Greece and the economic crisis

September 21, 2017

"The 43-year-old leftist acknowledged this week that the crisis was not over, but expressed optimism about the rest of his term. “In a year from now ... we will have left the bailout behind and we will have one more year, the most creative of our term, to materialize our plan for a ‘new’ Greece,” he said."

Greece to step up tanker checks after pollution from sinking - ABC News

"The announcement Thursday comes in the wake of the Sept. 10 sinking of the Agia Zoni II tanker — at anchor in calm waters — off the island of Salamina next to Greece's main port of Piraeus, with 2,500 tons of fuel on board."

Video Report

"Greek Minister of Economy and Development Dimitri Papadimitriou discusses the Greek bailout, the timeline for debt relief, non-performing loans and his outlook for the economy. He speaks on "Bloomberg Daybreak: Europe."

"...Kaminis said that when he was first elected in 2011 the authority’s debts stood at 210 million euros. By December 31, 2016, this number had dropped to 122 million euros, even though the municipality’s budget was reduced by 53 million euros due to sweeping expenditure cuts."

September 20, 2017

Why the USA and Russia are fighting over a suspected cyber-criminal in Greece - Newsweek

"The U.S. Department of Justice indicted Alexander Vinnik, 37, in July, accusing him of masterminding a $4 billion money laundering scheme using the cryptocurrency bitcoin. Greek authorities arrested Vinnik in the tourist resort of Halkidiki on July 26... "

"Popular Santorini received over 600 cruise boats in 2016. On some days, nearly 20,000 cruise ship passengers would disembark, overwhelming the small island. In response, Santorini joins other popular vacation destinations like Venice and Barcelona, in restricting the number of tourists who can enter each day. Tourism is 24% of Greece’s GDP. 8 in 10 new jobs were created through the tourist sector."

"... tanker ship, the Lassaia, was carrying oil pumped into it from the wreck of the Agia Zoni II tanker, which sank on Sept. 10."

"The argument between the Canadian miner and Greece could endanger the ratification process of CETA, the EU-Canada Free Trade deal that is partially coming into effect on September 21. This is bad news for an agreement that has struggled to get off the ground and continues to face significant resistance on both sides of the Atlantic."

"The agenda of the meeting includes a wide range of issues, mainly the Cyprus issue, bilateral relations, as well as the preparation for the Greece – Turkey Supreme Cooperation Council to be held in Thessaloniki..."

"... creating a special € 12 billion stabilization fund to the Treasury with money that can not be used before the end of the program and will contribute to a clear exit from the Memorandum. As he explained, the plan is for this fund to act as a security pillow for future market turmoil."

September 19, 2017

Russia seeks extradition from Greece of suspect wanted by US - sfgate.com

"Vinnik was arrested in northern Greece in July and detained pending an extradition hearing later this month following a request from U.S. Attorney's Office in the Northern District of California."

US, Moscow seek Russian held in Greece over Bitcoin laundering - Yahoo

"...according to 2016 figures, hotels account for about 10% of GDP and 6.5% of employment in the country. "

"Merchant Marine Deputy Minister Nektarios Santorinios said the swap would not delay the pumping operation for more than a few hours. The government has ordered expiring seaworthiness certificates not to be extended, after it emerged that the tanker which sank on Sept. 10 was operating on an extended certificate."

"PM Tsipras told his ministers during a cabinet meeting that Greece must complete the pending reforms by November to expedite the progress review and exit the bailout program."

"Appeal from the Mayor of Glyfada Giorgos Papanikolaou: "The next few days will be taking measurements in the waters, to see what the situation is and to inform the world. Please do not swim in the next few days to preserve their health. We will file a lawsuit against any person responsible ... "

Syntagma Square

September 18, 2017

New chief appointed to Supreme Court - eKathimerini

"Greece’s cabinet on Monday appointed a new president to the country’s Supreme Court, filling the top judicial post after the summer recess, following the retirement in June of Vassiliki Thanou."

"The environmental group's Greek branch filed the lawsuit Monday against "anyone found responsible," a common legal practice in Greece when the culprit of a crime hasn't been formally identified."

"Greece's bailout progress is being reviewed by its lenders on a quarterly basis and the next review is expected to start in October."

September 17, 2017

New Technology Helps Stranded Refugees in Greece - VOA

“When I came here I didn’t know anything about the Greek asylum system,” said Hassan, who passed his asylum interview and has remained on the island, helping to distribute SD cards to more refugees.

“This is the first time things have been clearly explained.”

"...Euro-area nations in July approved the release of 8.5 billion euros ($10.2 billion) to Greece under an 86-billion euro bailout. The review process for that installment dragged on for months as Greece, its European creditors and the International Monetary Fund squabbled over the country’s debt-reduction plan."

"...In a discussion with Kathimerini’s executive editor Alexis Papachelas on the third day of this year’s Athens Democracy Forum on Friday, the president and CEO of The New York Times, Mark Thompson, explored the challenges posed by failing public trust in politicians and the media."

September 16, 2017

Greece Hopes to Clear Next Bailout Review This Year, Pappas Says - Bloomberg

"Euro-area nations in July approved the release of 8.5 billion euros ($10.2 billion) to Greece under an 86-billion euro bailout. The review process for that installment dragged on for months as Greece, its European creditors and the International Monetary Fund squabbled over the country’s debt-reduction plan.

Greek officials hope to avoid similar delays in the upcoming review under the euro-zone program, said Digital Policy Minister Nikos Pappas"

"This leak happened near the country's biggest harbour, just miles away from the operation centre of the ministry tasked with addressing such disasters," Dimitris Ibrahim, campaign director at Greenpeace Greece, told news portal in.gr. Adding insult to injury, the amount of oil in question was "relatively small," Ibrahim said.

"Mr Georgiou has so far faced six closed-door deliberations by the supreme court and four open trials over claims that he inflated the size of the budget deficit in 2009.

He has also faced linked claims that he damaged the country’s interests, violated internal procedures, defamed colleagues and continued working for his former employer, the International Monetary Fund, even after he joined Elstat."

September 15, 2017

"Greek authorities insisted Thursday they were doing everything they could to clean up the viscous, foul-smelling oil that has coated large parts of Athens' coastline following the sinking of a small oil tanker."

More Coverage:

Mayors of coastal suburbs take legal action over oil tanker leak - ekathimerini

"Greece granted Canada's Eldorado Gold another permit for its Olympias mining project on Friday in an attempt to defuse tension with the Vancouver-based company which had threatened to halt investment in the country."

"European Commission President Jean-Claude Juncker gave his annual State of the European Union address at the European Parliament on Wednesday morning presenting his vision for the future of the Union. Mr. Juncker ruled the prospect of an EU membership for Turkey in the foreseeable future in his speech."

"The magazine's readers were asked to vote for their favourite place in the world, taking into consideration the things they love the most about travelling, including favourite countries, cities and islands, ski resorts, top hotels and spas, best airlines, airports, cruise lines and even villa rental companies and tour operators."

"After the autopsy, HCDCP recommends, as a first step, avoiding bathing on beaches affected by pollution due to the oil spill that formed after the sinking of the tanker "Agia Zoni II". "

"He stressed that Greece's exit from the excessive deficit procedure is on the right track. The Eurogroup chairman said the institutions had informed the Eurogroup about the situation in Greece and that there are technical stages in our country that are paving the way for the third evaluation to begin before the end of the year .

At the same time, as Daselblum pointed out, the issue of the former head of ELSTAT Andreas Georgiou was also discussed and the importance of the independence of the service was highlighted."

September 14, 2017

"The primary surplus comes in under target for the period January - August 2017, according to provisional state budget execution figures, as it stood at € 3,550 million against a primary surplus of € 2,117 million for the same period in 2016, but a target for primary surplus of € 3,573 million."

"Why the Agia Zoni II tanker sank remains mysterious. The vessel was anchored near the island of Salamis, and the ship's owners said the tanker was in seaworthy condition. The vessel spilled around 2,500 tons of fuel into the Saronic Gulf's waters. "How can a ship sink in the harbor in mild conditions?" Mitsotakis asked. Read more: The legacy of Deepwater Horizon: What researchers learned about oil spills 'Forgotten in a few days' Despite the government's promises of a quick cleanup, by Thursday the oil had spread from the Salamis' beaches to the popular and wealthy coastline near Athens. "

How can a coastline be wealthy? It can be popular, of course, but does a coastline have a wallot?

Tsipras: "The message must be to update the rules we have because it is fair to stress once again that the burden of this phenomenon cannot be taken only by few countries such as Italy and Greece," he said.

"Greece has agreed to sell its railways company to Italy's own state-owned operator for 45 million euros ($54 million) as part of its privatization drive."

September 13, 2017

"The miners from the Eldorado Gold mine in the Halkidiki region were seeking assurances for their jobs after Eldorado Gold said Monday it would suspend operations except for maintenance and environmental work on Sept. 22 unless licenses it said were pending were issued in time."

"This is a major environmental disaster," said Salamis mayor Isidora Nannou-Papathanassiou, whose island is suffering the brunt of the damage. Government officials were holding an emergency meeting at the shipping ministry after the slick washed ashore near Piraeus, the country's biggest port.

"The burial tomb for the unknown Mycenaean measures a massive 138 square feet in size, the Greek Ministry of Culture said in a statement. Its partially collapsed gabled ceiling measures 11 feet in height making it one of the largest carved stone tombs to have been discovered from the period in central Greece"

"Evangelos Apostolou, Greece's Agriculture Minister, announced the plan on 7 September and the bill is due to be discussed in parliament. The European Commission confirmed to just-food Greece had originally notified the bill in September last year."

"Wednesday and Thursday are crucial days for Elliniko, as forestry and archaeological authorities will respectively decide whether they will raise obstacles to the realization of the 8-billion-euro investment for the plot’s development."

VAT Tax does not allow prices to drop - Ta Nea

"They could be even 4% lower if VAT and VAT increases were not made.

The big chains are continuing a tough prce war, even destroying their chance for profits in order to keep consumers, who are constantly restraining their purchases. But even this can they can not do it for all their products. Indeed, according to the HELCA survey, 35% of consumers are not satisfied with the prices on the shelves. As for business executives, while the overwhelming majority, 57%, says prices will remain stable by the end of the year, two out of ten expect further increases by December."

September 12, 2017

" ... the Court of Justice has ruled that permanent debt cancellation is not covered by the Treaty provision which provides for the support of Member States."

"Alexis Tsipras is desperate to avoid “suffocating supervision” of Greece’s actions when the country’s third bailout programme ends next August. At the weekend, he promised as much..."

"The Agia Zoni II sank Sunday while anchored off the coast of Salamina, near Greece's main port of Piraeus, with a cargo of 2,200 tons of fuel oil and 370 tons of marine gas oil."

More Coverage:

Blue Star Patmos leaks large quantity of fuel off Piraeus - eKathimerini

"Professor of Geoscience Communication Iain Stewart MBE, Director of the University's Sustainable Earth Institute, has presented several BBC documentaries about the power of earthquakes in shaping landscapes and communities.

Now he believes fault lines created by seismic activity in the Aegean region may have caused areas to be afforded special cultural status and, as such, led to them becoming sites of much celebrated temples and great cities."

A surprising solution to illegal immigration - Washington Times

"At this point, the IOM director in Athens, Daniel Esdras, devised a creative solution to encourage stranded migrants to take the difficult step to give up their European dreams, dreams for which they sacrificed time, money, self-respect, and perhaps endangered their lives, and instead to return to their homelands. The solution, it turns out, is counterintuitive: treat them very, very nicely, with generosity and respect, then spread the word widely."

"..."The only way to protect our country is to do all we can to ensure that vulnerable social groups and refugees have access to healthcare," he said."

"...Dated back to the middle of the 14th century B.C., it is the ninth-largest chamber tomb out of roughly 4,000 excavated in the last 150 years, according to an e-mailed press release."

September 11, 2017

"One of Greece's largest foreign investors, Eldorado operates mines in northern Greece that have faced vehement opposition from parts of local communities on environmental grounds, with protests often turning violent.

"This decision is not one that we have taken lightly," Eldorado President and CEO George Burns told reporters in Athens, noting the company has made a $3 billion-investment in the country."

More Coverage:

Eldorado chief executive accuses Greek gov't of 'political posturing' - eKathimerini

"The IMF must decide by year-end if it will fully participate in Greece's current bailout, Prime Minister Alexis Tsipras told reporters in Thessaloniki, stating Athens will be financially independent by 2018 and without supervision from its creditors."

September 10, 2017

Greece warns ending EU talks with Turkey a mistake - Yahoo

"Halting accession talks with Turkey would be a strategic mistake by the EU, Greek Prime Minister Alexis Tsipras said Sunday as a war of words raged between Berlin and Ankara.

During a recent election debate both Germany's Chancellor Angela Merkel and her Social Democratic rival Martin Schulz endorsed ending Turkey's EU accession talks."

“Today we can say with certainty that the country is turning a page," Greek premier Alexis Tsipras said in his address at the Stavros Niarchos Foundation Cultural Centre.

Tsipras said unemployment had dropped to 22.1 percent but insisted this remained unacceptable for an EU and Eurozone member.

"Regarding the IMF's retirement from the program, [Tsipras] assured that "we can live with the IMF as long as their is agreement, and of course without it". "What we can not do is live with the IMF to have one leg in the program and the other outside" he pointed out.

"The crucial question is whether it will be financially involved in the program, as long-standing uncertainty is not good for anyone," he said, referring to a effects of a partner's trustworthiness."

September 9, 2017

"Greek police, apparently caught by surprise by the unscheduled walk, blocked major streets leading to the city center, leaving motorists and passengers in public transport stranded for about 45 minutes."

...Speaking with the ancient Acropolis as a backdrop, he urged the European Union to carry out six-month national reviews on EU reforms before imposing them."

"Police and firefighters took to the streets of Thessaloniki, the second-largest city in Greece and the capital of Greek Macedonia, to call for a number of demands including fairer pay, a fully-funded pension system and more equipment supplies. The demonstration marks the upcoming Thessaloniki International Trade Fair which Greek Prime Minister Alexis Tsipras is scheduled to attend."

"During a visit to Athens, Macron stressed that Greece was now climbing out of the crisis and that the French business community would take an active part in this effort.

“If there is no solidarity, we don’t have an ambitious European project […] I am not pleased when we have no European investment in Europe,” the French president said and added that “we should not push Greece to choose non-European investments” as has been the case in the past."

Ten candidates line up for top job in center-left party - eKathimerini

'The first round of elections is set to be held on November 5, while a runoff vote has been scheduled a week later. The party aspires to occupy the political space between ruling SYRIZA and the conservative New Democracy opposition."

September 8, 2017

"Greece's third EU/IMF bailout since 2010 is due to expire in August 2018."

"Tsipras said attracting investment was a priority for his leftist-led government, which aims to reduce the jobless rate, the euro zone's highest, and make Greece financially independent in 2018, when the country's third international bailout expires."

• Inflation: 0.9% August 2017
• Gross Domestic Product: 0.8% 2nd Quarter 2017
• Unemployment: 21.2% June 2017
• Exports: 6.5% July 2017
• Retail Trade: 3.9% June 2017 - Volume index
• BUilding Activity -17.8% May 2017 - Volume in thousands m3

"The harmonized index of consumer prices, or HICP rose 0.6 percent year-over-year in August, slower than the 0.9 percent climb in July. The measure has been rising since December 2016."

"...It is no coincidence that, today, about 17,500 Greek doctors work outside the country. The irony is that, in spite of the surplus of doctors, the ongoing financial crisis has left the National Health System (ESY) with shortages of doctors and health professionals. It is estimated that there are up to 6,000 vacant posts for doctors at Greek public hospitals. At the same time, unlike other European countries, there is a shortage of general practitioners, or family doctors – a fact which reflects the state of primary healthcare in Greece."

"...Located 16 miles south of central Athens in the swanky seaside neighborhood of Vouliagmeni known as the Athens Riviera, the new hotel will bring Four Seasons signature service to Greece for the first time."

"The number of Greeks who have taken their lives in the past 5 years has been on a steady rise, according to official data by the Hellenic Statistical Authority (ELSTAT) available till 2014 and figures released by the latest trends from the World Suicide Prevention Day."

Mykonos

Athens Burning: The Persian Invasion of Greece and the Evacuation of Attica - 184 Pages

Athens Burning: The Persian Invasion of Greece and the Evacuation of Attica - Amazon - 184 pages - Johns Hopkins University Press 2016

Travels with Epicurus: A Journey to a Greek Island in Search of a Fulfilled Life

Rick Steves Greece: Athens & the Peloponnese