Scandal Hits Greek Tourism Agency

By ALKMAN GRANITSAS and NEKTARIA STAMOULI

ATHENS—A multimillion-dollar embezzlement case involving Greece's national tourism agency has dealt a new blow to the crisis-hit country's political establishment, which already is reeling from a scandal over its failure to go after wealthy suspected tax evaders.

Euro-Zone Manufacturing Shrinks in December

By ALEX BRITTAIN

 The Wall Street Journal

Activity among euro-zone manufacturers shrank further in December, a gauge of activity showed Wednesday, as factories across the currency area's biggest economies cut back on their output.

Most Greeks say government crackdown on tax evaders failing: poll

ATHENS | Sat Dec 29, 2012 3:51pm EST

(Reuters) - More than two-thirds of Greeks say their government is failing to fight tax evasion, a poll showed on Saturday, a major focus of popular discontent along with austerity measures imposed to unlock bailout aid.

Treasury 10-Year Yields Head for Record Low on Demand for Haven

By Daniel Kruger - Dec 29, 2012 7:00 AM GMT+0200

Bloomberg

Treasury 10-year note yields were poised for the lowest annual average since at least World War II as investors spent 2012 seeking haven from Europe’s debt crisis, tepid global growth and a U.S. budget showdown.

Greek tax cheats list altered to hide names -court sources

Fri Dec 28, 2012 11:39am EST

* Relatives of ex-minister were removed from accused tax dodgers list -officials

* Former finance minister denies tampering with list

* PASOK party expels him over "Lagarde List" affair

By Harry Papachristou

How Europe's Currency Survived 2012 Intact

The Wall Street Journal
http://online.wsj.com/article/SB10001424127887323300404578205580657203900.html

Leaders Muddled Through, but Bought Time for the Euro Area, Which Enters 2013 With All 17 Members Along for the Ride

With three days left of the old year, there's still time for even this prediction to go awry. But let's stick our necks out: Contrary to some expectations, the euro zone will end the year as it entered it—with 17 members.

 

Education falls victim to Greek debt crisis

Deutsche Welle

http://www.dw.de/education-falls-victim-to-greek-debt-crisis/a-16481846

As part of Greece's austerity policies, salaries for teachers and educational funding have dropped rapidly. Students who can afford private tutoring may come to depend more heavily on tutors than teachers.

Greek Bank Capital Needs at EU27.5 Billion, Bank of Greece Says

Bloomberg

By Marcus Bensasson & Christos Ziotis - Dec 27, 2012 7:34 PM GMT+0200

Greece’s four largest banks need to boost their capital by 27.5 billion euros ($36.3 billion) after taking losses from the country’s debt swap earlier this year, the largest sovereign restructuring in history.

Greek prosecutors send Swiss account list to parliament

ATHENS | Thu Dec 27, 2012 2:11pm GMT

(Reuters) - Greek prosecutors sent a list of possible tax cheats to parliament, court sources said, in a case that has highlighted Athens' failure to crack down on the tax evasion that has contributed to the country's financial crisis.

German economy to grow "decently" in 2013 - Finance Minister

BERLIN | Thu Dec 27, 2012 12:37pm GMT

 (Reuters) - Germany's economy will expand at a decent rate next year, underpinned by exports to countries outside the euro zone, Finance Minister Wolfgang Schaeuble said.

Bleak Christmas in Greece

deutsche welle
Cheerful decorations, good food and gifts for the children are part of the traditional Greek Christmas. But as the country's financial crisis continues to wreak havoc, the country is in for a scaled-back holiday in 2012.

Greece Urged to Get Tough on Tax

The Wall Street Journal

By STELIOS BOURAS And PHILIP PANGALOS

ATHENS—Greece's international creditors have called on the country to do more to tackle tax evasion, particularly among wealthier residents, as Athens scrambles to check up on thousands of taxpayers suspected of having sent money abroad illegally.

Greeks flock to informal work as recession deepens

By Renee Maltezou

ATHENS | Fri Dec 21, 2012 9:59am EST

(Reuters) - Greek dietician Reggina knew she had little choice when her boss told her she could keep her job at a health center only if she agreed to getting part of her salary off the books.

Greece's Top Banks Need $36 Billion Boost

By STELIOS BOURAS and NEKTARIA STAMOULI

The Wall Street  Journal 

ATHENS—Greece's four largest banks need a capital boost of €27.4 billion ($36.29) to overcome the impact of the country's sovereign debt write-down as they battle to stem growing losses in the rapidly shrinking domestic economy.

Greece facing critical year, says finance minister: FT

LONDON | Wed Dec 19, 2012 7:27pm EST

(Reuters) - Greece is facing a critical year that hinges on its three-party ruling coalition sticking together and following the bailout program agreed with the European Union and the International Monetary Fund, Finance Minister Yannis Stournaras said in the Financial Times on Thursday.

Struggles Mount for Greeks as Economy Faces Winter

By MARCUS WALKER and MARIANNA KAKAOUNAKI

The Wall Street Journal

...Ms. Katri had a Dickensian image of the former orphanage, she says, as "a place where children are punished." However, she says the foundation has been good to her son,...

...The slumping economy and the retreat of the welfare state under austerity has caused a wave of requests to take children into care...

...Since 2011, more than 700 families have asked the Greek branch of international charity SOS Children's Villages to take in a child for economic reasons...

Special Report: Greece's triangle of power

A nexus of media, business and politics lies behind the country's crisis, say critics.

 

By Stephen Grey and Dina Kyriakidou

Europe Wins a Battle, but Not Yet the War

(to)...create a new common bank-resolution authority for the euro zone...
The first is political and Italian
The next risk is political and German
A further risk is technical and possibly Spanish
The next risks are Hellenic

EU, IMF agree to lend Greece 49 bln euros by March

BRUSSELS | Thu Dec 13, 2012 6:59am EST
(From the administrator: This article is from Reuters, and at the end you can find the link, the names of the authors and the adresses of their blogs)

Dec 13 (Reuters) - Euro zone finance ministers and the International Monetary Fund have agreed to release 49.1 billion euros in aid to Greece by the end of March, with most of that sum flowing immediately, senior EU officials said on Thursday.

Greece Can Grow Again

Red tape, corruption, tax evasion—and a failure of marketing. Despite being the world's third largest olive oil producer, Greece sells 60% of its olive oil in bulk to Italy, where it is packaged and sold at a premium.
The Wall Street Journal

By JOHN SFAKIANAKIS