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Nov 19, 2011

GREECE News, Nov 19, 2011


EU report paints dire picture of fixing Greek economy
USA Today
Analysts say that the eurozone's slow and often fumbling efforts at resolving Greece's troubles is one of the main reasons investors have lost confidence in the entire currency union. The EU task force is one of the latest attempts at giving some ...
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REFILE-UPDATE 3-New threat to bailout as Greek right rejects more austerity
Reuters
By Harry Papachristou and Lefteris Papadimas ATHENS, Nov 14 (Reuters) - Greece's conservatives vowed on Monday to reject any new austerity measures in return for the aid that is keeping Athens from bankruptcy, signalling a new coalition government may ...
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Greek, Italian plans bypass voters
USA Today
"We should hurry to go to elections now." He said he hoped this change in government would bring something better for Greece but expressed doubt over the choice of a newleader. "I think it's a little strange that someone that's not a politician will ...
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USA Today
Italians, Greek stash billions amid raging euro debt crisis
Globe and Mail
Since the beginning of the crisis, Der Spiegel reports in its latest issue, Greeks have taken some €50-billion from their accounts. That's about 20 per cent of the country's total deposits, the German publication says. When there was talk Greece could ...
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Euro reverses course on Fitch's contagion warning
MarketWatch
Overall risk appetite was also dented by the Bank of England's latest quarterly Inflation Report, which cut its forecast for UK growth and projected that inflation is likely to fall below the 2% annual target by 2013. The report warned that a failure ...
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Italy, Greece facing dismal economics, Spain speculated as next to fall in ...
Oswegonian
By Timothy James (Contributing Writer) In the ongoing European debt crisis, Italy's economic woesnow rival that of Greece, and these overseas problems could spell trouble for the United States. While yields on Greek debt have reached levels well ...
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Greek debt holders in bond swap offer
Financial Times
But that calculation is reached using a “discount rate” of 12 per cent – a third higher than the 9 per cent used in the now-scrapped deal struck in July. The 9 per cent rate was criticised in many quarters as too high. A recent report on the Greek deal ...
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Financial Times
Changes for Italy, Greece don't fix pressing problems
Futures Magazine
Stock Indices: The Dow Jones Industrials closed at 12153.68, up 259.89 points tied directly to thereports of the new Greek government and the Italian senate vote to implement dramatic austerity programs. For the week the Dow gained 1.4%. ...
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Greeks revive ghosts of Nazi past
The Australian
Businessmen report strong German interest in the distress sale of state assets. Certainly, the German tabloids cut close to the bone last year. The top-selling Bild newspaper branded the Greekscheats and thieves and called on Athens to sell its ...
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Greece losing €60bn a year in unpaid tax, report reveals
Irish Independent
Finance officials from France, Germany, Britain and several other EU states have already offered their experts to Greece to help them modernise tax-collecting methods and set up an out-of-court appeals system. Greek authorities will also target ...
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New Greek government in race against time
AFP
But Germany's Der Spiegel magazine, in a report due out Monday, said Berlin has worked out contingency plans in the event that Greece has to quit the eurozone. Merkel was prepared for the possibility that Greece's new government refuses to carry out ...
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AFP
DJ German Govt Prepares For Greece To Exit Euro Currency Union - Report
Middle East North Africa Financial Network
Germany's government is preparing for a Greek exit from the euro zone in case the new Greekgovernment doesn't want to implement the latest austerity program, according to a report for thelatest edition of Spiegel magazine pre-released Saturday, ...
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OTE, Vodafone Say Greek Phone Merger Needed to Prevent Failure
BusinessWeek
18 (Bloomberg) -- Deutsche Telekom AG and Vodafone Group Plc, having lost a combined $6.4 billion from their investments in Greece, are now pushing regulators to let mobile- phone companies merge to stay profitable as the country heads for a fifth year ...
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Europe Pulls Back From Brink
Wall Street Journal
Greece and Italy—whose fiscal and political crises have set off ever-bigger scares among global investors—took concrete steps toward budgetary austerity Friday, helping soothe markets for the moment. Even as investors welcomed indications that Greek ...
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Greek bond losses put role of CDS in doubt
Financial Times
The issue that has sparked this debate is, of course, Greece. In October, eurozone leaders announced that they intended to ask investors to swap any holdings of existing Greek sovereign bonds for new bonds, with a 50 per cent haircut. ...
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Hochtief hit by Greek toll dodging
Reuters
By Maria Sheahan and Ludwig Burger FRANKFURT, Nov 14 (Reuters) - German construction group Hochtief revealed it may have to write down the value of its road contracts in Greece due to mass toll dodging. The news accompanied a gloomy outlook for 2012 ...
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Markets closely watch new Greek and Italian leaders
DigitalJournal.com
European markets did not react favourably to the new Prime Minister's first days in office however. According to a report from Canadian Business, “European markets fell on Monday as initial relief over new governments in Greece and Italy gave way to...
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DigitalJournal.com
Italian, Greek Leaders Face Crucial Tests
Voice of America
Greek officials warn the country faces bankruptcy without the new funding and an $11 billion installment of last year's bailout. Some information for this report was provided by AFP and Reuters. Related Articles Monti Sworn in as New Italian PM ...
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New Perspectives On Euro Crisis And Need For Greece To Default – OpEd
Eurasia Review
Greece set the tone when it lied about its circumstances and lived beyond its means. There is no disputing Greek dissipation, nor the fact that the euro zone's troubled members, which also include Portugal, Ireland, Spain and Italy, must now pay a ...
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Turkish banks selling Greek junk bonds, report claims
Hurriyet Daily News
Some of the investors buying the Greek junk bonds were reportedly unaware of the origin of the bills, whereas others purchased the bonds believing that “the EU would save Greece from going bankrupt,” the Star report said. The issue leaked to the media...
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Hurriyet Daily News
Hong Kong Stocks Rise on China Economy, New Leaders in Europe
BusinessWeek
BYD Co., the automaker partly owned by Warren Buffett's Berkshire Hathaway Inc., surged 26 percent after a report new-energy vehicles will be exempted from new-car restrictions in some Chinese cities. “Valuations in Asia, particularly China, ...
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Greek coalition politician admits: There was a Holocaust
Jerusalem Post
Greece's ANA wire service quoted Karatzaferis – the head of the far-Right Greek Popular Orthodox Rally (LAOS) party, which has been coopted as part of the new transitional government headed by Lucas Papademos – as acknowledging the Holocaust in an ...
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Gold is the only winner from the euro crisis
MarketWatch
According to the latest Eurostat statistics, German debt is now 83.2% of GDP, up from 65% of GDP in 2007. That is higher than France — 82.3%, since you ask — and Spain as well. Spanish debts total a fairly modest 65% of GDP. ...
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Greece-bank management talks on debt rescue struggle with 'formula'
eTaiwan News
The IIF has confirmed that Dallara will also be in Frankfurt to meet leaders of financial institutions that hold a significant chunk of Greece's 350-billion-euro ($472 billion) debt. Dallara late on Wednesday met new Greek Prime Minister Lucas ...
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Real estate: All's going to get quiet on the western front
Globe and Mail
Tim Hortons did that, too, in its latest earnings release. I know these things are cute - theme parks call their workers cast members - but give me a discount if I'm a guest.) It is, to put it simply, now a race to the Gulf Coast. ...
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Greece seizes N. Korea chemical weapons suits: diplomats
AFP
"It seems the shipment was headed for Latakia in Syria," a second diplomat said, noting that the Greek report to the council did not mention Syria. "There is increasing concern because more and more of the violations before several sanctions committees...
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AFP
Greek Recession Seen Easing In 3Q On Temporary Tourism Boost
Wall Street Journal (India)
Former European Central Bank governor Lucas Papademos will now lead the country's new interim government, in a move welcomed by the vast majority of Greeks. But days of wrangling betweenGreece's two main political parties--and the uncertainty ...
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Greece to Loose Billions in Owed Taxes
Taxation: News & Information
On a positive note, the report pointed out that Greek tax authorities are now engaging in negotiations with Swiss tax authorities, in a bid to address the issue of Greek taxpayers using Swiss bank accounts to escape tax obligations. ...
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EU Observer: Belgium could become the next Greece
Focus News
... that his country could be in line to suffer a Greek-and-Italian-type loss of market confidence if it does not quickly form a new government, EU Observer learned. "Italy and Greece have been saved for now because they will have a new government. ...
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ECB's Weidmann says confident Italy will deliver: report
Reuters
"Italy is very different from Greece in a lot of respects. I'm confident that Italy will be able to deliver," he was quoted as saying. Weidmann said this was not a crisis of the bloc's single currency -- the euro -- but rather a sovereign debt crisis ...
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The Next Two Victims Of The Debt Contagion
istockAnalyst.com (press release)
For the answer, look at Greece and consider these facts … Fact #1. Three years ago, around the time when the Greek debt crisis first burst onto the scene, if you wanted to buy the equivalent insurance to cover a Greek default, you would pay only ...
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Feldstein May Secure Victory Over Euro as Trichet Departs Crisis
BusinessWeek
Even with Feldstein's longstanding doubt of the euro, his forecast it will survive the loss of Greece fornow may make him more optimistic than some other investors and economists. Pacific Investment Management Co. Chief Executive Officer Mohamed ...
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Europe Situation Forecasts Change - Report Highlights NVIDIA Corporation and ...
MarketWatch (press release)
Private bondholders of Greek debt are settling at a 50% haircut as another $180 billion in fresh aid is set to arrive, enabling banks to recapitalize at a healthy 9% reserve. Overall, these measures will bring Greece's debt burden down to 120% of GDP ...
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European Growth Holds at 0.2% as Region Braces for Recession
San Francisco Chronicle
Greek GDP contracted 5.2 percent in the latest three months from the year-earlier period; a quarter-on-quarter figure wasn't released for Greece. Recent surveys indicate the pace of growth won't pick up in the current quarter. ...
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Papantoniou Says Papademos Has No Time to Change Greece
Washington Post
14 (Bloomberg) -- Former Greek Finance Minister Yannos Papantoniou and Notis Mitarachi, alternate head of economic policy for the New Democracy Party, talk about the appointment of Lucas Papademos as prime minister of Greece. ...
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Hedge Funds Raise Oil Bets to Highest Since May: Energy Markets
San Francisco Chronicle
8, based on futures and options, according to the Commodity Futures Trading Commission's Commitments of Traders report yesterday. Oil climbed 5 percent in New York during the period covered by the report as Greek Prime Minister George Papandreou and ...
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GREEK NEWS AGENDA: TFGR Report Shows Cautious Optimism
By GRECEHEBDO
On November 17, the Head of the EU Task Force for Greece (TFGR) Horst Reichenbach presented the findings of the first quarterly report on Greek economy and expressed cautious optimism concerning the country's efforts to consolidate ...
GREEK NEWS AGENDA
Greek ... - Greece.GreekReporter.com Latest News from Greece
By Emmanouela Seiradaki
... About · Stock Exchange · Greek Newspapers · Study Abroad Greece ·Greece.GreekReporter.com Latest News from Greece Greek News on Politics, Sports, Entertainment & Economy ... The figures follow a 7.3% slump in the second quarter and an 8.1% dive in the first, which confirmed that the Greek economy remains mired in deep recession–now entering its fifth year–with no sign of an upturn in sight. The third quarter figures should show a slight uptick, say economists, thanks to a ...
Greece.GreekReporter.com Latest...
Berlin has not ruled out Greek eurozone exit - The Local
Chancellor Angela Merkel is prepared for the possibility that Greece's new government refuses to carry out the tough austerity programme required of it in return for the next tranche of the EU-IMF bailout, the magazine reports. German .... Register now for: > Free use of noticeboard > Special discounts > Weekly news roundup > Unlimited use of discuss. REGISTER FOR FREE ». News from the Goethe-Institut. Oh What a Perfect Day! – An Architectural Stroll around Berlin Berlin has ...
The Local - Germany's news in English
Greeks And Italians Are Buying Up London Property
By Nick Jardine
Reuters reports that these buyers were being targeted as early as May this year as wealthy Greeksand Italians sought to escape sovereign debt troubles. The news agency also reports on the rise of Middle Eastern and North African buyers ...
Business Insider
Official: New Greek government imminent - World news - Europe ...
msnbc.com news services. updated 11/8/2011 8:36:18 PM ET 2011-11-09T01:36 :18. Print; Font: +; -. ATHENS — A new Greek interim government will be ...
www.msnbc.msn.com/.../official-new-greek-government-be-n...
Update: Greek Crowd Now Amassed In Front Of US Embassy - Live ...
Update: the Athens crowd has now amassed in front of the US embassy in Athens. ... chanting "EU, IMF out" in the first public test for a new national unity government charged with ... European Bailout Fund For Greek Money Laundering And Fraud .... http://finance.yahoo.com/news/mf-global-money-still- lost-115508872.html ...
www.zerohedge.com/.../greek-police-fire-tear-gas-protesters-c...
New Greek Prime Minister Lucas Papademos Acts On ... - Sky News
Forget for now the way a new prime minister's first 100 days traditionally unfold in ... Still, over the weekend and in a flurry of opinion polls, Greeks seemed to greet the bespectacled new leader with a strong thumbs up. ... Report this comment ...
news.sky.com/home/business/article/16109820
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