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How the world sees Greece
Saturday, January 25, 2014
State Department: We Can Help Greece with Xeros Case
The U.S. government is prepared to help Greek authorities locate the fugitive Christodoulos Xeros, stated the Deputy Spokesperson of the State Department, Marie Harf. In response to a reporter’s question, Harf said that there is great ...
Greek far-right lawmaker to run for Athens mayor
ATHENS (Reuters) - A senior lawmaker from Greece's far-right Golden Dawn party will run for the office of Athens mayor in May, in a show of defiance against a government crackdown that sent its leader to jail, pending trial. Golden Dawn remains Greece's ...
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Aghan survivors of sunk boat carrying migrants allege brutal behavior by Greek ...
Aghan survivors of sunk boat carrying migrants allege brutal behavior by Greek ...Fox NewsSpeaking to the press and about a hundred leftist supporters through an interpreter, Abdol Sabur Azizi, Fada Mohammad Ahmadi and Ehsanula Safi said Greek authorities' behavior throughout their ordeal verged on brutality. They claimed survivors never ...
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First Greek Crematorium to Open in Volos
Greek ReporterFirst Greek Crematorium to Open in VolosGreek ReporterThe legal framework allowing the creation of crematoria has already been unanimously passed by the Greek parliament, while the required joint ministerial decision and presidential decree have been also published. Though several organizations are still ...
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Albanian police arrest prison escapee from Greece, on the hunt for an associate
TIRANA, Albania - Albanian police say they have arrested an Albanian who escaped from prison in neighbouring Greece last year.
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No Trace of Missing Greek Tanker
The Greek crude oil tanker Kerala, which made international headlines earlier this week in the wake of reports that it may have been taken by pirates, is still missing. The ship had loaded a cargo of diesel at the port of Luanda and was sailing ...
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Greek and Albanian Police Arrest Fugitive Ilir Koupa
Greek ReporterGreek and Albanian Police Arrest Fugitive Ilir KoupaGreek ReporterAfter continuous and close cooperation over the past few months between the Greek and Albanian police authorities, Albanian fugitive Ilir Koupa was arrested earlier on Saturday in Albania. The Greek police's Ilir Koupa task force, which was set up ...Albanian police arrest Greek prison escapeeNew Zealand Heraldall 3 news articles »
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Survivors say Greek policy caused deaths of 12 migrants in Aegean Sea
Survivors say Greek policy caused deaths of 12 migrants in Aegean SeaWorld Socialist Web SiteGreek authorities sought to blame the tragedy on the migrants, claiming that they had panicked and caused the boat to capsize. A statement from the Greek coastguard claimed that the boat carrying the migrants was found not moving and had no lights on, ...
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Greece Tries To Contain Smuggled Cigarettes
Greece Tries To Contain Smuggled CigarettesGreek ReporterIlias Asimakopoulos, Chief Executive of JT International Hellas, the second-biggest tobacco company in Greece, said the illegal cigarette market has grown to more than one-fifth of the local cigarette market. “Some 4.7 billion illegal cigarettes enter ...
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Boat Sinking Survivors Denounce Greek Authorities
Washington PostBoat Sinking Survivors Denounce Greek AuthoritiesABC NewsSpeaking to the press and about a hundred leftist supporters through an interpreter, Abdol Sabur Azizi, Fada Mohammad Ahmadi and Ehsanula Safi said Greek authorities' behavior throughout their ordeal verged on brutality. They claimed survivors never ...Greek minister: migrant survivors changed accountWashington Postall 258 news articles »
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First CoderDojo in Athens
The first Greek CoderDojo is organized in Athens, Greece and is hosted by “The Cube Athens.” After Dublin and Google’s headquarters, the global initiative that aims to teach computer programming and technology to young children arriving in Athens, Greece. CoderDojo is a global network organizing and supporting non-profit Coding Clubs for young people and children. […]
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Greek Application to be Presented at Austin Festival
The Greek application Terranova, a social search engine, will be presented in the world-famous interactive festival SXSW (South by South West) in Austin, Texas that will take place from March 7 to March 14, 2014. According to an official ...
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N.Y. Parade Grand Marshals Presented
NEW YORK – The Federation of Hellenic Societies of Greater New York presented the grand marshals of this year’s Greek Independence Day Parade at the Greek Press office on January 24. U.S. Senator Charles Schumer and George Tsunis, businessman, philanthropist and nominee to be the United States’ ambassador to Norway, will be leading the community […]
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At The Shore Today: Greek dance troupe to perform in Atlantic City
At The Shore Today: Greek dance troupe to perform in Atlantic CityPress of Atlantic CityThe Pontian Society of Philadelphia, also known as "Akritia," is the featured attraction today at Atlantic City's latest arts venue, The Noyes Arts Garage Stockton College. The dancers perform Pontian Greek dance to live music and singing from the ...
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'Greek's' Paul James joins 'Grey's Anatomy' Season 10
Zap2it.com (blog)'Greek's' Paul James joins 'Grey's Anatomy' Season 10Zap2it.com (blog)'Greek's' Paul James joins 'Grey's Anatomy' Season 10. By Sydney Bucksbaum. January 25, 2014 12:00 AM ET. Follow @SydneyBucksbaum on Twitter | Google+ Google. paul-james-greek-greys-anatomy.jpg. Paul James just graduated from dealing with ...Greek Alum Paul James Joins Grey's Anatomy For Maybe-Recurring RoleWetpaint'Grey's Anatomy' season 10 spoilers: 'Greek' alum checks in for recurring roleCarterMatt.com'Grey's Anatomy' Season 10 SPOILERS: April's Choice Becomes Hospital ...Fashion & StyleTV Fanaticall 65 news articles »
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Greek tradition observed at St. Spyridon
Greek tradition observed at St. SpyridonTribune-ReviewIt is a Greek tradition to welcome a new year by perpetuating the example of St. Basil, Bishop of Caesaria, Cappadocia (Asia Minor), born in 329 A.D.. This involves the ritual of finding a coin in a piece of blessed sweet bread (said to bring good luck ...
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Schaeuble hails Greek progress as part of euro recovery
Europe's back from the years of crisis in the euro area thanks to German-led prescriptions of reform, Finance Minister Wolfgang Schaeuble said.
Greece, the epicenter of the sovereign debt crisis that emerged in late 2009, is making progress on its long ro... ...
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Ten caught for Volos drug ring
Ten suspected members of a gang thought to have sold around 50,000 euros’ worth of heroin on the streets of Volos, central Greece, were arrested on Friday.
Police said there are two women among those arrested and that an 11th alleged gang member is being ... ...
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Greece to make competition proposals to troika
Greece is expected on Saturday to send its proposals for dismantling barriers to competition, which the troika this week insisted were key to the current review of the Greek adjustment program being completed and the next bailout tranche being released.
F... ...
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Charity funds mobile medical units serving remote islands
Residents of Greece’s remote islands in the eastern Aegean, who have been suffering a shortage of doctors and ferry connections to the mainland as a result of cost-cutting measures, now have better access to primary healthcare thanks to a charitable donat... ...
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Panic sales on bourse as multiple problems are emerging
The latter half of trading on the Greek bourse yesterday was marked by panic selling fueled by the negative climate in international markets and various domestic problems emerging in industrial energy costs and in funding for fish farms.
The Athens Exchan... ...
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Special treatment sought on carbon emission costs
Greece is proposing recession-hit countries receive concessions under European Union environmental rules, hoping that it can curb the rising energy costs of its firms and improve their competitiveness.
Greece’s crisis-battered firms may lose an additional... ...
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Argentinian firm eyes Greek regional airports
Argentinian-Armenian businessman Eduardo Eurnekian is eyeing all of Greece’s regional airports, up for sale, as the second-richest man in Argentina plans to expand his activities in Southern Europe through his company, Corporation America, which is taking... ...
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Banks issue ultimatum to fish farming companies
Fish farm stocks suffered significant losses on the Greek bourse on Friday as banks are reported to have delivered an ultimatum to the companies in the sector, telling them to settle their debts or hand over their management.
The debts of listed piscicult... ...
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E-commerce gains ground thanks to the crisis
Greek consumers are the biggest users of electronic commerce in the south of Europe despite the fact that the penetration of the Internet and of online shopping has been somewhat delayed in coming to Greece, according to a study by E-Commerce Europe – the... ...
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Naperville Eats: Chicken Kapama and Greek Salad recipes
Naperville Eats: Chicken Kapama and Greek Salad recipesNaperville SunHer parents kept many Greek traditions but never visited Greece. When Fawell was in college, she participated in a study abroad program in France. Her parents came to visit her, and together, they visited Greece. They were able to connect with many ...
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Reservations closing January 31 for Greece, Turkey and Aegean Sea Island ...
Reservations closing January 31 for Greece, Turkey and Aegean Sea Island ...Peoria Public RadioYou will love Peoria Public Radio's spring trip to Greece, Turkey and the beautiful islands of the blue Aegean Sea. A few seats are left until the end of January. The civilization of ancient Greece flowered more than 2,500 years ago, but the ideas of ...
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China's investments in the US are growing. Should we be concerned?
A majority of Americans believe China poses the greatest threat to the US economy. Such fears are unwarranted
Leaked documents this week revealed what many already knew: Chinese investors are storing their money – and investing – more and more overseas. China's rich and powerful seem to prefer the British Virgin Islands for their offshore transactions, but the US and Europe remain top destinations for their actual investments. The question is: should we be concerned?
Polls show that a majority of Americans believe China poses the greatest threat to the US economy, and a third aren't comfortable with any investment by Chinese firms into US companies. In the past, the US government has killed Chinese investments in American companies, such as an infamous deal where China's state-owned CNOOC tried to buy petroleum company Unocal corp for $18.5bn in 2005.
On the one hand, people look at the high-profile investments that China is making in the west, especially US real estate, and they question whether such iconic places should be in a communist country's hands. In the Big Apple, Beijing real-estate tycoon Zhang Xin led an investment group's .4bn purchase of the General Motors office tower last year, a 50-story monster that reportedly is the most expensive building in the US. Another headliner was Fosun International Ltd's purchase of the landmark building One Chase Manhattan Plaza for $725mn from JP Morgan Chase. Anticipating a surge in Chinese commercial activity, Fosun billionaire co-founder Guo Guangchang projects that eventually his company will fill as much as one-third of the building with Chinese companies. No doubt they will be assisted by the China Center (CCNY), a pro-business headquarters for Chinese investors and companies seeking to gain a foothold in the US. CCNY will be one of the biggest tenants in the new One World Trade Center (the site of the 9/11 terrorist attack), taking up six floors and 190,000 square feet of office space.
This kind of investment is good for New York City, and a sign of Chinese investors' confidence in the Big Apple during a time of economic uncertainty.
But money from China isn't just flowing into big time projects in Manhattan. It's also going to unlikely places, such as bankrupted Detroit, where financing is badly needed. Motown has become the fourth most popular US destination for Chinese real estate investors (behind New York, Los Angeles and Philadelphia). With thousands of homes foreclosed, some two-storey homes have been auctioned off for as little as . This attracted attention in China, with state broadcaster China Central Television reporting that houses in Detroit cost the same as "a pair of leather shoes".
Chinese investors have made bulk purchases of dozens of cheap homes in the urban rings surrounding the city center, many of them bought without even having been seen. Then Dongdu International Group of Shanghai bought two downtown icons: the Detroit Free Press building for $9.4mn and the David Stott building for $4.2mn. Yes, Chinese investors have purchased the former headquarters of the free press in Motor Town.
Most of these investments should be welcome, not only in the US but also in Europe. Indeed, Europe has attracted twice as much Chinese investment as the US, as investors have seized commercial opportunities arising from the eurozone crisis. The Chinese have been providing fresh capital when western investors are tapped out or weary of troubled places like Detroit or Greece. This is a sign of China's further integration into the global market, and should be welcomed, not feared. The more the Chinese invest abroad, the more they have reason to want to partner with western countries and see them succeed.
But it goes beyond that. Americans need to understand what's driving Chinese investors. Many have begun looking abroad because of tight policy measures by China's communist government aimed at cooling off the country's overheated real estate market.
Some experts also believe that the parking of wealth offshore may indicate an increase in capital flight from China. A study conducted by Bank of China and Hurun found that more than half of China's millionaires have taken steps to emigrate or are considering doing so. Chinese individuals already have stashed offshore anywhere from $450bn to $658bn in assets, with Boston Consulting predicting that amount will double in three years. CNBC recently called the movement of Chinese capital "one of the largest and most rapid wealth migrations of our time". That's not a strong sign of Chinese investors' confidence in their own country.
On the other hand, the Chinese have only 13% of their wealth outside China, while the global average is 20% to 30%, according to Oliver Williams of WealthInsight. In a developing society like China, it's normal for the wealthy to geographically diversify their investment portfolios and send more of their wealth abroad.
While there's something ironic about investors from the land of "communism-capitalism" exploiting the west's economic vulnerabilities to snatch up valuable properties, that's how capitalism's "creative destruction" is supposed to work. Adam Smith would be pleased.
Unfortunately, the Chinese seem to want to play both sides of the coin. The Chinese government doesn't allow foreign investors to acquire properties of significance, whether real estate or companies. Other investment restrictions and requirements are applied to foreign enterprises in China, such as usually requiring foreign companies to enter into joint venture agreements with local Chinese partners.
While some consideration should be given to the fact that China is still a developing nation, in general East-West relations should live by the Investor's Golden Rule: "Invest in others as you would have them invest in you."
This principle should be enshrined in trade agreements, and be part of the findings whenever US or European regulators consider whether to approve Chinese investments.
The world should welcome China's further integration into the global market, since the more Chinese and western economies are integrated, the more it will build political bridges and diffuse tension. But the rules have to be fair and equal, and right now, they're not. China should be nudged to further open its economy. What's sauce for the goose is sauce for the gander.
ChinaNew YorkDetroitJP MorganGeneral MotorsUnited StatesSteven Hilltheguardian.com © 2014 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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Davos 2014: ECB's Draghi says eurozone recovery still fragile
Mario Draghi said there had been dramatic improvements recently but some countries have yet to make the necessary structural reforms
European Central Bank president Mario Draghi has warned that Europe's recovery remains fragile, and renewed the pressure on European leaders to make structural reforms.
Appearing for a Q&A session at the World Economic Forum in Davos, Draghi said there had been dramatic improvements since the eurozone debt crisis eased. But he cautioned: "We are seeing the beginning of a recovery that is still weak, still fragile, and still uneven."
Much of the recovery is based on exports, he added, while jobless rates have not yet fallen from their record highs. The youth unemployment levels in some countries show the need to reform labour markets and increase competitiveness.
Draghi said that some countries, such as Greece, had made meaningful progress on structural reforms while other peripheral nations had not, raising the risk of further instability.
Germany made the necessary reforms a decade ago, he pointed out, but others are lagging.
"We still have some core countries who need to reform – that's not because they did it 10 years ago, but because they've not done it," Draghi said.
The French government announced a wide-ranging economic reform plan earlier this month. And its finance minister, Pierre Moscovici, robustly rejected recent claims in the UK that France had become the "sick man of Europe".
"If being the sick man of Europe is being the 5th economy in the world, with GDP higher than Great Britain, the second economy in Europe, with capacities for education, for innovation, for investment, for creation, well, it's good to be sick," Moscovici told a Davos press conference.
Moscovici insisted he and Francois Hollande are committed to creating more jobs, improving competitiveness and cutting the national debt.
France's economy shrank by 0.1% in the third quarter of the year, and manufacturing surveys have shown falling output.
Moscovici, though, was adamant that the "foolish bashing" of France in some quarters was unfair.
"Saying France is a sick man is a caricature and a prejudice.Saying France needs to improve its economy is the truth, and it's exactly what we're doing," he said.
Draghi also told delegates that the upcoming Asset Quality Review, which will stress-test eurozone banks, should help rebuild confidence in the sector – and suggested some banks could fail it.
"Shedding light on banks' balance sheets should help them raise capital in the markets. And of course banks that should go, should go," he said.
DavosDavos 2014Eurozone crisisEuropeFranceMario DraghiEuropean Central BankGraeme Weardentheguardian.com © 2014 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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Greek-Australian Blows The Whistle on Former MP
Greek-Australian Health Services Union (HSU) national secretary Kathy Jackson (née Koukouvaos) took to the witness stand in the Melbourne Magistrates Court.on Thursday, in the fraud and theft trial of Craig Thomson. During heated cross ...
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ELSTAT: Greek Tourism Recording Growth in 2013
A new report published on Thursday by the Hellenic Statistical Authority (ELSTAT) points to an increase in tourist arrivals of 15.2 percent during January-September 2013 compared to the same period in 2012. Arrivals from European countries, which account for 88.7 percent of all arrivals, increased by 13.6 percent during January-September 2013, while EU member states […]
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New Greek Scheme: Young Work Free
With unemployment having hit a record 27.4 percent last year, and varying from 60-65 percent for those under 25, Greece's Centre of Planning and Economic Research in Greece has proposed they be given a job without a salary for a year.
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Greece, Troika in Long Tough Talks
Greece's finance minister said that the country was still in talks with international creditors over reforms, but insisted that the government was not being pressed to impose more austerity.
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Three Cops Charged in Migrant Theft
ATHENS – Three Greek policemen have been suspended and are being investigated on charges of stealing cash and beating four migrants during a drugs bust in central Athens. Police announced that the three had been suspended following complaints that they had stolen 1,100 euros ($1,500) from four Bangladeshi nationals during a search of their home, […]
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Eleftheria Arvanitaki: Live at Carnegie
ATHENS – Eleftheria Arvanitaki needs no introduction. She is well-known to Hellenes all over the world and of course to those who follow the Greek music scene on the “ethnic” market. She has given many concerts abroad could well called an international Greek singer, but not like the big stars who live abroad pay tribute […]
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The Port of Galaxidi
About a two and a half hour drive from Athens, the port of Galaxidi in the region of Fokida is a popular weekend destination for both dining and relaxation. Surrounded by mountains, Galaxidi’s double harbor and waterfront area makes for a nice visit and walk to local beaches, restaurants, cafes, and historical sites. Notable sites […]
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“Nautilus: Navigating Greece” Exhibition Opens in Brussels
The exhibition “Nautilius: Navigating Greece” has opened at the Musée des Beaux Arts (Î’ozar) in Brussels, Belgium. On display until the end of April, the exhibition examines the “intimate relationship between the Greeks and the Mediterranean Sea trough the ages.” By connecting six themes, ”Ecologies, Maritime Routes, Odysseys, Hegemony, Ecumene, Faith,” the exhibition Navigating Greece highlights the Greek relationship between […]
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Nikos Dendias Connects Terrorism with Illegal Immigration
The Minister of Public Order and Citizen Protection Nikos Dendias, connected terrorism with illegal immigration during the press conference that followed two unofficial meetings of EU Ministers for Justice and Home Affairs. During the meetings participants discussed the issues of international terrorism, border management, immigration and illegal immigration. “Terrorists might take advantage of the illegal immigration […]
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New Pilot Project for Student Support
A new pilot project for student educational support entitled “Koinoniko Frontistirio” (study groups with a professor) will be launched in the last quarter of the current school year, as announced on Friday by Symeon Kedikoglou, Deputy Minister of Education and Religious Affairs. “It’s an innovative project that will support families who don’t have the financial […]
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In Prison for Animal Cruelty: A Greek First
A Serres man is the first Greek to be sent to prison for animal cruelty. The offender was fined 5,000 euro and sentenced to one year in prison without parole, for tying his dog to his motorcycle and dragging him around the city. The incident, which occurred a few months ago, ended when a group […]
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Farmakonisi Incident Triggers Rallies in Athens
The incident that took place earlier this week involving a boat transporting illegal immigrants in the Aegean Sea and the Greek coast guard, has triggered many anti-racist demonstrations which are scheduled to take place in the following days. The anti-racist initiatives and immigrants’ communities calling for the demonstrations mention in their invitation, “The Fortress Europe” […]
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Samaras Venizelos on Terrorism and Troika
The Greek Prime Minister, Antonis Samaras met on Friday with the Government Vice President Evangelos Venizelos, in order to discuss several pressing matters. At the top of the agenda were the crucial negotiations with the Troika which are moving slowly, affecting the Greek political climate. The postponement of the Troika’s return to Athens which was scheduled […]
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Police Officers Accused of Stealing
One police officer and three special guards in Greece were suspended for abuse of power, unlawful home invasion, theft and bodily injury, as the Hellenic Police announced on Friday. According to the charges, following a routine check on foreign nationals for illegal substances, the officers proceeded to unlawfully search the national’s house. Once inside, they […]
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