Greece Outside In: 01/15/15

Thursday, January 15, 2015

“The revolt of the plastic glove” says the BBC for the Greek cleaning ladies

The electronic version of the British BBC network made an extensive tribute to the redundant cleaners of the Ministry of Finance in Greece

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Lagarde on Greece: We will discuss with any newly formed government

“We always think of those in real need” - “ I am aware about the human cost of the IMF program in Greece”

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Poll: What's the Best Solution to the Greek Sovereign Debt Crisis?

When we posed that question to readers of CFA Institute Financial NewsBrief, the option that drew the highest proportion of votes (32%) from our 684 ...

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Unfolding Greek Euro Tragedy Could Be Perilous For Germany

Lost in the hand-wringing over the possibility of a Greek departure from the euro is a rather striking irony: Greece is hardly the nation with the most to ...

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'Sorority Sisters' CANCELED? VH1 Pulls Plug On New Black Greek Reality Show, Boycott To Have ...

... iconic African American sororities and the trials they face as they continue to keep up the good Greek work of community service and philanthropy, ...

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Greece Misses Target on Budget Surplus

ATHENS—Greece announced a primary budget surplus of €1.9 billion ($2.24 billion) for 2014 on Wednesday, falling short of the target set for the year, in a miss largely due to a delay in the payment of its next tranche of aid. The country’s primary ...

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Clock Will Be Ticking for Greece’s New Government

Greece is holding early parliamentary elections on January 25. A victory for the anti-austerity Syriza party would probably trigger tense negotiations with the country’s official lenders and fresh volatility in Greek government bond markets. But the ...

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The ancient Greek DRINKING GAME: Expert reveals how to play kottabos, where revellers fling wine into the centre of a room

An ancient Greek drinking game enjoyed more than 2,000 years ago at social drinking parties has been replicated by researchers. The game, known as kottabos, involved men gathered in a circle flinging dregs of wine at a target in the centre of the room from ...

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Greek Debt Cut Irrelevant for Now, Merkel Lawmakers Say

Greece doesn’t need a debt cut now to restore sound public finances because its debt redemption and interest payments to European creditors are on hold until 2020, lawmakers from German Chancellor Angela Merkel’s bloc said.

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Greek think tank: 2004 Athens Games cost Greece $7.5 billion

ATHENS, Greece (AP) — The 2004 Athens Olympics cost Greece a total of 6.5 billion euros ($7.5 billion) and didn't significantly affect the debt-heavy country's finances, a Greek economic think tank has found.

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Merkel says she wants Greece to stay in eurozone

German Chancellor Angela Merkel said Thursday she wants Greece to stay in the eurozone, 10 days before a snap Greek election likely to be won by an anti-austerity party. "This principle continues to apply for us in the cooperation with every Greek government," Merkel said.

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Options on Greece ETF draw bearish bets ahead of election

Political turmoil in Greece has hit its financial markets hard, and traders in the U.S. options market are positioning for a further fall in Greek stocks as the country heads to a snap election that could determine whether it leaves the euro zone. There are few choices for investors who want narrow exposure to Greece in U.S. markets, but one, the Global X FTSE Greece 20 exchange traded fund ...

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Traders See More Declines for Greece ETF

Amid rising political uncertainty, Global X FTSE Greece 20 ETF (NYSEArca: GREK) is off 4.1% to start 2015 after shedding 40% last year. Ahead of Greek elections on Jan. 25, traders are positioning for ...

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Istanbul Led Me Back to Cairo

I grew up in a traditional-to-borderline-religious Muslim family in the heart of Cairo, Egypt. The idea of traveling around the world, let alone traveling by myself, was never a subject for discussion. And why would I need to travel the world? I lived in the heart of the beacon of civilization; a 20-minute taxi ride would get me right at the footsteps of the Great Pyramid. I lived in the country the world wanted to see. There was nothing else, nothing better, to see, in my mind. That is, until I moved to the United States and began looking at the world from a different perspective. In my mid-twenties, I started to fantasize about traveling, about eating pasta in Italy, dancing flamenco in Madrid, lounging on the beaches of Barcelona, delving into Istanbul's culture, praying in its grand mosques, strolling down the alleys of Seville and taking a ferry from Spain to Morocco. But it wasn't something I fantasized about doing alone. I dreamed of traveling the world with my prince charming. We'd plan our trips together, hop on a plane and have the time of our lives. Then I woke up and was 30, with no prince charming in sight. I had two options: keep dreaming and keep waiting, or just take off and soar my way through the world. I asked a couple of friends if they wanted to vacation with me to Istanbul and got the "I'll think about it" and the "I would want to go somewhere else" responses. The next day I booked my flight and hotel. Three months later I took off to Istanbul for a week. Istanbul was always my first choice. Growing up, I'd heard that my great-great-grandfather on my mother's side moved to Egypt when he was a young man, married an Egyptian, started a family and lived there for the rest of his life. While I take great pride in being Egyptian, my spirit soars even higher knowing I'm part Turkish, so this was not just a vacation but a coming home of sorts. I had been there less than 24 hours when I encountered Istanbul's kindest and most sincere people. I had reservations for a live dance performance right after landing, and with a late arrival and persisting rainy skies, I was almost certain I wasn't going to make it. I took a chance and decided to try to go, since that specific show was not going to be available again during my stay. I ran to the tram station but was going the wrong way. A young man saw that I needed help and walked me to the station and showed me what I needed to do to get to my destination. Once off the tram, an older man pointed me to the right place: Hodjapasha Dance Center, where I got to stimulate my love of art and music. I returned to Hodjapasha throughout my week stay and watched two other shows: a traditional dervish whirling ceremony, and White Rose, a play based on a true love story from the Ottoman days, told through ravishing music and sensational dance. As if I wasn't already in love with Istanbul, the minute I walked into the Hagia Sophia, I fell head over heels in enchanting love. Although I'd read about the Hagia Sophia, saw photos of it and watched specials about it on TV, the minute I stepped foot there, I was charmed by its majestic artistry. Something took over me while there. I can't explain what it was, exactly, but it was a sense of gratitude, humility and astonishment. Constructed in 537 as an Eastern Orthodox cathedral during the Byzantine Empire, the Hagia Sophia has withstood time and the brutality of human nature and served as the center of wisdom for Christianity and Islam and architectural inspiration for many decades. As I stood there, looking in admiration at Christian and Islamic symbols, a thought occurred to me: Perhaps the Hagia Sophia still stands to teach us all that we can coexist, and coexist peacefully. Sultan Ahmet Mosque, constructed in 1616, was another site that dazzled and inspired me. There's something heavenly about Sultan Ahmet's interior blue tiles. The mosques of Istanbul, including the Mosque of Suleiman the Magnificent, are ingeniously beautiful. I could spend a whole day -- maybe even days -- studying and admiring every little piece of their interior and exterior. As I stood there, I wondered for a minute: If the beauty and greatness of Hagia Sophia, Sultan Ahmet Mosque and the Mosque of Suleiman the Magnificent could have such a powerful impact on me, what will it feel like standing before God? Genius and romance come together and live in harmony at the Basilica Cistern. There, at the largest ancient cistern that stands beneath the city of Istanbul, I found myself slowing my steps down, flirting with its perfectly dimmed light and pursuing its rows of columns. Standing on the steps of the crystal staircase at Dolmabahce Palace, which is plated with 90 kilos of gold, I suddenly had a vision of myself dressed as a queen with my head turned over my shoulder. Then I got back to reality. A local music shop and the lobby of my hotel had become my safe places after dark. I had become acquainted with the staff of the shop and hotel, from the maids to the managers and owners. Over tea, Turkish coffee and lattes, I discussed Turkey's political climate. We talked about Ataturk's legacy and Tayyip Erdogan's achievements and his, shall I say, perplexing antics. On a boat in the Bosphorus, I befriended a couple from Greece who were there on their honeymoon. At the music shop, I met another couple -- one from Egypt and one from the United Arab Emirates. The Egyptian and I talked about the beauty of Istanbul, lamented over Cairo's plight and shared a dream of one day seeing our ancient, beautiful city rise to its proper place in history and the world. I ate food that made me want to cry with joy. I shared a small table with three women over fish sandwiches grilled on a boat right off the Bosphorus. I fed pigeons that seemed to find sanctuary around the mosques. I had small talk and laughs with locals, on the streets, on the trams and everywhere I was. I found myself blushing when men randomly came up to me to admire my eyes. I shopped and bargained at the Egyptian and Grand Bazaars like it's what I do for a living. Istanbul opened her arms to me, enriched my life with beauty, culture, history and greatness. It gave me friendships and a third place to call home. It kept me safe. It now has a piece of my heart. But Istanbul did something else for me: It led me back to Cairo. I realized I'd never explored my hometown the way I'd explored Istanbul. I'd never given it the chances I'd gave to Istanbul. Though I greatly admire it, I'd never been open to its possibilities. Every magnificent spot in Istanbul reminded me of something about Cairo. So this is where I'm going next. I'm going with my heart open to all the possibilities. Maybe it is Cairo, after all, where all my dreams will come true.

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No extension will entail a ‘dirty’ exit from the bailout

Finance Minister Gikas Hardouvelis issued a fresh warning on Thursday about the need to safeguard the cash flow in the Greek economy, while European Central Bank board member Ewald Nowotny and European Parliament Vice President Olli Rehn said there is no ... ...

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Extreme political parties in Greece: Economic and cultural factors [Live Streaming]

Yannis Palaiologos, a prominent Greek scholar-journalist, will describe the political rise of extreme parties on both right and left in Greece, including the ultra-right Golden Dawn movement and the Coalition of the Radical Left, better known as Syriza. W... ...

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Newsmith's Maigrot: Be wary of 'manageable' Greek exit claims

Yields on Greek 10-year government bonds rose about 10% for the first time in 15 months last week, as the latest polls showed anti-austerity party ...

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Greek Ferry Tragedy's Death Toll Likely to Rise to at Least 27

The Italian prosecutor investigating a deadly fire on the Norman Atlantic ferry on Thursday indicated that at least 27 people had likely perished in the disaster.

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Greece Among 5 Member-States With Highest Poverty Hikes During Crisis

Greece, Ireland, Spain, Italy and Hungary were the EU member-states where poverty and social exclusion increased the most during the economic crisis, according to the European Commission’s Annual Review on employment and social developments released on ...

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SYRIZA’s Praise Over Avramopoulos’ Intervention Fuels Presidential Nomination Scenarios

Greek main opposition SYRIZA praised earlier today the intervention of European Union Commisioner for Migration, Home Affairs and Citizenship, Dimitris Avramopoulos, regarding the need for extended flexibility of the Stability Pact for the European South countries. At the same time, rumors have started that Avramopoulos will be SYRIZA’s nominee for the Presidential election that will follow the January 25 snap general elections. The leftist party, which is steadily leading the Greek opinion polls, just 10 days ahead of the critical general elections, in a statement noted that Avramopoulos’ intervention was of great significance. In addition, it underlined that the Greek government should have done so “a while ago,” instead of “supporting the harshest terms of austerity that strangle the Greek economy.” Avramopoulos called the European Union to consider a greater flexibility of the Stability Pact for the European South countries, and if this is proved fruitful towards the development of those countries, to keep on with this policy, offering them flexibility as a reward for their efforts. SYRIZA’s statement fueled rumors that the emblematic New Democracy official may be considered as the candidate for the next Presidential ballot. According to this scenario, if Avramopoulos is elected as the next President of the Hellenic Republic, a SYRIZA-led government would have a greater chance of achieving domestic consensus, while it can also appoint its own European Commissioner as a replacement for Avramopoulos. It should be noted that during the previous Presidential election, SYRIZA avoided to nominate a candidate and the only one running for the position was New Democracy’s nominee, Stavros Dimas.

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Euro area international trade in goods surplus €20.0 bn

by KG/EUROPA The first estimate for the euro area (EA18) trade in goods balance with the rest of the world in November 2014 gave a €20.0 billion surplus, compared with +€16.5 bn in November 2013. The October 2014 balance was +€23.6bn, compared with +€16.5 bn in October 2013. In November 2014 compared with October 2014, seasonally adjusted exports increased by 0.2% while imports remained stable. These data are released by Eurostat, the statistical office of the European Union. The first estimate for the November 2014 extra-EU28 trade balance was a €10.1 bn surplus, compared with +€2.5bn in November 2013. In October 2014 the balance was +€7.4 bn, compared with +€4.1 bn in October 2013. In November 2014 compared with October 2014, seasonally adjusted exports rose by 0.9% while imports fell by 1.1%. EU28 detailed results for January to October 2014 The EU28 deficit for energy decreased (-€286.7 bn in January-October 2014 compared with -€318.3 bn in January October 2013), as did the surplus for machinery and vehicles (+€213.4 bn compared with +€228.2 bn). The highest increases in EU28 exports were registered with China (+11% in January-October 2014 compared with January-October 2013), South Korea (+10%) and the United States (+6%), and for EU28 imports with South Korea (+9%), China (+8%) and Turkey (+7%). The most notable decreases were recorded for exports to Switzerland (-20%), Russia (-12%) and Brazil (-8%), and for imports from Russia (-9%), Norway (-7%) and Brazil (-5%). The EU28 trade surplus increased with the USA (+€86.5 bn in January-October 2014 compared with +€78.1 bn in January-October 2013), but decreased with Switzerland (+€34.0 bn compared with +€66.1 bn) and Turkey (+€16.5 bn compared with +€23.2 bn). The EU28 trade deficit fell with Russia (-€68.6 bn compared with -€72.5 bn) and Norway (-€28.1 bn compared with-€33.4 bn), while it increased with China (-€114.7 bn compared with -€110.6 bn). Concerning the total trade of Member States, the largest surplus was observed in Germany (+€183.6 bn in January-October 2014), followed by the Netherlands (+€50.6 bn), Italy (+€33.6 bn), Ireland (+€29.2 bn) and the Czech Republic (+€14.1 bn). The United Kingdom (-€114.5 bn) registered the largest deficit, followed by France (-€60.5 bn), Spain (-€21.5 bn) and Greece (-€17.4 bn).

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Greek leftist party Syriza maintains poll lead as elections loom

ATHENS (Reuters) - Greek leftist opposition party Syriza holds a steady 3.5 point lead over the ruling conservatives with little over a week of campaigning left before a snap election on Jan. 25, an opinion poll published on Thursday showed. Syriza would ...

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Traders See More Declines for Greece ETF

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Merkel: I want Greece to remain in the euro

“Solidarity comes in response to the reform efforts and responsibility”, says the German Chancellor

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How The Aftermath Of An Explosive Rolling Stone Article Convinced A UVA Student To Rush A Frat

The University of Virginia's spring semester began this week, following a tumultous start to the academic year that culminated with a major feature in Rolling Stone magazine blasting the university culture surrounding sexual assault and Greek life. Now, as the university gears up for rush — where freshmen vie for membership in one of the campus' fraternity or sorority houses — students have to choose whether they want to "go Greek." Business Insider spoke with one male freshman student who said that he initially didn't plan on rushing or pledging when he started at UVA, assuming he could find friends through other campus activities. He has since changed his mind, though. "When I was looking into the school, I knew that fraternity life was a big deal at UVA and really held to a high esteem," he said. "I just felt like there were other ways to find your group, and I've definitely found that though different organizations." The reason he now wants to join a fraternity, he said, is due to how the Greeks reacted to the now-notorious Rolling Stone feature. In the story, Rolling Stone included one female student's account of her alleged gang rape at a prominent campus fraternity. The story has since been called into question after major factual errors were revealed. More broadly, though, while Rolling Stone's article focused on one fraternity — Phi Kappa Psi — it also seemed to implicate the school's entire Greek system, as well as a student culture that was apathetic toward sexual assault. The student we spoke with said even though he had only been on campus for a few months, he didn't recognize the UVA depicted in Rolling Stone. "When this article came out, it seemed almost foreign to me. The whole time I've been at UVA, I've never seen any instance when any student had any malintent," he said. "It just didn't seem possible, everyone always seemed to have everyone's back. People were always going out in pairs and checking on each other." What did seem to widely resonate on campus, though, was how students viewed the university's dominant Greek scene. In the immediate days following the article's publication "there was definitely a sense of disgust, especially on the Phi Psi house itself," he said, adding that this sentiment quickly spread to people's feelings about fraternity life in general. However, the student said he became more inclined to go through rush after seeing how UVA's fraternities and sororities reacted in the fallout of the Rolling Stone article. "It wasn't something where they were trying to fight back against or throw fire into the flame. They tried to do it in a way where they were getting behind the cause and show that it's something they don't approve of," he said. Starting his second semester at UVA, the student said there's a different feeling around campus than when he left in December. "It's definitely different in the sense that people are expecting change," he said, "and I feel like that change is coming." This sentiment has remained visible in Greek life, the freshman said, as he realized from speaking to older friends of his already in houses. "The fraternities are all trying to do better for the students and community as a whole," he said. The freshman student said he believes that Greeks can continue to be part of the change on campus, which is one of the reasons he decided to participate in fraternity rush. "The people rushing, we have an opportunity to join something that is trying to get behind this cause and be a symbol for fairness and equal treatment," he said. Perhaps unexpectedly, this new sense of change in the air seems to stem from the Rolling Stone article, and how it depicted UVA's student culture. "It's opened the eyes of the student body as a whole, and everyone is really rallying behind the opportunity for the university to be the community we all know and love," he said. "The talk isn't about the content of the article, it's more just about how we can be better as a university community."SEE ALSO: There's More Bizarre Evidence That UVA Student Jackie's Alleged Rapist Doesn't Exist SEE ALSO: Here Are Some Big Things The Rolling Stone Story About Rape At UVA Got Right Join the conversation about this story »

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Greek economy in dire need of reforms

Greece is in need of radical reforms to its pension system if it is to cease being a burden on longer-term fiscal sustainability, and to prevent a rise in pension costs that would ...

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Is A Greek Exit Next For Europe?

… the Greeks, the only country with actors who can help influence Greece … government is prepared to let Greece withdraw from the eurozone if … serious structural reforms happening in Greece. And now they see a …

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Clashing certainties over the euro

The words and actions of most of the protagonists have clouded the central question of what is at stake in next Sunday’s national election: Is Greece’s membership of the eurozone guaranteed under any circumstances? If there is no risk, then we can go to t... ...

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Devil may be in the details on ECB bond-buying

The central bank still needs to decide the amount and the mix of bonds, including whether riskier nations such as Greece should be avoided

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Study by Greek economic think tank finds 2004 Athens Olympics cost Greece $7.5 billion

by Associated Press Greek think tank: 2004 Athens Games cost Greece $7.5 billion Associated Press - 15 January 2015 14:10-05:00 ATHENS, Greece (AP) — The 2004 Athens Olympics cost Greece a total of 6.5 billion euros ($7.5 billion) and didn't significantly affect the debt-heavy country's finances, a Greek economic think tank has found. A study on the economic impact of the games by the Foundation for Economic and Industrial Research says the Athens Olympics had a positive effect on domestic economic activity and employment. But it noted that Greece failed to fully exploit that boost. The study published on Thursday was commissioned and financed by former organizing committee chief Gianna Angelopoulos. It estimated that some 2.9 billion euros ($3.3 billion) returned to the state coffers in the form of taxes and social security contributions. Half of the total outlay, which excludes Olympics-linked projects such as a new Athens airport and subway, was spent on sports venues. News Topics: Sports, 2004 Athens Olympic Games, Summer Olympic games, Olympic games, Think tanks, Economy, Political organizations, Events, Government and politics, Business People, Places and Companies: Greece, Athens, Western Europe, Europe Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Ancient Greek Drinking Game Replayed at West Chester University

kottabos-2 Apparently drinking games are much older than previously thought. According to LiveScience, 2,000 years ago, during parties in ancient ...

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Throw Wine In 3-D Re-Creation Of Ancient Greek Drinking Game

Writing for Live Science, Megan Gannon describes the efforts of art historian Heather Sharpe to recreate the ancient Greek drinking game kottabos ...

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Free exchange

IN 2012 Greece held two elections which might have led to its exit from the euro zone. In the event, that was avoided—a good thing since the costs of a ...

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Merkel Doesn't Want Greece to Leave Eurozone

BERLIN--German Chancellor Angela Merkel doesn't want Greece to leave the eurozone, she told a German newspaper ten days ahead of a snap ...

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Trucks ‘ship toxic cargoes’ from Italy

The federation of Greek truckers (OFAE) has complained that ferries serving Adriatic Sea routes frequently carry toxic chemicals illegally. According to OFAE, Greek ferries returning from Italian ports are often loaded with chemicals by truck drivers who ... ...

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Resurgent Nazism: New and Frightening Reports

Even as the world focuses on the murder of French journalists, police and Jews, the continuing growth of Nazi and neo-Nazi movements has the capacity to surprise and frighten. Next Wednesday, January 21, at the U.S. Capitol, the latest edition of the authoritative compilation of Nazi incidents and organizations will be released. The White Papers Of Hate is an academic compilation of what is going on in 17 European countries, and it is tough reading. While it would be easy to focus on the Nazi and neo-Nazi outbursts in Russia, Ukraine and France, the sad truth is that it's happening in many other places as well. In Hungary, nationalism has been written into the nation's constitution, many religions are denied recognition (including Islam and Mormonism) and the right to vote is restricted for those with "mental illness" -- including members of the LGBT community. Greece remains the most nationalist state in Europe, and immigrants and minorities are routinely victimized. Even the United Kingdom saw a marked increase in incidents of hate in the past year. There's a common denominator linking all this to the incidents springing from Islamic terrorism. It's anti-Semitism and the murder of Jews, not for what they might do but for their very identity. But the new Nazi movements also include anti-Muslim, anti-Roma, anti-gay, anti-immigrant and other virulent antipathies that can be traced back to Hitler and Nazi ideology of the last century. The Washington event will be attended by Members of Congress, State Department officials and "World Without Nazism" (WWN) an umbrella organization that compiles evidence of Nazi activity and publishes it. Initial remarks will be offered by Rep. Hakeem Jeffries as well as Rep. Jerry Nadler and Rep. Eliot Engel, the powerful ranking Member of the House Foreign Relations Committee. American leaders need to understand the evidence and figure out a response that is consistent with the immediate security crisis, but also presents a united front against these movements even when they appear small or irrelevant. America has limited experience with Nazis since the end of WWII and suggestions of resurgent Nazism are often shrugged off. After Paris, that shouldn't be happening. WWN is an interesting organization. It's got strong membership from across the world, including Russia and is led by the Russian-born Valery Engel who lives in Latvia. It's not been easy, as Engel has focused on fighting efforts to provide pensions to Latvian SS members. His adopted country is threatening his residency status and accusing him of Russian sympathies, a potent way to attack anyone in a country that has never resolved the consequences of Stalinist dominion over the Baltic States for half a century. Engel's situation has received attention and support from Congressman Jeffries and others who are asking Latvian officials to lay off. What's a little strange is that WWN's reports have been tough on Russia's tolerance of Nazism in recent years. Nationalist and right-wing parties are now part of the Russian political landscape and WWN has been one of the few international organizations holding Putin to account on these matters. There's a linkage between the resurgent movements and recent events in France, Greece, Russia, Hungary etc. There's every reason to connect the dots, and to take the evidence seriously. Better we pay too much attention and later find out that these were fringe movements than we let down our guard and find that resurgent Nazi movements are moving into the mainstream. It could happen.

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Greek think tank: 2004 Athens Games cost Greece $7.5 billion

The 2004 Athens Olympics cost Greece a total of 6.5 billion euros ($7.5 billion) and didn't significantly affect the debt-heavy country's finances, a Greek economic think tank has found. A study on the economic impact of the games by the Foundation for Economic and Industrial Research says the Athens Olympics had a positive effect on domestic economic activity and employment. The study published ...

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Merkel says she wants Greece to stay in eurozone

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Mediterranean Diet an Ancient Greek Invention, University of Exeter Study Says

Ancient Greek doctors were the ones who invented the infamous Mediterranean diet, as hippocratic physicians used rich flavors in food in order to treat their patients, a new study from the British University of Exeter revealed, according to the Daily Mail. The experts at the University of Exeter studied texts of ancient Greek doctors and found that they believed rich flavors could improve the food’s nutritional potency, while one of them, Galen of Pergamon, prescribed food recipes containing garlic and onions to patients. According to the same study, their work laid the principals of modern Mediterranean cooking, considered among the world’s healthiest. At the same time, ancient Greek philosopher Plato wrote about the importance of food in health, while Hippocrates said: “Let food be thy medicine and medicine be thy food.” As Professor John Wilkins, an expert on Greek Culture at the University of Exeter, explained to Daily Mail, ancient Greek physicians “take flavor as a measure of nutritional potency because that property of astringency in unripe apples or pungency in onions reflects the effect that the food will have on the digested material and ultimately the impact on body humors. Galen sees nutrition as a third of the medical art, along with pharmacology and surgery. If people had too much thick humor, phlegm in particular, then they needed onions and garlic to thin it. That is a sort of early idea of dealing with too much cholesterol.” Furthermore, Wilkins described that Galen’s writings included recipes for pancakes and put under discussion the types of bread and cakes that should be eaten, while at the same time tackling the dangers of milk, which, according to him, contains whey and solids that may block the narrow channels in the liver in susceptible individuals. His recipes included simple cooking techniques, designed to bring out the flavor of basic ingredients and he even wrote about how snails – a dish associated with French cuisine – should be boiled twice to reduce their laxative properties. Galen even recommended – then considered – tropical spices, such as pepper, ginger and cinnamon, while other doctors recommended fruits and vegetables. In other cases, ingredients that are no longer used, like silphium, asphodel and muscari were also used in cooking. “The ancient diet resembled the modern Mediterranean diet but without oranges and lemons from China and tomatoes from South America of course. The diet is largely based on regional plants, which the doctors generally preferred over imported luxuries. Also, the ancient Mediterranean did not sustain a huge number of animals, so meat was limited, as it is in the modern Mediterranean. The soil produced flavor-rich food, making cereal palatable,” concluded Professor Wilkins, whose study is published in the Journal of Ethnopharmacology.

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Who Governs the Archdiocese?

A TNH ANALYSIS That the Greek Orthodox Archdiocese of America faces a serious financial problem with the Clergy Pension Fund, for not depositing the $600 monthly contribution the last three years towards the Fund for its 90-plus clergy and lay employees, as TNH revealed last month, is a very serious issue. First of all, the […] The post Who Governs the Archdiocese? appeared first on The National Herald.

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Greek Debt Cut Irrelevant for Now, Merkel Lawmakers Say

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Swiss move adds pressure to Greek bourse

Traders rushing to exit the Greek bourse at the end of Thursday’s session led to the benchmark closing on the day’s low, as investor jitters rose on the scrapping of the euro cap on the Swiss franc along with uncertainty regarding the formation of the nex... ...

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World Bank recommends Russia Greek model of crisis recovery

The Russian government's key goal should be to guarantee macroeconomic stability, including stability in the financial sector, the World Bank lead economist for Russia believes

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Greece and the New Environment

We are all in a journey towards change. Greece is definitely in that road of changes and reforms, being through a very difficult period, with severe recession, trying to find its way towards competitiveness and sustainable growth. Being for the last 5 years, Deputy CEO of one of the largest listed companies in Greece and the leading electric utility, which runs 109 stations and serves more than 7.4 million customers across the country, I had full exposure to this new, highly adverse, uncertain & volatile environment and realised issues and challenges which do not become apparent in an environment of prosperity and economic growth. First of all, dealing with deep and prolonged economic crisis, requires ability to manage risk and uncertainty; this means ability to make decisions when there are no easy answers or many alternative options. At the pick of the crisis, back in 2012, there were very few allies or strategic partners and no banks to provide the necessary liquidity. Thus a company and its management had to rely on themselves and survive based on their own strengths and resources. This can only happen having the right people and building the right teams which are effective, work well together and reach consensus and above all, are balanced, fearless and resilient. Such human capital is vital in managing crisis or complex situations and usually they are the most committed, loyal and visionary people, because under such conditions, there are no bonuses or awards, on the contrary, there are only more risks associated with high responsibilities. It is also true that in this environment, companies and management are changing and becoming more flexible, innovative and open-minded. The strategic and financial objectives are re-assessed, being cautious on capex and budget control and shifting focus towards reinforcement of cashflows and profitability rather than building ambitious business plans and growth strategies. Liquidity becomes the number one priority. More importantly, companies are mobilised and are taking actions, in an effort to respond and adapt to the new environment. It is the time that difficult decisions are made, targeting cost containment and improvement of performance, decisions or actions which during the good times may have been postponed many times. Therefore, companies are becoming stronger, more flexible & creative, more extrovert and open to new ideas, trying to build networks and alliances which will support their businesses in the future. Greece has gone a long way over the last 5 years. And so did the Greek businesses and the Greek people. However, the ability of an economy to withstand and absorb a crisis and finally bounce back, requires also strategic alliances, foreign investments and access to capital, as well as solidarity, collaboration, sharing of knowledge and innovation and many other principles which are at the heart of the European Union vision. I like to remain positive about the future. PPC, despite operating within a very difficult economic environment and a transitioning regulatory framework, not only managed to survive but also to carry on successfully its strategic and financial planning. We managed to promote and implement difficult decisions regarding our organisational & operational model, we became more flexible and adaptive to the new environment and above all we managed to significantly improve our operational performance and productivity, through a major cost cutting program, with total payroll savings during the period 2009-2013 exceeding € 650m, a reduction of c. 38% compared to 2009 levels. As a result of the above actions and strategy, we managed to carry on with our financial planning, concluding one of the biggest refinancing deals with the Greek banking system, through a syndicated loan of € 2.2 billion, a transaction which led to 3 notches upgrade by S&P. At the same time, we raised new capital, first of all by securing a € 740 million syndicated loan with foreign banks for new capex in generation as well as by capitalising on our long and strategic relationship with the European Investment Bank, raising funds in excess of € 1.5 billion for strategic projects. We also proceeded with a successful bond issue of € 700 million last April in the international debt capital markets, an issue which was 6 times oversubscribed compared to initial amount. We should not forget that Greece today is a country with extremely high levels of unemployment and increasing poverty. For this reason, we have introduced as a country special Social Tariffs for vulnerable groups of consumers, to which more than 600,000 households have applied and are benefiting today. At the same time, PPC, over the last years, have entered into almost 1 million electricity bill settlements. Such conditions in the energy market are totally new and are the result of the economic crisis in Greece, combined with increasing electricity bills, attributed to the largest extent to increased taxes and levies, some of which are not related to energy. Today, the Greek power market is in a transitioning period towards market liberalization but it is still far away from the EU Target Model. For PPC, in order to be able to continue with its strategic planning, in order to be able to support the Γρεεκ economy, we need more visibility on our operations and on our earnings. This requires a more stable and predictable regulatory framework, with fair market rules for all players, in line with the EU Target model. Such conditions are absolutely critical for all utilities and for all countries, in the effort to find a balance between security of supply, cost competitiveness and environmental performance.

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‘Black Thursday’ for 60,000 Greek Borrowers of Swiss Banks

An unexpected development came out earlier today from the Swiss National Bank (SNB). More than three years of stability (since 2011) between the European currency and the Swiss franc just ended today, when SNB abandoned attempts to cap the currency’s value. The Swiss side surprised the markets by announcing that it interrupts the minimum exchange rate of 1.20 per euro. According to banking officials, this decision caused a damage exceeding one billion euros to some 60,000 Greek borrowers who have open loans in francs due to the Swiss currency soaring. Panic prevailed in the markets after the SNB announcement, while the Swiss currency was strengthened by about 30% against the euro (0.805 francs per euro). At the same time, the Swiss franc’s rate was reduced by 0.75% (from -0.25%) with SNB stressing that the currency is still overvalued, but less than before. Furthermore, it set a new range for the three-month libor between 1.25% and -0.25%, and said it abandons the minimum rate target to the euro (1.20 Swiss francs per euro). In its communication, the Central Bank of Switzerland stated that “despite the fact that the Swiss franc is still overvalued, this overvaluation has been decreased in relation to the application of the minimum rate measure.” “Black Thursday” for 60,000 Greek borrowers Within a few minutes, this development caused damages exceeding 1 billion euros to more than 60,000 Greek borrowers who have loans (mainly mortgage loans) in Swiss francs. According to data from the country’s banks, the total amount of these loans reaches 6 billion euros, and with the Swiss franc’s exchange rate jump, they will need a lot more euros to pay back capital and installments. Bank officials, however, indicated that borrowers who have debts in Swiss francs should not make hasty movements, because if they now convert their loans to euros, they will record actual losses, while if they decide to remain in the Swiss currency, the losses are accountable and thus potentially reversible.

READ THE ORIGINAL POST AT greece.greekreporter.com

After Terror What Is Next for Europe: A Greek Exit?

European unity will be tested again soon, but the question now will become how to deal with economic threats. Many analysts, including Forbes contributors, are predicting that a Syriza victory will lead to Greece abandoning the euro.

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Early elections in Greece: The radical left worries Brussels

Europe’e elites feel threatened by the growing power of the far left, writes Le Monde, according to which the radical Syriza party could win Greece’s early general elections on 25 January. However, the Hellenic republic is far from being the only European country witnessing the rise of “the left of the left” — Several thousand kilometres from Athens, the euro-critical far-left Podemos party in Spain stands a strong chance of winning legislative elections in 2015. […] In Portugal, Cyprus and Ireland, far-left movements are seducing voters who are exhausted by budgetary rigour imposed “from above”, from Brussels, and who are nostalgic for a generous welfare state. The daily explains that these movements from the radical left have modernised by “dropping obsolete themes and focussing on ‘oppression from Europe and the International Monetary Fund’”. The paper recalls that “Socialist prime ministers signed the deals with the troika” in Greece and Portugal, which explains why many voters, feeling betrayed by the moderate left, have turned to more radical parties. However, even if these leaders have “a virulent discourse against Brussels”, they are not opposed to the European Union in itself, but want rather “to transform it.” This pro-European dimension could lead to a loss of influence in favour of “the populist right”, argues Le Monde.

READ THE ORIGINAL POST AT www.voxeurop.eu

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Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Thursday, January 15, 2015