How the world sees Greece
Right-Wing Media Falsely Compare US With Greece To Support Spending Cuts Media Matters for America In an effort to push for federal spending cuts, right-wing media figures have repeatedly claimed that the U.S. is on the path to becoming Greece, which is facing a severe debt crisis. However, the comparison between the two countries is wholly ... |
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 Plain Dealer | At Taki's in Avon Lake, it's all Greek to you, and that is a good, good thing Plain Dealer Taki's “progressive Greek” cuisine, overseen by chef de cuisine Josh Smith, reflects Diamantis's penchant for putting a modern spin on traditional Greek flavors. Customers can expect hand-crafted, handsomely plated small plates, salads, soups ... |
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Marketing Greece to Promote Tourism Greek Reporter image_gallery Marketing Greece, a non-profit organization aiming to promote Greek tourism at an international level, is gearing up a program to bring visitors back after a difficult year in 2012 when many stayed away because of political and social unrest. |
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 euronews | Greek food bank struggles to meet surging demand euronews In the port city of Patras, a food bank is now helping 1,000 families who are struggling to make ends meet – more than double the number it was supporting two years ago. Hundreds more people are on a swelling waiting list. “I'm in a really bad state, I ... |
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 Worldcrunch | Meet The Eccentric Greek Mayor Fighting To Keep Thessaloniki Afloat Worldcrunch THESSALONIKI - Great defender of bears and forests, a winemaker who left the family business to launch his own high-end wine – Iannis Boutaris was an eccentric businessman. Since 2010, he is the atypical mayor of Thessaloniki, Greece's second largest ... |
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Greece to Pick Winner of Wastewater Partnership Contract Bloomberg Greece will choose the winner next month for a 27-year contract to build and operate a wastewater- treatment plant in the northern West Macedonia region, the Development Ministry said. The ministry said the contract, to be partly financed by the ... |
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 Greek Reporter | Troika Says 80% Greek Debt Uncollectible Greek Reporter esoda Because of austerity measures and even as it's pressing Greece's coalition government to go after tax evaders who owe more than $70 billion, the country's international lenders have admitted that 80 percent of the country's debt can't be ... Greece finally can look forward to the future |
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 Kathimerini | Greece posts primary budget surplus Kathimerini Greece posted a primary budget surplus of 2.3 billion euros in the January-to-November period of 2012 against a deficit of 3.6 billion in the same period of 2011, the Finance Ministry said in a statement on Wednesday. The general government primary ... |
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UK's leading share index has celebrated the first day of 2013 by trading above the 6000 level for the first time since July 2011
July 2011 saw a European deal to supposedly save the Greek economy, poor second quarter UK growth figures, and plans by trainmaker Bombardier to cut half its workforce.
It was also the last time the FTSE 100 index of leading shares was trading above the 6000 level. Until now that is.
The leading index has celebrated the first day of 2013 by soaring nearly 2%, up more than 100 points to 6005.70 after the resolution of the US fiscal cliff concerns at the turn of the year. This is the first time the UK's leading index has started with a 6 since 8 July 2011.
Investors have had a rocky ride between the two market peaks, with the eurozone crisis dominating the agenda, along with fears about a severe downturn in the global economy, from the UK to the US and China.
Signs of progress in solving the financial crisis surrounding the likes of Greece, Spain and Italy pulled markets back from their lowest levels, with the FTSE 100 close to reaching the magic 6000 figure in the middle of March 2012 as Greece received approval for a €130bn (£107bn) bailout programme.
But it was not to last, as it became clear Greece needed yet more cash, Spain was pushed by many commentators to accept a bailout which it has so far resisted, and political turmoil began to engulf Italy. There were also growing protests on the streets of eurozone countries, as people became increasingly angry about the austerity measures being imposed on them.
On top of that, all the signs from China were that it needed to take action to lift its struggling economy. The mining sector, a key component of the London market these days, was buffeted by any news from China, since the country is now one of the world's major consumers of commodities.
But since early November last year, the market has seen a steady recovery amid growing hopes that the eurozone crisis has eased, with Greece receiving yet another tranche of bailout money and persuading enough of its bondholders to take losses on their investments.
A bond buying programme announced by the European Central Bank – the OMT – also helped ease some of the eurozone's financial strains.
Towards the end of the year the new worry became the US fiscal cliff – the series of spending cuts and tax rises due to come into force early in 2013 which have caused conflict between the two major political parties. Even here, investors grew increasingly confident a resolution would be found before the worst happened and the US was pushed back into recession. That confidence was rewarded by a last minute deal as 2012 turned into 2013.
But there are still uncertainties. The US deal has merely given politicians a two month breathing space to resolve the US's financial problems. In Europe there are continuing tensions, with Italy facing a political upheaval after technocrat prime minister Mario Monti announced he was stepping down and the prospect emerged of his predecessor Silvio Berlusconi returning to the helm at next year's elections. If Monti is no longer involved, investors are nervous that Italy may not stick to its agreed budgetary targets.
And there is also a feeling that the eurozone crisis may have abated, but has not been resolved. Raoul Ruparel, head of economic research at thinktank Open Europe, said: "The fundamental flaws in the structure of the eurozone remain, and progress towards solving them is likely to continue to be slow. [In 2013] Italy, Spain and France face funding costs of €332bn, €195bn and €243bn respectively, which will keep markets on edge."
Despite this latest milestone the leading index is some way off its all time closing high of 6950, reached at the height of the dotcom boom on 30 December 1999.
But will it continue? Apart from the eurozone crisis the other clouds on the horizon include US debt worries and continuing tensions in the Middle East. There are optimists – including Citigroup who said in March 2012 that the FTSE 100 could double in a decade. In the shorter term, the bank is sticking with its forecast that the leading index will reach 6200 at the end of 2013 and 6750 in December 2014.
But the volatility that investors have become used to is likely to continue, suggesting that the index may breach the 6000 barrier – both ways – a few more times yet.
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Greece Posts Primary Budget Surplus Capital.gr (press release) ATHENS--Greece recorded a primary surplus in the first 11 months of the year, Deputy Finance Minister Christos Staikouras said Wednesday, showing the government's budget cutting efforts are starting to pay off. "The general government primary balance, ... |
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Aromas, tastes of Greece bloom at Zorba's Daytona Beach News-Journal Fragrant pots of herbs flank the entrance to Zorba's Restaurant and Pizzeria. The bouquets of basil, mint, rosemary and tiny red peppers hint at the aromas and tastes blooming inside the storefront along busy U.S. 17-92. |
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 Economic Times | Downturn In Greece Manufacturing Continues RTT News Greece's manufacturing sector registered a further notable deterioration in December, survey from Markit Economics showed Wednesday. The Purchasing Managers' Index fell to 41.4 from 41.8 in November. A reading below 50 indicates contraction in the ... Eurozone manufacturing ends 2012 in recession; Demand from domestic/ export ... 11:17 Eurozone industry activity slows in December |
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Greece: Markit Manufacturing PMI (Dec): 41.4 vs 41.8 (Nov) FXstreet.com Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your ... |
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eKathimerini, Greece: Joseph Stiglitz rings alarm bell over austerity Focus News He says that a debt haircut is crucial for Greece, adding that this should involve not just official sector debt, but private creditors as well, and should also be quite sizable if it is to have any real effect. Stiglitz welcomes the change of stance ... "I'll Gladly Pay You Tuesday for a Hamburger Today" |
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Greece's Golden Dawn not to accept name with term Macedonia in it Capital.gr (press release) Greece's Golden Dawn not to accept name with term Macedonia in it. Tweet. Εκτύπωση σελίδας · Αποθήκευση σελίδας · Αποστολή με e-mail. Μέγεθος κειμένου. Party's leader, Nikolaos Michaloliakos, said in an interview for Greek Stoxos newspaper that if the ... |
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 Greek Reporter | Greece Girds for 2013: Recovery or Relapse? Greek Reporter Greece-Girds-for-2013 With an exhausting 2012 behind him, and after ruling for half of it, Greek Prime Minister Antonis Samaras said he believes 2013 will be the year that Greece finally begins to recover from its crushing economic crisis – with the ... Greece welcomes New Year with wishes for exit from debt crisis Samaras says 2013 focus must be on improving economic, social 'reality' in ... Op-Ed: Majority of Greeks expect 2013 to be worse than 2012 |
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Odes to Greek favorite Fort Wayne Journal Gazette The soup is traditionally made with rice, but Sakellariou likes to make hers with Greek orzo, a rice-shaped pasta. It is a bit longer than traditional orzo, and since it is a pasta instead of a rice, it gets thicker. King Gyros, 814 Goshen Ave ... |
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Troika reports that 80% of Greek outstanding debt can't be collected ForexLive (blog) And advises the Greek government to dip into debtors bank accounts and review its policy regarding debt write offs. The call comes after expired debts from Jan-Nov soar to 12 bln euros from 11 bln in the 1st 10 months of 2012, according to the Finance ... |
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Opinion: Greece finally can look forward to the future Montreal Gazette MONTREAL — Greece has turned the page: the Dec. 13 official decision by the eurozone finance ministers, giving the green light for the disbursement of the “mega tranche” of 52 billion euros, constitutes a very important step in the process of ... |
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