Greek coast guard finds bodies of 14 people, including 2 children, in capsized ...

Greek coast guard finds bodies of 14 people, including 2 children, in capsized ...ABC NewsGreek coast guard finds bodies of 14 people, including 2 children, in capsized migrant boat. Join the Discussion. You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment. Please enable ...

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Just Back: an explosive Easter in Greece

Telegraph.co.ukJust Back: an explosive Easter in GreeceTelegraph.co.ukJust Back: an explosive Easter in Greece. Tom Madge-Wyld wins £200 for this account of an unforgettable Easter weekend in the Greek island of Milos. Milos: It felt as if we had dropped off the map somewhere far more remote than a Greek island in the ...

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Greece: Smuggling boats capsize, 4 migrants drown

ATHENS, Greece (AP) — A yacht and a dinghy crammed with immigrants trying to enter Greece capsized Monday in the eastern Aegean Sea, leaving at least four dead from drowning and more than 20 others missing, authorities said.

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Two Drown, 30 Missing as Migrant Boats Capsize off Greek Island

At least two people drowned and 30 more were missing after their boats capsized off a Greek island early Monday.Two vessels carrying about 68 migrants capsized about four nautical miles off Samos in the eastern Aegean Sea, near the Turkish coast, a coast guard official told Reuters.

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More Greek Pension Cuts Coming

Breaking another vow, Prime Minister Antonis Samaras' coalition government is going ahead with more cuts to already-devastated pensions, main and auxiliary.

The post More Greek Pension Cuts Coming appeared first on The National Herald.

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NERIT Goes On The Air

Almost a year after the Greek national broadcaster ERT went dark and its 2,653 workers were fired, a replacement called NERIT went on the air on May 4.

The post NERIT Goes On The Air appeared first on The National Herald.

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Shades of pink: Commission's spring economic forecast

by  Dan Alexe

Europe is still recovering, lending remains low, but the continent already came out of recession. That was the main message Commission vice-president and responsible for transport Siim Kallas had to convey on Monday, 5 May, in the "Spring 2014 economic forecast”.

The Commission's forecast points to a continuing economic recovery in the European Union following its emergence from recession one year ago. Real GDP growth is set to reach 1.6% in the EU and 1.2% in the euro area in 2014, and to improve further in 2015 to 2.0% and 1.7% respectively. The forecast rests on the assumption that the agreed policy measures will be implemented by Member States and the EU, taking forward the necessary adjustment.

Siim Kallas said that unemployment remains high, but it is expected to improve in the next 2 years.

Kallas also said: "The recovery has now taken hold. Deficits have declined, investment is rebounding and, importantly, the employment situation has started improving. Continued reform efforts by Member States and the EU itself are paying off. This ongoing structural change reminds me of the profound adjustment that the central and eastern European economies undertook in the 1990s and in subsequent years, linked to their joining the EU exactly 10 years ago. Their experience shows how important it is to embrace structural reforms early on and to stay the course, whatever challenges may be faced along the way. In this spirit, we must not lessen our efforts to create more jobs for Europeans and strengthen growth potential."

A series of countries received warnings, Greece especially, where there is only "moderate rebound”, but mostly Croatia, where there is a "serious recession", and where "there is urgent need of serious reforms”. 

Overall, domestic demand is expected to become the key driver of growth over the forecast horizon. Consumer spending should progressively add to growth as real income benefits from lower inflation and the stabilising labour market. The recovery in investment should continue to support growth, with gains in both equipment and construction investment. The contribution of net exports is expected to diminish over the forecast horizon.

The gradual nature of this upturn is in line with previous recoveries following deep financial crises. While financing conditions remain benign on average, substantial differences persist across Member States and across firms of different size.

Labour market conditions started to improve in the course of 2013 and more job creation as well as a further decline in unemployment rates should follow (to 10.1% in the EU and 11.4% in the euro area in 2015).

Inflation is expected to remain low, both in the EU (1.0% in 2014, 1.5% in 2015) and in the euro area (0.8% and 1.2%).

Outside of Europe, emerging markets are still in a fluctuating state, while the outlook is bleak for Russia, "especially due to incertitude’s provoked by the crisis with Ukraine". 

 

Cf. also:

Portugal ends bailout without precautionary credit line: PM

 

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