Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros
Thursday, September 12, 2013
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Russia, Cyprus sign debt restructuring agreement
Russia and Cyprus signed an agreement restructuring a €2.5 billion loan, the Cypriot government said in a statement on Thursday. Nicosia was hoping at the time of its €23 billion spring bailout, which initially parliament voted against, for such an agreement.
The Cypriot government's statement said the restructuring provides for the repayment of the loan in eight six-monthly installments starting in 2018, instead of a one-off repayment in 2016.
It also provides for lowering the interest to 2.5 percent from its original level of 4.5 percent, with effect as of last March.
The restructuring agreement was signed in Moscow by Russian Deputy Finance Minister Sergey Storchak and Cypriot Finance Minister Haris Georgiades.
The loan was obtained by Cyprus in December 2011, as the government at that time desperately tried to delay or entirely avoid a bailout.
However, it finally had to apply for bailout in June 2012, after the Cypriot banks took a hit on account of their exposure to the write-down of Greek debts.
The bailout deal agreed with the Eurogroup and the International Monetary Fund in March involved the recapitalization of the island's largest lender, Bank of Cyprus by using 47.5 percent of deposits over 100,000 euros and the winding down of the second largest lender. It also led to unprecedented controls to restrict the flight of capital which have yet to be lifted.
Many Russian and Ukrainian depositors who lost money in the recapitalization have become shareholders in the country's biggest bank, having a controlling share of the bank's equity.
Cypriot President Nicos Anastasiades said in an interview with Russian Itar-Tass news agency on Thursday that the government intends to partly compensate the losses of Russian depositors as a gesture of appreciation.
He said the Russians did not desert Cyprus despite bad decisions which hurt them and they deserve to get back part of their money.
"Our friends have remained our friends," Anastasiades said.
He added that a special fund will be set up into which part of future proceeds from the sale of newly found natural gas will be channeled.
Six Russians are among the members of the newly elected board of Bank of Cyprus. A one-time colleague of Russian President Vladimir Putin at the KGB, Vladimir Stralskofski was elected vice-president of the board. (
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Blistering Report Details Racial Segregation Of University Of Alabama Sororities
In 2003, a University of Alabama student Carla Ferguson accepted a bid to Gamma Phi Beta — the first time in the school's history that a black woman joined a traditionally white sorority.
A decade later and 50 years since the school first integrated, Ferguson remains the only black student to have ever pledged a UA Panhellenic sorority through the formal recruitment process. According to an extraordinary report from the Crimson White — UA's student paper — many people associated with the Greek system are trying to keep it this way.
At UA, freshmen traditionally participate in sorority recruitment before classes start in August, going through several rounds of touring the houses and meeting sisters. After each round, a student can be "cut" from a house, and is no longer considered for membership.
This year, the alumni or advisors of at least four Panhellenic sorority houses — Alpha Gamma Delta, Delta Delta Delta, Chi Omega, and Pi Beta Phi — intervened in the formal recruitment process in order to remove a black student from consideration, the Crimson White reports. Neither of the two black students who went through formal recruitment this year were offered a bid to any of UA's 16 sororities that participate in the process, a decision that current sisters say was determined by race.
Members of both Alpha Gamma Delta and Tri Delta told the Crimson White that the sororities' alumni removed one of the black student's from discussions, while a member of Chi Omega said the house's advisor did the same, leading to one member of the house leaving the sorority over her anger at the decision. A member of Pi Beta Phi said her house's alumni threatened to cut funding if a black student pledged the sorority
One member of Tri Delta told the Crimson White that one black student's "'excellent scores,' influential family and 'awesome resume' would have made her a more-than-qualified candidate for Panhellenic recruitment and would have ensured her a bid from a sorority if she wasn't black."
"Not a lot of rushees get awesome scores .. Sometimes sisters [of active members] don't get that. [She] got excellent scores. The only thing that kept her back was the color of her skin in Tri Delt. She would have been a dog fight between all the sororities if she were white," the Tri Delta member said.
The racial segregation of UA sororities is often glaringly obvious, as in this Tweet earlier this year from the brother of a non-white student — coincidentally a member of one of the houses mentioned by the Crimson White:
Where's Waldo... I mean my sister @jazzyjsabio? She's the only non-white girl in her sorority! #Alabama pic.twitter.com/vjHZEGVj
— Jason Sabio (@Jsabio3) January 5, 2013As well as these pictures from UA sorority bid day:
Can you tell it's Bid Day in Alabama? pic.twitter.com/qLKPvBYlH8
— Lexi Day (@lexibrowningday) August 17, 2013@AlphaOPrincess University of Alabama bid day! #babypandas pic.twitter.com/W5JgYUUEcW
— Sierra Grace (@sierrabaxter19) September 9, 2013@Harry_Styles you neeeeeed to come to The University of Alabama on Bid Day 2013!!!!! Say yes. You know you want to. pic.twitter.com/mHoWfZTfut
— Adele (@adele_irious) April 22, 2013You can read the full Crimson White report of the racial divide of UA sororities here >
Join the conversation about this story »
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Greece hit by yet more unemployment, but may be near bottom
Eurozone collapse has been avoided but a hard landing is still possible
So long as European banks remain undercapitalised and overleveraged, a sustainable recovery supported by robust bank lending is unlikely
The eurozone crisis is over, or so we are being told. But can a couple of quarters of economic growth support claims of recovery?
There is no doubt that the outlook for Europe has brightened since early 2012. Ten eurozone countries had just been downgraded by the ratings agency Standard & Poor's. Economic activity was spiraling downward, while nervous investors were fleeing southern European banks. The Spanish government was about to nationalize Bankia, the country's fourth-largest bank, but could not say where it would obtain the funds to recapitalise it. Interest rates on government bonds were racing upward.
In Greece, meanwhile, an election was approaching, amid fears that the new government would reject the country's financing agreement with the European Union and the International Monetary Fund. At that point, the country might be forced out of the eurozone.
And what happened in Greece would not stay in Greece. Once the process of euro exit had started, there was no telling where it would stop. The general feeling was that the common currency was doomed.
In fairness, this dark prognosis was not universally embraced. My own favorite recollection of this period is from March 2012, when I shared a podium in New York with another, more famous economist. We were asked: "What probability do you attach to Greece leaving the eurozone by the end of the year?" He said 100%. I said 0%. This caused no little amusement in the audience. In the end, one of us was more right than the other.
What those forecasting the eurozone's collapse overlooked was the commitment of elected officials and their constituents to the European project. In Greece, where tensions ran highest, Syriza, the main leftist anti-euro party, received only 27% of the vote in the 2012 parliamentary election. In the run-up to Germany's general election later this month, the Christian Democrats and the Social Democrats have indistinguishable pro-euro positions. Alternative für Deutschland, the anti-euro party, is polling a mere 4%. It may yet win a few seats in the Bundestag; but the numbers indicate that euro-skepticism remains a fringe position.
Along with this deep and abiding commitment to the European project, there is fear of the unknown. The consequences of abandoning the euro are highly uncertain, and few European leaders are willing to go there. When push comes to shove, they are prepared to do just enough to hold the eurozone together, even if the necessary steps are economically and politically distasteful.
So what changed in the last year? First, Europe now has a true lender of last resort. In July 2012, European Central Bank President Mario Draghi pledged that the ECB would do "whatever it takes" to preserve the euro. Draghi was still new on the job, so markets interpreted his pledge as signaling the advent of a new regime.
A few days later, the ECB established its "outright monetary transactions" programme, which promised potentially unlimited purchases of troubled eurozone governments' bonds. As a result, a mad dash for the exits by investors could no longer cause European financial markets to collapse.
Eurozone member states then agreed to address their banking problems by creating a single supervisor and a mechanism for winding down bad banks. Spain conducted a systematic audit of its banking system, and €100bn (£85bn) of EU and IMF money was made available for recapitalisation.
To be sure, there has been only limited progress in establishing the single supervisor – and no progress on the resolution mechanism. But the commitment is important. The spectre of a collapse of Europe's banks, like the spectre of a self-fulfilling debt crisis, has been banished, allowing Europe's nose-diving economies to pull up in time.
But Europe could still suffer a hard landing. The banks remain weak. Now that the European Banking Authority has finally issued new prudential rules, they can get about the business of raising the capital they need as a buffer against losses. Société Générale has moved in this direction, but few other banks have followed so far. So long as European banks remain undercapitalised and overleveraged, a sustainable recovery supported by robust bank lending is unlikely.
Nor has the debt overhang been removed. In the first quarter of this year, the eurozone's public-debt ratio actually rose, to 92.2% of GDP. Given policymakers' reluctance to contemplate write-downs, specifically of debt held by official lenders, governments have been forced to levy high taxes to service their obligations, in turn depressing investment. It would be better to give the European Stability Mechanism, the ECB, and other official holders of sovereign debt the haircuts that they deserve.
Doing just enough to prevent the eurozone from collapsing is not the same as setting the stage for sustainable growth. Yes, Europe's economic performance has improved. But if policymakers fail to complete unfinished business, the prognosis will be bleak.
• Barry Eichengreen is Professor of Economics and Political Science at the University of California, Berkeley.
Copyright: Project Syndicate, 2013.
Eurozone crisisEuropean UnionEuropean monetary unionEconomicsBankingEuropean banksFinancial crisisFinancial sectorEuroEuropeBarry Eichengreentheguardian.com © 2013 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More FeedsGreek Soldiers Lack Food Uniforms
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Greece May Need Two More Bailouts: ECB Official
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Cyprus coach Nikos Nioplias resigns after World Cup qualifying loss to Slovenia
NICOSIA, Cyprus (AP) — Cyprus coach Nikos Nioplias has resigned in the wake of the country's poor showing in World Cup qualifying.
A statement posted on the Cyprus Football Association's website says Nioplias offered his resignation after the country's 2-0 loss to Slovenia on Tuesday.
An interim coaching staff will lead the team in its final two qualifying matches against Albania and Iceland next month before the search for a new coach begins.
Cyprus has only one victory and a draw in six qualifying games and is last in Group E with four points.
Nioplias, a Greek national who assumed coaching duties in June 2011, said after the loss to Slovenia that he's pessimistic about Cyprus' future because of a lack of good players.
News Topics: International soccer, Soccer, Sports, 2014 FIFA World Cup, FIFA World Cup, Men's soccer, Events, Men's sportsPeople, Places and Companies: Cyprus, Slovenia, Western Europe, Europe, Eastern Europe
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. This article is published under the terms of the News Licensing Group, LLC. privacy policy, in addition to the terms of use and privacy policy for this website.
Digi-development: exploring the potential of online volunteering
Websites now exist to connect poor communities with a problem to individuals with a solution, anywhere in the world. But are they effective?
In Kagitumba, Rwanda, villagers are crowded around a computer. They are reading an email from Bireswar in India, explaining how his village collects and shares rainwater during a drought. Meanwhile, Luz Köhler, a UN volunteer from Guatemala, is researching online donation systems in Uganda for a non-profit that wants to start fundraising. In Sadhana, India, autistic children are playing in a 'sensory room' designed by two Dutch occupational therapists. The room is stocked with equipment from Germany, India and Greece, all sourced by online volunteers.
These stories sound like utopian dreams conjured up in a hippy séance. But they are real, made possible by a surge of interest in online volunteering.
Edith Munubbe, who is a representative for her village in Kirinyaga, Kenya, claims that her life has been turned around by online volunteering. Her young husband passed away, leaving her to raise two daughters on her own. When she was laid off by the government, she sank into a deep depression.
"After my redundancy, I slept for six months straight. One day a lady came to visit me and began to tell me about computers and started to teach me how to use them. It was through searching on the internet that I realised I could obtain help for my local community.
"I have fallen in love with the internet! Because of it, friendships have been created. Our community and our foundation have been connected with organisations around the world."
Munubbe is part of an online community called Nabuur. She stumbled across the site while looking for help for her village. Nabuur was set up 10 years ago by geeks in the Netherlands. The group wanted to see whether their coding skills could come in useful for international development.
I talked to one of the founders, Pelle Aardema, to find out whether online volunteering is all talk and no action.
"Yes, it's a lot of talk …" says Aardema, with his classic dry Dutch humour, "... but it's important to talk before jumping into action, and doing things that aren't thought through."
A case in point is a village representative in India who was desperate to enlist help with water harvesting in his village. He tried for two years but didn't succeed. Discouraged, he came to an online volunteer for advice. After a long talk, they realised that he was alone in thinking the project was a good idea. Water simply wasn't the most pressing issue for the villagers.
He shifted his focus to sports and education, which took off. They now run a Sunday school (non-religious, more extracurricular education and activities) and have a local trust that sponsors community projects.
Far from being a sop for the guilt of the rich, it seems that online volunteering can produce genuinely sustainable results. But there are also pitfalls.
Nearly half of the villages on Nabuur have stopped responding to volunteers. Aardema explains why: "I think in most cases [communication ends] because it has taken too long before concrete results are met. It usually takes quite some time to build trust, develop a mutual understanding, and also understand the problem at hand.
"This goes for both the volunteers and the local representatives. Volunteers may find the local rep doesn't communicate clearly, local reps may find the volunteers ask too many questions or keep asking the same questions over and over. Also keep in mind that communicating on a regular basis from an internet café also means an ongoing investment for a local rep who usually lives on a low income."
Additionally, expectations may have been wrong from the onset. Some communities manage to get a school built via Nabuur, but that doesn't mean that every community will easily see their dream realised. It depends on mutual trust, perseverance and some personal chemistry (even online) to make it work, Pelle said.
UN volunteer Köhler did find a way to make it work. "The first thing I did was to share ideas and case studies so they could see the bigger picture of what I was planning to do for them. From the start I made a couple of suggestions such as updating the website, being consistent with their logo, having a phrase summarising the vision of the organisation, and so on. To my surprise, they took quick action on this and few months later a new website was created."
Still, projects can be hampered by the greater problems with infrastructure that all development initiatives share. For example, online donation options for those in developing countries are limited. Many payment providers restrict operations to domestic transactions only.
However, this is where online volunteering can better the classic model of development. Volunteers based in other developing countries may be more inventive when it comes to circumventing poor infrastructure.
For example, an agricultural student in Uganda, Charles Kijja, used Nabuur to connect with residents in a village on the shores of Lake Victoria. He helped them to research methods of organic pest management that subsistence farmer could afford. Several months later, the pests are under control.
Perhaps we need to replace the old adage, and start to "think local, act global."
Rachel Collinson is director of knowledge sharing and innovation at Engaging Networks and a digital campaigner at Greenpeace. Follow @Rachel_shares on Twitter
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