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How the world sees Greece
Tuesday, April 1, 2014
Greek week kicks off camp-themed celebrations
Greek week kicks off camp-themed celebrationsThe Daily PennsylvanianFraternities and sororities at Penn are bringing a new level of collaboration to this semester's Greek Week, which began yesterday. This year brings a significant increase to the Multicultural Greek Council's involvement in the week. More interactive ...
Brussels signs off Greek bailout
After six-month stand-off between Athens and Brussels, finance ministers approve €8.3bn aid tranche just in time to help repay ECB-held bond
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| READ THE ORIGINAL POST AT www.ft.com |
MSF slams immigrant detention conditions
Thousands of migrants stopped in spot checks by Greek authorities, including some asylum seekers and minors, are being detained in “deplorable” conditions with “devastating” consequences for their health, the international aid organization Medecins Sans F... ...
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Eurogroup clears tranches, Greece eyes bond issue
Eurozone officials meeting in Athens on Tuesday approved the release of 8.3 billion euros in rescue loans, to be disbursed in three tranches, as Greek Finance Minister Yannis Stournaras indicated that a return to the bond markets was on the cards.
Address... ...
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Russia action worries exporters
Greek exporters are concerned about the consequences of the recent developments in Ukraine, mainly because they fear countermeasures by Russia against the European Union through the imposition of an embargo on agricultural products. According to sources f... ...
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Immigrant detention facilities in Greece criticized
Ed Adamczyk April 1 (UPI) -- Doctors Without Borders, in a report, was sharply critical of procedures in Greek migrant detention facilities.
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Greece clears the way for bailout money after vote
Greece clears the way for bailout money after voteThe MIT TechATHENS, Greece — The Greek Parliament voted narrowly early Monday to back a bitterly contested package of economic changes, clearing the way for the release of further funding considered crucial for a financial rescue, despite a last-minute attempt by ...
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Migrants detained in Greece face 'devastating' conditions
Athens (AFP) - Migrants detained in Greece face inhuman conditions that are having "devastating" consequences on their health, Medecins sans Frontieres warned on Tuesday, demanding that the Greek government and EU stop turning a blind eye to the situation.
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IKA Chief Charged for Exempting Company from Payment
Rovertos Spyropoulos, who heads Greece’s main social security fund IKA, is facing charges of helping a major company evade its commitments to the organization.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
EU calls on France, Greece to stick to reforms
Eurozone officials urged France's incoming government on Tuesday to stick to reform pledges, and Greece to capitalise on its austerity sacrifices in return for a long-delayed 6.3-billion-euro slice of bailout cash. The loan disbursal announced at a two-day ...
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Why aren't Europe's young people rioting any more?
Denied their dreams of education and jobs, young people have been sapped of rebellious energy. But their anger is growing
In December 2008, in Athens, a "special security officer" shot dead a young student, igniting demonstrations, strikes and riots. Young people were at the forefront of the protests, in a country with a long tradition of youth participation in social and political movements. Several commentators at the time spoke of a "youth rebellion".
In late 2009 it became clear that Greece had been living through a period of false prosperity and was in effect bankrupt. The country fell into the tender embrace of the troika the EU, the IMF and the European Central Bank. Following severe austerity measures in 2010-11, there were again mass demonstrations and strikes, culminating in the "movement of the squares" protests against the destruction of private and social life. Young people were again prominent, lending enthusiasm and spirit to the movement.
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Greece preparing to issue 2-bln-euro bond but timing not decided
The Greek government, approaching the end of a second international bailout that has kept it afloat since 2010, plans a return to markets by selling 2 billion euros of bonds, three officials said.
The decision has been made on the 2 billion-euro offering ... ...
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Small-caps outperform on Q4 results
The local bourse had already priced in Tuesday’s Eurogroup approval for the release of Greece’s 8.3-billion-euro loan tranche as well as eurozone officials’ favorable reactions to the news, and the main driver behind its moderate gains on Tuesday was last... ...
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Two suspected drug smugglers arrested near Greek-Albanian border
Officers of the police’s anti-drugs squad arrested two Albanian nationals in Thesprotia, northern Greece, on Tuesday after confiscating 160 kilograms of cannabis they are alleged to have brought over the border.
Police originally signaled to a motorist ne... ...
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Sending parcels from Greece just got cheaper
The Greek postal service, ELTA, on Tuesday announced substantial reductions to the cost of sending parcels.
It said that customers would now pay 1.50 euro to send a package weighing up to a kilo, and then 0.50 euro for each kilo above that.
Until now, the... ...
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Greek courts to close May-28 due to elections
Greece’s courts will not be open between May 15 and 28 due to the local and European Parliament elections, Justice Minister Haralambos Athanasiou said on Tuesday.
Any hearings not completed by May 15 will be continued from May 29.
The first round of local... ...
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Greek coast guard rescues 41 migrants off Lesvos
Coast guard officials rescued 41 would-be migrants off the eastern Aegean island of Lesvos on Tuesday.
The migrants were crammed into a vessel that was half-full of water, according to coast guard sources who gave no details about the migrants’ ethnic ori... ...
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
No ferries as Greek seamen launch third day of action
The Panhellenic Seamen’s Union (PNO) on Tuesday called a fresh 24-hour strike, meaning that ferries will remain moored in ports for the third day in a row on Wednesday.
The seamen are to march to the Merchant Marine Ministry at 8.30 a.m. in an ongoing pro... ...
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New tax hits 2013 profits of Greece's OPAP
Greek gambling monopoly OPAP posted a bigger-than-expected drop in its 2013 net profit, hurt by a new tax the country imposed on the firm to help plug its budget shortfall.
Greece slapped a 30 percent levy on OPAP’s gross gaming revenue last year to meet ... ...
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Still No Sign of Missing Greek Journalist Thalia Hounta
Greek ReporterStill No Sign of Missing Greek Journalist Thalia HountaGreek Reporterxounta A mystery surrounds the disappearance of journalist Thalia Hounta, who has been missing since Friday, March 21, although her husband, Athenian lawyer Nikos Mpouras, has been satisfying all the demands of the unknown caller who is claiming to ...
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
The World's Hottest Economies
French manufacturing appears to be making a comeback.
The country's manufacturing Purchasing Managers Index, a survey-based indicator of momentum in the goods-producing sector compiled by Markit, posted the biggest rise of any major economy in the first quarter of 2014, advancing to 52.1 from 47.0.
“The French manufacturing sector delivered a much-improved performance in March, buoyed by solid growth of new orders," said Jack Kennedy, a senior economist at Markit, in a press release. "With the sector having finally moved into expansion territory following a prolonged spell of weakness, firms will be looking for signs of a convincing recovery taking hold before looking to boost areas such as employment. If input prices continue to fall, French manufacturers may look to gain a competitive edge through cutting output prices."
Readings below 50 on the index indicate varying degrees of contraction in activity, whereas readings above 50 indicate varying degrees of expansion, and a 50 reading implies no change from the previous month.
Chart 1 shows just-released March manufacturing PMI data for all of the countries tracked by Markit.
Ireland, the Czech Republic, and the United States all clocked in at 55.5, meaning manufacturing growth in those countries outpaced that in the rest of the world last month.
France, Spain, and Ireland saw the biggest increase in their respective PMIs relative to three months ago, marking the most-improved manufacturing sectors in the first quarter of 2014.
Russia, China, and Greece are the only countries sub-50 (contractionary) PMI readings, while Russia and China claim the only manufacturing sectors where not only is manufacturing activity contracting, but the pace of contraction is accelerating.
Most countries currently fall under the category of those with manufacturing sectors that continue to expand, but are experiencing a slowdown in the pace of expansion. These countries are shown in the lower-right quadrant of the chart.
Join the conversation about this story »
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Ios Greek Kitchen to open in EpiCentre
Ios Greek Kitchen to open in EpiCentreCharlotte Business JournalIos Greek Kitchen plans to start operating this month in the EpiCentre complex in uptown Charlotte. The full-serve restaurant concept will offer Greek-inspired fare such as salads, pitas and entrées. The menu includes items such as grilled octopus with ...
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EU Wary, Greece Rejects 3d Bailout
Fresh on the heels of the news that international lenders would release a long-delayed installment of 8.3 billion euros in three installments,
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Basic information for retail consumers: EP, Council back Commission proposal
by
EUROPA
The European Parliament and the Council have reached agreement on a mandatory 'Key Information Document' to be supplied to retail consumers who wish to invest their savings. The proposed rules require the financial services industry to provide basic information about their investment products, the risk and return that can be expected as well as the overall aggregate cost that will arise in making the investment.
"European consumers need a clear and understandable explanation on how they invest their savings. Too often, retail investors have been caught out due to a lack of basic information being provided before an investment is made. I am encouraged to see that the European Parliament and the Council agree and support the Commission on a mandatory Key Investor Information Document that has to be supplied to all retail investors before they take the decision to invest in a financial product. The broad coverage of the Key Information Document aims to ensure that no investment product slips through the net and that the consumer can compare different investment proposals. This measure is essential to restore consumers' confidence in the financial sector," said Michel Barnier, Commissioner for the Internal Market and Services.
"I want to thank the Members of the European Parliament, particularly its rapporteur, Pervenche Beres, and the shadow rapporteurs, as well as the Greek, Lithuanian and Irish Presidencies for their work on this proposal."
The Key Information Document (KID) will cover a wide range of investment products offered to retail customers, either through banking channels, financial advisors or via the internet. Products within the scope will cover: structured products offered by banks, insurance-based investments (including unit-linked and 'with-profit' products) and investment funds.
The KID will enable consumers to compare the investment propositions underpinning these products and thus make an informed investment choice. Comparisons between different investment products offered by financial services providers currently suffer from the complex structure behind these products which makes it difficult to compare their returns and risks. To allow comparisons to be made, KIDs will also be required for products that provide guarantees, for instance for the invested capital, when the returns on the investment vary (are 'at risk').
Some of these investments might be used to provide retirement income. KIDs will be needed for these too, so consumers can compare them. However, a KID has only to be produced when the products are to be sold to retail investors: this is not a document for professional investors.
On the other hand, the proposal does not apply to occupational pension schemes, to pension products for which the employer is required by law to contribute financially and where the employee has no choice as to the pension provider or other pension products that are recognised or certified under national law as providing income in retirement. Savings products that are structured as providing an income stream subsequent to an accumulation phase but that have not received official recognition or certification would be covered.
The introduction of the KID is a response to a myriad of problems that retail investors faced in the past. For example, a consumer Ombudsman in one Member State recently found 12-year subordinated notes being sold to the very elderly. Risks of exiting these investments were not fully explained. In another example, a study for a consumer affairs ministry in one Member State suggested that up to 50-80% of consumers wish to terminate long-term investments prematurely, indicating investments were made that were not suited to their investment or savings needs. On an EU-wide level, a mystery shopping exercise by the Commission indicated that up to 60% of sales of investments could be considered unsuitable or not in the best interest of the consumer.
The quality and neutrality of advice is part of addressing these problems, but the Commission's impact assessment also points to improved transparency of the investments themselves as a necessary remedy. Better disclosures about the features, risks and costs of products through the KID are vital. Consumers have themselves called precisely for better, more standardised information, seeing lack of comparability as a key barrier to more informed shopping for investments.
In order to become law, the Commission's proposal needs to be adopted jointly by the European Parliament and by the EU Member States in the Council (which votes by qualified majority). It is expected that the European Parliament will vote on this legislation in plenary in April, followed by formal adoption by the Council.
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Stournaras says Greece won't need third rescue as recovery gains
KathimeriniStournaras says Greece won't need third rescue as recovery gainsKathimeriniGreece, where the euro-area debt crisis erupted more than four years ago, won't require a third international bailout if its economy continues to revive, according to Finance Minister Yannis Stournaras. With euro-zone finance ministers converging on ...
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An olive affair with Greece
Although Wellington's famously rowdy Greek restaurants are no more, their food still enters our lives in a very intimate way – through the Greek olives, oil and antipasto products imported by The Olive Lady, Mary Etheridge of Lepanto. Olives, as Mary ...
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Leading Greek museums and sites extend visiting hours for new tourist season
A number of the country's archaeological sites and museums inaugurated extended visiting hours on Tuesday in view of the upcoming tourist season.
The Acropolis and the National Archaeological Museum in Athens, Crete's Knossos, Santorini's Akrotiri and the... ...
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Seen & Heard: Lunch at the Greek
Tribeca CitizenSeen & Heard: Lunch at the GreekTribeca CitizenStarting today, the Greek is open for lunch: “We are starting off with a few tweaks on our dinner menu and as we are moving forward we will be adjusting and creating a unique lunch menu that will better serve your lunch needs and also be true to Greek ...
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Greece to Sell Long-Term Bonds
Greece is planning to issue its first long-term bond since it was bailed out by euro-zone countries and the International Monetary Fund.
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Greece Hopes To Make Its Triumphant Return To The Bond Market In Early 2015
But after four years of painful measures to contain debt, two bailouts worth 240 billion euros ($330 billion) and a hit on private bondholders, the Greek economy is expected to return to modest growth this year. Encouraged by falling bond yields ...
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St. Demetrios Students Sought by Several of the Top Colleges in the United States
[This article was submitted by Helen Karagiorgos, a College Advisor at St. Demetrios High School] Traditionally, April is a stressful month for high school seniors as they wait to hear which colleges and universities have accepted them for the fall semester. For several students at St. Demetrios, “good news” came early as they heard from […]
The post St. Demetrios Students Sought by Several of the Top Colleges in the United States appeared first on The National Herald.
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Prison Guards Charged In Inmate Death
Eight Greek prison guards were charged April 1 with torturing to death an Albanian convict accused of fatally stabbing a guard in another jail.
The post Prison Guards Charged In Inmate Death appeared first on The National Herald.
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Norway food producers spar over Greek yoghourt / News / The Foreigner
Whether it’s a glimpse of news ... ‘Greek-style’ anyway to solve the issue, then? “Our perception is that ‘Gresk Yoghurt’ is a similar designation like ‘Greek salad’ and ‘Italian pizza’ are, where geographical name is not perceived as a ...
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Greek bailout worries ease
Since 2010, Europe's sick man has been drip-fed instalments of its 240bn-euro (£200bn; $331bn) bailout. The bad blood between Brussels and Athens, when Europe's leaders berated Greece over lagging reform efforts, has receded. And today ...
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Group Blasts Greece Over Conditions In Which Migrants Are Detained
NPR (blog)Group Blasts Greece Over Conditions In Which Migrants Are DetainedNPR (blog)"I did not think that such conditions were possible on European soil," Marietta Provopoulou, who spent more than a decade working in Africa before returning to Athens to head MSF in Greece, told the Guardian. "The main complaint of migrants is that ...Medical aid group slams conditions, length of detention for migrants in GreeceMinneapolis Star TribuneMigrants face 'living hell' in Greek detentionThe Guardianall 62 news articles »
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Greece wants no 3rd bailout, euro zone hopeful but cautious
By Martin Santa and Jan Strupczewski (Reuters) - Greece, fully funded for the next 12 months, hopes to finance itself on the market afterwards, but its euro zone peers say success depen...
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Greece to be paid next bailout loan in 3 parts, beginning in April
Greece to be paid next bailout loan in 3 parts, beginning in AprilU.S. News & World ReportATHENS, Greece (AP) — Greece will start receiving its next 8.3 billion euros ($11.4 billion) in bailout loans at the end of the month, eurozone finance ministers said Tuesday, citing progress after "many painful years" of reforms. The statement came ...
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IMF: Greek Cyprus on track; risks increase for Kosova
Greek Cyprus is making a comeback from near bankruptcy although its banks are still struggling with bad loans, the recent 25 increase of pensions and public servants' wages will put significant pressure on Kosovo's budget International Monetary Fund says ...
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Phi Gamma Delta and Alpha Xi Delta win annual Greek Week
Chattanooga Times Free PressPhi Gamma Delta and Alpha Xi Delta win annual Greek WeekWestern HeraldAnother Greek Week has come and went, a week that every greek spends countless hours preparing for and all for a couple competitions before everything is put in storage until the next year. Greek Week 2014 (Grace Patt/Western Herald). Greek Week has ...Greek life thrives at UTC: New frat/sorority village testifies to rise in ...Chattanooga Times Free PressGreek Week: Eight teams dance-battle it out at Greek Jam eventStandard Onlineall 7 news articles »
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European, eurozone finance ministers meet in Greece
European and eurozone finance ministers met and held press conferences today in Athens.
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Nikos Papadakis obituary
During three decades as press attache and then head of the press office at the Greek Embassy in London, my father, Nikos Papadakis, became, in many ways, the voice of Greece in Britain.
Nikos, who has died aged 68 after suffering a stroke, joined the embassy's press office in 1976, serving as head of the London office from 1989 until his retirement in 2004. He had two short placements during this time: as head of the press office in Dublin in 1983, and from 1995 to 1996 seconded to become the first director of the Hellenic Centre in London, where he was a central figure in representing his country and offering a cultural programme of amazing breadth and richness.
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Eurozone finance ministers OK fresh bailout loans to Greece
Eurozone finance ministers, known as the Eurogroup, have agreed on a timetable for disbursing the next bailout funds for Greece. At a meeting in Athens, they found Greece was making sufficient progress on reforms.
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Migrants in Greece held in appalling conditions, says MSF
ATHENS—Thousands of migrants detained in Greece for lacking the correct paperwork, including some asylum seekers and teenagers, are held in often appalling conditions without access to basic hygiene and regular medical care, according to a medical aid ...
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IKA Chief Faces Corruption Probe
The chief administrator of Greece's social security fund, IKA, Rovertos Spyropoulos is facing charges of helping a business avoid making payments.
The post IKA Chief Faces Corruption Probe appeared first on The National Herald.
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Numbers Show The Failure of Greece’s Success Story
Greek Prime Minister Antonis Samaras, who’s led a privileged life, has been touting what he calls a burgeoning “success story,” for Greece, but he doesn't see what harsh austerity measures have done to many Greeks.
The post Numbers Show The Failure of Greece’s Success Story appeared first on The National Herald.
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Hatzis Sets Greek Hoop Scoring Record
Hatzis scored 19 points to help his team beat Ikaros Halkidas 79-71, setting a record of 5,184 points in the Greek basketball league.
The post Hatzis Sets Greek Hoop Scoring Record appeared first on The National Herald.
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3/25 Celebrated at NY City Hall
NEW YORK – The annual celebration of Greek Independence Day hosted by the New York City Council returned its elegant chambers on March 25. Along with tributes to Hellenic values and contributions to civilization, ten Greek-American leaders were honored for their community service. One of the most noteworthy things about the evening was the identity […]
The post 3/25 Celebrated at NY City Hall appeared first on The National Herald.
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8 Greek prison guards charged with torturing convict to death after fatal jail stabbing
A Greek prosecutor has charged eight prison guards with torturing to death an Albanian convict accused of fatally stabbing a prison guard after being refused furlough to visit his critically ill mother.
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10 Things You Need To Know Before The Opening Bell (DIA, SPY, QQQ, GM)
Good morning! Here's what you need to know.
China, landing. We got slightly divergent readings between the HSBC and official readings for China's purchasing manager's index. The former reading, which is skewed toward smaller firms, slipped further into contraction territory at 48 from 48.5. The latter, which is skewed toward larger state-owned firms, edged up 0.1 to 50.3. The conclusion is still pretty much the same: China is slowing. "The final reading of the HSBC China Manufacturing PMI in March confirmed the weakness of domestic demand conditions," HSBC economist Hongbin Qu said in a press release. "This implies that 1Q GDP growth is likely to have fallen below the annual growth target of 7.5%. We expect Beijing to fine-tune policy sooner rather than later to stabilise growth."
Another GM recall. The automaker announced late Monday it was recalling an additional 1.3 vehicles, this time over a possible power steering system glitch. That brings its 2014 total recalled vehicles to 6.1 million. Mary Barra will testify before Congress Tuesday. Don't miss BI's Alex Davies on why GM's recalls are unlike any other.
FBI investigating high-frequency traders. The Wall Street Journal reported Monday afternoon that the FBI was investigating whether high-frequency traders are capitalizing on material non-public information. The report comes a day after Michael Lewis' appearance on "60 Minutes" in which the reporter contended HFTs had "rigged" markets. "Among the types of trading under scrutiny is the practice of placing a group of trades and then canceling them to create the false appearance of market activity. Such activity could be considered potential market manipulation by encouraging others to trade based on false orders."
Developed world inflation slows. Price growth among the OECD's 34 members slipped to 1.4% from 1.7% in January, raising fears the global economic recovery is losing momentum. "The continuing decline in the rate of inflation across developed countries will worry central bankers, since many regard annual price rises of 2% as consistent with healthy economic growth," WSJ's Paul Hannon wrote. "The decline in the inflation rate was driven by lower energy prices, while the core rate of inflation in the OECD—excluding energy and food—was unchanged at 1.6%."
Busy day in data. We've already been getting global PMI. In the U.S., the day kicks off with auto sales figures. At 9:45 a.m., the U.S. learns its own PMI reading, expected to have climbed slightly. At 10 a.m. we get ISM manufacturing, expected to have declined slightly. Also at 10 a.m. we get construction spending.
Markets. Stocks were up around the world, led by Hong Kong's Hang Seng at 1.34%. U.S. futures were higher. The euro climbed more than 40 bps against the yen.
Eurozone production gains. Eurozone manufacturing data touched multi-year highs in several recent "basketcase" countries. At 55.5, Ireland PMI is at a 35-month high. At 52.8, Spain is at a 47-month high. And at 52.1, France is at a 33-month high. Greece has backslid to a 3-month low of 49.7.
Europe labor woes. Eurozone unemployment came in at 11.9% in February, still close to record highs. "The social situation in the EU shows little signs of improvement: inequalities have risen and the situation of many households and individuals is not improving, with ever growing numbers suffering from financial distress," said László Andor, commissioner for employment, social affairs and inclusion according to the FT. "Divergence in employment and social outcomes remains pronounced between core and periphery countries in the EU, particularly in the eurozone."
Japanese business confidence stalls. Ahead of a sales tax increase Prime Minister Shinzo Abe has included as part of his Abenomics package, Japanese business confidence climbed for a fifth-straight month to a reading of plus 17 in March but missed expectations for 18.
UK's lopsided economy. British leaders keep vowing to rebalance the country's economy to put a greater emphasis on manufacturing and exports. There is yet very little sign this is happening, as UK PMI fell to an eight-month low at 55.3, down from 56.2.
Join the conversation about this story »
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Eurozone clears next Greece bailout
Eurozone finance ministers meeting in Athens sign off the next 8.3bn euro instalment of Greece's bailout, amid high security on the capital's streets.
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