How the world sees Greece
Temperatures in Athens dropped to freezing today, but the tents of unemployed workers who used to clean state buildings still remained camped outside the country’s Finance Ministry in a continued show of defiance. They were some of the thousands who lost their jobs as part of layoffs demanded by Greece’s international creditors to rein-in the country’s finances.
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Q. What are the sticking points?
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Valid until Wednesday February 18 where it will be reviewed
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The Greek government and troika are working hard to scare the wits out of one another, the object of which is to obtain the best politically acceptable terms given their varying constituencies. He may be an owner indirectly as an investor in a fund.
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| READ THE ORIGINAL POST AT finance.yahoo.com |
The Greek Prime Minister had contacts with European leaders on the sidelines of the first meeting attended
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Greek prime minister Alexis Tsipras has yielded to an intensive euro zone clamour for fresh talks on his country’s bailout programme in a bid to unlock a new round of funding from its international creditors. Mr Tsipras had refused since taking office ...
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| READ THE ORIGINAL POST AT www.irishtimes.com |
Merkel has faced a barrage of criticism in Greece for being the key cheerleader of the austerity policies that Greek Prime Minister Alexis Tsipras wants ...
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| READ THE ORIGINAL POST AT www.sltrib.com |
Greece and the Eurozone agreed to launch technical discussions on Athens' demands to lighten the load of its bailout after weeks of acrimony. The post Greece, Eurozone Talk Compromise appeared first on The National Herald.
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Cats are to Greece as squirrels are to North America. These pesky felines can be found everywhere, from the bustling center of Athens, to islands, and mountain villages. With their super sweet looks and impressive agile moves, the cat is an animal known to have domesticated itself! Admired by the Ancient Egyptians who held them […] The post Greek Cat Tour appeared first on The National Herald.
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More money, more shows, more improvements to the Greek Theatre and an overall community program to put more money in for the residents of the ...
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It was dark and cold in midtown Manhattan on the evening of February 11 – but the weather was not more bitter than the situation in crisis-ridden Greece. And it was not darker than the fears and anxieties of people on both sides of the Atlantic. The post Greeks and Non-Greeks Demonstrate Solidarity for Greece at NY Rally appeared first on The National Herald.
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Prime Minister Alexis Tsipras and Eurogroup head Jeroen Dijselbloem agreed on the sideline of the EU Leaders Summit in Brussels, that a team of Greek technocrats will cooperate with representatives of the EuroWorking Group until Monday to prepare the Eurogroup meeting of 16 February. According to newspaper To Vima, Tsipras […]
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(Bloomberg) -- Greece and Germany are pursuing a deal on the conditions required to continue the Greek bailout as each side signals a willingness to ...
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BRUSSELS (AP) — Greece and its creditors in the 19-country eurozone made a breakthrough Thursday, agreeing to launch technical discussions on ...
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| READ THE ORIGINAL POST AT www.usnews.com |
Greece's prime minister has sounded an optimistic tone at his first EU summit. Talks ended early on Thursday in Brussels, with the eurozone unable to strike a deal with Greece on extending international aid.
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| READ THE ORIGINAL POST AT www.dw.de |
Extension of emergency lending facility to Greek finance sector lifts euro and gives PM Alexis Tsipras stronger hand before leaders’ summit in BrusselsThe European Central Bank has thrown Greece a lifeline to prevent Athens running out of money before crunch talks with European leaders.The extension of emergency funding to the Greek finance sector by the eurozone’s central bankers lifted the euro and gave Greece’s prime minister, Alexis Tsipras, a stronger hand before meetings with senior officials at the leaders summit in Brussels. Related: David Cameron urges end to Greek debt standoff -- live updates Continue reading...
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The remains of a man and woman locked in an embrace, which were found at an archaeological site near the Diros Caves in the Peloponnese, constitute a “stunning discovery” dating to around 3,800 BC, the head of the dig has told Kathimerini.
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Investors in the Greek stock market appeared to have seen enough in Wednesday’s Eurogroup meeting to convince them that an agreement between Athens and its eurozone peers on a support program is on its way, as the benchmark at Athinon Avenue soared 6.73 percent on Thursday.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Standard funding for Greek banks was suspended last week when the ECB ... Asked about conditions that would let Greek banks return to standard ...
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| READ THE ORIGINAL POST AT www.reuters.com |
The European Central Bank sent another warning signal to Greece on Thursday by granting a small increase in the cash available to local lenders via the emergency liquidity assistance (ELA), which only just covers the current needs of the country’s credit system.
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Both sides play down setback even though they failed to agree on a joint statement even
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| READ THE ORIGINAL POST AT www.business-standard.com |
Stocks rally after Ukraine peace deal announced. * Swedish stock market hits record high on rate cut, QE move. * Greek shares rise as investors still ...
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| READ THE ORIGINAL POST AT www.reuters.com |
Standard funding for Greek banks was suspended last week when the ECB ... Asked about conditions that would let Greek banks return to standard ...
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| READ THE ORIGINAL POST AT www.reuters.com |
Stocks and oil are rallying on Thursday as oil looks to shake off two days of losses. Near 1:45 pm ET, the Dow was up 91 points, the S&P 500 was 17 points, and the Nasdaq was up 50 points. At these levels, stocks were near their highs of the day as the Dow closes in on 18,000 and the S&P 500 sits just about 10 points below its all time high. Markets were higher on Thursday though the situation in Europe between Greece and its creditors remains unsettled as the outcome of talks between eurozone finance ministers on Wednesday saw no agreements made between the two sides. The price of West Texas Intermediate crude oil was up better than 4% to trade near $51 a barrel. The last couple days had seen oil slip, falling to near $48 a barrel. In economic news, the January report on retail sales disappointed, with headline sales falling 0.8%, more than the 0.4% decline that was expected. The bright spot in the retail sales report was from restaurants and bars, which saw sales rise more than 11% over the same month last year. Initial jobless claims also disappointed, rising to 304,000 last week up from 278,000 the prior week. In stock news, American Express shares were down about 6% after the company said it would end its co-branding agreement with Costco effective March 2016. Tesla shares were also lower, falling more than 6%, after the company last night reported earnings and reported vehicle deliveries in the fourth quarter that disappointed. SEE ALSO: Tesla's investors need to ask themselves how they'd feel if Elon Musk left the company Join the conversation about this story » NOW WATCH: Nationwide's Super Bowl commercial about dead children is about corporate profits ... in a way that we can all appreciate
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The Carers Association of northern Greece (SFBE), based in Thessaloniki, will be collecting medical supplies to send to Ukraine. The Association is looking for mild medical supplies that will help cover the needs of Greeks in Mariupol who are suffering in a country beset by violence. An event has been scheduled for Sunday, February 15, were 50 students from northern Greece will accept awards and distinctions for receiving high marks on the Panhellenic exams. After the event, SFBE will be distributing special boxes that will be placed in school areas. People will be able to donate any kind of mild medical supplies they can afford. Furthermore, the association has organized a Skype conference after the awards event in order to speak with Greeks in Mariupol about their situation.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Greece’s Defense Minister Panos Kammenos concluded his two-day visit to Cyprus on Thursday and returned to Athens. Shortly before his departure, Kammenos and his Cypriot counterpart Christoforos Fokaides had a meeting with the Presidential Commissioner for Humanitarian and Overseas Affairs Fotis Fotiou and a spokesman for the Committee on Missing Persons in Cyprus, Nestoras Nestoros. The meeting focused on the progress of investigations to determine the fate of those missing since the 1974 Turkish invasion on northern part of the island but no statements were made afterward. Earlier, the Greek Minister had met with family members of slain journalist Theophilos Georgiades, who was murdered in the 90s for his action in support of the Kurds, and also laid a wreath at the Makedonitissa Tomb monument. He then visited the base of the Hellenic Force in Cyprus (ELDYK) where he was briefed on its operational capability and laid a wreath at the monument for the fallen. Kammenos was accompanied by Deputy Minister of State Terrence Quick, Cypriot Defense Ministry General Director Christos Malikkidis, Hellenic National Defense General Staff chief Gen. Mikhail Kostarakos, Cypriot National Guard General Staff chief Lieut. Gen. Georgios Basiakoulis and Greece’s Ambassador to Cyprus Vassilis Papaioannou. (source: ana-mpa)
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Greek Prime Minister Alexis Tsipras had a meeting with his British counterpart David Cameron in Brussels on Thursday, on the sidelines of the EU summit. According to Greek government sources, Cameron said he was closely following the talks concerning Greece’s program and noted the need for stability in the Eurozone. He also offered the UK’s assistance in providing knowhow on improving tax inspection mechanisms and fighting tax evasion in Greece. During the meeting, Cameron said that Greece and the Eurozone must work together to find a solution, British government sources said. Cameron urged Greece and the Eurozone to act responsibly and expressed concern that a new crisis in the Eurozone could negatively impact the British economy. The two Prime Ministers additionally discussed the developments in Ukraine and the need to secure peace and stability in the region. British sources said that Tsipras agreed that the EU must examine the situation arising after the agreed ceasefire in Minsk before re-examining the possibility of new sanctions. “Tsipras told Cameron that Greece wishes to preserve the EU’s unity against Russian aggressiveness,” the British sources said. (source: ana-mpa)
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Here's why markets shouldn't be worried about Greece not honoring past debt agreements, says Michael Yoshikami.
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| READ THE ORIGINAL POST AT finance.yahoo.com |
Germany won’t insist that all elements of Greece’s current aid program continue, said two officials in Berlin. As long as the program is prolonged, they said, Germany would be open to talking about the size of Greece’s budget surplus requirement and conditions to sell off government assets. For its part, Greece is prepared to commit to a primary budget surplus, as long as it’s lower than the ...
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Prime Minister David Cameron insists a solution must be met ahead of meeting Greek prime minister Alexis Tsipras at a Eurozone summit in Brussels
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Net budget revenue stands at 3.489 billion euro, which is 1.048 billion less
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The company is also aiming at establishing direct flight routes between North America and Athens
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On the sideline of the summit the Greek Prime Minister and the Eurogroup President agreed on restarting negotiations in order to to bridge differences
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It seems that top political officials of Greece and the EU have reached an agreement of a transitional deal
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Greece and its creditors in the 19-country eurozone made a breakthrough Thursday, agreeing to launch technical discussions on Athens' demands to lighten the load of its bailout after weeks of acrimony. ...
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| READ THE ORIGINAL POST AT finance.yahoo.com |
Greek negotiators will meet officials of the troika of EU, ECB and IMF soon, most likely in Brussels on Friday, to prepare Monday's key Eurogroup meeting on debt talks, an EU official said on Thursday, raising hopes of a possible ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
A “historical moment”, frustrated Greeks would say today: Greek Prime Minister Alexis Tsipras met with German Chancellor Angela Merkel during the EU Leaders Summit in Brussels. The meeting was short and painless, and lasted just a few seconds. A hand shake, a few smiles…. and lots of reservation and arrogance. […]
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German Chancellor Angela Merkel said Greece will play a peripheral role in discussions at a European Union summit in Brussels Thursday, with leaders awaiting proposals on how to break a deadlock over the country’s future financing. Greece will play ...
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Web site Livesquawk reports that "Greek officials are to meet representatives of Troika tomorrow (Friday 13) to prepare for Eurogroup meeting on Monday." Liesquawk is a members-only site broadcasting s 24 hours a day from London, Monday to Friday (except for selected ...
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Investors calm, buoyed by Ukraine peace hopes and positive results from Shire and Rio TintoDespite conflicting influences, leading shares started brightly and managed to keep in the black for the rest of the day.Even the inability of Greece and the rest of the eurozone to settle their differences after late night talks on Wednesday failed to dent the mood, with investors hopeful a solution to the country’s financial troubles could be found before the cash runs out. The European Central Bank also soothed some nerves by extending its emergency liquidity assistance for Greek banks by €5bn to €65bn.Fourth quarter sales and earnings before interest and tax are as expected but earnings per share were 2% shy on finance/tax. Importantly the initial 2015 outlook is broadly similar to our estimates, with margin fears into the quarter likely overdone. Consensus earnings per share may need trimming slightly but this is largely confounded by a mix of pre- and post- NPS. Key pipeline programmes are on-track and the maribavir CMV Phase II update is positive.At a price of 330p per share we initiate coverage on AO World with a sell recommendation, urging investors to capitalize on the unjustified level of price appreciation over the last quarter. This is a high quality E-commerce business but the intrinsic worth of its stock is just 152p, half the prevailing market price.Our analysis shows that product protection plans significantly boost the company’s earnings potential. We calculate that the net earnings generated from protection plans formed around 51% of reported adjusted operating profit in 2014. A change in legislation or accounting policies could significantly reduce profit margins.With the completion of this initial drilling programme, [Turkish partner] Lydian has satisfied the year one spending commitment of $0.5m to acquire a 20% interest in the project. Nevertheless, we continue to believe the presence of a well-funded local partner will prove helpful in accelerating the development of the project without any dilution to Mariana at the corporate level. Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
In the seventeen days since the Greek national elections brought Alexis Tsipras and his SYRIZA party to power, the Eurocrisis has once again taken center stage, threatening not just the future of the unified currency and the European ideal, but also global economic and strategic stability. True to their electoral promises and bolstered by growing public support at home, Prime Minister Tsipras and Greece's new finance minister Yanis Varoufakis have vowed to bring an end to the European imposed austerity policies that have driven Greece into an economic depression, just as they have crippled the European economy as a whole. For their part, European officials indicated an early intransigence to shifting course, an intransigence that apparently continued through yesterday's meeting of finance ministers in Brussels. In that meeting, German officials reportedly refused to accept that the conditions imposed by previous agreements, no matter how ill conceived and how demonstrably unsuccessful, might be amended, thus derailing prospects for discussions in the next few days. A fateful decision looms, possibly as early as Monday. In the midst of this burgeoning crisis, President Obama has been a voice of reality and reason, calling for an agreement that will restore economic growth in Greece and keep Greece in the European Union. The president's forceful messages recognize that the crisis at hand is about much more than one nation's membership in the EU, but rather about protecting a global economy still fragile from the effects of the financial crisis and ensuring the strength of the Western alliance in these times of increasing peril. There is no question that the current austerity program imposed on Greece as the price of financial aid has been a failure. Official unemployment is nearly 26%, a jobless rate mirroring that in the U.S. during the Great Depression. Youth unemployment has soared above 50%, contributing to a brain drain that could cripple the nation for decades to come. The Greek economy has shrunk by more than 25%, with millions of Greeks now in poverty and essential social services in tatters. It is a testament to the fierce democratic ideals of the Greek people that the nation has not exploded in rage and revolution. There is also no question that Greece has made enormous fiscal adjustments in the past few years, by far the largest in the Eurozone. Its deficit is now below 3% of GDP, down from 15% in 2010. Its primary budget surplus has reached 1.5%. But the European imposed primary surplus targets of 4.5% of GDP over the medium term and 4% over the long term will strangle economic recovery. As President Obama so rightly noted, "when you have an economy that is in free fall there has to be a growth strategy and not simply the effort to squeeze more and more from a population that is hurting worse and worse." Facts, reason, and fairness call for a new agreement to foster reform and recovery in Greece and to preserve the European Union. Any viable agreement must respect Greek sovereignty and must reflect good economic judgment. It must lower primary surplus targets, as proposed in the plan submitted by the Greek government, to permit investments that alleviate suffering and spur growth. It must provide a sustainable path to debt repayment in the short and long term. And it must continue the push for reforms that strengthen the socioeconomic fabric and economic progress. In this regard, the new Greek government has committed itself to fighting tax evasion and corruption, increasing public sector transparency, improving government efficiency, and encouraging foreign investments which build, not deplete, the wealth of the nation. To achieve these goals, the escalation in tensions and rhetoric, which invariably are amplified in media coverage that naturally favors contention and conflict, must be tamped down. A bridge or cooling off period to reach a new accord, during which the Greek markets, economy, and banks can be stabilized, is needed to allow for thoughtful, good faith negotiations on revamping the agreements between the parties. This is what the new government is requesting. On this score, continued leadership by President Obama and the U.S. government can help in bringing the parties to the table and to keeping them there until a fair resolution is reached. The course of active engagement on which the President has embarked is in the nation's interest for three reasons. First of all, the unraveling of the European Union at this critical moment would put at risk our own economic recovery after years of stagnation in the wake of the financial meltdown of 2007-2008. Contrary to the defeatist views of the likes of Alan Greenspan, the inevitability of EU dissolution should not be accepted as fate. Secondly, the exit of Greece from the European family of nations would be a significant geo-strategic setback. Greece has been and remains a dependable U.S. ally and a vital partner in the NATO Alliance. Sitting on the southeastern flank of Europe and on the front lines next to the Middle East, it is a critical staging base for the protection of Western democratic interests at a time of increased volatility, armed conflict, and terrorism in the region. A Greek departure from the European Union and a downward spiral of the Greek economy will lead to no good end for the West. Finally, deploying our good offices to help Greece emerge from its economic and humanitarian crisis sends a strong signal about this nation's commitment to democratic principles. In the cause of liberty, the Greek people fiercely resisted a brutal Nazi invasion and occupation, survived a ruinous civil war with Communist forces, and overthrew a military junta that robbed the country of its freedoms. Helping Greece and our European partners to find a just resolution to today's crisis honors those struggles. In 1947, President Harry Truman called upon the Congress to enact the Truman Doctrine that saved Greece from ruin and tyranny during the civil war with the Soviet backed Communist forces. In doing so, he warned, "If we falter in our leadership, we may endanger the peace of the world. And we shall surely endanger the welfare of this nation." Much has changed in the seven decades since Truman saved Greece for democracy. But this much has not: a democratic Greece tethered to the West matters. Phil Angelides served as California State Treasurer from 1999-2007 and as Chairman of the U.S. Financial Crisis Inquiry Commission, which conducted the nation's official inquiry into the causes of the global and U.S. financial and economic crisis.
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Greece's new leftist government and its international creditors have failed to agree on a way forward on the country's unpopular bailout and will try again on Monday, with time running out for a financing deal.
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Greece backed away from a draft agreement to extend its bailout program, dashing hopes of a quick resolution to its standoff with creditors.
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Greece will play a role, “though only at the margins,” she said, adding that she looked forward to her first meeting with Greek Prime Minister Alexis ...
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Officials with the Greek delegation and aides to ministers from the 18 other states said attempts to agree on a way forward before a bailout program ...
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Greece will play a role, “though only at the margins,” she said, adding that she looked forward to her first meeting with Greek Prime Minister Alexis ...
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| READ THE ORIGINAL POST AT www.bloomberg.com |
FROM Washington to Athens, politicians and economists who often have little in common all agree that Germany under Chancellor Angela Merkel is largely wrong about economic policy. Germany’s apparent economic strengths—the lowest unemployment in two decades; steady, if low, growth; a balanced federal budget—mask weaknesses and policy errors, they say.A first mistake is to insist that troubled euro-zone countries such as Greece not only make structural reforms to their economies, but simultaneously cut spending and borrowing (depressing demand). But a second is domestic. Given low interest rates, now would be a golden opportunity to borrow and invest more at home, boosting the economy and providing a Keynesian stimulus to the entire sluggish euro zone. Instead, Germany is investing less than in the past and less than most other countries (see chart). Raising investment could also deal with another imbalance in the German economy: its...
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| READ THE ORIGINAL POST AT www.economist.com |
Additional debt relief will not help pull Greece out its current crisis, the head of the German central bank or Bundesbank, Jens Weidmann, said on Thursday.
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Greek Prime Minister Alexis Tsipras talked up hopes of a deal on his country’s rapidly expiring bailout on Thursday as he confronted EU leaders including German Chancellor Angela Merkel at his first Brussels summit.
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Greek banks can return to normal European Central Bank (ECB) funding mechanisms if there is a new agreement on the country's debt pile but a lack of an agreement would not automatically close the door to emergency funding, ECB Governing Council member Ewald Nowotny said on Thursday.
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