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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

Saturday, December 1, 2012

Hedge Funds May Hold Back Greek Bond Plan, Nomura Says


New York Times (blog)

Hedge Funds May Hold Back Greek Bond Plan, Nomura Says
Bloomberg
Greece's efforts to reduce indebtedness by repurchasing its own bonds won't be a “resounding success” because hedge funds that hold as much as 22 billion euros ($28.6 billion) of debt lack incentives to participate, according to analysts at Nomura ...
UPDATE 1-Greek buyback looks destined to succeedReuters
Hedge Funds, Expecting a Bigger Buyback, Snap Up Greek DebtNew York Times (blog)
In the End, Greek Crisis Will Hit TaxpayersWall Street Journal
Forbes -Quartz -Irish Examiner
all 48 news articles »

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EU Official Says Greek Buyback Success Crucial


Business Recorder

EU Official Says Greek Buyback Success Crucial
NASDAQ
BRUSSELS--Euro-zone governments face the risk of having to reopen a painstakingly negotiated debt agreement for Greece agreed on Tuesday if a central element of the accord, a bond buyback, doesn't work as hoped, a senior European Union official said ...
Greek Buyback Plan at Risk - No Buyback - No AidBusiness Insider
Greek bond buyback likely to feature varied prices: sourceReuters
Bloomberg View: The Greek Rescue Plan Is No Rescue at AllBusinessweek
DailyFinance
all 4,322 news articles »

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'Chancellor's Majority' Eludes Merkel in Greek Vote


Economic Times

'Chancellor's Majority' Eludes Merkel in Greek Vote
New York Times
'Chancellor's Majority' Eludes Merkel in Greek Vote. By MELISSA EDDY. Published: November 30, 2012. BERLIN — By the time German lawmakers convened to vote on a fresh bundle of bailout money for Greece on Friday, it was widely expected that the ...
GLOBAL MARKETS: Stable as Greek Aid Deal Gets Green LightWall Street Journal
Hard-Line Politicians Soften as Greeks Deliver Cuts: Euro CreditBloomberg
Germany will back Greek aid but wary of hints at haircutReuters
Financial Times -Washington Post -The Guardian (blog)
all 1,114 news articles »

READ THE ORIGINAL POST AT www.nytimes.com

‘Chancellor’s Majority’ Eludes Angela Merkel in Greek Vote

Twenty-three lawmakers from the ruling center-right coalition voted against a fresh bundle of bailout money for Greece, undercutting Chancellor Angela Merkel.


READ THE ORIGINAL POST AT www.nytimes.com

Merkel says understands Germans' frustration over Greece: paper


AFP

Merkel says understands Germans' frustration over Greece: paper
Chicago Tribune
BERLIN (Reuters) - German Chancellor Angela Merkel said she understood her compatriots' doubts about a bailout deal for Greece, but insisted in an interview that aid for Athens was in the interests of Berlin and all euro zone members. Her words were ...
Germany backs Greece debt deal, keeping the country afloatEdmonton Journal
German Parliament Approves Revised Bill on Greece AidBusinessweek
German Lawmakers Back Latest Round of Aid for GreeceNew York Times
Deutsche Welle -Wall Street Journal -AFP
all 1,114 news articles »

READ THE ORIGINAL POST AT www.chicagotribune.com

Bulgaria: rotten politics, rotten tomatoes | Editorial

Nikolay Kolev, a Bulgarian poet with a Tolstoyan beard, has written to his country's six leading institutions with his plans to throw a tomato at each

On 14 November, Nikolay Kolev, a Bulgarian poet with a Tolstoyan beard, wrote to his country's six leading institutions with his plans to throw a tomato at each. "All of you manage institutions that are directly responsible for the condition of our country in recent years," he said, accusing them of corruption. "I can no longer remain a hostage to hope and good manners." As Mr Kolev's first tomato hit the parliament, 40 policemen pounced, and arrested him. But demonstrations against corruption, which social networking sites called the tomato revolution, followed last weekend.

There seems little prospect of a tomato revolution. But Mr Kolev has a point. According to Transparency International, Bulgaria has overtaken Greece to be the EU's most corrupt member state and Sofia's Centre for the Study of Democracy estimates Bulgarians pay 150,000 bribes each month. WikiLeaks cables detail how organised crime has moved beyond bribery to direct participation in elective politics. Prime Minister Boiko Borisov, a former fireman and bodyguard with a black belt in karate, campaigned on fighting corruption, but after three years in power has yet to prove he is tough enough to act.

Many Bulgarians look past their state and put more trust in the EU. Accession negotiations with the EU were rushed, leaving the Bulgarian state unreformed. Mercifully, Sofia has few debts and the national economy is stable. But with the onset of the global economic crisis, around a third of households cut back on basic utilities and staple foods, and 8% skipped meals, according to the World Bank. Sofia's European interlocutors must now marshal their efforts to spur reform; all the while convincing Bulgarians there shall be no second-class membership of the EU.

The central fact of Bulgarian life remains the botched transition across the former Soviet Union after the fall of communism: a tragedy of chaos and plunder for which local elites and Washington share blame. Today's visitor to Sofia notices how little, apart from shopping malls, has since been built for the public. Bulgarians who lived through communism record their nostalgia for it in poll after poll. And hundreds of thousands of their children have simply emigrated, decimating the population, but providing their families with a flow of remittances.

A land that wrought its culture in gold before most of Europe left any mark and which established the Cyrillic alphabet is not to be underestimated. Bulgarians are right to look to Europe, for Bulgaria's fate rests as much as anything on whether the European project frays, or whether a European democratic culture can be woven. That, and perhaps a few more tomatoes.


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Euro-Zone Inflation Falls Sharply, Unemployment Rises Again


The Daily Star

Euro-Zone Inflation Falls Sharply, Unemployment Rises Again
Wall Street Journal
A rise in joblessness in the countries at the heart of the euro zone's fiscal crisis pushed unemployment to record levels in the region, while the annual inflation rate in November fell to the area's lowest rate in almost two years. The figures underscore the ...
ECB's Draghi says dangers of imbalances are now clearReuters
Debt crisis: Bundestag to vote on Greek deal - liveTelegraph.co.uk
ECB Draghi: Ready to Intervene Again to Preserve Euro StabilityNASDAQ
Daily Beast -Evening Standard -Action Forex
all 211 news articles »

READ THE ORIGINAL POST AT online.wsj.com