How the world sees Greece
Luca Katseli, chief of the National Bank, addressed the annual Clinton Global Initiative Congress in New York, and spoke about Greece’s position after the completion of Greek bank recapitalization this year. “The Greek banking sector will be in a position to finance viable business and investment initiatives, with an innovative orientation in a series of sectors
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A year after being hailed as one of Greece's greatest archaeological finds and a possible resting place of Alexander the Great, the largest tomb ever discovered in the country lies almost forgotten in the blazing summer sun.
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The sales tax on goods and services at six major Greek Aegean Sea tourist destinations will rise 30 percent this week as a new batch of creditor-demanded reforms kicks in.
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Foreign Minister Nikos Kotzias met today, on the margins of the UN General Assembly in New York City, with the Prime Minister and the Foreign Minister of Kosovo, Messrs. Isa Mustafa and Hashim Thaçi. The Kosovo officials thanked Mr. Kotzias for his recent visit to Kosovo and for the consistent position Greece maintains on Kosovo despite its not having recognized Kosovo. They then briefed the Greek side on the latest developments in Kosovo and the course of the reforms, the agreements and the dialogue with Serbia. They renewed their request for Greece’s support for Kosovo’s efforts to join international organizations....
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Having won a second election in eight months, now comes the hard part for Premier Alexis Tsipras: convincing Greeks to swallow more austerity. The post World Press View: Tsipras May Wish He Lost Election appeared first on The National Herald.
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The sales tax on goods and services at six major Greek Aegean Sea tourist destinations will rise 30 percent this week as a new batch of creditor-demanded reforms kicks in. The post Tax Hikes for Greek Resort Islands appeared first on The National Herald.
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ATHENS, Sept 28 (Reuters) - Greece will scrap reduced value added tax (VAT) rates on Oct. 1 on six islands which are very popular with tourists, as agreed ...
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The popular tourist destinations of Mykonos, Santorini and Rhodes will be among the first Greek islands to lose their preferential tax rates under the country's new ...
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ATHENS, Greece (AP) — The sales tax on goods and services at six major Greek Aegean Sea tourist destinations will rise 30 percent this week as a new batch of creditor-demanded reforms kicks in.
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ATHENS, Greece (AP) -- The sales tax on goods and services at six major Greek Aegean Sea tourist destinations will rise 30 percent this week as a new batch of ...
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#economy
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… and illuminated by the ancient Greeks. Prison guards in Missouri and … veterans have discovered that the Greeks knew all about the mental … ” makes that crystal clear. The Greek warrior Ajax was invincible through …
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Greek Prime Minister Alexis Tsipras met with a number of national leaders on Monday, during his participation in the United Nations General Assembly’s annual General Debate that is taking place in New York. He met with Cuban President Raul Castro, according to Greek media reports, Castro invited Tsipras to Cuba and informed the Greek premier that he
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I don’t know what happened with the stakes of the Greek banks today. But they massively plunged 15.86% in the Athens Stock Μarket and had some local media described the day as “Black Monday” for the banks. Reason for this disaster was apparently the fear that the recapitalization of the […]
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After promising to halt privatizations and even hinting at nationalizations, Prime Minister Alexis Tsipras has reversed course again completely, this time vowing to implement reforms needed to make Greece more attractive to wary investors. The post At Clinton Global Initiative, Tsipras Promises Business-Friendly Greece appeared first on The National Herald.
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The American consumer is a massive economic force, and one economist says American consumers are feeling incredibly positive. According to a report from Robert Johnson at Morningstar, Americans' actual spending is a far better indicator of actual consumer confidence, and by that measure consumers are doing just fine. Johnson uses data on restaurant spending, auto sales and single-family home purchases as proxies for consumers' sentiment in the short-, medium- and long-terms, respectively. "We like to use these measures because the data is available quickly, usually a matter of weeks after month end," wrote Johnson. "This is even better than confidence surveys, which take more time to compile. And those sentiment surveys measure only intentions." All three of these measures, said Johnson, show a robust, emboldened American consumer. RESTAURANT SPENDING Johnson's measure of short-term confidence, restaurant retail sales, is posting its best numbers since the 1990s. "The news here is excellent, with restaurant sales currently up over 8% year over year," said Johnson. "One would have to go way back to the 1990s to find a time of higher restaurant sales growth rates. If someone asks me where consumers are spending their gas money savings, this category would be at the top of my list." This is a good proxy, he claims, because it is a "small luxury" that can be dialed up or back depending on the consumers income and confidence. AUTO SALES Johnson says that auto sales are telling because they indicate a consumer willing to take on a larger debt. "If consumers were worried about their employment or wage outlook, they wouldn't be committing to big auto purchases," he said. This category is also stronger than it has been in years. "At the beginning of 2015, most sales focused on the 16.8 to 17.0 million range," said Johnson. "It now looks like sales are much more likely to fall in the 17.0 to 17.5 million range for 2015, compared with 16.4 million units in 2014." HOME SALES Finally, Johnson's indicator for long-term confidence is housing starts. "Requiring even more confidence than buying a car is buying a home," said Johnson. "With average new home prices of about $360,000, a home purchase is 10 times bigger than a car and totally dwarfs a $100 restaurant meal." As with restaurant spending and auto sales, housing starts and spending are showing a consumer that still feels confident enough about the future to take on a large debt load. "Current sales levels, as shown in the far right-hand column, remain near recovery highs," said Johnson. "So while new home sales have slowed modestly, the year-over-year growth rates remain impressive and hardly indicative of any kind of consumer temper tantrum." There has been some concern whether this level of spending confidence indicates the peak of the current economic cycle, to Johnson all of these indicate a stronger US economy. "With the stock market off mid-single digits year to date, continued negative headlines out of both China and Greece, and continuing uncertainty at the Fed regarding interest rates, one might rightfully expect consumers to be panicking," said Johnson. "They are not, at least not yet, according to our favorite measures of consumer sentiment." SEE ALSO: THE WORLD HAS A 'RELIABLE BUYER OF LAST RESORT' — IT'S SMALLER THAN THE US ECONOMY BUT BIGGER THAN CHINA'S Join the conversation about this story » NOW WATCH: Why Putin is the most powerful man in the world
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However, GREEK Cypriot government spokesperson Nikos Hristoduludis has issued a slight correction to Akıncı's remarks, explaining that the talks ...
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The school, which is located in the Çanakkale area of Gökçeada -- known as Imvros in GREEK -- which was once inhabited by a local Rum (GREEK ...
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Michael Schlow's Via Matta is reborn as a GREEK restaurant, Doretta Taverna & Raw ... The restaurant is GREEK, paying homage to Adrienne's family.
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Now, the famed Antikythera wreck off the coast of Greece gives researchers a glimpse of ancient GREEK lifestyle. Divers retrieved more than 50 artifacts ...
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Now in its 49th year, the Original GREEK Festival returns this Thursday through Sunday, October 1 - 4, on the grounds of the Annunciation GREEK ...
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'I want to submit to the GREEK people everything I have done so that they can decide once more', said Tsipras, the man the GREEK people had already ...
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… is not the political transformation Greece needs. Voters re-elected the party … a flawed deal will consign Greece to another period of politically … recipe for another Greek drama, a tragic one, unless Greek voters can …
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Sofia. Programmes of European Union's European Territorial Cooperation, better known as Interreg, turn 25 years in 2015. Over these years the ...
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In Groovy Greeks, audiences travel from Sparta to Athens to learn the truth about growing up in GREECE, with some mythology along the way.
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Aris Theodoropoulos introduces Kyparissi, a mere 5 hours from Athens and a secluded paradise for sport climbing. Although currently there are just ...
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Japanese Prime Minister Shinzo Abe has seen better days. His popularity has tumbled, and his flagship economic policy is failing to produce the goods. At least, that's a view growing in popularity both in Japan and abroad. Abe came to power in 2012 with a major mandate. He was going to revitalise Japan's flaccid economic performance, ending decades of deflation. For this purpose, he brought in Haruhiko Kuroda as Bank of Japan governor. Kuroda launched a massive QE programme and introduced a 2% inflation target. QE was later increased in 2014. Abe set about with fiscal stimulus and supply-side economic reform. It’s also impossible to divorce Abe’s economic strategy from his geopolitical aims. He is a committed conservative with a revanchist international stance, not a centre-left Keynesian of the sort more familiar in the west. The passing of his recent security bill goes hand-in-hand with his economic strategy, both pushing towards his overall goal: Make Japan Great Again. It's a matter of national pride as much as national accounts. It's pretty common right now to hear Abe panned, even by people who were initially positive about its aims. Core inflation in Japan recently fell back below 0% in August, causing some people to declare the return of full-blown deflation. I thought they were wrong in November last year, and I still think they're wrong now. Much of the economy is in a good state, on the face of things. At 3.3%, Japan's unemployment is at an enviable level, one which it's unlikely western economies will reach at all. In fact, Japan's labour market at its very worst rarely records unemployment of over 5%. For a country like France, unemployment doesn't fall that low_ _at the best of times. But Abe can't take full credit for the decline in unemployment, something that was beginning before he took office late in 2012. The real success or failure of Abenomics is based on only two factors. First, Abe promised to improve the structure of the Japanese economy. This was the "third arrow" of Abe's plan, and involved corporate governance and regulatory reform, as well as trying to narrow the gap between the country's regular and often strict labour market — Japan's famous salary men — and the growing ranks of more precariously employed temporary workers. Second, he promised reflation and its associated benefits. This mean raising inflation in Japan, something that has been missing for a quarter of a century, and it also meant driving investors from the safe government bonds and into riskier investments, like corporate bonds and stocks. This came through the first two "arrows", monetary and fiscal stimulus. Returning inflation primarily means RAISING NOMINAL GDP. That's the growth of the economy, including inflationary effects — simply the amount of yen spent in the economy. Usually, you'll hear figures for nominal GDP, which matters for how well-off a country is. But nominal GDP matters for something else — debt. If you run a $200 debt and have an annual income of $10, it's paid off considerably quicker if your annual income rises by 10% a year than if it's completely stagnant. Japan's NGDP has been stagnant for the best part of a quarter of a century, and as a result, it has one of the world's highers debt to GDP ratios. Japan's ratio of government debt to GDP is over 230%, in a comparison to just over 100% for the US. Even Greece's debt to GDP isn't get 200%. So what you want to have is a higher GDP deflator. That's the part of the national statistics that measures how much of the increase in the size of the economy is just down to inflation, rather than real growth (of course, you want higher real growth too). GDP deflator has risen year-on-year for five quarters; the only time it’s done so since 1994. The last similar (but weaker) boost was seen in 1997-1998, but it promptly derailed by the Asian crisis. Take a look: In the 10 quarters during which Abe has been in office and which we have data for (from Q4 2012 to Q2 2015) nominal GDP has risen by 5.84%, which is the second-most significant rise over the period, narrowly beaten the Q2 1995- Q4 1997 increase of 5.94%. You can see that in the chart below: Those numbers are pretty meagre by western standards. A good increase in nominal GDP might be 4-5% per year. But for a country like Japan, where nominal GDP has risen by less than 1% in a little over two decades, what we’ve seen since Abe took the reigns is a pretty brisk pace. Abe also recently announced a target to raise nominal GDP to ¥600 trillion ($5 trillion, £3.29 trillion). The recent growth is all the more interesting because Japan entered a small recession after the tax sales hike that was brought in during April 2014, and even that didn't derail the expansion. The hike was not part of Abe's plan, with a timetable having been introduced by Noda, one of his predecessors. After the economy began contracting, Abe cancelled the second planned hike and called an election, which he won without difficulty. But even if you _do _insist on looking at the consumer price index rather than the GDP deflator, things aren't nearly as bad as the doom-mongers might have you believe. In fact, the proportion of items in Japan's core CPI basket (the goods used to calculate inflation) with increasing prices is now higher than it was before the financial crisis hit. Here are some charts included with a recent speech from Sayuri Shirai, a Bank of Japan policy board member: That's important because it indicates that the reason Japanese headline inflation is low is the same reason it's particularly low in the United States, Europe and the UK — a few volatile and tumbling prices, particularly those heavily influenced by oil. What's more, Japanese inflation isn't back to zero once the effects of volatile oil and food prices. In fact, by that measure, Japan's inflation is in one of only two periods of growth during the past 15 years: So complaints about the ability of Abenomics to generate inflation are overdone. In the early part of 2013 it became an analyst cliché to argue that only the third arrow of Abenomics really mattered. So how has that gone? In the Financial Times this month, Robin Harding and Leo Lewis give a fair appraisal of how things have gone. Abe's pledge to align the country's labour market is undoubtedly his least fulfilled. There has also been little to no progress on immigration, which Japan may need to boost its demographics. But in other areas there's been more progress. Agricultural reform has gone as planned, and corporate governance reform has been lauded. Long-term complaints about structural issues, like the number of women in work, are being quite genuinely addressed: Like the overall unemployment rate, Abe can't take full credit for the increase in female employment (though the rate has been rising a little more quickly since he took office). But it's clear that some of his critics should check they're not throwing stones in glass houses — the United States' worrying struggles with participation mean the Japanese female employment rate is now higher than its US equivalent. No, inflation hasn’t returned to the 2% the Bank of Japan is aiming for, and growth is patchy (though not particularly poor by Japanese standards), but what we’re seeing is the first genuine increase in the price level since at least the Asian crisis, if not since the bursting of Japan’s colossal equity bubble in 1990. It’s the most serious and sustained effort at revitalising the country’s supply-side too, but that sort of thing can’t be turned around overnight. Abe's efforts haven't fulfilled the greatest hopes of his fans, and Japan isn't yet on a sustainable growth path. Other factors, like China's economic trauma, could still derail the plan. But for now, Abenomics is very much alive and kicking when you look beyond the headlines. Join the conversation about this story » NOW WATCH: Here are some incredible toys hedge fund boss Steve Cohen has bought with his billions
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A Syrian man who lost his wife and 3-year-old son in a capsized boat heading to the Greek island of Kos burst into tears as he identified his family in the resort town of Bodrum
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The international technical staff for the first evaluation of the Greek economy within the framework of the memorandum is expected in Athens at the end of this week. The completion of the evaluation is connected with the disbursement of the 2+1 billion euro tranche and the agreement on debt settlement. The first officials to come
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Greek Productive Reconstruction, Energy and Environment Minister Panos Skourletis addressed the future of Greece’s state-owned utility company Public Power Corporation (DEI) and the future of energy in Greece, during an interview with realfm 97.8 radio station, on Monday. The Greek state currently owns 51% DEI, with the remaining 49% is owned by private holders. Skourletis noted that
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On Monday, the Greek Finance Ministry announced new modifications to the capital controls that have been imposed in Greece since June 28, 2015.
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Greece aims to initiate debt-relief negotiations before Christmas, but the power dynamic in the euro zone won't allow Tsipras to get the best deal he can ...
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I know, I know. And the Greek government ministers know it. That by signing the July and August3. bailout agreements, Greece committed to privatize everything that belongs to the state and has the privilege to stand, swim or crawl in Greece. But now, a week after the elections, Energy Minister […]
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The explosions. I couldn't help but notice them as I walked about the streets in downtown Damascus in August 2015. Life would be proceeding normally -- shopkeepers selling food, honking cars, couples holding hands, kids running around -- and then I would hear a boom. I had come to Syria to find out what life was like for the Christian communities -- about 10 percent of the population before the war. Christians have lived in Syria for over 2,000 years -- Jesus walked, preached, and taught on this land according to the Bible -- but the ongoing conflict has been so brutal that I wondered if that history might come to an end. A few days after my arrival, I was standing outside my hotel when I saw a wedding party heading to the al-Zaitoun Greek Catholic Church, only a few steps away. The cheerful celebration against the background of a war formed a striking contrast. I grabbed my camera and followed them. I thought I could pass for one of the wedding photographers if I kept taking pictures. All of a sudden I could have been at a wedding anywhere, away from the fear and violence. _What are the plans for the future of this young couple_, I wondered. Have they given any thought to emigrating as so many Syrians are doing? Do they still feel welcome here, a land they've inhabited for over two millennia? "It's not our country anymore," one wedding guest told me. "Islamists terrorize us to make us leave," his friend added. I heard a similarly somber assessment from a priest: "There is no side [in this war] interested in the future of Christians. We are the sacrifice of the war." "The war has made life dangerous and expensive," observed a father of teenager and a young daughter. "Every day when we go out of home, we don't know if we come back." But with the conflict in its fifth year, some parents are beginning to think there is no future for their children or it is too dark. "Children stopped going to school or are terrified if they still go," one parent said. "We are thinking of leaving because we are very tired, but no one gives us visas," complained one guest, a retired economist. I asked if there was anything the West could do to help. "Stop supporting the opposition, stop supporting armed groups in Syria," was a recurring answer. At the end of the night, minibuses -- Damascus's ubiquitous mode of public transportation -- picked up some guests. The newlyweds left last. During my time in Syria, I saw just how deep Christianity's roots ran. My hotel was on the same street where the apostle Paul was baptized. In one village I visited, Sadad, the people still speak Aramaic, the language of Christ. While this long history is threatened, the spirit of these people helps me believe that it may still survive the violent challenges it faces now. _All images by Flavius Mihaies._ _This post was first published on Upworthy._ -- 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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On the occasion of the first anniversary of the formation of the Alliance against the jihadist organization ISIS, Greece reiterates its dedication to the struggle against ISIS, as well as its support for the international efforts toward a political resolution of the Syrian problem, which has led to the destabilization of the Middle East and, at the same time, created a vast refugee and migration wave.Tomorrow’s Summit Meeting on the margins of the UN General Assembly, on the issue of combating ISIS and violent extremism, will be an opportunity to further coordinate the actions of the international community and all...
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According to a report from the Daily Mail, the shipwreck discovered off the coast of Antikythera, believed to have sailed in the days of Ancient GREECE, ...
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Then, with regard to the Balkans, Mr George Renwick, the Daily Chronicle Athens correspondent, sends the welcome tidings that in GREECE matters ...
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Despite the fact that in the first six months of 2015 there was a 1.25 percent increase and July showed a spectacular 6 percent rise, raises in value ...
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At the same time, GREECE is unveiling a system for borrowers to reschedule or renegotiate loans, according to a quote from Greek Economy, ...
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From China to Greece to the Middle East, there has been a surfeit of market-moving news originating outside the US. The rise of the China in particular has led to a sharp increase in trading, with Chinese exchanges in some cases experiencing more activity than those in traditional financial centres. That led Credit Suisse to look into whether those markets now lead the US, or whether Wall Street is still the dominant market globally. The conclusion, according to a report out in September, is that the US still sets the tone for the rest of the world. "We find that European markets are even driven by the lagged effect of the US market but not the other way around, suggesting that the US market continues to lead these markets," the note said. Credit Suisse ran a similar analysis with Asian markets, and found a similar effect. In comparison, the US market pays very little heed to what is going on elsewere in the world, according to the research. The note said: "When looked at an individual country basis, the US market alone explains approximately 98% of its own variation. Only 2% of its variation was explained by other countries in the sample." Join the conversation about this story » NOW WATCH: This is what separates the Excel masters from the wannabes
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In 2014, Ruth Porat was still working as the CFO at Morgan Stanley when she sat down with Jeffrey E. Garten, dean emeritus at the Yale School of Management, for a candid discussion about the 2007 recession and what it takes to lead in a major financial crisis. The lessons Porat shared during the interview show not only why she is widely regarded as the top female banker in the world, but also why her $70 million appointment as Google's CFO was such a smart move by the tech giant. In her interview, Porat shared four insights every company needs when dealing with a major financial crisis that is moving in real-time and affecting all aspects of the business. LIQUIDITY IS OXYGEN FOR A FINANCIAL SYSTEM. Banks and financial systems in general need a good amount of liquidity. According to Porat, "Liquidity is oxygen for a financial system." While she admitted that "capital is the first line of defense," she also noted that "if you don't have ample liquidity and it's not durable, in times of stress as you're looking for liquidity you're forced to sell assets at declining prices, which then eats into your capital position, so it becomes this very, very negative cycle. There's no question that liquidity is sacrosanct." YOU NEED COURAGE BASED ON EXPERIENCE AND INSTINCT. Porat explained that leadership isn't just about experience but rather, "courage based on experience and instinct." "Events move far too quickly during a crisis and what you're dealing with is typically, as we called it back then, the 'least-worst option.' There are no good options in the midst of a crisis. And so having experience in capital markets [and] having a team with experience in capital markets enables you to be nimble, creative, try different approaches, and try and optimize within this bucket of the least-worst," she explained. TIME IS YOUR ENEMY DURING A CRISIS. Porat credited Hank Paulson with a big part of her strategy: "Paulson once said you have to have the will and the means, and too often by the time you have the will you no longer have the means." She talked about the crisis in Greece, which "should have been a small, obtainable problem." Yet, "because there was no will to deal with it upfront, [it] spread. Recognizing that time is your enemy is very important." EFFECTIVE COMMUNICATION REQUIRES CLARITY. Communication becomes increasingly important when you are dealing with a "least-worst" set of choices. "There are some tough choices that need to be made. Trying to provide clarity to all core constituents who need to make those choices is key," she said. "Clearly not overselling because these situations unravel quickly and credibility is binary, you can't lose it because you can't regain it." "Again communicating where you are going, that you have enough confidence conveyed so that there are tools you can use so choices can be made," she added. You can watch the full Yale University interview here. SEE ALSO: MEET THE TOP 50 FEMALE CFOS IN AMERICA Join the conversation about this story » NOW WATCH: New aerial footage shows aftermath of explosion in China
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ATHENS: Greece's largest toy seller Jumbo on Monday posted a 3.5 per cent rise in net profit for its last fiscal year but said it will not pay a dividend ...
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Greece's newly appointedgovernment has called on Canada's Eldorado Gold toallow most of the workers at its Greek gold mine to return towork, the energy ...
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Nicosia, September 28, 2015/Independent Balkan News Agency The first EU Transnational Cooperation Programme for the “Balkan-Mediterranean”, covering the Balkan Peninsula and the Eastern Mediterranean Sea, has been adopted. According to a press release issued by the European Commsion, bringing together three EU countries (Greece, Bulgaria and Cyprus) and two candidate countries (Albania and the former […]
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• Manager says there is no margin for error after loss to Dinamo Zagreb • Wenger waits on Francis Coquelin following midfielder’s knee injury Arsène Wenger has stressed there is absolutely no margin for error, as early as the second match of their Champions League group, with Olympiakos visiting the Emirates. Having digested a surprise defeat at Dinamo Zagreb on their first outing, and with back-to-back games against Bayern Munich up next, Wenger will not countenance anything other than three points against the Greeks on Tuesday evening. Continue reading...
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I returned from 10 days traveling with migrants making their way from Greece to Germany.
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#economy
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Turkey’s Prime Minister Ahmet Davutoglu on Monday called again for the creation of a safe zone inside Syria to host thousands of mostly Syrian migrants who are trying to cross into Europe from Turkish territory, AFP reported. Davutoglu also rejected calls by EU members for migrants' asylum claims to be handled in the countries from which they try to enter the bloc, telling Turkish daily newspaper Hurriyet: "We have told Europe that there will be no reception centre in Turkey." The Turkish Prime Minister also described as “inhumane and "unacceptable" the planned centers for sorting refugees from economic migrants more quickly in EU members Greece and Italy, which lie at the bloc’s southern outer border. The controversial idea was approved by EU leaders last week at an informal summit in Brussels. Rather than creating such centers the EU should provide funding for setting up a safe zone in northern Syria free from attacks of Islamic State militants. Turkey then could build three cities each hosting one hundred thousand people in the safe zone, Davutoglu said, according to AFP.
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ATHENS, Greece -- Greece's coast guard says … asylum seekers have passed through Greece so far this year. The … at home. Most cross to Greek islands in overcrowded inflatable dinghies …
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… to Greece. After the 2008 global financial crash, Greece found … waists. But, Poulos says, Greeks frequently exercise great lassitude … in Mytilene port, Lesbos, Greece. Rebecca Greig/International … separating locals from refugees. Greeks are served first – …
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