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Tuesday, October 2, 2012

The Greek Rules


New York Times

The Greek Rules
Wall Street Journal
Inspectors from the International Monetary Fund are disputing €2 billion of the €13.5 billion savings package that the Greek government unveiled Monday. The budget police say that Athens's plan for laying off civil servants is too vague. They've asked ...
Greek Government Proposes Deep Cuts in Bid to Please Foreign LendersNew York Times
Greek 2013 budget sees sixth year of recessionReuters
Greek Budget Predicts Economy Will Shrink for Sixth YearBusinessweek
CNBC.com
all 679 news articles »

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Stocks End Mixed, but Spain Worries Linger


CBC.ca

Stocks End Mixed, but Spain Worries Linger
CNBC.com
Stocks finished mixed in volatile trading Tuesday, but uncertainty over the timing of Spain's bailout request and ongoing fears over the slowing global economy put a lid on gains. “The market's swinging around and there's no conviction—people are ...
US Stocks Slump as Hope Wanes for Spain's Bailout RequestWall Street Journal
Euro Rises a Second Day as Spanish Bailout Speculation PersistsBusinessweek
S&P 500 Falls as Spain Says Bailout Not Imminent; Aussie SlumpsSan Francisco Chronicle
The Guardian -Reuters -ABC News
all 1,707 news articles »

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UPDATE 1-Greece pushes for austerity deal as time runs short


Economic Times

UPDATE 1-Greece pushes for austerity deal as time runs short
Reuters
ATHENS Oct 2 (Reuters) - Greece held a new round of talks with foreign lenders to bridge differences over 2 billion euros of disputed austerity cuts on Tuesday, with time running short to clinch a deal before a meeting of euro zone ministers next week.
Greece Submits 2013 Budget Draft as Bailout Talks ResumeHispanicBusiness.com
Greece Proposes Another Austerity Budget, Its Lenders Decide It's Not Cruel ...Firedoglake

all 106 news articles »

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Orders being taken for Greek pastries


Orders being taken for Greek pastries
The Citizen.com
The annual holiday Greek Pastry Sale for Philoptochos (Friends of the Poor) of St. Christopher Hellenic Orthodox Church is now taking place. Pastries include Spanakopita (buttery filo triangles of spinach, feta, cream cheese, eggs and onions), Tiropita ...

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US's $60 Trillion Debt Burden Rivals That of Greece: Gross


CNBC.com

US's $60 Trillion Debt Burden Rivals That of Greece: Gross
CNBC.com
Were the U.S. to include its current entitlement program liabilities and U.S. government bonds, the country would have an eye-popping debt burden that dwarfs Greece and could engulf the economy in a "ring of fire", Pimco founder Bill Gross said on CNBC ...
PIMCO's Gross says indebted US to resemble GreeceReuters
US could start to look like Greece if it doesn't act, Pimco's Bill Gross warns ...Globe and Mail
America could 'resemble Greece' before 2020Telegraph.co.uk

all 36 news articles »

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Spain's PM says bailout not imminent

Mariano Rajoy dismisses speculation he is close to negotiating rescue package that could release €400bn in EU loans

Spain's prime minister, Mariano Rajoy, has ruled out a multi-billion euro bailout before this weekend, despite the worsening economic situation and pleas from Madrid's neighbours for a resolution to the current crisis.

Rajoy dismissed persistent speculation at a meeting of MPs that he was close to negotiating a rescue package with Brussels that could release up to €400bn in EU loans.

His comments sent stock markets into reverse after a rally earlier in the day that gained momentum as a bailout appeared imminent.

The FTSE fell 11 points to 5809 after a climb of 60 points in the morning on the expectation of a bailout announcement.

Rajoy said Spain's financial situation would be helped if the 17 regional governments succeeded in cutting their annual spending deficits.

Traders have become mesmerised by the twists and turns of the Spanish economy as it gets closer to joining Greece, Portugal and Ireland in formally requesting rescue funds from the European Financial Stability Facility.

Rajoy, who is becoming notorious for prevarication, is understood to have asked for a delay until after elections in his home region of Galicia set for next month.

The prime minister fears his PP party will lose the election if he is forced to accept a humiliating rescue package in advance of the vote.

Angela Merkel, the German chancellor, is believed to have acceded to his request, after arguing that it would be easier for Brussels to focus on Madrid after Greece had been given the all-clear to receive its second bailout package.

Talks between Greece and its lenders are dragging on as officials say the International Monetary Fund insists on stricter spending cuts before releasing funds.

Troika officials have reportedly cast doubt over as much as €3bn worth of cuts at the heart of Athens' plan, leaving finance ministry officials pessimistic about agreeing upon the €11.5bn package acceptable to MPs before a meeting of eurozone finance ministers this month.

One official complained that "it almost seems as if they want us to re-write the whole package".

Greek media said Poul Thomsen, the IMF's mission chief, had the "harshest stance", triggering fears that the Washington-based fund was working to a different agenda and did not want to resolve the package, or release the next €31.5bn tranche of aid, until after the US elections on 8 November.

Troika officials, representing the EU, European Central Bank and IMF, denied a Reuters report 10 days ago that claimed their report would be held back until after the race for the White House.

However, they have insisted that wages, pensions and benefits be further slashed, claiming such cuts will bring "immediate results".

The Greek finance minister, Yiannis Stournaras, is hoping that the troika's rounds of various ministries will produce "enough evidence" to prove that the proposed cuts can be implemented.

Meanwhile City analysts remained optimistic that Spain would end the months long uncertainty and request a bailout.

Spain's borrowing costs dropped 12 basis points to 5.77%, well down on the 7% they reached at the height of the crisis in the summer.

"There's a sense of optimism, but there are still a lot of hurdles that need to be cleared, so we have to be wary of that," said Orlando Green, a rate strategist at Credit Agricole. "Today's [fall in yields] may prove to be just another leg in an up-and-down move … There could be more volatility in the future."

Markets are also waiting on the outcome of a Moody's rating review, in which Spain could lose its investment grade rating. That could trigger a new round of selling in Spanish bonds.

Many investors are unsure whether to anticipate a downgrade after a tight 2013 budget was relatively well received by the bond market.

The agency was expected to announce a decision in September but it said on Tuesday it still had to assess factors such as domestic banks' capital needs and the budget plan, so the announcement would be later this month.

"A Moody's downgrade for Spain could tip the balance for lower 10-year Bund yields towards 1.3%," Commerzbank strategists said. "However, we see the odds slightly in favour of a rating confirmation and thus expect to see some relief in the periphery."


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Debt crisis: troika demand even tougher austerity on stricken Greece


Telegraph.co.uk

Debt crisis: troika demand even tougher austerity on stricken Greece
Telegraph.co.uk
Greece, which this week warned its economy was heading for a sixth year of recession, has asked Brussels to relax the terms of its bail-out conditions to allow the economy time to recover. The troika is reviewing Greece's progress on austerity measures ...
US economic hopes shore up markets despite ongoing uncertainties over Spain ...CanadianBusiness.com
The debt crisis spreads from Greece across EuropeSocialistworker.co.uk
Eurozone faces October of unrest, with Greece, Spain troubles in focusNational Post
Taipei Times -CBS News -123Jump.com
all 1,609 news articles »

READ THE ORIGINAL POST AT www.telegraph.co.uk

Greece Submits 2013 Budget Draft as Bailout Talks Resume


The Associated Press

Greece Submits 2013 Budget Draft as Bailout Talks Resume
HispanicBusiness.com
As the draft was unveiled, the government resumed talks with representatives of international lenders to finalize the 13.5 billion euros austerity and reform package for 2013-2014 needed to secure the release of further bailout loans to debt-crippled ...
Greece, Troika Differ Over Cutbacks; Greece Aims for 2013 Primary SurplusWall Street Journal
Greece proposes deep cuts to please foreign lendersBusiness Standard
Greece to stay in recession for 6th year, 2013 draft budget showsWashington Post
The Associated Press
all 680 news articles »

READ THE ORIGINAL POST AT www.hispanicbusiness.com

Greece's Piraeus Bank reaches initial deal to buy Geniki-sources


Greece's Piraeus Bank reaches initial deal to buy Geniki-sources
Reuters
ATHENS Oct 2 (Reuters) - Greece's Piraeus Bank has struck a preliminary deal with French lender Societe Generale to acquire its loss-making Greek unit Geniki , two sources familiar with the matter told Reuters on Tuesday. Both sides had confirmed in ...


READ THE ORIGINAL POST AT www.reuters.com

Greece's Piraeus Bank reaches initial deal to buy Geniki: sources


Greece's Piraeus Bank reaches initial deal to buy Geniki: sources
Reuters
ATHENS (Reuters) - Greece's Piraeus Bank (BOPr.AT) has struck a preliminary deal with French lender Societe Generale (SOGN.PA) to acquire its loss-making Greek unit Geniki (GHBr.AT), two sources familiar with the matter told Reuters on Tuesday.


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Crisis Pushes Greeks Far From Home


Crisis Pushes Greeks Far From Home
New York Times
Yet the crisis has had the unexpected effect of pushing some Greeks in the fashion world toward new countries and fresh starts. For Christoforos Kotentos, that came in the form of Bouclier. French for shield, Bouclier is a Los Angeles-based fashion ...


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Greek FinMin unsure if Troika deal will be done by the EU summit


Greek FinMin unsure if Troika deal will be done by the EU summit
ForexLive (blog)
More time to pay or more money are the options fro a third greek bailout. My bet is that they will require both… EUR/USD is consolidating losses in the mid1.2930s after beaking around 1.2968 late in Europe. Spanish PM Rajoy's comment on a bailout from ...

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Blasphemy in democracy's birthplace? Greece arrests Facebook user.


Christian Science Monitor

Blasphemy in democracy's birthplace? Greece arrests Facebook user.
Christian Science Monitor
Paisios, who died in 1994, is well-known in Greece for his spiritual teachings. There have been dozens of books published about him and his prophecies, including such topics as the end of the world, the upbringing of children, couples' relationships ...

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Analysis: Uneasy role for IMF in euro zone crisis

IMF Managing Director Lagarde attends a news conference after a Eurogroup meeting in BrusselsWASHINGTON (Reuters) - The euro zone debt crisis is pushing the International Monetary Fund into new, and at times, uncomfortable territory. The global lender is preparing to monitor some of Europe's largest economies possibly without its biggest weapon - money. The IMF lacks the financial heft to come to the aid of economies the size of Spain or Italy on its own, even though its monitoring and enforcement role would be in demand. ...



READ THE ORIGINAL POST AT news.yahoo.com

Greek militants jailed for 2009 bombings, group linked to attack targeting Merkel

ATHENS, Greece - A Greek court has convicted four members of an anarchist group of terrorism-related offences for a series of bomb attacks in 2009, and sent them to prison.

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Greece Troika Making 'Good Progress,' Cyprus's Shiarly Says


Greece Troika Making 'Good Progress,' Cyprus's Shiarly Says
Businessweek
Officials from the so-called troika that oversees euro-area bailouts have made “good progress” in Greece, Cypriot Finance Minister Vassos Shiarly will tell a meeting of the International Monetary Fund in Tokyo on Oct. 13. “Since July, the mission has ...

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Greece debt in worse state now than six months ago


Economic Times

Greece debt in worse state now than six months ago
Economic Times
Monday's 2013 budget plan contained some positive news - for example, the expectation that Greece will have a primary budget surplus, before debt financing costs, for the first time since 2002 - as well as some more alarming forecasts. Chief among ...


READ THE ORIGINAL POST AT economictimes.indiatimes.com

Banks help push FTSE lower but Babcock bounces as it benefits from austerity drives

Royal Bank of Scotland and Lloyds among the biggest losers after downgrade from house broker

As leading shares edged lower on renewed worries about the eurozone and the effects of austerity measures on the likes of Greece and Spain, support services group Babcock International confirmed it is positively benefiting from government cost cutting drives.

The group said it was experiencing buoyant conditions, in both civil and military markets, as customers continued to seek increased efficiency:

We believe the current economic climate will continue to create significant medium and long term growth opportunities both in the UK and overseas.

John Lawson at Investec repeated his buy rating and raised his target price from 970p to £10. In the market Babcock bounced 22.5p to 945p.

Overall, investors were uncertain which tack to take, given confusion over whether - or rather when - Spain would seek a bailout. Suggestions it could come this weekend were seemingly dismissed by the country's prime minister, Mariano Rajoy, who said a bailout request was not "imminent." But the lack of clarity continued to unsettle the markets. So the FTSE 100 finished down 11 points at 5809.45, having traded within a 60 point range. Angus Campbell, head of market analysis at Capital Spreads, said:

If Spain does seek a bailout then those investors who have bought in the last couple of days will be sitting very pretty, as you can expect a risk on rally to follow as it would open the door for the European Central Bank to buy Spanish bonds and really drive their borrowing costs down.

Banks were among the main fallers, not helped by the continuing crisis in Europe. Royal Bank of Scotland fell 8.9p to 257.5p and Lloyds Banking Group lost 0.95p to 39.025p following news that analysts at the banks' broker UBS had cut their recommendation from buy to neutral, highlighting concerns about their capital requirements.

Meanwhile Bank of Georgia was the biggest faller in the mid-cap index, down 84p to £11.94 as the country's president conceded defeat in parliamentary elections. Analyst Sue Munden at Seymour Pierce said:

The impact on Georgia in the short term will be a higher degree of risk and uncertainty until the new government is formed and makes its policies clear. Moreover, the efficacy of the new government will rely on a cohesive coalition since the [outgoing] United National Movement will have a sizeable minority position.

In terms of Bank of Georgia, one would expect operations to continue with business as usual. We would, however, expect the share price to be weak until there is clarity on the new government and its intentions. We understand that investors may want further reassurance but we believe that the shares at these price levels represent a buying opportunity.

Wolseley ended 15p lower at £26.68 despite the building materials group unveiling a special dividend of £350m. Full year profits rose 10% but its European markets continued to be weak.

Back among the risers, International Airlines Group, owner of British Airways and Iberia, climbed 4.7p to 159p. The move follows reports Qatar Airways may join the oneworld alliance, which includes BA, as well as Monday's buoyant assessment of the industry outlook from the International Air Transport Association.

ITV added 0.65p to 90.6p on renewed takeover speculation, while Tesco rose 5.7p to 336.7p ahead of its first half figures on Wednesday.

Bumi, which fell sharply at the end of last month after unveiling a probe into possible irregularities at its Indonesian operations, rose 9.7p to 159.5p. The troubled 20% subsidiary said it would consider selling mines or even a rights issue to raise cash.

Bwin partydigital put on 5.9p to 110.8p on continuing bid speculation. Malaysia's Genting has been mentioned by traders as one possible bidder. Following news that Bwin would sell its Ongame poker network for up to €25m, Michael Campbell at Daniel Stewart - who has a 177p price target and hold recommendation - said:

The sale should be seen as welcome news and leaves [the company] to focus on integrating its core assets post the Bwin and Party Gaming merger which we believe is well on track. There is no impact on earnings; however the initial [payment] will boost 2012 cash reserves by €15m and in so doing further boost a balance sheet with significant firepower.

Bwin trades on an attractive multiple [but] we have the stock on hold despite our target price and this is based upon regulatory uncertainty in its single largest market, Germany. We retain this view until there is clarity on regulation out of Germany.

Satellite operator Inmarsat came down to earth ahead of an investor day next week.

Its shares have been flying high in recent times, partly on hopes for its Global Xpress super-fast broadband network which will be delivered by the (yet to be launched) Inmarsat-5 satellite. Indeed last week it was lifted by a positive note from Jefferies based on the prospects for Global Xpress.

But it lost 9p to 585p after HSBC downgraded from overweight to neutral and cut its target price from 650p to 640p ahead of the 9 October presentation by the company. The bank said it was time to be cautious:

We are sceptical regarding management's ability to offer full visibility on the Global Xpress ramp up one year ahead of first launch.


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SUNNY GREEK SUPPER


SUNNY GREEK SUPPER
Chicago Sun-Times
If you want to make your own Greek-inspired spice mix, go into your spice rack and combine two parts oregano and thyme with one part basil, marjoram, minced onion and minced garlic. Store leftovers in an airtight container for as long as six months.


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One step forward, two back for Greece on debt


One step forward, two back for Greece on debt
Reuters
BRUSSELS (Reuters) - Every step Greece takes to shore up its finances seems to make it harder for Athens to make the numbers add up in the long-term, especially when it comes to its spiraling debt. Monday's 2013 budget plan contained some positive ...


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International Backgrounds Shape Education Entrepreneurs

George Kyriakou, Nicolas Vansnick, and Kaif Memon want to measure attention spans of students. Greece has a party school problem. So says George Kyriakou, 25, a Greece native and graduate student at the Polytechnic Institute at NYU. Kyriakou and his roommates, fellow NYU-Poly students Nicolas Vansnick of Belgium and Kaif Memon of [...]

READ THE ORIGINAL POST AT www.forbes.com

France, Finland want swift Spain, Greece solutions


France, Finland want swift Spain, Greece solutions
Reuters
PARIS (Reuters) - France and Finland want solutions agreed in the next few weeks to the debt crises in Spain and Greece, President Francois Hollande said on Tuesday following a meeting with Finnish Prime Minister Jyrki Katainen. "On Spain and Greece, ...

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Georgia: expect storms ahead | Simon Tisdall

Who rules this country matters greatly to Russia and the EU. But the outlook isn't clear after Georgian Dream's election win

Even by its own turbulent standards, Georgia looks to be entering a prolonged period of political instability following watershed parliamentary elections won by the opposition Georgian Dream coalition – the first time since independence in 1991 that power has been transferred through an election rather than a revolution.

Despite President Mikheil Saakashvili's unexpectedly gracious admission today that his ruling United National Movement had been defeated fair and square, his victorious opponents may face serious problems working with a man they have spent months vilifying and decrying as a dictator. Saakashvili is not due to stand down until October next year, and is unlikely to accept lame duck status without a fight.

Who rules Georgia, a pint-sized Caucasus nation of 4.5 million people, matters disproportionately to both Russia, its former colonial master that involuntarily relinquished control in 1991, and the US and Europe. Georgia has a strategic importance that belies its size – a crossroads at Asia's gate with signposts pointing to Iran, Turkey, Russia and west and north across the Black Sea.

For energy-poor western Europe, Georgia is a vital conduit for Caspian basin oil and gas exports that are not, for now at least, under Moscow's manipulative control. Vladimir Putin's Kremlin views Georgia very much as part of its backyard, a "near abroad" property (though the phrase is not much used these days) that should conform to Russian interests. Europe believes it belongs inside its post-Soviet, liberal pro-market "eastern neighbourhood".

The idea Georgia might one day join Nato – it already contributes through the Partnership for Peace scheme – and the EU is anathema to Russian nationalists. It is not coincidental that since 2008, when Putin sent his tanks deep into Georgian territory in support of independence for the breakaway satraps of South Ossetia and Abkhazia, Russia has effectively controlled about one-fifth of Georgia's total land mass.

The problem for both sides of this strategic equation is that Georgia's leaders – they might better be termed overlords – tend not to do what they are told, even by putative friends. Saakashvili's authoritarian, sometimes confrontational style, pockmarked by serial rights abuses including a recent prison torture scandal, has embarrassed his Brussels backers. The west wants a stable Georgian government, not one engaged in a personalised, potentially dangerous feud with the Putin regime.

Yet the man behind the Georgian Dream opposition, billionaire Bidzina Ivanishvili, could also prove an awkward customer, should he be confirmed as prime minister. Ivanishvili made his money, lots and lots of it, during Russia's corrupt oligarch era. He still reportedly holds a chunk of Gazprom shares. Saakashvili predictably labelled him a Kremlin stooge, a charge he denies.

While Putin will undoubtedly be hugely gratified to see his sworn enemy Saakashvili taken down a peg or two, he cannot be sure the mercurial Ivanishvili, who until recently led the anonymous life of a Citizen Kane-style recluse in his large luxury home overlooking Tbilisi, will do his bidding. Cloning Ukraine's pro-Kremlin president, Viktor Yanukovych, would be too good to be true for the Kremlin's karate king. That Georgians have swapped one Saakashvili for another is a more plausible possibility.

Commentator Thomas de Waal casts the elections as a clash of titans, neither of whom placed a more perfect democracy at the top of their to-do list:

"Greek scholar Ilia Roubanis has called Georgian politics 'pluralistic feudalism', a competition between a patriarchal leader who enjoys uncontested rule over the country and a leader of the opposition bidding to unseat him and acquire the same [...]

"Saakashvili has been personally leading the election campaign for the governing party [...] even though he is not running for parliament himself. His main message is that, like the medieval Georgian king, David the Builder, he has been building a new nation and he and his team deserve to be allowed to finish the job."

.

Ivanishvili's parliamentary victory has punctured that vision, potentially fatally. But as James Kirchick of the New Republic pointed out, his leadership credentials remain untested, his policy programme is both grandiose and vague on particulars, and President Saakashvili remains a formidable and powerful rival. With the loosely bound, six-party Georgian Dream coalition subject to potential splits and parliamentary defections, and the country entering wholly new territory, Georgia's political outlook, never calm, looks more stormy than ever.


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