How the world sees Greece
Greece completed a 757 million-euro ($844 million) debt payment to the International Monetary Fund on May 12 despite a cash shortage in government coffers in Athens by tapping previous IMF reserves it had borrowed. The post Greece Pays IMF Loan With IMF Reserves, Desperation Grows appeared first on The National Herald.
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After almost three months of stalled talks with international lenders, the feeling is Greece has no idea what it's doing to stave off default and bankruptcy The post World Press View: Greece Clueless How To Reach Deal appeared first on The National Herald.
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Stocks fell for a second straight day this week following an ugly day across European equity markets, and US treasuries continued selling off. First, the scoreboard: Dow: 18,088.59, -16.58, (-0.09%) S&P 500: 2,101.32, -4.01, (-0.19%) Nasdaq: 4,983.55, -10.03, (-0.20%) And now, the top stories on Tuesday: Verizon is buying AOL for $4.4 billion, or $50 per share. "The deal means we will be a division of Verizon and we will oversee AOL's current assets plus additional assets from Verizon that are targeted at the mobile and video media space," AOL CEO wrote in a staff email Business Insider obtained on Tuesday. Some traders are speculating that there will be a bidding war offering a price for AOL greater than $50 per share, especially because the stock rallied past that mark today. AOL shares jumped 18% to as high as $50.75; Verizon shares fell by less than 1%. AOL had acquired The Huffington Post in 2011, and Re/code reports that Verizon could spin the website off for as much as $1 billion. Euro-area governments are considering an aid package for Greece, according to Bloomberg, citing two people familiar with the discussions. Greece would have to cross a long line of hurdles, including submitting a detailed program of economic reforms, and getting the approval of several Euro-eara parliaments. The aid would cushion the fallout of Greece's exit from the bloc, one of the sources told Bloomberg. Job openings declined in March to 4.99 million in March from 5.144 in February. Expectations were for a slight drop to 5.108 million. Quits rose to 2.78 million from 2.72 the prior month. The number of hires rose to 5.07 million offers from 5.01 in February. Chris Rupkey at Bank of Tokyo-Mitsubishi wrote in an email: "5.0 million for hire signs are more than any month during the housing bubble economy years 2004 to 2006 before the Great Recession as the Fed calls it. The jobs market looks pretty darn healthy looking at this labor market indicator today." The NFIB small business optimism report rose to 96.9, beating the forecast for a reading of 96, and up from 95.2 in the prior month, according to Bloomberg. "Overall, the April NFIB survey is consistent with our expectation of a pickup in non-energy business investment this year and does little to change our outlook," noted Barclays economists. Saudi Arabia pumped a record amount of crude oil in April. The world's largest oil exporter added 10.3 million barrels of oil per day last month, up from 10.29 million in March, according to Reuters, citing a Gulf industry source. The source said production ramped up because of increased demand from Asia. In a separate report Tuesday, the Energy Information Administration noted that there were "indications of higher global oil demand growth" in April. West Texas Intermediate crude oil rallied 2% to as high as $61.15 per barrel. Brent crude, the international benchmark, gained 2% to around $67.64. San Francisco Fed president John Williams says the Federal Reserve should raise rates without delay. Speaking in New York on Tuesday, he said: "The decision to raise rates is actually three decisions: Not just when, but how quickly and how high. I see a safer course in a gradual increase, and that calls for starting a bit earlier." Williams added that the Fed will be easing its ultra-accommodative monetary policy stance, not kickstarting tight policy. Lumber Liquidators has taken nine insurance companies to court. The hardwood flooring retailer is suing them for breach of contract, after their alleged refusal to defend the company in class action lawsuits that customers filed. The company is facing over 100 of those, related to its controversial laminate flooring sourced from China. In a statement to Business Insider, the company said: "Lumber Liquidators obtained liability insurance that promised to cover it if it found itself involved in litigation, but Lumber Liquidators' insurers are arguing that some of the fine print in those policies lets them off the hook." The company's shares fell more than 5%. The SEC has announced fraud charges against the former CEO and current CFO of for-profit college ITT Educational Services. Shares nosedived 44%. In its release, the SEC alleged that ITT provided two student loan programs without letting its investors know their poor performance and financial impact. For instance, ITT paid delinquent student loans to prevent them from defaulting, which would have triggered "tens of millions of dollars" of guaranteed payouts. DON'T MISS: The inside story behind AOL's $4.4 billion sale begins the week this photo was taken …Join the conversation about this story » NOW WATCH: 5 morning rituals to keep you productive all day long
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Greece emptied an IMF holding account to repay euro 750 million ($840 million) due to the fund, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances.With Athens close to running out of cash ...
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MQM, an acronym that initially stood for Mohajir Qaumi Movement, is a political party representing the Urdu speaking immigrants from India to Pakistan; it now stands for Muttahida Quami Movement, a name that literally means united national movement. Renaming the party was supposedly done to shift away from the party's narrow linguistic tribalism to a broader agenda that emphasizes secularism and economic egalitarianism. The following analysis recommends that the MQM redefine its political platform, bring new leaders in the forefront, and accentuate its all- inclusive progressive political credentials in consonance with its new name. Indictments In 1984, Altaf Hussain, a son of working class immigrants from India, born in Karachi, five years after the establishment of Pakistan, founded the MQM. Hussain continues to be the party's top cultish doyen, though he now lives in exile in London as a naturalized citizen of the United Kingdom. On a regular basis, Hussain makes telephone speeches to his party workers in Karachi. Some of his speeches criticize rival politicians in unkind words. Some disgrace the Pakistan armed forces. Some extol India. Some threaten bloodshed in Pakistan. Criminal cases involving money laundering and incitement to violence are filed against him in London courts. Pakistan's provincial assemblies have passed resolutions to condemn his derogatory addresses and pressure is building on the federal government to ban Hussain's provocative orations airing live on the electronic media. With its primary political base in Karachi, Pakistan's largest city and financial epicenter, MQM is being increasingly accused of terrorism, target-killings, abductions, extortions, land usurpations, and ties with India's spy agency, known as Research and Analysis Wing (RAW). Rangers, a quasi-military outfit, have been deployed in Karachi to fight rampant crime and elusive criminals. In March, Rangers raided the MQM political headquarters and arrested several fugitives and recovered contraband. Hussain accused the Rangers of planting the incriminating evidence at the headquarters. MQM, in its glory days, was allied with General Pervez Musharraf, himself an immigrant from India, who overthrew a democratically elected civilian government, undermined the constitution, and ruled Pakistan for nearly ten years. Musharraf is now facing several criminal cases, including charges of murder and treason and many MQM leaders side with Musharraf. Several criminal defendants have confessed to have been ordered by the MQM leadership to commit crimes, including target killings. Twice, Canadian courts have declared MQM to be a terrorist organization. Under pressure from all sides, MQM is re-embracing the 1980s rhetoric of persecution of immigrants from India and warning Karachi City's possible secession from Pakistan. MQM is turning into a political pariah both inside and outside Pakistan. Reconfiguration Cool heads both inside and outside the MQM need to reconfigure the party's role in national politics. Minimizing its ethnic obsessions, the MQM needs to become, more strongly than ever before, a progressive political party whose leaders do not belong to politically vested families. The MQM must double its efforts to support ordinary men and women to contest and win provincial and national elections. This authentic grass root invitation to leadership is most unique in a country where major political parties, conservative and liberal, are familial fiefdoms that favor "obedient servants" and "loyal serfs." Moreover, the MQM leaders must continue to contribute reasoned policy analyses to an otherwise highly mawkish culture of ill-informed conversations (one can see and hear on TV talk shows and in provincial and national legislatures) that generate little light. Most if not all MQM leaders and followers are born in Pakistan, after the partition. It is unfair to trap these people into India-based identity. Children born in immigrant families have every right to be associated with their new homeland. Over the centuries, millions of families have immigrated to Pakistan from Afghanistan, Central Asia, Iran, and the Middle East including Greece. In the United States, white and non-white immigrants want to be Americans whether their families came from England, Senegal, China, or India. The same should be the case in Pakistan. In order to turn into a truly national political party, the MQM needs to recruit leaders and followers from other provinces, particularly Punjab, the most populous province. There are lots of educated voters in all provinces who are sick and tired of politically vested families and their cronies. Furthermore, the MQM can build on its credentials to connect with minorities, including Christians and Hindus. In advancing Urdu, a national language under the constitution, the MQM should proactively strive to protect more than forty historically magnificent languages that face extinction in Pakistan. The MQM cannot discard its founder, Altaf Hussain. For almost forty years, Hussain has led the party and his contributions to larger political discourse are many. However, the time is ripe for Hussain to take the role of a sagacious leader who no longer delivers inspirational, much less controversial, speeches to the public but politely teaches and guides party leaders who face the nation. Jean Tabaka, a Coloradan author who offers insights for building agile organizations, says "when leaders withdraw, they encourage teams to seek their own internal useful mentors and natural drivers." -- 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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There is a strange steaming concoction being brewed deep inside the political cauldrons of conspiracy. The offer on the menu today is a little island nestled at the far end of the Eastern Mediterranean. While the masterminds are vying for a good table seat, the “food tasters” are nibbling away to make sure servings are generous, evenly shared and safe for the feast to begin. Food tasters or “praegustators” have been used for centuries. Adolf Hitler had a group of slave girls as food tasters (Margot Woelk, the last remaining survivor, died last year at 96); a number of US Presidents also used them as well as Vladimir Putin, Khrushchev, including dictators and others. Lurking in the shadows, modern-day political praegustators are always in readiness to execute and test their master’s dish before the feast; today’s serving on the table is the Republic of Cyprus. The feast has been surreptitiously organized and was decided that 2015 is the year for the implementation of a new apartheid-style system: Bi-zonal, Bi-communal Federation (BBF). It took years to cultivate it to perfection but the praegustators meticulously did a splendid job; the country has finally been brought down to its knees for the final carving. In fact, everyone around the table has agreed that the Republic would become a guinea pig for the second time in two years; from the introduction of Troika’s bail-in robbery in 2013 to its fragmentation as a unitary state. Recognizing the public has finally been quashed and no longer have the inclination to resist, the timing for the feast has been decided; all the protagonists have to do is to get on with it. His Beatitude Archbishop Makarios III (1913–1977) faced a similar pressure immediately after Turkey’s invasion of Cyprus. The plot by western powers was to coerce a divide and rule pseudo-federation to partition the island. He refused, and in an interview with journalist Oriana Fallaci in 1974 revealed his inner feelings: “I cannot legalize with my own signature a situation created by the use of force. So-called realists advise me to negotiate a ‘geographical federation’ with the Turks; they say I should be less rigid. Instead of holding on to forty percent of the island, they repeat, the Turks might be content with thirty percent. So be flexible. I don’t want to be flexible.” Those two words “geographical federation” have been misconstrued ever since. Makarios recognized rewarding brute force was nothing less than criminal and simply said “No” to those who conspired to break up the 14-year-old young Republic. Just like Greece said “No” to Nazi Germany’s demand for unconditional surrender; and Churchill’s famous “we will never surrender”; like Olafur Ragnar Grimsson, the Icelandic President who also said “No” and refused to sign a Troika bailout for his country’s banks at the expense of the taxpayer; and just like the new Tsipras government who said ”No” to continuing with Troika’s austerity measures that ruined Greece. In politics, however, saying “No” demands courage and the foresight to do the right thing that very few politicians possess – especially those in Cyprus. In reality, everyone has the choice to resist, yet, the newly elected Anastasiades government did exactly the opposite; the President signed on the dotted line a few days after being elected into office. It was as if he had planned it beforehand with the praegustators to break up the Republic for political expediency. Contrary to his election promises, his pathetic excuse was – Troika put a gun to his head. Meanwhile, political conspirators have created the perfect conditions to put their plan into action; reducing the country to a pauper state was the grandest ploy of them all. Weak and vulnerable, the nation has become reliant on Troika loans and susceptible to persuasion. With a submissive government in power, the partitioning plan is now considered infallible and will not fail this time around. UN Special Advisor Espen Barth Eide has been quite positive that a deal is “more sure this year than unsure” but nobody talks about it – the public is the last to know. Restarting the bi-communal negotiations will see to it that the island will be lost forever and also lose its Hellenic identity. Instead of promoting the reunification of the Republic as one nation; one citizenship on the basis of a democratically elected government; one-man-one–vote irrespective of ethnicity, the UN and others, insist on a two self-governing cantons that bear the hallmarks of social schism and isolation. Unless Turkey removes its troops out of Cyprus, no solution is possible. Irrespective of what politicians or the EU say or do, a solution that rewards Turkey’s invasion will never work but bring about additional hardship for the little island. The media party-moguls will play a crucial role in convincing citizens that a BBF is the only viable solution; a solution based on the UN-Annan Plan rejected in a referendum in 2004 by 76% of the electorate. Evidently, the Anastasiades government will reintroduce the Annan Plan through the back door. The proposed BBF has all the elements of the old Annan Plan that the President and his party-faithful have so vigorously fought to implement but failed. Cypriots on the other hand have been quite passive in the manner of the allegory of the frogs; where they exist in a pond, ignorant of the fact that the water is gradually being heated to the point they become lethargic and no longer have the will or the strength to escape until boiled to death. Today, people find themselves in scorching deep waters without the resolve to jump out to save themselves. What is worse; a submissive nation has lost the will to resist. It is not by coincidence that western powers are now actively involved and consider it a matter of urgency to “resolve” the Cyprus problem this year. It is thought that the BBF proposal has already been agreed between the participating parties except for the fine details; that’s what the new negotiations are all about. The UN and the US, the EU, the UK, Turkey, Greece and the Cypriot government, including the Turkish Community leadership, are working hard to establish this non-existent BBF – a fancy name for partition. Citizens on the other hand are the last to know. When the time is ripe, people will be presented with a fait-accompli solution. In fact, the idea of another referendum may never happen in fear the new BBF agreement meets the same result as the ill-fated Annan Plan. Nobody wants that scenario. Actually, the referendum issue has been sidelined – or blacked out – for public debate. This indicates there is a backup plan lurking in the shadows. Under the Constitution, a President can overturn a parliamentary decision by exercising his Presidential privilege. Mr. Anastasiades has used his privileged position on numerous occasions and would do so again if required. If his BBF pet project is threatened, he could declare a parliamentary decision unconstitutional and also refuse a public referendum on the matter. Such political cunningness cannot be discounted; after all, he has broken every promise made so far. As hosts, the President and his Europhile associates have been courteous and most accommodating, leaving nothing to chance. The feast has already begun and depending on how well the “praegustators” have prepared the table settings, the guests will be well fed and will also depart with a doggy bag. Cypriots will soon be presented with a Bi-zonal, Bi-communal Federation and a new flag. One can then say “goodbye” to the Cyprus people have come to love.
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Students from a public experimental elementary school in Alexandroupolis, northern Greece, won the first prize in the European e-Twinning competition in the category for children aged 4 to 11 years, with their project Powerfulnaturekingdom.et, implemented in cooperation with the Col Legi Sant Josep school from Navas, Spain. e-Twinning is an internet platform that allows teachers and students in European schools to create joint educational projects in a safe online environment, boosting innovation and school cooperation. “The project involved 22 students from last year’s 5th grade, whose work revolved around the environment, the actions that people can take in order to raise awareness on environmental issues,” said school director Efstratios Kyvirtzikis. The award ceremony took place in the Natural Sciences Institute in Brussels, in the presence of more than 200 participants, including students and teachers from 16 countries, as well as Education Ministries and European Union representatives. The awards were presented by European Commissioner for Education, Culture, Youth and Sport Tibor Navracsics. School teacher Angeliki Kougiourouki, who oversaw the project, received the award on behalf of the Greek delegation.
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THE TAKEAWAY from Britain’s recent elections is simple: Growth works. The Scepter’d Isle's economy is growing faster than that of any other developed country, including the U.S. and much ballyhooed Germany. London has some idea of how to achieve economic expansion, and, clearly, Washington, Tokyo and the EU do not. Since the Tories [...]
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The chief executive of Greece’s bank bailout fund resigned, the Hellenic Financial Stability Fund (HFSF) announced in a press release on Tuesday. Anastasia Sakellariou has been chief executive of the Fund since February 2013. “During her term the recapitalization of ...
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So Greece has successfully completed its latest €750m (£538m) debt repayment to the International Monetary Fund (IMF), but even that news has a ...
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Greek officials said they had emptied an International Monetary Fund holding account to repay 750 million euros to the global lender on Monday, ...
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This week, Greece has reportedly resorted to desperate measures to scrape together a €750 million debt interest payment owed to the International ...
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Euro-area governments are considering putting together an aid package for Greece to cushion the country's economy if it was forced out of the euro, ...
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Leftist Prime Minister Alexis Tsipras and his aides must realize what the country has to gain from diaspora Greeks. Then they must take steps ...
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Greece made a payment to the International Monetary Fund to quell fears of an imminent default on its debt. A version of this op-ed appears in print on ...
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The European Central Bank has raised the limit on emergency loans on offer to Greek banks to €80bn. The €1.1bn rise in the Emergency Liquidity ...
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It's one of Little Rock's biggest and longest-running food festivals around—the International Greek Food Festival, now gearing up for its 31st year this ...
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Athens - Greek Prime Minister Alexis Tsipras on Tuesday called on lenders to break an impasse in cash-for-reform talks after Athens had to resort to a temporary expedient to make a crucial payment to the IMF. Greek officials told Reuters they had emptied ...
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German Chancellor Angela Merkel visited a high school in Berlin and taught the students that stereotypes are BAD! BAD! BAD! and that she always disagreed with cliché phrases like “A, yes the Bulgarians, the Greeks … we know how they are.” In a late revelation of the Holy Light, the […]
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British chancellor’s warning about UK referendum on EU membership earns mixed reaction while fears of Greek bankruptcy mountGlobal markets were rattled on Tuesday by renewed fears that Greece is close to bankruptcy while tough talk from George Osborne on the UK’s position in Europe added to jitters about the region’s future. The first cabinet member of the new Conservative government to visit Brussels, the chancellor met his fellow EU finance ministers to discuss the Greek financial crisis and the region’s economics. But Osborne used the opportunity to warn that Britain would be “resolute and firm” in seeking to repatriate powers ahead of a referendum on whether the UK should quit the union. Related: George Osborne vows to reform EU; Greek liquidity fears grow - as it happened “The successful repayment will have reassured euro area finance ministers that the risk of a default to an official creditor has been banished only until next month. And as the repayment was largely funded by clearing out Greece’s IMF reserve account, which will also need to be replenished within a month, it has once again simply added to the arrears in other parts of the Greek public finances. And so, the Greek glass still looks half-empty, and four IMF loan repayments totalling €1.6bn will come in quick succession in mid-June to provide plenty of opportunities to miss a repayment.” Continue reading...
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Economists have spotted a worrying recent trend in Greece: people there are buying cars. The purchases have given a signal that the country is in the midst of a run on the banks.
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Several hikers were trapped in the Samaria gorge in Crete on Tuesday when the river that crosses the National Park overflowed, making it impossible and dangerous to cross the gorge. The gorge guards were immediately notified and mobilized in order to help the trapped hikers, with the help of nearby village residents and Greek firemen. After a while, they were able to reach the hikers and lead them to safety in the Samaria settlement, where they will stay overnight. According to the Head of the Chania Region Civil Protection, Tasos Kouroupakis, all the hikers are in good health and safe. As soon as the weather clears, they will be led out of the gorge. The Forest Directorate of Chania announced that the extreme weather phenomena damaged the crossing infrastructure, as well as the reception area, therefore the gorge will remain closed on Wednesday, May 13, so the location can be checked and restored.
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Greece’s government is optimistic that a deal with its creditors can be reached within May, government sources said on Tuesday after the end of a cabinet meeting chaired by Prime Minister Alexis Tsipras. The government has taken actions that prove in practice its desire for an agreement that respects both the obligations and democracy, the sources said. During Tuesday’s meeting, the Greek Prime Minister briefed the cabinet and carried out an assessment of the situation after Monday’s Eurogroup, while, according to the government, the negotiations are now in their most crucial phase. The sources said that the meeting discussed neither the possibility of a referendum nor that of snap elections. (source: ana-mpa)
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Greek Foreign Minister Nikos Kotzias and his Turkish counterpart Mevlut Cavusoglu expressed their support for a Cyprus solution and a shared desire for peace and cooperation in the Aegean, during joint statements after their meeting in Ankara on Tuesday. Kotzias said the two-hour meeting was held in a friendly atmosphere and a willingness to find solutions on all matters. Among others, they decided on a resumption of exploratory talks for delineating the Aegean continental shelf and promote confidence building measures, especially for maritime security, the Greek Minister said. The present juncture also presented an opportunity to find a solution to the Cyprus problem that protects the rights of both communities on the island, he added. Kotzias said it is important for Cyprus to once again become an independent and sovereign state, free of guarantor powers, which had friendly relations with all sides. In response to questions, he stressed the Greek government’s support for the negotiations on the Cyprus problem and Athens’ willingness to facilitate a solution in every way. “We want the Cyprus problem solved but in the right way,” he added, noting that the election of Turkish-Cypriot leader Mustafa Akinci was a very good opportunity. The Greek Minister also underlined Athens’ steadfast support for Turkey’s EU accession. Another key issue discussed at the meeting was that of illegal migration, where the two Ministers agreed to enhance bilateral cooperation on the level of Justice and Foreign Ministries of both countries, as well as on a much stricter framework of laws. Cavusoglu confirmed a shared desire for peace and cooperation in the Aegean, noting that it is now possible to implement measures that avert danger and tensions. He said Turkey wants to build its relationship with the new Greek government within a “positive agenda” and noted the two-way rise in tourism between the two countries in recent years, calling for improved transport links by sea and air. On the Cyprus problem, he said there was joint political will for its solution and expressed satisfaction with the resumption of negotiations on May 15. Cavusoglu referred to “determination” in both Greece and Turkey to encourage a Cyprus solution and said the dinner between Cypriot President Nicos Anastasiades and Akinci on Monday night was a “reason for optimism.” Referring to an invitation that Turkish Prime Minister Ahmet Davutoglu extended to Greek Prime Minister Alexis Tsipras to visit Turkey, Kotzias said that Tsipras will be glad to come to Turkey and discuss all matters. (source: ana-mpa)
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First grade students of the all-day elementary school of Vivlos in the Greek island of Naxos starred in an inspiring short film entitled “Let’s imagine the school of our dreams,” winning the first prize during a special ceremony in Crete on Saturday, under the “1st National Creative Expression Contest In Primary Schools” for the University of Crete. Through “experiential learning” – a fruitful teaching method that allows students to be engaged in the learning process – Vivlos’ school teacher Nikos Vintzileos urged his students to let their imagination free and express their ideas for the school of their dreams. In its record of accomplishments, Vivlos’ primary elementary school has also been awarded one more first prize for a music video created for the 2013 European eTwinning Competition. eTwinning promotes school collaboration among European countries through the use of Information and Communication Technologies (ICT) by providing special support, tools and services for schools. You can watch the “Let’s imagine the school of our dreams” video below:
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In statements to German reporters on Tuesday, German Finance Minister Wolfgang Schaeuble said that the Eurogroup statement on Greece did not hail the progress made in the substance of the negotiations between Athens and the institutions as much as the progress in the working procedures. “On the issues, progress in the talks is not comparable to the improvement in the climate,” he said. According to the German Finance Minister, in regards to the substance of the talks, a lot of time had been wasted without anything getting done. He also noted that the Greek Ministers’ insistence on talking only to Ministers and not technical teams created a problem. Asked to comment on the progress made on the privatizations issue, Schaeuble said the Greek government had simply corrected a “back-tracking.” Regarding the possibility that Greek loans might be released in small installments, Schaeuble stressed that if the Eurogroup makes such a decision, it must ask for the German Parliament’s approval. (source: ana-mpa)
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Investors nervous about Greece, bond falls and interest rate prospectsWith markets in a nervy state again thanks to Greek worries, collapsing bond prices and interest rate concerns, investors were looking for havens for their cash, and turned to gold and silver once more.So among the risers in a falling FTSE 100 were precious metal miners, with Randgold Resources rising 40p to £47.41 and Fresnillo putting on 12p to 713.5p. Continue reading...
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Greek Foreign Minister Nikos Kotzias had a meeting on Tuesday with the Turkish President Recep Tayyip Erdogan in Ankara. Earlier, Kotzias had a meeting with his Turkish counterpart Mevlut Cavusoglu.The two minister have agreed on a number of measures ...
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At his second cabinet meeting in three days, Tsipras told ministers Athens was sticking to its "red lines" and that it was time to see lenders meet Greece ...
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The first thing that hits you is the smells. The smells of cinnamon and fresh yeasty bread wind their way through the Hellenic center of the Greek ...
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There was little alternate direction about to provide any relief from the concerns over a likely Greek debt default and the resumed bond market sell-off.
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The drama may seem endless — a succession of similar and recurrent meetings and market jitters — but the noose is tightening on the Greek ...
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Prime Minister Alexis Tsipras said that Greece has done as many steps as possible to meet lender’s demands and stressed that it is time for lenders to do their part so a deal can be reached. During a marathon ...
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The Venus de Milo is one of the world’s most famous statues, but Venus, or Aphrodite’s pose, has remained a mystery since the statue was discovered more than 200 years ago on the Greek island of Milos. It’s been suggested the armless statue of the ...
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The perception that some citizens are more equal than others has eroded trust in Greek society, writes Yannis Palaiologos
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ATHENS—The head of Greek bank-rescue fund Anastasia Sakellariou has resigned, the fund said in a statement Tuesday. Early last year a Greek prosecutor had recommended that Ms. Sakellariou be charged with breach of trust for her role in loans issued by ...
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ATHENS (Reuters) - Greece has offered as much as it can and it is now the turn of its EU and IMF lenders to help break an impasse in talks on a cash-for-reforms deal, Prime Minister Alexis Tsipras told his cabinet on Tuesday, according to a government official. "The Greek side has so far fully met everything the Feb. 20 Eurogroup decision foresaw. It has taken as may steps as possible towards the European partners' side, showing in practice its respect towards the procedures, the rules and the euro zone framework," the official quoted Tsipras as telling his cabinet. ...
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But unlike the summer of 2011, when Greek worries unsettled U.S. stocks, many investors say Greece is simply not a big concern this time around.
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By Karolina Tagaris ATHENS (Reuters) - Greek mayor Apostolos Kimisis is refusing to hand over local funds to the near-bankrupt state, saying he needs the money to fix roads and maintain the water supply in his small municipality. So far, only two out of 325 mayors across Greece have obeyed a central government decree ordering public entities to lend it their spare cash, the head of the municipalities' union said. Their reluctance reflects doubts about whether the money will ever come back, just as euro zone governments are refusing to disburse more aid to Athens unless it shows its commitment to implementing unpopular economic reforms. Kimisis says he fears the decree from Athens will starve his administration based in the western coastal town of Amfilochia of funds for its day-to-day needs.
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The New Orleans Track Club is hosting the 3.1-mile event, which runs along Bayou St. John and coincides with the annual New Orleans Greek ...
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Search for debt deal begins to hit Greece hard
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| READ THE ORIGINAL POST AT www.bbc.co.uk |
Seven-year-old Christi Shepherd and her brother Bobby, six, pictured, were poisoned when fumes seeped into their bungalow at a four-star hotel on the Greek island of Corfu in 2006.
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| READ THE ORIGINAL POST AT www.dailymail.co.uk |
The talks about Greece have once again drawn the attention of foreign media reports, especially after the May 11 Eurozone Finance Ministers meeting. BBC published an article focusing on Greek Finance Minister Yanis Varoufakis’ warning that the country’s liquidity is sufficient for just two weeks. “Greece began the transfer of 750 million euros in debt interest to the International Monetary Fund – a day ahead of α payment deadline,” noted the article, adding that the Greek government is struggling to meet its payment obligations. As expected, the Eurogroup did not reach a final agreement or decision regarding the bailout program, however, there was a particularly important development in another field, according to The Guardian. “Germany, in the form of Finance Minister Wolfgang Schaeuble, suddenly seems taken by the idea of Greece holding a referendum,” noted The Guardian. Furthermore, the Economist described the Greek government’s attempts to cover the country’s payment obligations as a Herculean labor, noting that by the end of August, the government will have to find another 2 billion euros in order to pay the IMF installments, as well as 6.7 billion for the European Central Bank (ECB). French newspaper Liberation published an article focusing on the fact that Greece is in danger of running out of cash in two weeks. The IMF wants to steer clear of Greece’s future bailout programs, wrote Spanish newspaper El Mundo, noting that the Fund has shown Europeans it does not wish to participate in the plans for a third aid package. German magazine Der Spiegel noted that Greece will soon run out of money and yet the Eurogroup discussions about the country are moving at a very slow pace. Meanwhile, Die Welt added that the institutions are worried that Greece will not be able to meet its financial obligations. Die Zeit reported that the country’s creditors are pressuring Greece to successfully complete the second aid program before providing more financial support, while Handelsblatt pointed out that although there was no agreement during the Eurogroup, Athens was consistent in paying the IMF installment. Finally, Frankfurter Allgemeine Zeitung wondered whether a referendum would be the solution for the Greek crisis, adding that Schaeuble appears to be leaning toward this plan.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
The Golden Dawn trial in Greece was adjourned for Friday as some of the defendants have asked for the lifting of restrictive conditions placed upon them. Golden Dawn leader Nikos Michaloliakos asked for the lifting of his house arrest. The same request was made by his wife and Golden Dawn MP Eleni Zaroulia. MP Michalis Arvanitis asked for the lifting of the order that forbids him to participate in Golden Dawn activities outside the Greek Parliament, something that makes him “a half-member of Parliament,” in his own words. Two more MPs made similar petitions. Antonis Gregos and Dimitris Koukoutsis asked not to be under house arrest anymore. The latter claimed that he cannot work as a dentist, which is his parallel profession. Korydallos Mayor Stavros Kassimatis called for moving the trial elsewhere as local residents object having the trial in their area. Speaking about changing the trial’s venue, which currently takes place at a makeshift Criminal Appeals Court inside Korydallos Prison in Athens, the presiding judge referred lawyers to the administration of the Appeals Court and the Justice Minister.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
The Greek government had to tap emergency reserves in its holding account at the International Monetary Fund in order to secure the 750 million euros that were required to pay the IMF dent installment on May 12, noted a Greek central bank official. Member countries of the International Monetary Fund are required to keep a holding account which may be used for emergencies but the money can only be used with the lender’s approval, a Greek central bank official told Reuters. In order to avoid going into default Athens decided to use the reserves. In fact, according to Greek government officials this solution was proposed by the Bank of Greece Governor Yannis Stournaras. According to Reuters, the government used around 650 million euros from the IMF holding account and added another 100 million euros from its own cash reserves. “The negative is that the account was emptied but in order to avert a default it was necessary to weigh the options,” the Bank of Greece official said. Furthermore, the Greek Prime Minister Alexis Tsipras was able to stay true to his word and not use any cash from the available funds to pay the installments, thus staying within the “red lines.” “We have ensured the wages and pensions for May. We had made it clear that we would not pay if there was not enough money to cover wages and pensions,” noted a government official.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
The European Commission has warned Greece there is “still a lot of ground to be covered” before a deal can be reached with lenders, following confirmation that Greece used its reserve funds at the IMF to meet a €750 million repayment to the ...
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| READ THE ORIGINAL POST AT www.irishtimes.com |
The Greek Amateur Athletics Federation (SEGAS) warned Monday that the reduction of state funds may lead to their athletes not participating in international competition. Athens: The Greek Amateur Athletics Federation (SEGAS) warned Monday that the ...
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| READ THE ORIGINAL POST AT zeenews.india.com |
The European Central Bank (ECB) raised the cap on emergency liquidity assistance (ELA) that Greek banks can draw from the country's central bank by €1.1 billion, taking the ceiling to €80 billion, two banking sources told Reuters on ...
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| READ THE ORIGINAL POST AT en.enikos.gr |
The European Central Bank continued its lifeline to Greece as euro-area nations warned the country still faces a battle to release financial aid.
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| READ THE ORIGINAL POST AT www.bloomberg.com |
A number of colourful opinions expressed through social media have doomed the candidacy of Fotini Athanassopoulou for the Vice-Presidency of Greece's Food Authority EFET. Athanassopoulou, who, according to opposition MPs, had endorsed opinions such as that the European Union's General Food ...
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| READ THE ORIGINAL POST AT en.enikos.gr |