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Sunday, August 2, 2015

Germany wrong to propose temporary 'Grexit': French minister

Berlin (AFP) - French Finance Minister Michel Sapin said in an interview Sunday that his German counterpart Wolfgang Schaeuble was "wrong" to propose a temporary withdrawal from the euro for debt-laden Greece, evoking "a clear disagreement"."I think Mr Schaeuble is wrong and even contradicting his own deep European commitment," the French minister said in the interview to be published Monday in the German business daily Handelsblatt, excerpts of which were broadcast Sunday."This wish, which I share, consists of reinforcing the eurozone," a goal which would preclude any such temporary exit, Sapin said,To talk now of a 'Grexit,' a Greek withdrawal from the common European currency, as Schaeuble did during talks in Brussels in mid-July, is "not realistic," he insisted, while recognising that his German counterpart was not speaking tactically but "with conviction".Last month, eurozone finance ministers included an option for a temporary Greek exit from the euro if Athens failed to agree a bailout deal, according to a document obtained by AFP.The potential "time-out" mentioned in the eurozone draft did not refer to a specific time period.The Greek government later said it wants to see a final deal on its international bailout hammered out by August 20,On the possibility of a Greek exit "there is disagreement, a clear disagreement," said Sapin in his Handelsblatt comments."If you allow (a country) to leave temporarily that signifies that all the other countries in difficulty are going to want to get out of trouble by a readjustment of the currency," Sapin said."You don't overcome difficulties by manipulating the exchange rate but by structural reforms which reinforce competitiveness and lead to efforts at budget balancing," he added.After lengthy negotiations, Greece and its creditors signed a general agreement on July 13 on a third bailout plan but tough talks remain on how to reduce Greece's debt burden.Join the conversation about this story »


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A Greek tragedy just waiting to happen

This being Greek drama, their naughtiest behaviour happened off-stage. One day someone — à la Michael Frayn — will invert a Greek tragedy, lose ...


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Eyes on banks as Greece reopens bourse today

Attention will be focused on Greece's embattled banks today when the Athens stock exchange reopens after a six-week shutdown over the country's ...


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Learning from Greece crisis

GREECE is in turmoil is an understatement. The passage of the new austerity programme in Greek parliament was a surprise, given the split in Syriza, ...


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Greece Could Ask for as Much as 24 Billion Euros

Greece might seek up to as much as 24 billion euros for its first tranche of new bailout aid from its international lenders during August to help prop hits ...


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World Press: Grexit Talk Not Going Away Just Yet

With a deal with international lenders for a third bailout unsettled, talk of a Greek Eurozone exit isn't going away. The post World Press: Grexit Talk Not Going Away Just Yet appeared first on The National Herald.


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Bailout Talks Pick Up, But SYRIZA Rebellion Over Reforms Toughens

Greece's coalition has begun its first real talks with international lenders demanding more reforms and austerity in return for a third bailout 86 billion euros which is splitting asunder the ruling Radical Left SYRIZA-led coalition of Prime Minister Alexis Tsipras. The post Bailout Talks Pick Up, But SYRIZA Rebellion Over Reforms Toughens appeared first on The National Herald.


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ECB Keeping Greek Banks Going

The ECB is ready to inject ailing Greek banks with more emergency liquidity if a bailout deal is worked out with lenders. The post ECB Keeping Greek Banks Going appeared first on The National Herald.


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A Look Ahead: Consumer Discretionary And Greek ETFs To Watch This Week

July was a lethargic month for U.S. stocks with the S&P 500 adding just 0.2 percent for the month, but the Nasdaq Composite impressed with a gain of ...


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Greece aims for €24B in first tranche of new aid

Athens may seek €24B in a first tranche of bailout aid from international lenders in August to prop up its banks and repay its debts, Greece's Avgi ...


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UPDATE 2-Greek statistics chief steps down as bailout talks under way

Georgiou named head of statistics agency in 2010. * Says he worked to restore credibility to Greek data. * His departure comes as latest bailout talks ...


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Man United target Cristiano Ronaldo shocks agent Jorge Mendes with latest move

Cristiano Ronaldo GETTY. Cristiano Ronaldo splashed £35.5m to buy his agent a Greek island. Manchester United have reportedly given up in their ...


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Head of Greek statistics office says he will not renew his term

A veteran IMF statistician, Georgiou was appointed head of ELSTAT in 2010 in an effort to restore the credibility of Greek statistics a few months after ...


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German Chancellor Angela Merkel Could Win Absolute Majority: Poll

German Chancellor Angela Merkel's leadership during the Greece crisis has given her conservatives a chance of winning an absolute majority if an election were held next week, an opinion poll today sho...


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German conservatives get big poll boost from Greek crisis

German Chancellor Angela Merkel, French President Francois Hollande, and Greek Prime Minister Alexis Tsipras confer prior to the start of a summit ...


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Spain will be Greece 2.0

Spain could become like Greece if the same austerity policies are imposed on the country, former Greek finance minister Yanis Varoufakis said in an ...


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National Bank of Greece (ADR) (NYSE:NBG) in Focus as Stock markets Re-ope

Attention will be focused on Greece's embattled National Bank of Greece (ADR) (NYSE:NBG) on Monday when the Athens stock exchange reopens ...


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Greek shares 'set to plunge 20%'

The Athens Stock Exchange is set to plunge by as much as 20% on Monday when trading finally resumes after a five-week closure, traders predict.


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Investors braced for reopening of Athens stock exchange

Based on the recent experience of GREK, an exchange-traded fund of US listings of Greek companies, the Athens index could fall sharply on Monday, ...


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The Greek hotel once frequented by Angelina Jolie that's now abandoned

Thirteen years after it opened as one of the most luxurious tourist resorts in the Peloponnese - with a blue-flag beach and A-lister clientele – Hotel Lakonis is half derelict.


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Incredible: Ronaldo buys agent Greek Island

Plenty of Greek Islands are now for sale following the economic meltdown in the country. Portuguese outlet Move Noticias says Ronaldo has splashed ...


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We are all Greece

The cast of heroes and villains in Greece's ongoing battle to save its economy varies depending on who's telling the story. One simplified narrative ...


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Venezuela and Greece Boost Energy Cooperation

... to promote the development of a positive economic, friendship and mutual benefit relation for the peoples of the nation of Bolivar and Greece.


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Greek investors braced for market reopening

Exchange expected to plunge in value after five-week closure


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French finance minister takes aim at German Schaeuble over Grexit idea

BERLIN (Reuters) - French finance minister Michel Sapin has criticized his German counterpart Wolfgang Schaeuble for suggesting that Greece could temporarily leave the euro zone, but said the Franco-German relationship is "not broken".


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The hotel that sums up Greece's woes: Luxury resort where Angelina Jolie used to stay now lies abandoned

It took millions of euros to build, was dedicated to the gods and with its spectacular circular atrium was supposed to be a symbol of the new economic might of Greece. But today, 13 years after it opened as one of the most luxurious tourist resorts in the ...


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Greece, Venezuela sign energy cooperation agreement

#economy


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Greece Not An Investment Destination Anymore

Greece is considered to be extremely risky by most greenfield investors due to the current economic and political turmoil tantalizing the country, according to the Financial Times. “Greenfield investment into Greece has all but ground to a halt as the country teeters on the brink of bankruptcy and flirts with ejection from the Eurozone. The militantly socialist rhetoric of the ruling


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Cristiano Ronaldo proves he is the best man by buying Jorge Mendes a Greek Island for a ...

But the 30-year-old will not be wrapping up his gift as it is a Greek island. Greece has decided to sell off some of its islands in a bid to help clear up its ...


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Spain Risks Becoming another Greece, says Varoufakis

The Spanish should look to their situation and value what they need, independently of what happens in any place: the danger of becoming Greece is ...


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Putin promises protection for ancient Crimea ruins

Historians fear Sevastopol authorities will damage Unesco world heritage site Chersonesus, an ancient Greek city, to attract orthodox believers


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World-renowned US economist denies being part of 'criminal gang' planning on bringing the drachma back to Greece

A world-renowned US economist who was part of a secret “Plan B” team devised by Greece’s former finance minister, has denied being involved in a “criminal gang” intent on bringing the drachma back to the country. James K. Galbraith, a professor of government at the University of Texas and long-time friend of Yanis Varoufakis, coordinated a five-man effort which advised Athens on the emergency measures it could take should creditors force Greece out of the eurozone. The clandestine plans were made public last week following the airing of a private coversation between Mr Varoufakis and international investors in London. Greece’s supreme court has since lodged two private lawsuits against the former minister with the Greek parliament. They are said to be related to charges of treason and the formation of a “criminal gang”. But speaking to The Telegraph, Mr Galbraith said he has received no official communication from Greek authorities about his own involvement and does not expect an extradition order to face trial in the country. “If questions come my way I'll be happy to answer them” said Mr Galbraith. “We will see what happens, but I would be surprised if there is anything more than a fact finding mission [from Greek authorities] at this stage.” "We were not involved in any policy discussions and we had no role in the negotiating strategy" James Galbraith The US economist spent five months in Greece until July and was not paid for his efforts. The identity of the other three members has not been revealed, but Mr Varoufakis currently enjoys parliamentary immunity from criminal prosecution. “We were content to stay completely out of view” said Mr Galbraith, who described his work a “precautionary troubleshooting” for the government after it had been threatened with a collapse of its banking system from Europe’s creditors. “It was a situation where any leaks would have done harm, and so we proceeded carefully with that very much in mind. No leaks occurred, we were not involved in any policy discussions and we had no role in the negotiating strategy.” Mr Galbraith also distanced himself from a separate finance ministry operation to devise a system of “parallel liquidity” that would allow the government to continue paying its suppliers in the face of the cash squeeze. Mr Varoufakis has courted controversy after telling investors he asked a childhood friend and professor at Columbia University to “hack” into the computer system of the equivalent of Greece’s inland revenue body, to set up the payments network. The revelation that he sought access to private taxpayer information has let to opposition parties in Greece calling for a full inquiry into the operation. Mr Varoufakis also said the system, which was denominated in euros, could be switched to drachmas at the "flick of a button". But Mr Galbraith, who has never met the Columbia professor, downplayed the implications of the plan as an “administrative” matter for the finance ministry. “It could have been implemented within the eurozone, and had no implications for the exit strategy”, he said. “It would have facilitated payments between the state and its counterparties and possibly could have been extended to private sector liquidity”. Prime Minister Alexis Tsipras rallied behind his beleaguered former minister on Friday, confirming that he tasked him with the responsibility to “defend” the country after creditors had also made contingency plans for a Greek exit. Mr Galbraith described attempts to paint Mr Varoufakis as a rogue finance minister in some parts of Greek media and political opposition as “defeated, discredited and desperate”. The son of the pre-eminent economist of the Great Depression, John Kenneth Galbraith, he said the working group looked at “scrip” currency issuance in the state of Detroit in the 1930s, and California’s IOUs in the 2000s. California last issued temporary coupons to pay bills to contractors when liquidity seized up after the Lehman crisis in 2008. “I've never seen anyone work so hard or so selflessly on behalf of his country” James Galbraith on Yanis Varoufakis Two days before his resignation, Mr Varoufakis told The Telegraph the government should have chosen the California option a week before a decision to hold a referendum on bail-out terms on July 5. The revelation has been touted as bringing about the eventual downfall of the self-styled “erratic Marxist”. But Mr Galbraith defended his friend as a man who had remained committed to keeping Greece inside the single currency throughout six months of ill-tempered negotiations. “I've never seen anyone work so hard or so selflessly on behalf of his country” he said. Prime Minister Tsipras now faces another month of drawn out negotiations with the Troika who have returned to Greece for the first time in a year. The premier has managed to hold off a rebellion within his Syriza party after memebers postponed an internal ballot on bail-out conditions until September. Mr Galbraith said he expected the former finance minister to stay loyal to the government despite previously denouncing the terms attached to a third rescue package as the equivalent of Greece’s “Treaty of Versailles”. “Yanis has no personal political ambitions”, said the professor. “The internal politics of the party remain solid. There are many relationships there which go back a long way, and they all have a good reasons to trust each other. The most likely thing right now is that the coalition sticks together.” Join the conversation about this story » NOW WATCH: People doing backflips on a two-inch wide strap is a real sport called slacklining


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French Riot Police Use Chemicals To Disperse Migrants Near Calais

COQUELLES, France (AP) — French riot police have sprayed migrants with a chemical irritant as they tried to storm the Channel Tunnel, and the British and French interior ministers said the nightly attempts to reach Britain are part of a "global migration crisis" that needs an international solution. The migrants, who broke down several security fences late Saturday, were forced to retreat by riot police as they attempted to breach the final fence near the entrance of the 50-kilometer (30-mile) tunnel under the English Channel. The migrants, estimated to number around 200 by an Associated Press journalist, faced off for close to an hour with security forces, chanting slogans including: "Open the border" and "We are not animals." Thousands of migrants have been scaling fences near the tunnel, often referred to as the Chunnel, in recent weeks, trying to hop on freight trains or trucks destined for Britain. One man was fatally crushed by a truck. Most of the migrants have fled war, dictatorship and poverty in Africa and the Middle East, entering Europe Greece or Italy before heading north. Many think Britain offers the best prospects, because of the English language, welfare benefits and the perceived ease of getting a job. The migrant activity at the Chunnel — combined with a series of strikes by French ferry workers — have disrupted freight and passenger traffic, and spurred both governments to promise higher fences, more surveillance cameras and extra security guards. In an article published in Britain's Sunday Telegraph and France's Journal du Dimanche, British Home Secretary Theresa May and French Interior Minister Bernard Cazeneuve said stopping the flow of migrants was "the top priority" for both governments. But they added that the entire European Union must "address this problem at root." They said many migrants saw the streets of Europe as "paved with gold" and "we must break the link between crossing the Mediterranean and achieving settlement in Europe for economic reasons." The governments are keen to show a united front on this issue, but many British politicians have criticized France for supposedly lax security at the tunnel. -- 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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Theresa May Says Calais Migrants Chaos Is Down To 'Global Migration Crisis'

Source: www.huffingtonpost.co.uk - Sunday, August 02, 2015 The chaotic scenes of migrants desperately trying to get into Britain though the channel tunnel are being caused by a "global migration crisis," Theresa May has said. In a joint article for the Sunday Telegraph , the home secretary and her French counterpart Bernard Cazeneuve called on other EU nations to take action. It comes as a raft of security improvements around the tunnel were agreed including extra private security guards, French police reinforcements, additional fences and more CCTV surveillance. Migrants climb through a fence on to the tracks near the Eurotunnel site at Coquelles in Calais "We are both clear: tackling this situation is the top priority for the UK and French governments. We are committed and determined to solve this, and to solve it together," Mrs May and Mr Cazeneuve wrote. "What we are currently facing is a global migration crisis. This situation cannot be seen as an issue just for our two countries. "It is a priority at both a European and international level. Many of those in Calais and attempting to cross the Channel have made their way there through Italy, Greece or other countries. "That is why we are pushing other member states, and the whole of the EU, to address this problem at root." They suggested that the long-term solution to the problem would be to persuade would-be migrants hoping for a better life in Europe that "our streets are not paved with gold". The extra security measures were agreAll Related


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Football: Ronaldo reportedly buys Greek island wedding gift for super agent Mendes

... superstar Cristiano Ronaldo has reportedly presented Jorge Mendes, a phenomenal gift for the football agent's wedding on Sunday - A Greek island ...


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Time and cash running out for Greek negotiating team

Quartet ups demands for immediate reforms on many issues


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Small Business: Greek crisis pinches US importers

In two or three weeks, some of Greece's winemaking regions will begin their annual grape harvest. The wineries Diamantis buys from age their wine in ...


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New rules for domestic investors in the Greek stock market

THE Greek stock market will reopen on Monday after a five-week shutdown brought on by capital controls imposed at the height of the ...


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Small Cyclades; Precious Little Gems Scattered Across a Glittering Aegean

Follow us on a quick trip to “Small Cyclades” and enjoy enticing spots by the sea, crystal-clear waters, gorgeous sand beaches, picturesque whitewashed houses and the most beautiful sunsets you will ever experience! Donoussa According to Greek mythology, Donousa is the island in which Dionysos decided to transfer Ariadne so that Theseus could not locate her. Donoussa is located on the northeastern part


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The Only way ahead for Greece and other Third World Countries

Greece, once a mighty country, is now in the dog house, with its economy in tatters, its rulers begging the Troica- the IMF, the EU and the ECB for ...


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Greece, rescue creditors in 2nd day of talks on new lifeline

The main opposition New Democracy party on Tuesday formally asked a parliamentary committee investigating Greece's bailouts to examine ...


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Greece braces for busy day's trading as Athens stock market reopens

Shares expected to sell off sharply when trading in Greek stocks resumes on Monday after a five-week shutdownGreek investors expect a tumultuous day’s trading when Athens’ stock market reopens on Monday after a five-week shutdown.The resumption of trading in Greek stocks will be the latest step back towards economic normality, after the prime minister, Alexis Tsipras, struck a deal with the country’s creditors to open talks on an €86bn third bailout. Continue reading...


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Greek banks to be subjected to stress tests amid fears over capital levels

Attention will be focused on Greece's embattled banks on Monday when the Athens stock exchange reopens after an absence of nearly a month because of the country's debt crisis. The banks are in a vulnerable position owing to outflows of billions of euros ...


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Factbox

(Reuters) - The Greek stock market will reopen on Monday after a five-week shutdown brought on by capital controls imposed at the height of the ...


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Real Madrid news: Cristiano Ronaldo bought his agent a Greek island as a wedding present

But the Real Madrid and Portugal superstar has proven to be a perfect choice for agent Jorge Mendes – after Ronaldo bought him a Greek Island as a ...


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Cristiano Ronaldo buys a Greek ISLAND as a present for his agent Jorge Mendes

Real Madrid superster Cristiano Ronaldo has bought an entire Greek island as a wedding gift for his agent Jorge Mendes, according to Eurosport.


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Greek Stock Market Reopens; Mathimatical Perspective On The Bailout

Of course, Greek GDP is expected to rise. Then again, I assumed 0% interest, and I also assumed a 3% current account surplus from now until ...


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It would take many months or years for Greece to lift capital controls

NICOSIA, Aug. 2 (Xinhua) -- If Cyprus can be an example to judge by, Greece would need many months or even years to lift capital controls imposed ...


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What was Varoufakis trying to do and did he do it?

Far from behaving humbly and feeling ashamed of Greece's enormous debt, Syriza actually burst on the scene as a self-righteous reformer.


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Germany's Merkel has chance of absolute majority, poll shows

Germany Chancellor Angela Merkel's leadership during the Greece crisis has given her conservatives a chance of winning an absolute majority if an election were held next week, an opinion poll on Sunday showed. The chancellor has ruled Germany since 2005 and now governs in coalition with the Social Democrats (SPD). Not since Konrad Adenauer's third term as chancellor ended in 1961 has the CDU/CSU ruled with an absolute majority.


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