How the world sees Greece
Reilich leading GOP candidate for Greece supervisor Rochester Democrat and Chronicle The Greece Republican Committee is expected to meet Thursday night, hear recommendations from its candidate screening committee and vote on designated candidates for November's elections. The meeting will be held at 7 p.m. at Town Hall, 1 Vince ... |
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 Kathimerini | If Greece collects more tax, austerity eases: IMF Yahoo!7 News "If Greece can do a better job of collecting taxes, then the government should be able to avoid further wage and pension cuts," IMF spokesman Bill Murray said at a news conference. Murray was speaking as auditors representing Greece's IMF, EU and ... Greece and France to sign defence agreement: Le Drian Greece International Creditors Warn on Tax Reform French defense minister eyes closer cooperation with Greece |
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Casa students present Greek tragedy Santa Rosa Press Democrat “Doing a Greek tragedy is quite a challenge for high school students,” said Rustan. “It requires entry into a very different world than they are used to inhabiting. Especially challenging is the shift in time and rhythms. Students are used to the pace ... |
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Incoming pro-bailout government signals commitment to onerous reforms in return for international rescue package
Cyprus will run out of money in May, its outgoing finance minister has warned, as EU officials prepare to address the issue of a €17.5bn (£15bn) bailout for the island.
The scale of Cyprus's monetary woes hit home as the new president in Nicosia, Nicos Anastasiades, assumed office on Thursday pledging to finalise negotiations for an international rescue programme "as soon as possible".
"Confronting the huge challenges that we face, we want Europe on our side," said the veteran conservative, whose tenure ends five years of left-wing rule widely blamed for the island's worst economic crisis in decades. "We're not asking for special [treatment] but fair treatment … it's what we deserve. Solidarity from Europe. "
Since being swept to power in a resounding victory on Sunday, Anastasiades has gone out of his way to emphasise his commitment to adopting the onerous reforms that are the price of international aid.
Signalling a clear shift from the policies of the outgoing communist government, he appointed the technocrat and former World Bank economist Michalis Sarris as finance minster.
Widely respected in EU capitals and the US, Sarris oversaw Cyprus's entry to the eurozone during a previous stint as finance minister in 2008.
In another deft move, the London School of Economics professor and nobel laureate Christopher Pissarides has also been drafted to head a group of "wise men" advising the government on the economy.
Anastasiades, whose victory has been met with relief in Brussels after eight months of often fraught negotiations under former president Demetris Christofias, says he hopes a loan agreement can be wrapped up by the end of March.
With bankruptcy looming – and just 12 weeks to go before the island faces a debt repayment of €1.6bn – the new president spoke this week of the "pressing need to recapitalise our banking sector". Greek Cypriot banks saw €4.5bn in deposits – the equivalent of 25% of GDP – wiped out virtually overnight when Greece's monumental debt load was restructured last year.
In his last public statement before leaving office, outgoing finance minister Vassos Shiarly said the island's public coffers would run dry in May, leaving the government unable to pay civil service salaries or pensions. "Based on the data before us, fiscal issues can be managed without a problem until May, because we always work three months ahead," he told reporters after a meeting with the new president.
"Like Greece, we need a correction in our attitudes," his replacement, Sarris, told the Guardian. "But in Greece they have been living beyond their means for 40 years and so to correct that in the space of two years is very painful. In Cyprus we are talking about correcting excesses of a much shorter period, so the correction will be relatively mild."
But with bank recapitalisation estimated at around €10bn and government operation costs projected at another €7bn, the financial assistance programme needed for the island will ultimately amount to its entire annual GDP – pushing the island's debt burden to what many fear will be unsustainable levels.
Highlighting those concerns, Moody's noted on Thursday that while the election of the pro-bailout Anastasiades has boosted the chances of a settlement finally being reached, default could still not be ruled out.
"There is a 50% chance that the sheer size of Cyprus's anticipated debt load will eventually compel authorities to pursue every avenue for debt reduction, including private sector losses on Cypriot debt," Moody's said.
With the eurozone debt crisis in its third year, Europe appears divided over how to handle a bailout for the island. Germany, which has borne the brunt of bailing out Athens, has increasingly pushed for bank depositors to bear part of the cost – prompting fears among other member states of a run on Cypriot banks.
In his first speech as president, Anastasiades angrily rejected the idea of Cypriot bank shareholders and depositors being made to pay the price of any rescue programme for the country.
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Greece and France to sign defence agreement: Le Drian GlobalPost French defence minister Jean-Yves Le Drian said on Thursday that Greece and France will sign a defence collaboration agreement, following reports that Athens would borrow navy frigates from Paris. "This (broader) agreement will further include a more ... |
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Kathimerini | Greece International Creditors Warn on Tax Reform NASDAQ ATHENS--Greece's international creditors have issued a new warning over the country's lagging tax reform efforts ahead of a visit next week by a troika of budget inspectors and recent data showing tax collection is falling short of target again. A 72 ... French defense minister eyes closer cooperation with Greece Greece misses revenue-raising targets EU-IMF draft report blasts Greece on tax |
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Kathimerini | French defense minister eyes closer cooperation with Greece Kathimerini France and Greece have a long shared history in matters of defense. It is a deep relationship based on trust. French industries have been important suppliers to the Greek armed forces and continue to work with them in equipment maintenance. Right now ... |
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 Kansas.com (blog) | New Greek restaurant opens today Kansas.com (blog) Kosta The Greek is a new Greek restaurant opening today in the spot at 2308 S. Meridian formerly occupied by Habanero. It's owned by Kosta Kiosses, a transplant from Greece. Kiosses and his wife, Maria, have been selling spinach pies and other Greek ... |
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 Rochester Democrat and Chronicle | Greece Athena, Irondequoit reach Class AA2 final with wins Rochester Democrat and Chronicle 1 seed Irondequoit turned back Marshall/Freddie Thomas, 47-34, after Greece Athena topped East High, 72-63, at Blue Cross Arena at the Rochester Community War Memorial. The Irondequoit Eagles (18-2), as usual, did not need much offense. High School Roundup: Irondequoit to meet Greece Athena in boys Class AA2 final |
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 The Guardian (blog) | How to use the enduring power of Greek myths in your classroom The Guardian (blog) To use an example, the opening sequence of The Odyssey describes the war between the Greeks and the Trojans; this lends itself to a discussion of when is one justified to go to war and when at war, what is one justified to do? The first two stories ... |
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Greece accuses pharma of witholding meds, triggering shortages FiercePharma Greece and the drug industry aren't getting along so well. After several years of stiffing drugmakers on their bills, the Greek government now accuses more than 50 pharma companies of cutting off supplies of key drugs, the Guardian reports. Worried ... |
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 International Business Times | Greek Politician Sentenced To Life Imprisonment For Embezzlement: Is Athens ... International Business Times A court in Greece has sentenced a prominent politician to a life sentence in prison for embezzlement after a nearly six-month trial, suggesting perhaps that authorities in the beleaguered, cash- strapped nation may finally crack down on government ... |
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 Kathimerini | Greek OTE 2012 profit rises in line with forecast Kathimerini Greece's biggest telecoms company OTE reported on Thursday surging profit in 2012, helped by an asset sale, despite the country's recession. Net profit stood at 476.4 million euros ($624.5 million) from 119.7 million euros in the previous year, said ... 28/02/2013Greek telecom OTE reports profit in 2012 |
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 Kathimerini | EU court rules Greece must recover 310 mln euros in aid from Skaramangas ... Kathimerini An EU court has ruled that Greece's decision to grant aid to the Skaramangas shipyards after 1992 was in breach of the community's guidelines on free market competition. In a judgement delivered on Thursday, the European Court of Justice confirmed a ... EU Court Rules Greece Must Recover Aid to Skaramangkas Shipyards-Statement EU Court Says Greek Shipyard Aid Unlawful Greece to recover shipyards' aid |
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Enjoy A Taste of Greece this weekend East Valley Tribune The festival highlights the traditions, music, and entertainment of Greece with live folk dancing, dance workshops, cooking demonstrations, an “agora” marketplace with Greek imports, icons, imports and jewelry, a kids fun zone, along with lots of food. |
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French economy more worrying than Greece, says German economist Journal of Turkish Weekly Germany is more concerned about the situation of the French economy than Greece, a prominent German economist and business journalist, Ursula Weidenfeld, has said in an interview with French weekly news magazine Le Point. Rising unemployment, the ... |
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