Fitch: ECB key to consequences of Athens missing IMF payment

The response of the European Central Bank would be key to the consequences of a missed payment by Greece to the International Monetary Fund, Fitch Ratings said on Friday.

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Thessaly stores likely to remain closed on first Sunday of spring sales

The Federation of Thessaly Traders’ Associations, in central Greece, on Thursday decided unequivocally that stores would not open on the first Sunday of the spring sales (May 3, as the law allows for).

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Body of missing fish farm worker found

The body of a missing foreign national employed at a fish farming unit next to the island of Oxia, off the coast of Mesolongi, western Greece, was discovered on a rocky beach on Friday. The man had been reported missing on Friday morning.

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Train workers call off Monday stoppage

The federation of Greek train workers on Friday announced that a work stoppage originally announced for Monday had been canceled.

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Navios taps German shipping opportunities

The wide margin of difference between the health of Greek and German shipping is clearly illustrated by the deal for the sale of 14 oceangoing vessels by German bank HSH Nordbank AG debtor companies to Greek firm Navios, owned by Angeliki Frangou.

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Athens grateful for increase in EU funding for migration crisis

The doubling of aid to Mediterranean countries to help with the rise in the number of undocumented migrants is one of the main things Greece can take away from Thursday’s European Union leaders’ summit on the migration crisis, according to Alternate Minister for Migration Policy Tasia Christodoulopoulou.

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Tsipras to see local officials as decree dispute heats up

Prime Minister Alexis Tsipras is due to meet regional governors and mayors in Athens on Saturday in an attempt to defuse a political row that has erupted as a result of the government’s decision to force local authorities to transfer their cash reserves to the Bank of Greece.

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Fairfax optimistic Greece and eurozone will reach deal

Fairfax Financial Holdings, which bet on the success of a Greek turnaround last year, said on Thursday it is confident that Greece will reach a deal with its counterparts in the eurozone and remain a part of the currency bloc.

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Greek bonds nudge up on day but down on week

German bund yields were on track for their biggest weekly rise of 2015 on Friday as fears of an imminent Greek default eased, though strategists still saw European Central Bank bond buying as a powerful driver in the opposite direction.

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Eurogroup comes down hard on Greece

Greece was left in no doubt at Friday’s Eurogroup that it is running out of time and its lenders out of patience as they attempt to conclude negotiations so 7.2 billion euros in bailout funding can be disbursed.

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Kotzias talks Cyprus at UN

Foreign Minister Nikos Kotzias informed United Nations Secretary-General Ban-Ki moon on Friday about his positions regarding the removal of Greek and Turkish troops from Cyprus as part of the effort to reunify the island.

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New Democracy Criticizes Govt for Negative Climate Toward Greece

Main opposition New Democracy accused the government on Friday of creating a very negative climate for Greece in Europe. “The truth that should worry the government is that the statements of top officials from the whole political range of the European Union show the very bad climate that exists for Greece,” New Democracy spokesman Costas Karagounis said, presenting as an example statements by European Parliament President Martin Schulz, European People’s Party (EPP) President Manfred Weber, European Commissioner for Economic and Financial Affairs Pierre Moscovici and Eurogroup President Jeroen Dijsselbloem. Karagounis also pointed to the “scolding” Greek Finance Minister Yanis Varoufakis received during the Eurogroup in Riga, Latvia. “Everything else is for the domestic audience,” the spokesman said and asked: “Will SYRIZA berate all those within the party who argue in favor of returning to the drachma, when the government is supposed to be negotiating our stay within the Eurozone?” (source: ana-mpa)

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Tension in Greek Parliament as Opposition Parties Raise Objections Over Legislative Order

The Greek Parliament discussion earlier today over the legislative order issued this week, ordering the country’s public sector operations to transfer excess funds to the Bank of Greece (BoG) in a dramatic attempt to cover the country’s needs, was stigmatized by tension and vehement exchanges between government and opposition MPs. The SYRIZA-led government rejected a New Democracy objection against the legislative act that obliges state bodies and local authorities to transfer their cash reserves to the country’s central bank in order to be used ahead of the upcoming International Monetary Fund (IMF) loan repayments in May. New Democracy’s objection, which asserted that the legislative act violated the country’s Constitution, was rejected by all the other opposition parties. Speaking in Parliament, New Democracy MP and former Minister under the Samaras administration Makis Voridis invoked Constitution articles citing the financial independence of local authorities and state universities. On his behalf, SYRIZA MP and parliamentary spokesperson Nikos Filis highlighted that even if this was the case, the independence of the above bodies is only being temporarily compromised and for the broader interest. Earlier this afternoon, tensions rose yet again when some MPs from governing SYRIZA and opposition PASOK came close to a physical altercation. The opposition MPs were irritated when Interior Minister Nikos Voutsis accused them for representing the demands of the country’s creditors. The situation was not better outside the Parliament, where 50 mayors from various Greek cities gathered to protest against the legislative order. At the same time, nurses and doctors also protested in the Greek capital. Athens has been tapping into the public money reserves in temporary transactions in what is seen by analysts as a sign of the country’s desperate need of fresh funds, amid the SYRIZA-led government’s attempt to convince international creditors to unlock further financial aid. The legislative order excludes pension funds as well as the idle money of some state-owned firms, as their cash reserves are designated to cover the immediate payment of those bodies’ own needs. “This is a pre-emptive move to ensure that they will be able to secure as much liquidity as possible because of the squeeze,” an Athens-based analyst told Reuters, adding that “there are still some billions of euros in cash reserves parked in banks by state entities.”

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Greek Deputy FinMin: Cash Reserves Transferred to BoG Account ‘Fully Guaranteed’

The cash reserves of general government entities are fully guaranteed, Greek Deputy Finance Minister Dimitris Mardas said in Parliament on Friday, stressing that mayors, regional authorities and universities have no reason to fear the transfer of their ‘idle’ disposable capital to the Bank of Greece (BoG). The Minister was speaking during a Parliament debate leading up to the ratification of a legislative act that orders all government organizations and agencies to transfer money not needed in the next 15 days to a special BoG account. Mardas explained that the money in this account would then be invested in repos, which do not lose their value, and the government can subsequently use if the need arises. He emphasised that the investment was not in various types of bills or bonds that could lose value. He further clarified that municipal rates raised directly from municipality citizens will not be transferred to the account, only the so-called “ready cash” not earmarked for other purposes. However, the same does not apply for other sources of municipality income, such as rent of municipal spaces and property. Replying to opposition party criticism, Mardas clarified that the special account will concurrently work like an ordinary account at a commercial bank, so that the money deposited “will be withdrawn as cash – not repos or bonds.” He also clarified that the government will undertake to pay any penalties for cash withdrawn early from time deposit accounts. (source: ana-mpa)

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World Press View: Beginning of the End for Greece Looms

Greek Finance Minister Yanis Varoufakis writes that Greece won't go under but he's in a small minority of those who believe it, The post World Press View: Beginning of the End for Greece Looms appeared first on The National Herald.

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Macro Horizons: In Calm Euro Markets, Greece Has Fewer Bargaining Chips

WRAP: It's becoming a legitimate question whether Greece's European Union creditors will just cut it off – and the relative calm in markets might just ...

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Understanding The Deadly Rise In Mediterranean Migration

A few years ago, a photograph of a notorious mafia member hung in the office of the Hellenic Coast Guard Security Department. Next to it was a phrase that had often been cited at the time: “The gun trade is dead and the drugs trade has become very dangerous. The easiest money is now in trade of humans.” The cynical confession captures three major truths, one of the officers in the department told HuffPost Greece: the policies and measures currently in place against human trafficking are insufficient; the profits are bigger than ever; and the networks involved now constitute a major part of what we call organized crime. The drowning deaths of thousands of migrants in the Mediterranean over the past months have searingly illustrated the inability of the European community to demonstrate solidarity between member states and show a commitment to humanitarianism in the face of desperate people arriving in its backyard. Hundreds of people assemble around a map of the Mediterranean Sea on April 23, 2015 in Marseille, protesting against European immigration politics. (BORIS HORVAT/AFP/Getty Images) According to the International Organization of Migration (IOM), we are currently witnessing the biggest migration since the Second World War. The number of people who have abandoned their countries has risen to more than 16 million globally, while almost 33 million people have been forced into internal migration. Over the past year and a half, Greece and Italy, two countries considered gates to the European Union, have seen an unprecedented increase in the number of migrants arriving on their coasts. Greece and Italy, by virtue of their geographic position, bear much of the burden of receiving migrants trying to reach Europe via Turkey and North Africa. The migration flows towards the Aegean Sea and the Central Mediterranean are the highest that have been recorded in recent memory, according to the Greek coast guard and Europe's border control agency Frontex. More than 34,000 migrants entered Greece illegally by sea in 2014, compared to just 9,357 in 2013, according to the Hellenic Coast Guard. The 265 percent increase has impacted four islands in particular: Lesbos, Samos, Chios and Leros. Last year alone, their coastal authorities tracked down 27,378 migrants. The islands' capacity to take in migrants has been severely overstretched. Many say that number may continue to rise. Officials in Greece project the arrival of up to 100,000 migrants in 2015. Current trends confirm these calculations: during the first quarter of 2015, more than 10,000 migrants arrived in the country, the head of the Greek office of the IOM told HuffPost. These high numbers are unusual, since the primary season for migrant activity is usually from June to November. Italy, too, receives large numbers of foreigners; at least 18,000 migrants arrived in the country in the first quarter of 2015. Deadly Voyages Across The Mediterranean The rising number of deaths recorded in the Mediterranean Sea raises questions and concern about the way the crisis ought to be handled. The termination of Italy's Mare Nostrum rescue mission, which patrolled the Mediterranean, is thought to be a major factor in the increase in shipwrecks and the rise of the number of migrants who perish at sea. It is now estimated that for every 1,000 migrants that are known to have crossed the Mediterranean, more than 46 lose their lives in shipwrecks. The actual number might even be higher. Why People Migrate According to Greek coast guard officers, there are many reasons for the rising number of fatalities. The civil war in Syria continues unabated in its fifth year, with a devastating cost in human lives, unspeakable pain and horror for non-combatants. Many Syrians found refuge in surrounding countries like Turkey -- which hosts 1.6 million Syrian refugees-- and Egypt, Lebanon and Jordan. But conditions for many refugees in those countries have become more difficult in recent months. Egypt has altered its migrant policy, including by imposing visa obligations and revoking residence permits. Similar policies have been implemented recently in Lebanon and Jordan. New migrant policies in Iran have additionally led many Afghans who had found refuge in the neighboring country to seek their fortunes in Europe. The activities of the Islamic State militant group constitute an additional factor leading Middle Easterners, particularly Iraqis and Syrians, to seek safety in Europe. According to available statistics, 65 percent of those who have illegally entered Greece in the past months are Syrian war refugees. Rescued migrants wait to disembark from an Italian Coast Guard vessel in Porto Empedocle, Sicily, southern Italy, Wednesday, March 4, 2015. (AP Photo/Francesco Malavolta) The Role of Organized Crime When talking about organized crime and migrant smuggling networks, the phenomenon does not start or end on the coasts of Turkey or African countries. This is a “chain” of thousands of people covering massive swathes of territory. It starts with the first smuggler in some distant country who offers to help the migrant reach Turkey illegally; another who will take on the transit to Greece or Italy; and another who will arrange transportation to the desired destination, usually in northern Europe. Conflict and war, especially in the Middle East, have spiked demand and many migrant smugglers have seen their profits dramatically increase. “We are literally talking about a... dance of hundreds of millions of euros on a yearly basis," one coast guard officer told HuffPost Greece. A protestor holds up a sign during a demonstration outside of an emergency EU summit in Brussels on Thursday, April 23, 2015. (AP Photo/Geert Vanden Wijngaert) Methods of Transit The smuggling networks use all means available to increase profit and decrease threats... for themselves, not for the migrants. Until the recent spike in crossings, the most common transportation method for migrants traveling from Turkey to Greece was to load men, women and children in a children's inflatable raft, without additional security measures or supervision. Migrants were given instructions to puncture the plastic upon arrival at the Greek coast, so that a mission tracking down migrants would convert to a search-and-rescue mission. At other times, smugglers have given migrants a small boat or a rowboat, and even an accompanying attendant -- usually a minor. The cost per person then rises to 2,000 or 3,000 Euros ($2,144-$3,216). The “ticket” price changes depend on the degree of risk, meaning the method of transportation, the offer of an attendant or not, the number of passengers, the distance between the Turkish and Greek coasts and weather conditions on the day of travel. Recently, however, there are signs that the smugglers' methods may have shifted, as many migrants are so desperate they are willing to pay no matter what. Cargo vessels have become a common method of transport, according to the European Commission. Since September 2014, 12 incidents with cargo vessels have been reported, with seven occurring in December 2014 alone. The trips, the European Commission says, cost between $5,000 and $7500 per person -- indicative of the massive potential profits involved in the enterprise. Greek coast guard officers told HuffPost that they can't say with certainty that cargo vessels are the new method used by the networks, but they acknowledge it is a prevailing tendency. “The major problem on these occasions -- and the smugglers know it very well -- is that the prosecuting authorities can’t stop and check a cargo ship or a big fishing ship unless there is a strong reason, as defined by international regulations," one of the officers said. "There are rules allowing the free navigation, ships always have a flag of a foreign country and things are even more difficult when they are in international waters.” But beyond this apparent trend, the smugglers also appear to be borrowing methods used mainly by large networks of trade and trafficking of drugs. “We see that there are cargo ships functioning as a mother ship, as is true of cocaine and heroin trafficking,” the Coast Guard officer told HuffPost Greece. "There are a large number of migrants on board the ship and afterward, in the middle of the open sea, the migrants are divided as cargo into smaller boats. Whether they want to, or not.” This article was originally posted on HuffPost Greece and was translated into English. It was adapted for an American audience. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

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Italian Investigations Highlight Cruelty And Danger Of Migrant Smuggling Networks In Mediterranean

Italian prosecutors this week revealed disturbing new allegations about the vast smuggling networks that are responsible for the recent increase in migrant deaths in the Mediterranean Sea. Thousands of migrants have drowned in recent years trying to get from Africa and the Middle East to Europe. In the single deadliest incident of the crisis to date, over 800 people onboard a capsized cargo ship are believed to have drowned on Sunday. The tragedy has highlighted the dangerous tactics of the smuggling networks operating in the Mediterranean, as well as the extensive scale of their operations. Italian authorities announced on Tuesday that they had arrested the captain of the ship that sank on Sunday, whom they named as Mohammed Ali Malek, 27, from Tunisia. A crew member named Mahmud Bikhit, 25, from Syria, was also arrested. Both Malek and Bikhit face charges of aiding illegal immigration, and Malek may also be charged with reckless multiple homicide. Prosecutors suspect that Malek and Bikhit are linked to “an organized criminal group, engaged in criminal activities in Libya and Italy." At a preliminary court hearing in Sicily on Friday, both men denied the charges and claimed to have been paying passengers onboard the ship. Prosecutors said the men attempted to blend in with the other 25 shipwreck survivors, but HuffPost Italy reported that they were identified as members of the crew by at least five passengers. Mohammed Ali Malek and Mahmud Bikhit stand on the deck of the Italian Coast Guard ship Gregretti at Catania port on April 20, 2015 in Catania, Italy. (Tullio M. Puglia/Getty Images) Prosecutors had previously said that the boat was already overcrowded and unbalanced when it embarked. Once at sea, it collided with a Portuguese-flagged container vessel that had come to the aid of the already flailing boat. Passengers rushed to one side hoping to be rescued, which, along with the collision, led the boat to finally capsize. One young survivor told Italian news agency AGI that Malek, the captain, was drinking alcohol and smoking hash prior to the collision. Tragically, hundreds of people were locked in the hold and lower levels of the boat, and were unable to escape as the ship sank, prosecutors said. Survivors told the court that smugglers had beaten them with clubs before the vessel sailed from the Libyan coast. Fishermen look at the wreckage of a boat carrying dozens of immigrants in the eastern Aegean island of Rhodes, Greece, April 20, 2015. (AP Photo//Nikolas Nanev) A separate case revealed by Italian authorities this week highlighted the vast reach of the migrant smuggling networks operating in the Mediterranean. On Monday, Sicilian prosecutors said they had busted an international smuggling ring and were issuing arrest warrants for 24 people, including 14 in Italy. They said the group’s mastermind is an Ethiopian man, Ermias Ghermay, believed to be currently in Libya. Ghermay has been wanted since the last major migrant tragedy in 2013, when some 366 people died in a shipwreck off Lampedusa. Asylum seekers living in Malta arrive to attend an interfaith funeral ceremony for 24 migrants who died after a fishing boat capsized off the Libyan coast, on the helipad at Mater Dei Hospital in Malta on April 23, 2015. (Matthew Mirabelli/AFP/Getty Images) Based on intercepted phone calls, the Sicilian prosecutors allege that this network’s operations stretch from the Horn of Africa to northern Europe. Smugglers in the network are believed to be charging migrants exorbitant fees for each leg of the journey, including getting them out of migrant holding centers in southern Europe and transporting them to northern countries. Migrant fees often top $6,000, according to the investigation. What happens to most of the money is unknown. Many smugglers make use of the region's traditional hawala banking system, which is based on cash payments and an informal, transnational network of money brokers. The intercepts recorded smugglers cracking jokes and talking about overloading the boats with hundreds of migrants, according to HuffPost Italy. Guardia di Finanza vessel Denaro upon arrival to the Sicilian harbor of Catania on April 23, 2015. (ALBERTO PIZZOLI/AFP/Getty Images) Earlier this week, Italian Prime Minister Matteo Renzi called those who participate in smuggling "unscrupulous men who traded human lives," saying they operated like the slave traders of past centuries. After last weekend’s tragedy, European Union leaders held an emergency summit on Thursday, where they pledged to step up efforts to crack down on smuggling networks, as well as to triple funding for search and rescue operations in the Mediterranean. "We will take action now. Europe is declaring war on smugglers," the European Union’s top migration official, Dimitris Avramopoulos, said ahead of the summit. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

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Merkel: We will do everything to ensure that Greece will stay in the Eurozone

''We will do everything in order to ensure that Greece will stay in the Eurozone'' stated Chancellor Angela Merkel adding that ''I have the impression  that all sides are working for one solution for ...

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Greek government sources: Pressures against Greece will intensify

Greek government sources said on Friday that an attempt was made to reverse at Friday's Eurogroup meeting in Riga the constructive and positive climate in which the meetings between Alexis Tsipras and Angela Merkel, Francois Hollande and Jean-Claude Juncker took place. Same sources ...

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Greece Launches Frantic Crackdown on Tax Evaders Ahead of Repayments

Greece's Prime Minister Alexis Tsipras arrives at an European Union leaders summit in Brussels April 23, 2015. Francois Lenoir/REUTERS.

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Savvas Xiros and the Greek-American Relations

The characteristic pathologies of two dysfunctional states allow "Revolutionary Organization 17 November" to keep damaging U.S.-Greek relations 13 years after 17N's collapse in July 2002. Ambassador Pearce's press statement regarding the release of convicted 17N member Savvas Xiros ("a profoundly unfriendly act") is the most vigorous public U.S. Embassy intervention in Greek politics since the Athens Olympics in 2004. So how concerned should Greeks be about the future of Greek-U.S. relations if Xiros indeed goes home wearing an ankle bracelet? This is an unnecessary crisis, of course. The humanitarian issue of Xiros's medical condition could have been handled within the existing legal framework were the Greek justice system not in a state of semi-collapse. Even the Colonels accepted the principle of Greek (though not U.S.) jurisprudence, that prisoners, including bomb-planting revolutionaries, should be released if their imprisonment causes "incurable harm" («ανήκεστη βλάβη») to their health. This is a provision that has been abused, for example to release Grigoris Michalopoulos, the notorious publisher/extortionist who had a note from his cardiologist. But Xiros's disabilities, not all of them the result of the bomb that blew up in his hands, are real. Since judicial officials shrink from such difficult decisions, the Tsipras government drafted a law that takes responsibility for Xiros's release away from them. By so doing, Syriza hoped to reassure its internal opposition that it still loved the Revolution no matter how ardently Finance Minister Varoufakis might flirt with Christine Lagarde. But the gesture triggered an instinctive overreaction from a superpower still deeply irrational 14 years after 9/11. The excuse offered by State Department spokesperson Harf for the blistering American reaction, that Xiros "would be in a position to resume terrorist plotting and planning," is fairly stupid. More than half the known members of 17N are out of jail already, and all of them are now docile good citizens. Xiros's current obsessions, at least his public ones, are not revolutionary. Sending home a mostly blind, somewhat deaf, partly mangled, and mystically addled icon painter will not encourage more terrorist attacks on U.S. interests. One reason for overreaction is that the Embassy's diplomatic staff has turned over three times since 17N was arrested. The current incumbents may be unaware that 17N was convicted on the basis of confessions signed by Savvas Xiros and his brothers. Those confessions are not complete or truthful -- we do not really know who pulled the trigger in 17N's 23 murders -- but we do know they were extracted through an unofficial promise of more lenient treatment than 17N's crimes deserved. The cruelest way to neutralize Xiros as a revolutionary would be to respect that promise and thereby underscore the importance of his role in informing on his comrades. A key task of the Greek or any state that sincerely wishes to eliminate terrorism is to demonstrate that its justice is superior to that offered by its foes. The failure of the Greek state to punish Junta torturers adequately opened a political window for 17N in 1975. Allowing Xiros's family to assume responsibility for his medical care would be a small but useful gesture, one that stands in pointed contrast to the callous indifference with which 17N selected and murdered its victims. We should not underestimate the impact of such magnanimity on young men who have been indoctrinated to treat the state simultaneously as predator and prey. Americans are not interested in the effectiveness argument. They are encouraged to believe, against masses of countervailing evidence (including an anti-U.S. bomber named Kostas Simitis), that there is a specific category of human beings called terrorists who, like the zombies in video games, must be ruthlessly exterminated. And the families of the American victims are naturally grateful to be told their legitimate grief and anger are a patriotic sentiment. For bureaucrats and politicians to thrive, such anger must be seen to have consequences. In the short-term, U.S. anger at the home confinement of Savvas Xiros will translate into an increase in the political cost to the Obama administration of continuing to treat Greece as a valued ally. The U.S. counterterrorism community can afford to be spiteful, since Greece -- with a negligible terrorism profile these days -- is an expendable partner. If a clash occurs over Ukraine sanctions and Russia's economic leverage, the bureaucratic coalition against Greece will become dangerously powerful. One early casualty could be Greece's continued participation in the visa waiver program, a painful measure for the U.S. Embassy but one justifiable by Greek migration statistics. The important point to remember is that the United States cares far more about the health of the European Union and the global financial system than it does about Greece. If the Tsipras government continues to seem aggressively ambivalent about its desire for rescue within that system, the U.S. government will watch from the sidelines as it sinks. In this larger context, the release or not of Savvas Xiros should be seen by all sides as a trivial footnote. This post was originally published on HuffPost Greece and was translated into English. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

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The Greek crisis has a new buzzword: Grimbo

If you've been following the ongoing Greek solvency crisis, you have probably heard the terms "Grexit" – referring to Greece exiting the euro zone ...

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Merkel calls for calm as Greek talks descend into name-calling

German Chancellor Angela Merkel called for calm after a euro-area finance ministers’ meeting on Greece descended into acrimony and name-calling.

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FTSE ends week on a positive note as miners, banks and BAE all climb

Investors push market higher despite Greece problems and UK election concernsLeading shares end the week on a positive note, heading back towards record highs despite some mixed corporate and economic news, as well as deadlocked talks over Greece’s finances and continuing uncertainties about the UK election.Among the risers BAE Systems was up 11.5p at 515p after the company said it might sell part of its US security and intelligence division. It said it had received a number of enquires about the manpower and services businesses, but there was no guarantee of a sale. Analyst Tina Cook at Charles Stanley said:We believe the news is likely to be positively received as it shows a proactive approach by management and potential to unlock value within the group. The value of the assets is relatively small in relation the group as a whole. BAE’s Cyber and Intelligence division (2014: £1,085m sales versus BAE sales of £16.6bn) comprises the US-based Intelligence & Security business (2014: 79% of sales) and UK-headquartered Applied Intelligence.BAE is positioned to deliver top line and earnings growth (albeit modest) with further material returns to shareholders in 2015. It has continued to win new contracts across its broad geographical footprint, despite budget pressures, and the large order book provides multi-year visibility. There are early signs that the important US defence environment is stabilising and might return to growth next year (but could take time to feed through) against a backdrop of heightened geopolitical strife. Our recommendation is accumulate.We continue to see Merlin’s combination of like for like sales growth, the Midway rollout, and new Legoland parks as attractive over the long term. However, we see only limited scope for upgrades to our forecasts in the near term, and Merlin trades on 20.9 times 2016 estimated PE versus our European leisure coverage on 19.4 times. With the shares up 14% year to date, our unchanged discounted cash flow-based price target of 450p no longer offers upside and we downgrade our rating to neutral.Bloomberg reported PepsiCo will start selling Diet Pepsi without aspartame later this year following consumer backlash against artificial sweeteners. Pepsi will replace aspartame with a blend of sucralose and ace K in a range of diet products. We believe this could be a positive for Tate & Lyle as we expect they would win the business over commodity Chinese suppliers. A sucralose contract with PepsiCo could further explain Tate’s decision to combine all sucralose production in its Alabama plant as the US is the largest market for Diet Pepsi. Continue reading...

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How Much Does Greece Owe?

Greece’s debt has grown over the last years and that is why British newspaper The Guardian published the following diagrams in order to determine how much money does Greece owe and to whom. The coming months are crucial for the country. Even though last month’s installments to the IMF were paid, the country now has to pay more installments to the IMF, the ECB and treasury bills that are much higher than previous months. The following table shows each month’s installment until the end of the summer. The second table shows that if Greece manages to pay the summer months’ installments, then the next months will be more manageable, economically. In fact, in November, the country will not have to pay any installments, while September, October and December are not as binding. Furthermore, Greece will also be faced with the responsibility of covering public sector salaries and pensions for April, which amount to 1.7 billion euros. The government is seeking money from domestic borrowing, while Greek Finance Ministry officials noted that they would have to take money from all available state funds in order to pay salaries and pensions. Economists are very skeptical about whether the Greek funds have any money left. Paolo Pizzoli, senior economist at ING in Milan, commented: “Capital expenditure has reportedly been trimmed, state payments to third parties have been postponed and reserve funds of public institutions tapped, but with scarce chances to get the relevant data evidence. Furthermore, the ‘running out of funds’ rhetoric has often been used instrumentally to affect negotiations by parties involved, adding to the noise. Bottom line, we, or at least I, don’t know how much money the country has now available, but I suspect that there is not much left in the coffers.” Meanwhile, a Bruegel think tank representative argued that “Greece has financial assets it can fall back on. The most up-to-date data, from September 2014, showed the Greek government had assets worth €86.6bn.” What is happening at Greek banks? The Greek economy’s main problem are the continuous withdrawals from deposit accounts. The outflows between December 2014-January 2015 reached 25 billion euros, according to the latest data, while in March they showed a relative decline. Gabriel Sterne at Oxford Economics consultancy commented: “The big surprise, if anything, is that it still remains more of a bank jog than a bank run. It wouldn’t take much, however, for confidence to go and the run to accelerate.” At the moment, Greek banks are operating thanks to the ELA provided by the ECB, but this is a measure that cannot hold for long. Therefore, Stern added that “one more turn of the financial screw and Greece would be in capital controls; a terrible symptom of political failure of a six-year attempt to restore sustainability.” On the other hand, HIS’ Diego Iskar noted that the Grexit risk is increasing by the day. “The key will be held by the position taken by the ECB: a withdrawal of its support to the Greek banking sector resulting from a sovereign default could be the trigger that decides Greece’s fate in the Eurozone.”

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Greek Budget Primary Surplus Increases to 1.732 Billion Euros in Q1 2015

Greek budget deficit widened slightly to 503 million euros in the January-March period this year, from 448 million euros in the corresponding period in 2014, but it was significantly lower compared to a budget target for a deficit of 2.11 billion euros. The Greek budget recorded a primary surplus of 1.732 billion euros in the first quarter of the year, from a primary surplus of 1.541 billion last year and a budget target for a primary surplus of 119 million euros. State budget net revenue totaled 12.020 billion euros in the three-month period, up 0.8% from target, while regular budget net revenue totaled 10.571 billion euros, down 5.3% from target. Tax revenue totaled 9.314 billion euros in the January-March period, down 7.4% from target. This development is attributed to an 11.7% shortfall in direct tax revenue to 3.901 billion euros, reflecting a 9.3% decline in income tax, a 37.2% fall in direct taxes, a 4.1% fall in indirect taxes, while VAT on oil products fell 13.3%, VAT on tobacco surpassed target by 44.3% and a special consumption tax on energy products surpassed target by 3.0%. Other non-tax revenues surpassed target by 45.9% in the three-month period. Tax returns totaled 796 million euros, up 135 million from target. Public Investment Program revenue totaled 1.449 billion euros, up 679 million from target. State budget spending totaled 12.522 billion euros, down 1.516 billion from target, while regular budget spending totaled 11.980 billion euros, down 1.338 billion from target reflecting an 1.181-billion-euro reduction in primary spending and a 130-million-euro reduction in defense spending. Regular budget spending was down 2.2% compared to the first quarter of 2014. Public Investment Program spending totaled 542 million euros, down 178 million from target and down 376 million compared to the same period in 2014. (source: ana-mpa)

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Ancient Greeks and Their Weather Knowledge

Ancient Greeks, as well as other civilizations of that time, often attributed weather changes and natural phenomena to the gods. For example, lightning was a way for Zeus to show his anger, just as Thor in ancient Nordic mythology. Ancient Greek mythology is an example of how early civilizations tried to explain the unexplainable at the time forces of nature, weather and astronomy. Many ancient Greek gods and goddesses were elements of weather and seasons personified. Ancient Greeks also believed in Poseidon, god of sea and earthquakes, Helios, god of sun, Selene, goddess of moon, Hephaestus, god of volcanoes, Chione, goddess of snow, Zeus, king of all gods and god of sky, thunder, lightning and rain. All occurrences of favorable or poor weather were thought to be a direct result of godly intervention. However, thanks to their continuous observation of nature, ancient Greeks had a great understanding of weather and climate in general. It may not have been as advanced as modern science but their basic knowledge helped them to better understand weather changes and find ways to benefit from them. The word “climate” stems from the Greek word “klima” meaning inclination and referring to the climate conditions created by the Sun’s angle. Moreover, ancient Greeks invented the term “meteorology,” the study of atmospheric disturbances. Aristotle is considered the founder of meteorology. He tried to explain the weather through the interaction of the four elements: earth, fire, air, and water. Aristotle’s student Theophrastus produced the first book on weather signs, listing observations used to forecast weather, many of which are still used to this day. In ancient Greece people used their knowledge to their advantage, focusing on the air’s movement, commonly known as wind, as well as the significance of the Sun and Moon positions in the sky in order to forecast phenomena such as tides and improve everyday tasks involving agriculture or sailing.

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Frustrated eurozone players show Greece sharp side of their tongue

During the closed-doors meeting, Greece's somewhat controversial finance ministers Yanis Varoufakis was accused of being a “time-waster, ...

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[Opinion] Limit Greek loans to debt servicing

Most Europeans are losing patience with the current Greek government while the Greeks are losing patience with Europe. Considering that ...

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What would happen if Greece left the euro? In 60 seconds

A look at what could happen if bailout talks fail and Greece exits the eurozone, commonly known as a 'Grexit'

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Greek crisis: 'Time running out' warning as Grexit looms

Another week, another warning that time is running out for Greece to reach a debt deal with the eurozone. This time, Jeroen Dijsselboem, who heads ...

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Still Waiting For a Greek Deal

Early reports suggest it was a fraught session, with Greek Finance Minister Yanis Varoufakis said to have been accused of wasting people's time.

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UW-Madison Campus UW plans to hire Greek Life consultant, not linked to Chi Phi

With hopes to better understand the strengths and weaknesses of University of Wisconsin's Greek community and its relationships with the university, ...

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Euro Volatility Climbs as Greek Debt Negotiations Draw Scrutiny

The euro pared gains after officials hurled abuse at Greek Finance Minister Yanis Varoufakis behind closed doors as they shut down his bid to find a ...

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Stocks Mostly up After Nasdaq Record, Despite No Greece Deal

Stocks turned higher in European trading on Friday, despite a lack of progress on Greece's bailout, as investors cheered the Nasdaq's record close.

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Greece can survive debt deadlock until July, Credit Suisse says

Greece may not be as close to the financial abyss as earlier predicted and could possibly survive until July without further aid, Credit Suisse ...

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Truth Is Truth

In the years 1915-23 the Turkish government killed over a million and a half of its own citizens, ethnic Armenians who for thousands of years had lived on land that became the Ottoman Empire and ultimately modern Turkey. Today 100 years later controversy over the Armenian Genocide still rages on. On April 12, 2015, Pope Francis used the word "genocide" to describe what UN Secretary-General Ban Ki-moon on April 14 called "atrocity crimes." After Pope Francis in a Sunday sermon used the "G" word, the Turkish government reacted predictably, recalling its ambassador to the Vatican and accusing the pope of "prejudice" and spreading "hatred and animosity." The Turkish government argues that Turks died during World War I as well as Armenians, and while this is true, the deaths from war cannot be compared to the deliberate attempt to exterminate a people -- that is, the million and a half Armenian men, women, and children who were drowned, burned, beheaded, disemboweled, stabbed, shot, or forced to march across the desert ultimately dying of disease and famine. The bones poking through the sands of Der Zor are not those of Turkish soldiers. During World War I, the media published countless stories of the Armenian Genocide. On October 4, 1915, the New York Times ran a front-page article reporting that a committee of prominent Americans had checked out every eyewitness story, concluding that the massacres had been "Unequaled in a Thousand Years," and a "Policy of Extermination" was being perpetrated "In Effect Against a Helpless People." What followed was a searing description of children being drowned in the Euphrates, women and girls raped and stolen by the Turks, men tortured and killed. The signatories of this report included church leaders, businessmen, and former government officials such as former Secretary of Commerce and former Ambassador to Turkey, Cleveland Dodge; George Plimpton; the Reverend James Barton, secretary of the American Board of Commissioners for Foreign Missions; and John R. Mott of the International Committee of the YMCA. The genocide continued until 1923, in the later period with attacks on Aintab and Smyrna among other areas of Cilicia, and included efforts to kill the Greeks and Assyrians as well. However, the United States government took no steps to intervene on behalf of the victims, in spite of U.S. State Department reports that the deportations "are a carefully planned scheme to extinguish the Armenian race," as vice consul Jesse Jackson stated. The Allies were so lax with Turkey that after the war they did not even attempt to mandate the extradition of the architects of the Armenian Genocide -- Talaat Pasha, Djemal Pasha, Kemal Pasha and others who had escaped on a night boat across the Black Sea in spite of their convictions in the Turkish Tribunals of crimes against humanity. The evidence surfaced by journalists and our own ambassador was ignored; subsequently the press dropped further coverage of these genocidal crimes, instead publishing misinformation that promoted Turkish denial. One of the most infamous of these commentaries of denial was written by retired U.S. admiral William Colby Chester (Source: Chester, Colby. "Turkey reinterpreted," Current History Magazine, September, 1922: 939-947): The Armenians in 1915 were moved from the inhospitable regions where they were not welcome and could not actually prosper to the most delightful and fertile parts of Syria... where the climate is as benign as in Florida and California wither New York millionaires journey every year for health and recreation. This was done at great expense of money and effort. A key reason for this apparent betrayal should not now surprise us: oil. The Turks were, at the time, overseers of the oil fields of Mosul (now in Iraq and still being fought over). As David Lloyd George commented in the British House of Commons, "Oil outweighed the blood of Armenians." Many important people stood to make a lot of money off those oil fields. Secretary of State Charles Evans Hughes -- who had been an officer of Standard Oil Company while he was in office -- commenting on requests to respond to further Turkish atrocities against the Armenians under Mustafa Kemal's leadership in 1922 wrote to President Harding, "It would naturally be said that we were far more solicitous about American interest in oil than about Christian lives." Racism also played a key role. High Commissioner, Admiral Mark L. Bristol, was a vocal anti-Semite who also hated the Greeks and the Armenians. As he wrote, "The Armenians are a race like the Jews -- they have little or no national spirit and poor moral character." [For a treasure house of information on the press and the Genocide, see Dobkin, Marjorie Housepian. 2007/ "What Genocide? What Holocaust" News from Turkey, 1915-1923: A Case Study. In The Armenian Genocide, New Accounts from the American Press: 1915-1922, edited by Richard Diran Kloian, 1-15-1-24. Richmond, CA: Heritage Publishing.] Bristol began a public relations campaign to laud the Turks and denigrate the Armenians, describing the financial benefits to Americans that an alliance with Turkey could provide once they realize that "when it comes to violence all these people out here are all the same." The narrative of denial was "sold" by the United States government to create favorable public opinion of Turkey, and it has found itself for the most part stuck with that position ever since given their perception of Turkey's importance in the Middle East. One may wonder 100 years later in the wake of a decimated Syria with another Armenian refugee population--the descendants of those from the Genocide 100 years ago -- exactly what the United States has gotten for its efforts. Abusers abuse because they can. The German government would never have acquiesced to the Nuremberg War Trials if it had been given a choice. The Turkish government's continued denial is only possible because the United States, Britain, and even the UN avoid involving themselves in a mess that the Allies should have dealt with 100 years ago. In spite of the fact that the United Nations Sub-Commission on the Prevention of Discrimination and Protection of Minorities has described the events as genocide, UN Secretary-General Ban Ki-moon did not use the term "genocide" in recent statements. He was quoted as saying that discussions between the Armenians and the Turks "with a view to establishing the facts about what happened should strengthen our collective determination to prevent similar atrocity crimes from ever happening in the future." This statement puts the onus on the victims to seek justice from the perpetrator, who has no reason to comply. Once again the Armenians are left to fend for themselves. For the Armenians their homes are still lost, their family members still dead. The trauma of genocide is still in the air until the world community insists on the truth. Ironically, change is coming from within Turkey itself. The "hidden Armenians" mostly girls and women who survived by giving up their Armenian identity, are being recognized in Turkey for who they are; an Armenian church in Diyarbakir that re-opened recently was the site of a baptism of Armenians who had been raised as Sunni Muslims to hide them after Genocide. Some Turkish scholars and journalists are speaking of the Genocide, risking being charged with breaking Turkey's infamous Article 301 "against Turkishness" that has landed many a truth-teller in a Turkish prison. Even Prime Minister Davutoglu's chief advisor recently said, "If accepting that what happened in Bosnia and Africa were genocides, it is impossible not to call what happened to Armenians in 1915 genocide too." Of course, this top advisor, Etyen Mahcupyan, the first member of Turkey's Armenian community to serve as senior advisor to the prime minister, found himself "retired" from his job on April 16. But he wasn't jailed, which is an improvement. The United States should consider changing its narrative before it finds itself shamed into it. As Tom Lehrer said, truth is truth; you can't have opinions about it. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

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Fourteen migrants killed in Macedonia, hit by train in gorge

By Ognen Teofilovski NEAR VELES, Macedonia (Reuters) - Fourteen migrants were killed when they were struck by a train in a narrow gorge in Macedonia late on Thursday, part of a growing tide of people trying to get to western Europe via the Balkans instead of crossing the treacherous Mediterranean. Local media said the victims were among a group of around 50 migrants following the train tracks through Macedonia to Serbia, having probably crossed through Turkey and Greece en route to Hungary and the European Union's borderless Schengen zone. Macedonia's state prosecutor said that from interviewing survivors it appeared most of the group were from Somalia and Afghanistan. The Western Balkan region is witnessing a sharp rise in the number of migrants using the route to flee war, poverty and repression in the Middle East and Africa.

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Greece Loan: 'Wide Differences' Remain On Deal

The head of the so-called eurogroup of finance ministers has admitted "wide differences" remain on securing a loan deal for Greece, to keep it from a possible default. Dutch finance minister Jeroen Dijsselbloem was speaking after a meeting in Latvian capital Riga involving his 18 counterparts, including Yanis Varoufakis of Greece. Mr Varoukakis is under pressure to come up with a comprehensive list of economic reforms that are demanded of Greece if it is to get vital loans to avoid going bankrupt and defaulting on its debts. Mr Dijsselbloem ruled out the prospect of the creditors, which are the European Union, European Central Bank and the International Monetary Fund, considering a half-way deal that could give Greece part of the money.

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Ireland’s lesson for Greece: stuff happens. Deal with it

What do you do with a problem like Greece? My own modest proposal – suggested only partly tongue-in-cheek – is that Alexis Tsipras, the Greek premier, and his celebrity finance minister, Yanis Varoufakis, should be frogmarched onto a Ryanair flight to ...

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Greece under fire from creditors as bailout talks drag

RIGA, Latvia (AP) — European creditors turned up the heat on Greece Friday to deliver an economic reform program that it needs to avoid a possible default and even an exit from the euro.

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EU doubles emergency aid to nations dealing with migrants

BRUSSELS (AP) — The European Union has doubled the emergency aid to frontline member states Italy, Greece and Malta which have to deal with the massive influx of migrants coming across the Mediterranean to 50 million euros ($54 million) a year.

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Fitch: ECB Response Would Be Key if Greece Missed IMF Payment

We still see a last-minute deal to secure fiscal funding from Greece's creditors as the most likely outcome, but the risk of a missed payment cannot be ...

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Greece heads for more crunch talks with European creditors

RIGA, Latvia (AP) -- Greece sought to downplay the scale of its differences with its bailout creditors as the eurozone's top official said Friday that time is running out for the country to secure a deal that will prevent its bankruptcy. Though Eurogroup ...

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Greece offers some concessions as 'tired' creditors urge progress

Greece is due to pay 750 million euros back to the International Monetary Fund the following day. "There is a great sense of urgency for all of us.

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Manoeuvres by Greece irk EU

Riga - Euro-area finance ministers voiced their frustration with Greece after Prime Minister Alexis Tsipras tried to bypass their veto on financial aid with an appeal to Angela Merkel. With Greece running out of money and stalling over commitments to ...

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Greece offers concessions in talks with creditors

Greek Finance Minister Yanis Varoufakis gives a speech during a banking conference in Athens. Photo: AP Visitors look at the view across the city from beneath the Parthenon temple on Acropolis Hill in Athens, Greece Greece offered concessions today on some ...

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European stocks pare gains after Greece meeting, but eye weekly win

European stocks pared gains Friday, following a lackluster end to meeting on Greece's debt troubles, but equities remained on track for a weekly ...

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Greece: 'Time running out' for debt deal

Ahead of the Eurogroup meeting in Riga, Mr Dijsselboem said it was vital that a deal was reached soon so Greece could get the support it needs "to ...

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