The report cites Alexis Tsipras statement that “Greece and Germany should be able to understand each other better”
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| READ THE ORIGINAL POST AT en.protothema.gr |
How the world sees Greece
Monday, March 23, 2015
Bloomberg’s front page “Merkel’s warm welcome to Tsipras”
Smiles Belie Tough Talks As Greek PM Tsipras Visits Berlin
German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras review an honour guard during a welcoming ceremony at the Chancellery ...
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| READ THE ORIGINAL POST AT www.newsweek.com |
Greek PM Tsipras to visit Germany's Holocaust memorial
BERLIN (Reuters) - Greece Prime Minister Alexis Tsipras will visit Germany's Holocaust memorial on Tuesday on the second day of his visit to the country that his radical leftist government has demanded pay World War Two reparations, his office said on Monday.
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| READ THE ORIGINAL POST AT feeds.reuters.com |
Germany isn't to blame for Greece's problems: Tsipras
Greece's firebrand communist leader struck a consolatory note on Monday, saying it was wrong to blame foreigners for the country's problems, and ...
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| READ THE ORIGINAL POST AT www.cnbc.com |
Greek PM in Germany amid friction
The Greek prime minister and German chancellor have sought to reboot an increasingly sour relationship, saying they are looking for ways to help Athens reach a deal with creditors that will keep it from leaving the euro. In his first visit to Germany since ...
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| READ THE ORIGINAL POST AT www.independent.ie |
ECB hits out at Greek 'blackmail' claims as Merkel holds steady in bail-out demands
Greek banks are being kept afloat through an expensive form of emergency assistance (ELA) after the ECB removed its ordinary lending operations to ...
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| READ THE ORIGINAL POST AT www.telegraph.co.uk |
Greek PM Tsipras From Berlin: We Must Change the Stereotypes for Greeks and Germans
Greek Prime Minister Alexis Tsipras, who was welcomed in Berlin earlier today, held a joint press conference with German Chancellor Angela Merkel, after the second meeting the two leaders held in a period of just five days. The Greek Premier characterized the occasion as a helpful one in order for the two leaders to understand each other better, while thanking the German Chancellor for providing him with a chance to exchange views on the future of Europe. On her behalf, Merkel expressed her willingness to continue cooperation with Greece in a spirit of trust. As Tsipras underlined, Greece has not been a success story since its first bailout program in 2010, noting the need to respect popular sovereignty as well as agreements. Moreover, he stressed the importance of removing stereotypes about Greeks and Germans. The newly elected Greek Premier said that stereotypes such as the ones of lazy Greeks and Germans being responsible for Greece’s woes should be dropped, amid a joint effort to fight corruption on scandals like the one involving German firm Siemens and resolving differences of the past that “cast shadows,” like the war reparations issue and the forced occupation loan, which still remain open. “But it would be wrong to simply blame foreigners. There are also internal reasons for Greece’s plight,” he noted. He also said the issue is not to destroy any positive reforms that have been done in the past few years, but to change the policy mix to tackle perennial problems in the economy. The German Chancellor expressed her country’s willingness to assist Greece, saying that “we want Greece to be economically strong, to have growth, to fight unemployment, especially among the youth, to implement the necessary structural reforms, to create a functioning public administration and so on.” Additionally, she noted that the February 20 Eurogroup agreement is the starting point for negotiations, clarifying that it is not solely up to Berlin to decide on the Greek reforms program, but the Eurozone as a whole. “We both want to cooperate in a climate of trust, to be in a position to ask each other difficult questions, but in a spirit of cooperation. We face common challenges. We are determined that the structure of peace called Europe is a resounding success and it must continue for the next generation,” the German Chancellor explained.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Greece Should Resume Policy Dialogue and Agree on Reforms, Draghi Tells MEPs
The European Central Bank’s expanded asset purchase program, better known as “quantitative easing” (QE), is starting to make headway across the EU, ECB President Mario Draghi told Economic and Monetary Committee MEPs on Monday. Draghi also reported on the tough negotiations with Greece and outlined what it would take for the ECB to reinstate the waiver for buying Greek state bonds on the secondary market, so as to enable QE to benefit Greece too. The ECB began buying sovereign bonds on March 9 and aims to buy €60 billion worth of state bonds on the secondary market each month until September 2016 at least. “There are enough bonds to purchase and the operation is running smoothly,” Draghi assured MEPs. “Growth gaining momentum” Draghi cited some signals that ECB’s monetary policy measures are having some effect. “Growth is gaining momentum – the outlooks for 2015 and 2016 have been revised upwards by 0.5% and 0.4% – and inflation is expected to gradually increase from 0% in 2015 to 1.8% in 2017,” he said, adding that these inflation rates assume full implementation of the newly launched QE program. Draghi nonetheless reiterated that ECB’s monetary policies must be complemented by structural and fiscal policy reforms to mobilize additional benefits. “If inflation goes up, interest on savings will follow” Replying to concerns voiced by Burkhard Balz (EPP, DE) about low interest on savings and the risk that new “cheap money” bubbles could form, Draghi said he was “aware of the risks,” observing nonetheless that “if inflation goes up, the interest on savings will follow.” Greece urged to ”resume policy dialogue” with former Troika Many MEPs were keen to hear Draghi’s assessment of Greece, which seems set to face insolvency by the end of April without a new financial assistance package. “To have a credible perspective, Greece needs to put in place a process to restore policy dialogue between the Greek government and the three institutions” [formerly known as the ECB, the European Commission and the IMF “Troika”], said Draghi, adding that he hopes for a positive outcome at today’s discussion in Berlin. “It’s not blackmail” Draghi rejected criticism by center-left parties that the ECB is “blackmailing” or “suffocating” Greece by refusing to reinstate the waiver for buying Greek state bonds unless it accepts reforms that were agreed upon before its recent elections. “The ECB’s exposure to Greece is €104 billion, equal to 65% of its GDP. This is the highest exposure in all Eurozone! The ECB does not create rules for Greece, we apply them. We lifted the waiver after its bonds fell below the threshold of what we accept as collateral. We agreed on the waiver last year, when we expected a full review of the economic reform program and a disbursement of loans. Since February, those conditions are no longer met.” (source: European Parliament)
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
New Turkish Provocation: Six F-16 Violate Athens FIR
The Turkish Air Force has proceeded to yet another provocation earlier this morning, by repeatedly violating the Athens FIR. A formation of six Turkish F-16 fighter jets entered the Athens FIR at 11:04 a.m. The aircraft flew over Anthropophagi island of Fourni complex in northeastern Aegean for several minutes. According to a Hellenic Army General Staff announcement issued minutes after the incident, the formation of six Turkish F-16 entered the Athens FIR between the Aegean islands of Lesvos and Chios, and then split in four and two aircraft. The first formation flew at 25,000 feet and the other one at 12,000 feet. The fighter jets exited the Athens FIR at 11:30 a.m. south of Samos island. All Turkish aircraft were recognized and intercepted by Hellenic Air Force fighter jets, according to international laws of engagement. The new provocation from Ankara comes only a few days after a gunboat, taking part in the Turkish Navy scheduled training program for the first quarter of 2015, entered the Greek territorial waters off the island of Agathonisi in the Eastern Aegean. The Turkish Navy entered the Greek waters at around 8:55 p.m. and remained stationary for several minutes. Later, it initially sailed west and then, while changing course to southeast, it exited the Greek territorial waters at 11:50 p.m. The incident took place on Friday.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
HCHC Closer to Selecting New President
BOSTON, MA – The search for a new president for Hellenic College and Holy Cross Greek Orthodox School of Theology (HCHC) has entered into its final stage, according to an official news release (Feb. 26) and statements made to TNH by Dr. Tomas Lelon, Chairman of the Search Committee. The candidates have been interviewed over […]
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| READ THE ORIGINAL POST AT www.thenationalherald.com |
BBC Finds Greek PM Tsipras’ ‘Please Send Cash Soon’ Letter to German Chancellor Humiliating
In an article entitled “Why Greek default looms” published earlier today, BBC economics editor Robert Peston characterized Greek Prime Minister Alexis Tsipras’ letter to German Chancellor Angela Merkel, obtained today by the Financial Times, as a “personally humiliating” act. The article described Greece and Germany as a feuding married couple that does not really want to get a divorce but at the same time find it difficult to understand one another. As it is highlighted, the Greek Premier complains there is no sign of wanting to make the promised new start in the fraught relationship, in the conduct of Eurozone officials working on the new financial rescue plan. At the same time, he accuses the European officials for holding the country to a reform program his newly elected leftist government has rejected. Moreover, Peston’s estimation is that the above points to the “biggest flaw in the entente reached in February” between Athens and its European partners, as the deal concluded in the February 20 Eurogroup disguised an emotional and ideological gulf. And while no side shows the intention to do so, what both sides want is to bring the other to admit they were wrong in the past and have now turned over a new leaf.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Merkel and Tsipras meet to defuse tension
German and Greek leaders strike conciliatory note at Berlin summit
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| READ THE ORIGINAL POST AT www.ft.com |
No Debt Solution, But Tsipras, Merkel Talk Reconciliation, Reforms
Greek Prime Minister Alexis Tsipras and German Chancellor sought March 23 to reboot an increasingly sour relationship, saying they are looking for ways to help Athens reach a deal with creditors that will keep it from falling out of the euro.
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| READ THE ORIGINAL POST AT www.thenationalherald.com |
The Wall Street Journal: German, Greek leaders tone down differences
Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel dial down heated rhetoric.
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| READ THE ORIGINAL POST AT ri.search.yahoo.com |
Pilot, two students injured in plane crash in northern Greece
The Committee for Investigating Airplane Accidents and Flight Safety (EDAAP) was on Monday investigating the circumstances under which a training flight went down in Kilkis, northern Greece, on Sunday, injuring the pilot and two Italian trainees.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Greek foreign minister to visit Abu Dhabi and Beijing
After his visit to Berlin on Sunday, Foreign Minister Nikos Kotzias is due to meet United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan in Abu Dhabi on Tuesday.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Varoufakis cancels UK trip due to crucial eurozone talks
Greek Finance Minister Yanis Varoufakis has canceled a planned trip to London on Tuesday, the Greek Embassy said on Monday.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Six Turkish planes violate Greek air space
Six Turkish Air Force planes entered Greek air space on Monday without permission, flying in the area between the eastern Aegean islands of Lesvos and Chios shortly after 11 a.m.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Greek police track down son of murdered woman
Police investigating the murder last week of a 60-year-old teacher found dead in her home in the southern Athenian suburb of Voula on Monday located her 24-year-old son, whom their had been seeking for questioning, in Corinth.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Greek leader has 'fruitful exchange' with Germany's Merkel
Monday editions of the bestselling German tabloid Bild neatly summed up the complicated relationship being played out in talks between Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel.
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| READ THE ORIGINAL POST AT latimes.com.feedsportal.com |
Merkel, Tsipras stress friendly ties despite differences
The German chancellor and the Greek prime minister have stressed their determination to overcome tensions between their governments. Alexis Tsipras is on his first visit to Berlin since coming to office in January.
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| READ THE ORIGINAL POST AT www.dw.de |
Tsipras, Merkel to Discuss Greek Bailout
The leaders’ meeting is the highest-level effort to date to resolve the political differences between debt-ridden Greece and its eurozone partners.
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| READ THE ORIGINAL POST AT www.wsj.com |
European shares slip off highs as autos fall and Greek worries linger
Greek Prime Minister Alexis Tsipras, pressing for cash to keep his country afloat, began talks with Germany's Angela Merkel on Monday after Berlin ...
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| READ THE ORIGINAL POST AT www.reuters.com |
Tsipras raises Nazi war reparations claim at press conference with Merkel
Leftwing Greek leader makes call for damages at press conference with Angela Merkel as deadlock remains over bailout fundsGreece’s leftwing prime minister Alexis Tsipras stood beside German leader Angela Merkel and demanded war reparations over Nazi atrocities in Greece on Monday night, even as the two leaders sought to bury the hatchet following weeks of worsening friction and mud-slinging.“It’s not a material matter, it’s a moral issue,” said Tsipras, unusually insisting on raising the “shadows of the past” at the heart of German power in the gleaming new chancellery in Berlin. It was believed to be the first time a foreign leader had gone to the capital of the reunified Germany to make such a demand. Related: Alexis Tsipras and Angela Merkel hold press conference after debt talks - as it happened Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Alexis Tsipras meets Angela Merkel in Berlin as German‑Greek talks get under way
Greek Prime Minister Alexis Tsipras met Chancellor Angela Merkel in Berlin tonight for a tense encounter overshadowed by Athens' mounting debt ...
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| READ THE ORIGINAL POST AT www.independent.co.uk |
Merkel Welcomes Tsipras Saying She Wants Greek Success
Greek Prime Minister Alexis Tsipras is greeted by German Chancellor Angela Merkel ahead of talks at the German Chancellery on March 23, in Berlin.
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| READ THE ORIGINAL POST AT www.bloomberg.com |
Syfy's New Greek Myth Drama Olympus Looks Divinely Terrible
If you're a lover of Greek mythology like me, you've been constantly disappointed whenever anybody tries to depict Zeus, Hercules or their ilk on ...
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| READ THE ORIGINAL POST AT io9.com |
Tsipras: previous governments to blame for money crunch
Greek Prime Minister Alexis Tsipras told reporters, in a joint press conference with German Chancellor Angela Merkel, said that Greece faces a cash crunch because the previous government failed to complete the bailout program they had ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Tsipras: German reparations a moral issue; no German property seizures
Greek Prime Minister Alexis Tsipras said, in a joint press conference with German Chancellor Angela Merkel in Berlin, that his government would pursue the issue of German reparations for crimes committed by ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
National Bank of Greece (NBG) Stock Gains Today Ahead of Greece, Germany Meeting
NEW YORK (TheStreet) -- National Bank of Greece (NBG - Get Report) shares are gaining, up 5.97% to $1.42, in trading on Monday ahead of a 1 p.m. ...
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| READ THE ORIGINAL POST AT www.thestreet.com |
Greece Economic Crisis: Alexis Tsipras, Angela Merkel Hold Debt Meeting, Press Conference In ...
"We want Greece to be strong economically, we want Greece to grow and above all we want Greece to overcome its high unemployment," Merkel said ...
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| READ THE ORIGINAL POST AT www.ibtimes.com |
Greece's Tsipras commits to dialogue on bailout talks
Updated at 1:14 p.m.. BERLIN • Greek Prime Minister Alexis Tsipras has committed to keep dialogue open in the country's efforts to agree with ...
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| READ THE ORIGINAL POST AT www.stltoday.com |
Help Greece, but Forget About Reparations from Germany
BERLIN -- In Germany, a debate rages about pride and prejudice: Do we owe Greece reparations for the occupation during World War II? "Morally speaking, we do," says a minority. "The demand is legally void," responds the government and many legal scholars. Which side shall we take? It can't be denied that Germany's reparation payments following 1945 were meager at best. That was no mistake but a deliberate decision, however: The victorious powers were keen not to repeat the mistakes of the Versailles Treaty, which imposed drastic payments on Germany following World War I -- payments that were so unbearably high that they led to the eventual collapse of the newly founded Weimar Republic. After 1945, the allied powers remembered that lesson and enabled the emergence of Germany as we know it today. "We should be ashamed of hunger in Greece" Following the war, Germany accepted the olive branch and understood that reconciliation implied responsibility: An everlasting responsibility that grew out of culpability being forgiven. But that peaceful foundation of contemporary Europe is under attack when parts of the Greek government attack Germany. There are plenty of reasons for the peril Greece faces today, but German occupation between 1941 and 1944 surely isn't one of them. When culpability is forgiven, when it is relegated to the sidelines of legal discussion, it shouldn't get revived -- even less so for political considerations. Germany's responsibility towards Greece didn't grow out of the war but out of the reconciliation that followed it. The European project is one of solidarity. We are a community bound by destiny. Our roots run deep, way beyond the time of the World War. Was there to be a "Grexit," Greece would remain part of the European family and the European Union -- which is more than just a currency union, after all. The responsibility to help the Greek people get back on their feet arises from different reasons than those which made us protect both Greece and our entire currency union from the fallout of the lending crisis. As people inhabiting the same continent and sharing a common cultural, philosophical and religious legacy, we need to care for one another and ensure a standard of living congruent with the values we propagate. We should therefore be ashamed of the hunger many people in Greece bear today. And we should forgive those trying to drive us apart.
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| READ THE ORIGINAL POST AT www.huffingtonpost.com |
Greece to Target 80000 Wealthy Tax Avoiders
The finance ministry is currently considering hiring more tax collection officers, and Germany, Greece's biggest creditor, has offered to send thousands ...
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| READ THE ORIGINAL POST AT www.newsweek.com |
Crucial meeting between German Chancellor, Greek PM concludes
Friday's Eurogroup may well be judged by this meeting
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| READ THE ORIGINAL POST AT en.protothema.gr |
Press report: Greek FM delegation asked … Tehran to buy bonds, debt!
According to the report, the mission to Iran was headed up by the Greek PM's first cousin, recently hired by the foreign ministry
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| READ THE ORIGINAL POST AT en.protothema.gr |
Merkel-Tsipras talks reveal ‘appetite for co-operation’
Greek prime minister visits Berlin, but did not unveil the reforms that Greece needs to secure extension of financial support.
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| READ THE ORIGINAL POST AT www.europeanvoice.com |
Tsipras, Merkel display goodwill, little sign of debt progress
BERLIN (Reuters) - Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel put on a public display of mutual goodwill on Monday, appealing to Greeks and Germans to set aside recrimination and national stereotypes and work for a better European future.
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| READ THE ORIGINAL POST AT feeds.reuters.com |
Time Short, German and Greek Leaders Confer on Debt Deal
Prime Minister Alexis Tsipras and Chancellor Angela Merkel tried to calm relations between their countries ahead of attempts to find a deal on Greek debt.
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| READ THE ORIGINAL POST AT rss.nytimes.com |
Draghi cautiously optimistic on Greece
The head of the European Central Bank expressed cautious optimism on Monday that Greece would be able to benefit from ECB money-printing and regain normal access to central bank funds, but told Athens it needed to honor its debts. Mario Draghi ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
Greek Deputy Minister Katrougalos Faces New Allegations, Foreign Media Comment Negatively
Greek Deputy Minister of Interior and Administrative Reconstruction Giorgos Katrougalos faces new allegations as the journalist who brought to light the supposed contracts with laid off public employees said he has more evidence of the Deputy Minister’s unethical activities. Vasilis Chiotis, writer of the original report and director of Vima FM radio station, spoke on the radio on Monday and said that Katrougalos was advisor at the Education Ministry in 2012 while at the same time was representing the interests of private learning institutions that were seeking legislative reforms to their benefit. Chiotis said he has more documents at hand that will prove the Deputy Minister’s unethical behavior. The two men confronted each other on Greek television. Katrougalos denied all allegations and called Chiotis a “disgraceful human being.” Chiotis said that he will come forth with more evidence against the Deputy Minister. Further allegations had Katrougalos taking a case representing Larissa Municipality employees in February 2015, when he was already sworn in. Larissa Mayor Apostolis Kalogiannis spoke of distortion of the truth, claiming that the employees were represented by Katrougalos’ associate, Katerina Laina. Later, in an official statement, Katrougalos said that he will not step down from his duties as lawyer, as he believes he has done nothing wrong. He announced that he will ask to lift political asylum concerning his private agreements and that he will take legal action against “To Vima” unless it prints a retraction. Meanwhile, German tabloid Bild picked up the story and printed an article entitled “A corruption scandal in Tsipras’ incorruptible government.” The article has all the details and comments that the case is likely to keep Alexis Tsipras’ government very busy in the following days. Katrougalos said he will take legal action against Bild too unless there is a retraction forthcoming. The official line from the Greek government is that all these allegations are orchestrated in order to hurt the new government.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Greek, German leaders seek to reboot relationship
BERLIN (AP) — Greek Prime Minister Alexis Tsipras and German Chancellor sought Monday to reboot an increasingly sour relationship, saying they are looking for ways to help Athens reach a deal with creditors that will keep it from falling out of the euro.
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| READ THE ORIGINAL POST AT news.yahoo.com |
Defining Beauty review – Greek sculpture alive and kicking
Are these the greatest works of art in the world? From an attacking centaur to a broken river god, Jonathan Jones finds the Elgin Marbles are the highlight of the British Museum’s astonishing new exhibition of Greek sculptureThis is like entering a dream or a Terry Gilliam animation. It does not seem quite real. Some of the greatest classical sculptures in the world have been brought together in the opening section of the British Museum’s epic and captivating survey of Greek sculpture. It’s like looking at a collage cut from a giant encyclopedia. I half-expect Gilliam’s scissors to appear from above and snip off the discus-thrower’s head.What a collection. A bronze youth wipes himself after a sweaty athletics tournament, his lithe powerful body recently rediscovered in the sea off Croatia. A faintly fascist German 1920 reconstruction of the lost Canon by Polykleites displays a mathematically perfect human body, while Aphrodite teasingly shows her bottom. The Discobolus of Myron strikes his eternal throwing pose. A young river god, headless and with shattered limbs, reclines – for all his injuries – in exquisite flowing grace, carved so fluently he seems a living, breathing creature. Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
'Are the crimes our people committed greater than Auschwitz?' Greek finance minister uses the Holocaust to justify why EU should treat country's huge debt with leniency
Relations between Berlin and Athens have been tense since Greece's new government came to power in January seeking to revive reparation claims dating from the Second World War.
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| READ THE ORIGINAL POST AT www.dailymail.co.uk |
Greece’s Bank-Rescue Fund Chairman Resigns
ATHENS—Greece’s bank-rescue fund Chairman Christos Sclavounis resigned, two senior government officials said Monday. “The Greek government accepted his resignation and the Finance Ministry is expected to announce his replacement in the Hellenic ...
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| READ THE ORIGINAL POST AT www.wsj.com |
Alexis Tsipras and Angela Merkel hold press conference after debt talks
Greek prime minister is holding talks with the German chancellor in Berlin, having called for help with Greece’s “small cash flow issue”.Press conference underway NOWTsipras arrives in Berlin - highlights start hereVideo: A guard of honour for Greek PMEarlier:Draghi denies blackmailing GreeceTsipras asks for financial helpGreece to raise issue of war reparations 6.02pm GMT All Europeans are equal, says Angela Merkel - and Germany has an interest in having good relations with all member states including Greece. 6.02pm GMT We’re hearing a lot about the second world war...Way too many WW2 questions in this #Tsipras-#Merkel press conference. One does not build a European future with a rear-view mirror. 6.00pm GMT Chancellor Merkel adds that she and Alexis Tsipras spoke about the “Future Fund” today.That’s an initiative created last year to fund socio-economic co-operation and build better relations between the two countries. 5.58pm GMT #Greece #Merkel not many Germans know about pain of what Greece suffered during WWII, says chancellor "we won't ignore it as an issue" 5.56pm GMT Merkel also acknowledges the suffering of Greece during the second world war:#Merkel "The issue of WWII reparations is closed from a political point of view but we are aware the terrible conditions in #Greece then" 5.56pm GMT The next question is on Greece’s demand for war reparations.Alexis Tsipras replies that no-one in the Greek government intends to start confiscating German assets in Greece (as was reported last week).#berlin merkel with tsipras: @tsipras_eu standing beside merkel demands war reparations#Tsipras "Greek gov't has no intention of seizing any German state-owned property in #Greece" #Merkel 5.52pm GMT Onto the Question and Answer section....What progress has been made today, and was Angela Merkel convinced by Greece’s proposals? 5.50pm GMT 5.49pm GMT European treaties must be respected, says Tsipras. And Greece will meet its commitments, but with one important condition -- there must also be social justice. 5.48pm GMT Alexis Tsipras turns to fixing the mistakes of the past. Greece needs a new policy mix, he tells the press conference, including big structural reforms to fight tax evasion and corruption.#berlin merkel with tsipras: professor tsipras delivering a lecture on the last 5 years 5.45pm GMT Social inequality has grown in Greece, says Tsipras, touching on the humanitarian crisis that grips the country.But it would be wrong to simply blame foreigners. There are also internal reasons for Greece’s plight. 5.43pm GMT Tsipras wins the prize for understatement of the day, telling the assembled press that Greece has not been a success story since its first bailout in 2010. 5.42pm GMT #Tsipras "As #Merkel told me on the phone the other day, it's better for us to talk to each other than let others talk about us" #Greece 5.41pm GMT Tsipras remembers his manners, saying he would like to thank chancellor Merkel for giving him the chance to exchange views on the future of Europe. 5.40pm GMT 5.40pm GMT Now Tsipras is speaking -- saying that today’s meeting is helping the two leaders to understand each other better.#berlin merkel with tsipras: @tsipras 'this meeting is especially important for us to understand one another better' 5.40pm GMT It’s begun: Merkel is not smiling, Tsipras is. 5.40pm GMT Merkel adds that Greece needs structural reforms and a solid budget, as the foundations for a return to growth. 5.37pm GMT #Merkel: We want a strong Greece, with growth, and that unemployment, especially among the youth, is reduced. #Tsipras 5.37pm GMT 5.37pm GMT We want Greece to be strong, pledges Merkel, with its economy growing and unemployment falling. 5.36pm GMT It’s not up to Germany to evaluate Greece’s reform bill, says Merkel - that’s the role of the entire eurogroup (finance ministers from across the eurozone). 5.34pm GMT Germany and Greece have close ties, Merkel says. Many Greek people live in Germany, and millions of Germans enjoy holidays in Greece. 5.33pm GMT Angela Merkel is speaking first, explaining that she and Alexis Tsipras have discussed issues related to the whole eurozone, as well as bilateral issues. 5.33pm GMT 5.31pm GMT Angela Merkel and Alexis Tsipras have just emerged from their talks to hold a press conference in the Berlin chancellery.It’s being streamed live here (right-click to open in a new window). 5.26pm GMT We may need to brush up on our German and Greek....No English translation at Tsipras/Merkel presser, so will have to content myself w/ subtle analyses of body language. pic.twitter.com/CkHOiPfeBa 5.22pm GMT Another snap from this afternoon’s meeting: 5.20pm GMT And here’s a photo from the meeting, which is taking place right now:#Merkel's side of the table seemed to have more folders out in front of them than the #Tsipras side pic.twitter.com/8QlbadTMlv 5.19pm GMT Angela Merkel has shown Alexis Tsipras around the government offices, complete with a rather fine clock.Kanzlerin #Merkel empfängt griech. MP @atsipras im Kanzleramt, Pressekonferenz ca. 18.15: http://t.co/0lQLkkBo9l pic.twitter.com/1t8RgXUVBh 5.15pm GMT Alexis Tsipras didn’t get special treatment on his flight from Athens, it appears:Greece's prime minister Alexis Tsipras sitting "coach" on his way to his meeting with Merkel.. pic.twitter.com/bLfYak4MHB 5.10pm GMT Journalists are gathering in Berlin ready to hear from Angela Merkel and Alexis Tsipras.I thought the press conference didn’t start for another 50 minutes - perhaps it’s going to be earlier.....Colleague @NikStilz posts pic, waiting for Tsipras-Merkel news conference #Greece #Germany pic.twitter.com/ojbmfzp7eU 4.57pm GMT Here’s a video clip of Greece’s anti-austerity prime minister being loudly serenaded down the red carpet by a German military band, on his way to push for debt assistance and war reparations.....The video of the first meeting between #Merkel and @atsipras in Berlin pic.twitter.com/J6HkJHjtoT 4.47pm GMT Mario Draghi continues to field questions in the European Parliament, but he’s changed hats - he’s now there as head of the European Systemic Risk Board.He has just told MPs that Greek banks are solvent ‘at present’, and denied that there is a systemic risks within the eurozone any more.Did the interpretor just say 'austericide'? Great word. 4.40pm GMT Tonight’s meeting between Merkel and Tsipras probably won’t yield a breakthrough on Greece’s funding problems, but it might help the two leaders build a better relationship. As Wolf Piccoli of Teneo Intelligence writes: Merkel is eager to avoid the political solution Tsipras desires; she has no interest in circumventing the more technical institutions such as the ECB and the Eurogroup. The meeting will at best help both leaders to improve their personal relationship – which might turn out to be crucial in the coming weeks in which Greece’s future in the eurozone will be at stake. If anything, tonight’s working dinner might provide both sides a chance to come closer to a deal on reparations for German atrocities committed in Greece during WWII. 4.38pm GMT Back in the City, the FTSE 100 has closed at a new record high; up 15 points at 7037. 4.35pm GMT Greek insiders say Tsipras will almost certainly include privatisations in the list of reforms he will propose to Merkel tonight.“The prime minister will say the Greek government has to be in charge of structural reforms and not any other body outside of Greece.” “The time for statements is over, now is the time for work.” 4.17pm GMT #Germany's Merkel welcomes #Greece’s #Tsipras with military honors in Berlin. 4.12pm GMT The two leaders reviewed an honour guard during the welcoming ceremony at the chancellery in Berlin: 4.09pm GMT Welcome to Berlin, Alexis.... 4.04pm GMT And here’s Alexis Tsipras -- he’s been greeted by Angela Merkel and the pair are now heading into the chancellery.#Merkel meets @atsipras now in Berlin pic.twitter.com/rfUIq9zzRz 4.03pm GMT Another shot of Angela Merkel waiting for the arrival of the Greek prime minister at the chancellery in Berlin... 3.59pm GMT The red carpet is down, the military are assembled....and Angela Merkel is ready to receive Alexis Tsipras in Berlin.#Merkel now pic.twitter.com/tti1d7RGJM 3.53pm GMT Optimism among eurozone citizens has hit an eight-year high, in another signal that Europe’s economy is picking up.Consumer confidence rose to -3.0, Eurostat reports, up from -6.7 in February.CHART: Euro-area consumer confidence at 8y high - RECOVERY instead of DEFLATION. Here's why: http://t.co/8eppBp2Raf pic.twitter.com/7dwjVwAfqs 3.39pm GMT Angela Merkel has just arrived at the chancellery, reports Efi Koutsokosta of Euronews, unhampered by those demonstrators. 3.29pm GMT The Greek stock market has finished the day up 3%, as Athens traders clung onto their early optimism. Bank shares jumped around 10%.Stock market closes up 2.97% #Greece HT @naftemporikigr pic.twitter.com/8FQew6zTL3 3.24pm GMT Germany’s left wing Die Linke party are also taking part in the demonstration outside the Berlin chancellery:Die Linke showing their support for @tsipras_eu outside the German chancellery. His visit kicks off shortly. pic.twitter.com/WoZYd7us60 3.17pm GMT Germany loves Greece #flashmob #berlin #greece http://t.co/t4qWmssvtt pic.twitter.com/dyCJyH3VUH 3.08pm GMT A crowd has gathered outside the Chancellery in Berlin, as Angela Merkel prepares to meet Alexis Tsipras.But they’re not protesting against Greece. This is a rally for ‘good German Greek cooperation’, with banners reading “Germany loves Greece. 3.03pm GMT 3.02pm GMT Mario Draghi has slapped down claims that the European Central Bank is blackmailing Greece, during his session in Brussels.An MEP criticised the ECB for dropping the waiver that allowed it to accept Greek debt as collateral, and for not including Greece in its QE programme.Draghi: 'Let me disagree with just about everything you've said'oh the blackmail question! Draghi: ECB has the biggest exposure to Greece in Eurozone, accounting for 65% of Greece's GDP.#Draghi:There will be time when we'll be able to reinstate the waiver and do QE for Greece but conditions not there yet,but we are confident 2.55pm GMT No pressure, Alexis and Angela, but the world’s financial markets are hoping for some progress this week over Greece’s debt woes.As Ed Atkins, Treasury strategist at RBS Securities in Stamford, Connecticut, put it to Reuters: “This is an incredibly important week for Greece. The level of anxiety could run high but there is still optimism there will be a resolution between Greece and its creditors.” 2.49pm GMT Draghi: The Greek government should commit to fully honour its debt obligations to all its creditors 2.42pm GMT Draghi adds that the ECB would willingly restore the waiver that allowed it to accept Greek sovereign debt as security.But first, it must be confident that Greece’s bailout review will conclude successfully.Draghi: We are ready to reinstate the waiver as soon as the conditions for a successful conclusion of the review are in place 2.40pm GMT Back at the European Parliament, Mario Draghi has defended the ECB’s handling of the Greek crisis (having recently refused to accept Greek bonds as collateral for loans).We’re simply following the rules, he says.Draghi: ECB is a rule-based institution. We are not creating rules for Greece or anybody else, we are simply observing existing rules#Draghi on #Greece: What is needed is process that restores policy dialogue btw Greek govt and institutions“Growth is gaining momentum. The basis for the economic recovery in the euro area has clearly strengthened. This is due to in particular the fall in oil prices, the gradual firming of external demand, easy financing conditions driven by our accomodative monetary policy, and the depreciation of the euro.” 2.27pm GMT Alexis Tsipras has arrived at Berlin-Tegel airport.He was then swiftly swept to a hotel in Berlin, by a phalanx of motorbikes, ready for his meeting with Angela Merkel in around 90 minutes time [see earlier preview]. 2.23pm GMT Draghi, by far my fav Central Banker,now giving live speech before the Committee on Economic & Monetary Affairs at EP pic.twitter.com/58h0s7lHPOEuropean central bank chief Mario Draghi is testifying to the European Parliament’s economic and monetary affairs committee now.Draghi LIVE http://t.co/xFmS9ntUv7 2.16pm GMT Teneo Intelligence analyst Wolfango Piccoli reckons Alexis Tsipras hasn’t exactly lived up to his pre-election rhetoric:From "then, we take Berlin" to "then, we beg in Berlin" in less than 2 months from election day #SYRIZA #GREECE 2.05pm GMT The ever-volatile Greek stock market has jumped by 2% today, suggesting Athens traders are hopeful about tonight’s talks.Greek bank shares are leading the list of top risers, with Eurobank Ergasias jumping 10%. 1.57pm GMT Greece’s finance minister has a fan in Germany, this graffiti suggests: 1.52pm GMT The euro is rallying in the currency markets today.It’s gained 1% against the US dollar today to $1.0921, as currency traders continue to scratch their heads and wonder when the Federal Reserve might raise interest rates.Latest @guardian projection CON 276 LAB 270 SNP 53 As things stand, LAB/SNP have the numbers http://t.co/71KELR1Nmo pic.twitter.com/DnNOgyCMrj 1.36pm GMT A quick recap.With Tsipras ratcheting up the rhetoric on Greece’s immediate debt woes, the post Merkel Tsipras meeting press conference is likely to be the key focal point for the day....Greece will clearly not be far away from market thoughts as its cash crunch point nears.Tonight, Prime Minister Tsipras has potentially his last chance to convince German Chancellor Merkel that he will ultimately do what it takes to keep Greece in the euro. If he fails to inspire any kind of trust in Berlin, securing the necessary funds to keep going, let alone the inevitable third bail-out in July, while be a fantasy.Summary of Greek-EU negotiations: Greece: If you don't help us, we'll go bust. EU: Indeed. Greece: That would be bad. EU: Yes.A double welcome for #Tsipras to #Germany from Bild newspaper 1/2 pic.twitter.com/S68KtlrxNf 12.57pm GMT Over in Athens the Greek government spokesman Gavriel Sakellarides has just told MEGA TV that the letter Tsipras penned to Merkel “was one of many” sent to EU officials last week (via Helena Smith)Other recipients included EU commission president Jean-Claude Juncker and the French president Francois Hollande, he said.“It didn’t say anything more or less than what we had said the previous week.For anyone who has followed the statements of government officials it is clear that there is a liquidity problem, … and political initiatives have to be taken.” ‘It’s not a question of its being leaked, its about what this letter says.” 12.54pm GMT Bad news for City workers hoping for a glimpse of Yanis Varoufakis tomorrow – the Greek finance minister has cancelled a planned visit to London.Varoufakis was due to talk at a conference in London and attend another couple of events but has called the trip off as crucial talks between Greece and its euro zone partners over the country’s need for financial support heat up.:( RT @tconnellyRTE Reuters reporting that Greek fin min Varoufakis has cancelled his trip to London planned for Tuesday 12.49pm GMT Over, in Athens officials are insisting that the potentially explosive issue of war reparations will be on the table at tonight’s talks. In the two hours that Alexis Tsipras will have with the German chancellor this afternoon, the neuralgic issue of compensation for Nazi war crimes will be put on the table, officials say. “It won’t be the main issue, obviously, but it will be addressed,” a senior insider told me. “How Europeans see the Germans: The German Ubermacht [superior power]”Der Spiegel publishes provocative cover of #Merkel surrounded by Nazi troops at the #Acropolis http://t.co/mLoRjTZnuS pic.twitter.com/1D3Mv2vZvw 12.22pm GMT Reuters has now published Angela Merkel’s spokesman’s comments about his afternoon’s meeting with Alexis Tsipras.Steffen Seibert said that the meeting can’t supersede the eurogroup (the eurozone’s finance ministers): “Greece has an agreement with the Eurogroup, not a bilateral one with Germany. So if there is a reform list shortly as Greece has promised, it will be presented to the Eurogroup, not to individual governments.... “of course it’s interesting for the chancellor to hear from the Greek prime minister’s mouth what his ideas are”,. 12.01pm GMT 11.51am GMT German tabloid Bild’s list of “50 reasons we like Greece” is online here.It’s quite the olive branch, with polite nods to Archimedes, Nana Mouskouri, the overthrow of the Greek military government in 1974, the Trojan Horse and its fantastic tourism opportunities (a nice alternative to Italy and Spain). 11.43am GMT #Greece #Germany not just #Tsipras in Berlin today. Foreign mins of both countries held talks "to ease tensions" in capital last night 11.28am GMT Government officials in Athens and Berlin are hoping that Merkel and Tsipras can exhibit enough mutual trust to make progress today, says Athens correspondent Helena Smith:#Greece the glue that'll make historic meeting between #Tsipras and #Merkel stick is "trust" say officials in both countries#Greek media making much of fact that likes of #Bild welcoming pm #AlexisTsipras to Berlin in fluent Greek http://t.co/xxfLXRrbid 11.14am GMT Germany’s foreign ministry isn’t keen to discuss the issue of war reparations, Reuters adds. 11.13am GMT Back in Germany, a government spokesman has tried to downplay hopes of a breakthrough at tonight’s talks. Any deal, he says, must come from the Eurogroup of eurozone finance ministers, not between the German and Greek leaders personally. 11.05am GMT Ouch. Britain’s factory sector has suffered its biggest drop in export orders in over two years.The CBI’s latest survey of the sector, just released, showed that total orders books were flat in March. The index of new export orders fell to -26, the lowest level since January 2013. 10.55am GMT And to complete our paper round-up, Die Zeit reports that Tsipras will present Merkel with some new reform plans today.That could include tax increases on tobacco and alcohol and raising the retirement age.#Tsipras to present #Merkel with concrete measures today including VAT increase + retirement age pushback to 67 years http://t.co/v2rMLmrmxJ 10.46am GMT German tabloid Bild has pulled out all the stops for Alexis Tsipras’s visit, starting with a front page which is half printed in Greek!And inside, there’s an article called “50 reasons why we are fond of Greeks”.A double welcome for #Tsipras to #Germany from Bild newspaper 1/2 pic.twitter.com/S68KtlrxNfAttention Mr #Tsipras! Doris, 60, from Stuttgart, has recorded all her spending since 1977. That's how to do it #Bild pic.twitter.com/nDs43xmPpC2/2 Bild newspaper also has some tips for #Tsipras on how to save money, demonstrated by Felix, 9, from Munich pic.twitter.com/5GjEzQbbIC 10.39am GMT Greece’s Ta Nea newspaper says Athens has reached out to Iran to see if it might help by buying some short-term Greek debt to tide it through the crisis.Acc to Ta Nea newspaper, #Greece ForMinistry representatives went to Tehran (wtf) in order 4 the latter to consider buying part of Gr debt#Greece |@papachristosgio report in @ta_nea re Greek MFA envoy (Tsipras' cousin) to Iran in search of Tbill investors pic.twitter.com/ZkZKWVFE4Q 10.21am GMT The structure of today’s meeting is quite interesting. Angela Merkel and Alexis Tsipras are scheduled to meet around 5pm local time (4pm GMT) and talk for two hours, followed by a press conference to brief the media. 10.10am GMT Both sides at today’s meeting see each other as the bad guy, tweets BBC Europe editor Katya Adler:#Tsipras may see himself as plucky David coming to visit Goliath here in #Berlin but #German media paint him as outlaw to #Merkel's sheriff 9.58am GMT Greece’s looming cash crunch (see earlier post) means it’s vital that Alexis Tsipras establishes trust with Angela Merkel tonight.Christian Schulz, senior economist at Berenberg Bank, argues that it could be his last chance to build bridges with the chancellor: The news out of Athens is getting more and more desperate, with the government apparently on track to run out of money in early April Having learned the hard way that Europe cannot be blackmailed, it is difficult for us to understand why Syriza is dragging its feet on implementing the necessary reforms to secure funding and why it subjects the Greek people to deepening economic and financial crisis. Tonight, Prime Minister Tsipras has potentially his last chance to convince German Chancellor Merkel that he will ultimately do what it takes to keep Greece in the euro. If he fails to inspire any kind of trust in Berlin, securing the necessary funds to keep going, let alone the inevitable third bail-out in July, while be a fantasy. 9.54am GMT Last night’s Andalusian election results may suggest that Podemos is now losing ground, just a year after being founded, argues Berenberg Bank:They writes:Is Podemos’ star sinking already? After beginning to gradually fall in the polls as Spanish media turned their focus on the party’s links with Venezuela, Spain’s Syriza-equivalent Podemos failed miserably to win the election in one of Spain’s worst hit regions. #Eurozone: #Syriza's disaster deflates Europe's populist threat. http://t.co/d2sB6iem09 pic.twitter.com/tRu3x7dXM9 9.34am GMT In case you missed it....Spain’s anti-austerity party, Podemos, secured third place in regional elections last night. Related: Spanish anti-austerity party Podemos wins 15 seats in Andalusia 9.19am GMT How close is Greece to running out of funds?Germany’s Frankfurter Allgemeine newspaper reported yesterday that Athens has just two weeks to secure fresh aid before the situation becomes ‘critical’. 8.49am GMT James Bullard, president of the St. Louis Federal Reserve, has predicted this morning that Greece could leave the eurozone.But speaking on CNBC, Bullard also warned it would be a mistake and leave Greeks facing a ‘bleak’ future.#Fed's Bullard says #Grexit possible but would not be advisable, would be bleak for Greece 8.46am GMT Our Berlin correspondent, Kate Connolly, reports that German sentiment towards Greece has soured in recent months, as some lose patience with Athens’ demands for more help.“I really don’t know how much longer we should keep patting their backs and telling them everything’s going to be alright – here’s an extra 100m.If my son kept coming to me for money to get himself out of trouble, I’d help him immediately, but I’d want to see that he was trying to get out of any mess he’d got himself into, wouldn’t I? I couldn’t afford to keep tossing banknotes in his direction.”Georg Franke, a 57-year-old market-stall holder in Potsdam, said while he believed the Greek government’s behaviour had been “childish”, he did not find its second world war compensation claims so outlandish.“The trouble is, Germans know a lot about the atrocities carried out in their name by the Wehrmacht and the SS against the Jews from Germany, Poland and Hungary, as well as the Slavs, but we learnt very little in school about the horrors carried out against the Greeks. It was only recently, around the 70th anniversary of the liberation of Auschwitz, that I saw a documentary which touched on how they [Jewish Greeks] were almost all wiped out and it brought it home to me.” Related: How German voters are losing patience with Greece 8.31am GMT The FTSE 100 index of leading shares has dropped back down to the 7,000 mark in early trading, down 22 points. So no new record high yet.It should prove to be another decisive week for Greece as Greek Prime Minister Tsipras is set to meet German Chancellor Merkel. Athens is hoping to improve relations with its biggest EU creditor before announcing a more detailed set of reforms required to unlock the next instalment of aid. 8.17am GMT Hajo Funke, political scientist with Berlin’s Free University, says that “two worlds will collide” when Merkel and Tsipras sit down this afternoon “There is the political world of Greece, where a left-wing government faces a society in collapse, (of) societal decay... as grave as anything we have seen in western Europe since 1945.”.“The other world is a content country that is dominant in Europe, Germany, which worries about maintaining its economic happiness, and which is now being asked to help the other, under conditions it doesn’t fully understand.” 8.12am GMT German politicians hope that Alexis Tsipras will arrive in Berlin with details of the new reform plans.Thomas Oppermann, parliamentary leader of Merkel’s Social Democrat coalition partners, says Greece must deliver on the pledges made at Thursday night’s mini-summit in Brussels. “I expect [Mr Tsipras] to present this list in his talks with the chancellor on Monday. “I want to know once and for all if Greece is ready to reform or not.” 8.02am GMT Alexis Tsipras has raised the stakes ahead of today’s meeting with Angela Merkel by declaring that Greece cannot meet looming debt repayments without help from its creditors.In a letter sent to Germany last week, Tsipras warned that the lack of bailout funds mean it is “impossible” to service debt obligations due in the coming weeks (such as debt repayments and publc sector wage bills)Given that Greece has no access to money markets, and also in view of the ‘spikes’ in our debt repayment obligations during the Spring and Summer of 2015 (primarily to the IMF), it ought to be clear that the ECB’s special restrictions when combined with the disbursement delays would make it impossible for any government to service its debt obligations. Servicing these repayments through internal resources alone would, indeed, lead to a sharp deterioration in the already depressed Greek social economy – a prospect that I will not countenance.Monday's FT front page: Greece’s leader warns Merkel of ‘impossible’ debt payments #tomorrowspaperstoday #bbcpapers pic.twitter.com/OOymneYXy2 7.40am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.German MPs laughed last week when Angela Merkel told them she was looking forward to meeting - and perhaps arguing - with her Greek counterpart today. But there may not be too much mirth in Berlin tonight as the chancellor hosts Alexis Tsipras for the first time.On both sides, the talks are being seen as a “moment of truth.” Greece has made clear, under its new government, that it does not want to leave the eurozone and Tsipras his point that austerity needs to be eased. In Athens officials are putting on a brave face.“We are looking forward to this meeting,” said the Greek government spokesman Gavriel Sakellarides. “There’s a good chemistry between the two leaders. It’s much better that they talk directly to one another. Related: 'Moment of truth' for Greece and the euro as Tsipris arrives in Berlin Greek PM Tsipras & German Chancellor Merkel meeting agenda (GMT): 1600 - Meeting 1800 - Presser 1900 - Working dinnerGiven all the measures that have been introduced by the ECB and signs of bottoming in data, there is a good chance Mr Draghi will give a more upbeat assessment of the economy. Continue reading...
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FTSE edges to new peak despite Greek worries, but Burberry falls
Standard Chartered boosted by brokers but Burberry and Carnival fall backThe FTSE 100, having breached the 7000 barrier on Friday, continued its rally to close at another record high on Monday.The leading index added 15.16 points to 7037.67, but it was a fairly unconvincing performance, with investors cautious about the situtation in Greece as the country’s prime minister Alexis Tsipras met Germany chancellor Angela Merkel to discuss its proposed reforms to resolve its precarious financial position.[We] are cutting Luxury from overweight to neutral. The sector was yet another huge beneficiary of the currency move and we note that Hong Kong luxury sales are weakening again.Weir shares appear to be pricing-in a ‘V’ shaped second half recovery in the US horizontal rig count. The shares might be impacted by another outcome, such as an ‘L’ shaped stabilisation.The lack of earnings visibility at Weir today is almost unmatched in ourexperience of the sector (close perhaps to Cookson in 2009). Two major unknowns face Oil & Gas: a plummeting north American active horizontal rig count; and significant price pressure....This downturn appears to have been caused by higher supply at least as much as by lower demand; and so far supply-side response does not appear to be shrinking the production surplus.If [former chief executive] Dalton Philips was attending the Morrisons analyst meeting he might have wondered why he was dismissed. It seemed that everything at Morrisons was absolutely fine. Dalton’s plan was the right one, Morrisons key performance indicators were all going in the right direction and the cost saving, working capital and cash flow goals were all still on track. All that was apparently needed was more “focus, pace and energy”.However the guidance didn’t quite match the rhetoric. We thought the company would do a ‘kitchen sinking’ margin reset for the new year.A deep corporate renewal programme and a new and highly respected management will not be enough to reverse Serco’s negative share price trajectory, in our view. The new strategy of focusing on the B2G [business to government] business (the one the company originally tried to diversify away from) comes with high execution risk, particularly as the highly competitive UK outsourcing market may itself experience a post-election blip. At the top-line we now model -12% organic growth in 2015 followed by a further 2% contraction in 2016, driven by known contract attrition and a likely contraction in volumes. During 2015 Serco also faces contract renewals worth around 5% of sales and, in our view, this remains an area of potential downside risk. Continue reading...
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Tips, links and suggestions: what are you reading this week?
Your space to discuss the books you are reading and what you think of themRead more Tips, links and suggestions blogsWelcome to this week’s blog. Here’s a roundup of your comments and photos from last week.daylightsimulator shared: It’s taken me three weeks to get to page 174 of Elizabeth Bowen’s second world war novel In the Heat of the Day. Its endless ambiguity makes it the most putdownable book I’ve ever read. It’s impossible to read more than twenty pages without a kind of mental peasouper descending (the fog of war?). The phrase “or rather” seems to follow every observation or thought. There are more commas on one page than in Cormac McCarthy’s entire oeuvre. This doesn’t mean I’m not enjoying it. On the contrary, it’s a treat to see how a writer can evoke and sustain a feeling of limitless opacity. I think this book was popular at the time it was published, but can imagine it would get little public interest today.It deserves all the plaudits it has received. It’s one of those occasions when a wildly experimental form just works. It’s written in short separated paragraphs; tiny vignettes, asides and quotes from other writers, depicting a relationship in crisis. It’s extraordinarily funny in places, and moving in others. Although it is so fragmentary, each seemingly random observation builds on the last, and it really does feel like you’ve read something wholly original.I watched The Grand Budapest Hotel just before Christmas, and Zweig went back on my reading list as a result. This is my first attempt at Zweig (and my first post on this blog!), and I’m really enjoying it. A faux pas by an Austrian cavalry officer leads to him becoming entangled with the local nobility.I’m interspersing this with The Global Minotaur (by the Greek finance minister Y Varouflakis) as well as the 80p Penguin little black classic of Circles of Hell (extract of Dante’s Inferno). I’d highly recommend The Global Minotaur. A book to make one think (whether or not you agree with Varouflakis!).I first picked the book up about three years ago, but gave up fairly quickly. This time I began it on the beach, which meant more time to persevere and I am so glad I did. Somewhere around page 200 the strands began to come together and it became one helluva good read. Yes, it’s a little wordy, but they’re really good words. I’d recommend it to anyone who likes long reads and doesn’t mind working a little bit for their entertainment!well, I've almost finished Lucy Hughes-Hallett's 'The Pike', a really fascinating account of the life Gabriele D'Annunzio, what a nutter! Also been dipping into H.V. Mortons 'A Traveller in Rome', so evocative, beautifully written. And as for the 1906 'Every Boys Book of British Natural History', well, it tells you how to build a camera for 14 shillings, then how to photograph wildlife with it, amazing!Sent via GuardianWitness By ID8459116 18 March 2015, 23:05 There, amongst the shiny children’s books and DIY manuals, was an unexpected gem – Haruki Murakami’s Colorless Tsukuru Tazaki, still a virgin with no stamps inside the cover. Joy. Just finished it and couldn’t do anything else but read it … Kids had defrosted and heated food, dishes remained unwashed, cats and dogs lost weight, husband turned into a reluctant au pair … Nothing came between me and sheets of Colorless. There is very little on this planet to compare to reading Murakami for the first time. [...] Burrowing into the mind of a Japanese 31 year old shy man and reading his thoughts, his paranoia and his hurt made me very happy. What strange creatures we are.Found the 1972 Turkish edition of Straw Dogs in my library #WorldBookDay @GuardianBooks pic.twitter.com/GcH9wq7y3Z Continue reading...
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Tsipras, Merkel meet with Greece running out of time, money
With time running ever shorter for an accord to ease Greece’s debt crisis and reported cash crunch, Prime Minister Alexis Tsipras and Chancellor Angela Merkel of Germany on Monday sought at least to take the sting out of ...
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Katrougalos to file lawsuits against To Vima and Bild
Greek Alternate Minister for Administrative Reform George Katrougalos said he will file lawsuits against the Greek newspaper To Vima and the German newspaper Bild. Katrougalos said he decided to call off the Press Conference which was supposed to be ...
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