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How the world sees Greece
Friday, February 1, 2013
Ben & Jerry's unveils Liz Lemon Greek fro yo
Fans who said goodbye to the hit show "30 Rock" will gain something sweet in its place. Ben & Jerry's unveiled their lemon Greek frozen yogurt with a blueberry lavender swirl Thursday night in honor of the hit show's leading lady, Liz Lemon.
Ben & Jerry's Unveils Liz Lemon Greek Yogurt Flavor
 ABC News (blog) | Ben & Jerry's Unveils Liz Lemon Greek Yogurt Flavor ABC News (blog) “We are always looking for a fun way to serve up a Ben & Jerry's flavor, and when the R&D team came up with a lemon-based Greek Frozen Yogurt there was only one name on the list,” said Jody Eley, marketing manager of Ben & Jerry's in a statement. Liz Lemon Greek Frozen Yogurt Introduced By Ben & Jerry's Ben & Jerry's unveils new '30 Rock' flavor: Liz Lemon Greek Frozen Yogurt Greek Frozen Yogurt Finale Flavor to Benefit Jumpstart The “30 Rock” Season ... |
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Editorial: Chilling echoes of history in Greece
 Kathimerini | Editorial: Chilling echoes of history in Greece The Independent Recent months have seen a marked calming of the crisis that, as recently as last summer, threatened to pitch Greece out of the eurozone and its remaining members – if not the entire world – into chaos. While austerity is still biting hard across much ... Greece under pressure to defend democracy Human rights watchdog says racist violence in Greece 'a real threat to democracy' |
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Greece under pressure to defend democracy
Kathimerini | Greece under pressure to defend democracy GlobalPost Greece came under pressure Friday from the Council of Europe to defend its democracy, faced with neo-Nazis and widespread xenophobic violence. "We are very concerned by the specific threat to Greek democracy posed by (neo-Nazi party) Golden Dawn ( ... Editorial: Chilling echoes of history in Greece Human rights watchdog says racist violence in Greece 'a real threat to democracy' |
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Another bad week for Barclays bank | Nils Pratley on Saturday
• Coughing up to Qatar?
• Jenkins' decision time
• Share stability
• BSkyB finds its limit
Barclays has form as a clever-clogs deal-doer. The infamous Protium transaction in 2009 saw the bank cast off a $12.3bn collection of toxic assets to a Cayman Islands-registered fund, led by departing Barclays employees, that borrowed a cool $12.6bn from Barclays itself to do the deal.
At a stroke, Barclays turned volatile assets that had to be marked to market, and thus had the potential to cause sudden pain in the profit and capital departments, into a loan, where gentler accounting treatment applied. Protium, though legal, always looked cosmetic. Last year Lord Turner, chairman of the Financial Services Authority, called it "a convoluted attempt to portray a favourable accounting result" in his general complaint to Barclays' then-chairman about the bank's "pattern of behaviour". The bank, he added,"often seems to be seeking to gain advantage through the use of complex structures."
But was Protium a mere after-dinner mint? The explosive story, reported by the FT yesterday, is that UK authorities are investigating whether Barclays made a loan to Qatar which the middle east state then invested in Barclays' vital £7.3bn fund-raising in 2008. That was the cash-call that enabled the bank to refuse a state-funded rescue.
It's only an allegation. And Barclays' loyalists might argue that, whatever the truth, the tale ended happily - Barclays and the Qataris prospered and the Treasury didn't have to bail out another big bank. But that would be beside the point. Lending to an investor to buy your shares is a deeply dubious concept, raising questions of legality and disclosure. This inquiry is not about ancient history.
Decision time
Still on Barclays, we must assume chief executive Antony Jenkins' decision not to be considered for a bonus this year is unrelated to the Qatar tale; he wasn't on the executive committee, let alone the main board, in 2008.
Take him at his word. He is accepting some accountability for "multiple issues of our own making besetting the bank" in the past year. Translation: after the scandals of PPI, Libor and mis-selling of interest rate swaps, the new boss had to show some leadership.
The odd part, though, is that Jenkins says he made his decision "early this week". If so, he could have told the chair of Barclays pay committee, Sir John Sunderland, promptly. On Wednesday – the precise middle of the working week – Sunderland was entertainingly duffed-up by members of the banking standards commission as he gave a limp defence of Bob Diamond's bumper £2.7m bonus for 2011. Sunderland would not have looked quite so feeble if he had arrived bearing news of Jenkins' decision. News management failure or policy on the hoof? It's one or the other.
On the wider question of how Barclays should reform its boardroom pay practices, one matter is straightforward. HSBC last year established the principle that its executive directors must hold incentive shares until retirement; regulators have rightly applauded the policy. The minimum requirement for Sunderland is to ensure the same happens at Barclays.
Share stability
In which of these investments would you prefer to park a lump sum for a decade? The first is a 10-year UK government gilt, yielding 2.1% at a time when the next governor of the Bank of England sounds a little soft on inflation, the enemy of the fixed-income investor.
Or would you take shares in Diageo, the Guinness and Johnnie Walker firm? The dividend yield on Diageo shares is 2.5% but, crucially, the dividend is rising. Indeed, this week it was increased by 9%, the highest rate of increase in the 15 years since Diageo's formation. What's more, chief executive Paul Walsh has a spring in his step. There's no sign of recovery in southern Europe, where sales collapsed by 19%, but that's only one-twentieth of Diageo's business these days. Meanwhile, sales in the US are strengthening and South America and the Far East are booming for Diageo.
Investors, understandably, are voting for shares – in Diageo and others. The FTSE 100 index has just enjoyed its best January since 1998, and yesterday the Dow Jones industrial average pushed through 14,000 for the first time since 2007. Can the optimism around shares last?
Well, it could – at least for a while. If you avert your eyes from Spain and Greece, it's possible to think growth is back, at least for some multinationals. Unilever, another global titan, reported 11% earnings growth the other day, fuelled by its emerging markets interests. Both Diageo's and Unilever's shares have been sprinting for the past year (up by a third and a quarter respectively), but you'd be hard pressed to say either was outright expensive by historical price-to-earnings yardsticks.
Then there's the inflation angle. Ben Bernanke won't rest until US employment has fallen to 6.5%; the Bank of Japan has been ordered to generate inflation; and Mark Carney seems to want to make a splash in Britain. Faced with hyperactive central bankers, who wouldn't want to seek some shelter in shares? At least the whisky maturing in Diageo's barrels should also rise in value if inflationary breezes blow.
That's the bullish case for shares. So why does the 20% rise in global stock markets since last summer – since Mario Draghi's pledge that the European Central Bank would do "whatever it takes" to save the euro – feel slightly unreal?
Two reasons. First, the inflation bet is not a one-way affair. Yes, inflation at 5%, say, sounds comfortable for companies with the pricing power to pass it on. But what happens if the interest rate brakes are then applied to prevent a rise to, say, 6% or more? The result is likely to be one step forwards followed by two backwards for debt-laden economies and consumers.
Second, the eurozone debt crisis is not over. Spain's GDP fell 0.7% in the past quarter and more tightening is being demanded the Italian political scene is unpredictable and Greece's debt burden still looks unbearable. Bulls point to forward-looking signs of business confidence in the eurozone, but that's a fragile asset. We have yet to see what happens to confidence if Draghi is obliged to make good on his promise to buy the debt of countries that request a bailout.
Add it all up and the assumption that financial markets are "stable" looks optimistic. Yes, one would happily take a basket of strong blue-chip stocks – the likes of Diageo and Unilever – over gilts on a 10-year view. You would be quite prepared to ride the inevitable bumps and hope the inflation hedge holds. But the start of a great bull market in shares for one and all? Probably not, there's a whiff of "too much, too soon" about the current rally.
BSkyB finds its limit
Rupert Murdoch was right: the time to bid for BSkyB was 2011. News Corporation would have bagged a good deal if the phone-hacking revelations had not exploded just as victory seemed in sight. The high point for BSkyB's shares in June 2011 was 850p, reflecting the market's view at the time that 880p-ish would win. After the deal collapsed, the shares fell to 620p. Now they're 825p, meaning that, under its own steam, BSkyB is almost back to its peak valuation.
Only a matter of time, say several analysts. Citi's target price is 900p; Nomura says 975p. Their confidence will be enhanced by BSkyB's own. The company increased its interim dividend by a fifth this week. As BSkyB's wiser outside shareholders said all along: if Murdoch wants to buy, you don't want to sell.
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Bulgarians react with dismay to British anti-immigration campaign
People in Bulgaria and Romania don't think British streets are paved in gold and would rather remain home, many say
This week, a young woman known as Ralitsa Behar wrote a letter on behalf of her fellow Bulgarians. Barely a thousand words long, the missive has taken her country by storm, being reproduced in national newspapers, winding its way through the internet and igniting debate that even its recipient, Nigel Farage, may have found hard to imagine.
"Although I try and understand your immigration concerns, I must admit that I found your comments on Bulgaria untrue and somewhat insulting," said the British-educated graduate taking the UKIP leader to task about the "false information" he had peddled in defence of his views.
Far from being a land of "unskilled workers" bent on storming the shores of Britain when EU labour market restrictions are lifted next year, the former communist state also produced emigres who wanted nothing more than to pack their bags and return home.
The politician, she wrote, should visit Bulgaria "as a guest of me and my family, so that we can explain to you how much our country has changed over the past 20 years". In the towns, hamlets and villages of Bulgaria, Behar's letter has become a talking point and not only because it is carried on a wave of hurt national pride.
The news this week that London is considering draconian plans to dissuade Romanians and Bulgarians from emigrating to the UK – including an advertising campaign that will speak of the bad weather and other downsides of British life – has also elicited bewilderment and dismay.
"My first reaction was how strange that any country would want to position itself negatively to the outside world," said 22-year-old Ivan Bardarov. "I also found it a little offensive that the UK feels it has to teach Bulgarians and Romanians that its streets aren't paved in gold when I don't think there is anyone here who thinks it is."
Even worse was the timing of the initiative, six years after his country had signed up to the EU.
"Britain knew that labour markets would open to us when we started our EU accession process," the political science student continued, clearly warming to his subject.
"They had the chance to say 'no' back then. Now, suddenly a year before restrictions fall, they are saying 'we're not certain we want any of this anymore'."
Big, burly, articulate and engaging, Bardarov is enrolled at the American University in Bulgaria.
Based in the sultry town of Blagoevgrad, 100km from Sofia, Bulgaria's capital, and 100km from the border with Greece, the university whose courses are taught entirely in English, is among the country's leading higher education institutions. Graduates readily acknowledge they are the nation's educated elite, most of whom have the means to go abroad.
"But," says Desislava Alexandrova, who is enrolled on its politics and business administration course, "even though … I applied and got places in the UK, I decided against it because I believe that staying here and trying to make things better, is much more important."
The worst thing, she lamented, about all the xenophobic talk that had cloaked coverage of Britain's proposed campaign was that it had been yet another knock for local morale. "It's not just this idea that we are all want to move to Britain and claim benefits. It's been really bad for Bulgarians because we ourselves are not very happy with our country," she said singling out corruption as a particular affliction. "We've been described as the saddest place in the world relative to income per person. We are the first to say that things must change."
Alexandrova is not alone. Young Bulgarians studying at Blagoevrad's state-run Southwestern University (Neofit Rilski) also say they would be hard pushed to swap the town's ill-lit streets and drab, communist-era buildings for foreign fields. "I might go to England for a week or two but I really wouldn't want to go for longer," said Sylvia Simeonova, a fashion design student typical of the younger generation who never experienced communism and is now thirsty for change. "For one, I don't like the rain."
Driving north along the pot-holed road to Sofia the villages get poorer and drabber. There are horse-drawn carts filled high with hay and in the villages of bare-brick homes, whose only modern accroutement appears to be the satellite, many live close to their animals tethered in adjacent muddy courtyards.
Even here, there seems to be little desire, or knowledge, of how people will uproot themselves when the doors to countries like Britain are finally flung open.
"Life may be better there but the streets aren't paved in gold," said Stoyan Arnaudov, who runs a shop in Kocherinovo within view of the snow-capped Rila mountain. "I know three people who have already gone to Norway and they earn €3,000 a month as rubbish truck drivers," he spluttered to guffaws from those gathered in the room. "Many people might want to go to England but they couldn't afford it. They don't have the money to even make the trip."
Sitting behind a makeshift desk, hand-painting the icons her father sells, Venka Stoichkova agrees. The entire family has been following the furore on the television, propped on top of the fridge in the shop, and like many it has left them speechless.
"I don't understand why in England they talk so negatively about Bulgarians? What do they have against us?" she asks. "Personally I'd rather stay in Bulgaria even if society is more organised over there but as a European I also know I should have freedom of movement to live and work abroad."
From officials to analysts, cognoscenti in Bulgaria say Britain's fears of a tidal wave of migrants appearing when restrictions are lifted are unfounded. The biggest wave of immigrants, spurred by desperation and despair have already left, they insist, citing statistics that show a population decline of close to 2 million since the collapse of communism in 1989.
"Before 2007 [when the country joined the EU] we would place up to 15,000 students abroad," said Tom Allen, who manages work internships abroad for Bulgarians. "Now that number has dropped to around 6,000. There is simply not the same desperation to leave the country. Bulgaria has become a much more stable country since entering the EU."
If Bulgarians did want to settle abroad it was invariably in the United States. "There, partly because of Americans' terrible sense of geography, they are seen as Europeans," he said. "In Europe, they are almost always regarded as Eastern Europeans and second class citizens."
As the rhetoric has mounted this week, ordinary Bulgarians have become increasingly exasperated at they way they have been portrayed by the British press. Depictions of them by the likes of the Daily Mail as destitute Roma, desperate to leave shacks in the shanty towns of Sofia, are denounced as discriminatory and ill-informed.
"It's laughable. Only a fraction, not more than 8%, of our citizens are Roma by ethnicity and, yes, they are very poor," said Maria Boteva, also enrolled at the American University. "But this is not all Bulgarians and gives a totally wrong picture of what the country is about," she sighed.
"I think what upsets us most is the discrimination and the fact that while many of us understand Britain's fears, because a lot of us have been to London and seen how many immigrants there are, we feel angry that its Bulgarians and Romanians who are being singled out."
In Sofia, analysts are sharpening their pens, preparing for a year of heated political exchange. The lack of generosity the UK has displayed has left many open-mouthed. In recent days it has been pointed out that British universities campaign more vigorously to recruit Bulgarian students than those of any other EU member state.
Similarly, it is Britons who are snapping up properties at rock-bottom prices in prime seaside and mountain resorts.
"Great Britain to all extents and purposes created globalisation by opening up the world to trade and free movement of people during the imperial era," said Yavor Siderov, a prominent Oxford-trained political scientist. "And now it is shying away from the very idea of globalisation which is the free movement of people, labour and services."
He added it was "high time" that Britain realised that EU membership had "costs and benefits".
"If Britons can come here and buy houses for £7,000 which they could never do in Britain, then surely there is nothing wrong with Bulgarians going to the UK to pick strawberries?"
Many worry that once the sharp words and diplomatic exchanges – pressure for Bulgaria to launch a formal protest with Britain is mounting – are over it is the negative stereotypes that will remain. "Looking at the bigger picture whatever legislation is or isn't introduced [by the UK] can always be changed," said Asen Dimitrov, who recently represented Bulgaria on a committee of international youth delegates at the UN. "But changing negative stereotypes takes a lot longer and that is what a lot of us fear."
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Giorgos Karagounis returns to Greece squad
Giorgos Karagounis returns to Greece squad Times of India ATHENS: Fulham midfielder Giorgos Karagounis was among the 20 players called up by Greece coach Fernando Santos Friday for the February 6 friendly against Switzerland at the Karaiskakis Stadium in Piraeus. The 35-year-old midfielder makes his ... |
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Arma 3 Map Name Changed Following Greece Arrests
Arma 3 Map Name Changed Following Greece Arrests WebProNews The name change comes after two Bohemia developers, Ivan Buchta and Martin Pezlar, were arrested in Greece last September under charges of espionage and spent 129 days in prison. The two were on vacation on the Greek island of Lemnos, which ... |
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Lies, Crime and Greek Statistics
Lies, Crime and Greek Statistics Bloomberg Georgiou's background as a Greek economist educated in the U.S. and working at the International Monetary Fund in Washington D.C. for nearly two decades allows him to view his home country through outsider's eyes. That gave him a unique perspective ... |
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Conservative councillor suspended for alleged racism against Muslims
Chris Joannides, a councillor in Enfield, is said to have compared women in burqas to rubbish bags
A Conservative councillor has been suspended and is under investigation after allegedly making anti-Muslim comments and sectarian remarks on a social media website, The Guardian has learned.
Chris Joannides's Facebook page contained material comparing Muslim women who wear the burqa to rubbish bags. Another post included sexual remarks in a discussion about a flasher, and a comment that his work as a councillor was getting in the way of his social life.
Joannides is a councillor in Enfield, north London.
News of the incident comes as the Conservative party leader, David Cameron, considers measures to try and increase the low levels of support the party receives from ethnic minority voters. The Conservatives are trying to shed their "nasty" party image and appear more inclusive.
His fellow Conservative councillors decided to suspend Joannides over the comments, which are being investigated.
Over a picture of a woman and child dressed in burqas, with a black bin bag either side of them, Joannides appeared to have written: "I saw her standing there and I told her she had three beautiful children.
"She didn't have to get all pissed off and threaten me … an honest mistake."
In another posting he appears to have "liked" a picture of an Arab woman holding her injured child.
In a discussion about a flasher, who was reported to have exposed himself to a school girl and a woman, Joannides allegedly wrote: "If I was the flasher I would take the Chippendales's out my business [sic] with my package. In fact it may be hazardous to some senior citizens."
In other discussions he appears irritated by his work as a councillor. One post says: "Please inbox the latest scores. I'll be surfing on fb [Facebook] during the resident's meeting."
Another post says: "It's Friday night and I've just finished attending a resident's meeting … I expect to be rewarded at the ballot box for my service to the community which is eating my social life."
Joannides's Facebook page is also alleged to contain sectarian material which could offend those of Turkish-Cypriot heritage. He is Greek Cypriot and the borough of Enfield is home to thousands from both communities.
A complaint has also been made to the Metropolitan police and Joannides may face disciplinary action from his fellow Conservative councillors.
In a statement, Michael Lavender, leader of the Conservative group: "On 15th January I was made aware of the details of a complaint regarding material on Cllr Joannides' Facebook page. Copies of the materials were sought and obtained and a meeting took place on 17th January with Cllr Joannides.
"At that meeting Cllr Joannides was suspended from the group with immediate effect."
"The next full meeting of the group was on 28th January. At that meeting a decision was taken to reaffirm the suspension, pending full consideration of the matter at an emergency meeting of the group. The group is currently making arrangements to fix the date for that group meeting."
An Enfield Council spokesperson said: "Enfield Council has received a complaint, which it is currently investigating. It would be inappropriate to comment further at this stage."
The Facebook page now appears to have been removed.
Azad Ali, chair of the Muslim Safety Forum, said: "This is a shocking example of institutionalised and normalised
Islamophobia. We expect the Conservative party to take a robust stand against this behaviour and prove that their drive to engage with black minority ethnic communities isn't tokenistic.
"Further we will follow up with the Metropolitan Police Service and see that full weight of the law is applied."
Joannides did not return email and phone requests for comment.
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Human rights watchdog says racist violence in Greece 'a real threat to democracy'
Kathimerini | Human rights watchdog says racist violence in Greece 'a real threat to democracy' Kathimerini Europe's top human rights watchdog on Friday urged Greek authorities to take action against the burgeoning wave of attacks against migrants in the country describing racist violence “a real threat to democracy.” “Impunity for the rising number of ... |
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Greek political parties to testify over bank loans
Greek political parties to testify over bank loans GlobalPost ATHENS, Feb 1 (Reuters) - Greek prosecutors have ordered the two main ruling parties to testify in an investigation into more than 200 million euros in loans they received from banks, officials said on Friday. The investigation - which is examining ... |
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Repeat after me: Ontario is not Greece
 rabble.ca (blog) | Repeat after me: Ontario is not Greece rabble.ca (blog) The austerity experiment has been waged in several European Union countries: Massive cuts in government spending for four years drove Greece, Spain, Portugal and Ireland into full-scale economic depression. Meanwhile, the U.K. is struggling to get off ... 'Greece offers a cautionary tale': Fraser Institute likens Ontario to economic ... The Fraser Institute: Ontario's Debt Load Larger Than California's Thanks to ... |
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Ex-U.S. Attorney Takes On Socrates In Mock Retrial
CHICAGO -- Patrick Fitzgerald has prosecuted mobsters, terrorists, a White House aide and two Illinois governors. On Thursday, the former top prosecutor got a crack...
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Eurozone Gets Some Good News
LONDON (AP) — Mention it quietly, but there were rare hopeful signs for Europe's struggling economy on Friday. Three pieces of economic news for the...
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Greek dock workers extend strike
 MiamiHerald.com | Greek dock workers extend strike MiamiHerald.com A health sector employee stands in front of the Greek Parliament during a protest in Athens on Thursday, Jan. 31 2013. The government has imposed waves of spending cuts and tax hikes, leading to severe salary and pension cuts and leaving unemployment ... Greek Dock Workers Strike for 2nd Day Greek workers hold demo to demand release of union members Greek transport workers, doctors strike over austerity |
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Greece, Spain leapfrog for highest unemployment
 MiamiHerald.com | Greece, Spain leapfrog for highest unemployment Montreal Gazette BRUSSELS, Belgium — Europe received a welcome dose of good news Friday with the news that both unemployment and inflation across the 17 European Union countries that use the euro are lower than anticipated. Eurostat, the EU's statistics office, said ... Greece leapfrogs Spain to have the highest unemployment rate in eurozone |
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Detention conditions in Greece are sub-standard: UNHCR
 Kathimerini | Detention conditions in Greece are sub-standard: UNHCR GlobalPost Conditions in Greece for people held in detention are "sub-standard", according to the preliminary findings of the United Nations Working Group on Arbitrary Detention announced on Thursday in Athens. "While domestic legislation provides for proper ... Greece should improve migrant detention, UN group says |
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Liz Lemon Greek Frozen Yogurt Introduced By Ben & Jerry's
 The Herald | HeraldOnline.com | Liz Lemon Greek Frozen Yogurt Introduced By Ben & Jerry's Huffington Post Ben & Jerry's has revealed the new flavor honoring "30 Rock": Liz Lemon Greek Frozen Yogurt with a Blueberry Lavender Swirl. The news was announced by co-founder Jerry Greenfield at a party Ben & Jerry's threw for the series finale of "30 Rock," on ... Ben & Jerry's unveils new '30 Rock' flavor: Liz Lemon Greek Frozen Yogurt Greek Frozen Yogurt Finale Flavor to Benefit Jumpstart The “30 Rock” Season ... |
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