Greek Bank Deposits Post First Annual Increase in Four Years

By Marcus Bensasson  Jan 29, 2014 6:38 PM GMT+0200

Bloomberg

Greek bank deposits rose 1.1 percent in 2013, the first annual increase since Greece triggered the euro area debt crisis in 2009.

Deposits rose to 163.3 billion euros ($222 billion) in December, from 161 billion euros in November and 161.5 billion euros a year earlier, the Bank of Greece said in a statement on its website today. Deposits are 31 percent below their peak of 237.8 billion euros in September 2009.

The euro’s hellhound

Charlemagne

The Economist

It is time to reform the troika that handles euro zone bail-outs

Feb 1st 2014 | From the print edition

IN GREEK mythology, Cerberus is the three-headed dog guarding the gates to Hades. In modern Greek politics, the troika is the three-headed monster that traps the country in an economic underworld. At the finance ministry in Athens, even the cleaning ladies shout “murderers” at visiting members of the troika. In Lisbon protest banners declare “Fuck the troika”. There is now a popular Portuguese neologism, entroikado, roughly meaning “economically screwed”.

Japan’s Inflation Accelerates as Abe Seeks Wage Gains

By Chikako Mogi, Masahiro Hidaka and James Mayger  Jan 31, 2014 3:49 AM GMT+0200

Japan’s inflation accelerated in December, industrial output gained and a measure of demand for workers strengthened, signaling gains for Prime Minister Shinzo Abe’s campaign to end two decades of stagnation.

Prices excluding fresh food increased 1.3 percent from a year earlier, the statistics bureau said today in Tokyo, above a median estimate of 1.2 percent in a Bloomberg survey of 32 economists. Industrial production rose 1.1 percent from the previous month, while the number of jobs for every seeker rose to 1.03, exceeding 1 for the first the time since October 2007.

Inflation in Euro Zone Falls as Unemployment Stays Flat

By DAVID JOLLYJAN. 31, 2014
The New York TImes

BRUSSELS — Europe’s labor market remained in the doldrums in December, while the inflation rate ticked back down to the same level that recently led the European Central Bank to cut interest rates, official data showed Friday. The reports suggested that the bank will be under pressure to provide more monetary stimulus to keep a nascent recovery alive.

Slump in euro zone money supply growth highlights deflation risk

FRANKFURT Wed Jan 29, 2014 5:19am EST

(Reuters) - Euro zone money supply growth slowed sharply in December and loans to the private sector contracted further, putting pressure on the European Central Bank to take fresh action to counter the threat of deflation.

With euro zone inflation running well below its target, the ECB forcefully underlined its determination earlier this month to take action should a deflation risk arise or rising money market rates threaten the bloc's fragile recovery.

Data released by the ECB on Wednesday showed that euro zone M3 money supply - a general measure of cash in the economy - grew at an annual pace of 1.0 percent, slowing markedly from 1.5 percent in November.

Carney Says Scotland Can Learn From Euro Crisis in Pound Debate

By Emma Charlton and Jennifer Ryan  Jan 29, 2014 3:15 PM GMT+020

Bloomberg

Scotland will probably need to mirror the euro-region’s integration plans and surrender some sovereignty if the nation votes to separate from the rest of the U.K., Bank of England Governor Mark Carney said.

While First Minister Alex Salmond wants to keep the pound if Scots vote for independence at a Sept. 18 referendum, Carney said policy makers need to “consider carefully” the financial stability risks associated with such a monetary union. Speaking after a meeting today with Salmond in Edinburgh, he said independence will involve “some ceding” of sovereignty.

Europe Puts Pressure on Greece to Meet Budget Targets

The New York Times

By DAVID JOLLYJAN. 27, 2014

BRUSSELS — European officials sought on Monday to keep the pressure on Greece to honor its previously agreed spending and privatization targets as they wrestled with the need to help Athens bridge a funding gap that could reach €15 billion over the next two years.

Greece declares emergency on quake-hit islands

The Washington Post

By Associated Press, Updated: Monday, January 27, 8:30 PM

ATHENS, Greece — Greece’s government announced emergency relief for the residents of the Ionian islands of Kefalonia and Ithaki on Monday, a day after they were hit by a strong earthquake that caused damage and slightly injured seven people.

Sunday’s quake, whose magnitude the Athens Geodynamic Institute revised to 5.9 from the preliminary 5.8, was followed by dozens of aftershocks that continued through Monday.

Draghi Sees Progress in Euro Zone, but Puts Banks on Notice

By JACK EWING

The New York Times

DAVOS, SWITZERLAND — Some banks in the euro zone could go out of business as a result of intense official scrutiny they will face this year, Mario Draghi, the president of the European Central Bank, said Friday as he presented a generally upbeat view of the European economy that was, however, laced with warnings.

Russia frees Platon Lebedev, oil tycoon Khodorkovsky’s business partner

By Kathy Lally, Published: January 23 E-mail the writer

MOSCOW — Russia’s Supreme Court on Thursday ordered the release of former oil tycoon Mikhail Khodorkovsky’s business partner, who remained in prison after his colleague was freed in December.

Platon Lebedev, who has been behind bars since 2003, was nearing the end of his sentence, which expires in May, but in reviewing his case the court reduced his term to time served. His attorney said he could leave his prison camp in the frozen Archangel region as soon as the paperwork was processed and that he expected him out by Friday.

Khodorkovsky was freed in a grand and widely publicized amnesty issued by President Vladimir Putin, a gesture apparently intended to burnish Russia’s human rights credentials before the Winter Olympics open in Sochi on Feb. 7. Letting an archenemy go also demonstrated to the world that Putin feels very much in charge, unthreatened by any opposition, and reminded Russians and foreigners that he alone makes the decisions here.

Greece holds investigation into migrants’ drowning

By Associated Press, Published: January 23

ATHENS, Greece — Greek judicial authorities said Thursday they are investigating the deadly sinking of a migrant boat that was being towed by a coast guard vessel, as officials denied survivors’ claims that officers badly mishandled the operation.

The small fishing boat crammed with 28 people had entered Greece illegally from Turkey. The Coast Guard said it was towing the boat to the small Aegean Sea island of Farmakonissi when it capsized and sank Monday leaving two people dead and another 10 — mostly children — missing and feared drowned.

Survivors who arrived in Athens claimed Thursday the boat was being led at speed to nearby Turkish waters to be abandoned. They said Coast Guard crew ignored their pleas to take the women and children on their boat before the accident, and then allegedly stood by as passengers struggled in rough seas.

Greece's anti-austerity Syriza party widens lead over conservatives

ATHENS Wed Jan 22, 2014 3:48am EST

(Reuters) - Greece's main opposition Syriza party has widened its lead over the ruling conservatives, a poll found on Wednesday, but most Greeks said they do not trust any party to rule the country.

The poll by Public Issue for the Efimerida Ton Syntakton newspaper found the anti-austerity party would get 31.5 percent of the vote if elections were held now, giving it a 3.5 percentage-point lead over Prime Minister Antonis Samaras's New Democracy.

Local and European Parliament elections will be held in May and Syriza, which has vowed to tear up the multi-billion euro international bailout agreement keeping Greece afloat, hopes a strong showing will strengthen its call for early elections.

UPDATE 1-Top Greek court reverses some troika-mandated wage cuts

Wed Jan 22, 2014 7:29am EST

* Top court reverses wage cuts to policemen, army officers

* Ruling could increase spending by up to 500 million euros

* Budget hole may complicate bailout talks with lenders

By Lefteris Papadimas

ATHENS, Jan 22 (Reuters) - A top Greek court has struck down wage cuts imposed by the government in 2012 on police and armed forces to comply with the terms of the country's EU/IMF bailout, court and government officials said on Wednesday.

Ομολογία Σταϊκούρα στη Βουλή: «Στα 320 δισ. ευρώ το χρέος το 2013 - ανοιχτό το πρόβλημα της βιωσιμότητας

ΔΗΜΟΣΙΕΥΣΗ: 28/08/2013 18:07 |

ΤΑ ΝΕΑ

«Η αύξηση από 305,5 δισ. ευρώ τον Δεκέμβριο του 2012 σε 321,6 δισ. ευρώ τον Ιούλιο του 2013 “δεν είναι αιφνίδια, ούτε μπορεί να αποτελέσει αιτία για την πρόκληση οποιασδήποτε ανησυχίας. Είναι παροδική, χρονικά ορισμένη και το σημαντικότερο αντιτίθεται στην απόκτηση περιουσιακών στοιχείων από το ελληνικό δημόσιο», δήλωσε σήμερα,Τετάρτη, ο αναπληρωτής υπουργός Οικονομικών Χρ. Σταϊκούρας.

Ukraine protests: Two people killed in Kiev clashes

22 January 2014 Last updated at 10:07 GMT

BBC

At least two people have died in clashes between police and protesters in the Ukrainian capital Kiev in a third night of violence.

The clashes began after police moved in to dismantle a protest camp.

Protesters threw firebombs and stones, while the police used tear gas and rubber bullets. At least one of the men who died had bullet wounds.

Greece seeks lower bank capital target to help plug country's funding gap

BY GEORGE GEORGIOPOULOS AND LEFTERIS PAPADIMAS

ATHENS Tue Jan 21, 2014 2:06pm GMT

(Reuters) - Greece wants its international lenders to agree to a lower capital ratio for its big banks so there is money left over in its bank rescue fund to help to plug the country's funding gap, bankers said on Tuesday.

Greece is in talks with the International Monetary Fund, the European Commission and the European Central Bank, the so-called "troika" of international lenders, to cut the amount of capital the country's four main banks have to set aside to cover potential loan losses.

"There are talks between Greek authorities and the troika on whether the required capital adequacy ratio (known as Core Tier 1) can be reduced to 8 from 9 percent," a banker close to the discussions told Reuters, declining to be named.

Refueling row delays Syrian peace envoys' plane in Greece

BEIRUT/ATHENS Tue Jan 21, 2014 10:40am EST

(Reuters) - A Syrian government delegation heading to peace talks in Switzerland was held up for hours in Athens on Tuesday when a Greek firm refused to refuel their plane, citing an EU trade embargo.

The incident was the latest in a series of delays and diplomatic spats in the lead-up to talks due to start on Wednesday between President Bashar al-Assad's government and opposition figures to end their three-year conflict.

Analysis: Greece hopeful, but any debt relief likely to be symbolic

BY JAN STRUPCZEWSKI

BRUSSELS Tue Jan 14, 2014 9:55am EST

(Reuters) - Greece expects the euro zone to provide some debt relief to Athens later this year but the impact on its vast liabilities will be little more than symbolic.

The magic bullet for Greece would be the writing-off of some portion of the 240 billion euros in loans it has received from the euro zone since 2010. But Athens is adamant it does not want that and the euro zone is not willing to provide it.

Instead, what Greek officials seek is some combination of at least three measures: a further lowering of interest rates on existing loans, an extension of the maturities and pay-back schedule, and some relief on financing EU structural funds.

For China, a Shift From Exports to Consumption

By BETTINA WASSENERJAN. 20, 2014

The New York Times

HONG KONG — BoConcept, a Danish furniture company that has more than 260 stores around the world, opened an outlet in Hong Kong last week amid flashing cameras, the deafening noise of drums and cymbals and a pair of lion dancers performing a traditional ceremony aimed at bringing good fortune to the shop.

The store is the first in Hong Kong for BoConcept, but the company already operates 18 in mainland China and is planning another six to eight across the country as it bets that rising affluence will continue to lift demand for its sleek sofas and coffee tables.

Greek extremist Christodoulos Xiros threatens government

20 January 2014 Last updated at 16:28 GMT

http://www.bbc.co.uk/news/world-europe-25811535

BBC

A Greek fugitive who disappeared while on prison leave has threatened the government with armed action, accusing it of ruining the country with austerity measures.

Christodoulos Xiros, who was convicted in 2003 of belonging to the far-left November 17 organisation, has vowed to return to arms.

He was serving six life sentences for bombings and shootings.

He vanished in January while on leave from prison to visit his family.

China building second aircraft carrier: reports

BEIJING Sat Jan 18, 2014 11:25pm EST

(Reuters) - China is building its second aircraft carrier, which is expected to take six years, and the country aims to have at least four such ships, Chinese and Hong Kong media reports said on Sunday.

After two decades of double-digit increases in the military budget, China's admirals plan to develop a full blue-water navy capable of defending growing economic interests as well as disputed territory in the South and East China Seas.

The country's first aircraft carrier, the Liaoning - a Soviet-era ship bought from Ukraine in 1998 and re-fitted in a Chinese shipyard - has long been a symbol of China's naval build-up.

Nigel Farage becomes popular in Greece after outburst against the PM

Ukip leader claims he received deluge of support after giving Antonis Samaras a dressing down in European parliament

Helena Smith in Athens

The Observer, Saturday 18 January 2014 21.30 GMT

As unlikely as it might once have seemed, the Ukip leader, Nigel Farage, is being hailed as a hero in Greece after an extraordinary outburst against the Greek prime minister, Antonis Samaras, in the European parliament last week.

Crunch Escalates as Money Funds Rival Shadow Banks: China Credit

By Bloomberg News  Jan 20, 2014 6:02 AM GMT+0200

A doubling in China’s money-market funds in the past six months is draining bank deposits and raising the risk of financial failures during cash crunches, according to Fitch Ratings.

The assets under management of such plans surged to a record 737 billion yuan ($122 billion) on Dec. 31 from 304 billion yuan on June 30, said Roger Schneider, senior director at Fitch’s Fund and Asset Manager Rating Group. Yu’E Bao, managed by Tianhong Asset Management Co. and sold online by Alibaba Group Holding Ltd., offers an annualized return of 6.7 percent, compared with the 3 percent official one-year savings rate. Some funds are offering higher rates, with news portal Eastmoney.com marketing a product that targets 10 percent.

Can Privatization Save the Treasures of Ancient Greece?

Greece

TIME

By Charlotte McDonald-Gibson/Ancient Nemea Jan. 18, 2014

In the wake of government austerity, some closest to Greece's treasures are advocating turning them over to private companies

Many objects dug from the earth or drawn from the legends of Nemea could be used to promote the ancient Greek site: the mythological Nemean Lion slain by Hercules in the first of his seven feats; weights lifted by competitors during its ancient athletics; the bronze statue of the baby Opheltes, whose death is said to have inspired the games which rivaled those at Olympia further west.

Women are wielding notable influence in Congress

The Washington Post

By Ed O’Keefe, Friday, January 17, 4:03 AM

After decades of trying to amass power, several women have vaulted to the top of influential congressional committees, putting them in charge of some of the most consequential legislation being considered on Capitol Hill.

The $1.1 trillion spending plan Congress approved this week was the handiwork of Senate Appropriations Com­mittee Chairman Barbara A. Mikulski (D-Md.) and her House counterpart, Harold Rogers (R-Ky.).

In December, when lawmakers approved a budget deal with big majorities in both chambers, credit went to Senate Budget Committee Chairman Patty Murray (D-Wash.) and House Budget Committee Chairman Paul Ryan (R-Wis.).

Greece’s Bond Plans May Be Wishful Thinking

January 16, 2014, 9:12 AM ET

ByEmese Bartha

The Wall Street Journal

Greece wants to make a new start.

Boasting its first primary budget surplus in a decade, the country at the center of the European debt crisis wants to sell government bonds–possibly in the second half of the year–for the first time since the spring of 2010.

Various high-ranking Greek officials have expressed their wish to bring the country back to the debt markets. Most recently, finance minister Yannis Stournaras spoke about this at a briefing with foreign journalists who visited Athens last week as Greece took over the European Union’s helm.

Who Is The Greek Freak? Your Guide To The NBA's Coolest Rookie

link:http://deadspin.com/who-is-the-greek-freak-your-guide-to-the-nbas-coolest-1500248666

Unless you are a big Milwaukee Bucks fan or a basketball nerd who lives on the internet, it's very likely that you have not yet been properly introduced to Giannis Antetokounmpo. It's time for that to change, because he is the most exciting rookie in the NBA.

Who?

Giannis Antetokounmpo, the 6-foot-9 small forward who hails from Greece and is currently playing through his rookie season on a miserable Milwaukee Bucks team. He's—

Canada's Eldorado does not see Perama approved before elections

Thu, Jan 16 2014

(Reuters) - Eldorado Gold Corp's Perama Hill project in Greece is not likely to be approved before local elections scheduled for mid-year, the gold miner said on Thursday.

The last time the Vancouver-based company gave an estimate for the project's environmental impact assessment, their timetable was the second half of 2013.

In Greece, Elites Are Starting to Feel the Pain

By NIKI KITSANTONIS  
JAN. 16, 2014

The New York Times

ATHENS — Since the country’s financial meltdown, Greeks have protested what many here criticize as the unfairness of the biting austerity measures that have raised taxes and trimmed salaries and benefits for average Greeks, while the elite escaped similar burdens or being held accountable for their part in creating the mess in the first place.

Suddenly, to the satisfaction of many here, that dynamic has begun to change. With new vigor, Greek prosecutors working independently of politicians — and sometimes in the face of passive resistance from them — are pursuing corruption cases against a widening pool of current and former high-ranking state officials and members of the business elite once deemed untouchable.

Greek shipping magnate ordered to pay $1.5M to IRS

(Published by the Washington Post)

By Associated Press, Thursday, January 16, 12:18 AM

NEW ORLEANS — A Greek shipping magnate who remained a fugitive for more than a decade was ordered Wednesday to pay more than $1.5 million in restitution to the Internal Revenue Service after pleading guilty in New Orleans to filing a false tax return.

U.S. District Judge Helen Berrigan also on Wednesday sentenced 78-year-old Lucas Ktistakis to three years of supervised release and ordered him to pay a $10,000 fine. Ktistakis had faced up to three years in prison, but Berrigan sentenced him to time he already has served in custody since his February 2013 arrest in Germany.

German Turns Near Record Trade Surplus in November

By AP / David Rising Jan. 08, 2014Add a Comment

(BERLIN) — Germany’s trade surplus widened to a near record in November, official figures showed Wednesday in a development that may add potential fuel to critics’ concerns that the country is not spending enough to help out its struggling partners in the eurozone.

The figures could well form the backdrop to discussions later between U.S. Treasury Secretary Jacob Lew and German Finance Minister Wolfgang Schaeuble. Lew has voiced his opinion that Germany should be looking to get its current account more into balance as a means of shoring up the eurozone’s stragglers.

World Bank Raises Growth Forecasts as Richest Nations Strengthen

By Sandrine Rastello - Jan 15, 2014

Bloomberg

The World Bank raised its global growth forecasts as the easing of austerity policies in advanced economies supports their recovery, boosting prospects for developing markets’ exports.

The Washington-based lender sees the world economy expanding 3.2 percent this year, compared with a June projection of 3 percent and up from 2.4 percent in 2013. The forecast for the richest nations was raised to 2.2 percent from 2 percent. Part of the increase reflects improvement in the 18-country euro area, with the U.S. ahead of developed peers, growing twice as fast as Japan.

Irish industrial production growth highest in EU

Pamela Newenham

Last Updated: Tuesday, January 14, 2014, 10:41

Ireland recorded 13.2 per cent growth in industrial production between November 2012 and November 2013, according to the latest figures from the EU’s statistics office Eurostat.

This is the highest increase in the EU ahead of Slovakia (+12.7 per cent), the Czech Republic (+8.8 per cent) and Romania (+8.7 per cent).

Ireland also had the highest month on month increase between October and November last year, rising 11.7 per cent, compared to EU average growth of 1.5 per cent and a Euro Area average of 1.9 per cent.

Insight: Gold mine stirs hope and anger in shattered Greece

Mon, Jan 13 2014

By Deepa Babington and Lefteris Papadimas

OURANOUPOLI, Greece (Reuters) - A Canadian quest to mine for gold in the lush forests of northern Greece is testing the government's resolve to prove Europe's most ravaged economy is open again for business.

The Skouries mine on Halkidiki peninsula - a landscape of pristine beaches and rolling hills dotted with olive groves - is among the biggest investments in Greece since it sank into a debt crisis four years ago.

But it has set Greece's desperate need for finance to rebuild the economy against the interests of its vital tourism industry, and aroused anger on the peninsula - site of the famed Mount Athos monasteries - over the environmental cost.

Italian Bonds Gain After Nation Sells Most Debt Since May 2011

Bloomberg Businessweek

http://www.businessweek.com/news/2014-01-13/italian-bonds-gain-after-nation-sells-most-debt-since-may-2011

By Eshe Nelson and David Goodman January 13, 2014

Italy’s government securities advanced for a second day as the nation raised the largest amount from an auction of bonds in a single day since May 2011.

The nation’s two-year note rose for the first time in four days as the government sold three-year notes at a record-low yield. German bunds gained for a second day, with 10-year yields falling to match the lowest level in four weeks, after a U.S. report last week showed companies added workers at the slowest pace since January 2011. Bonds from Spain to Greece have rallied this year amid signs the European debt crisis is easing.

Is China Really The World's No. 1 Trader?

1/12/2014  6:37PM |2,220 views

by Gordon G Chang

Forbes

“It is very likely that China has overtaken the U.S. to become the world’s largest trading country in goods in 2013 for the first time,” said Zheng Yuesheng, spokesman for China’s General Administration of Customs, on Friday while announcing December—and therefore full year—exports and imports.

China’s trade volume, he said, was $389.8 billion in December, a monthly record.  Exports, by the way, accounted for a spectacular $207.7 billion.

Deflation is deflation even if you deserve it

BY JAMES SAFT

Thu Jan 9, 2014 5:06pm EST

(Reuters) - Here is some unwelcome news for the likes of Greece, Ireland and Cyprus: Apparently it isn't really deflation if you deserve it.

That's the takeaway from remarks by ECB chief Mario Draghi, who despite persistently falling prices in some euro zone peripheral economies, was at pains on Thursday to define the problem away.

Greece Takes EU Helm, Still Focused on Self

Six-Month Presidency Could be Overshadowed by Demands of Bailout

By MATINA STEVIS

Updated Jan. 9, 2014 2:26 p.m. ET

Greece's turn at the helm of the European Union, a largely administrative role that rotates every six months, could find itself overshadowed by something close to home: Greece's own bailout.

According to EU etiquette, the country holding the presidency is expected to leave aside its national agenda and focus on managing legislative drafts and negotiations, wearing a neutral, EU hat. That option isn't available to Athens.

Greece Dreams of Bond Sale in Rally From Ireland to Portugal

By Neal Armstrong and David Goodman - Jan 9, 2014

Europe’s financial markets are picking up where they left off 2013, extending a rally in bonds and stocks that’s making the region’s sovereign debt crisis little more than a fading memory.

Ireland sold bonds this week, returning to financial markets after completing a three-year bailout program. Portugal -- another aid recipient -- is holding a sale today. Banks in Spain and other periphery countries have never been able to borrow as cheaply as they can now. The Stoxx Europe 600 Index of stocks closed at its highest level since May 2008 yesterday and the euro is about its strongest since 2011 against the dollar.

Greek Police Hunt for Convicted Terrorist Who Disappeared on Furlough

January 7, 2014

The New York Times

By NIKI KITSANTONIS

ATHENS — The Greek authorities on Tuesday began a nationwide search for a convicted member of the dismantled November 17 group, once the country’s deadliest guerrilla organization, after he failed to report to the police during a prison furlough, fueling fears of a resurgence of political violence.

Fresh Signs of a Cooling Economy in China

January 6, 2014

By REUTERS

BEIJING — Growth in China’s services industries slowed in December, separate surveys have found, echoing a slowdown in manufacturing and confirming views that the economy lost steam at the end of last year.

HSBC on Monday released its purchasing managers’ index for services, compiled by Markit Economics, showing a drop to 50.9 in December, its lowest level since August 2011, from 52.5 in November. But the figure remained above the 50-point level that indicates expansion in activity. New business growth was the slowest in six months.

Strategies for sustainable growth

The Washington Post

By Lawrence Summers, Published: January 6

Lawrence Summers is a professor and past president at Harvard. He was Treasury secretary from 1999 to 2001 and economic adviser to President Obama from 2009 through 2010.

Last month I argued that the U.S. and global economies may be in a period of secular stagnation in which sluggish growth and output, and employment levels well below potential, might coincide for some time to come with problematically low real interest rates. Since the start of this century, annual growth in U.S. gross domestic product has averaged less than 1.8 percent. The economy is now operating nearly 10 percent, or more than $1.6 trillion, below what the Congressional Budget Office judged to be its potential path as recently as 2007. And all this is in the face of negative real interest rates for more than five years and extraordinarily easy monetary policies.

Greece to overhaul defense buying after scandal

BY HARRY PAPACHRISTOU

ATHENS Fri Jan 3, 2014 12:15pm EST

(Reuters) - Greece will overhaul arms procurement to make it more transparent, Defense Minister Dimitris Avramopoulos said on Friday, after a wide-ranging corruption inquiry led to the arrest of a former defense official and two arms dealers.

Heavy arms spending was one of the reasons Athens piled up debt and had to be rescued with European Union and IMF bailouts totaling 240 billion euros ($328 billion) in 2010 and 2012.

These were accompanied by strict conditions that have increased poverty and unemployment, so the scandal has touched a raw nerve with many Greeks.

GREECE - Factors to Watch on January 3

Fri Jan 3, 2014 8:44am GMT

ATHENS, Jan 3 (Reuters) - Here are news stories, press

reports and events, which may affect Greek financial markets on

Friday:

   

    EUROBANK PROPERTIES BUYS COMMERCIAL REAL ESTATE IN ATHENS,

THESSALONIKI

Can Greece repair its reputation?

Is Greece, the country that nearly brought Europe to its knees, fit to take over the EU presidency?

By Colin Freeman7:49PM GMT 02 Jan 2014

The Guardian

Brussels bureaucrats are not known for their humorous side, nor indeed are German politicians or Eurozone finance chiefs. But anyone wandering through Syntagma Square in Athens these days could be forgiven for thinking that someone in the EU hierarchy clearly has a sense of mischief.

In recent weeks, after five years as a battleground between Greek police and anti-austerity protesters, the square has been undergoing repairs to its marble. The refurb marks not the end of Greece’s austerity years – far from it – but the start of what many might otherwise assume was a drunken New Year’s prank by someone in Brussels’ protocol and scheduling department.

Greece takes charge of the European Union

For the next six months, Greece holds the presidency of the European Union. The country is virtually bankrupt, and has been bailed out several times by the EU. Now it's in charge of the EU's daily agenda.

Greece is still in serious economic crisis. Unemployment is at a record high of 27 percent. Taxes are rising, and public spending is down. The country is hundreds of billions of euros in debt. Konstantinos Karagkounis, a member of the Greek parliament, describes the situation as a "humanitarian catastrophe," and the situation is improving only very slowly.