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How the world sees Greece
Friday, July 11, 2014
Nelson Hits Game Winning 3 as GB U20s Sink Greece
Nelson Hits Game Winning 3 as GB U20s Sink GreeceHoopsfix (blog)After Greece's Christodoulou hit a three to tie the game with just over 1 minute remaining, GB turned the ball over on their ensuing possession, but managed to force a Greek miss, Ben Lawson corralling the rebound and getting it ahead to Luke Nelson ...
Greece: Public deficit and democratic duty
the email address you provided does not seem to be valid. “Unless the general public is informed by basic economic theory and by key economic facts, they’re going to make wrong decisions,” Korean economist Ha-Joon Chang recently said in an ...
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Free Yoplait Greek yogurt for Betty Crocker members!
Free Yoplait Greek yogurt for Betty Crocker members!WRAL.comCheck your e-mail for a free coupon for Yoplait Greek yogurt for BettyCrocker.com members! This sample is only available for BettyCrocker.com members who received the e-mail. Look for the subject line, "Save $97 with This Month's Coupons + Vote to Win ...
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Greek teenager takes swimming world aback
KathimeriniGreek teenager takes swimming world abackKathimeriniEighteen-year-old Apostolos Christou has surprised the world of swimming by breaking the world junior record twice within 24 hours, in the process of grabbing gold at the 100 meters backstroke in the European Juniors Championship held at Dordrecht in ...
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Tommy Bowe gets wedding practice in with family nuptials in Greece
Irish IndependentTommy Bowe gets wedding practice in with family nuptials in GreeceIrish IndependentThe 30-year-old is currently soaking up the sun in Greece with his family and he tweeted a photo of the Bowes in the sun. "Great wedding and holiday with the family in Greece. Time for home #rednose," he wrote. BsNNUiaIUAAvRVU.jpg. Lucy (30) has now ...Tommy Bowe enjoys Greece WeddingTV3.ieall 3 news articles »
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Rescuers comb eastern Aegean for 20 migrants missing after boat sinks, drowning at least 2
ATHENS, Greece - Greek authorities say at least two people have drowned and about a further 20 are missing after a boat carrying immigrants trying to enter the country illegally sank off the Aegean Sea island of Samos.
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Why did Greek warriors go to war wearing what today looks like a linen mini ...
Public Radio InternationalWhy did Greek warriors go to war wearing what today looks like a linen mini ...Public Radio InternationalNow imagine eye an ancient Greek warrior, his sword in the air, an olive branch on his head, and around his middriff, one of these pleated shirt-skirts, if you will. That shirt-skirt is a linothorax. But the linothorax wasn't a fashion statement — it ...
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Migrant boat sinks in Greece, 2 dead, 20 missing
The Daily StarMigrant boat sinks in Greece, 2 dead, 20 missingThe Daily StarThe sinking occurred some 11 miles northwest of Samos in the eastern Aegean, which is very close to the Turkish mainland. Turkish vessels are also taking part in the search. Ages and nationalities of the immigrants were not immediately known. Greece is ...2 dead after migrant boat sinks in GreeceThe HinduTwo die as immigrant boat sinksIrish IndependentTwo Dead in Migrant Shipwreck in AegeanNaharnetall 5 news articles »
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Greek heart surgeon arrested for allegedly demanding bribe to perform urgent bypass surgery
Greek police say they have arrested a heart surgeon in a major Athens hospital on felony charges of bribery and blackmail for allegedly demanding a bribe from a patient in order to perform urgent surgery.
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'Journalism' in Greece: 100 euros a month for 100 copy-pastes a day
A job listing recently posted to a well-known classified ad site highlights the dismal level to which the job market for journalists has plummeted in Greece. The ad is seeking a 'writer' who will post 100 articles a day to a website for the princely sum of ...
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Burberry faces shareholder revolt
Mixed day for Asian stocks, European investors expected to remain wary.Burberry to face shareholder anger over £20m executive pay dealConstruction data in the UK awaited
11.03am BST
Shareholders are gathering in London for Burberry' annual general meeting, due to kick off shortly. The FTSE100 company has raised shareholders' ire with the £20m pay package for chief executive Christopher Bailey.
As the Guardian revealed in May, Bailey has been handed a golden hello in shares worth up to £7.6m and an annual pay package worth up to £8.1m a year, including a £440,000 cash allowance to cover clothing and other items.
Are Burberry shareholders better dressed? Will Anna Wintour be in the front row? #burberryagm
10.45am BST
Italian bond yields, a crucial measure of investor confidence in a country, have fallen to record lows.
The Italian treasury has sold 7.5bn of bonds, the top of its target range, after selling 3-yr, 7-yr and 15-yr bonds.
Italy is not Portugal. Yields at Italian 3-yr and 15-yr bond auctions today fall to a euro lifetime low.
@ReutersJamie because Italian banks are better...
How do you borrow 1.15 BILLION with 17.6 MILLION of guarantees? Own the bank you borrow from. That's what EspÃrito Santo companies did.
10.35am BST
Economists were surprised by official data showing a 1.1% fall in construction output in May. Here is a round-up of reactions I have seen so far
Howard Archer at IHS Global Insight, thinks the outlook for construction remains encouraging, although today's "disappointing" result will weigh on second quarter GDP figures.
While Mays construction output data are very disappointing and there has clearly been a recent loss of momentum in the sector, there is hope for the future as latest survey evidence is very healthy overall. Specifically, the purchasing managers survey indicates that construction output rose at the fastest rate for four months in June and for a 14th consecutive month...
What is particularly encouraging is that the purchasing managers survey indicates that the strength in activity is widespread across sectors. Housebuilding activity is leading the way with activity picking up markedly in June to almost match Januarys 10-year high. Meanwhile, commercial activity was at its second highest level (after January) since August 2007. Commercial activity is also relatively elevated despite easing back to a nine-month low in June; this was reported to be partly due to the ending of some work related to repairing Februarys flood damage..
The prospects still look largely decent across most sectors. Extended improved economic activity and increased business confidence should underpin commercial construction activity and civil engineering.
The construction industry moved into reverse in May, according to official data. The weakness of these data alongside disappointing manufacturing output data for May suggest that policymakers will be encouraged to err on the side of caution about hiking interest rates too early in what looks to be a still-fragile recovery...
Even with this disappointing construction number, the official data available so far and the PMI surveys indicate that the UK economy enjoyed another robust economic expansion in the second quarter, at least matching the 0.8% growth seen in the first quarter. Once the volatility in the official data is accounted for, theres also little sign of momentum waning as we move into the second half of the year.
9.59am BST
The Bank of England has warned British banks that they may need to set aside more capital under new global rules to prevent a rerun of the financial crisis.
In a consultation paper launched today the Bank said lenders may need to set aside additional funds on top of the 3% of capital currently required.
"There may be a case to introduce a supplementary leverage ratio component to a subset of firms (e.g. ring-fenced banks and/or systemically important institutions) whose failure would be most destabilising for the financial system," the BoE said in a consultation paper.
Such a supplement would effectively cover the bulk of Britain's banks. British lawmakers want a leverage ratio of 4 % or above, higher than the proposed global rule for 3 %, saying tougher measures are needed to ensure taxpayers are not asked to bail out banks as they were in the financial crisis.British banks have been required to meet the 3 % target by Jan. 1, 2014, forcing some to raise more capital.
9.46am BST
Building sites were less busy in May, raising concerns that this important sector of the UK economy, which has helped drive forward the recovery, is stalling.
The ONS reported a 1.1% fall in May on the previous month, driven mainly by a fall in private commercial work down 3.6%, and repair & maintenance, down 1.1%.
The recent increase in housing construction output is likely to reflect recent changes in house prices, which have given developers an incentive to supply more new homes.
9.34am BST
Another May miss - UK Construction Output declines 1.1% exp: 0.9% gain #gbp
Construction output in the UK pretty weak -1.1% v +0.9% expected m/m
9.33am BST
Breaking news: UK construction output fell 1.1% in May compared to the previous month, the biggest fall since February according to data just released by the Office for National Statistics.
Output was up 3.5% in May 2014 on the previous year.
9.26am BST
A few recent headlines, courtesy of Zerohedge, which has compiled a handy list of upbeat statements from European leaders about Portugal.
Here is a flavour:
9.22am BST
Is the Eurozone crisis back?
We are far away from panic levels of 2011-12, when markets pushed southern European bonds to eye-watering levels and governments wobbled. But yesterday's panic sell-off is an unpleasant reminder for European leaders about how much work needs to do to repair the financial system.
It shows what a crazy financial system we have created when one small financial institution can cause such shockwaves around the world. It also demonstrates that European politicians who so famously said that they would break the link between banks and sovereigns have singularly failed to do so.
That is not a surprise because under our current financial system it is impossible to break that link. What we need is not minor tinkering with the regulations but a complete overhaul of the banking system.
The good: This is not the eurozone financial crisis flaring up again. Just a cursory glance at the government bond yields of Spain and Italy - the most accurate gauge of sentiment towards the bloc's periphery - shows that today's events are a world apart from the panic that engulfed Europe's single currency area in 2011 and 2012. Even after a 40 basis point rise this week, Portugal's 5-year bond yield is still just a tad higher than its US equivalent. Spanish and Italian 10-year yields remain under 3% and are only slightly above their UK equivalent...
The bad: It's not EspÃrito Santo that's the problem. It's the bleak fundamentals of the eurozone periphery which have become worryingly detached from the region's buoyant financial markets. The rally in peripheral debt has looked overdone for quite some time. The tug-of-war between central bank largesse and economic, financial and political vulnerabilities in the eurozone has been dominated by the latter, fuelling an increasingly indiscriminate "grab for yield". The question is whether EspÃrito Santo jolts investors out of their complacency about the risks in the eurozone.
8.54am BST
Vince Cable has taken to the airwaves this morning to defend the government's handling of the sale of Royal Mail, after a committee of MPs concluded that the taxpayer had lost out on £1bn.
Speaking on BBC Radio 4 Today's programme the business secretary said the committee had the benefit of hindsight.
We sold at a price that was regarded as the best that could be achieved in the context in which we sold it.
The point we have stressed, and I've stressed over and again, that the price of shares is very, very volatile - these things go up and down and we've seen in the last few weeks the price of Royal Mail shares actually falling like a stone.
It's not uncommon but that doesn't mean to say that it's right.
It's very important that the Government, above all, when it does sell off a public asset does so through a process which quite clearly demonstrates that nobody advising has a conflict of interest.
8.34am BST
The Portuguese bank at the centre of the sell-off storm has issued a statement saying that it has enough capital to meet its regulatory requirements.
Issued late last night after its shares were suspended from Portugal's stock exchange, Banco Espirito Santo said it had 2.1bn over and above regulatory requirements on 31 March.
BES Executive Committee believes that the potential losses resulting from the exposure to EspÃrito Santo Group do not compromise the compliance with the regulatory capital requirements.
8.18am BST
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and the business world.
European markets have rallied after Thursday's sell-off, but investors are likely to remain wary amid renewed fears about the eurozone economy.
None of the underlying problems that served to create the [eurozone] crisis have been dealt with, namely the sovereign debt feedback loop between banks and the governments they fund.
The crisis in Portugal is a direct consequence of this failure, along with an almost shocking complacency on the part of investors who have driven bond yields in countries like Greece, Portugal, Spain and Italy to, in some cases, record lows.
Continue reading... |
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Inmate dies of knife injuries during brawl at Domokos Prison
A 32-year-old inmate of Domokos Prison in central Greece was killed and a second man seriously injured early on Friday when a brawl broke out between cellmates at the institution.
For reasons that remained unclear, the two cellmates argued before drawing ... ...
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Troika envoys delve into talks with ministers' on reforms
Following a first day of talks between Greece's new finance minister Gikas Hardouvelis and troika envoys on Thursday, the foreign inspectors were to meet on Friday with several other ministers for briefings on the progress of a series of economic reforms ... ...
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Opposition parties boycott Parl't session on proposals for referendum on PPC selloff
A discussion in Parliament on whether proposals by opposition parties for a debate on a referendum about the partial privatization of the Public Power Corporation can be approved began in the House on Friday but leftist SYRIZA, Independent Greeks and Comm... ...
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Chambers to promote markets, internships, visits to Greece and Turkey
www.worldbulletin.netChambers to promote markets, internships, visits to Greece and TurkeyCyprus MailTHE ISLAND'S two chambers of commerce yesterday launched a new project to promote dialogue and cooperation between civil society and business across the divide, paving the way for joint flea markets, internships and visits to Greece and Turkey.Cypriot Parliament Marks 40 Years of Turkish InvasionGreek ReporterCYPRUS: A MODERN SISYPHUS LEGENDDaily SabahCCCI and T/c Chamber to promote dialogue and cooperationFamagusta Gazetteall 17 news articles »
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Greece gains 1.5b euros in bond sale
Greece gains 1.5b euros in bond sale3News NZHeavily-indebted Greece says it has managed to raise 1.5 billion euros ($NZ2.31 billion) in a three-year bond sale, its second issue after returning to bond markets with a five-year sale in April. A ministry source said Athens had only set out to raise ...and more »
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Golden Dawn leader jailed in Greece
Spokesman for neo-Nazi party denies wrongdoing as he awaits trial on charges of possessing weapons and membership of a criminal organisation
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Greece’s big beach sell-out
In an otherwise bleak economic landscape, tourism is still doing well in Greece. Millions of people are flocking to the country to enjoy its attractions: archaeological sites where much of Western culture began, legendary nightlife, beautiful mountain ...
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Greek Banks See Quadrupling of Housing Loans by Next Year
Greek banker Theodoros Kalantonis, who has survived the worst of times the past six years, said he can finally see the resurrection of home lending.
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National Park Service recognizes Tarpon Springs Greek district
National Park Service recognizes Tarpon Springs Greek districtTampabay.comThe National Park Service has listed the district on its National Register of Historic Places as a traditional cultural property, which is a first for Florida. "The Tarpon Springs community has functioned as a center of commerce and trade for early ...In Tarpon Springs, Fla., you can dive into all the flavors of GreeceWashington PostFlorida's Piece of Greece Gets National Traditional Cultural DesignationWFSUall 4 news articles »
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Greek Orthodox priest accused of embezzling doesn't show in court
A Greek Orthodox priest accused of embezzling church money to support a luxury lifestyle was a no-show in court Thursday. Father James Dokos missed his first court appearance because his car broke down. Annunciation Greek Orthodox Church is an icon on ...
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Greek Fest Starts Friday
YourErieGreek Fest Starts FridayYourErieJuly 10, 2014 - The sights, sounds and smells of the Annual Greek Fest are back starting tomorrow. Final preparations are underway at the Greek Orthodox Church for the 26th Annual Panegyri. Tents and tables are in place, but more importantly, the food ...Annual Greek festival adds a fourth day to the festivitiesCoastal PointCelebrate Greek culture at Ipswich festivalWicked Local North of BostonPreparing for the Greek FestivalErieTVNewsall 4 news articles »
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A who's who of Britain's legal offshore tax avoidance
Some of the UK's most prominent business people appear in Jersey's offshore history of legal avoidance
The founder of the successful Luton-based budget airline, who no longer runs it. He is listed as a Jersey bank client. Inherited wealth from Greek-Cypriot shipowner father. He has described himself as "British by birth". His spokesman says, however: "Sir Stelios is not and never has been resident in the UK for tax purposes. He has been a Monaco resident since the mid-1980s (ie when he was a teenager) when his family relocated there from Athens."
Continue reading... |
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Go to the Greek Isles on these cruises
USA TODAYGo to the Greek Isles on these cruisesUSA TODAYA cruise to the Greek Isles takes you to dramatic landscapes where history is on display at archeological sites dating back thousands of years. The itineraries give you time to sip local wine at a taverna, explore beautiful beaches and absorb the ...
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Greece referred to EU court over public procurements in construction
The European Commission on Thursday decided to refer Greece to the European Court of Justice for non-compliance with public procurement rules in the construction sector.
The Commission deemed that legislation requiring the compulsory registration for all ... ...
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Well-known private tuition center accused of massive evasion
A well-known private tuition center, which has operated a network of branches around Greece over the past 20-odd years since it was founded, is being investigated for massive tax evasion and social security fraud, the state-run Athens-Macedonia New Agency... ...
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Unfavorable markets lead to Greek bond sale missing estimates
Greece raised 1.5 billion euros ($2.04 billion) in a debt sale that fell short of analyst estimates on size and yield as it took place amid a selloff in higher-yielding bonds across the euro area.
In its second offering in three months, the country that s... ...
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The jobless generation
Not a single measure has been introduced over the past few years aimed at helping jobless Greeks who are middle-aged or older. Labor Ministry officials behave as if unemployment is not an issue among people in those age groups.
The fact is that the partic... ...
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Court orders new probe into ELSTAT deficit figure
A council of appeals court judges on Thursday rejected the recommendation of a public prosecutor and ordered a new investigation into allegations that Greece’s 2009 public deficit figure was manipulated to pave the way for an international bailout.
The cl... ...
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Investors have little faith in stocks, bond
The failure of Portugal’s Banco Espirito Santo to pay its dues earlier this week continued to radiate jitters across European markets on Thursday, inflicting fresh losses on most Greek stocks. The Greek bond issue’s mediocre performance did not help matte... ...
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Bond issue seen as success under the circumstances
The Greek state raised 1.5 billion euros with an interest rate of 3.5 percent through Thursday’s three-year bond issue.
It may have failed to raise the desired amount of between 2 and 3 billion euros, but the government was determined to proceed with a ne... ...
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House price decline is biggest in the eurozone
House prices in Greece posted the steepest decline in the eurozone during the first quarter of the year, as a comparison of data compiled by the Bank of Greece with figures published on Thursday by Eurostat indicates.
According to the country’s central ba... ...
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