An Expat’s Eye on Greece

By Rena Silverman Nov. 30, 2015

The New York Times

Dimitri Melios believes that people put reality into boxes. Most, he says, have a stereotypical conception of different parts of the world. When they think of India, they think of the Taj Mahal. And when they think of his native Greece, they think of sunny Mediterranean beaches.

“Most people go to Greece from this country or elsewhere,” he said from his home in Manhattan. “They just go to a couple of specific destinations. Everybody goes to Mykonos or Santorini, and that’s the kind of image people associate with the country.”

Greece Faces Two-Week Reform Deadline to Unlock $1.1 Billion Eurozone Aid

A list of 13 so-called milestone reform demands signed off by eurozone officials

The Wall Street Journal

By VIKTORIA DENDRINOU

Nov. 27, 2015 4:27 a.m. ET

BRUSSELS—Greece has two weeks to implement 13 pieces of economic reform, including changes to its banking sector and the design of a privatization fund, to receive €1 billion ($1.1 billion) in financial aid, according to an agreement struck by eurozone finance ministries.

Completing these reforms would allow Athens to receive fresh loans from its international creditors, and bring Athens one step closer to starting negotiations on debt relief.

Memo to Putin: Syria Is Turkey's Ukraine

49 NOV 27, 2015 2:00 AM EST

By Marc Champion

Bloomberg

Russian leaders have evidently been shocked by Turkey's deliberate decision to shoot down one of their planes, which they say was motivated by Turkey's alleged support for Islamic State and greed for the proceeds of smuggled terrorist oil. A simpler explanation is that Russia would have done the same.

Here is the hypothetical: What would President Vladimir Putin do if civil war broke out in a neighboring country, which had been part of the Russian empire for centuries before breaking away under circumstances, and with borders, that Russians still found difficult to accept? What would he do if, in that war, some of the rebels were ethnic Russians at risk of being brutally crushed by the armed forces of the neighboring state?

Actually, that's not so hypothetical; it pretty much describes eastern Ukraine. And we know what Russia did -- it became heavily involved in a poorly concealed invasion.

Russia to Target Syria Jihadists as Hollande Seeks Diplomacy

 Andrey Biryukov  Helene Fouquet  Henry Meyer

November 26, 2015 — 10:48 PM EET Updated on November 27, 2015 — 9:02 AM EET

Bloomberg

France and Russia agreed to coordinate strikes in Syria to increase the focus on jihadist militants, as French President Francois Hollande seeks to rally support against Islamic State before hosting world leaders in Paris next week.

China Unveils Biggest Army Overhaul in Decades to Project Power

By  Bloomberg News

November 26, 2015 — 12:56 PM EET Updated on November 27, 2015 — 3:40 AM EET

President Xi Jinping announced a major overhaul of China’s military to make the world’s largest army more combat ready and better equipped to project force beyond the country’s borders.

Under the reorganization, all branches of the armed forces would come under a joint military command, Xi told a meeting of military officials in Beijing Thursday, the official Xinhua News Agency reported. Bloomberg in September reported details of the plan, which may also seek to consolidate the country’s seven military regions to as few as four.

Russia Plans Sanctions After Turkey Downs Warplane

Nataliya Vasilyeva, James Ellingworth / Associated Press  Updated: Nov. 26, 2015 12:36 PM

ΤΙΜΕ

It's further retaliation against Turkey after its airforce shot down a Russian jet

(MOSCOW) — Russia plans to retaliate against Turkey for the downing of a warplane by imposing sanctions, cutting economic ties and scrapping major investment projects.

Since the plane was shot down Tuesday on the Syria-Turkey border, Russia has already restricted tourism, left Turkish trucks stranded at the border and confiscated large quantities of Turkish food imports.

Range of Frustrations Reached Boil as Turkey Shot Down Russian Jet

By KEITH BRADSHERNOV. 25, 2015

The New York Times

ANKARA, Turkey — Turkey and Russia promised on Wednesday not to go to war over the downing of a Russian military jet, leaving Turkey’s still-nervous NATO allies and just about everyone else wondering why the country decided to risk such a serious confrontation.

The reply from the Turkish government so far has been consistent: Don’t say we didn’t warn you.

Though minor airspace violations are fairly common and usually tolerated, Turkey had repeatedly called in Russia’s ambassador to complain about aircraft intrusions and about bombing raids in Syria near the border. President Recep Tayyip Erdogan said on Tuesday evening — and a Pentagon spokesman later confirmed — that before a Turkish F-16 shot down the Russian Su-24 jet, Turkish forces had warned the Russian plane 10 times in five minutes to steer away.

Συναγερμός από τους εισαγγελείς

ΠΡΟΚΟΠΗΣ ΧΑΤΖΗΝΙΚΟΛΑΟΥ

Εφημερίδα Καθημερινή

15-11-2015

Κενός λόγος αποδεικνύεται η πάταξη της διαφθοράς και της φοροδιαφυγής στην Ελλάδα, σύμφωνα με τα στοιχεία που αποκαλύπτει η «Κ», από τα οποία προκύπτει ότι ελάχιστα έχουν γίνει, κυρίως εξαιτίας της παρατηρούμενης αδράνειας, ενδεχομένως και της αδιαφορίας. Από τον περασμένο Μάιο ο πρωθυπουργός, Αλέξης Τσίπρας, έχει στα χέρια του μακροσκελή επιστολή του οικονομικού εισαγγελέα κ. Παν. Αθανασίου που περιγράφει με λεπτομέρειες τόσο τα δυνητικά οφέλη από τον έλεγχο των λιστών όσο και το πρόβλημα της υποστελέχωσης των υπηρεσιών, που, αν δεν αντιμετωπιστεί, μοιραία θα οδηγήσει στην παραγραφή των υποθέσεων αλλά και στην απώλεια εκατοντάδων εκατομμυρίων ευρώ που θα μπορούσαν να χρησιμοποιηθούν ως ισοδύναμα.

Finland’s Problem Isn’t the Euro

Despite modest debt and a competitive economy, the Nordic country is on course for a fourth year of recession, but don’t blame the common currency

The Wall Street Journal

By SIMON NIXON

Nov. 25, 2015 5:30 p.m. ET

8 COMMENTS

Which has been the worst performing economy in Europe this year, excluding Greece? The surprising answer is Finland. In the third quarter of this year, Finland’s economy contracted by 0.6%, putting it on course for a possible fourth consecutive year of recession. Since 2008, its output has shrunk by 6%, faring only slightly better than Italy’s roughly 8% decline over the same period.

How the Migrant Crisis Could Accelerate a Grexit

Geopolitical Diary NOVEMBER 24, 2015 | 01:54 GMT

STRATFOR

Stratfor laid out on Nov. 11 the potential dangers of Slovenia closing its borders to migrants, establishing a barrier across the heavily transited Balkan migration corridor. Two days later, a terrorist attack in Paris led to a hardening of attitudes across the Continent. In response, the Slovenian government announced Nov. 19 that it would no longer allow economic migrants — those who are not from war zones such as Syria and Afghanistan — to enter its territory. The announcement caused a chain reaction back along the migration route as Croatia, Serbia and Macedonia, anticipating a backlog forming in their territories, swiftly closed their own borders. This has left many migrants stranded along the route, powerless to move forward and now unable to backtrack.

Turkey downs Russian warplane near Syria border, Putin warns of 'serious consequences'

Wed Nov 25, 2015 3:03am EST 

Related: WORLD, RUSSIA, TURKEY, AEROSPACE & DEFENSE

Reuters

ANKARA/MOSCOW | BY TULAY KARADENIZ AND MARIA KISELYOVA

Turkey shot down a Russian warplane near the Syrian border on Tuesday, saying the jet had violated its air space, in one of the most serious publicly acknowledged clashes between a NATO member country and Russia for half a century.

Russian President Vladimir Putin said the plane had been attacked when it was 1 km (0.62 mile) inside Syria and warned of "serious consequences" for what he termed a stab in the back administered by "the accomplices of terrorists".

Will this Russia-Turkey business get out of control?

Turkey shot down a Russian warplane. How lucky will we be to live through this?

The Washington Post

By Daniel W. Drezner November 24 at 9:20 AM

Daniel W. Drezner is a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University and a regular contributor to PostEverything

When former senator and actor Fred Thompson passed away earlier this month, it was impossible to forget the best line he ever delivered on a film.

This line seems particularly trenchant now, as something I worried about last month pretty much just happened:

Putin Says Turkish 'Stab in Back' Caused Russian Warplane Crash

By  Andrey Biryukov

November 24, 2015 — 3:01 PM EET Updated on November 24, 2015 — 3:54 PM EET

Bloomberg

President Vladimir Putin accused Turkey of being an accomplice of terrorism for shooting down a Russian warplane in Syria and warned of “very serious consequences” for their relations.

“We understand that everyone has their own interests but we won’t allow such crimes to take place,” Putin said at talks Tuesday with Jordanian King Abdullah II in Sochi. “We received a stab in the back from accomplices of terrorism.”

Putin Has Misjudged Turkey's Erdogan

105 NOV 24, 2015 8:09 AM EST

By Marc Champion

Bloomberg

The details of how and why a Russian jet was shot down near the Turkish-Syrian border remain unclear, but one thing can already be said: Russian President Vladimir Putin has misjudged his Turkish counterpart and former friend, Recep Tayyip Erdogan.

According to Turkey's military, one of its F-16s fired on a jet over Turkish territory, after the plane's pilots ignored 10 warnings to leave. So the North Atlantic Treaty Organization's second-largest military is claiming to have shot down an aircraft in anger that was probably Russian, and is now "consulting" with its NATO allies.

Greece Gets Aid Infusion As EU Counts on Tsipras to Pass Reforms

 Rebecca Christie

 Corina Ruhe

 November 23, 2015 — 8:47 PM EET

Bloomberg

Greece unlocked more of its rescue funds on Monday as the euro area called on Prime Minister Alexis Tsipras to maintain his nation’s commitment to meeting its bailout requirements.

In the first aid payment since August, when Greece secured an 86 billion-euro ($91 billion) third bailout, the euro area on Monday approved a 2 billion-euro disbursement from the European Stability Mechanism firewall fund. This allows Greece to turn its attention to recapitalizing its banks and releasing another 1 billion euros in rescue funds before the end of the year.

Greece's Alpha Bank details allocation of share issue

Mon Nov 23, 2015 2:53am EST Related: FINANCIALS

ATHENS

Read more at Reutershttp://www.reuters.com/article/2015/11/23/greece-alphabank-shares-idUSL8N13I0UK20151123#RWy0sQZD1mWOFAP0.99

Reuters

Nov 23 Greece's Alpha Bank said on Monday new shares issued to fill a capital hole identified in a European Central Bank (ECB) health check would be allocated to investors in a bookbuilding process and to bondholders that took part in a debt-for-equity swap.

A disagreement in Europe

The euro crisis was not a government-debt crisis

Nov 23rd 2015, 9:43 BY R.A. | LONDON

The Economist

THE euro-zone crisis has transitioned from an acute phase to a chronic one. At just this moment the fear that market panic might force one or several economies out of the single currency is low. Yet few analysts believe the euro zone has solved its fundamental problems. In a piece published at Vox EU last week, a cadre of prominent economists made the very sensible point that unless euro-area leaders can agree on the fundamental causes of the crisis, they will struggle to craft long-run fixes. The authors set out their view of the crisis, in hopes that it will prove a foundation for consensus building.

Team Obama’s latest ISIS ‘oops’

By Post Editorial Board November 20, 2015 | 9:25pm

The New York Post

When it comes to US intelligence failures on ISIS, it turns out President Obama’s dismissing the Islamic State as a “JV team” was only a minor blip.

As Bloomberg Businessweek reports, the Obama administration realized just days ago that ISIS is one of the richest organizations in the world — with assets totaling billions.

Greece’s Piraeus Bank Fails to Raise Enough From Private Investors

Capital shortfall determined through ECB stress tests for the Greek economy

The Wall Street Journal

By STELIOS BOURAS and  NEKTARIA STAMOULI

Nov. 22, 2015 8:06 a.m. ET

0 COMMENTS

ATHENS—Greece’s second-largest lender by assets, Piraeus Bank SA, said Saturday that it didn’t manage to raise all the funds needed from private investors following capital shortfalls outlined by the European Central Bank in October.

This means that Greece’s bank rescue fund will need to prop up Piraeus and Greece’s largest lender, National Bank of Greece SA, with at least €6.3 billion ($6.7 billion).

Euro zone agrees Greece can get next loan tranche, cash for bank recap

Sat Nov 21, 2015 12:03pm EST

BRUSSELS

Reuters

Greece has done all the reforms in the a first package of measures agreed with euro zone creditors, which paves the way for Athens to get the next tranche of loans, the head of euro zone finance ministers Jeroen Dijsselbloem said on Saturday.

Greece is getting very cheap loans form the euro zone bailout fund ESM under its third bailout agreement in exchange for putting its public finances in order and reforming the economy to make it more efficient and competitive.

Greece passes bailout bill but government majority shrinks

Fri Nov 20, 2015 2:19am GMT Related: BUSINESS, WORLD

ATHENS | BY RENEE MALTEZOU AND KAROLINA TAGARIS

Reuters

Greece approved a reform bill on Thursday to secure further bailout funds from its international lenders but Prime Minister Alexis Tsipras' parliamentary majority shrank to just two seats after two dissenting lawmakers were expelled.

The bill, outlining regulation on tax arrears and home foreclosures, paves the way for the disbursement of 2 billion euros (916 million pounds) to pay state arrears and a further 10 billion euro to recapitalise Greece's top four banks.

EU takes Greece to court for poor treatment of waste water

Thu Nov 19, 2015 12:11pm GMT Related: WORLD

BRUSSELS

Reuters

The European Commission has taken Greece to court a second time for not treating its waste water properly and is proposing a fine of at least 15 million euros, it said on Thursday.

In 2004, the highest European Union court ruled that Greece was violating EU law for not collecting and treating waste water discharged into the Gulf of Elefsina.

UPDATE 1-Greece's Alpha Bank prices share issue at 0.04 euros a share

Thu Nov 19, 2015 4:18am EST Related: FINANCIALS

Reuters

Nov 19 Greece's Alpha Bank on Thursday priced its share offering to fill a capital shortfall revealed in a European Central Bank health check, becoming the second Greek lender to raise funds from private investors without resorting to state aid.

Alpha priced the new shares at 0.04 euros each or 2.0 euros after a one-for-50 reverse share split, translating to a 35 percent discount to Wednesday's closing price.

Greece's fourth-largest lender sought to raise 1.55 billion euros ($1.65 bln) from investors to fill a 2.74 billion euro capital gap under the ECB stress test's adverse scenario.

Greece and Eurozone Creditors in Deal to Unlock $13 Billion

By NIKI KITSANTONISNOV. 17, 2015

The New York Times

ATHENS — Greece and its international creditors said on Tuesday that they had reached agreement on the country’s next round of economic changes, a deal that is meant to unlock as much as 12 billion euros, or about $13 billion, in loan money.

Athens had initially hoped the money would be dispensed after the Greek Parliament passed a package of economic measures last month.

But eurozone finance ministers said then that the steps did not fully meet the conditions required for the next milestone payment from the country’s €86 billion bailout package.

Finnish parliament will debate next year leaving euro zone

Mon Nov 16, 2015 7:25am EST Related: WORLD

HELSINKI | BY JUSSI ROSENDAHL

Reuters

Finland's parliament will debate next year whether to quit the euro, a senior parliamentary official said on Monday, in a move unlikely to end membership of the single currency but which highlights Finns' dissatisfaction with their country's economic performance.

The decision follows a citizens' petition which has raised the necessary 50,000 signatures under Finnish rules to force such a debate, probably the first such initiative in any country of the 19-member euro zone.

Kurds enter Sinjar 'from all directions' - Kurdistan security council

Fri Nov 13, 2015 7:52am GMT Related: WORLD

NEAR SINJAR TOWN

Reuters

Kurdish peshmerga forces entered Sinjar "from all directions" on Friday to begin clearing the northern Iraqi town of Islamic State militants, the Kurdistan regional security council said in a tweet.

U.S. targets 'Jihadi John' in Syria air strike

Fri Nov 13, 2015 5:57am GMT Related: WORLD, UK, SYRIA, MIDDLE EAST

WASHINGTON | BY PHIL STEWART AND MARK HOSENBALL

Reuters

The United States on Thursday carried out an air strike in Syria targeting the Islamic State militant known as "Jihadi John," who participated in gruesome videos showing the killings of American and British hostages, officials said.

One U.S. official, speaking on condition of anonymity, said the strike likely killed Mohammed Emwazi, a British citizen, but cautioned that it was too soon to make any determination.

Euro Eyes Parity Once More

Bloomberg

Vassilis Karamanis

Following a failed attempt at parity earlier this year, the euro may be set to make a more convincing foray at 1.0000 to the U.S. dollar, as a crucial driver for further weakness in the common currency is now on a substantially different path, Bloomberg strategist Vassilis Karamanis writes.

Greek Strike Shows Conflict Within Government Over Austerity

By NIKI KITSANTONISNOV. 12, 2015

The New York Times

ATHENS — Hundreds of thousands of Greeks walked off their jobs on Thursday to protest austerity economics, as officials of the leftist-led government wrangled with the country’s international creditors over the terms of Greece’s third bailout. At least one Athens protest turned violent.

The 24-hour walkout shut down public services, forced the cancellation of flights and disrupted public transportation across the country. Ferries remained moored in ports, hospitals were operating with reduced staff, and museums and archaeological sites were closed.

Creditors Withhold 2 Billion Euro Bailout Payment From Greece

By NIKI KITSANTONIS NOV. 9, 2015

The New York Times

ATHENS — Greece’s international bailout program has hit snags, delaying release of the next payout of rescue money.

Despite a weekend of negotiations by telephone, Greek officials and the country’s foreign creditors remained at odds. At a meeting in Brussels on Monday, eurozone finance ministers debated whether Athens had met the first set of conditions to unlock the next installment of the bailout of 86 billion euros (about $92 billion).

The ministers decided to delay the release of the payout, a sum of €2 billion, but indicated it might be dispensed soon.

Eurozone Finance Ministers Won’t Release $2.15 billion Loan to Greece

Disagreements over new foreclosure rules continue, two European officials say

The Wall Street Journal

By GABRIELE STEINHAUSER and  VIKTORIA DENDRINOU

Updated Nov. 9, 2015 4:05 a.m. ET

BRUSSELS—Eurozone finance ministers won’t release €2 billion ($2.15 billion) of funding for Greece at their meeting here Monday amid continued disagreements over new foreclosure rules, two European officials said.

Senior officials from the currency union’s finance ministries were updated on Greece’s implementation of around 50 promised overhauls, known as milestones, during a conference call Sunday afternoon. While progress has been made on some issues—including measures to substitute a tax on private education, the governance of the country’s bailed-out banks and the treatment of overdue loans—Athens and its creditors will need more time to sign off on all overhauls, the officials said.

Οι καθαρίστριες του κ. Τσακαλώτου

Οι καθαρίστριες του κ. Τσακαλώτου

04 Νοέμβριος 2015. Posted in Εφημερίδα Καθημερινή

Του Πάσχου Μανδραβέλη

«Σιγά!», θα πει κάποιος. «Αυτό είναι το πρόβλημα της χώρας; Οι 165 καθαρίστριες του κ. Τσακαλώτου;». Φυσικά όχι, διότι στην Ελλάδα δεν υπάρχει ΤΟ πρόβλημα. Υπάρχουν χιλιάδες μικρά προβλήματα, που όλα μαζί αθροίζονται και δημιουργούν ΤΟ πρόβλημα.

The Greece Debt Watch

Inside the bailout bonanza.

Bloomberg

By Dimitra Kessenides

August 2015

Greece signs a third bailout deal with the European Commission, agreeing to sweeping reforms in exchange for fresh loans in the amount of €86 billion.

Fall 2015

Greek lawmakers raise the retirement age, cut pensions, and increase the sales tax.

Oct. 31, 2015

After stress-testing the country’s top four banks, the European Central Bank says they’ll need €4.4 billion ($4.8 billion) to €14.4 billion of additional capital.

Nov. 6, 2015

The deadline for banks to submit plans detailing how they’ll raise the additional capital.

Winter 2016

Euro area member states will discuss easing Greece’s debt burden, following the successful completion of the first bailout review.

March-April 2016

Lenders will assess how much progress the country has made toward fiscal health. An unsatisfactory review could lead them to demand more austerity measures, again raising the question of a Grexit.

Greece Set to Vote on Bailout Provisions

 NIKI KITSANTONISNOV. 5, 2015

The New York Times

ATHENS — Greek lawmakers on Thursday were poised to approve some of the economic changes that international creditors were demanding before unlocking the first loan installment from the country’s bailout program. But the legislation pointedly lacks some of the main measures demanded by lenders.

Resistance to Authority in Greece as Pessimism Takes Hold

By STEVEN ERLANGERNOV. 5, 2015

The New York Times

LONDON — Yiorgos Kaminis has the privilege and misfortune of being the mayor of Athens, the suffering heart of bankrupt Greece, marked by both the majesty of the Parthenon and a relentless wave of graffiti hooligans, whose work he does not have the money to scrape off.

Now 61, Mr. Kaminis was born in New York and lived there until the age of 5, studied in France, taught law at the University of Athens and was re-elected last year as the nonpartisan mayor of one of the world’s great cities.

Greece Sets Terms for Aiding $15.9 Billion Bank Recap

Nikos Chrysoloras

November 2, 2015 — 2:42 AM EET Updated on November 2, 2015

Greece’s government detailed under what terms it will help banks plug a 14.4 billion-euro ($15.9 billion) hole in their books identified by the European Central Bank, paving the way for the lenders to seek cash from investors for the second time in 18 months.

Greece sets mix of bonds, shares in state aid to recapitalise banks

Sun Nov 1, 2015 11:12pm GMT Related: BUSINESS

Reuters

Greece's bank bailout fund HFSF will provide state aid to recapitalise the country's main banks by buying a mix of contingent convertible bonds (CoCoS) and new shares the lenders will issue, the government said on Sunday.

The Hellenic Financial Stability Fund will supply 75 percent of the aid needed via CoCos and 25 percent in exchange for new common shares the banks will issue, the government's economic policy council said, finalising the architecture of the plan.

U.S. Says Greece Must Lift Bank Governance to Build on Progress

By Rebecca Christie,  Andrew Mayeda

Bloomberg

Greece must improve financial-sector governance now that its biggest banks are moving to sounder footing, the U.S. Treasury’s top international official said.

“There’s a meaningful stabilization of the Greek banks,” Nathan Sheets, undersecretary for international affairs, said in an interview ahead of Saturday’s stress test and asset quality review results.