Jared Quirk, 18, died in Greece on April 17 during a school trip after collapsing in the street. On Friday, family, friends and school officials gathered for ...
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How the world sees Greece
Friday, May 1, 2015
Rockland High senior who died in Greece is laid to rest
Cat travelled from Greece to Greenock and was trapped at Cappielow
We lived in Greece for two years and got her there. Then we started to travel — we bought the boat in Holland, then went to Germany, Denmark, ...
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| READ THE ORIGINAL POST AT www.greenocktelegraph.co.uk |
German president says Berlin should be open to Greek war reparations
By Erik Kirschbaum BERLIN (Reuters) - German President Joachim Gauck expressed support on Friday for Athens' demands for reparations for the Nazi occupation of Greece in World War Two, even though the government in Berlin has repeatedly rejected the claims. Gauck, who has little real power in Germany but a penchant for defying convention, said in an interview to be published in Saturday's Sueddeutsche Zeitung newspaper that Germany should consider its historical responsibility to Greece. "We are not only people who are living in this day and age but we're also the descendants of those who left behind a trail of destruction in Europe during World War Two -- in Greece, among other places, where we shamefully knew little about it for so long," Gauck said. "It's the right thing to do for a history-conscious country like ours to consider what possibilities there might be for reparations." Greece's demand for 278.7 billion euros (206.14 billion pounds) in reparations for the brutal Nazi occupation have mostly fallen on deaf ears, but some legal experts say it may have a case.
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| READ THE ORIGINAL POST AT uk.news.yahoo.com |
"White Lives Matter" Guy Owns Greek Frozen Yogurt Company, Lives On Long Island
He reportedly earned $150,000 in 2013, the year he became president of the company he co-founded, Be Active Brands, which owns Jala, a Greek ...
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| READ THE ORIGINAL POST AT gothamist.com |
Greek Jewish Synagogue Hosts First-Ever Festival on Lower East Side
Kehila Kedosha Janina, an 88-year-old synagogue, will host the neighborhood's first-ever Greek Jewish Festival on May 30. View Full Caption.
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| READ THE ORIGINAL POST AT www.dnainfo.com |
German president mulls Greek reparations
Successive Greek governments as well as private citizens have called upon Germany to pay war damages for decades, but that was the first time that ...
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| READ THE ORIGINAL POST AT www.couriermail.com.au |
Labor Day 2015: Riots in Central Athens
Minor rioting incidents involving Molotov cocktails occurred in central Athens, Greece, after the Labor Day rally ended. Anti-authoritarians threw Molotov cocktails in Propylaea and police responded by throwing stun grenades. Then, the group moved to Exarchia, where they turned over garbage bins and set them on fire in an attempt to set up makeshift barricades on Stournari street. Greek police made two arrests in the area and the intensity eased a little after 4pm. Meanwhile, there was no tension during the standard Labor Day rally, despite the fact that a small anti-authoritarian group decided to throw Molotov cocktails to the riot police officers. A small incident also occurred outside the hotel Grand Bretagne in Syntagma Square, where once again anti-authoritarians threw Molotov cocktails, however, the riot police did not respond.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Five Years On, Greece Back on the Brink
Five years into the biggest bailout of a debtor in history, Greece is closer to the brink than ever, with time running out to avert a bankruptcy that could destabilize not only the eurozone but the global economy as well.
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| READ THE ORIGINAL POST AT www.wsj.com |
Fairtrasa intensifies collaboration with Greece
They have plans to make their ties with Greece even stronger and to open a branch. An example of a collaboration with Greece can be seen in Bio ...
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| READ THE ORIGINAL POST AT www.freshplaza.com |
Quick breakthrough at Brussels Group looks unlikely
Greece’s hopes of an emergency Eurogroup being called as early as Monday to confirm the progress in Brussels Group talks, and thereby possibly prompting the European Central Bank to allow Athens to issue more treasury bills to relieve its liquidity problem, appear to be misplaced.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Plenty of action in the hotel business sector
Greece’s hotel sector is presently witnessing plenty of action in terms of new acquisitions and the opening of luxury units, with the involvement of domestic firms as well as companies from the US, Russia, Germany and Cyprus.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Government expanding free or subsidized healthcare
The coalition is in the process of expanding free or subsidized health coverage for uninsured Greeks and migrants living in Greece legally.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Wooing pension funds for cash
The State General Accounting Office has sent a letter to commercial banks asking them not to impose the usual penalty on state entities that decide to access their time deposits in order to supply the state with desperately needed cash. Despite the original opposition, the social security funds are finally giving in and handing over their cash reserves to the Bank of Greece, with about 290 million euros of that expected to be turned over to the central bank next week.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Nikos Stampolidis
Similarly, a 19th-century tapestry from Armenia, showing a hunting scene woven in a circular pattern, reminds him of early Greek decorative metalwork ...
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| READ THE ORIGINAL POST AT www.ft.com |
The Greek Tragedy at the Heart of the Indonesian Executions
As the bodies of the eight executed men return to the their families, we in Australia and elsewhere, are left reeling by the life and death drama of the ...
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| READ THE ORIGINAL POST AT www.huffingtonpost.com |
FTSE ends week on positive note as miners and Lloyds lead the way
Investors shrug off concerns about election and Greece, as Wall Street provides supportLeading shares ended the week on a positive note despite uncertainties ahead of the UK general election and the drawn-out talks to solve Greece’s financial crisis.The latest PMI manufacturing index for the UK came in much lower than expected in April, following poor GDP figures earlier in the week. In the US the figures were also fairly weak. Earlier, Chinese manufacturing data showed no improvement on the previous month, but with hopes that the country might introduce more stimulus to boost the economy, that was still enough to support the mining sector.With Europe mostly out of action for May Day, it was a quiet day in London, but at least the traditionally weak period for equities has started off on the right foot. Miners continue to dominate the top end of the FTSE 100 on revived hopes that the Chinese government will be hustled into fresh stimulus measures by the general lack of strength in economic data.We cut our 2015/16/17 estimated sales by an average of around 1% owing to more adverse foreign exchange (from negative 6% to 7%), and lower our respective earnings per share estimates by an average of around 2%. Considering our stand-alone valuation (£11.30) and the value of potential synergies (around 250p-300p), we estimate that Smith & Nephew’s stock price currently implies almost no probability of an industry merger.There is ongoing M&A activity and industry consolidation in orthopaedics. In this process, Smith & Nephew holds potentially strategic value for certain US companies that have business overlap in large joints, trauma and sports medicine. Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
Ultra Marathon race starts in Greece
ATHENS, May 1 (Xinhua) -- Twenty five ultra-marathoners from across Greece and the world started on Friday a 255-kilometer non stop race from ...
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| READ THE ORIGINAL POST AT www.shanghaidaily.com |
Greece gripped by anti-austerity strike, as unionists mark Labor Day
ATHENS, May 1 (Xinhua) -- Greece was gripped by a 24-hour general strike on Friday with anti-austerity rallies held nationwide to mark Labor Day.
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| READ THE ORIGINAL POST AT www.shanghaidaily.com |
Five Years After First Bailout, Greece Back on the Brink
ATHENS—Five years into the biggest bailout of a debtor in history, Greece is closer to the brink than ever, with time running out to avert a bankruptcy ...
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| READ THE ORIGINAL POST AT www.wsj.com |
Gather your friends for Greek-style marinated beef kebabs
It has become a real favourite when my friends and I get together – we all cram into the kitchen, open a bottle of wine and whip up a feast of Greek ...
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| READ THE ORIGINAL POST AT www.fwi.co.uk |
Shahid Kapoor, Mira Rajput to have a big, fat Greek wedding
When Shahid Kapoor pulled out of the June schedule of his film Farzi, there was much speculation that the actor may have done so to make way for ...
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| READ THE ORIGINAL POST AT www.deccanchronicle.com |
Greece Races to Bridge Gap With Creditors Ahead of May Debt Bill
Greece and its international creditors were locked in intense negotiations over a long holiday weekend as they raced against the clock to avert a ...
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| READ THE ORIGINAL POST AT www.bloomberg.com |
May Day demonstrators clash in Istanbul, S. Korea, Greece
In financially struggling Greece, an estimated 13,000 people took part in three separate May Day marches in Athens, carrying banners and shouting ...
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| READ THE ORIGINAL POST AT www.cbc.ca |
Greek default approaching – what next?
A stand-off is taking place between the Greek government and the country's creditors that could end up with Greece defaulting on its debt, leaving the ...
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| READ THE ORIGINAL POST AT www.marxist.com |
What German, Greek Banks Have In Common
Germany's Commerzbank (CRZBY) and three Greek banks have raised between 100% and 200% of their market value since 2010. And Deutsche ...
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| READ THE ORIGINAL POST AT blogs.barrons.com |
Assicurazioni Generali's Greek exposure ‘less than marginal’
The exposure that Italian insurance firm Assicurazioni Generali has in Greece is “less than marginal,” according to its CEO Mario Greco, who added that the company only has 8 million euros in Greek bonds.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Powerful Photos Of May Day Protests Around The World
BERLIN (AP) -- Left-wing groups and trade unions are staging rallies across Europe, the Middle East and Asia on Friday to mark International Workers Day. Most events are expected to be peaceful protests for workers' rights and world peace. But May 1 regularly sees clashes between police and militant groups in some cities. International Workers Day originates in the United States. American unions first called for the introduction of an eight-hour working day in the second half of the 19th century. A general strike was declared to press these demands, starting May 1, 1886. The idea spread to other countries and since then workers around the world have held protests on May 1 every year, although the U.S. celebrates Labor Day on the first Monday in September. Here's a look at some of the May Day events around the world: TURKEY Police and May Day demonstrators clashed in Istanbul as crowds determined to defy a government ban tried to march to the city's iconic Taksim Square. Security forces pushed back demonstrators using water cannons and tear gas. Protesters retaliated by throwing stones and hurling firecrackers at police. An elderly man lies on the ground near a row of riot police after Turkish police use a water cannon to disperse protestors during a May Day rally near Taksim Square in Istanbul on May 1, 2015. (BULENT KILIC/AFP/Getty Images) Authorities have blocked the square that is symbolic as the center of protests in which 34 people were killed in 1977. Turkish newswires say that 10,000 police officers were stationed around the square Friday. Protesters run and protect themselves as riot police use a water cannon against them during a May Day rally near Taksim Square in Istanbul on May 1, 2015. (OZAN KOSE/AFP/Getty Images) The demonstrations are the first large-scale protests since the government passed a security bill this year giving police expanded powers to crack down on protesters. SOUTH KOREA Thousands of people marched in the capital Seoul on Friday for a third week to protest government labor policies and the handling of a ferry disaster that killed more than 300 people a year ago. South Korean workers shout slogans with red banners reading 'Let's terminate Park Geun-Hye (government)' during a May Day rally in Seoul on May 1, 2015. (JUNG YEON-JE/AFP/Getty Images) Demonstrators occupied several downtown streets and sporadically clashed with police officers. Protesters tried to move buses used to block their progress. Police responded by spraying tear gas. There were no immediate reports of injuries. South Korean riot police use fire extinguishers from their bus to stop protestors who tried to force their way through barricades during a May Day march toward the presidential house in Seoul on May 1, 2015. (JUNG YEON-JE/AFP/Getty Images) South Korean labor groups have been denouncing a series of government policies they believe will reduce wages, job security and retirement benefits for state employees. PHILIPPINES More than 10,000 workers and activists marched in Manila and burned an effigy of Philippine President Benigno Aquino III to protest low wages and a law allowing employers to hire laborers for less than six months to avoid giving benefits received by regular workers. Protesters march during a May Day rally to the presidential palace in Manila on May 1, 2015. (JAY DIRECTO/AFP/Getty Images) Workers in metropolitan Manila now receive 481 pesos ($10.80) in daily minimum wage after a 15 peso ($0.34) increase in March. Although it is the highest rate in the country, it is still "a far cry from being decent," says Lito Ustarez, vice chairman of the left-wing May One Movement. GREECE In financially struggling Greece, an estimated 13,000 people took part in three separate May Day marches in Athens, carrying banners and shouting anti-austerity slogans. Minor clashes broke out at the end of the peaceful marches, when a handful of hooded youths threw a petrol bomb at riot police. No injuries or arrests were reported. A protester supporting the Greek Communist party shouts slogans during a May Day rally in Athens, Greece, May 1, 2015. (AP Photo/Yorgos Karahalis) Earlier, ministers from the governing radical left Syriza party joined protesters gathering for the marches, including Finance Minister Yanis Varoufakis -- who was mobbed by media and admirers -- and the ministers of labor and energy. Greece's Finance Minister Yanis Varoufakis walks in a central street during a May Day rally in Athens, May 1, 2015. (AP Photo/Yorgos Karahalis) In the northern city of Thessaloniki, police said another 13,000 people took part in three separate, peaceful marches. GERMANY Police in Berlin say the traditional 'Walpurgis Night' protest marking the eve of May 1 was calmer than previous years. Several thousand people took part in anti-capitalist street parties in the north of the city. Fireworks and stones were thrown at police, injuring one officer. Fifteen people were detained. Elsewhere in the German capital revelers partied "extremely peacefully," police noted on Friday morning. Demonstrators light flares at a leftist rally during the traditional Walpurgis Night in Berlin, April 30, 2015. (Britta Pedersen/dpa via AP) At noon, Green Party activists unveiled a statue at Alexanderplatz in central Berlin of Edward Snowden, Julian Assange and Chelsea Manning, considered heroes by many on the left for leaking secret U.S. intelligence and military documents. The statue, called "Anything to say," depicts the three standing on chairs and is scheduled to go on tour around the world, according to the project's website. A girl addresses the crowd next to a life size bronze sculpture featuring (L-R) former National Security Agency (NSA) contractor and whistleblower Edward Snowden, WikiLeaks founder Julian Assange and former US soldier Chelsea Manning convicted of violations of the Espionage Act, on May 1, 2015 at Alexanderplatz square in Berlin. (TOBIAS SCHWARZ/AFP/Getty Images) In the central German city of Weimar far-right extremists attacked a union event. Police said 15 people were injured and 29 were arrested. RUSSIA In Moscow, tens of thousands of workers braved chilly rain to march across Red Square. Instead of the red flags with the Communist hammer and sickle used in Soviet times, they waved the blue flags of the dominant Kremlin party and the Russian tricolor. Russian Trade Unions' members parade on the Red Square in Moscow on May 1, 2015, during their May Day demonstration. (KIRILL KUDRYAVTSEV/AFP/Getty Images) Despite an economic crisis that is squeezing the working class, there was little if any criticism of President Vladimir Putin or his government. A Russian Trade Unions' member wears a vest featuring Russian President Vladimir Putin during the May Day demonstration on the Red Square in Moscow on May 1, 2015. (KIRILL KUDRYAVTSEV/AFP/Getty Images) Participants said the May 1 march was a tradition going back to their childhood. This Soviet nostalgia was imbued with feelings of patriotism in the run-up to the 70th anniversary of victory in World War II on May 9. Communists carry a portrait of former Soviet leader Josef Stalin as they march along Kremlin Towers during a May Day demonstration in Moscow, May 1, 2015. (AP Photo/Denis Tyrin) The Communist Party later held a separate march under the slogan "against fascism and in support of Donbass," with participants calling for greater support for the separatists fighting the Ukrainian army in the Donbass region of eastern Ukraine. CUBA Thousands of people were converging on Havana's Plaza of the Revolution for the traditional march, led this year by President Raul Castro and Venezuelan President Nicolas Maduro. After attending Cuba's celebration, Maduro was to fly back to Caracas to attend the May Day observances in his own country. Cubans participate in the May Day celebrations, on May 1, 2015 in Havana. (ADALBERTO ROQUE/AFP/Getty Images) Additional marches were planned in major cities around Cuba, including Santiago and Holguin in the east. Cubans participate in the May Day celebrations, on May 1, 2015 in Havana. (ADALBERTO ROQUE/AFP/Getty Images) -- 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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Fire season begins with serious staff, equipment shortages
The high-alert season for the Greek fire service officially began on Friday, with officials voicing concerns regarding serious shortages in staff and equipment.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
Volos police looking for two suspects in hit-and-run murder
Police in Volos, central Greece, were on Friday looking for two men, a 17-year-old Greek and a 30-year-old Albanian national, in connection with the hit-and-run killing of a 29-year-old man they had been seen arguing with in a bar.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
FTSE ends week on positive note as miners and Lloyds lead the way
Investors shrug off concerns about election and Greece, as Wall Street provides supportLeading shares ended the week on a positive note despite uncertainties ahead of the UK general election and the drawn-out talks to solve Greece’s financial crisis.The latest PMI manufacturing index for the UK came in much lower than expected in April, following poor GDP figures earlier in the week. In the US the figures were also fairly weak. Earlier, Chinese manufacturing data showed no improvement on the previous month, but with hopes that the country might introduce more stimulus to boost the economy, that was still enough to support the mining sector.With Europe mostly out of action for May Day, it was a quiet day in London, but at least the traditionally weak period for equities has started off on the right foot. Miners continue to dominate the top end of the FTSE 100 on revived hopes that the Chinese government will be hustled into fresh stimulus measures by the general lack of strength in economic data.We cut our 2015/16/17 estimated sales by an average of around 1% owing to more adverse foreign exchange (from negative 6% to 7%), and lower our respective earnings per share estimates by an average of around 2%. Considering our stand-alone valuation (£11.30) and the value of potential synergies (around 250p-300p), we estimate that Smith & Nephew’s stock price currently implies almost no probability of an industry merger.There is ongoing M&A activity and industry consolidation in orthopaedics. In this process, Smith & Nephew holds potentially strategic value for certain US companies that have business overlap in large joints, trauma and sports medicine. Continue reading...
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| READ THE ORIGINAL POST AT www.theguardian.com |
no one wants their prints on the murder weapon
Pensioners wait outside the National Bank of Greece to get their monthly pensions on Wednesday. So far, Athens has resisted new pension caps and ...
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| READ THE ORIGINAL POST AT gulfnews.com |
For 42 years, Greece did not recognise Israel. I put an end to this madness
When the UN General Assembly voted to recognise the newly born Jewish state on November 29, 1947, Greece abstained. Greek governments ...
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| READ THE ORIGINAL POST AT www.thejc.com |
Greeks denounce austerity in May Day rally
Varoufakis mingles with demonstrators opposed to bailout terms as talks to break impasse continue
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| READ THE ORIGINAL POST AT www.ft.com |
German president says Berlin should be open to Greek war reparations
By Erik Kirschbaum BERLIN (Reuters) - German President Joachim Gauck expressed support on Friday for Athens' demands for reparations for the Nazi occupation of Greece in World War Two, even though the government in Berlin has repeatedly rejected the claims. Gauck, who has little real power in Germany but a penchant for defying convention, said in an interview to be published in Saturday's Sueddeutsche Zeitung newspaper that Germany should consider its historical responsibility to Greece. "We are not only people who are living in this day and age but we're also the descendants of those who left behind a trail of destruction in Europe during World War Two -- in Greece, among other places, where we shamefully knew little about it for so long," Gauck said. "It's the right thing to do for a history-conscious country like ours to consider what possibilities there might be for reparations." Greece's demand for 278.7 billion euros (206.14 billion pounds) in reparations for the brutal Nazi occupation have mostly fallen on deaf ears, but some legal experts say it may have a case.
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| READ THE ORIGINAL POST AT uk.news.yahoo.com |
UNESCO’s International Symposium in Santorini
UNESCO’s international scientific symposium, hosted in Santorini, will focus on the heritage and development of wine regions and their role in tourism. The symposium has been scheduled to take place from November 5 to 7, 2015. The University of Burgundy which specializes in the culture and traditions of wine organizes a yearly scientific symposium, which will be held on the Greek island of Santorini this year, with the help of Thira Municipality, the Agricultural University of Athens, the National Interprofessional Organization of Vine and Wine, the Greek Wine Federation and the Central Union of Vine and Wine Producing Cooperative Organizations of Greece. The topics that will be discussed include the ways of profiting from the heritage of wine regions, the structure of the organizations involved and their governing regulations, the regions’ tourist development and the promotion of wine-growing traditions, the relation between tourism and wine tourism and the progress in the scientific and technical sector for the utilization of wine regions. Based on numerous examples, the parties involved will make great efforts to promote ancient vineyards as cultural heritage locations. More information is available by the organizing bodies: Chaire UNESCO “Cultures et traditions du vin” de l’Universite de Bourgogne, the Agricultural University of Athens, Thira Municipality and the National Interprofessional Organization of Vine and Wine.
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| READ THE ORIGINAL POST AT greece.greekreporter.com |
Greek Minister Tables Amendments to Sports Violence Bill, Including Points Debated in Committee
Greek Sports Minister Stavros Kontonis tabled in Parliament amendments to a draft bill on dealing with sports violence that were discussed with other parties on Tuesday, during the committee reading of the bill. The bill as a whole passed in principle at committee level in Parliament on Tuesday on the votes of the ruling coalition, with opposition parties expressing reservations and calling for amendments. The arguments focused on disagreements about the right of the government to intervene in fines and the extent of the jurisdiction of the National Football Federation (EPO) especially in terms of international sports authorities. Changes tabled on Thursday (April 30) by Kontonis try to bridge the gap between decisions by the ministry of sports and positions of FIFA and UEFA, the international associations. Amendments among other things include the following: the right of a sports minister to levy fines on associations, football clubs (FC) and sports federations for instigating violence or racist behavior (after seeking a second opinion from a violence committee) and to cancel sports games for preventative reasons; an upper limit of 5 million for fines on FCs, unless they violate a ban on competing abroad, in which case it can go as high as 25 million euros; and the mutual obligation of EPO and the minister to inform each other of any information received that a game may have been manipulated. The amendments also included an explanation on the EPO’s jurisdiction, as an autonomous authority, and the agreement of any of its decisions with the Constitution, current legislation and international bodies to which EPO belongs. (source: ana-mpa)
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Pensioners begin to clear out banks as fears over Greece economic meltdown escalate
FEARS of an economic meltdown in Greece have escalated after ... The rising tensions come as Greece runs out of time to avoid bankruptcy. The state ...
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| READ THE ORIGINAL POST AT www.express.co.uk |
EU crisis talks narrow towards potential Sunday deal on Greece
Greece and its euro-area partners are stepping up talks in a bid to break an impasse over bailout aid amid conflicting signals from the country's ...
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| READ THE ORIGINAL POST AT www.independent.ie |
Greece: How it got here and where it's headed
Today's episode is focused on Greece. The overarching questions are three-fold. What led Greece to the position it is now in? And where does it stand ...
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| READ THE ORIGINAL POST AT rt.com |
LA council candidates split on city plan to operate the Greek
The two Los Angeles City Council candidates vying to represent a Sherman Oaks-to-Silver Lake district are split over a controversial plan for the city to ...
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| READ THE ORIGINAL POST AT touch.latimes.com |
No! The Greek shipping tycoon Spiro Latsis is not Nigel Farage's long lost twin
Sadly, Farage has not become a Greek shipping magnate overnight (as far as we know), nor is he secret twin brother of the real billionaire Spiro Latsis ...
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| READ THE ORIGINAL POST AT uk.businessinsider.com |
Q1 2015 Greek Hospitality Industry Performance
International Tourist Arrivals at the airports of Athens and Thessaloniki increased significantly with 30% and 22% respectively in 2015 Q1 compared to ...
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| READ THE ORIGINAL POST AT www.hospitalitynet.org |
Greek court said to be mulling ruling declaring pension cuts unconstitutional
The Council of State are expected to rule in the coming days on whether or not a series of cuts to pensions over the years, carried out in line with the demands of international creditors, are Constitutional or not, with most of the court's judges said to be leaning toward an unconstitutional ruling, Skai understands.
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| READ THE ORIGINAL POST AT www.ekathimerini.com |
On the trail of Greek artist Nikos Hadjikyriakos-Ghika
But the second house on the left is as uniquely Greek as the sentries' costumes. It's a museum created from the home and studio of Greece's greatest ...
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| READ THE ORIGINAL POST AT www.theaustralian.com.au |
UK and US manufacturing growth slows in April
UK manufacturing PMI shows sharp slowdown at beginning of Q2FTSE 100 edges higher, led by LloydsGrowth stalls in China’s manufacturing sectorTSB sell-off dents Lloyds profitsGreek government seeks to delay difficult reforms 3.18pm BST UBS has been looking at the prospects of a Greek default, in response to queries from investors, and has come up with this chart: 3.10pm BST The eurozone would recover reasonably quickly if Greece left the single currency, but the effect on investor confidence could be more serious, according to the managing director of sovereign risk at ratings agency Moody’s. Alastair Wilson told CNBC:We think the immediate impact would be relatively slight, Greece is a very small part of the eurozone economy, trade with Greece is a very small of overall eurozone trade. What is more difficult to predict is the impact on confidence in financial markets and therefore the potential implications for eurozone debt markets, which of course are the dynamics we saw at the height of the crisis in 2011-2012. 3.05pm BST And the second US manufacturing survey is also downbeat.The Institute for Supply Management’s index of factory activity was 51.5 in April, unchanged from the March figure but lower than 52 figure expected by economists. A rebound in new orders was offset by employment falling to its lower level in more than five years.#ISM unchanged at 51.5 .. US soft patch disappearing only at slow pace ... not suggesting a sell-off in US rates pic.twitter.com/KRiP11lDyv 3.01pm BST Back to Greece and a court is set to rule on whether a series of cuts to pensions over the years is unconstitutional. The Kathimerini newspaper reported:The Council of State is expected to rule in the coming days on whether or not a series of cuts to pensions over the years, carried out in line with the demands of international creditors, are Constitutional or not, with most of the court’s judges said to be leaning toward an unconstitutional ruling, Skai understands.Speaking to Skai television, the Syriza MP and deputy parliament speaker Alexis Mitropoulos said the court’s judges regard the cuts as a violation of the Constitution. 2.48pm BST The first of two US manufacturing surveys is out, and it shows a slowdown in factory activity growth in April.Markit’s final PMI reading came in at 54.1 compared to the earlier estimate of 54.2 and a figure of 55.7 for March.The survey results raise worries that the dollar’s appreciation is hurting the economy. 2.43pm BST Yanis Varoufakis could not resist bragging. Shortly after Greece’s new leftist government struck a deal with creditors to extend the country’s bailout to the end of next month, the finance minister and glamour boy for the Syriza radicals waxed triumphalist about how he had outfoxed the eurozone.“We no longer have this unified group against Greece,” he declared in a lengthy radio interview. “We now have a side that has broken down into many different sides, some of which are very open to our proposals. This by itself is a great success.”FDR, 1936: "They are unanimous in their hate for me; and I welcome their hatred." A quotation close to my heart (& reality) these days 2.37pm BST US shares have opened higher. 2.23pm BST The Greek prime minister Alexis Tsipras has taken to Twitter with some rallying words for his people on May Day... We will prevail in our struggles to bolster and protect our rights, our #Democracy and our dignity. #MayDay #May1 pic.twitter.com/db4lRYQmPm 2.12pm BST The FTSE 100 is up 0.1% at 6,966.Lloyds Banking Group is still the biggest riser, now up 7.4% at 83p as investors welcomed confirmation that a dividend will be paid this year, for the first time since the 2007 bailout. 1.05pm BST Bank of England figures published earlier showed that lending to British consumers grew at the fastest rate since before the financial crisis in March.Consumer credit grew by £1.24bn, beating forecasts of an £800m increase. It was the biggest monthly increase since February 2008, and the biggest annual jump since May 2006.Credit growth continues to perform robustly, suggesting that households remain upbeat. Net consumer credit rose £1.2bn on the month – you have to go back 10 years to when the UK was previously seeing that level of borrowing on a consistent basis. 12.31pm BST A member of the European Central Bank’s governing council claims he is “slightly optimistic” that a deal will be agreed between Greece and its creditors.Not hugely bullish from Patrick Honohan, who is also the governor of Ireland’s central bank.I’m slightly optimistic that there will be an outcome that’s good and favourable. I don’t like to talk about any alternatives. 12.17pm BST Here in Athens, the Greek government has announced that until it gets “concrete signs” of the country’s liquidity asphyxiation being eased, it is not going to bear the political cost of putting a potentially explosive list of reforms before parliament. 11.43am BST Over in Greece, monthly pension payments appear to have gone through, following angry scenes outside Athens banks on Thursday. 11.29am BST In other UK news, the Financial Conduct Authority is looking into a series of complaints over the manipulation of a key contract used to price savings products and mortgages.The City watchdog is scrutinising a series of complaints over manipulation of a key contract used to price savings products and mortgages. The complaints allege the systematic rigging of short-term interest rate contracts (Stirs) by traders on the London International Financial Futures Exchange (Liffe) in recent years. 11.15am BST Here is the full story on the manufacturing PMI from the Guardian’s Katie Allen. 10.49am BST Now for some reaction to the weak manufacturing PMI from City economists (whose forecasts were far wide of the mark) and other experts. In a way, bad luck has prevented a more balanced recovery in the UK, where consumption continues to be the most reliable driver of growth. When sterling was low in 2009 - 2013, it did not help UK exporters very much because demand from the major export market, the eurozone, was weak due to the global financial crisis and the euro crisis. Now that the eurozone is rebounding, UK exporters struggle to defend their market share due to the weaker euro. Still, we expect the return to more normal growth in the eurozone to benefit UK manufacturers as well over time. The large April drop in the UK manufacturing PMI is likely to be a blip and buoyant domestic demand will support activity. This decelerating pace of growth is strongly linked to the general uncertainty that has crept into the manufacturing and industrials sector in the past few months. The strengthening of the pound against the euro continues to bring concerns over exports, impacting on the UK’s competitiveness and margins. Furthermore, the looming general election adds further unease to the sector in terms of EU membership and any possible changes to taxation. This is a disappointing survey that adds to the evidence that the economy has recently lost momentum, which likely partly reflects increased business caution ahead of the highly uncertain general election. It is also evident that UK manufacturers are being hampered in key eurozone export markets by sterling’s strength against the euro. Recent data points to a marked loss of momentum in manufacturing activity since the start of the year. While consumer facing sectors are still forging ahead thanks to low inflation and a pick-up in wage growth, any sign that export growth was about to turn around at the end of last year now looks to have been a false dawn. Nevertheless, it would be premature to write off manufacturing’s contribution to growth in the future, not least because continued employment growth points to some confidence about longer term prospects. UK manufacturing output slumps to 7-month low. PMI slides to 51.9, way below all 31 estimates in @ReutersPolls pic.twitter.com/A1xXa0rgv8 10.44am BST Shockingly weak. That’s the only way to describe news highlighting the continuing struggles of Britain’s manufacturers last month.Its easy to see why the health check of industry from Markit/CIPS raised eyebrows. The snapshots of the three most important sectors of the economy - manufacturing, construction and services - are closely watched because they are the first evidence of the state of the economy in the month and they are forward rather than backward looking. 10.16am BST The unexpected and sharp fall in the headline manufacturing PMI to 51.9 in April from 54 in March was driven by broad weakness in the sector.It was the slowest growth for UK factories in seven months, as growth in output, new orders, and employment all slowed.Coming on the back of weaker-than-expected GDP numbers on Tuesday and only six days before the general election, today’s UK PMI delivered less than positive news on the health of the manufacturing sector. Rates of expansion in production and order books both slowed sharply in April, meaning manufacturing is again unlikely to provide much of a boost to broader economic growth. This keeps the emphasis for maintaining the recovery highly reliant on the services sector. 9.52am BST The far weaker-than-expected manufacturing PMI has sent the pound lower. 9.32am BST The headline index on the Markit/CIPS manufacturing PMI fell to 51.9 in April, from 54.6 in March.This is a bit of a shocker. Economists were expecting 54.6 (where anything above 50 signals growth). The March number was revised down to 54 from 54.4. 9.11am BST At 9.30am we will get the earliest indication of how the UK economy was performing as the second quarter got underway.The Markit/CIPS manufacturing PMI survey for April will be closely watched by markets and policymakers alike. 8.54am BST While most European markets are closed today for the May Day holiday, Michael Hewson, chief market analyst at CMC Markets UK, reflects on their recent performance and considers what might lie ahead in the short term.It’s not been a good week for European equity markets with the rebound in the euro knocking the German DAX down quite heavily, posting its first monthly loss this year. The declines this month and this week also raise the prospect of more losses to come, particularly if the euro continues to rise in the coming weeks, which seems quite likely, given that it is becoming increasingly likely that any prospect of a US rate hike has receded by at least three months. 8.45am BST Lloyds Banking Group has taken a £745m hit from the forced sell-off of its TSB branch network.A reminder, if needed, of how the impact of the financial crisis that began in 2007/8 is still being felt. Lloyds Banking Group has taken a £745m hit from its TSB branch network, denting profits at the bailed-out bank in the first three months of the year.Lloyds was forced to sell off the 631-branch network under terms agreed with the EU before its 2008 taxpayer bailout. The government originally took a 43% stake in Lloyds but this has now fallen to 20.95% through a series of share sales. 8.29am BST The FTSE 100 is down 0.5% in early trading at 6926.Lloyds Banking Group is the top riser, up 3.3% at 80p after publishing its first-quarter results (more on those soon). 7.54am BST Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.The latest manufacturing data for China was published overnight, showing the sector barely grew in April. Continue reading...
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Tsipras Says Greece Closing On Critical Deal, Big IMF Payment Looms
Trying to quell dissension in his ruling Radical Left SYRIZA party, Prime Minister Alexis Tsipras said he thinks Greece will soon have a deal with international lenders as state coffers are emptying fast. The post Tsipras Says Greece Closing On Critical Deal, Big IMF Payment Looms appeared first on The National Herald.
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Varoufakis has achieved one thing – uniting resentment from poorer nations
Countries such as Latvia and member states in eastern Europe have been some of Greece’s most trenchant critics, after having to take part in the world’s biggest ever bailoutYanis Varoufakis could not resist bragging. Shortly after Greece’s new leftist government struck a deal with creditors to extend the country’s bailout to the end of next month, the finance minister and glamour boy for the Syriza radicals waxed triumphalist about how he had outfoxed the eurozone.“We no longer have this unified group against Greece,” he declared in a lengthy radio interview. “We now have a side that has broken down into many different sides, some of which are very open to our proposals. This by itself is a great success.” Related: Eurozone recovery defies the odds but long-term problems remain FDR, 1936: "They are unanimous in their hate for me; and I welcome their hatred." A quotation close to my heart (& reality) these days Continue reading...
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Greece's endgame: why they will finally be forced to capitulate
Pensioners brake into board mtng of #Greece's biggest pension fund IKA, demand rejection of funds' transfer to State pic.twitter.com/nuufNM1J7p.
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Greece: Stuck in the Middle
Greece seems to be stuck between political forces on the left (the Syriza party) and fiscal forces on the right (debt burdens, European Monetary Union ...
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Greek Labor Day Action: Thousands of People and Ministers Participate in Rally
Downtown Athens is closed as of this morning, Friday, for strike rallies to commemorate Labour Day (May 1). Participants of a rally by the umbrella labor unions of Greece, GSEE of the private sector and ADEDY of the public sector, who had gathered at Klafthmonos Square on Stadiou, are marching to Syntagma Square, as part of a strike action commemorating the day. An earlier rally by PAME, the Communist Party-affiliated labor union, at Syntagma has concluded. The second rally is being attended by Interior and Administration Reconstrunction Minister Nikos Voutsis, Productive Reconstruction, Environment and Energy Minister Panagiotis Lafazanis, Finance Minister Yanis Varoufakis, Social Insurance Altenate Minister Dimitris Stratoulis and Attica Region Governor Rena Dourou among other officials. In a message as he arrived at the PAME rally, Communist Party of Greece General Secretary Dimitris Koutsoumbas said on Friday that Labor Day’s message consists of leaving the memorandum policies and breaking with the European Union. The Day points us to the road away from the memorandum and its application laws, Koutsoumbas underlined as he arrived at the rally organized by the KKE-affiliated PAME labor union. It also points us towards the direction of expanding the labor movement to demand better wages for workers and collective work agreements, as well as towards breaking with the EU and the capital and its rule. In statements at Klafthmonos Square earlier, Lafazanis said that this year’s message on Labor Day was for struggle and resistance, and noted that Greece is negotiating toughly, the government will keep its commitments and the negotiations will have a positive outcome. Yanis Varoufakis became one with the crowd. He wore a simple T-shirt, a leather jacket and a carnation in his front pocket in order to participate in the rally that took place in central Athens. Varoufakis was cheerful as he spoke with the citizens who were commemorating Labor Day. Meanwhile, several reporters approached him in an attempt to get a statement. (source: ANA-MPA)
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