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October 30, 2012

PASOK appears to bend

Greek Socialists signal they will back austerity cuts - Reuters

Athens has been locked for months in talks with its European Union and International Monetary Fund lenders on a package of 13.5 billion euros ($17.4 billion) in cuts and tax measures.

A final agreement to secure aid to save it from bankruptcy has been held up by the refusal of the Democratic Left party, the smallest partner in the three-party coalition, to back some private-sector wage cuts included in the package.

But the Socialist PASOK, the second-biggest coalition partner, will not be swayed by the Democratic Left's refusal, a senior party official said ahead of a formal decision expected at a meeting of party lawmakers on Tuesday. The party has so far been sharply critical of labour reforms but has not explicitly said if it will vote for or against the measures.

"Our stance does not depend on what the Democratic Left will do," the official told reporters on condition of anonymity.

October 29, 2012

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October 25, 2012

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October 24, 2012

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October 23, 2012

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Greece Earns A Laurel From The World Bank - WSJ

Slashing Greece's debt to save the euro - Business Spectator

Hedge Funds Hot for Ailing Greece's Debt - Wall Street Journal

"One of the hottest trades of the past few months has been the bonds of a country so shaken by economic and social turmoil that a neo-Nazi party is running third in the polls.

That's right: Hedge funds have been buying Greece.

Ever since Greece completed a debt restructuring in March that turned €200 billion in bonds into about €60 billion, distressed-debt investors—many at U.S. hedge funds—have been picking them over. "

Malaria returns to crisis-torn Greece - UK Telegraph

Greece’s Aegean airline to buy rival Olympic Air for $94 million - Washington Post

October 18, 2012

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Greece hit by new general strike over austerity - BBC

Fierce clashes between police and protesters during anti-austerity rally - UK Telegraph

"Police fired tear gas and protesters threw molotov cocktails during a large rally in the Greek capital where thousands staged a demonstration against plans by the government to change labour conditions and cut wages in the latest round of debt cutting austerity. "

Greece struggles to end far-right attacks - Financial Times

EU leaders meet for summit as deadly protests rage in Greece - Metro UK

France rules out euro exit for Greece - Economic Times

EU leaders to meet on $41bn rescue package for Greece - CNBC

"European Union leaders are expected to clear the way for releasing 31.5 billion euro (USD 41 billion) in urgently-needed financial assistance for debt-stricken Greece at their two-day summit which opens in Brussels today. "

Golden Dawn - Fascism in Greece, Circa 2012

October 17, 2012

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October 16, 2012

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October 14, 2012

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Troika/Greece talks go down to the wire - eKathimerini

Swedish Finance Minister: Greece Will Probably Leave Euro Within Six Months - Bloomberg

Anders Borg - Greece poised to leave Euro - UK Telegraph

EU Leaders Gird for Summit as Nobel Glow Fades on Greece, Spain - Bloomberg

"European leaders, basking in the glow of a Nobel Peace Prize and praise for their rediscovered crisis-fighting skills, meet this week as Greece seeks to justify renewed aid and Spain holds out on tapping a bailout.

The European Union’s leaders convene for an Oct. 18-19 summit in Brussels after a weekend in which international finance chiefs expressed some optimism that a firewall is in place to contain the euro’s turmoil and urged further action to quell the main threat to global growth.

With German Finance Minister Wolfgang Schaeuble today ruling out a Greek exit, the 17-nation euro area faces the challenge of harnessing positive sentiment by resolving differences on aid for Greece and Spain before investors pounce again. "

Why Coca Cola Is Leaving Greece - Forbes

"Coca Cola Hellenic is leaving Greece. Sounds like a strange thing for a company with that name to do but it does make great sense..

The credit rating agencies are very unhappy at the idea of allowing a company a higher credit rating than the sovereign nation in which they are domiciled. This isn’t a hard and fast rule, we can find plenty of exceptions. But it is a tendency. And when a sovereign gets a downgrade (as Greece of course has) then corporates based in that country will see their own credit rating downgraded. And that can be significantly expensive for a company."

Golden Dawn Party Opens Office in Montreal - Israel National News

October 12, 2012

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IMF Says Greece Needs More Time - Wall Street Journal

"Germany is leading a drive by euro-zone fiscal hawks to extract the maximum in economic changes from the Greek government. But the IMF fears that Greece's political and social tensions are near breaking point and any more budget pressures may spoil its chances for restoring growth. "

October 11, 2012

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So many Greeks have this wonderful disease called philoxenia (love of strangers). Greece, circa 1968

October 10, 2012

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How the Ottoman's empowered the Greek Revolution

October 9, 2012

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Oct 18 Deadline?

Europe Tells Greece to Speed Up Economic Reform - New York Times

"International officials told Greece on Monday night to accelerate the pace of economic reform in exchange for further financing from a stalled bailout package. Jean-Claude Juncker, the head of the Eurogroup of finance ministers, told a news conference that 89 so-called “prior actions” like overhauling labor and pension laws that were agreed to with Greece in March needed to be implemented, “at the latest,” by Oct. 18."

Athens, Circa 1994

October 8, 2012

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October 6, 2012

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The Socialists' Revenge in Athens Greece

"... A friend and government insider leans over and tells me that the building we are in was erected entirely with European Union funds. The late socialist prime minister, Andreas Papandreou, helped the owner, a close friend, secure the subsidy under the guise that the building would server as a cultural center. " Read More

October 5, 2012

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