for much longer. And that means that these pensions are going to come under tremendous amounts of pressure. “And the idea that we can escape what's to come, given demographically what we're staring at is naive at best. And it's reckless at worst,” DiMartino Booth said. “And when you throw private equity and all of the dry powder that they have -- that they're sitting on -- still waiting to deploy on pensions’ behalf, at really egregious valuations, yeah, it's hard to sleep at night.” [GREEK LABOUR UNIONS PROTEST OVER WAGES, PENSION AND LABOUR AGREEMENTS IN FRONT OF PARLIAMENT IN ATHENS, GREECE, OCTOBER 17, 2016. REUTERS/ALKIS KONSTANTINIDIS ]SHUTTERSTOCKPENSION FUND UNDERFUNDING IS GROUND ZERO The interview with Real Vision was held in Dallas, which DiMartino Booth said is Ground Zero for the pensions crisis, where returns for the $2.27 billion Police and Fire Pension System have suffered due to risky investments in real estate made over a decade ago. Huge withdrawals are now taking place, amid concerns over the future viability of the pension scheme, which commentators say could be flat broke in a little over ten years. “We're seeing this surge of people trying to retire early and take the money. Because they see it's not going to be there. And if that dynamic and that belief spreads-- forget all the other problems,” DiMartino Booth said. “The pension fund -- underfunding is Ground Zero.” The gravity of the situation with the lack of returns is magnified by the fact that the underperformance has been going on for between ten and 15 years. Calpers, the California Public Employees’ Retirement System is a case in point, amid reports that it returned just 0.6% last year compared with its long term target of 7.5%. With the legal language tightly written on pensions like this across the country, such that states and municipalities won’t be able to break free of their obligations, DiMartino Booth thinks the endgame will evoke memories of the Winter of Discontent in London in 1979 and more recently the riots in Athens as key public services are cut. ANGRY COUNTRY, ANGRY WORLD – THE WEALTH EFFECT IS DEAD “This is where the smile comes off my face. We are an angry country. We're an angry world. The wealth effect is dead. The inequality divide is unlike anything we've seen since the years that preceded the Great Depression,” she told Real Vision TV. [Former British Conservative Prime Minister Margaret Thatcher sits on the platform at the party's annual conference, in this October 6, 1999 file photo. REUTERS/Files]shutterstock“Where's the money going to come from? And the answer is, for now, they cut services. I've just written about the Winter of Discontent and the rubbish piled up in central London streets in 1979, as Thatcher was coming in. I worry about the ambulance not getting there in time. I worry about firefighters being cut to the bone and policemen.” The seriousness of the issue might not have hit home yet in Denver, where the state budget for tulips had to be cut recently to top up the pension fund, she said, but what happens when you are not talking about flowers anymore and when you are talking about a very populous state like Illinois? “If the actuaries are going to force the checks to be written and reduce the rate of returned assumptions to anything remotely related to reality, then we won't be laughing anymore looking in the rear view mirror at the riots in the streets of Athens a few years back,” DiMartino Booth warned. _Real Vision TV is the only financial video-on- demand service where the world’s greatest investors, economists and strategists dive deep into their investment framework and give you actionable trade ideas. Start a free 7-day trial and profit from knowledge._ NOW WATCH: Here's how much you need to make to be in the top 1% of every state
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GREECE, N.Y. -- Police say a teenager is dead after he was hit by a car in Greece Sunday afternoon. Greece police confirm a 13-year-old was hit by a Lakeshore Fire Department vehicle on Flynn Road. The boy was taken to the hospital where he was ...
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Ministers will also discuss the latest developments on the GREEK bailout, with reports that European Stability Mechanism chief Klaus Regling may ...
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ATHENS, Greece (AP) — After a fruitless first half, Olympiakos found the net four times in the second to beat visiting Levadiakos 4-0 Sunday in the Greek league.
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According to the government memo, “responsibility for effective investigation of the fate and disappearance conditions of all GREEK Cypriot missing ...
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GREEK Super League – Follow the Football match between Iraklis and PAS Giannina live with Eurosport. The match starts at 18:30 on 5 December ...
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Situated halfway between Crete and Athens, Santorini is the zen mecca of Greece. No jam-packed, activity-filled vacations to be found here – peaceful beaches and friendly locals abound. Swim, lounge or simply marvel at the red cliffs surrounding the ...
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Small Planet Airlines in summer 2017 season plans to introduce a number of new routes from Lublin, as the airline’s A320 scheduled to serve Barcelona, Bourgas and Irakleion. Planned operation as follow:
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Flynn Road in Greece has been closed following a crash Sunday. Crews were called to Flynn Road just before noon for the incident. The road was closed at Latta while crews worked. Right now, we are waiting on more information on what happened.
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Nigeria international striker Brown Ideye is still the leading scorer in the Greek top flight with nine goals after he scored a brace in Olympiacos 4-0 ...
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Investors may be taking a look at some technical numbers on shares of National Bank of GREECE S.A. (NBGGY). The 14-day RSI is currently spotted at ...
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A decade of recession - with no end in sight - has brought Greek society finally to the breaking point. Unless there is a turnaround soon the days of conventional mainstream politics may be numbered. Directly after my visit to Moscow I undertook a brief ...
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In a continent beset by multiple crises, Greece remains the cradle of European dysfunction. The country may have dropped out of the headlines in recent months, its multiple challenges seemingly buried under a tide of bailout cash. Yet it still presents the ...
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GREECE, N.Y. -- Police have shut down Flynn Road at Latta Road in the Town of Greece due to a serious accident. Details are limited at this time. Time Warner Cable News has crews on scene and will continue to bring more information as it is made available.
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The Greek police have announced that investigators have busted a 53-year-old lawyer and a 48-year-old female accomplice in a scam involving forging a 1.1 million euro last will and testament. Authorities announced that the investigation revealed the couple had forged a will for an elderly man who passed away with no next of kin or […]
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On Saturday it was announced that ferries will not be running as the umbrella union of Greek seamen, PNO will be holding a strike until 6 p.m. Tuesday. This strike is taking place as seamen are becoming increasingly concerned regarding the planned amendments to a special tax regime that the government is said to be […]
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The Greek government will not back down in facing pressure from the International Monetary Fund (IMF) for more measures, government spokesman Dimitris Tzanakopoulos reiterated on Sunday during an interview with the radio station Athina 9.84. “We have ...
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A 28-year-old Greece man was shot and stabbed, according to Wiater, and a 40-year-old Greece woman was stabbed in the lower body. Police do not have anyone in custody at this time.
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Wolfgang Schäuble rules out debt relief for Greece before meeting of eurozone’s finance ministers Wolfgang Schäuble rules out debt relief for Greece before meeting of eurozone’s finance ministers Greece must implement economic reforms if it is to ...
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Greece must carry out “needed” structural reforms instead of receiving further debt relief if it wants to achieve sustainable growth and stay in the euro zone, Germany’s finance minister said on Sunday. Wolfgang Schaeuble's comments to Bild am ...
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The findings show significant increases for Spain, Portugal, Cyprus and GREECE, but France and Turkey are seeing fewer bookings because of safety ...
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The Cyprus government has confirmed that French President Francois Hollande will pay a visit to Cyprus on December 9. Government Spokesman Nikos Christodoulides in a Twitter post on Saturday said the French President will be in Cyprus on September 12. Earlier Saturday, the office of the Greek Prime Minister, Alexis Tsipras in a statement on […]
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The failed July coup in Turkey seems to raise interest by Turkish citizens to buy real estate property in Greece, according to Süddeutsche Zeitung. In an rticle entitled "More and more Turks buy houses in Greece," the Munich newspaper comments: "The ...
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… help Greece. Ultimately, Athens must implement the necessary reforms. If Greece wants … parliament. The official creditors of Greece – the European Stability Mechanism, the … in a row for Greece since 2010. The Greek government is anxious …
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… is currently in Greece, said: “The reason for wanting Greece out of … in Thessaloniki, in collaboration with Greek Foreign Minister Nikos Kotzias. The … against Greece, saying: “It was very frivolous, the reason for wanting Greece …
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GREEK Super League – Follow the Football match between Larissa and Atromitos live with Eurosport. The match starts at 16:15 on 4 December 2016.
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With London moving out of the European Union, Germany, Switzerland, Greece, and Lithuania emerge as potential fintech hubs of the future. Read more... London has so far been considered as the financial powerhouse of the European Union. With Britain ...
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Greek Prime Minister Alexis Tsipras met on Thursday with the Patriarch of Alexandria and All Africa Theodoros II to discuss the Patriarchate's work in Africa and the recent Holy and Great Council of the Orthodox Church which was held in Crete. During their ...
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When seismic activity near the coast of Greece reveals the lost city of Atlantis, two scientist venture below the depths to explore. by Ian Cullen December 4, 2016 Synopsis: When seismic activity near the coast of Greece reveals the lost city of Atlantis ...
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For visitors to GREECE during this Christmas season, the religious feast of Agios Nikolaos (St. Nicholas) is celebrated each year as pilgrims travel to ...
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GREECE'S Ionian Islands, including Corfu, Zakynthos, Lefkada and Kefalonia recorded a 13.2% increase in the number of January-October 2016 ...
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The settlement of the Cyprus problem will take place exclusively on the basis of a European solution as it is required by the fact that Cyprus is a member of the EU, said President of the Hellenic Republic Prokopis Pavlopoulos. In an interview with the ...
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Greece needs debt relief to make a return to capital markets in 2018 and austerity measures should also be relaxed, the head of the country's central ...
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On Sunday the AFP reported that the distance between eurozone finance ministers who are set to meet on Monday, December 5 to discuss the prospects of the third bailout for Greece as well as possible debt relief strategies are further apart. This crucial ...
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As we wait in suspense for the results of the Austrian presidential election and the Italian referendum, I have been trying to learn some more Greek to better advance my own case here in Larisa but also because the literature is beautiful. My aim is to be ...
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The leaders of Venezuela, Nicaragua, Greece and Bolivia were in attendance. As well as Robert Mugabe, King Juan Carlos of Spain and Mexican leader Enrique Pena Nieto. The absence of other world leaders has made them stand out. The Obama administration did ...
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GREECE remained optimistic for a final debt deal, however, just as Italians are voting on a constitutional referendum on Sunday and a victory for the ...
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According to Reuters, on Sunday Germany’s finance minister, Wolfgang Schaeuble commented to the German newspaper Bild am Sonntag that he believes the answers to Greece’s financial woes should come in the form of reforms rather than debt relief. In order to sustain itself as a viable country in the eurozone, Schaeuble stressed that Greece must first concentrate on […]
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Six people were detained on Dec. 4 after preparing a speed boat anchored in the Bitez cove of Bodrum, aiming to illegally send migrants over to Greece
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… problem. In an interview with Kathimerini newspaper, he also notes that … , there would be meeting between Greek Prime Minister Alexis Tsipras and … with the guarantor powers of Greece, Turkey and the UK joining …
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… economy Germany insists meanwhile that Greece must meet all its commitments … should be cut some slack. Greek Prime Minister Alexis Tsipras and … finances before debt repayments, that Greece is supposed to reach. The …
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Greece has to remain calm in the face of continued provocations by Turkish officials, To Potami leader Stavros Theodorakis said. The post To Potami Leader Theodorakis Urges Calm Over Turkish Provocations appeared first on The National Herald.
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American investor Paul Kazarian said reports of Greece's debt are very much exaggerated and the "lie of the century." The post US Investor Says Greek Debt Far Below Reports, Says Statistics “Lies” appeared first on The National Herald.
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German Foreign Minister Frank-Walter Steinmeier said the 1923 Treaty of Lausanne disputed by Turkey is indisputable. The post German Foreign Minister Backs Greece Over Turkey in Treaty of Lausanne Spat appeared first on The National Herald.
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Greek Prime Minister Alexis Tsipras dismissed reports on possible snap elections saying they will be held in three years, as scheduled. Asked by journalists in Abu Dhabi after the end of UNESCO’s conference on protecting cultural heritage on the ...
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But as we know, that’s not what did happen, Greece was not allowed to leave the euro however beneficial that would have been. Further, a large amount of debt which should have been defaulted on was shifted over to official creditors where it is very much ...
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Greece has to remain calm in the face of continued provocations by Turkish officials and prepare for any eventuality by setting up a national security ...
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GREEK VP: Positive decision at Eurogroup will send strong signal of stability A positive decision for Greece at the Eurogroup meeting on Monday (Dec.
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Outgoing British Ambassador to Greece John Kittmer recently gave a stirring farewell at the premises of the Benaki Museum in downtown Athens on the theme “Walking in Greece: Landscape/Narrative.” Kathimerini has published excerpts of his speech, a ...
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