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How the world sees Greece
Tuesday, May 14, 2013
Greece Bulls Charge Into Corporate Bonds
Months of relative calm in Europe has investors taking another look.
For Greece, What a Difference a Year Makes
 Wall Street Journal (blog) | For Greece, What a Difference a Year Makes Wall Street Journal (blog) Angela Merkel, Germany's chancellor, left, speaks with Antonis Samaras, Greece's prime minister, during a news conference at Maximos mansion in Athens, Greece, on Tuesday, Oct. 9, 2012. Merkel used her first visit to Greece in five years to maintain ... Samaras Wants Greeks Tourist-Friendly |
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Another day, another strike in Greece
 euronews | Another day, another strike in Greece euronews Teachers demonstrated on Monday about the new contracts, under which they'll have to work two extra hours a week to bring them up to the European average. Meanwhile 4,000 teachers will be transferred to remote areas of Greece to plug staffing gaps. Greece: Teachers Strike Ban Prompts Walk Out - Sky News Greece's Public-Sector Union Holds Strike to Support Teachers Greece's Unions Call 24-Hour Strike For Tuesday In Response To Government's ... |
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Greek tragedy, modern relevance in 'Theater of War,' featuring Oscar-nominated ...
Greek tragedy, modern relevance in 'Theater of War,' featuring Oscar-nominated ... Bangor Daily News Greek tragedy doesn't generally figure in any way into the average American's daily life, but the lessons that can be learned from what was written 2,500 years ago can still have a huge impact, once they're listened to or read. That's exactly what ... |
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GREECE: Boost for Greece as Fitch upgrades its credit grade
The ratings agency Fitch on Tuesday upgraded Greece's sovereign credit grade to B-, from CCC. The bonds of the debt-burdened country remain well-below investment grade, but the upgrade may boost morale.
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Fitch Upgrades Greece's Credit Rating
 ABC News | Fitch Upgrades Greece's Credit Rating ABC News Debt-hobbled Greece got a new morale boost Tuesday, with Fitch ratings agency upgrading its sovereign credit grade, a day after the country's European creditors backed the release of a new rescue loan payment. However, the one-notch upgrade from CCC ... Fitch upgrades Greece credit rating on financial progress Fitch Raises Greece's Credit Rating Greece Upgraded as Fitch Sees Progress From Economy to Deficit |
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Greece raises €1.3 billion from T-bill sale
 MyrtleBeachOnline.com | Greece raises €1.3 billion from T-bill sale RTE.ie Greece has raised €1.3 billion in a treasury bill auction held after the country's bailout lenders approved the payment of a new batch of rescue loans. The Public Debt Management Agency said the 13-week loans were auctioned today at an interest rate of ... Greece raises 1.3 bn euros, rate dips LEAD: Greece's borrowing costs hit lowest level in two years Eds: Incorporates ... Greece raises 1.3 bln euros in treasury bill auction at two-year low interest rate |
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Greeks asked to welcome tourists who are bound for nation in record numbers
Antonis Samaras, the prime minister, appeals to compatriots to put on best face as 17 million foreigners head to Greece
The Greek prime minister, Antonis Samaras, issued an unusual appeal on Tuesday, asking his compatriots to put on their best face as the debt-choked country prepares to accept 17 million tourists – an all-time record.
Although mired in its worst economic crisis in modern times, Greece is braced for a surge in arrivals with visitors from Russia, Germany and Britain leading the revival of an industry that only last year appeared on its knees.
"We will have at least 17 million tourists this year. This development is a vote of confidence in our country. It [means] liquidity, money for the market and new, healthy places of work," said Samaras, who has headed a conservative-dominated, three-party coalition since June.
"I appeal to every citizen for the good of the country to help so as to put on our best face to foreigners," he said exhorting Greeks to pay attention to the quality of services, products and prices that they offered.
Industry figures, based on hotel bookings and airline capacity, project more than 1 million additional tourists this summer. Arrivals from Russia, alone, are expected to increase by a third to over 1.2 million. Airlines have lined up more than a million extra seats and scores of new routes to the country.
With tourism accounting for almost 20% of GDP and jobs, the rise has been met by jubilation in a country whose image has been blighted by street riots, prolonged strikes, social upheaval and political unrest since the outbreak of the crisis in late 2009. Hit by a sixth straight year of recession, a record 27% of Greeks – more than anywhere else in the EU – are out of work.
"I think the increase is indicative of the leading role tourism will have in the recovery of our economy," said John Retsos, president of the Hellenic hotel federation, which represents 7,000 hoteliers in Greece.
The rebound has been attributed to an array of factors, ranging from political stability to turmoil in the Middle East.
"The climate, this year, is much better," added Retsos. "Greece's efforts [at fiscal consolidation] have been acknowledged by our EU partners and without compromising quality hoteliers have lowered prices significantly and that means great value for money."
Ironically, the German chancellor Angela Merkel, a hate figure for many Greeks because of her insistence on Athens adopting punitive austerity measures, has provided a helping hand by publicly calling on her countrymen to visit Greece. Summer bookings from Germany have shot up by 15%.
Increasing revenues to pre-crisis levels will remain key to recovery, say experts. "Our target is to reach €11bn (£9.3bn) in direct revenues," said Andreas Andreadis, who heads SETE, the country's main tourism body.
"An average €650 per arrival is spent in Greece," he said. "It is crucial, now, that revenues are increased."
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Fitch upgrades Greece credit rating
Ratings agency Fitch upgrades Greece's credit rating, citing progress in cutting its budget deficit.
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German woman covered for neo-Nazi murder gang, court hears
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Unburied: Tamerlan Tsarnaev and the Lessons of Greek Tragedy
 New Yorker (blog) | Unburied: Tamerlan Tsarnaev and the Lessons of Greek Tragedy New Yorker (blog) A legal no-man's land, perhaps, but familiar territory to anyone even casually acquainted with the Greek classics. From its epic dawn to its tragic high noon, Greek literature expressed tremendous cultural anxiety about what happens when the dead are ... |
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Fitch raises Greek credit rating to 'B-'
 Bangkok Post | Fitch raises Greek credit rating to 'B-' Bangkok Post "The Greek economy is rebalancing: clear progress has been made towards eliminating twin fiscal and current account deficits..." said Fitch, adding that the outlook for the rating was stable. The country's 240 billion euro ($310 bn) international ... Fitch agency lifts Greek government rating by 1 notch to B- _ still deep in ... Fitch raises Greek credit rating one notch to 'B-' Fitch upgrades Greek sovereign credit rating to B-minus |
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Turkish Cypriot leader in Washington seeking US help on reunification talks
WASHINGTON - The prime minister of the breakaway Turkish north of ethnically divided Cyprus was in Washington on Thursday looking for ways to revive stalled reunification talks with the Greek south.
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Fitch Raises Greece's Credit Rating
Fitch Ratings upgraded Greece's sovereign credit rating a notch, citing Athens's progress in tackling its budget deficit and rebalancing its economy, along with a reduced risk of a Greek exit from the euro zone.
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Fitch ratings agency lifts Greek government rating by 1 notch to B- with ...
 FRANCE 24 | Fitch ratings agency lifts Greek government rating by 1 notch to B- with ... Washington Post ATHENS, Greece — Fitch ratings agency has upgraded Greece's credit grade by one notch, from CCC to B-, saying the debt-hobbled country's economy is rebalancing. In a statement Tuesday, it says Greece has made “clear progress” toward eliminating its ... Fitch raises Greek credit rating one notch to 'B-' Fitch upgrades Greek sovereign credit rating to B-minus Fitch upgrades Greek credit rating to B- |
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Fitch upgrades Greece's credit rating
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Court rules Finland must reveal collateral agreement with Greece
 Kathimerini | Court rules Finland must reveal collateral agreement with Greece Kathimerini FinlandÃs government must reveal the details on a collateral agreement it made with Greece in exchange for providing funds for a second rescue loan, the Nordic nationÃs top administrative court said. The Finance Ministry must make the agreement public ... |
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EU commissioner criticizes Greece for refusing Syrians asylum
EU commissioner criticizes Greece for refusing Syrians asylum Yahoo! News ATHENS (Reuters) - The European Union's top immigration official criticized Greece on Tuesday for refusing asylum to Syrian refugees and detaining other migrants that flock to its borders under "unacceptable" conditions. Greece, the main gateway into ... |
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Greek workers walk out to protest ban on high school teachers’ strike
Greek state workers walked off the job on Tuesday to protest a government decision to ban a strike by high-school teachers, shutting down schools and reducing staff at hospitals to a minimum.
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Fitch Upgrades Greece to 'B-'; Outlook Stable
Fitch Upgrades Greece to 'B-'; Outlook Stable Reuters KEY RATING DRIVERS The upgrade of Greece's sovereign ratings by one notch to 'B-' reflects the following factors: The Greek economy is rebalancing: clear progress has been made towards eliminating twin fiscal and current account deficits and 'internal ... |
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Vicky Pryce's prison memoir could lead to much-needed reforms
The book to be written by Chris Huhne's former wife about her time inside will undoubtedly be controversial. And more power to it, says one former prisoner
Prison is supposed to be the means by which a convicted criminal pays his or her debt to society. In reality, most of what prison entails is a corrosive, destructive, costly waste of time. Great news, then, that Vicky Pryce is writing a memoir covering the eight weeks she spent behind bars out of her original eight-month sentence for conspiracy to pervert the course of justice. Her time inside may have been relatively short, but it would have been long enough to give her a strong flavour of what imprisonment means for a woman in modern Britain.
Pryce is an articulate professional economist and already a published writer; her first book, Greekonomics, was "an interesting and accessible polemic" on the euro crisis and Greek politics, according to the Guardian. If her prison memoir – working title, Prisonomics – is as serious and insightful, she will be giving something truly worthwhile back to society.
Often controversial, prison memoirs can be a valuable learning tool for those who get their information about prison mainly from the popular media. They can also lead to much-needed reforms. Although frowned upon by the authorities (when I asked a prison governor for permission to write my column A Life Inside for the Guardian 15 years into my life sentence, I was initially told that I should "choose another hobby"), good prison writing educates as well as entertains.
One of the very best prison memoirs was Dry Guillotine by René Belbenoît, who spent 15 years in the prison colony of French Guyana, repeatedly escaping and being sent back, before eventually making his way to Los Angeles. While on the run, Belbenoît travelled on foot through dense jungle and in a canoe on the open sea, all the time carrying his 30lb manuscript wrapped in oilskin. Undoubtedly, his memoir contributed to France's decision to end its transportation policy.
Another celebrated prisoner author was Jack Henry Abbott, whose letters to Norman Mailer during his incarceration became the book In the Belly of the Beast (1981). Like Belbenoît, Abbot's only motivation for writing was to reveal the reality of life in prison. This type of book, written while the writer is actually doing time, is arguably the best source of authentic prison literature. Although more recently Jonathan Aitken's Pride and Perjury, penned after his 18-month term for perverting the course of justice, gave an honest and compelling insight into prison life. Aitken recounted praying on his knees on his first night in Belmarsh, while prisoners shouted out of the window what they were going to do to him. Jeffrey Archer's prison diaries made him a reputed £15m, and mentioned the crime committed by every prisoner he came into contact with, but conveniently omitted to mention his own perjury.
Another terrific piece of post-prison writing is Forget You Had a Daughter, by Sandra Gregory, who was originally condemned to death in Thailand for smuggling drugs, before her sentence was commuted to 25 years and she was transferred to the UK to finish off her time. Gregory's visceral and gripping story is probably the definitive work on what prison does to a woman.
But Pryce's economics background will give her book a particular value. "I have some strong views on how the prison system works, especially with regard to how it treats women," she said after her release on Monday. Her book "will analyse how prison works, and should work, very much from an economic perspective". Focusing on the exorbitant amount the taxpayer pays for our failing system (reoffending alone accounts for between £9.5bn and £13bn a year) may be just what politicians need to initiate real reform in our prisons.
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