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How the world sees Greece
Wednesday, November 20, 2013
Mitroglou leads Greece to WCup, holds Romania 1-1
BUCHAREST, Romania (AP) - Greece sealed its place at next year's World Cup after settling for a 1-1 draw against Romania in the playoffs on Tuesday to advance 4-2 on aggregate and reach its fifth major tournament in a decade. Kostas Mitroglou ...
Creditors conclude talks in Greece, back December
ATHENS, Greece (AP) — Greek officials say bailout creditors have concluded a round of talks with the government on demanded austerity measures and will return to Athens early in December.
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Just 10 stocks draw lion's share of trade in Greek bourse
KathimeriniJust 10 stocks draw lion's share of trade in Greek bourseKathimeriniInvestor interest was centered around just a handful of stocks on the Greek bourse on Wednesday, while losers outnumbered gainers at a rate of more than two-to-one. The Athens Exchange (ATHEX) general index closed at 1,136.65 points, shedding 0.74 ...
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Greece faces EU penalties over wastewater treatment
Telegraph.co.ukGreece faces EU penalties over wastewater treatmentKathimeriniThe European Commission referred Greece back to the European Court of Justice over this matter yesterday after deciding that six of 23 wastewater centers across the country lack the necessary collection and treatment systems, six years after Greece was ...Greece faces millions in fines over waste waterOman Daily ObserverGreece back to EU Court for waste water, Brussels asked fineANSAmedall 21 news articles »
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Romania 1 Greece 1 (agg 2-4): Greeks survive freak own goal to seal ...
Daily MailRomania 1 Greece 1 (agg 2-4): Greeks survive freak own goal to seal ...Daily MailGreece qualified for a second successive World Cup after another Kostas Mitroglou goal secured a 1-1 draw with Romania in the second leg of their playoff on Tuesday and a 4-2 victory on aggregate. Mitroglou, who scored twice in Greece's 3-1 first-leg ...Greece qualifies for 2014 World Cup with 1-1 draw in RomaniaKathimeriniRomania 1-1 Greece (agg 2-4): Ethniki seal Brazil berthGoal.comEurope World Cup playoff roundup: Greece, Croatia complete UEFA's field for ...NBCSports.comMiamiHerald.com -CBC.caall 173 news articles »
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Troika to leave Greece on Thursday, return in December
The two sides remain at odds over the size of budget savings required to meet next year's fiscal targets, with speculation that Athens might be forced to adopt new austerity measures. The latest inspection began in September but was paused and ...
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Freshmen strive to bring Greek life to FU
“That’s the easy part. The hard part will be turning people down,” said Ferry. With a negative stigma surrounding Greek life and its effects on Fairfield, Ferry said, “Greek life here wouldn’t run the school … there are plenty of ...
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Greece Bounces Up From the Bottom
Find out if (GREK) is in Cramer's Portfolio. NEW YORK (TheStreet) -- With U.S. markets hitting record highs, the S&P 500 now commands a price-earnings ratio of 19.7. Even bulls admit that plenty of stocks are no longer in the bargain basement.
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Turkey and Greece feud over Hagia Sophia
Turkey and Greece were locked Wednesday in a war of words over the possible conversion of Hagia Sophia, one of Istanbul's most stunning landmarks, into a mosque. Greece reacted furiously to remarks by Turkish Deputy Prime Minister Bulent Arinc that he hoped to change the status of Hagia Sophia, which is now a museum. "We are looking at a sad Hagia Sophia, but hopefully we will see it smiling ...
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Onassis Foundation Supports Greek Government
Greek ReporterOnassis Foundation Supports Greek GovernmentGreek ReporterToday, the President of the Onassis Foundation Antonis Papadimitriou met with Greek Prime Minister Antonis Samaras and the Minister of Development Kostis Hatzidakis in Megaro Maksimou. Mr. Papadimitriou stated that due to the economic crisis, Greeks ...and more »
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Reinhart and Rogoff's latest paper warns on financial repression
Harvard duo argue that advanced countries will not be able to return to more sustainable levels of debt through austerity and growth
For Carmen Reinhart and Ken Rogoff, 2013 has been a year to forget. The big news in the world of academic economics was that a celebrated and hugely influential paper by the Harvard duo on the link between government debt and growth was wrong. The paper, cited regularly by supporters of austerity programmes, said countries where the national debt was higher than 90% of national output (GDP) could expect to see a marked drop off in growth. On examination, the data used by Reinhart and Rogoff showed there was no such link, with the pair's (many) critics saying that the line of causality lies in the opposite direction: low growth leads to high levels of debt rather than high debt leading to low growth.
R and R continue to churn out papers in their chosen field, the latest of which has just been published by the London-based Centre for Economic Policy Research. The study – Financial and sovereign debt crises: some lessons learned and those forgotten – is no less incendiary than their now infamous "Growth in a time of debt".
Why? Because Reinhart and Rogoff say that if history is any guide countries will not be able to return to more sustainable levels of public debt through a combination of austerity and growth. They cite Europe, where the assumption is that normality can be restored by a combination of belt-tightening, forbearance and rising output, as an example of Panglossian thinking.
"The claim is that advanced countries do not need to apply the standard toolkit used by emerging markets, including debt restructurings, higher inflation, capital controls and significant financial repression. Advanced countries do not resort to such gimmicks, policy makers say."
Historically, this is poppycock according to Reinhart and Rogoff. Rich countries, when faced with high levels of debt in the past have been more than happy to default, inflate away their debts or indulge in financial repression (capping interest rates or putting pressure on savers to lend to the government).
The paper veers close to the contested territory of "Growth in a time of debt" when it says that debt overhangs of the sort affecting advanced countries are typically associated with a sustained period of sub-par growth, lasting two decades or more. That was certainly the case in the aftermath of the first world war, when austerity was much in vogue, but not after the second world war, which was followed by the longest uninterrupted period of growth the west has ever experienced.
It is true, however, that many advanced countries – including Britain and France – welched during the Great Depression on their debts to the United States amassed between 1914 and 1918. After the second world war, financial repression was the weapon of choice for heavily indebted countries. They capped interest payments by keeping interest rates low and used capital controls to prevent money from leaving the country. Given the tight curbs on capital, it is no coincidence that the "financial repression" period of 1945-79 had far fewer crises than earlier or subsequently.
Reinhart and Rogoff say that central government debt is "approaching a two century high" in advanced countries and – even leaving to one side off-balance liabilities such as the cost of paying for ageing populations – and is unlikely to be cured by growth alone. Governments, they say, may need to revert to approaches "that have long been associated with emerging markets and that advanced countries themselves once practised not so long ago."
The reality is that many governments are already doing just that. Financial repression is very much in vogue in the UK and the US, where quantitative easing has been used to drive down long-term interest rates and regulations on the banks have been toughened up. The Japanese government is actively seeking higher inflation while the European Central Bank cut interest rates earlier this month in an attempt to halt the slide towards deflation in the euro zone. An old-fashioned default remains the last taboo, although looking at the debt to GDP levels in Japan, Italy or Greece only the bravest would gamble that it will never happen.
EconomicsEurozone crisisFinancial crisisEuropeAusterityLarry Elliotttheguardian.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 Feeds |
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Back on the map for tourism: Greece experiences best October figures ever
The organisation's strategy for tourism development includes the promotion of a brand new portfolio of travel experiences divided into six thematic areas: sun and sea ... on the international tourism map. 'A number of new flights have already ...
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Greece sheds incentives for reform
The government is taking in more money than it spends, not counting interest payments ... historically governments receiving international insistence become far less co-operative once they can fully pay for their own daily activities.
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Check out Remezo, huge new Greek restaurant: SLIDESHOW
Check out Remezo, huge new Greek restaurant: SLIDESHOWCincinnati Business Courier (blog)Entrees at the restaurant range from $11 for makaronada, a spaghetti with meat sauce topped with grated, hard Greek cheese, to $26 for the lamb chops or the lamb shank. Also on the menu are pizzas, ranging from $11 to $16. The signature pizza from ...
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The Greek Gods® Brand Introduces Honey Peach To Its 24 oz. Yogurt Lineup
LAKE SUCCESS, N.Y., Nov. 20, 2013 /PRNewswire/ -- Bright peach flavor combined with the sweet flavor of honey is delivered in the rich, velvety yogurt customers expect from The Greek Gods® brand. This new flavor will be available in a ...
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| READ THE ORIGINAL POST AT finance.yahoo.com |
Romania vs. Greece: Best and Worst Performers from World Cup Playoff
A total of 15 years have passed since the Romanian team donned peroxide blonde hair and strutted their stuff on the World Cup stage. And now we’ll ... bagging three goals from just five shots—per ESPN FC. His two goals in the opening leg ...
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Greece's qualification in numbers
Greece’s qualification for the 2014 FIFA World Cup™ rarely looked in doubt as Fernando Santos’ side cruised past Romania in the play-offs 4-2 on aggregate to book their place in Brazil. It is the third time the Greeks have reached the finals after ...
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Greece to take tough line on Eurobank share sale-source
LONDON, Nov 19 (Reuters) - Greece's bank bailout fund wants the main investors in a share sale by Eurobank to commit to holding their stakes for a fixed period and will not accept an "excessive discount" to get the deal done, a source familiar ...
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Greece World Cup ticket "victory for Greek people"
Greek ReporterGreece World Cup ticket "victory for Greek people" - SantosYahoo Singapore NewsGreece's Portuguese coach Fernando Santos proclaimed his adopted country's qualification for the World Cup as a victory "for the Greek people". Greece secured their ticket for Brazil with a 1-1 draw in their play-off second leg against Romania on ...Victorious Greek Team's Warm Welcome HomeGreek ReporterSantos: It is a victory for the Greek peopleFifa.comMitroglou leads Greece to WCup, holds Romania 1-1MiamiHerald.comThe Score -Daily Mailall 167 news articles »
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Mitroglou shows Midas touch for Greece
Mitroglou shows Midas touch for GreeceAljazeera.comGreece qualified for a second successive World Cup after another Kostas Mitroglou goal secured a 1-1 draw with Romania in the second leg of their playoff on Tuesday, and a 4-2 victory on aggregate. Mitroglou, who scored twice in Greece's 3-1 first-leg ...
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Let There Be Chanukah Light—Starting at College Greek Houses
Twenty-year-old Nathan Oshlag wears many hats. He is a third-year student at Pittsburgh’s Carnegie Mellon University majoring in mathematics, a second-term president of his Chabad on Campus center and a first-term president of his Alpha Epsilon Pi ...
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Greece: Taxpayer-Funded Mosque Planned in Athens
Gatestone InstituteGreece: Taxpayer-Funded Mosque Planned in AthensGatestone InstituteMuslims in Greece often pray in makeshift mosques in basement apartments, coffee shops, garages and old warehouses; there are believed to be more than 130 unlicensed Muslim prayer sites scattered across Athens alone. The Greek government's decision ...
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Co-op Group chairman resigns; deadlock in Greece
Chairman Len Wardle quits with immediate effect amid scandal over former Co-op bank chair, as Greek government officials say they're in an impasse with troika officials
Graeme Wearden |
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Victorious Greek Team’s Warm Welcome Home
Victory is the only word that describes the Greek international football players as well as Fernando Santos, after defeating Romania in the World Cup qualifying playoff second leg match, at the National Arena in Bucharest (1-1). Kostas Mitroglou ...
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Third Greek Mayor Elected in Melbourne
Greek Australian Lambros Tapinos was elected Mayor for the second time. Tapinos is Mayor of Moreland in Melbourne, where thousands of Greeks live as well as people from different countries. Mr. Tapinos is the third Greek elected mayor in the ...
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OECD: Greek Recession Will Continue into 2014
According to an OECD report (Organization for Economic Cooperation and Development) published on Tuesday, the recession in Greece is predicted to continue in 2014. The economy will not recover before 2015. OECD predicts recovery of the Greek economy in 2015, with a rate of 1.8%. As noted in the report, the development of the Greek economy […]
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New Pension Cuts to be Expected After March
Troika has given a short cooling-off period to the Greek coalition government. This leaves the Greek government with only one choice. If the new measures do not bring the results hopes for, the government will have to take action in order to increase the State’s revenue. That means further cuts which will affect mostly the […]
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DIMAR Rejects Bid To Re-Join Coalition
Democratic Left (DIMAR) leader Fotis Kouvelis, whose party is fast fading away, said he nonetheless will not bring it back into the fold of the coalition government in which he once served for Prime Minister and New Democracy Conservative leader Antonis Samaras and his partner, PASOK Socialist leader/Deputy Prime Minister/Foreign Minister Evangelos Venizelos. Kouvelis, who […]
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Kouvelis Open to Participate in a Left-Wing Government
The accusations of the Greek coalition Government that SYRIZA’s leader, Alexis Tsipras, tried to encourage an “apostasy” of coalition MPs who are disgruntled with the current policy, are changing the rules of the current political scene. The president of the Democratic Left (DIMAR), Fotis Kouvelis, openly supported Alexis Tsipras and rejected the government’s accusations that […]
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Cruise Ship Runs Aground at Greek Port
A cruise ship with 2,469 passengers and 976 crew members on board ran aground Wednesday at the southeast Greek port of Piraeus, Greek port authorities said. There were no injuries or major damage arising from the accident with Panama-flagged ship Magnifica, said authorities, who believed bad weather conditions were a major factor. Experts are currently […]
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Five Casinos are Threatened With Closure
Gambling Regulatory Authority, responsible for controling the Casinos’ function, warned five Greek casinos to regulate their expired debts to the Greek state until next Monday or else their operating licenses will be suspended. The casinos of Loutraki, Rio, Corfu, Xanthi and Syros will have to submit memorandums on their expired debts to the Greek state […]
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12 year-old from Thessaloniki Cooperates with Google
Twelve year old Nikos Adam may still be in middle school, but has already drawn the attention of Google executives, due to two applications he has made. The little boy presented his application concerning cyber attacks, in a programmer event in front of a thousand people, and left everybody speechless. According to sources, Nikos has […]
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Greece hails World Cup qualification
I have not encountered such love as I have found in Greece." The affection comes after a strong campaign - albeit in one of Europe's weaker sections - where they finished second behind eventual Group G winners Bosnia only on goal difference, with a 3-1 ...
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EU population increased to 505.7 million
by
Karafillis Giannoulis
The EU population was estimated at 505.7 million on 1 January 2013. Compared with the same period in 2012, the population was at 504.6 million.
According to Eurostat, the EU population grew by 1.1 million in 2012, an annual rate of +2.2 per 1 000 inhabitants, due to a natural increase of 0.2 million (+0.4‰) and net migration of 0.9 million (+1.7‰).
In 2012, 5.2 million babies were born in the EU28. The crude birth rate was 10.4 per 1000 inhabitants, stable compared with 2011. According to Eurostat, the highest birth rates were recorded in Ireland (15.7‰), the United Kingdom (12.8‰), France (12.6‰), Sweden (11.9‰) and Cyprus (11.8%), and the lowest in Germany (8.4‰), Portugal (8.5‰), Greece and Italy (both 9.0‰) and Hungary (9.1‰).
On the other hand, there were 5.0 million deaths registered in the EU in 2012. The crude death rate was 9.9 per 1 000 inhabitants, compared with 9.6‰ in 2011. The highest death rate was observed in Bulgaria (15.0‰), followed by Latvia (14.3‰), Lithuania (13.7‰), Hungary (13.0‰), Romania (12.7‰) and Croatia (12.1‰). The lowest death rate was recorded in Ireland (6.3‰). Cyprus (6.6‰), Luxembourg (7.3‰), Malta (8.1‰) and the Netherlands (8.4‰) followed.
Therefore, the highest natural growth of the population was registered in Ireland (+9.5‰), well ahead of Cyprus (+5.2‰), Luxembourg (+4.0‰), France and the United Kingdom (both +3.8‰). Twelve Member States had negative natural growth, with the largest falls in Bulgaria (-5.5‰), Latvia (-4.5‰), Hungary (-3.9‰), Lithuania (-3.5‰), Romania (-2.7‰) and Germany (-2.4‰).
Eurostat highlighted that in 2012 the increase of the EU population was mainly because of migration. According to the EU statistics office around 80 per cent of the increase in the EU28 population came from migration.
In conclusion, the population increased in seventeen Member States and decreased in eleven. The largest relative increases were observed in Luxembourg (+23.0‰), Malta (+9.1‰), Sweden (+7.7‰), the United Kingdom (+6.2‰), Belgium (+6.0‰) and Austria (+5.2‰), and the largest decreases in Lithuania (-10.6‰), Latvia(-10.3‰), Estonia (-6.8‰), Bulgaria (-5.8‰), Greece (-5.5‰) and Portugal (-5.2‰).
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Greece stand strong in Bucharest
Greece finished off the job they started in Athens last week as a 1-1 draw with Romania carried them safely through to the 2014 FIFA World Cup Brazil™. Holding a 3-1 advantage from the opening leg, Fernando Santos' men arrived in Bucharest looking to ...
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Greece qualify for World Cup with 4-2 aggregate win over Romania
They were in front just two minutes later, though ... The spell of activity continued in the visitors' half as Santos' men were forced to clear a number of corners, with Romania looking to get their noses in front on the night. But Greece's back-line ...
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Greece's emotions show in Romania
"Had we not gone through, this might have been my last international match," said a relieved Giorgos Karagounis as Greece celebrated FIFA World Cup qualification in Bucharest.
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Three restaurant updates: Kosta the Greek, Ruben's Mexican Grill, Big B's Beef
Kansas.comThree restaurant updates: Kosta the Greek, Ruben's Mexican Grill, Big B's BeefKansas.comKosta the Greek's last day in business will be Tuesday. Owner Kosta Kiosses announced earlier this month that he was closing the business at 2308 S. Meridian because there wasn't enough traffic in the neighborhood to keep it going. After the restaurant ...
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Rating Fans' Rating
Goal.com IndiaGoal.com Rating Fans' RatingGoal.com IndiaAfter arriving in Bucharest with a 3-1 lead from the first leg, Greece were able to stretch their advantage as Konstantinos Mitroglou netted in the 23rd minute on Tuesday. The 25-year-old timed his run perfectly to reach a Vasilis Torosidis pass and ...
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Europe World Cup playoff roundup: Greece, Croatia complete UEFA's field for ...
Europe World Cup playoff roundup: Greece, Croatia complete UEFA's field for ...NBCSports.comBut within 23 minutes in Bucharest, hope was lost, with a disorganized Romanian defense paving the way for Greece's tension-lifting goal. Finishing his one-on-one with Ciprian Tatarusanu, Konstantinos Mitroglou scored this third goal of the tie, the ...
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Greeks Work in Albania for 40 Euros
Greek ReporterGreeks Work in Albania for 40 EurosGreek ReporterGreeks-work-to-Albania A few years ago, the Albanians came to work and to build a life in different cities of Greece. Today, the unemployed Greeks go to Albania to work. The salary, there, is from 400 Euros to 500 Euros. Most of them have been ...
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Last Updated: 1 hour ago
10NewsLast Updated: 1 hour ago10NewsEL CAJON, Calif. - A man who set fire to a church in Rancho San Diego and attacked a cellmate four days after his arrest was ordered Tuesday to spend seven years and four months in a state mental hospital. Darin Wayne Williams, 39, pleaded guilty last ...Rancho SD Greek Orthodox church arsonist to be sentencedKFMB News 8Church arsonist committed to state hospitalU-T San Diegoall 5 news articles »
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Watch a live stream as Georgios Samaras' Greece face Romania in play-off
Watch a live stream as Georgios Samaras' Greece face Romania in play-offstv.tvGeorgios Samaras is in action for Greece as they look to book their place at the 2014 World Cup via a play-off with Romania. Greece are 3-1 up from the first leg in Athens but face an opponent desperate to avenge their defeat. "We are so sorry because ...
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Unhappy with the Troika, Greece turns to Berlin
Greek Prime Minister Antonis Samaras will arrive Friday in Berlin for talks. His government, experts say, is in a better position to negotiate today than in the past.
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Ronaldo leads Portugal past Sweden in final night of European World Cup qualifiers
Cristiano Ronaldo's hat trick bested Zlatan Ibrahimovic's brace as Portugal defeated Sweden to reach the World Cup. France, Croatia and Greece also secured places in Brazil in the final evening of European qualifiers.
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Greece hold off Romania to make it two World Cup finals in a row
Greece qualified for a second successive World Cup after another Kostas Mitroglou goal secured a 1-1 draw with Romania in the second leg of their play-off and a 4-2 victory on aggregate. Mitroglou, who scored twice in Greece's 3-1 first-leg win, beat the ...
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World Cup: Cristiano Ronaldo hat-trick puts Portugal through; Greece, Croatia ...
Wall Street JournalWorld Cup: Cristiano Ronaldo hat-trick puts Portugal through; Greece, Croatia ...ABC OnlineA sublime second-half hat-trick by Cristiano Ronaldo took Portugal to the World Cup finals with a 4-2 aggregate win over Sweden as European qualification concluded on Wednesday (AEDT). Portugal was joined by France, Greece and Croatia as the final ...Cristiano Ronaldo stars as Portugal reach Brazil 2014 while France, Greece and ...Perth NowPortugal, France and Greece through to World Cup finalseuronewsall 410 news articles »
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Croatia, Greece, Algeria and Ghana all qualify for World Cup in Brazil after ...
NEWS.com.auCroatia, Greece, Algeria and Ghana all qualify for World Cup in Brazil after ...NEWS.com.auCroatia, who played most of the match with 10 men after the dismissal of Mario Mandzukic midway through the first half, beat Iceland 2-0 in Zagreb while Greece drew 1-1 with Romania but cruised through 4-2 on aggregate. With last week's first leg ...Croatia, Greece reach 2014 World CupSydney Morning HeraldRomania 1 Greece 1; agg 2-4: liveTelegraph.co.ukWORLD CUP PLAYOFF: Croatia edge Iceland as Greece get job done in RomaniaTribalfootball.comSoccerlyall 282 news articles »
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Over 2,200 arrested over debts to Greek state this year
More than 2,200 people have been arrested since the start of the year in connection to unpaid debts to the state or other tax offenses, Public Order Minister Nikos Dendias informed Parliament on Tuesday.
The total amount owed by the 2,267 taxpayers arrest... ...
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Turnover at Greek bourse continues to decrease
Stocks painted a mixed picture on Tuesday, as most headed south while the benchmark index posted marginal gains on the growth of energy stocks such as Hellenic Petroleum (ELPE) and Public Power Corporation (PPC). Trading volume was the lowest of the last ... ...
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