How the world sees Greece
U.S. President Barack Obama expressed his support to Greece and its people on the occasion of the Greek Independence Day. March 25 marks the annual celebration of Hellenism and the country’s independence, and Obama took this chance to stress the ...
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The chances of Greece doing a deal with its European creditors have grown since a meeting in Berlin this week, Greek central bank governor Yannis Stournaras said on Wednesday, adding that an exit from the euro would only bring his country more pain. Speaking to a packed hall at the London School of Economics, Stournaras also said the European Central Bank's latest increase in emergency funding ...
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Exasperated by constant delays, the Eurozone has given Greece until March 30 to come up with real reforms or loans will be stopped.
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In the next few days, it will become clear whether there is any realistic prospect of Greece remaining within the eurozone. After two wasted months, Prime Minister Alexis Tsipras appears finally to have conceded that his quest for blank checks was futile.
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LONDON (MarketWatch) -- Bank of Greece Governor Yannis Stournaras on Wednesday rejected the idea of a Greek exit from the eurozone, arguing that a so-called "Grexit" would "deliver no benefit but a lot of pain." Speaking at an event in London, the governor said the Greek economy has already restored competitiveness by driving down wages and prices, so there's no reason for an exit. "In case of ...
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The Euro Working Group discussion on the Greek issue ended shortly after 2pm on Wednesday, March 25. The Eurozone officials decided that Greece had no claim to the 1.2 billion euros that the country requested from the European Financial Stability Facility (EFSF), which were linked to a scheme for recapitalizing banks. However, EFSF officials noted that this was the first discussion on the issue of Greek bonds that were returned to EFSF in late February, and there would be further consideration on how to deal with the issue in the future. “There was an agreement that, legally, there was no overpayment from the HFSF to the EFSF. The EWG will consider how to move forward on this issue in due course,” an EFSF spokesman said. The former Greek government led by Antonis Samaras decided on proceeding with the recapitalization in cash, rather than in EFSF bonds, because it was easier than the formal procedure of unlocking EFSF funds for recapitalization. However, the new SYRIZA-led government, which has been cut off from markets, is desperate for revenues as it has to make its debt repayments. Therefore, the government wishes to reverse that decision in order to use some of the remaining EFSF bonds to recapitalize banks and take back its cash.
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Statements by the EC president
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Greece has until Monday to show how it will follow through on reform commitments after the euro area ruled out speedy access to aid funds, three officials said following a conference call of finance ministry deputies, ...
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Officials with little governing experience risk eroding their credibility, writes Mohamed El-Erian
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Cash-strapped coalition raids pension funds and seizes subsidies destined for farmers amid warnings debt-stricken country could go bust within weeks The Greek government is resorting to increasingly desperate measures to keep afloat amid dire warnings the debt-stricken country could go bust within weeks.In a balancing act not seen by any European administration in recent times, the cash-strapped coalition has sequestered the reserves of public bodies, seized EU subsidies destined for farmers and postponed all payments for state supplies in the scramble to continue servicing its debt and paying salaries and pensions. Pension funds have been raided to raise money for Treasury bill auctions. Continue reading...
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Greece's new tax system will probably be ready in June, government spokesman Gavriil Sakellaridis said during an interview with a private radio station on Wednesday. "The new tax system will be ready around June," Sakellaridis told RealFM adding the new system ...
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The European Central Bank increased the amount of money Greek banks can borrow under an emergency lending program, extending a lifeline for the country’s banks as its government continues tense negotiations with its creditors over its bailout program.
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Cyprus celebrated Greek National Day on March 25 with religious services and pupils` parades in all major cities - on the Cypriot side.
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European Commission President Jean-Claude Juncker says the Greek government is to present no later than early next week the reform plans that are key to unlocking urgently needed rescue funds.
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The European Central Bank (ECB) has decided to raise the Emergency Liquidity Assistance (ELA) to Greek banks. The ECB will increase funding from 68.9 billion euros to over 71 billion. The increase is the biggest this month and means the cap has risen by more than 10 billion euros since creditors lost access to normal ECB funding lines in February, Bloomberg reported. This move will help Greece meet the expanding needs of banks and the Greek government. Greece’s finances have started deteriorating with Eurozone officials pressuring Greek Prime Minister Alexis Tsipras to present the country’s new economic reforms, while the ECB made it illegal for domestic banks to increase their holdings of short-term government debt. The recent ELA increase is larger than the two previous weekly increases of 400 million euros on March 18 and 600 million euros on March 12, which may suggest that Greece’s ability to meet creditor demands is constantly worsening.
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The Greek government is turning to the social security funds and Athens Metro in order to accommodate its debts and keep the country afloat, reported the Financial Times. “Athens faces a €1.7 billion bill for wages and pensions at the end of the month and then a €450 million loan payment to the International Monetary Fund on April 9. Greek government and Eurozone officials believe Athens does not have funds to cover both,” noted the report. In addition, the European Central Bank (ECB) has decided to tighten the knot in regards to the treasury bills issue. Meanwhile, Eurozone officials hope that the meeting between Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel will lead to an agreement regarding the reforms that Athens must impose in order to unlock the 7.2-billion-euro installment. Tsipras discussed the reforms with Merkel during their meeting on Monday, however the situation appears to be “moving slowly,” according to an official involved in the negotiations. “Greek authorities have also been seeking €1.2 billion in funding that they believe was wrongly taken out of the country’s bank recapitalization fund by Eurozone authorities. But EU officials said a quick decision on the matter was unlikely and even if Athens was awarded the cash, it could only go toward bank rescues, not general government coffers,” noted the Financial Times. “The Greeks are one minute away from midnight,” said Mujtaba Rahman, head of European analysis at Eurasia Group consultancy, according to the financial newspaper. “The government is at the edge of the precipice and may well go over.” So far, the Greek government has accumulated 600 million euros from public-owned corporations, such as the Athens Metro, the Public Power Corporation (PPC) and the Athens Water Department. Furthermore, another 300 million euros were rounded up from EU farmers’ subsidies, which were used to pay salaries of public sector employees. EU officials claim that if Athens fails to pay the April installment to the International Monetary Fund, the result will not be devastating, since a non-payment does not automatically lead to bankruptcy, although it will prevent Greece from accessing further funding from the institution.
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Opening falls on Wall Street take shine off other markets after weak US economic dataLeading shares fell back below 7000 as worries about the US economy dragged down markets.Technology shares came under pressure, with chip designer Arm down 73p or more than 6% at £11.27. Traders said growth stocks were being sold on both sides of the Atlantic, while a downgrade of Advanced Micro Devices from neutral to sell by UBS helped unsettle the semiconductor sector. A resurgence of Greek woes has caught markets off guard, as the country finds its cash reserves slipping through its fingers. An attempt by the Athens government to recover €1.2trn that it believes was incorrectly handed over has been slapped down by the rest of the eurozone, and while the ceiling on emergency liquidity has been raised, this is perhaps the most temporary of temporary measures. [The Kraft] talks likely imply a previously mooted £75bn bid for SABMiller being off the table, in the near-term at least, from competitor Anheuser-Busch InBev and partner 3G (which controls a 21% Budweiser stake since the 2008 Belgian-US merger), flattening some of the sector M&A fizz which had been bubbling for a while even if SAB’s prospects remain strong thanks to an enviable emerging markets growth story.There has been some market discussion about the likelihood of 3G teaming with ABI to bid for SABMiller. We have discounted this, since ABI has sufficient resources to bid alone, should it wish to do so - and the mooted combination of Kraft and Heinz by 3G appears far more logical from the 3G perspective. Indeed, any involvement of 3G with ABI would have been a complicating factor. We therefore reiterate our view that a bid for SABMiller by ABI remains feasible, and that this appears more likely this year than in future years.With net debt/EBITDA at 2.3 times (at December 2014) and the need to decide whether to renew the Pepsi bottling contracts in Latin America by the end of 2015, we expect pressure both from external investors and from the company’s own disciplined management to result in decisive balance sheet action being taken.The strategic rational is clear, and this fulfills our prediction for Kofax being acquired by a larger consolidator. Given the significant premium at $11 a share, we recommend this transaction to investors.Lexmark buys Kofax as it doesn’t want to take overseas cash back home, and pay tax on it. Nice move team Kofax. Remember London investors a nice double header here – shares re-rated as they head to the US, and then another as they get acquired. The theme should make investors think about other UK stocks where they have a decent global profile – think about SDL, for example. Continue reading...
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The European Central Bank raised the cap on emergency liquidity assistance (ELA) that Greek banks can draw from the country's central bank to above 71 billion euros (52.3 billion pounds) from 69.8 billion previously, ...
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A Moscow-friendly Greece could paralyse NATO's ability to react to Russian aggression, former US national security adviser Zbigniew Brzezinski warned March 25.
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Flanagan, who wrote “The Dark Power of Fraternities” for Atlantic Monthly, discussed her investigation of the greek system, an issue that has gained ...
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¾ teaspoon ground mustard. ½ teaspoon ground fennel seed. 1¼ teaspoon chopped fresh rosemary leaves. 2/3 cup Greek yogurt. Juice of 2 lemons.
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Thousands of people gathered in Syntagma, downtown Athens, Greece, despite the rain, to watch the annual military parade in honor of the Greek Independence Day, celebrated on March 25. The parade took place in the presence of the President of the Hellenic Republic Prokopis Pavlopoulos, Greek Prime Minister Alexis Tsipras and Greek Parliament President Zoe Konstantopoulou. For the first time in years, the celebrations took place without barriers to hold back the crowd, while police officers observing the area were very discreet. Officials observed the parade from the Tomb of the Unknown Soldier before the Parliament building on low stands set without metal barriers and allowing a view of the central part of the monument, in a break from previous years. Parade participants included representatives from all armed forces, special forces, the fire brigade and the police as well as forces from the northeast border prefecture of Evros, a national guard unit from Rhodes and carriers of historic banners from the Greek War of Independence against the Ottoman Empire that broke out in 1821. Furthermore, retired wounded veterans, nurses and Red Cross staff, followed by anti-missile and tank units also marched in commemoration of the Greek Independence Day. After the military parade was over, the crowd gathered for a great “glendi” filled with dances and music, provided by the military band and dance associations. Greek President Pavlopoulos said, “The parade proves that the March 25 anniversary is not a simple anniversary; it is a living experience and the great message of the uprise is the heroic contemplation of freedom,” he added. Hellenism is waging its own battle under a united front, sending a message to all European people about the fundamental values of humanitarianism, freedom and social justice, Pavlopoulos said. These are the truths we must build the European building on, he stressed, adding that “I hope next year our people live under better conditions and away from the nightmare that wounds them deeply.” “Today we must remember that nothing was given to us for free, everything was claimed after struggle, and when you are right, then you win,” Greek PM Tsipras said, noting that the Greek revolution “obliges us to vigilantly guard the Greek people’s freedom, independence and dignity.” “When the Greek people demand something, are decisive and have justice on their side, they can achieve anything,” he concluded.
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The Greek government will not receive €1.2bn (£883m) in European rescue funds after the bloc's officials ruled the Leftist government had no legal ...
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(Bloomberg) -- The European Central Bank approved an increase of more than 1 billion euros ($1.1 billion) in the emergency funds available to Greek ...
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LOWELL -- When Maria Booras thinks of the Hellenic American Academy's place in the city's Greek community, she calls it a link, a foundation, ...
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Athens' hopes that they could bridge their mounting cash crisis with the return of €1.2bn from the Greek bank recapitalisation fund were dashed ...
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To a point, I agree. I am not involved in a Greek organization, so I don't have firsthand experience of the innerworkings of Greek life on our campus.
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It doesn't take a history buff to know that the Greeks don't take too kindly to others throwing jabs their way. “Who is Mr. Schäuble to ridicule Greece?
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FRANKFURT--The European Central Bank has instructed Greece's biggest banks to refrain from increasing their exposure to Greek government debt, according to people familiar with the matter. The move raises pressure on the cash-strapped government in Athens ...
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The itinarary includes important archaeological destinations such as Athens, Thessaloniki, Santorini, Zagora and Torone.
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An unsurprising move
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The Greek Revolution of 1821 was Greece’s epic struggle for independence. Greek people had been enslaved for many centuries and the revolution was one of the most significant historic events in modern Greek history. The national regeneration struggle ...
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Greece does not have the right to 1.2 billion euros ($1.3 billion) it believed it mistakenly returned to the eurozone's bailout fund, an spokesman for the fund said Wednesday after talks with Greek officials. A working group from the Eurogroup of eurozone finance ministers met with Greek officials to discuss the amount returned by Greece's financial stability fund (HFSF) to the European ...
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BRUSSELS—Eurozone finance ministry officials agreed on Wednesday that Greece has no legal claim to €1.2 billion ($1.31 billion) sitting in the bloc’s bailout fund that Athens says it had originally set aside from its own cash reserves to recapitalize ...
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The Greek Independence Day is a historical experience centred on freedom, the President of the Republic Prokopis Pavlopoulos said on Wednesday, following a parade to commemorate Greece's independence war against Ottoman Turks in 1821. "The parade proves that the March ...
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The Guardian’s picture editors bring you a selection of the best photographs from around the world, including a polar bear in Yorkshire, fashion week in China and Greece’s independence day Continue reading...
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Α teleconference of the EuroWorking Group (EWG) of eurozone technical staff ended without granting Greece its request for the return of 1.2 billion euros from the European Financial Stability Facility (EFSF) on Wednesday. According to ...
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By Jan Strupczewski and George Georgiopoulos BRUSSELS/ATHENS (Reuters) - Greece failed in a bid on Wednesday to secure a quick cash payment from the euro zone rescue fund to help stave off potential bankruptcy next month, raising pressure on Athens to deliver a convincing reform program within days. Athens had appealed for the European Financial Stability Facility to return 1.2 billion euros ($1 ...
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Eurozone finance ministry officials agreed that Greece has no legal claim to $1.31 billion that Athens was hoping to get back from the eurozone bailout fund.
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A look at debt-to-GDP ratios in other Eurozone countries reveals Greece isn't the only villain of the seven-year-long-and-counting Eurozone crisis .
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Time is running out for Greece. By early April, the Greek government will have a bond payment come due, and there will be no way for the government ...
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Greece risks running out of cash by April 20th unless it secures fresh aid, leaving it little time to convince sceptical creditors it is committed to economic reform. After talks with EU leaders including German Chancellor Angela Merkel in the past week ...
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"We see no reason to release it," finance ministry spokesman Martin Jaeger said, adding that EFSF funding was made available to Greece last year as ...
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Macro Horizons covers the main macroeconomic and policy news events affecting foreign-exchange, fixed income and equity markets around the ...
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Athens's hope that it could bridge its mounting cash crisis with the return of €1.2bn for the Greek bank recapitalisation fund were dashed Wednesday ...
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(Bloomberg) -- Greece has until Monday to show how it will follow through on reform commitments after the euro area ruled out speedy access to aid ...
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The European bankers who hold the fate of Athens' liquidity in their hands expect the funds generated from privatization to pay down Greece's debt.
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Here is what you need to know. Heinz and Kraft Foods announced a mega merger. The deal gives Heinz a 51% ownership in "The Kraft Heinz Co.," with 49% ownership going to Kraft shareholders. Kraft shareholders are set to receive both stock and a $16.50 special dividend. The deal was financed by a $10 billion contribution from Berkshire Hathaway and the Brazilian private-equity firm 3G. The ECB has told Greek banks to stop buying their government's debt. The European Central Bank is putting the pressure on the Greek government to reach a deal with its creditors. Wednesday's order will take a large buyer of Greek debt out of the market as the country looks to roll over the maturing debt due in early April. Greece's three-year yield is flat at 19.03%. German economic data continues to outperform. Germany's Ifo Business Climate was the latest number to top estimates. Wednesday's reading of 107.9 (107.4 expected) was the strongest since July as Germany powers ahead thanks to the ECB's negative interest-rate policy weakening the euro. Germany's 10-year yield is down 1.7 basis points at 21.7 basis points. The Reserve Bank of Australia's Financial Stability Review concluded that financial stress was easing. Australia's central bank noted, "Business finances appear generally in good shape," but, "Like households, businesses remain fairly cautious in their spending and borrowing decisions, despite the low interest rates." Wednesday's review pointed to the commercial property and the mining and resources sectors as areas that continue to see difficulty. The Australian dollar is unchanged at .7880. South Korea's economy grew 3.3% in 2014. Wednesday's print was in line with January's estimate and marked a slight improvement over the 2.9% growth experienced in 2013. A slowdown in exports to 2.8% growth (4.3% in 2013) caused the central bank to unexpectedly cut its benchmark interest rate to a record low 1.75% because approximately half of South Korea's GDP is linked to the number. South Korea's won gained 0.3% to 1101. Moody's cut Ukraine's debt rating. The rating agency cut Ukraine's sovereign debt rating to Ca from Caa3 and maintained its negative outlook. According to Moody's, "The key driver of the downgrade is the likelihood of external private creditors incurring substantial losses as a result of the government's plan to restructure the majority of its outstanding Eurobonds." The new debt rating is the second lowest offered by the rating agency. Ukraine's hryvnia is lower by 1.2% at 23.50 per dollar. New Zealand and Japan are pressing the US to approve a trade bill. The bill must still get through Congress, and both countries believe it is necessary to complete the 12-nation Trans Pacific Partnership. The US 10-year yield holds near a 7-week low. The benchmark yield is little changed at 1.87%. The benchmark yield is roughly 40 basis points off its March high. Global equity markets trade mixed. France's CAC (-0.6%) paces the decline in Europe, while Hong Kong's Hang Seng (+0.5%) led Asian markets higher. China's Shanghai Composite (-0.8%) was a laggard. US economic data is light. Durable orders will be released at 8:30 a.m. ET. Crude oil inventories are scheduled to cross the wires at 10:30 am ET. Treasury will auction $35 billion 5-year notes.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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Featuring a volley from Rotterdam, a backheel from Norwich, a curler from Greece, a longe-range effort from Japan and some silky skill from GalwayMarcelinho (ATROMITOS v Panathinaikos)Nick Montgomery (CENTRAL COAST MARINERS v Perth Glory)Enda Curran (GALWAY UNITED v Drogheda United)Willie Gibson (STRANRAER v Airdrie) Continue reading...
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A European Commission decision issued on Monday that orders Greece to recover incompatible state aid from Piraeus Container Terminal (PCT) does not apply to any part of the Concession Agreement’s recent expansion through amicable settlement to the Western Pier III and does not affect the tow sides’ economic relations, according to a Piraeus Port Authority (OLP) announcement on Tuesday. Informing its shareholders and investors about the decision, OLP made the following known: 1. The Concession Agreement between OLP and PCT, which was ratified by Law No. 3755 / 2009, consists of two parts: (a) The text of the Agreement between OLP and Cosco, concerning the concession of Pier II and the construction of the Eastern Pier III of the PCT, signed on November 25, 2008, and (b) Articles 2 and 3 of Law No. 3755/09, which were added to the law by the Finance Ministry. 2. The decision concerns exclusively Article 2 (financial and tax issues) and not Article 1, which is the conventional part of the OLP/Cosco Convention. 3. The decision does not apply to any part of the Concession Agreement’s recent expansion through amicable settlement to the Western Pier III of the PCT ratified by Law No. 4315/14. OLP underlined that the decision is solely a matter of the PCT in relation to the Greek state and the European Commission. Yesterday’s European Commission decision noted that certain fiscal benefits granted by Greece in favor of port operator PCT and its parent company Cosco provided the beneficiaries with an undue advantage over their competitors in breach of EU state aid rules. These benefits include tax exemptions and preferential accounting treatment. “The companies now need to pay back the advantage received to the Greek state. To avoid further distortions of competition, the Greek authorities are also expected to cease granting these advantages to PCT from now on,” according to the decision. (source: ana-mpa)
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