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How the world sees Greece
Saturday, March 30, 2013
Supermarket Magnate John Catsimatidis
John Catsimatidis, a Republican, was born on the small Greek island of Nisyros (population: about 1,000), but came to New York with his family as an infant. He grew up in Harlem and graduated from Brooklyn Tech High School.
'Shame On Europe For Trying To Snatch People's Savings'
NICOSIA, Cyprus (AP) — The moment word broke that Cypriot lawmakers in Parliament had voted down a bailout deal that would have raided everyone's savings...
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EU, IMF resisting merger of Greek banks NBG, Eurobank: paper
EU, IMF resisting merger of Greek banks NBG, Eurobank: paper Reuters The banks and the Greek government had no comment to make on the report. European Commission officials were not immediately available. National Bank (NBG) took over 84.3 percent of Eurobank last month via a share swap as part of consolidation in ... |
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Canada, unlike Greece, Cyprus, can create its own money
Canada, unlike Greece, Cyprus, can create its own money Vancouver Sun Greece and Cyprus surrendered their monetary sovereignty to a foreign central bank, but Canada has not. The rational debate is over the effects of an injection of fiat money into the economy. A reminder: during the Second World War, our budget deficit ... |
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Greece Gives Support To Young Entrepreneurs
 Kathimerini | Greece Gives Support To Young Entrepreneurs Greek Reporter In response to Greece Prime Minister Antonis Samaras' pledge that the country will not rely purely on international bailouts and austerity, the government is offering state support for young innovators by funding a series of business proposals in ... Samaras meets Stournaras as Greece prepares for new troika visit |
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Turkey and Greece sign 25 deals in March
 Hurriyet Daily News | Turkey and Greece sign 25 deals in March www.worldbulletin.net Turkish Health Minister Mehmet Muezzinoglu visited Xanthi after completing his talks in Komotini on Friday. Muezzinoglu said that Western Thrace Turks should preserve their national and spiritual values, and also live in unity and integrity by ... Turkish health minister makes his first official visit to his country of birth ... |
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Little Cyprus thumbs its nose at EU 'bullies'
NICOSIA, Cyprus (AP) — The moment word broke that Cypriot lawmakers in Parliament had voted down a bailout deal that would have raided everyone's savings to prop up a collapsing banking sector, a huge cheer rose up from hundreds of demonstrators gathered outside that echoed through the building's corridors.
From the 1950s guerrilla war against British rule to Greek Cypriots' defiant refusal in 2004 to accept a U.N.-backed peace plan to reunite the island, they are used to holding their own against big opponents.
Just as quickly as Cyprus' euro area partners decided that a deposit grab was the only way out, so Cypriots decided their tiny island was ground zero in Europe's new financial scorched earth policy and that it had to be resisted at all costs.
The country's foreign minister, Ioannis Kasoulides, even acknowledged that Cypriot negotiators had contemplated exiting the euro instead of accepting their euro area partners' terms.
[...] Cyprus accepted a deal that would safeguard small savers but where depositors with more than 100,000 euros in the country's two most troubled banks would lose a big chunk of their money.
The invasion and its fallout remains an existential matter in the minds of Cypriots and it still informs many of the political and economic decisions the country and its people make.
[...] their reference to "friends" instead of "allies," which implies a more pragmatic relationship.
From the 1950s guerrilla war against British rule to Greek Cypriots' defiant refusal in 2004 to accept a U.N.-backed peace plan to reunite the island, they are used to holding their own against big opponents.
Just as quickly as Cyprus' euro area partners decided that a deposit grab was the only way out, so Cypriots decided their tiny island was ground zero in Europe's new financial scorched earth policy and that it had to be resisted at all costs.
The country's foreign minister, Ioannis Kasoulides, even acknowledged that Cypriot negotiators had contemplated exiting the euro instead of accepting their euro area partners' terms.
[...] Cyprus accepted a deal that would safeguard small savers but where depositors with more than 100,000 euros in the country's two most troubled banks would lose a big chunk of their money.
The invasion and its fallout remains an existential matter in the minds of Cypriots and it still informs many of the political and economic decisions the country and its people make.
[...] their reference to "friends" instead of "allies," which implies a more pragmatic relationship.
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Greece's Alpha Bank opts for 457 million euro rights issue in recapitalisation
Greece's Alpha Bank opts for 457 million euro rights issue in recapitalisation Reuters UK ATHENS (Reuters) - Greece's third-largest lender Alpha Bank (ACBr.AT) said on Friday it would hold a shareholders' meeting on April 6 to seek approval for a 457.1 million euro rights offering as part of a 4.6 billion euro recapitalisation to boost its ... |
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After Cyprus, more austerity in Greece
 Economic Times | After Cyprus, more austerity in Greece World Socialist Web Site Speaking to Greece's Ta Nea newspaper, Schaeuble refuted any suggestions that the population could no longer bear further austerity, saying “Right now all macroeconomic indicators are showing that the recipe is yielding fruit. But more time will be ... Calm Prevails as Cypriot Banks Open Doors in Greece In Greece, Cypriot Kin's Woes Seem All Too Familiar How Greece exported a bank default to Cyprus |
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Chinese investors set sights on Greek property
Chinese investors set sights on Greek property China.org.cn The property price slump in Greece, fueled by the ongoing financial crisis, has started to attract Chinese investment. "Some Chinese businessmen have shown an interest in investing in Greek property, such as investing in hotels, or buying pieces of ... |
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Greece Europe's Largest Exporter for 2012
 Greek Reporter | Greece Europe's Largest Exporter for 2012 Greek Reporter greek products Greece proved to be the largest exporter among European countries for 2012. Greece's exports reached 26.7 billion euros, according to the Secretary General of International Economic Relations and Development Cooperation Department, ... |
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Getty Museum Will Host Greek Art
 Greek Reporter | Getty Museum Will Host Greek Art Greek Reporter charioteer of mozia Greek bronze artworks will be shown at the Getty Museum in California in 2015 as part of a promotion to showcase Greece through a series of events in the American museum, such as banquets and lectures by Greek Byzantinologists as ... |
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Return of the far right: Greece's financial crisis has led to a rise in violent attacks on refugees
An Afghan who fled his country, fearing a lynching, after converting from Islam to Christianity. A Syrian who bolted across the border after a bomb destroyed his home. A Sudanese man who ran for his life after soldiers murdered his father and raped his sisters.
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Report: Israelis, Turks to meet next week
 Haaretz | Report: Israelis, Turks to meet next week Ynetnews Turkey's deputy prime minister says Turkish and Israeli officials will meet next week to work out the amount of compensation to be paid to the victims of a raid on a Gaza-bound flotilla that killed eight Turks and a Turkish-American in 2010. Israel apologized for ... Israel, Turkey to start raid compensation talks on April 12 Greek envoy: Israel-Greece ties remain unchanged Israel, Turkey to discuss 2010 flotilla attack compensation |
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Ruby the anti-austerity dog back on the loose in Greece
 CBS Moneywatch | Ruby the anti-austerity dog back on the loose in Greece CBS Moneywatch ATHENS, Greece Ruby the anti-austerity dog is back on the streets of Athens - just in time for next week's visit by representatives of international creditors monitoring Greece's troubled finances. The male stray gained fame this month after barking ... |
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Money markets sheltered by bank stimulus
The problems in Cyprus and Italy haven't dented investors' confidence largely thanks to the actions of central banks
The near collapse of Cyprus, avoided only by draconian and unprecedented measures including a raid on savers' bank accounts, and political turmoil in Italy after February's inconclusive elections should have sent ructions through global stock markets last week.
In fact, with the exception of continuing jitters on European exchanges, investors showed remarkable calm through the latest instalment of the neverending eurozone crisis. In America, the S&P 500 even soared to a record close on Thursday, surpassing levels last seen in 2007 and following in the footsteps of the Dow Jones Industrial Average, which had reached its own peak on 5 March. The FTSE 100, currently less than 10% shy of its own record, ended the week virtually unchanged.
Markets have partly been buoyed by signs of recovery in the global economy, particularly in the US. But the main support for shares has been the continuing actions by central banks to provide a lift to the economy through stimulus measures such as quantitative easing and bond buying. Investors, who are struggling to find decent returns in a low-interest-rate environment, have decided to stick with equities for the moment, betting that the money tap will not be turned off in the immediate future. But with Cyprus coming close to the precipice, in danger of default and leaving the eurozone, that optimism was severely tested during the week. The danger of contagion spreading elsewhere, to Slovenia, Spain, Italy and even France, was enough to make Cyprus the No 1 economic worry. So while a last-minute deal to bail out the Mediterranean island provided some relief, the imposition of capital controls and the losses forced on depositors with more than €100,000 in the bank meant the situation remained volatile.
Eurogroup head Jeroen Dijsselbloem hardly helped matters with remarks that were interpreted as suggesting that the Cyprus bank raid could be a template for other bailouts, although there was later some half-hearted backtracking from the idea.
And as Cyprus reopened its banks on Thursday after 12 days shut, there was no sign of the feared scramble by investors to withdraw their cash. The capital controls and limits on how much could be taken out of accounts meant there was little point in savers swarming into the banks in a panic.
So markets – mostly – kept their cool. The FTSE 100 finished up 24.18 points at 6411.74 on Thursday (its last day of trading before Easter), up from 6392 on Monday. Since the start of the month the index has gained 1% and since the turn of the year the rise is an impressive 8.7%.
The S&P 500, which had been hovering at record levels for more than two weeks, finally achieved the target on Thursday, a 6.34 point rise to 1569.19 being enough to do the job. Asian shares also closed in positive territory with the Nikkei 225 up 0.5% yesterday, up marginally on the week.
In Europe, perhaps unsurprisingly, the picture was more downbeat, although it was hardly a panic. Germany's Dax dipped around 1.5% on the week to 7795 while France's Cac slipped 1% to 3731. In two countries where there is most uncertainty and the risk of contagion is real, Italy's FTSE MIB fell 4% to 15,338 and Spain's Ibex lost nearly 5% to 7920. And with the situation in Cyprus keeping the spotlight on Greece, the Athens market was down more than 6%.
Clearly European markets are being more influenced by the continuing crisis in the region than by central bank intervention, while the reverse is true for the UK, US and Asian exchanges. Overall, analysts said the Federal Reserve was likely to continue giving support for the moment. Chris Beauchamp, market analyst at IG said: "This may be a Fed-inspired rally, but it is a rally nonetheless; over the course of the last three months markets have taken almost everything in their stride, be it US budget crises, inconclusive Italian elections or a bailout of yet another eurozone member. Having had such a good start to the year, the question is now whether the run can be sustained. Cynics will point to the abundance of problems, but the underlying theme today remains the same as at the end of 2012; a supportive Federal Reserve is not to be trifled with."Meanwhile Bruce McCain, chief investment strategist at Key Private Bank in Cleveland, told Reuters the new peak on the S&P reflected the fact that many of last year's anxieties had receded. But he added: "However, this could be the start to a more realistic look at the problems that still haven't gone away. Some degree of caution is probably still merited, with the problems in Cyprus probably only the beginning to what we could see in coming months."
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