Tuesday, February 4, 2014

Earthquake strikes off western coast of Greece, USGS says

By Jethro Mullen, CNN
February 3, 2014 -- Updated 0957 GMT (1757 HKT)
(CNN) -- A magnitude-6.1 earthquake struck off the western coast of Greece early Monday, the U.S. Geological Survey reported.
The quake hit near the island of Cephalonia, roughly 300 kilometers (185 miles) west of Athens, at a depth of about 14 kilometers (9 miles), the USGS said.

There were no immediate reports of damage or casualties.

Euro May Be Resurfacing as a Safe Haven

Currency Is Bucking Old Trend of Wilting Amid Headwinds

By TOMMY STUBBINGTON
Updated Feb. 3, 2014 3:11 p.m. ET
LONDON—Over the past few years, the euro has been a barometer of risk: When the markets got cloudy, it fell. But in recent weeks, that relationship has changed, leading some analysts to wonder whether Europe, after years of crisis, is becoming a haven again.
When emerging markets took a steep fall in the past few weeks, dragging global assets with them, the euro shrugged it off. On some days, the currency has even managed to rally while stocks are crashing—a tendency usually associated with the Japanese yen or the U.S. dollar.

Monday, February 3, 2014

Germany preparing third financial rescue for Greece

New loan, outlined in a German finance ministry position paper, would be worth €10bn-€20bn, says Der Spiegel magazine
Helena Smith in Athens
The Guardian, Sunday 2 February 2014 20.14 GMT

Friday, January 31, 2014

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
BRUSSELSEurope’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.

Wednesday, January 29, 2014

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.

Monday, January 27, 2014

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, GreeceGreece’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.

Saturday, January 25, 2014

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.

Friday, January 24, 2014

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

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

Thursday, January 23, 2014

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.

Wednesday, January 22, 2014

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.