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Monthly Archives: January 2012

Venizelos – Loverdos: United They Go… To Challenge Papandreou

Finance Minister Evangelos Venizelos and Health Minister Andreas Loverdos joined their political forces. Two high ranking Socialist PASOK officials will challenge party leader and ex PM George Papandreou first place in the leadership of the parliamentary group. Consequently in the leadership of the socialist party. We decided to struggle together” said …

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Greek Prison Directors: “Sorry, We’re Full!”

In an unprecedented move the directors of three Greek prisons decided to put a ‘padlock’ to the prisons they manage and do not accept any new inmates. The directors of prisons in Athens, Chalkida and Tripoli sent letters to the Minister of Justice and prosecuting authorities announcing that the prisons …

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Athens Stock Exchange Rallies at +6.13%; Banks Jan-Winners with +83%

The month of January finished with a real rally of +6.13% for Athens Stock Exchange. With 796 units, the  General Index almost touched the psychological threshold of 800 units, recording a three-month high. Banks were the winners of the month recording a plus of 83%. Analysts explain the rally with …

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EUROSTAT: Unemployment in Greece at 19.2% in Oct 2011

What we see and hear everyday, it has been now recorded in statistics. Unemployment reached 10% among the EU member countries and Greece is holding one of the leading positions, according to EUROSTAT, the EU Statistics Authority. While the number of jobless reached 19.2 in October 2011, the number of young people (under …

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Greek Consumers Change Habits Due to Economic Crisis

Greek consumers have made a turn towards their homes, family and friends, boosting household consumption, searching for better prices and products. In this environment, the current economic crisis offers opportunities to those enterprises that will react by timely strengthening their position in the market,” a report by Boston Consulting Group …

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Athenians Freeze as Snow Falls and Icy Wind Blowing (videos)

Temperatures below zero, frost, snowfall. These are the features of the ice cold weather that hit Greece coming from Siberian Russia. In Athens, temperatures fell at -1 degrees Celsius in the morning and snowflakes fell even at the sea coast of the Greek capital. Schools were closed in some northern …

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Sarkozy Rejects the Idea of “State Commissioner” For Greece

The German proposal of a “state commissioner” for Greece is off the table. Moreover the proposal has been rejected  by Merkel’s best friend, French president Nicolas Sarkozy. He said that the austerity programme can only be applied by the Greeks themselves. On their turn Greeks felt unbelievable relieved. Now they will …

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25 EU Leaders Agree on Fiscal Compact Treaty. What’s that?

 Twenty five European Union leaders agreed at the EU summit on a new fiscal treaty designed to strengthen budget deficit and debt rules in all EU members. UK and the Czech Republic have decided not to enter into it. The new Treaty, now a Treaty of 25 countries, will impose German …

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Is Portugal the Next Greece? And How About Ireland?

While Greece struggles in Brussels to convince its European partners of its good intentions, Portugal seems to follow the path of Greece. The IMF prescription programme didn’t help the Portuguese economy either. On Monday borrowing costs for Portugal rose to euro-era highs. The same happened with CDS that hit a record of …

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The Troika: Killing the Greek Patient – Softly?

While the Troika meets with several Greek ministers, its demands get more and more absurd. In fact, they are not absurd, they’re just the IMF’s policies of ‘hit and kill’ applied everywhere in the world. In order to push for further of cuts in the public expenditure, the representatives of Greece’s …

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UPD2: Toll Fees Hikes as of Feb 1, 2012

UPDATE2: Toll fees prices will increase in all highways. exempted are the highways Corinth-Patras and Attiki Odos. Toll fees prices will be increased at the toll stations of Eleusis and Isthmos as of February 1, 2012, the road construction consortium Olympia Odos announced on Monday. The fees for passangers’ car …

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President Plevneliev: Bulgaria is an Example for Greece

What do we have here? A reviving of former Germany’s allies expressing in one or other way their admiration for iron fiscal policies of Angela Merkel? Working with the target of a German hegemony in Europe through an economic strategy? Bulgarian president Rosen Plevneliev told German edition of Financial Times that Germany should …

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Finnish FinMin: Greece Causes Uncertainty …like Cancer

(Reuters) – Finnish finance minister Jutta Urpilainen on Sunday expressed her concern over Greece, the troubled euro state which has repeatedly failed to meet the fiscal targets set out by its international lenders. ‘Greece’s situation causes uncertainty, it is like cancer. As long as its own situation is uncertain, it …

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German Minister Supports a “State Commissioner” for Greece

Yeap. It’s official. German Economy Minister Philipp Roesler fully agrees with the idea of a ‘state commissioner’ for Greece. He spoke to German newspaper Bild and here is what he said: German Economy Minister Philipp Roesler backed beefed-up EU monitoring of Greece in an interview to be published on Monday, …

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Papademos Gets Coalition Gov’ Support – Greece’s Red Lines

Greece’s prime minister Lucas Papademos made his point of view very clear on Sunday after meeting the leaders of the three parties forming his coalition government. “If this process [ PSI, second bailout] is not completed successfully, we will find ourselves faced with the specter of bankruptcy which will have …

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“One Step Away From PSI Deal” – Why Greeks & Troika Unhappy?

Greece and its private creditors are apparently one step away from completing the voluntary Greek Bond Swap (PSI).  “We are one step away from PSI deal”, Greek Finance Minister Evangelos Venizelos said. “We are close to the finalization of a voluntary PSI”, head of Institute of International Finance Charles Dallara said …

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Davos Topless Protest – 3 Ukranian Women Detained

Three topless Ukrainian protesters, members of the Femen movement,  were detained Saturday while trying to break into an invitation-only gathering of international CEOs and political leaders to call attention to the needs of the world’s poor. Separately, demonstrators from the Occupy movement marched to the edge of the gathering. After …

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Iran Finalized Oil-Sanctions Against EU Member States

Iran’s parliament finalized a draft bill on cutting the country’s oil exports to European states as retaliation for the EU’s oil ban against Tehran. Fars news Agency reports that Iran will cut all oil exports to European states until they end their oil sanctions” Vice Chairman of Iran’s Parliamentary Energy …

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Crete: New Earthquake 4,9R

A new earthquake measuring 4.9 on the Richter scale occurred  in the sea area between the islands of Crete and Santorini. The earthquake occurred at 12.50 pm on Saturday and had the same epicentre as the two previous earthquakes that jolted Crete with 5.2R on Thursday and Friday. No injuries …

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