Once again, Greek politics are a focus of global attention as voters head to the polls for a snap parliamentary election on Jan. 25. Observers are ...
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How the world sees Greece
Thursday, January 8, 2015
Spreads widen, stocks down as market reacts to crisis in Greece
In Greece, spreads on the CDS securities shot up in response to the December 29 snap election results. The five-year Greece CDS spread index, ...
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Investor fears in Greece send yields up, market index down
Greece (GREK) is making headlines on a regular basis these days. The country's internal political strife appears to be threatening the entire ...
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Hoteliers grateful for weaker euro, oil drop
Fluctuating foreign currency rates may affect the number of tourism arrivals in Greece this season to a greater extent than in the last few years, according to the president of the Hellenic Hotel Federation, Yiannis Retsos. The weakening of the euro – aga... ...
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Very high rate of EU fund absorption
Greece achieved one of the highest rates of European Union subsidy absorption in 2014, according to the Development Ministry, as it managed to avoid losing out on any contributions from Brussels from any funding program. The country invested 3.64 billion ... ...
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Unemployment keeps decreasing in Greece
The slight but steady decline in the unemployment rate continued in October 2014, when it dropped to 25.8 percent from 26 percent in the previous month and from 27.8 percent a year earlier, the Hellenic Statistical Authority (ELSTAT) announced on Thursday... ...
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STIGLITZ: 'The Issue Is Not Greece. It Is Europe.'
FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors. Nobel Prize Winning Economist: "The Issue Is Not Greece. It Is Europe" (Project Syndicate) Many are once again worried about Greece. However, the Nobel Prize winning economist Joseph Stiglitz doesn't think that Greece should be the EU's number one concern right now. "This issue is not Greece. It is Europe," writes Stiglitz. "If Europe does not change its ways — if it does not reform the eurozone and repeal austerity — a popular backlash will become inevitable. Greece may stay the course this time. But this economic madness cannot continue forever." "What Europe needs more than structural reform within member countries is reform of the Eurozone itself, and a reversal of austere policies, which have failed time and again to reignite economic growth," writes Stiglitz. Morgan Stanley Snagged A $6.5 Billion Team From Merrill Lynch (The Wall Street Journal) Morgan Stanley signed a $6.5 billion, three-partner team, the Stephans Van Liew and Oiler Group, which is based in Chicago, reports Michael Wursthorn. They were previously at Merrill Lynch's Private Banking & Investment Group, which services ultra-wealthy clients university endowments, corporate pension plans and family offices, among other institutions. Investors Should Be Prepared For The Top 5 Possible Surprises In 2015 (Charles Schwab) "Currently, there is a high degree of confidence among market participants — ourselves included — in several outcomes for 2015. That could lead some investors to take it for granted that they are sure to happen," writes Jeffrey Kleintop. Kleintop also notes potential outcomes that could surprise investors including: 1) China's growth accelerates, 2) the Federal Reserve doesn't raise interest rates, 3) Europe implements aggressive stimulus, 4) the dollar falls, and 5) stock market volatility surges. An Ex-Broker Has To Pay Over $750,000 After A Scheme To Profit From Terminally Ill Patients (Reuters) "A New York broker who participated in a scheme to profit from the death of terminally ill patients through variable annuity sales must return $768,000 in commissions, a US Securities and Exchange Commission judge ruled on Wednesday," reports Suzanne Barlyn. Moshe Marc Cohen, the broker, may ultimately be disqualified from holding a license because he was found to have engaged in securities fraud. When Reuters attempted to reach out to Cohen, the person who answered the phone at the number registered under his name hung up twice. The Stronger Consumer Spending Outlook Doesn't Necessarily Bring A Fed Rate Hike Closer (Advisor Perspectives) "The UM Consumer Sentiment Index has risen sharply in the last few months, reflecting an improved job market outlook and the impact of lower gasoline prices," writes Scott Brown. "Consumers don't spend confidence; income, wealth, and the ability to borrow are what drive spending. However, consumer attitude measures often provide a convenient assessment of the fundamentals." Brown also notes that the stronger consumer spending outlook does not necessarily bring a Fed rate hike closer. "Labor market slack will be taken up at a somewhat faster pace, but there's still plenty of slack remaining. Consumer price inflation was mild in 2015" and "some of the drop in gasoline prices is likely to flow through to core inflation, even if the Fed sees the impact as 'transitory,'" he writes.Join the conversation about this story »
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How a Greek Exit Could Impact the Eurozone
The prospect of the far left-wing Syriza party winning the Greek snap presidential elections on January 25 has heightened uncertainty within the ...
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Samaras pledges Greeks will soon reap benefits of sound public finances
Prime Minister Antonis Samaras promised Thursday that if he is re-elected he will not cut pensions or wages further and will give back more in the way of tax cuts and salary increases. Speaking in Maroussi, northern Athens, Samaras focused on the fact tha... ...
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Wet Seal store closing riles Greece workers
Wet Seal Greece Ridge employees want to personally thank all of our *loyal* customers as well as the support of fellow mall employees. We enjoyed ...
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Greece's Syriza Leader Braces for Market Turmoil After Elections
Samaras has warned the election will determine Greece's euro membership and raised the specter of default in case of a victory by Tsipras, who ...
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Eurozone status hinges on general election results in Greece
The Syriza party has said it wants Greece to stay in the Eurozone. But disobeying its regulators could threaten Greece's position within it.
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British Museum Requests Art Loan from Greece But Still Awaits Response
The British Museum’s decision in December to loan a piece of the infamous Parthenon Marbles to Russia’s major museum, Hermitage, in St. Petersburg, has fueled Greece’s anger regarding the British stance on the issue of their return, with Greek Prime Minister Antonis Samaras characterizing the decision as “an affront to the Greek people.” A few days later, the British Museum requested the loan of a key Greek antiquity for its forthcoming exhibition on classical sculpture, “Defining beauty: The body in Ancient Greece,” which will be hosted from March 26 until July 5, although the Greek side has significantly delayed to give an answer on the request. As pressed in The Art Newspaper, a British Museum spokeswoman confirmed that a loan request has been made for an important work from the Museum of Cycladic Art in Athens. The relations between the two museums are, allegedly, friendly and as of now, some 24 items are on loan to the Museum of Cycladic Art. Although, even if it seems impossible that the loan will proceed, time is now very tight for the British Museum’s exhibition, for which some of the Parthenon Marbles will be moved, for the first time, from their regular exhibition place to the four-month temporary exhibition area. Among them are the pediment sculptures of river god Ilissos, Iris and Dionysos. Earlier today, the British Museum announced details of the upcoming exhibition: “Experience the brilliance and diversity of ancient Greek art in this major exhibition focusing on the human body. For centuries, the ancient Greeks experimented with ways of representing the human body, both as an object of beauty and a bearer of meaning. The remarkable works of art in the exhibition, range from abstract simplicity of prehistoric figurines to breathtaking realism in the age of Alexander the Great. These works continued to inspire artists for hundreds of years, giving form to thought and shaping our own perceptions of ourselves.”
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New Democracy and SYRIZA to Announce Greek Election Ballots
Under the presidency of Greek Prime Minister Antonis Samaras meets tomorrow New Democracy‘s executive secretariat in order to finalize the ratification of the party’s election ballots, which will shortly after be published. According to reports, the renewal in the nominations reaches almost 60% and the persons involved are well-known in local communities. Doctors, lawyers, engineers, members of chambers and associations, local and regional officials as well as MEP candidates are among those to participate in the upcoming January 25 elections. “It is the first time we are so well prepared,” said New Democracy’s executive members and emphasized that, despite the various press leaks, there was great willingness to participate in the ballots. Similarly, Greek main opposition SYRIZA‘s central committee met today in order to take its final decisions on the matter. The special committee charged with the ballots drafting has completed its work and is expected to submit its proposals to the central committee, which might proceed with limited differentiations. The final ballots will be published tomorrow. According to Greek media, former Independent Greeks (ANEL) and later independent MP, Rachel Makri, who was expected to be a candidate in Grevena and not in Kozani where she was elected in the 2012 elections, is ultimately eliminated from the ballots. Independent MPs Markos Bolaris and Chryssoula Giatagana also stayed out of the ballots, despite the second’s expressed will to run for the elections at Thessaloniki.
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Ex-SDOE head to be tried over list
The former head of the Financial Crimes Squad (SDOE), Yiannis Diotis, is to be tried for breach of faith in connection with the so-called Lagarde list of Greeks with Swiss bank accounts, according to a ruling by the Council of Athens Appeals Court Judges ... ...
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Acidic Soil Possible Cause for Lost Greek Dark Age Evidence
According to a new study, acidic soil may have destroyed crucial evidence about the causes of the Greek Dark Age. The study is also providing a new ...
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Syntilas Mourned By Community
ASTORIA – The Greek-American community in New York has been plunged into mourning by the death of Dennis (Demosthenes) Syntilas, the creator of Athens Square Park in Astoria, who passed away on January 7. Countless friends will express their condolences over the coming days to his wife Rita, children Vayia and George Apergis, and grandchildren […] The post Syntilas Mourned By Community appeared first on The National Herald.
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Greece Gets New Right-Wing Party
A new right-wing party called Radical National Rally or RIZES (Roots) for short has been launched and said it will oppose austerity and international lenders. The post Greece Gets New Right-Wing Party appeared first on The National Herald.
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Efforts Continue to Restore Power to Tinos as Outage Runs for Second Day
A team of technicians from the Hellenic Electricity Distribution Network Operator S.A. (HEDNO) was flown in to the island of Andros, Greece, in a civil protection agency helicopter on Thursday, as efforts continued to restore power to the island of Tinos. A grid malfunction had left the island without power for the second day, as poor weather conditions in Greece hampered access to the problem site. Tinos receives its power from Andros via an underwater cable. A special caterpillar track vehicle able to clear snow that was sent to Andros on Wednesday, was unable to approach the areas needing repair as it overturned on the way. Power started to be restored on the island late on Thursday, after technicians located and successfully repaired the source of malfunction. Electricity to the island is expected to be fully restored in the next few hours. Small-scale power cuts were also reported in Attica and villages in Euboea, which are gradually being repaired as access to the network is restored. Greek Navy gunship “Samos” set sail for Tinos harbor in order to house island residents in need of assistance due to the extended power outage. The ship is expected to arrive before midnight. A Greek Army NH-90 helicopter was on standby to carry Public Power Corporation (PPC) technicians to the island as soon as the weather improved so that they could check the electricity grid. The order to send the ship and helicopter was given by National Defense Minister Nikos Dendias after speaking with Tinos mayor about the situation on the island, based on recommendations from the navy and army chiefs of staff. Dendias was also contacted by Greek Labor Minister Yiannis Vroutsis regarding the provision of aid to the island from the military. (source: ana-mpa)
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In 'I Am Charlie' Rallies Around The World, Tens Of Thousands Back Free Speech (PHOTOS)
LONDON (AP) — From Berlin to Bangkok, tens of thousands took a stand against living in fear, as rallies defended the freedom of expression and honored the victims of a Paris newspaper attack. Viewing the Paris killings as a cold-blooded assault on democracy, people from all walks of life — journalists and police officers, politicians and students — turned out in cities around the world Thursday, holding up pens and joining hands in an outpouring of silent solidarity. Many held placards proclaiming "Je Suis Charlie" — "I am Charlie" — a slogan that went viral on social media within hours of Wednesday's terror attack on the French satirical weekly Charlie Hebdo that left 12 people dead. Germany's biggest-selling daily, Bild, filled the top half of its front page with the headline "Cowardly Murderers!" and printed a black back page with the words "Je suis Charlie." "The only thing we can do against this is to live fearlessly," editor-in-chief Kai Diekmann said in an editorial. "Our colleagues in Paris have paid the ultimate price for freedom. We bow before them." Peter Neumann, a security expert at King's College London, said the attack has won widespread attention on the Internet because it reflects an assault on values — unlike other recent terror incidents, such as those at a cafe in Sydney or outside parliament in Ottawa, which were seen as attacks directed at local targets. Many people are stepping forward to defend their principles because they see their basic rights threatened. "It has been framed as an attack on a principle, rather than a specific target," said Neumann, director of the university's International Center for the Study of Radicalization. Across Britain, police forces paused for two minutes at 10:30 a.m. Thursday — 24 hours after the shootings — to remember the 12 victims in Paris, who included two French police officers. "Every single person, other than the people manning the emergency lines, came out to show their support," said Mike Barton, Chief Constable at Durham Police. European capitals including Madrid, London and Brussels and cities in the U.S. saw large demonstrations and candlelit vigils late Wednesday. More rallies were held Thursday from Sarajevo to Athens, where some formed a line and held up a letter each spelling out in Greek: "I do not hate, I am not afraid." Smaller gatherings took place even further afield, from Delhi in India to the Tunisian capital of Tunis. In Tunisia, the birthplace of one of the slain cartoonists, Georges Wolinski, dozens paid homage to Charlie Hebdo in a candlelight vigil outside the French ambassador's residence. "These people were executed at point-blank range just because of drawings — drawings that didn't please everyone and provoked anger and controversy but still were just drawings," said journalist Marouen Achouri. In Prague, visitors to the National Theater and elsewhere were being asked to mark a minute of silence before each performance Thursday to honor the victims. In Italy, seven general managers and artistic directors of Milan's major theaters and orchestras, including La Scala, put out a joint statement defending "all the values that are an achievement of our civilization." Editors at newspapers around the world expressed support by featuring subversive cartoons or reprinting some of the Paris weekly's provocative covers. Dozens declared "We are Charlie Hebdo" on their front pages. The Danish paper Jyllands-Posten, which has faced numerous threats and foiled attacks for publishing caricatures of the Prophet Muhammad in 2005, issued a black front page with a caption that said the free world has a responsibility to protect democracy against "religious frenzy." In Spain, the Madrid suburb of Rivas Vaciamadrid announced Thursday it planned to name a street, plaza or public space "Charlie Hebdo" in honor of the victims and the freedom of expression. The weekly performed a public service because "a society without satire and criticism is a society in a vegetative state," Mayor Pedro del Cura said. PORTUGAL: People holding paper with a slogan that reads in French: "I am Charlie" observe a minute of silence outside the Lisbon's City Hall, in honor of the people killed during the attack by gunmen at the French newspaper Charlie Hebdo's offices in Paris(AP Photo/Francisco Seco) THAILAND: Messages, flowers and candles are displayed outside the Cultural and Art centre in Bangkok on January 8, 2015, in tribute to the twelve people killed the day before in an attack by two armed gunmen on the offices of French satirical newspaper Charlie Hebdo in Paris. NICOLAS ASFOURI/AFP/Getty Images) ITALY: People gather in front of the French Embassy in Rome to take part in a demonstration to express solidarity with those killed in an attack at the Paris offices of weekly newspaper Charlie Hebdo, Thursday, Jan. 8, 2015. (AP Photo/Andrew Medichini) GERMANY: A man holds a poster reading 'I am Charlie' as he and others gather to express solidarity with the murdered French journalists in front of the Brandenburg Gate in Berlin, Germany, Wednesday, Jan. 7, 2015. (AP Photo/Michael Sohn) BELGIUM: People hold candles during a gathering in support for the victims of a terror shooting in Paris, France, as they gather near EU headquarters in Brussels on Wednesday, Jan. 7, 2015. (AP Photo/Geert Vanden Wijngaert) U.K.: People hold up posters reading 'I am Charlie' in French as they take part in a vigil of people, including many who were French, to show solidarity with those killed in an attack at the Paris offices of weekly newspaper Charlie Hebdo, in Trafalgar Square, London, Wednesday, Jan. 7, 2015. (AP Photo/Matt Dunham) U.S.: People gather to show reactions against gun attack on the building of French magazine 'Charlie Hebdo' in Paris, leaving 12 dead, during the protest at Manhattan's Union Square in New York, United States on January 07, 2015. (Bilgin S. Sasmaz/Anadolu Agency/Getty Images) ___ Associated Press writers Geir Moulson in Berlin, Bouazza ben Bouazza in Tunis, Tunisia, Karl Ritter in Stockholm, Sweden, Alan Clendenning in Madrid, Sarah El Deeb in Cairo, Karel Janicek in Prague and Elena Becatoros in Athens contributed to this report.
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Thousands of Athenians in Solidarity With French Citizens’ Rally
With the participation of thousands, holding black banners with the phrase “Je suis Charlie” (“I am Charlie”), Athenians expressed their solidarity with the people of France and condemned the deadly attack on the offices of Charlie Hebdo satirical magazine in Paris yesterday, which cost the life of 12, including four of France’s most exceptional cartoon artists (Charbonnier, Wolinski, “Tignous” and Cabut). Similar acts of solidarity have been organized in Greece’s second largest city, Thessaloniki, as well as other cities across Europe. “No authoritarianism, no ideology, no reliance on religion, no violence will frighten us to speak, to write and to paint what we want. Nobody will deprive us of the right to peacefully coexist with immigrants, no one will separate the people who want to live in societies of reciprocity and common rules. We are not afraid!” said the call to the citizens of Athens bearing the title “Je suis Charlie – Athènes” that was organized through Facebook. The solidarity gathering took place outside the French Institute of Athens, in the central district of Kolonaki. More than 3,000 people, including representatives of Greek political parties, peacefully sent the message that freedom of speech is a principle that cannot be subjected to terror of any kind. The Athens gathering, which was an initiative of the Athenians “for the heinous murder of our European friends and fellow artists that were killed by the bullets of fanatics,” began at 5:00 p.m. outside the French Institute, located at 31 Sina Street, and surrounding streets remained closed for several hours due to mass participation.
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New right-wing party, RIZES, launched in Greece
A new right-wing party was created on Thursday. It goes by the name Radical National Rally, or RIZES (Roots) for short. Its founding charter was submitted to the Supreme Court but the party will not run in the upcoming general elections. The president of ... ...
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Stock decline continues as sellers prevail
Local stocks failed to hold on to early gains at the Greek bourse on Thursday, as sellers proceeded to take the benchmark down to levels unseen since November 2012. The Athens Exchange (ATHEX) general index closed at 761.66 points, giving up 2.06 percent ... ...
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Greek leaders' heads are in the clouds
Greece lacks a realistic plan for the future, says DW's Spiros Moskovou. Its current strategy seems to have its leaders swimming in limpid pools of wishful thinking, far removed from reality. "The Left alliance, Syriza, will catapult Greece out of the ...
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Castro’s Son Arrives in Athens
“Terrorism should be addressed with political means,” said Alejandro Castro Espin, son of Cuban president Raul Castro, referring to the massacre that occurred in Paris on January 7. During a press conference at movie theater “Alkionis” in Athens, Greece, Castro Espin condemned the terrorist attack on French magazine Charlie Hebdo, noting that terrorism is not a new phenomenon. Furthermore, he recognized the great importance of international solidarity in the Cuban people’s struggle and thanked Greece for its support towards his country. “We are two people with similar stories, we have to face the attacks of the US empire,” he said. Castro Espin will also be present in “Alkionis” on January 12, for the presentation of his book “The Reign of Terror.” While in Greece, he will also attend the Cuban Film Festival on the occasion of 56 years since the Cuban Revolution. “Kangamba,” a film in which Castro Espin voluntarily participated, will be screened during the festival. Music will also be played during the event, mostly songs written by Thanos Mikroutsikos and Fondas Ladis, with performers such as Betty Harlaftis and Dimitris Kassaris. He will also meet with Mikis Theodorakis and Greek government representatives, while he has also scheduled several visits to historical places, including the Gorgopotamos Bridge and the Museum of Political Exiles.
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SYRIZA: The Alarm Clock That Will Wake EU Leaders
“SYRIZA is the alarm clock that will wake EU leaders out of their slumber,” party leader Alexis Tsipras told British TV station Channel 4. “What we demand,” he said, “is a European conference to tackle this European problem together, and there cannot be a solution without writing off a large part of the debt, a moratorium on repayments and a growth clause.” “In reality, we are not asking to borrow any new money. We have no intention to ask for new lending to repay old loans. Of course, we’re going to negotiate with all of our partners so that we can confront the common European problem of unsustainable Greek debt together,” Tsipras said. “And this is not the first time a debt write-off has been implemented,” he noted. “It happened in 1953 in Germany. And I am wondering on what ethical grounds does Germany refuse a solution to the European problem, which it benefited from many years ago when coming out of WWII, and when Germany itself had many open wounds?” Regarding reports on Greece’s exit from the Eurozone, he said: “This is a discussion that died in 2012. It’s like reheated food. A dance of the zombies. The question is, are we going to religiously stick to the rules even if they are wrong and damage us, or the path that says ‘do whatever it takes to save our common home,’ the EU, and more importantly, our society, our people.” Asked which of two he would rather have, a debt relief or the Parthenon Marbles back, he said “both of them” and added: “We are going to demand debt reduction and the money Germany owes us from WWII, including reparations, but we also want the Marbles, which don’t belong to us but to everybody, and which need to come back to their home.” (source: ana-mpa)
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Municipal workers in Greece to strike over withheld bonuses
The union representing municipal workers, known by its acronym, POE-OTA, on Thursday called on its members to walk off the job in the week leading up to general elections on January 25 as a protest against the fact that a large number of municipal staff a... ...
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Greece in crisis: January 25 elections will decide future
Greece is seeking a bailout extension, but this will only be made possible if it agrees to the troika's conditions—mandatory economic reforms.
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Greece, Syriza heads polls as leading party
(ANSAmed) - ATHENS - Syriza, the radical leftist Greek opposition party led by Alexis Tsipras, is currently ahead in the election race and boasts a ...
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Greece: this time is different. It just isn't any less dangerous
It's fair to say that this iteration of the Greek debt crisis is different. But that doesn't justify the kind of complacency financial markets are showing.
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Greek Man Arrested for Hiding Antiquities
A Greek man in the northern region of Imathia was hiding gold jewelry and precious stones from the late Roman or early Christian period in his home’s attic. Greek authorities received a tip about the whereabouts of the ancient artifacts and raided the man’s house. Police officers arrested the 59-year-old and retrieved the artifacts that had been hidden in leather cases under his house’s roof. They were able to retrieve two golden earrings, a golden piece of jewelry with semiprecious stones and pearls, five semiprecious stones, two twisted bracelets and an elongated golden plate. These items have already been classified as antiquities, however, further research is required in order to determine the type of metal they are made of and their origin. Moreover, police officers discovered a metal detector and headphones in the man’s home, as well as leaf-shaped fragments that resemble the ornamentation used in Alexander-era crowns and ceremonial wreaths, a golden ring and ancient decoration objects that have been sent to the Archaeological Service for further investigation. The seized antiquities have been put to storage, awaiting examination and final assessment, while the 59-year-old man was brought before the Misdemeanors Prosecutor of Veria, northern Greece, for violation of the Law on Protection of Antiquities and Cultural Heritage.
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Greek Eyewitness Describes the Dramatic Moments of Paris Terrorist Attack
A Greek eyewitness described the dramatic moments following the terrorist attack on Paris-based satirical magazine Charlie Hebdo during an interview at Greek radio station “Real FM 97.8.” The Greek expatriate, Kyriakos Chatzikonstantinou, originating from Amyntaio, Northern Greece, is working – along with two other Greeks – in a laboratory located just one floor below the headquarters of the targeted magazine and as he revealed, by coincidence, one of his fiends knows one of the two assailants. As he described “these were indeed difficult moments… At around 11:30 a.m. and while we were just sitting, we heard noise from the floor above. We are located on the first floor and the events took place on the second and third one. It sounded as if metal desks were thrown on the floor and we wondered what was going on,” he said regarding the deadly attack that cost the life of 12 people and lasted no more than 15 minutes, adding that police warned them to “stay inside and do not move.” “Until the August holidays, a patrol car was parked outside the building 24/7. They were not checking us, they were simply present. Although, we found out that apart from the car – that was not there after the holidays – there were many undercover policemen, even inside the offices,” Chatzikonstantinou said regarding the building’s safety. Furthermore, the eyewitness underlined that during the attack, the building’s main entrance was not guarded and was open due to maintenance work and he is not ruling out the possibility that the two gunmen knew that before the attack. In addition, Chatzikonstantinou expressed his belief that the offenders have already decided who their targets will be.
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Global equity markets rally on stimulus bets
Global markets have posted some much-needed gains after being slammed by a severe drop in the price of oil and growing fears that Greece could leave the eurozone.
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Greek President Sends Message to French Counterpart on Paris Terrorist Attack
Greek President Karolos Papoulias sent a condolence message to his French counterpart Francois Hollande in response to the deadly terrorist attack on satirical magazine Charlie Hebdo. Similar messages condemning the bloody attack were also sent yesterday by Greek Prime Minister Antonis Samaras and government Vice President and Foreign Minister Evangelos Venizelos. The message of the President of the Hellenic Republic is as follows: “I was informed about the terrorist attack that took place in Paris, which resulted in the death of 12 people and wounding numerous others, with great indignation and emotion. On behalf of the Greek people and myself personally, Mr. President, I express my strongest condemnation for this criminal act and feelings of solidarity to the French people, the families of victims and those injured.” It should be noted that a gathering has been organized in Athens, to express solidarity towards the French and the families of the Paris attack victims. The gathering will take place on Thursday, January 8, at 5 p.m., at the French Institute of Athens.
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Gynaecocracy Day in Serres, Northern Greece
The gynaecocracy custom was revived today in Serres, northern Greece, in the villages of Monoklisia and Nea Petra. Gynaecocracy Day, also called the custom of “Babo,” has its roots in ancient Greece while it is also a distant recall of the primitive period’s matriarchal spirit, which was obvious in the religion of people from Asia Minor since the Prehistoric period. The custom used to take place in Thrace, it was transferred however to Serres when Thracians moved in the region. Every year, on January 8, women assume a dominant role. They receive the town keys, they have fun, dance and drink all day, while the men remain in their homes and take on the housewife role. The married women elect a chairwoman, whose term of office lasts four years. Then they elect the rest of the female Board members. Furthermore, they honor the village’s oldest woman, also called “Babo.” At noon, the married women walk through the village streets, accompanied by musical instruments, and then gather in the main square. They visit Babo’s home and offer her gifts and receive her wishes for longevity and fertility. Men are not allowed to walk in the streets or approach women. If someone dares to approach them, then the women chase him and throw water at him. In the end, they take the man’s clothes and auction them. Thousands of visitors visit the area on the day to enjoy the traditional food, wine and music. Meanwhile, many male politicians are usually present but they are forced to wear a scarf on their head and an apron.
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ECB Risks Undermining QE If It Opts For Compromise Plan
By Marius ZahariaLONDON (Reuters) - The ECB is considering three main options for pumping money into the struggling euro zone economy but two of them could hurt confidence in the bloc's most indebted states, defeating the object of the exercise.With euro zone consumer prices falling in December, for financial markets it's no longer a question of whether the European Central Bank will act to boost economic growth and ward off a deflationary spiral, but when.President Mario Draghi may announce an ECB program of buying government bonds, using newly printed money intended to flood the wider economy, as soon as the Governing Council's next policy meeting on Jan. 22.The main scenario for markets is that the ECB will join its U.S., Japanese and British peers in launching quantitative easing (QE) by buying government bonds in amounts proportionate to each euro zone state's shareholding in the bank.But objections from the Germany's Bundesbank to the ECB taking on sovereign credit risk have raised two compromise solutions, as suggested by recent comments from ECB chief economist Peter Praet.Option two is that national central banks buy the debt of their own governments, so the risk remains with the country in question. The third is the ECB buys only triple-A rated bonds, hoping that investors would turn to the lower-rated debt of weaker euro zone government which, while riskier, offers a better return.However, economists believe the second and third options could backfire. If the ECB were unwilling to take on the risk of holding Greek, Italian, Spanish or Portuguese debt, private investors might ask themselves why they should do it.The main scenario preferred by investors appears most in keeping with the solidarity principles of European monetary union. If the ECB had to take losses on the bonds of a member state which could not repay its debt, the central bank would have to be recapitalized by all 19 euro zone governments.Private investors would also suffer losses in any debt write-off but at least the pain would be shared. By contrast, options two and three would not spread risk across the union; investors could therefore seek a premium on lower-rated bonds, pushing up yields for the governments of the very countries that need lower borrowing costs most."It seems like a step away from the whole notion of monetary union," said Luke Bartholomew, investment manager at Aberdeen Asset Management, a firm with over 400 billion euros of assets."Secondly, it is a pretty explicit acknowledgement of the credit risk that the ECB doesn't want to have on the balance sheet and that is a signal that they don't want to send."COMPROMISEGovernment borrowing costs set the standard for the interest rates that businesses and consumers pay for funds, and QE aims to deliver an economic boost by bringing them down. But under options two and three, they might even rise in the euro zone's "peripheral" economies which are struggling to grow and suffering from high unemployment."If central banks cannot agree on risk sharing and they are reminding the market of the risk, then it's not getting the same bang for the buck in terms of how much sentiment improves as they would get with the first option," said Michael Krautzberger, head of European bonds at BlackRock, the world's largest money manager.Krautzberger said he would have a "less constructive" attitude to peripheral bonds if the ECB rejected the main scenario. He said he would prefer that the ECB compromised on the size of the program rather than dropping this option.Option three is seen as the worst, one which some investors believe might even lead to a sell-off in peripheral bonds.The potential size of the program is limited from the start. RBS calculations show triple-A rated debt amounts to 3.3 trillion euros of the 7 trillion euro zone market.In the euro zone, Germany alone still has the top rating from all credit agencies although Austria, Finland, Luxemburg and the Netherlands have a triple-A rating from at least one agency. France is now top rated by only the small DBRS agency, but this should be enough for the ECB to buy its debt.About half the top-rated bonds already offer yields of less than 10 basis points or even negative returns, so it is unlikely that they would fall much further, limiting the market impact per euro printed by the ECB.DRAGHI'S PROMISEHowever, RBS senior European economist Richard Barwell said markets might accept a compromise that falls short of the main scenario, provided the ECB could make clear that limits to the size and scope of purchases were not permanent.But the ECB's reluctance to take on peripheral debt could be seen as breaking Draghi's promise at the height of the euro zone crisis in 2012 to do whatever it takes to save the common currency."It depends if you think it is the end of the road," said Darren Williams, European economist at AllianceBernstein. "The experience of the past couple of years shows ... that if the ECB needs to do more, then it will do more."(Additional reporting by Emelia Sithole-Matarise; editing by David Stamp)Join the conversation about this story »
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“In my opinion, Greece has been sold,” he proclaims.
But in exchange for the bailout, Greece had to agree to implement strict austerity measures, which had harsh consequences for many Greeks.
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Greek masterpiece comes to London
A new exhibition at the British Museum will include what was once dubbed "the most famous Greek body in Europe".
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“In my opinion, Greece has been sold,” he proclaims.
But in exchange for the bailout, Greece had to agree to implement strict austerity measures, which had harsh consequences for many Greeks.
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Greece will get continued funding on assumed new Troika program says ECB
One thing that is possibly all up in the air due to the elections, is Greece's plan to exit the bailout and receive a precautionary credit line. Categories: All ...
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“In my opinion, Greece has been sold,” he proclaims.
But in exchange for the bailout, Greece had to agree to implement strict austerity measures, which had harsh consequences for many Greeks.
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| READ THE ORIGINAL POST AT www.thetelegram.com |
British Museum loans Belvedere Torso from Vatican for body exhibition
Michelangelo’s favourite sculpture stars in show billed as a celebration of the beauty and ideals of ancient Greek artMichelangelo’s favourite sculpture, an impressively muscled torso more than 2,000 years old, is to travel from the Vatican to the UK for the first time, for the British Museum’s big spring exhibition on the human body in ancient Greek art, exploring a preoccupation with the body beautiful that continues today.From Bondi Beach to California and beyond, it remains the “body people want to have,” said the museum’s director, Neil MacGregor. Continue reading...
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Why 2014 Wasn't So Terrible
In bidding farewell to 2014, most of us gave the year a swift kick in the rear end as it exited the calendar. On foreign policy in particular, few people had nice things to say about the recently departed. After all, it was a banner year for all manner of evils. The Ebola outbreak in West Africa dominated the headlines, and the trumped-up fear of the disease's spread to the United States even helped boost the vote totals of a few Republicans in the party's mid-term sweep. The rise of ISIS and its filmed beheadings, as well as the kidnapping rampages of Boko Haram in Nigeria, gave a shot in the arm to "the war on terrorism." The triumph of activists in Kiev turned into a renewed Cold War confrontation between a passive aggressive West and an aggressive aggressive Russia. And the Chinese authorities eventually forced activists in Hong Kong to roll up their umbrellas and go home. Negotiations went pretty much nowhere between the United States and Iran, and things went from bad to worse with North Korea thanks to Seth Rogen and James Franco. The apparent mass murder of 43 students from the city of Iguala introduced many Americans to Mexico's appalling nexus of corruption and organized crime that has led to the disappearance of more than 20,000 people since 2006. Have I missed anything else? Yes: some missing planes, some missing chunks of Antarctica, and some activists gone missing in Egyptian jails. Bad news produced all the memorable visuals from 2014 as well as all the grimly amusing political cartoons. And bad news stayed in the headlines for weeks on end -- months in the case of Ebola and ISIS. Good news, on the other hand, tends to be fleeting. We cheer for a few hours when something positive happens, and then it's back to feeling as though the globe is going to hell in a Hellfire missile. Last year, for my first column of 2014, I gave three reasons to be cheerful: a dip in U.S. militarism, an uptick in diplomatic initiatives, and a resurgence of concern about economic inequality. This year, in a similar burst of early-January optimism, let me give you three more reasons to be cheerful. If we're lucky, these bright spots from 2014 will endure even after Ebola retreats, ISIS withers away, and Russia backs off. Presidential Backbone On top of the list of things to celebrate is the year's surprise awakening: President Obama suddenly remembered that he was president and not just a pincushion for the Republican Party's jabs. In the most amazing foreign policy story of 2014, the cold war between Cuba and the United States ended practically overnight. The president could have settled for a mere prisoner exchange. But he went big instead. Sure, the embargo remains in place, congressional hardliners are refusing to move on, and American financiers are probably making plans as we speak to head to the island to recreate 1958-style casinos and brothels. But here was a diplomatic change that won near-universal support from the Obama administration, the Castro administration, the Cuban people, and the American electorate. Another sign of executive oomph was the president's immigration order, in which Obama, as I described in an earlier column, cut the Gordian knot of Washington politics. Here was a clear case of a president combining social justice (protecting the country's most marginalized), family values (keeping families together), and good economic principles (making it easier for skilled immigrant workers and entrepreneurs to do their jobs). It should have been an easy purple victory, and it should have won plaudits from the very pundits who usually decry gridlock. That the president went through with the initiative without widespread bipartisan support speaks highly of his political instincts and poorly of the political atmosphere in Congress. Finally, Obama promised as a presidential candidate to close the detention facility in Guantanamo. Congress refused to implement his order. So, instead, the president has gradually been reducing the population of the facility. Still left at Guantanamo are 127 prisoners, approximately half the number who were there at the beginning of Obama's term. A flurry of releases came at the end of 2014: seven in November and then 15 in December. Of the remaining prisoners, 55 have been cleared for release. Whittling down the population in this way doesn't deliver the wallop -- or provide the justice -- of a one-time closure. But backbone is sometimes demonstrated by courage over the long-term and not just one-time decisions. Yes, I know, we're talking about a president who has presided over a disturbing expansion of the national security state. Still, we'd better appreciate his good sides while we can. His most likely successor, from either party, wouldn't exercise presidential authority in the foreign policy realm with anything close to this kind of creativity. When Votes Count Elections are often ho-hum affairs, the results easily predicted way in advance. But elections in Europe these days are anything but predictable. In a number of countries, far-right parties are shouldering aside the conservative standard bearers. The National Front in France, the UK Independence Party, and the People's Party in Denmark are all threatening to upend the status quo. But in Greece, the political winds have shifted in the other direction. The top leadership of the neo-fascist Golden Dawn is in jail, with all 18 MPs awaiting trial on felony charges. The parliamentary elections are coming up at the end of this month, and the leftist Syriza party current tops the polls, 3 percent ahead of the conservative New Democracy party. Syriza rejects the austerity economics that the European Union and the IMF have insisted on as terms for lending money to Greece. This is not just a question of Greek politics. If Syriza renegotiates the terms for Greece, other indebted countries will insist on similar packages, undermining the dominant model in Europe for dealing with the aftermath of the 2008 financial crisis. Another election that proved influential in 2014 actually took place in 2013: the Chilean presidential election that brought Michele Bachelet back to power. Last year, with the support of students who went out onto the streets in 2011, her party pushed through new educational and tax reforms last year that will make Chile a considerably more equitable country. As Sebastian Rosemont wrote in FPIF in December, "By focusing on tangible demands, making broad partnerships, and linking to the larger platform of economic inequality, Chilean protesters changed the rules of the game." A final election of note, which actually did take place in 2014, was in Tunisia. More important than the party that won was the party that lost: Ennahda. Contrary to the dire predictions of many, the Islamist party calmly handed over the reins of power to the secular party that won both the presidential and parliamentary elections, Nidaa Tounes. It took the Arab Spring protests to convince people that Islam and democracy were compatible. The recent elections in Tunisia should likewise convince people that Islamism and democracy are compatible as well. Climate Turns the Corner? The long-term prospects for the planet don't look so good from the point of global warming. But in 2014, there were three positive signs on the climate front. First was the outpouring of civic activism. Protestors hit the streets to protest specific projects, from fracking to the Keystone pipeline. And then in September more than 300,000 people mobilized in New York for the largest-ever demonstration on the threat of climate change. Also encouraging was the deal that Beijing and Washington struck when Obama was in China in November for the Asia Pacific Economic Cooperation summit. True, it's a tepid agreement, but it also offers some hope of bridging the gap between longtime polluters like the United States and late-bloomers like China. And then there's Pope Francis, who also played a key role in the backchannel diplomacy between Havana and Washington. In 2014, the Pope took steps to harmonize the relationship between religion and science by essentially endorsing the Big Bang and evolution. In May, in an early indication of his position on climate change, he announced that "if we destroy Creation, Creation will destroy us." Later this month, word has it that he's planning a major encyclical on the subject. It's not just words. Like the Pentagon, the Church can have a profound impact on the market if it changes its purchasing pattern. "With its network of hospitals, schools, parish centers, seminaries and other institutions, the Church spends billions for its energy use," notes Rhodi Lee in Tech Times. "The Pope's position on climate change could lead to installations of renewable energy sources, such as solar systems in establishments and institutions that the Church has stakes in." With oil prices falling, we need all the institutional pressure we can get to support renewable energy. These weren't the only good news stories from 2014. The new BRICS (Brazil, Russia, India, China, South Africa) bank may transform the structure of the international financial system. Protestors in Burkina Faso ejected their dictator of 27 years, Blaise Compaore, and the country is preparing for democratic elections later in 2015. Voters elected a new governor in Okinawawho opposes the construction of yet another U.S. military base on the island. War did not break out in the South China Sea, or between India and Pakistan for that matter. Perhaps you have your own reasons to believe that this glass-half-full analysis is overly optimistic. The Four Horsemen of war, pestilence, famine, and death continued their gallop around the globe in 2014. But if we can't find some tentative good news to kindle like a guttering flame, then we might as well declare an end to activism -- and reserve front row seats for the apocalypse. Cross-posted with Foreign Policy In Focus.
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Greek body to take centre stage in London
A new exhibition at the British Museum will include what was once dubbed "the most famous Greek body in Europe". Defining beauty: the body in ancient Greek art marks the first time the Belvedere Torso has been lent to the UK from its home in the Vatican.
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Greek Mythology
“Myth has two main functions,” the poet and scholar Robert Graves wrote in 1955. “The first is to answer the sort of awkward questions that children ask, such as ‘Who made the world? How will it end? Who was the first man? Where do souls go after ...
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British Museum explains why Greek statues are naked
When the British Museum opens its blockbuster exhibition of Greek sculpture this spring, curators believe visitors may have one burning question.
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Unemployment in Greece Drops to 25.8% in October
Unemployment in Greece showed a drop in October, reaching 25.8 percent as opposed to 26 percent in September 2014, according to ELSTAT figures released on Thursday. The Hellenic Statistical Authority (ELSTAT) figures show faint signs that Greece may be emerging from a six-year recession. October’s 25.8 percent figure is the lowest since August 2012, when unemployment stood at 25.5 percent, the lowest since the start of the economic crisis. In October 2013, unemployment stood at 27.8 percent, two percentage points up compared to this year. The record high in unemployment numbers was set in September 2013, when unemployment hit the roof at 28 percent. However, Greece’s figures remain very high compared to the euro zone’s average that stands at 11.5 percent in October. The Greek economy is projected to have expanded by 0.6 percent last year, with recovery expected to gain traction this year to 2.9 percent.
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Sainsbury Exhibitions Gallery to Display Greek Art Exhibit, 3/26
This spring the British Museum will stage a major exhibition on the human body in ancient Greek art, sponsored by Julius Baer. This exhibition will explore the Greek experience and its preoccupation with the human form. To the ancient Greeks the body was a ...
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European Newspapers Differ Over Publishing Charlie Hebdo Cartoons
By Ole Mikkelsen and Michael Holden COPENHAGEN/LONDON Jan 8 (Reuters) - Many European newspapers republished cartoons from the French satirical weekly Charlie Hebdo to protest against killings by Islamist militants seen as an attack on freedom of expression and the continent's tradition of visual satire. But most front pages expressed solidarity with the 12 people, journalists and police, killed in Wednesday's attack by publishing their own cartoons and editorials that veered away from Charlie Hebdo's more provocative sketches mocking Islam. The editorial stances highlighted differences over how publishers respond to the shootings and raised questions over whether many were already self-censoring for fear of causing offense or, worse still, triggering an Islamist backlash. In Denmark - where Jyllands Posten published several cartoons mocking the Prophet Mohammad in 2005 igniting protests across the Muslim world that killed least 50 - four newspapers republished cartoons from the French newspaper. But Jyllands Posten, whose staff have been under police protection since their cartoon controversy, decided not to publish the Charie Hebdo cartoons. In Sweden, where artist Lars Vilks has lived under police protection since his portrayal of the Prophet Mohammad as a dog led to death threats, Expressen republished Charlie Hebdo's last tweet mocking Islamic State leader Abu Bakr al-Baghdadi. "For many it will be an obvious conclusion to keep a low profile, cover up and avoid provoking strong emotions," said an editorial in Denmark's Berlingske that published several of Charlie Hebdo's cartoons. "But we must not duck, as we then are going to give in to an unacceptable threat to culture." The front page of Austria's Salzburger Nachrichten showed a cartoon which consists of a black space with ink and a fountain pen in one corner and this hand-written message: "As a caricaturist I have been of the opinion up to now that there was no topic that cannot be drawn. I have to admit that the tragic incident which took place in Paris yesterday taught me otherwise." Satire, which often tests the limits of what a society will accept in the name of free speech, has roots in Western culture going back to 18th century French playwright Volataire and beyond that to ancient Greece. Freedom to criticize the Roman Catholic Church in France was seen as a major victory of the French Revolution. But it was the booming growth of the press in the 19th century that made the political cartoon a weapon in the battle of public opinion, with magazines such as Punch in Britain and caricaturists such as Thomas Nast in the United States. Norwegian poet Haavard Rem urged publication of Charlie Hebdo cartoons in maintaining part of an important European tradition. "We lack a vision of history if we simply shut down a proud tradition critical of religion and ideology which also includes Chaplin's 'The Dictator' and Monty Python's 'Life of Brian'," he wrote in Aftenposten, which published three Charlie Hebdo cartoons over most of an inside page. The "Life of Brian," satirizing the origins and precepts of christianity, provoked protests when it was first shown in 1975. DEEP ROOTS IN WESTERN CULTURE Charlie Hebdo courted controversy with satirical attacks on political and religious leaders of all faiths and it published numerous cartoons ridiculing the Prophet Mohammad. It also ridiculed Christian and Jewish faiths. Jihadists online repeatedly warned the weekly would pay for its mockery. For Muslims, any depiction of the Prophet is blasphemous and caricatures or other characterisations have provoked protests across the Islamic world. In France, the conservative daily Le Figaro printed its blue masthead in black over the headline "Freedom assassinated" but did not reprint any cartoons. Communist daily L'Humanite printed a picture of the last cover of Charlie Hebdo. The Paris tabloid Le Parisien's headline also printed some cartoons. In Britain, no national paper printed any of Charlie Hebdo's cartoons, although some did carry images of its front pages, although not prominently. "I felt a duty to readers, I felt a duty to the dead, I felt a duty to journalism and I also felt a duty to my staff," Amol Rajan, editor of the Independent, told BBC Radio. "And I think it would have been too much of a risk to unilaterally decide in Britain to be the only newspaper that went ahead and published." Germany's national newspapers mostly printed images from the videos of the gunmen on front pages but Berlin's regional newspapers printed Charlie Hebdo covers. Berlin's top-selling newspaper BZ, which has a circulation of just under 130,000, dedicated its front page to reprints of 18 Charlie Hebdo covers - with the headline "Vive la liberte." It included the caricature of Mohammad saying "100 lashes if you don't laugh to death." In Italy, leading daily Il Corriere della Sera dedicated one page to six Charlie hebdo cartoons. Spanish conservative paper La Razon reprinted Charlie's October cover on its front page, in which Mohammad is seen on his knees at knife point, and headlined the cartoon with "We are all Charlie Hebdo." "If you start saying 'well we've got to censor ourselves because we might upset murderers or potential murderers' then we might as well just close down the media," Martin Rowson, a cartoonist for Britain's Guardian newspaper, told Reuters. (Added reporting by Alessandra Galloni in Rome, Alexandra Hudson in Berlin, , Shadia Nasralla in Vienna, Johan Ahlander in Stockholm and Alister Doyle in Oslo; Writing by Alistair Scrutton; Editing by Alister Doyle and Ralph Boulton)
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Cartoonists mourn France killings, worry about expression
JOHANNESBURG (AP) — They pushed boundaries, one cartoonist said. They were "absolutely crazy," another said. Across the globe, in Greece, India, South Africa and elsewhere, cartoonists are describing the satirists killed at French magazine Charlie Hebdo as among the most fearless and irreverent in the business.
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