How the world sees Greece
The Greek champions defeated Malmo with two late goals to qualify to the Europa League’s final 32. Mitroglou, Chori Dominguez, Fouster and Afellay, the goals for the reds. At the same time, their Champions League journey has ended after Juventus drew to Atletico Madrid 0-0. La Vecchia Signora finished a point ahead of Olympiacos while Atletico finished top of the group and subsequently the first two spots that lead to the final 16.
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parthenon.jpg Home Page News Page Politics or Principles Many global investors limited to investment grade markets or developed markets, as defined by MSCI have no direct exposure to Greece. Nevertheless, recent developments in Greece are worrisome to investors. Many fear that the political challenges in Greece could lead to its ultimate exit from the monetary union and default. Many global investors limited to investment grade markets or developed markets, as defined by MSCI have no direct exposure to Greece. Nevertheless, recent developments in Greece are worrisome to investors. Many fear that the political challenges in Greece could lead to its ultimate exit from the monetary union and default. This concern has led to dramatic losses in Greek bonds and stocks. Today's decline in Greek stocks (10.2%) is the largest since 1987. The 70 bp rise in the benchmark 10-year yield is among the largest of the year. See Also links url: http://www.economywatch.com/world_economy/greece Title: Greece Economy See Also type: Reference Featured Report That You Might Like: Country Analysis Report: Greece, In-depth PESTLE Insights read more
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We're seeing red across the board around the world. Europe closed sharply lower. Britain's FTSE closed down 1.8%, France's CAC 40 closed down 2.3%, Germany's DAX closed down 2.0%, and Spain's IBEX closed down 3.0%. Asia markets got wrecked, led by the Shanghai Composite, which crashed by 5.4%. US stocks are in the red with the Dow down 218 points (1.2%); the S&P 500 down 25 points (1.2%); and the Nasdaq down 58 points (1.2%). Meanwhile, bonds are surging with the yield on the 10-year Treasury note falling to as low as 2.184% from 2.257% earlier Tuesday. Gold has also been rallying. "Angst reigns as Oil drops — and a trio of headlines (Greek Elections, China clamping down on Leverage in Credit, 'considerable time,' removal from Fed)," JonesTrading's Dave Lutz wrote ahead of the US opening bell. Let's unpack that trio a bit. Greece On Monday, Greek Prime Minister Antonis Samaras announced that Greece's presidential elections would be held Dec. 17, two months earlier than scheduled. "The presidential election is conducted by Greece's legislators, not its population," Mike Bird of Business Insider said. "But the government needs a super-majority to install a president, which it doesn't have," he wrote. "If it can't elect a president, that might precipitate a general election, and the radical Coalition of the Left (Syriza) is leading the polls." This uncertainty echoes the Greek crisis years ago. Greece's ASE index crashed, falling by more than 12% Tuesday. "Samaras today nominated Stavros Dimas, a 73-year-old former European Union commissioner, for the post," Bloomberg's Nikos Chrysoloras and Antonis Galanopoulos reported. "Samaras will have to rely on opposition votes to push through his pick for the mainly ceremonial post; without them, his government will fall." China China, the world's second-biggest economy, is slowing. And this has been expected as Chinese policymakers aggressively make moves to rein in loose credits, cool off the housing market, crack down on corruption, and shift the economy from one driven by exports to one driven by consumption. Earlier Tuesday, Chinese policymakers took another step in clamping down on loose credit. From Bloomberg News: "The nation’s clearing agency for exchanges said yesterday it won't allow bonds rated below AAA or sold by issuers graded lower than AA to be used as collateral for short-term loans obtained through repurchase agreements. The new rules sparked a retreat in lower-rated bonds of local government financing vehicles and contributed to a tumble in Shanghai shares as noteholders reassessed the appeal of owning such debt." On a somewhat unrelated note, the Shanghai Composite has been white-hot, as mom-and-pop retail investors have been opening brokerage accounts like crazy to play the Chinese stock market. The Shanghai Composite plunged 5.4% Tuesday. But despite the violent move, the index is still up 39% since the beginning of the year. 'Considerable Time' In the US, Fed-watchers are debating when the Federal Reserve will begin tightening monetary policy by raising interest rates. The Fed has been using the phrase "considerable time" to describe the period between the end of its bond-buying quantitative easing program and the first rate hike. Fed Chair Yellen once suggested that "considerable time" could be as short as six months. With QE ending in October and the US labor market improving sharply, experts warn that the Fed could soon drop the phrase "considerable time." "Senior officials have hinted lately that they’re looking at dropping this closely watched interest-rate signal, which many market participants take as a sign rates won’t go up for at least six months," The Wall Street Journal's Jon Hilsenrath reported Tuesday. Still, some Fed officials are arguing the opposite as inflation remains well below target levels. "For my purposes I am not in a rush to drop" "considerable time," Atlanta Fed President Dennis Lockhart said Monday. "Inflation is the one key element that does not seem to be consistent with what we are seeing in terms of growth and what we are seeing in the labor market. [If inflation] goes completely sideways or begins to indicate a decline, disinflation, then I think it will raise some concerns." The prospect for tightening and all of the uncertainty surrounding appears to have investors a bit more cautious lately. Some Context At around 2,040, the S&P 500 is down by around 2% from its intraday high of 2,079 which was set on Friday. It's also still up 10% for the year and up 206% from its March 2009 low. Stock market bulls have actually been warning investors to prepare for some heightened volatility. Charles Schwab's Liz Ann Sonders put it very bluntly at a media event Thursday, noting that the Black Monday crash of 1987 occurred in the middle of the secular bull market between 1980 and 2000. NOW WATCH: 6 Compelling Correlations That Make Absolutely No Sense OO.ready(function() { OO.Player.create('ooyalaplayer', 'E2c3ZvcToQEyEhYV2OhejNw5TK4KpH5o'); });Please enable Javascript to watch this video SEE ALSO: The Bond Market Doesn't Look Ready For What'll Likely Happen On Dec. 17 Join the conversation about this story »
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Stocks finished Tuesday mixed, but well off the lows, after all of the major indexes dropped sharply early in the day on Tuesday following overnight declines in Asian and European markets. First, the scoreboard: Dow: 17,806.7, -45, (-0.3%) S&P 500: 2,060, -0.1, (0%) Nasdaq: 4,766.9, +26, (+0.5%) And now, the top stories on Tuesday: 1. Stocks had an ugly morning. Overnight, the Shanghai Composite fell more than 5%, a sharp pullback after what's been a furious rally for Chinese stocks. The Shanghai Composite is still up by almost 40% in January. There was no apparent news connected with the move in Chinese stocks, but after going so far, so fast, some volatility is to be expected. But as Business Insider's Mike Bird reported: "Such rapid slumps will most likely be raising a few eyebrows." 2. Stocks in Greece lost more than 12% on Tuesday, the biggest one-day drop for Greek stocks since 1987. This crash followed news that the country unexpectedly pulled forward its presidential elections by two months to December 17. The main problem this poses for Greece is that its presidential election is conducted by its legislature, not its population, and so the government needs a super-majority to install a president. If this does not happen, then a general election would be called, with public polls currently lead by the anti-austerity group Syriza. 3. As equity markets sold off early in the day, "safe haven" assets like US Treasury bonds and gold were in rally mode. The yield on the 10-year Treasury note fell below 2.2%, while the 30-year yield fell to as low as 2.86%, the lowest level since 2012. Gold spiked as high as $1,240 an ounce. 4. The big stock news on Tuesday was that Abercrombie CEO Mike Jefferies would be stepping down from his post leading the teen retailer. Jefferies is leaving after more than two decades at the company. Abercrombie shares gained 8% on Tuesday. 5. Citi CEO Michael Corbat said that the bank would take a $3.5 billion charge in the fourth quarter related to investigations and restructuring. Corbat said, however, that the bank still expects to be "marginally profitable" in the fourth quarter. 6. In economic data, the latest NFIB report on small business showed that 45% of the survey's respondents reported "few or no qualified applications" for positions they sought to fill. This number, coupled with an increase in the number of firms that reported an increase in actual worker compensation in November, suggest that higher wages could be coming for America's workers. Don't Miss: The OPEC Era Is Over »Join the conversation about this story »
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Greek stocks suffered their worst day in decades on Tuesday as fears of a snap poll that could stall reforms and bring the country back to the brink of default resurfaced after the government brought forward the presidential election. Bond prices also dec... ...
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Greek airports broke the all-time arrivals record for a single year in just the first 11 months of 2014, as incoming traffic beat last year’s figure by 6 million passengers to reach 43 million. Passengers on domestic flights amounted to 11.24 million in J... ...
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A third suspect in a Greece home invasion has been arrested in New York City, according to Greece police. Members of the federal Bureau of Alcohol, ...
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By bringing forward a parliamentary vote to elect a new head of state, Greek Prime Minister Antonis Samaras is betting his political future and that of ...
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Athens stock exchange dropped 13% and investors registered their fears as the yield on 10-year debt jumped to 7.86%The Athens stock market plunged nearly 13% on Tuesday, its biggest one-day fall since December 1987, after the Greek prime minister’s shock decision to call early presidential elections.Markets feared that the high-stakes gamble by Antonis Samaras on Monday night could trigger early elections and pave the way to the stridently anti-austerity Syriza party assuming power. Voting for a new head of state will begin next week. Continue reading...
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ATHENS (Reuters) - Greek opposition leader Alexis Tsipras promised on Tuesday that if elected, he would swiftly scrap the country's EU/IMF bailout without waiting for the outcome of talks with lenders. Tsipras' pledge contrasted with the conservative ...
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ST PETERSBURG – The white flowers in the vase placed in front of the headless reclining sculpture were a sign of honor and respect, I learnt during a recent visit to the formerly imperial, later revolutionary and currently federal Russian city. Neverthele... ...
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GreekBoston.com®, the number one website for Greek Americans living in Boston, Massachusetts and the greater New England region, has recently launched a Greek Dating Information section on its website. I actually met my wife Tanya in 2003 at a GreekBoston ...
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His firm belief that the President of the Hellenic Republic should be elected directly by the people, in order to disconnect the process from the possibility of early elections, expressed Former Prime Minister Konstantinos Mitsotakis. At the same time, the experienced statesman and former President of New Democracy underlined that the country must not go to early elections without previously completing a constitutional reform, while he underlined that Greece needs “a minimum of understanding.” In an interview with the Greek Parliament’s TV network, Mitsotakis highlighted that “our country cannot thrive if there is not even a minimum of understanding. Ideally, there should be an agreement on the Constitution’s revision. Greece will not come out of the deep crisis if the Constitution does not change. No matter how many structural changes we make, they will not be enough. We need deeper cuts that can only be achieved through constitutional changes. Why cannot there be a discussion on the revision? Today the political dialogue has unfortunately been canceled. Insults are exchanged, instead of dialogue.” Regarding the election of the President of the Hellenic Republic, he said that “the fact that the Constitution of the post-junta regime, which has many weaknesses, connects the election of the President with the possibility of elections, creates this inconvenience Greece undergoes today. Things would be simple: the government would continue undisturbed – this or any government that would reflect the European majority that exists in the current parliament – if it wasn’t for the matter of the election of the President. Why could the President not be elected by the people and be done with it?” Finally, the Former Premier said he hopes the opposition agrees on a constitutional review, while stressing his disagreement with the possibility of early general elections: “I want to reiterate that we must not head to elections. I personally believe that there should be no elections. This government should end its four-year mandate, but we should not have elections without the Constitution’s revision.”
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Any delimitation of the Mediterranean between Egypt and Greece will not be acceptable if it affects Turkey's national interests, Prime Minister Ahmet ...
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Any delimitation of the Mediterranean between Egypt and Greece will not be acceptable if it affects Turkey's national interests, Prime Minister Ahmet ...
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Dec. 9 (Bloomberg) -- BlackRock Investment Institute Senior Director Peter Fisher discusses the global economy and central banks monetary policies on “Market Makers.”
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The Standing Committee of the Bern Convention on the Conservation of European Wildlife and Natural Habitats adopted a recommendation at its annual meeting last week, urging Greece to prevent habitat deterioration and ensure improved protection of SouthernBay. Indicative of the strong European reaction is the call for a permanent construction ban in the area. “The Council of Europe’s Bern Convention on the Conservation of European Wildlife and Natural Habitats, is aware of the severe pressures on the habitat due to construction interests since 2010,” said the organizations in a astatement. In July 2014, the Convention visited the area for an on-the-spot appraisal to assess the habitat and document conservation problems. As a result, at its annual meeting last week in Strasbourg, the Standing Committee of the Bern Convention unanimously adopted a Recommendation which is in direct conflict with a draft Presidential Decree (PD) that Greek authorities are currently promoting. Specifically, the draft PD legitimises illegal interventions that have been made to date in the site, such as illegal roads, and ignores the need to restore nature elements that have been destroyed, as in the case of the dune system. In contrast, the Bern Convention calls for the removal of any illegal constructions and restoration of the natural environment. The draft PD allows construction with few restrictions behind the core nesting area of loggerhead sea turtles (Caretta caretta), thus accommodating investor plans to build 47 beachfront summer houses. On the contrary, the Bern Convention calls for a permanent construction ban in this section. It must be noted that the Greek Ministry of Environment has previously ordered a temporary suspension of building permits, recognising in this way the need to preserve the area’s natural features. While the draft PD allows for sunbeds and umbrellas to occupy 30% of the beach, even in the core nesting site and although the local community has never requested to use the beach in such a way, the Bern Convention recommends that beach equipment licences are not issued for this area. The draft PD designates the site as a Regional rather than a National Park, in an effort to downgrade the need for protection measures and to consolidate the current uncontrolled situation, by transforming a natural area into a tourist and residential area. On the contrary, the Bern Convention calls for an appropriate protection status that may ensure long-term increased conservation of the natural habitats. “The Greek Ministry of Environment had the opportunity to move towards integrated spatial management of the site that would allow for long-term, low-impact and sustainable development to the benefit of both the local community and the sea turtles,” reads the organizations press release. “Instead, authorities have chosen to “succumb” to short-sighted, visionless, construction and business interests and are fast-tracking a Draft Presidential Decree, which legitimises the illegal interventions made in the nesting area and – on the pretext of environmental “protection” – allows for intensive and complete build-up of a virtually pristine coastal area.” Given the fact that the European Commission has already referred Greece to the Court of Justice of the European Union for failing to ensure the protection of marine turtles in Southern Kyparissia Bay, the Recommendation of the Bern Convention may be a herald of the country’s’ condemnation. Environmental organisations ARCHELON, MEDASSET and WWF Greece express their deep concern about these developments, and ask the Greek Minister of Environment, Mr. Maniatis, and the Ministry’s General Secretary, Ms. Giannakopoulou, to consider their international responsibilities and revise the entire Draft Presidential Decree based on the Bern Convention Recommendation.
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The importance of the implementation of a natural gas corridor between Israel, Cyprus, Greece and Italy (East Med Corridor) for EU’s energy security was discussed at the meeting that took place in Brussels between Commissioner for Energy Completion Maro Sefkovitc and the Energy Ministers of Cyprus and Greece, Giorgos Lakkotrypis and Giannis Maniatis. The Israeli Energy Minister Shilvan Shalam, who had co-signed a letter with his Greek and Cypriot counterparts addressed to Sefkovitc, was due to take part in the meeting as well but could not make it due to pre-election duties. Lakkotrypis called on Sefkovitc to support the area’s countries in their effort to evaluate the different politically viable options for the economic exploitation of the natural gas deposits, so that the EU can benefit. (source: CNA)
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Investors spooked by possibility of radical left Syriza party gaining power
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Cyprus said on Tuesday it has joined forces with Israel and Greece to get the European Union to consider a pipeline that would link the continent with newly found natural gas fields in the Eastern Mediterranean. A statement said Cypriot Energy Minister Gi... ...
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Police and the fire service in Larissa, central Greece, were investigating the exact circumstances of the death of a man whose charred body was discovered Tuesday on a construction site in the city. Local residents had called the authorities to the scene,... ...
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Greece’s prime minister named his candidate for the presidency the day after making a risky decision to move up the vote. The uncertainty reflects the pressure Europe’s long economic crisis is putting on political establishments.
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Greek main opposition SYRIZA leader Alexis Tsipras expressed his confidence earlier today that his party is ready to govern the country, stressing that such a development would signal “a time of change and hope” for Greece and Europe in general. “SYRIZA will provide solutions for the benefit of the people and the country,” he underlined while referring to the recent developments during a SYRIZA event on tourism. Furthermore, Tsipras declared that in a period when the country is heading toward a confrontation, the dilemmas would be whether austerity must continue or not, whether there should be an increase in medicine taxation or not, whether lay-offs should be liberalized and the poor pensioners’ benefit should be abolished or not. Addressing the Greek people, he urged them to display “democratic vigilance,” while declaring that it is not the markets that determine the people’s right to dignity. The Greek voters were being terrorized by the spectre of a possible continuation of the “torture of new measures,” he added. Commenting on the acceleration of the Presidential election process, Tsipras attacked the coalition government saying that “the speeding up of the procedures for the Presidential election by a Parliament that is politically de-legitimized and unable to give the broad consensus that the legislation requires for the election of the President of the Hellenic Republic, is effectively equal to the speeding up of the processes that will lead to general elections. The speeding up of the processes – which, in effect, the main opposition has been asking for sometime now and which the government rejected as a so-called proposal of destabilization and uncertainty – yesterday became the government’s initiative out of necessity and not by choice. Because its policy has now reached destructive stalemates; because the society’s reaction to this policy has now become universal… In that respect, the speeding up of developments is an important popular and democratic victory,” while estimating that “in the upcoming elections, there will be a confrontation of two distinctive alternative political plans for our country: On one hand, Antonis Samaras’ plan that wants to turn the Memorandum into a regime. This is also described in the e-mails to the Troika and the revelations on the social security system, the cuts, the new taxes. On the other hand, there is SYRIZA’s political plan, with specific and firm steps, with confidence and security, from the first day of the new governance, just as we described at the Thessaloniki International Fair.”
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GREENVILLE, S.C. — Fraternities and sororities at Clemson University decided not to have any more "theme" parties that poke fun at a particular ...
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Greek financial markets plummeted on Tuesday as investors took fright at the prospect of the radical Syriza party taking power and forcing the country out of the single currency.
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Rochester, NY (WROC)- A Brooklyn man has been arrested for his role in a home invasion robbery in Greece. Gary D. Lambert was taken into custody ...
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Five years after Greece's confession of fiscal delinquency plunged the eurozone into an existential crisis, a combination of febrile domestic politics and ...
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Prime Minister Antonis Samaras of Greece pressed ahead Tuesday with his decision to accelerate the timetable for the presidential election.
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US stocks are coming back. After a broad-based sell off earlier this morning, the US stock indexes have come roaring almost all of the way back. The Nasdaq is leading the move higher moving into positive territory, though the Dow and S&P 500 are still in negative territory, but well off their lows of the day. Near 2:00 pm ET, the Dow was down 80 points, the S&P 500 was down 5 points, and the Nasdaq was up 17 points. Earlier, the Dow was down well over 200 points, the S&P 500 was down 25 points, and the Nasdaq was down almost 60 points. Earlier on Tuesday, an overnight tumble in Shanghai sent markets around the world tumbling, and stocks in Europe and Asia all closed lower on Tuesday. European markets were also roiled by developments out of Greece, as the presidential election in that country was unexpectedly pulled forward by two months to December 17. Stocks in Greece fell more than 12% on Tuesday. In the US, markets were in "risk off" mode early on Tuesday, sending the price of gold higher and the yield on long-dated US Treasury bonds lower. Join the conversation about this story »
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The Greek stock market plunged by the most most in decades on concerns that the country is heading for a political crisis that could put at risk its ...
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German Finance Minister Wolfgang Schaeuble said Greece still has reforms to complete after markets tumbled over the government's decision to risk ...
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Markets tumble on China, Greece worries (current headline)? The author spoke to all the people and came to this conclusion? Or is it the typical ...
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The nominee for President of the Hellenic Republic was the talk of the day, or wait a minute, it was the 12.78% plunge of the Athens Stock Exchange, or the guessing of the date of the Greek general elections, or the 30th day of Nikos Romanos’ hunger strike. Still, in the past few months, the words “President of the Republic” pop in everyone’s lips on a daily basis. The President of the Hellenic Republic, the head of state, the most important citizen in Greece, the protector of our democratic institutions, a revered political figure. But if we look at it on a realistic basis, the President of the Republic has no legislative or executive power, no influence on political decisions and actions. He is a mere figurehead, his position simply decorative, a protocol necessity. And highly paid at that. Yet, this is probably the first time in Greece’s political history that the presidential election has so much importance bestowed upon it. This time, the government depends on it. The New Democracy and PASOK coalition has nominated an excellent politician with laurels from his stay as European Commissioner for the Environment, generally acceptable by most MPs, left and right of the spectrum. Stavros Dimas is all that but he has very little chances of being elected. Not because he doesn’t deserve it but because the current political situation won’t allow it. Main opposition SYRIZA wouldn’t vote for President even if the nominee was the Dalai Lama. They see the end of the presidential term in February as a bona fide opportunity to force general elections since they have a solid lead of five percentage points in opinion polls. Naturally, they won’t vote for Dimas, and, naturally, they will push it until the end. SYRIZA leader Alexis Tsipras has already stated that December 29 – the date of the third presidential ballot – will be the end of the coalition government. The Greek Communist Party (KKE), Independent Greeks (ANEL) and Democratic Left (DIMAR) also oppose the election of President from the present Parliament. Why then Prime Minister Antonis Samaras chose Dimas, an exceptional New Democracy member, to send as sacrificial lamb in a ballot that, deep inside, he knows he has very little chances in winning? Because right now, he is very far from getting the 180 votes he needs in the third ballot to get elected. As SYRIZA members like to say, it is easier for us to get the 121 needed to vote against, than the coalition to get 180. Not to mention that Tsipras has indirectly implied that the independent MPs who will vote in favor of the President would have been manipulated or bribed. Samaras said that Dimas is “apparently” the nominee for all three ballots. What if that “apparently” means that he has an ace up his sleeve that he will throw on the table on the third and most crucial ballot? Maybe he has a nominee standing by who is so acceptable by everyone, that all independent MPs will gladly give their vote. Because despite the qualities, achievements and acceptability of Mr Dimas, he is not the person who will make naysayers change their stance. If Samaras has no alternative nominee standing by, then the whole procedure will be much ado about nothing.
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Global stock markets slumped Tuesday as oil prices struck fresh five-year lows, China clamped down on speculative trading and Greece sparked renewed worries about the eurozone. "Misery loves company; never has this been truer than on the markets today ...
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Greece’s prime minister named his candidate for the presidency the day after making a risky decision to move up the vote. The uncertainty reflects the pressure Europe’s long economic crisis is putting on political establishments.
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Varied were the responses of the Greek opposition parties, following the announcement of the Presidential ballot dates as well as the Stavros Dimas candidacy proposed by the coalition government partners, Prime Minister and New Democracy leader Antonis Samaras, and government Vice President and PASOK leader Evangelos Venizelos. In an announcement published yesterday night, main opposition SYIRZA underlined that as emerged from the 2015 budget vote results (passed with 155 votes), there can not be “clear government majority corresponding to the minimum number of 180 MPs required by the Constitution for the election of a new President of the Hellenic Republic. The decision – in consultation with the Troika – to expedite the Presidential election, is a desperate attempt to hide the new measures, while it blackmails the MPs’ vote. It will not succeed.” Furthermore, the main opposition party declared that the acceleration of the Presidential election was long-expected and it is welcomed, “as it brings closer the only redemption prospect for the people and the country, which is to resort to general elections.” On its behalf, the Greek Communist Party (KKE) underlined that “the acceleration of the election of a new President of the Hellenic Republic is included in the planning for escalation of aggression against the people, with new barbaric measures that are promoted, regardless of any extension of the Memorandum and the transition to a new monitoring phase,” adding that the developments “require direct popular intervention, without any delay in the name of waiting for the negotiation, the Parliament votes and the possible elections.” The Independent Greeks (ANEL), with a statement by its spokesperson, Terence Quick, repeated that the party has already expressed with “openness and honesty” that a page break is required for Greece and the country should head to elections immediately. “We start a national war for our country and our dignity, defending our homes and our children,” he concluded. Former government partner Democratic Left (DIMAR), underlined that the party, by decision of its recent convention, “has spoken out against the election of a new President of the Hellenic Republic by the current Parliament on the ground that it is not willing to help the extension of political deadlocks, such as those followed by the current government. Political developments and the election issue will be discussed at a joint meeting of the Executive Committee and the Parliamentary Group of DIMAR to be held tomorrow afternoon.” Finally, “To Potami” highlighted that it has already suggested to the other parties to “agree and choose for President a citizen who will express the dynamics hidden inside the Greek society and not a former politician,” while attacking the coalition government partners for moving in the sense of “recalling reserves,” while SYRIZA refuses to tell the Greeks who should be the next President of the Hellenic Republic “since it only seems to care about the ministerial chairs.”
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Tension broke this morning in downtown Athens’ Syntagma Square, since the Syrian refugees that have been camped at the square, protesting for the last 20 days, are refusing to let the state transfer women and children to accommodation centers. The refugees have also started a hunger strike in protest against the Greek state for not granting them legal documents so that they can move on to other countries. The Syrians stated that they will not accept the state’s proposal in fear that such a move would lead to the selective granting of valid passports. Meanwhile, their decision has left 70 Syrian women and children, who are suffering due to bad weather and exhaustion, without a home. Shouting slogans such as “passports for everyone” and “all or no one” the Syrians demanded that the state provides valid passports to all refugees without exception, despite the fact that it was made clear to them that the law will not permit such an act. Representatives from the Greek Interior Ministry arrived at the square in an attempt to properly inform the refugees about the current situation. When tension broke and the fighting began, a small boy fainted. Athens Mayor Giorgos Kaminis noted: “The fact that certain people are using children as a shield and they are not letting them be hosted in accommodation centers along with their mothers, is unacceptable.”
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In the maelstrom of political uncertainty – after the announcement of the acceleration of the Presidential election – moved today the Athens Stock Exchange (ASE), as concerns regarding the country’s political developments seem to affect Greek banks. The main index lost 132 points on its worst performance since 1987, while all sectors posted losses in excess of 6%. Utilities, banks and industrials were hit the most. The lack of buyers led the Greek General Index to a free fall, as within the day it recorded losses of more than 13%, to finally close at 902 points, with a drop of 12.78%. The National Bank of Greece (NBG) equities recorded loss of 20%, while the Public Power Corporation (PPC), dropped by 23%. At the same time, major losses of over 15% recorded the equities of Piraeus Bank, Alpha Bank and Greek Organization of Football Prognostics (OPAP). According to press leaks by well-informed sources, there has not yet been recorded a “run off” of deposits but in many bank branches, customers asked about the expiration of their time deposits, while requested from the banks to be informed in advance of a possible renewal of their deposit programs. At the same time, bank officials said that they can not yet talk about fleeing deposits but the movement in bank branches reveals that “the depositor engines have begun to heat.” The investors’ lack of trust and fear of political uncertainty was also reflected in the bonds market. The Greek 10-year bond recorded an increase of approximately 65 basis points. It should be noted that after a deceleration of about 7.2% that was recorded – from the 8% level it reached when Greece proclaimed the end of the Memorandum ahead of schedule – the 10-year bond returned to the level of 8% for the first time. Transaction activity came very strong, ending above 217 million euros.
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by Associated Press US stocks move lower, following global declines Associated Press - 9 December 2014 12:01-05:00 NEW YORK (AP) — U.S. stocks are sharply lower in midday trading following a slump in global markets. European markets slid after an early presidential vote was called in Greece, which investors feared could jeopardize the struggling country's bailout program. Stocks also fell in China after regulators there tightened rules for lending. The Dow Jones industrial average dropped 164 points, or 0.9 percent, to 17,690 as of noon Eastern time. The Standard & Poor's 500 index fell 16 points, or 0.8 percent, to 2,043. The Nasdaq composite lost 25 points, or 0.5 percent, to 4,714. The price of crude oil rebounded from a dip the day before, rising 58 cents to $63.63 a barrel in New York. Government bond prices rose. The yield on the 10-year Treasury note slipped to 2.21 percent. News Topics: Business, General news, Stock prices, Stock indices and averages, Financial markets, Stock markets, Leading economic indicators, Economy Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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| READ THE ORIGINAL POST AT www.neurope.eu |
Greek stocks got absolutely wrecked today, crashing by nearly 13%. That's all on the back of the prime minister announcing early presidential elections. People don't think he has enough support from Greece's parliament to get a president approved, which would cause a snap general election. And according to most polls, that election would be won by Syriza, a crew of radical left-wingers who are demanding an end to Greece's austerity. Due to a weird Greek electoral law, if they got the most votes in a snap election, Syriza would be granted an extra 50 seats in parliament, strengthening them even more. But what do they actually want? The first thing to know is that Syriza isn't really a political party as such: It's a coalition. For example, although Syriza's position isn't to abandon the use of the euro, the Left Platform bloc that makes up a big chunk of the alliance does want to quit the single currency. As a result they haven't got a crystal clear manifesto full of policies, but between the statement of intent published at their conference in 2013, and a speech given by leader Alexis Tsipras in September, we can get a pretty good idea. A lot Syriza's economic platform relates back to the Memorandum of Understanding between Greece and its international lenders, known as the Troika (the IMF, European Commission and European Central Bank). The agreement has meant some severe economic changes for Greece, like heavy reductions to public-sector pay, and Syriza want the whole thing torn up. Tsipras gave a speech in Thessaloniki three months ago that provides the building blocks of Syriza's programme: A haircut for bondholders. This means Greece's government getting a boost simply by refusing to pay its creditors what was agreed. This sort of thing happened to people who owned bank bonds in Cyprus last year, and similar debt restructuring has been common in countries like Argentina. It's effectively a form of default. Free electricity: State spending would accelerate quite dramatically. Syriza's basic programme includes a ration of free electricity and heating for Greek households, as well as food and rent subsidies, and the restoration of free health care, as well as a €13 billion plan to restore pensions which have been clipped by various reforms. This would all undoubtedly send the Greek deficit up significantly. Everything funded by the ECB: Since Greek bond yields (the typical cost of financing a government deficit) are elevated, Tsipras wants the spending to be financed by the European Central Bank, simply by buying up Greek debt directly from the government. Tax the rich: Syriza wants a lot of taxes that have been brought in over recent years to be removed, and for the income tax threshold to go back to €12,000, from the €5,000 it's at now. They've clashed with the Greek finance ministry about this. They also want to crack down on tax evasion, especially on Greece's wealthiest people. A massive job creation programme, which the coalition wants the EU to fund. Greek unemployment is above 25%, and youth unemployment is above 50%. Writing off the bank debt of people who can't afford it. That's one of the reasons that bank shares have been among the worst-hit in today's brutal stock sell-off. The bottom line of all of this is that it's extremely expensive. The disagreements between Syriza and the finance ministry as to whether this will all cost are pretty cosmetic. With 10-year bond yields at over 8%, any extra spending will be very difficult. Government spending might well be a very positive thing for Greece right now, but borrowing in a currency that it's not in charge of complicates that. So the Syriza programme also implies almost no co-operation at all with European institutions. The coalition is demanding things from the ECB and European Union that it simply won't do (like fund its programmes). That means that for the first time, there may be an entire EU member state just refusing to go along with European policy, which is a massive challenge for the whole continent.Join the conversation about this story »
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Greece's Athex Composite GD, -12.78% tanked almost 13% Tuesday — the biggest drop for the index on record, according to FactSet. The renewed ...
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| READ THE ORIGINAL POST AT www.marketwatch.com |
GREECE is back in the headlines today: the Athens stockmarket crashed by more than 10% in intraday trading, and in an echo of the years of euro ...
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| READ THE ORIGINAL POST AT www.economist.com |
Greece has announced it will bring forward a key presidential vote by two months, in a gamble to end political uncertainty. The decision to move the ...
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| READ THE ORIGINAL POST AT www.euronews.com |
Meanwhile, Greece's move to bring forward the process for choosing a new head of state risks triggering parliamentary elections that could put in ...
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| READ THE ORIGINAL POST AT www.bloomberg.com |
Greece's benchmark stock index dropped 13 per cent and the bond market signalled investors are concerned about short-term disruptions, as the ...
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| READ THE ORIGINAL POST AT business.financialpost.com |
Investors rattled by prospect of new eurozone crisis amid slowdown in global economyLeading shares suffered their biggest daily fall since the middle of October, hit by renewed fears about the global economy, uncertainty in Greece following snap presidential elections and a surprise profit warning from Tesco.The FTSE 100 finished 142.68 points or 2.14% lower at 6529.47 as a combination of worries unsettled investors. The Athens market recorded its biggest one day fall since 1987, with the country failing to exit its bailout amid uncertainty over its political future after the election news.Markets don’t like surprises but had three big ones on Tuesday that sent European shares for a tumble. China shocked markets by tightening credit conditions by raising collateral standards on loans only weeks after loosening conditions by cutting interest rates. At the same time Greece announced it will bring forward its Presidential election to this month and Tesco announced a big surprise profit warning.Chinese regulators have made lower-rated bonds ineligible as collateral for loans in an attempt to block the rise of margin trading and short selling. Chinese authorities are engaging in selective tightening and easing within the economy attempting not to reinflate the housing/credit bubble but also support growth in key areas needed to boost domestic consumption.Following on from the takeover bid not materialising, we believe these results are not as strong as one would have hoped to recover more of the lost ground, price-wise. The industry is fast evolving which presents some risks to the business so it is highly encouraging to see the changes it is making to address the shifting dynamics. We do think private equity interest in this space will remain high given Iomart remains a highly profitable and cash generative business. Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
by Associated Press Quotes from AP Global Football 10 voters Associated Press - 9 December 2014 11:39-05:00 LONDON (AP) — Quotes from voters in this week's Associated Press Global Football 10: ___ Tom Timmermann, St. Louis Post-Dispatch, United States "It's like old times with Barcelona and Real Madrid on top, running 1-2 as the best in the world. And it's also like old times with Manchester United moving back into the top 10. At various points in the season, I didn't think that was possible." ___ Leonardo Bertozzi, ESPN, Brazil "Real (Madrid) have 18 straight wins after beating Celta Vigo. Looking at their next games, it is hard to imagine an end." ___ Sam Tighe, Bleacher Report, England "Jack Colback deserves tremendous commendation for the job he did in midfield for Newcastle against Chelsea this weekend. He was arguably the best player on the park and helped end Chelsea's unbeaten run." ___ Aurelio Capaldi, RAI Sport, Italy "Espanyol took the lead in Barcelona's derby and the 5-1 victory for Luis Enrique's men has a lot to do with the Argentinian genius (Lionel Messi)." ___ Ubiratan Leal, trivela.com, Brazil "I am always impressed by how solid Chelsea has been this season. I can't help myself but recognize the value of the first team to beat them (Newcastle)." ___ Marco Monteverde, News Corp. Australia "Barcelona delivered in a big way in their derby against Espanyol just days after their second-string line-up had a comprehensive win in the Copa del Rey." ___ Manos Staramopoulos, Dimocratia, Greece "Both great aces (Messi and Cristiano Ronaldo) scored three goals. Ronaldo led Real (Madrid) to the 18th consecutive victory in all competitions, equaling the record of Barcelona in the 2005-06 season." ___ Shinatro Kano, Kyodo News, Japan "Ronaldo has been the definition of unstoppable. What more can you say when he has 10 more goals than Messi and his team has won 18 in a row - all before the midpoint of the season." ___ Tito Puccetti, ESPN, Argentina "Barcelona was the Barcelona it used to be. The return of Messi at his level but also Xavi (Hernandez) showed in the intensity of their football and nearly 130 successful passes (by Xavi) is an example of this." ___ Chris Tait, The Herald, Scotland "Lionel Messi became La Liga's all-time top scorer with a hat trick earlier this season. On Saturday, Cristiano Ronaldo scored three times to become the player with the most trebles to his name in Spanish football. Anything you can do ..." News Topics: Sports, Men's sports, Professional soccer, Soccer, Men's soccer People, Places and Companies: News Corp, Luis Enrique, Lionel Messi, Cristiano Ronaldo, Madrid, Barcelona, United Kingdom, Spain, Western Europe, Europe Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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by Associated Press Cyprus, Israel, Greece push EU gas pipeline link Associated Press - 9 December 2014 11:41-05:00 NICOSIA, Cyprus (AP) — Cyprus says it has joined with Israel and Greece to get the European Union to consider a pipeline that would link the continent with newly found natural gas fields in the eastern Mediterranean. A statement Tuesday said Cypriot Energy Minister Giorgos Lakkotrypis and his Greek counterpart Yiannis Maniatis pitched the idea to European Commission Energy Union chief Maros Sefcovic. The officials told Sefcovic in Monday's meeting that the proposed East-Med Corridor would have a capacity of 8-12 billion cubic meters and would link Israel, Cyprus, Greece and Italy. They said the pipeline would buttress the EU's energy security because it would pass mostly through bloc member countries. Maniatis said EU-funded studies would confirm preliminary research on the project's technical feasibility and economic viability. News Topics: Business, Oil and gas industry, Oil and gas transportation, Energy industry, Industries People, Places and Companies: Cyprus, Europe, Greece, Western Europe Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Paris (AFP) - Liverpool face a must-win showdown with Basel, Juventus need a point against Atletico Madrid to reach the last 16 and Russian-owned Monaco host Russian side Zenit in the Champions League on Tuesday.AFP Sport looks at the final round of games in Groups A, B, C and D: Group AOLYMPIAKOS (GRE) v MALMO (SWE)Olympiakos head into their final Group A game at home to Malmo still in with a chance of reaching the knockout stage for the second season running. However, even a win in Piraeus may not be enough for the Greek champions, who must beat Malmo and hope Juventus lose at home to already-qualified Atletico Madrid if they are to go through. Michel's side have had a bad few days domestically, a defeat at home to title rivals PAOK and a 2-2 draw with PAS Giannina on Saturday seeing them slip four points off the lead in the Greek Super League. However, they will hope for another memorable Champions League night at their Karaiskakis stadium, where they have already beaten Atletico and Juventus this season. Swedish champions Malmo, meanwhile, know that a repeat of their win in the reverse fixture in October would see them pip Olympiakos to third place and a spot in the Europa League. JUVENTUS (ITA) v ATLETICO MADRID (ESP)Memories are still fresh among Juventus fans of their elimination in the group stage last season and the Italian champions are desperate to avoid a repeat as they entertain Atletico Madrid in their final Group A game in Turin. The Serie A leaders need just a point to be sure of progressing and a win by two goals or more would even see them pip Atletico to first place. However, if they lose and Olympiakos win at home to Malmo, they will be out. Spanish champions Atletico, last season's beaten finalists, are already through and can afford to lose by no more than a single goal and still qualify as section winners. Atletico, who have won 10 of their last 11 games in all competitions, are without defensive duo Joao Miranda and Cristian Ansaldi. Simone Padoin could come into the starting line-up for Juve, who drew 0-0 at Fiorentina on Friday. Group BLIVERPOOL (ENG) V FC BASEL (SUI)It is all or nothing for Liverpool as they host Basel at Anfield. Only a win will be enough to take the Reds through to the last 16 for the first time since 2009. Anything else and Basel, who were convincing 1-0 winners when the teams met in Switzerland in October, will go through instead.Liverpool are enduring a frustrating campaign but are hoping for another memorable Anfield night to match that of exactly 10 years ago, when Steven Gerrard inspired the Reds to a 3-1 win over Olympiakos that was required to progress from their group and which proved the catalyst to eventual glory in Istanbul.Brendan Rodgers's side are still without Daniel Sturridge while Mario Balotelli is a doubt. Marco Streller is fit again for Basel and midfielder Serey Die is back from a ban. REAL MADRID V LUDOGORETS RAZGRAD (BUL)With reigning European champions Real Madrid already through to the last 16 as group winners having won all five Group B games so far, and Ludogorets out, there is not much at stake at the Santiago Bernabeu. However, Carlo Ancelotti's side are looking for a 19th consecutive win in all competitions. Doing so would see them set a new Spanish record after they matched the mark of 18 set by Frank Rijkaard's Barcelona in 2005/06. After he scored his 200th goal in La Liga in completing a record 23rd hat-trick in Spain's top flight in the 3-0 weekend win against Celta Vigo, Ludogorets will be hoping Madrid opt to rest Cristiano Ronaldo. Elsewhere, a calf injury to James Rodriguez has been causing some concern for Madrid. Bulgarians Ludogorets, who have lost just once in 11, could yet snatch third place and a Europa League berth, either with a win or if they draw and Liverpool lose at home to Basel.Group CMONACO (FRA) v ZENIT ST PETERSBURG (RUS)It is all to play for as Monaco take on Zenit St Petersburg in the Mediterranean principality. Monaco, whose revival has come about since they were taken over by Russian billionaire Dmitry Rybolovlev three years ago, need just a point to advance to the last 16 at Zenit's expense and they can also win the group by bettering Bayer Leverkusen's result in the night's other game. However, they must do without the suspended Ricardo Carvalho and the injured Layvin Kurzawa.Meanwhile, Zenit make the trip fresh from a 4-0 win over Krasnodar that left them seven points clear in the Russian Premier League. Zenit, held 0-0 at home by Monaco in the reverse fixture, know only a win will do if they are to reach the last 16 for the second season running. Anything less and they will have to settle for a place in the Europa League. They could also win the group if they beat Monaco and Leverkusen lose at Benfica. BENFICA (POR) v BAYER LEVERKUSEN (GER)Leverkusen are already through to the last 16 for the second season in succession but only a win against Portuguese champions Benfica in Lisbon will guarantee them first place in Group C. A draw will also be enough, as long as Monaco fail to beat Zenit, and Roger Schmidt's side should be confident having already beaten Benfica 3-1 in Germany in October. Benfica, Europa League finalists in each of the last two seasons, are already certain to finish bottom of the section. Group DGALATASARAY (TUR) v ARSENAL (ENG)Arsenal are already through to the last 16 as they head to Istanbul for the second time this season to face Galatasaray. However the Gunners, who beat Besiktas in a play-off to reach the group stage, know the importance of winning the group and the easier draw that would almost certainly follow in the next round as a result. To finish first, they must beat their Turkish hosts and hope Borussia Dortmund lose at home to Anderlecht.Arsene Wenger's side make the trip with confidence fragile after their 3-2 defeat at Stoke City in the Premier League on Saturday. Turkish league leaders Galatasaray are already out, but they are unbeaten in their last five home meetings with English sides and their form has improved of late, with three straight wins since coach Cesare Prandelli was sacked. He has been replaced by Hamza Hamzaoglu, who will have to do without suspended Selcuk Inan. BORUSSIA DORTMUND (GER) v ANDERLECHT (BEL)Already through to the last 16, Dortmund need only draw at home to Anderlecht to be certain of advancing as Group D winners. Jurgen Klopp's side have saved their best form for Europe this season but they come into this game boosted by a 1-0 win at home to Hoffenheim in the Bundesliga on Friday. Anderlecht, who are already certain to finish third and parachute into the Europa League, are coming off the back of a 4-2 defeat at Mouscron at the weekend and lost 3-0 at home to Dortmund in October.Join the conversation about this story »
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Greek stocks got absolutely wrecked today, crashing by nearly 13%. That's all on the back of the prime minister announcing early presidential elections. People don't think he has enough support from Greece's parliament to get a president approved, which would cause a snap general election. And according to most polls, that election would be won by Syriza, a crew of radical left-wingers who are demanding an end to Greece's austerity. Due to a weird Greek electoral law, if they got the most votes in a snap election, Syriza would be granted an extra 50 seats in parliament, strengthening them even more. But what do they actually want? The first thing to know is that Syriza isn't really a political party as such: It's a coalition. For example, although Syriza's position isn't to abandon the use of the euro, the Left Platform bloc that makes up a big chunk of the alliance does want to quit the single currency. As a result they haven't got a crystal clear manifesto full of policies, but between the statement of intent published at their conference in 2013, and a speech given by leader Alexis Tsipras in September, we can get a pretty good idea. A lot Syriza's economic platform relates back to the Memorandum of Understanding between Greece and its international lenders, known as the Troika (the IMF, European Commission and European Central Bank). The agreement has meant some severe economic changes for Greece, like heavy reductions to public-sector pay, and Syriza want the whole thing torn up. Tsipras gave a speech in Thessaloniki three months ago that provides the building blocks of Syriza's programme: A haircut for bondholders. This means Greece's government getting a boost simply by refusing to pay its creditors what was agreed. This sort of thing happened to people who owned bank bonds in Cyprus last year, and similar debt restructuring has been common in countries like Argentina. It's effectively a form of default. Free electricity: State spending would accelerate quite dramatically. Syriza's basic programme includes a ration of free electricity and heating for Greek households, as well as food and rent subsidies, and the restoration of free health care, as well as a €13 billion plan to restore pensions which have been clipped by various reforms. This would all undoubtedly send the Greek deficit up significantly. Everything funded by the ECB: Since Greek bond yields (the typical cost of financing a government deficit) are elevated, Tsipras wants the spending to be financed by the European Central Bank, simply by buying up Greek debt directly from the government. Tax the rich: Syriza wants a lot of taxes that have been brought in over recent years to be removed, and for the income tax threshold to go back to €12,000, from the €5,000 it's at now. They've clashed with the Greek finance ministry about this. They also want to crack down on tax evasion, especially on Greece's wealthiest people. A massive job creation programme, which the coalition wants the EU to fund. Greek unemployment is above 25%, and youth unemployment is above 50%. Writing off the bank debt of people who can't afford it. That's one of the reasons that bank shares have been among the worst-hit in today's brutal stock sell-off. The bottom line of all of this is that it's extremely expensive. The disagreements between Syriza and the finance ministry as to whether this will all cost are pretty cosmetic. With 10-year bond yields at over 8%, any extra spending will be very difficult. Government spending might well be a very positive thing for Greece right now, but borrowing in a currency that it's not in charge of complicates that. So the Syriza programme also implies almost no co-operation at all with European institutions. The coalition is demanding things from the ECB and European Union that it simply won't do (like fund its programmes). That means that for the first time, there may be an entire EU member state just refusing to go along with European policy, which is a massive challenge for the whole continent.Join the conversation about this story »
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| READ THE ORIGINAL POST AT www.businessinsider.com |