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How the world sees Greece
Wednesday, July 9, 2014
Approval for Plan to Liberalize Greek Power Market
Greece's Parliament narrowly approved plans to eventually sell part of the state-controlled power company to private interests.
Greek driver gets higher sentence in UK teen death
ATHENS, Greece (AP) — A Greek appeals court has increased the sentence imposed on a local taxi driver over the stabbing death of a British teenager holidaying on the resort island of Zakynthos.
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Charged with a felony: Greek Orthodox priest accused of improperly spending ...
fox6now.comCharged with a felony: Greek Orthodox priest accused of improperly spending ...fox6now.comMILWAUKEE/GLENVIEW, ILLINOIS (WITI) — A Greek Orthodox priest, who used to serve in Milwaukee, accused of improperly spending more than $110,000 from a private trust has now been criminally charged. 62-year-old James Dokos — who currently ...Glenview priest charged with felony theft of more than 0000Chicago Tribuneall 3 news articles »
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Mystery 6ft crocodile appears in middle of Greek lake – leaving local farmers ...
The IndependentMystery 6ft crocodile appears in middle of Greek lake – leaving local farmers ...The IndependentGreek farmers are “upset and afraid” after a 6-foot (1.82-metre) crocodile mysteriously appeared in a man-made lake on the island of Crete. Water from the in-land lake and surrounding rivers are used by residents of the nearby seaside town of Rethymno ...SEE IT: Drone films crocodile on Greek isle, solves mystery of missing livestockNew York Daily NewsMystery croc turns up in Greek lakeNEWS.com.auall 5 news articles »
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Greek Parliament Approves Plan to Sell Part of National Power Company
Greek ReporterGreek Parliament Approves Plan to Sell Part of National Power CompanyWall Street JournalS.A. Greece: Athens €10.74 +0.02 +0.19% July 9, 2014 5:25 pm Volume (Delayed 15m) : 217,927 P/E Ratio N/A Market Cap €2.49 Billion Dividend Yield 0.23% Rev. per Employee €312,829 07/09/14 Greek Parliament Approves Plan... 07/05/14 Greece ...Greek Parliament Approves Splitting, Selling of PPCGreek Reporterall 6 news articles »
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Greece plans 3-year bond issue: ministry
ATHENS: Heavily indebted Greece plans to issue an unspecified amount of three-year bonds, just three months after it returned to medium-term public debt markets, the finance ministry said on Wednesday. International banks have been mandated to manage the ...
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Greece Faces Higher Yield at Debt Sale on Portugal Woes
Greece faces higher borrowing costs in a note sale than initial estimates suggested as its second tap of international bond markets in three months coincides with a selloff in Portuguese securities.
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Wine of the Week: 2007 Ktima Voyatzi Estate Red, PGI Velvento, Greece
Wine of the Week: 2007 Ktima Voyatzi Estate Red, PGI Velvento, GreeceParadeWhile we haven't yet had the pleasure of visiting this wine region first-hand, we've recently been enjoying a wine shop exploration of Greece's distinctive varietals and blends. From its light and citrusy whites made from Assyrtiko grapes to its rich ...
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Public sector staff are on strike because they have been left out of the recovery
Employees in the private sector are benefiting from wage rises, but in the public services the spending cuts nightmare is scarcely halfway through
How typically British for the trades unions to get round to staging a strike against austerity measures when the economy is finally on the up. That will be the simplistic criticism on Thursday, when as many as 1 million public services workers are expected to stay off work in one of the biggest mass walkouts since the 1926 general strike.
At first glance it may look odd that the unions should be acting together now, having sat by and watched while their continental counterparts took angrily and frequently to the streets when austerity first bit: two general strikes in each of Spain and Portugal in 2012, five in each of Italy and Greece.
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UPDATE 3-Greece hires banks for new three-year bond
ATHENS/LONDON, July 9 (Reuters) - Greece said on Wednesday it has hired banks for a new three-year euro bond, the aid-reliant nation's second debt sale since returning to financial markets in April. The issue is expected to raise up to 3 billion euros, a ...
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Get a taste of Greek culture at Elgin festival
To those who attend the St. Sophia Greek Orthodox Church Greek Festival each year, the event appears seamless, says parishioner Polly Gorski. In reality, she said, church members work for months on end to put together a festival that emphasizes and embraces Greek culture.
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Konstantinos Stafylidis: Fulham sign Greece international on loan
BBC SportKonstantinos Stafylidis: Fulham sign Greece international on loanBBC SportFulham have signed Greece international left-back Konstantinos Stafylidis on a season-long loan from Bayer Leverkusen. The 20-year-old, who has made one appearance for Greece but was not in their 2014 World Cup squad, joined the German side from ...and more »
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Greek fiscal adjustment program nears end: Finance Mininster
ATHENS, July 9 (Xinhua) -- Greece's painful fiscal adjustment and reform program "nears its end," Greek Finance Minister Gikas Hardouvelis told an Athens forum on Wednesday. Greek Finance Ministry sources also confirmed an imminent return of the country to ...
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Facebook Takes Down Greek Bitcoin-Stealing Botnet That Hit 250,000 Computers
Facebook has managed to take down a Greek botnet that used social media networks to spread malware, infecting 250,000 computers which were used to mine cryptocurrencies as well as stealing bitcoins, email passwords and banking details. The Lecpetex botnet ran from December to last month, and at its peak, compromised almost 50,000 Facebook accounts, whereby users would receive a spam Facebook ...
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Greece Sets Out Plans For Second Bond Issue Since International Bailout
Greek ReporterGreece Sets Out Plans For Second Bond Issue Since International BailoutWall Street JournalGreece Wednesday set out plans to issue its second bond since its international bailout four years ago, the latest step in the country's efforts to recover from a crippling debt crisis that left it on the brink of a euro-zone exit. The Greek government ...State workers strike in Greece over job cutsRTE.ieGreece Resists Troika on Third Bailout as Draghi Protests DelaysBloombergUPDATE 2-Greece to open order books for three-year bond -sourcesReutersGreek Reporter -BBC News -FT Adviserall 52 news articles »
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Greece confirms plans for three-year bond issue
Greece has mandated banks for a three-year bond that will be issued soon depending on market conditions, the finance ministry said in a statement on Wednesday. It was the first official confirmation of Athens's plans to return to bond markets for the second time in three months, after Greece's successful sale of a five year bond in April. "The transaction is expected to be launched and priced in ...
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Greece Said to Hire Banks for 3-Year Note Sale After Bond Rally
Greece hired banks to sell three-year debt, accessing international markets for the second time in three months, after European Central Bank stimulus measures fueled a rally in bonds across the euro area this year.
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Greek civil servants strike over layoffs, austerity
Greek civil servants launched a 24-hour strike on Wednesday to protest layoffs and grinding austerity policies that have slashed public services in the debt-ridden country.
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Facebook thanks Greek Police for helping take down Lecpetex botnet
KathimeriniFacebook thanks Greek Police for helping take down Lecpetex botnetKathimeriniFacebook has thanked Greek Police for its help in taking down a little-known spamming botnet called Lecpetext. “We would like to thank the Head of the Greek Cyber Crime Division and the police officers involved for the professionalism they showed while ...Facebook Takes Down Greek Bitcoin-Stealing Botnet That Hit 250000 ComputersInternational Business Times UKFacebook Helps Cripple Greek BotnetDark ReadingFacebook Takes Out Litecoin Mining Greek Botnet BeastTechWeekEurope UKRegister -ZDNetall 18 news articles »
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Greek artists defy crisis
Faced with tax hikes, subsidy slashes and personal bankruptcy, those who want to pursue the arts during times of financial crisis have to get creative. In Athens, a few have done just that. It's been a year since Greece's state television station, ERT, was ...
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Greek public sector holds 24-hour strike
Greece's public sector workers are holding a 24-hour strike, shutting down public services and leaving state-run hospitals accepting only emergency cases to protest austerity policies imposed in return ...
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Traveling troupe presents updated Greek play
Traveling troupe presents updated Greek playBismarck TribuneCast members of the touring play “Big Love” performed on a circular canvas stage on the lawn of the state Capitol in Bismarck over the noon hour on Tuesday. The play was adapted from a Greek play into modern times and tells the story of 50 brides who ...
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Greece to open books for three-year bond Wednesday or Thursday
ATHENS (Reuters) - Greece will open books to investors for a three-year bond later on Wednesday or Thursday at the latest, two sources with knowledge of the matter told Reuters. The sale would follow Athens's ...
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Greece to open order books for three-year bond -sources
The sale would follow Athens's successful return to markets in April after a four-year exile, a signal that the country was emerging from a painful and protracted debt crisis and nearing an exit from its international bailout. A Greek official told Reuters in June that Athens was considering a sale before August of a bond with a maturity of three or seven years to raise 2 billion to 3 billion ...
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Coast Guard rescues 77 migrants found off eastern Aegean island of Chios
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KG/Associated Press
Greek authorities say coast guards have rescued dozens of migrants found trying to make their way from the nearby Turkish coast to Greek islands in the eastern Aegean Sea.
The Coast Guard said it rescued 77 migrants found in two boats in separate incidents near the island of Chios before dawn Wednesday. All were picked up by patrol boats and transferred to the island's main port. No information was immediately available on the migrants' nationalities.
Greece is a major entry point for people, mostly from war-ravaged countries in the Middle East and Africa, seeking a better life in the European Union. They typically pay smuggling gangs to clandestinely ferry them to the Greek islands, frequently risking their lives in unseaworthy craft.
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Parliament figured out: the facts on new MEPs
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KG/EUROPA
A 66-year age gap separates the youngest from the oldest MEP, two-thirds of Maltese MEPs are female, while 70% of German members got re-elected. Find out more interesting facts about the new MEPs who make up the European Parliament for the next five years in the interactive map.
In terms of gender balance and number of newcomers, the new European Parliament is comparable to the old one. The percentage of women increased from 35.05% in 2009 to 36.88% in 2014, while the proportion of re-elected MEPs slightly went down from 49.59% in 2009 to 49.4% in 2014.
However, there are significant differences between countries. Malta send the highest percentage of women (66.67%) and Lithuania the lowest with 9.09%. And although 69.79% of German MEPs got re-elected - the highest percentage of any EU country - none of their Greek colleagues were.
The oldest MEP in this legislative period is Emmanouil Glezos, a Greek member of the GUE/NGL group, who is 92 years old. Meanwhile, 26-year-old Anders Primdahl Vistisen, a Danish member of the ECR group, is the youngest one.
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State Aid Decisions
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KG/EUROPA
The European Commission announced several state aid decisions on July 9:
1) Commission approved exemptions from Danish tax on advertising to households
The European Commission has found a series of reductions and exemptions from a Danish tax on non-nominative advertising material delivered to households, to be in line with EU state aid rules. The Commission found that while some of these measures contain state aid, it is compatible with EU rules as it furthers EU environmental and cultural goals without unduly distorting competition in the Single Market.
Denmark plans to introduce a tax on non-nominative advertising material delivered to households, as it is concerned by the large volume of waste paper generated by households. The tax amounts to DKK 4/kg (around €0.54). A reduced rate of DKK 2/kg applies to advertising material bearing the EU Ecolabel and three products are exempted:
advertising material concerning societies covered by the Danish General Education Act weekly newspapers with at least 25% editorial content and telephone directories with at least 60% editorial content.The Commission assessed the measure under Article 107(3)(c) of the Treaty on the Functioning of the European Union (TFEU), allowing the granting of aid for the development of certain economic activities.
The Commission concluded that the reduced tax rate for advertising materials bearing the EU Ecolabel does not constitute state aid in the meaning of EU rules since it does not selectively favour specific companies. The Commission also found that the exemption for advertising material on activities in and from societies covered by the Danish General Education Act does not involve any state aid because it has no effect on trade between Member States.
2) Commission approved restructuring aid for Greek bank Alpha Bank
The European Commission has found the restructuring plan of the Greek Alpha Bank, including the acquisition and integration of Emporiki Bank, to be in line with EU state aid rules. The measures already implemented and those envisaged in the future will enable the bank to return to viability, while limiting the distortions of competition brought about by the state funding.
Commission Vice-President in charge of competition policy Joaquín Almunia said: "Alpha Bank's restructuring will make a significant contribution to reinforcing the viability of the Greek banking sector, to the benefit of the Greek economy."
Since 2008, Greece and the HFSF have granted repeated capital and liquidity support to Alpha Bank. The Commission opened an in-depth investigation in July 2012. Greece has notified the restructuring plan of Alpha Bank in June 2014.
Alpha Bank has already started to implement significant restructuring and rationalisation measures. The restructuring plan continues this effort. It provides for a further downsizing of international operations and a reinforcement of Greek operations, mainly through a rationalisation of operating expenses, a reinforcement of the net interest income, the strengthening of the balance sheet and a strict risk monitoring. These commitments will be monitored by a trustee. They will help turning the company into a solid and viable bank that can contribute significantly to the sustainable financing of the Greek economy.
3) Commission approved restructuring aid for Slovenian airline Adria Airways
The European Commission has concluded that restructuring measures taken by Slovenia in favour of the national airline Adria Airways were in line with EU state aid rules. The Commission found in particular that the company's restructuring plan will enable it to become viable in the long term without unduly distorting competition in the Single Market. Moreover, two capital injections in 2007 and 2009 and the sale of an Adria Airways subsidiary in 2010 were carried out on market terms and therefore did not involve any state aid.
Adria Airways is a majority state-owned company that has been facing difficulties for several years. In order to address these difficulties, Adria Airways adopted a restructuring plan in September 2011. The Commission opened an in-depth investigation in November 2012.
Adria Airways benefitted from three public capital injections in 2007, 2009 and 2010, amounting to around €15.2 million in total, carried out through the state-owned holding Posebna družba za podjetniško svetovanje d.d. (PDP) and its predecessor Kapitalska druzba d.d. (KAD), respectively. The in-depth investigation has shown that these capital injections were based on reliable valuations and that Adria Airways paid the market price for the capital. The measures therefore provided no undue advantage to Adria Airways and do not constitute state aid.
The investigation has also shown that the share price for the sale of Adria Airways' subsidiary Adria Airways Tehnika (AAT) to PDP and the majority state-owned manager of Ljubljana's airport in 2010-2011 was determined on the basis of a valuation report prepared by an independent expert. The Commission concluded that the decision to invest in AAT was taken on the basis of market-oriented considerations. The sale therefore did not involve state aid.
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Commission flubbed farm subsidies, auditors say
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Adam Aton
The European Commission did not do enough to supervise how member states calculate farm subsidies, and the skewed payments could endure until 2021, according to a report from the European Court of Auditors.
Some farmers reaped “windfall” benefits under the Single Payment System, the subsidy regime haphazardly implemented in 2005, according to the report. Between 2010 and 2012, the period the court examined, the program accounted for €4.2 billion — more than half of the EU’s budget for agriculture and rural development.
The Single Payment System was touted as a way to tie farmers’ income more closely to the market. Subsidies were supposed to be calculated by area of farmland and some other factors, rather than levels of production. But many countries chose to apply the Single Payment System alongside more traditional subsidy programs — the kind that are tied to production.
Moreover, some countries, like Spain, massaged the Single Payment System calculations to increase their annual payments, according to the report. Each year, Spanish farmers received about €29 million more than they should have. The court found similar situations in Greece, Italy and the Netherlands.
This patchwork of over-paid subsidies created an unequal, discriminatory market for farmers from countries that correctly applied the new program, the report says.
The overpayments happened, the court said, because the commission did not establish clear rules about how to implement the Single Payment System. And once the system was in place, the commission did not conduct any oversight.
The Single Payment System will be replaced in 2015 with a new subsidy system, but countries have the option to rollover their current entitlements into the new regime. That system will remain in place for six years, setting the stage for the inflated subsidies to continue until 2021.
The commission has said it will improve its monitoring capacity, pointing to newly digitized administration tools.
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Greek deflation slows down in June
Greek consumer prices fell 1.1 percent in June, with the annual pace of deflation decelerating from a 2 percent fall in prices in May, data from the country's statistics service showed on Wednesday. The ...
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State workers strike in Greece over job cuts
Fars News AgencyState workers strike in Greece over job cutsRTE.ieWhile Greece is beginning to emerge from its protracted recession, anti-austerity sentiment remains high in the country, where repeated rounds of spending cuts and tax hikes since its rescue from bankruptcy in 2010 have driven up unemployment and ...Greek public sector workers start 24-hour strikeBBC Newsall 5 news articles »
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The Greek island that hid its Jews from the Nazis
KathimeriniThe Greek island that hid its Jews from the NazisKathimeriniIn the late spring of 1944, Nazi ships of death were making stops in the ports of the Ionian Islands. They had stowed 2,000 Jews from Corfu in their holds and another 400 from Cephalonia, and were heading for Zakynthos. The mission of the SS squads was ...
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Greek Pasta Salad perfect summer side
Greek Pasta Salad perfect summer sideSaukvalleySpread the cooked pasta it on a jelly-roll pan to cool completely to room temperature and dry. This helps the pasta retain some of the starchiness so the vinaigrette will coat the pasta, but not completely soak in. Today's Greek pasta salad uses ...
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