Interconnector Bulgaria -Romania seen in 2015

Bulgarian energy minister Vasil Shtonov said on September 23 that the gas interconnector between Romania and Bulgaria is expected to go into operation in 2015. The pipeline will play a key role in reducing Bulgaria’s dependence on a single energy source, together with the Gas Interconnector Greece-Bulgaria (IGB Pipeline), which is also under construction, Shtonov told the Natural Gas - Infrastructure, Market, and Services conference, according to a statement released by the ministry. The 25-kilometre Romania-Bulgaria pipeline links the southern Romanian village of Comasca with Marten, in northern Bulgaria, under the Danube river. The project includes the construction of a 15 kilometre pipeline in Bulgaria, another 7.5 kilometres in Romania and a 2.5 kilometre underwater section. The maximum design capacity of the pipeline is 1.5 billion cubic metres a year. The other gas pipeline, linking Bulgaria to Greece, is expected to become operational in 2016. The 182-kilometre IGB Pipeline, which will start at the northeastern Greek city of Komotini and end at Stara Zagora, in southern Bulgaria, will carry 3 billion cubic metres of natural gas annually in its initial stage and will have a maximum capacity of 5 billion cubic metres per year.  It will be eventually connected to the Trans Adriatic Pipeline (TAP), part of the Southern Gas Corridor. According to Shtonov, the expected supply of one billion cubic metres of gas annually from the Shah Deniz 2 field through the Southern Gas Corridor represents about 40% of the current gas consumption of Bulgaria. Bulgaria imports almost all the natural gas it needs from Russia through a pipeline crossing the territories of Ukraine, Moldova and Romania. Bulgaria has also called for regional cooperation to take advantage of the untapped huge clean energy potential. “Our region is blessed with huge clean energy potential, with strong solar and wind resources. To make use of this untapped energy potential, we have to strengthen our regional cooperation,” Bulgarian President Rosen Plevneliev said on September 23 during the Climate Summit held in UN headquarters here in New York.

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Greece seeking applicants for library board

The Town of Greece is seeking applicants to serve on the Greece Public Library Board of Trustees. The Library Board is comprised of seven members who are appointed by the Town Board to serve five-year terms.Trustee responsibilities include setting policy to guide library operations and participating in the development of the library's strategic plan. Trustees make a volunteer commitment of time ...

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Embracing a new digital era in Europe

by  Eric Schmidt Innovation isn’t easy. It takes courage to experiment and advance a new idea and determination to ensure its widespread use. Europe has always excelled at this. Radio, television, and the standard for second-generation mobile communications, GSM, all originated in Europe. But past success won’t ensure Europe’s long tradition of innovation continues. New technologies require more risk-taking and the ability to launch new products with speed and scale. There is no doubt that Europe is poised to embrace the new, digital world.  Its citizens have the education, skills, and ambition needed to create great technology companies that will drive economic growth and employment. At the same time, Europe needs to reform and forge a true digital single market. This will give European entrepreneurs, who have all the right building blocks, the incentive to invest and the ability to achieve global scale at greater speed. Significant political will needs to be mustered to support these changes and ensure Europe’s startups succeed. It’s time for action. Instead of riding the wave of technological change and innovation, inaction will put Europe’s economy at risk.  This requires strong leadership. As European Commissioner, Neelie Kroes had the courage to take promote new ideas, even if they disrupted existing industries. When a Belgian court banned the taxi sharing service Uber, she cried foul. “We cannot address these challenges by ignoring them, by going on strike, or by trying to ban these innovations out of existence,” she tweeted.   The Opportunity Let’s look first at Europe’s digital opportunity.  On a continent in search of economic hope, the Internet represents the main motor of growth. According to the OECD, the online world accounts for up to 13 percent of economic output and is driving the creation of new companies, new jobs, and new opportunities. While many traditional industries are facing tough times, Internet companies are pouring billions into new offices, development centers, and research laboratories. The Internet lowers costs, increases access to markets and makes starting a business easier than ever before. It allows, with a few clicks of a mouse, a Greek B&B owner, a French fashion designer, and a Swedish candy maker to reach a global marketplace. Small and medium-sized enterprises with websites and online marketing are growing four times faster than those without.  Companies that embrace digital, on average, generate 9% more revenue through their existing assets, and their profitability outperforms that of their non-digital peers by 26%. If Europe’s single market becomes truly and thoroughly digital, the macroeconomic benefits would be enormous. Reform could raise the EU’s GDP by at least 4% by 2020, and generate up to EUR250 billion of additional growth (see European Policy Centre). Europe’s digital businesses no longer would have to get individual licenses to operate in 28 different countries.  If regulatory barriers are removed, startups could directly access half a billion European consumers, a market that’s larger than the US, where technology companies have the ability to achieve scale before they expand internationally.Bits and bytes having an impact beyond the established Internet sector, too. Think of energy. Smart thermostats from Nest and Honeywell are already giving people unprecedented opportunities to use energy more efficiently. Since Nest launched its first thermostat in 2011, its customers have already saved about 2 billion kilowatt hours of energy compared to what they would have used if they left their thermostats at a consistent temperature.  That’s enough energy to power more than 180,000 homes for a year. A combination of technological advances will make it possible for Europe to transition away from intensive consumption to a more sustainable and efficient digital-powered energy model.   Getting Europe Back to Work Perhaps Europe’s most pressing problem is its high unemployment rate, which seems stuck at twice the U.S. level. Digital entrepreneurship is central to helping get Europeans back to work.  Conventional wisdom says that small businesses are the source of new job growth. It’s important to distinguish between new firms and small businesses. They are not the same thing. The truth is, studies show, new jobs are not created by small businesses. They are created by new businesses -and in particular, fast-growing new businesses.  Fortunately, the Internet making it easier and easier to start new companies. In order to solve its jobs crisis, Europe must encourage the risk takers. High-tech jobs pay better than low-tech ones and promote higher wage growth more broadly. Best of all, they have a multiplying function: every high-tech job creates four other jobs in Europe.   Bright Signs Both the EU and national governments have shown a commitment to understanding the potential of data-driven innovation and to supporting digital startups and entrepreneurship. Europe’s startup scene is vibrant and growing: Shazam and King in the UK, Criteo and BlaBlaCars in France, Spotify and Skype in the Nordics. Soundcloud in Germany. Silicon Valley-style high-density hubs of talented thinkers are emerging. Policymakers are encouraging startup density by creating physical startup centers that drive awareness in the media, foster networks with mentors, and reduce barriers that make it difficult for academics and research networks to connect with businesses. This type of density is already visible in parts of Europe, notably in Berlin and in London’s Tech City. Imagine if this vibrant European entrepreneurial scene could benefit from a digital single market, which would end the need for obtaining different national licenses and reduce regulatory red tape.  High-growth firms and technology-intensive startups suddenly could scale-up and compete more vigorously in the global marketplace. Much Hard Work Remains Ahead Where does Europe fall short and what else does Europe need to do to embrace a dynamic information society? Traditional European companies and industries have lagged in adopting new technologies, disadvantaging them in an increasingly competitive global marketplace.  A recent study completed by the Lisbon Council and the Conference Board found that a Information and Communications Technology represented a much smaller share of total investment in Europe than in the US, and that this had a significant impact on economic growth. Labor markets are another key area for reform. Most of Europe has the skills and experience necessary to build new products, services, and businesses. There’s always more to be done in terms of expanding these attributes, but what is equally important is ensuring employees can repurpose their skills, training, and expertise in new firms and new sectors. In Europe, flexible labor markets are a particular challenge that deserve serious consideration. Another important challenge is accepting failure. Entrepreneurs are risk-takers, and emerge more readily in cultures where risk-taking is encouraged. Talented and skilled Europeans must see starting their own business or joining a startup as a viable career path. A thriving startup ecosystem relies on easy access to capital. Europe needs tax incentives and other proactive measures that make it easier for startups to get funding. Governments should think carefully about the balance between driving growth and taxing capital. Most of all, Europe needs to accept and embrace disruption. The old ways of doing things need to face competition that forces them to innovate. Uber, for example, is shaking up the taxi market -- for the good. It offers riders convenience and cheaper fares. Understandably, the incumbent taxi industry is unhappy. The new European Commission president Jean-Claude Juncker understands these priorities. In the Wall Street Journal, he recently called for the completion of Europe’s digital single market, called for tearing “down our regulatory walls and finally move from 28 national markets to a single digital market. For this to happen, we have to get serious: We have to end the regulatory silos in telecoms and copyright regulation, in data protection and in the application of European competition rules. This requires political determination. There will be resistance, as the current fragmented regime has created very convenient, well-protected comfort zones for some players. But Europe would miss a historic opportunity if we fail to tackle this challenge head-on.” I agree completely. If everything stays the same, innovation will be stifled and startups strangled. New businesses promoting new ideas should not be held back by bureaucratic or regulatory hurdles. Success is never guaranteed, especially in an area that is as competitive and fast-changing as technology, but Europe has all the right ingredients. It must redouble its commitment to the single market and steel its nerve to permit disruptive innovations. If the new European Commission manages to introduce effective reform, Europe will play a leading role in the global digital economy and be a better place to work and live.

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Banks vs The People

The most important thing to remember when dealing with banks is a simple rule; banks are a business, motivated by profit. Banks are not sensitive to social needs, do not take risks and bank managers are not your friends. In fact, if banks loaned money at their own risk, there would be far less reprehensible moneymaking in the world today. But this is the real world. Banks now rule nations and not governments, as people think! Too much power has been allowed to blossom in the hands of a select few. Sir Josiah Stamp, Governor of the Bank of England 1928-1941 and the 2nd richest man in England, stated: “If you want to continue to be slaves of the banks and pay the cost of your own slavery, then let bankers continue to create money and control credit. Take this great power away from them, for then, this world would be a better and happier world to live in,” and this is from a man who knows all about the banking industry! Actually, a handful of banking dynasties dominated finances for centuries – notably the Medicis, the Fuggers, the Welsers, the Bernbergs and the Rothschilds – and they have all played a central role over the years to develop a system that forever generates greater accumulation of wealth for themselves. Dynasties rarely fade away and today, the oldest bank in existence is Monte dei Paschi di Siena, which has been operating continuously since 1472. Bank dominance grew powerful because governments failed to introduce laws to protect unsuspecting citizens from the banking elite. In its place, they adopted accommodating policies such as allowing them to “control credit” and “create money” as well as a horde of other powers. Fearful that banks may turn off the financial tap on political support, politicians bent over backwards to grant their every wish and banks today have infiltrated every nook and cranny in society. Fortunately, people have finally woken up to the fact that banks are not squeaky clean as their public image portrays. In fact, their behavior often borders on criminality. Now that citizens started to speak things out, they are beginning to take a turn for the better but not enough has been done as yet to curb questionable banking activities and to have their wings clipped. Bank of America, for example, was forced to pay 16.65 billion for fraudulent business transactions – the largest civil settlement ever between a single firm and the U.S. government. The Swiss Bank Corporation has also been prosecuted and found guilty of fraudulent activities while Barclay’s Bank was slapped with a 38 million fine for “irregularities” including TSB Bank and others. It came to be that many other bank institutions did not escape the heavy hand of the law; a procedure long overdue! Financial penalties are not severe enough or a deterrent for such powerful institutions. They can afford it. Prosecutions and incarceration should follow them from top to bottom. So if one thinks that banks are honest pillars of society, one should think again! Undeniably, Cyprus is one of those nations whose destiny now depends on the will and whims of banking organizations – and a most shameful situation indeed! For a 10-billion-euro loan approval to save the failing banking industry (of all people), Cyprus not only sold its soul to the Troika but, like a thief in the night, the government also robbed its citizens’ bank accounts as a precondition of the loan. A Europhile president did not object and signed the dotted line without negotiations for better terms or even consultation. Just like politicians acted when Cyprus joined the EU – people were sidelined and had no say in that decision! In the case of Cyprus, the loan agreed is not a conventional loan like all others – one that generates interest for a predetermined period at a fixed rate and once paid off it ends there. No. Troika’s loan conditions became an integral part of the country’s law; they dictate the terms and conditions in return of cash. The type of agreement Troika introduced is in fact a surreptitious way aimed to colonize nations. Cyprus was the perfect candidate to test their pet project. The country was in deep financial trouble; a small nation with no teeth to fight back; enjoyed a strong financial sector; had a receptive Europhile government; it was close to bankruptcy through incompetence and greed; corruption was rife in the chambers of power and nepotism was like a weed in all sectors of society. Cyprus was ideal for the taking. Troika’s experiment worked beyond expectations; citizens did not object to having their money stolen, depositors cowered and kept silent, political parties accepted Troika’s demands and voted in favor of its “memorandum of understanding” program, the media remained unmoved and the select few clandestinely transferred their billions abroad to European banks while many Russian companies and depositors moved their funds elsewhere. It was a perfect manipulative ploy and a win-win situation for the Troika bankers. Troika’s success has now set a precedent of things to come. Economic colonization of weaker nations for maximum control and long-term gains. Unaccountable faceless bankers are now in a position to rule nations through loans! In the case of Cyprus, Troika’s economic domination over the island is supposed to expire in 2035 – not in 2015 as the government attempts to spin. This timetable also depends on whether or not additional loans are needed; the chances of that are more likely than unlikely. The economy’s performance will be the measuring stick of such a decision! Meanwhile, the European Bank for Reconstruction and Development (EBRD) predicts zero growth for 2015 and a 3.5% fall of GDP in the current year. The fact is, Cyprus is in a deep financial mess, with staggering debts and an annual public over-spending. Politicians speak of debts in excess of 35 billion euros, and to service those debts and loans will cost taxpayers over one billion annually. In financial terms, this is absolutely madness. It does not take a rocket scientist to figure out how much Cyprus is in trouble. Meanwhile, banking institutions unrepentantly continue with their bad practices and the government seems entrapped (or unwilling) to stop the ongoing economic hemorrhage. While the European Central Bank (ECB) base interest rate is set at 2.6% across the Eurozone (customers can borrow at 4.3% – 5.0%), yet banks in Cyprus are allowed to rip-off customers as much as 10-12% and even higher by those notorious credit card companies. With such high interest rates, there is no hope in the world for the struggling economy to recover. There are three types of leadership that determine a nation’s fate: one that takes the bull by the horns and gets things done for the benefit of the nation; the other buries its head in the sand, unable to face the truth, hoping things will sort themselves out; and the last one makes shallow promises and always seeks ways to pass on the blame to others. The present government can be categorized as the last of the three. In fact, Troika’s Memorandum has become the government’s manifesto, if not its gospel. The government is so obsessed by it’s implementation that the president recently refused a Parliamentary majority decision to amend the Troika-inspired Memorandum bill; a bill (among others) giving more power to the banks, to repossess people’s homes and sell them “en-block” at auctions to third parties. Parliamentarians voted against such a dangerous bill, which could have triggered a domino effect of homelessness for the very first time in Cyprus. Not pleased by the vote’s outcome, the president transferred the bills to the High Court to determine its constitutional validity. Meanwhile, Troika is blackmailing the nation that no additional funds will be released unless its demands are met. This raises the question as to who runs the country today. What is most worrisome is the fact that the president decided not to accept a parliamentary majority decision. This undemocratic behavior indicates that an elected dictatorship is slowly creeping in through the back door. Between the banks’ shenanigans and a government’s political dogmatism void of social consciousness, Cyprus is entering into a new unpredictable era; an era of uncertainty, dominated by the EU and banking institutions. The country would have been in a better position if governments dealt with banking practices and corruption long ago in ways as Sir Josiah Stamp advised: “take this great power away from them.’ Cyprus can do that but which leader dares to take such a Herculean political task to clean out the stables of greed – certainly not the present government, which believes banks are God’s gift to Cyprus. Unless inward investments start pouring into the country to boost up the economy and trigger a reduction in unemployment, there is the likelihood that an additional Memorandum will be required – just like Greece did. It now owes 240 billion to the Troika. A staggering figure indeed for a small economy! The expenditure of interest payments alone is enough to cripple the nation and reduce citizens to utter poverty. That is a classic case of economic colonization and it is absolutely insane for a government to reduce its citizens down to such a state of affairs! Cyprus is the next victim, unless the government makes a U-turn and seeks out ways to get rid of the Troika. There are always options available; one only has to change one’s frame of mind and do the right thing, and call in experts to seek out better ways to save the nation. Taking the word and advice of banking institutions is a fatal mistake. An exit from the Euro will be a good starting point. That will give the Central Bank of Cyprus freedom to make decisions for the good of the nation, without the constraints of the ECB. It will also regain the ability to fluctuate its own currency as needed, set up interest rates to meet the economic demands of the day, introduce new and radical banking regulations and tough laws to protect businesses and citizens alike from banking exploitation, set up an inspection system with legal power to charge offending banks and their managers, prosecute those banks suspected of fraudulent activities and incarcerate wrongdoers, make bank fraud a criminal offense that carries stiff penalties and imprisonment, and have the right to revoke bank licenses. One thing must be remembered: banks are not above the law and neither are they indispensable on the presumption they can do no wrong. They have done a great harm to Cyprus and continue to do so, and yet, no one has been prosecuted. Where is the Justice in that or the Rule of Law that supposedly protects citizens? Probably in a fantasyland!

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Greek intrigue: What's hiding in ancient tomb?

ATHENS — Athenians, Spartans, Macedonians, Persians and Romans once marched through Amphipolis in northern Greece thousands of years ago. Today, armies of politicians, journalists and archaeologists have occupied the small town after diggers recently ...

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Students groups celebrate step culture

The show, made up of both stepping and strolling, is common to black Greek organizations across the country. Kinesiology senior and Alpha Phi ...

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Europe, wake up!

by  Nils Muižnieks When over 300 migrants drowned last October in a shipwreck off the Italian island of Lampedusa, Iwas among those who hoped that their tragic destiny would be a wake-up callfor European countriesand would change the way they deal with migration. Until then, in fact, Europe had mainly concentrated its efforts on making it harder for migrants to reach the continent. Frontex, the EU border control agency, had been active inreinforcing fortress Europe and the police of some EU member states have been engaged, inter alia, incollective expulsion (“push-back”) operations in violation of international norms. Has anything changed since then? Very little.The public in some European countriesmay have paused and reflected for a short while over the tragic fate of these people, but as recent elections show, populist parties built their success in the EU and national parliaments by exploiting anti-immigration feelings. Some hopeswere raised by the change of attitude in Rome whereMare Nostrumoperations launched by the Italian authorities helped save thousands of migrants. However, recent tragedies proved that these hopes were misplaced.  Just a few days ago, in fact, more than 700 people died in two shipwrecks near Malta and off the coast of Libya. Stories told by the few survivors are dreadful. Will they this time bring a change inEurope? I doubt it. Behind the façade of unity shown in European organisations, countries are unwilling to share responsibilities and embrace solidarity. Today’s regulations and practices allow the majority of European countries to leave the challenges of dealing with the influx of migrants to the few countries which are at the borders of Europe.  Take the cases of Turkey and Bulgaria. I went there last December in the midst of a steep increase of arrivals of asylum-seekers and refugees, mainly as a consequence of the war in Syria. Turkey alone was hosting ten times more Syrian refugees than all other 46 Council of Europe member states. And yet, very little help has been provided to alleviateits efforts.  Bulgaria, a country generally not particularly exposed to migration flows, saw a fivefold increase of asylum-seekersin 2013 compared to the previous year. The authorities were clearly unprepared to provide decent reception but almost all EU countries continued doing business as usual, using the unfair “Dublin Regulation” to send back to Sofia those asylum-seekers who managed to reach other European countries.  Greece, Italy, Malta and Spain have not been more successful in their requests for European support.  More worryingly, the EU has continued along the path of externalisingborder controls. Before the Arab Spring, countries with weak or no democracy were being funded to keep migrants away from European coasts. Today, the EU pressures third countries, in particular in the Balkans, to reduce the number of their citizens applying for asylum in the EU under the penalty of restoring mandatory visa requirements. This has led to the adoption of unlawful measures such as ethnic profiling at border crossing points, sanctions on carriers which do not carry out police work, confiscation of travel documents, and push-backs. However hard the EU tries to become unattractive to migrants, it will not be able to prevent them from coming. A different approach is therefore needed, where the focus is no longer solely on security concerns but also on human rights. To promote this change, a mix of short and long-term measures is needed. European countries will have to provide more legal and safe avenues to those migrants who seek protection, sharing the responsibility of receiving and protecting them.  They will also have to engage more forcefully in external programmes to improve the human rights situation in the countries of migrants’ origin. But arguably the most pressing challenge is to addressa fearfulpublic opinion. Political leaders and opinion makers will have to confront these fears from a principled standpoint, stressing the values and principles that have defined a certain idea of Europe built on tolerance, acceptance andsolidarity. 

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