Wednesday, August 30, 2017
Iran Building Weapons Factories in Lebanon and Syria, Israel Says
By ISABEL KERSHNERAUG. 29, 2017
The New York Times
JERUSALEM — Israel is using a visit this week by the United Nations secretary general, Antonio Guterres, to highlight concerns about what it says are Iran’s efforts to produce advanced, precision weapons in Lebanon and Syria.
“Iran is busy turning Syria into a base of military entrenchment,” Prime Minister Benjamin Netanyahu said at a news conference with Mr. Guterres on Monday, “and it wants to use Syria and Lebanon as war fronts against its declared goal to eradicate Israel.”
Sunday, August 27, 2017
Chastised by E.U., a Resentful Greece Embraces China’s Cash and Interests
By JASON HOROWITZ and LIZ ALDERMANAUG. 26, 2017
The New York Times
ATHENS — After years of struggling under austerity imposed by European partners and a chilly shoulder from the United States, Greece has embraced the advances of China, its most ardent and geopolitically ambitious suitor.
While Europe was busy squeezing Greece, the Chinese swooped in with bucket-loads of investments that have begun to pay off, not only economically but also by apparently giving China a political foothold in Greece, and by extension, in Europe.
Last summer, Greece helped stop the European Union from issuing a unified statement against Chinese aggression in the South China Sea. This June, Athens prevented the bloc from condemning China’s human rights record. Days later it opposed tougher screening of Chinese investments in Europe.
Tuesday, August 8, 2017
Who Will Be Europe’s Alexander Hamilton?
AUG 7, 2017 4
Project Syndicate
SYLVESTER EIJFFINGER
Sylvester Eijffinger is Professor of Financial Economics at Tilburg University in the Netherlands.
TILBURG – Not too long ago, the European Central Bank’s actions were usually met with cheers. But more recently, the ECB has drawn criticism from not just bankers and economists, but also citizens and politicians.
With returns on fixed-income investments decreasing, investors are being forced into equity investments, which have become riskier and more expensive, owing to increased uncertainty about financial and economic stability. That uncertainty reflects the fact that the ECB’s extremely low interest rates are serving to prevent desperately needed structural reforms in eurozone countries with high deficits and debt.
Project Syndicate
SYLVESTER EIJFFINGER
Sylvester Eijffinger is Professor of Financial Economics at Tilburg University in the Netherlands.
TILBURG – Not too long ago, the European Central Bank’s actions were usually met with cheers. But more recently, the ECB has drawn criticism from not just bankers and economists, but also citizens and politicians.
With returns on fixed-income investments decreasing, investors are being forced into equity investments, which have become riskier and more expensive, owing to increased uncertainty about financial and economic stability. That uncertainty reflects the fact that the ECB’s extremely low interest rates are serving to prevent desperately needed structural reforms in eurozone countries with high deficits and debt.
Monday, August 7, 2017
Greece launches new offshore oil and gas tenders
AUGUST 7, 2017 / 3:38 PM / 15 MINUTES AGO
Reuters
ATHENS, Aug 7 (Reuters) - Greece launched two tenders on Monday for offshore oil and gas exploration and exploitation in the west and south of the country, the energy ministry said.
The move follows expressions of interest by a consortium of Total, Exxon Mobil and Hellenic Petroleum for exploration in two sites off the island of Crete, and by Greece's Energean for a block in the Ionian Sea in western Greece.
Reuters
ATHENS, Aug 7 (Reuters) - Greece launched two tenders on Monday for offshore oil and gas exploration and exploitation in the west and south of the country, the energy ministry said.
The move follows expressions of interest by a consortium of Total, Exxon Mobil and Hellenic Petroleum for exploration in two sites off the island of Crete, and by Greece's Energean for a block in the Ionian Sea in western Greece.
Greece scapegoats a statistician who only did his job
The Washington Post
By Editorial Board August 4
IN GREECE, the lucrative tourism industry is threatened this summer by millions of oversized jellyfish washing ashore on the nation’s beaches. An even slimier development is the ongoing persecution of the country’s first independent chief statistician, whose tough-minded steps to straighten out Greece’s notoriously fraudulent economic data have been repaid with farcical prosecutions by a judicial system rapidly discrediting itself in the world’s eyes.
Andreas Georgiou, an American-trained economist who spent two decades working at the International Monetary Fund, was hired as Greece’s top statistician in 2010 as the country’s debt crisis was spiraling out of control. His goal was to honestly report economic data that for years had been fudged by politicians and officials seeking to minimize their own fateful fiscal mismanagement.
Friday, July 21, 2017
The IMF Has Approved a $1.8 Billion Conditional Loan For Greece
Reuters
10:31 PM ET
The International Monetary Fund on Thursday approved in principle a $1.8 billion standby loan arrangement for Greece, making a conditional commitment to help underpin the country's long-running bailout program for the first time in two years.
But the IMF's approval-in-principle means the fund will not make any money available until after it receives "specific and credible assurances" from Greece's European lenders to ensure the country's debt sustainability.
The approval is also conditional on Greece keeping its economic reforms on track. The current bailout, Greece's third since 2010, is now shouldered exclusively by European institutions.
10:31 PM ET
The International Monetary Fund on Thursday approved in principle a $1.8 billion standby loan arrangement for Greece, making a conditional commitment to help underpin the country's long-running bailout program for the first time in two years.
But the IMF's approval-in-principle means the fund will not make any money available until after it receives "specific and credible assurances" from Greece's European lenders to ensure the country's debt sustainability.
The approval is also conditional on Greece keeping its economic reforms on track. The current bailout, Greece's third since 2010, is now shouldered exclusively by European institutions.
Thursday, July 20, 2017
Yes Greece Can
by Marcus Ashworth
Bloomberg
July 19, 2017 8:08 AM EDT
Greece's hopes of returning to the debt markets after a three-year absence have been held up by one of its main creditors, the International Monetary Fund.Under the strict conditions of its bailout, the country's debt burden is still too high to contemplate selling more debt, according to the IMF. But there is a compromise option, which Greece should pursue.The Hellenic Republic had been laying the groundwork to issue as much as 4 billion euros ($4.6 billion) in five-year bonds after repaying 6 billion euros of its existing debt this week. But the funds to pay down that debt came from the European Stability Mechanism, so Greece's overall debt hasn't been reduced, simply extended.The IMF's opposition to issuing new debt doesn't stop Greece from shuffling its debt stack by lengthening maturities.
Wednesday, July 19, 2017
Greek Bond Sale Is Said to Be Delayed by IMF Debt Cap Rule
By Viktoria Dendrinou and Nikos Chrysoloras
19 Ιουλίου 2017, 12:43 π.μ. EEST 19 Ιουλίου 2017, 11:48 π.μ. EEST
Bloomberg
Greece’s much anticipated return to bond markets this week has been held off partly due to a ceiling set by the International Monetary Fund on the amount of debt the country can hold, according to three officials familiar with the matter who asked not to be identified as the talks are confidential.
Turkey has agreed to buy Russia's advanced missile-defense system, leaving NATO wondering what's next
Christopher Woody
Jul. 17, 2017, 1:48 PM
Business Insider
Turkey reached an agreement with Russia to purchase the latter's most sophisticated missile-defense system, the S-400, a senior Turkish military official told Bloomberg last week.
Under the $2.5 billion agreement Ankara would receive two batteries of the antiaircraft missile from Moscow within the coming year and then produce two more batteries in Turkey.
At the beginning of June, Russian President Vladimir Putin said Moscow was ready to deliver the missile system, and a Russian military-industry official said an agreement on technical details had been reached in mid-June.
Jul. 17, 2017, 1:48 PM
Business Insider
Turkey reached an agreement with Russia to purchase the latter's most sophisticated missile-defense system, the S-400, a senior Turkish military official told Bloomberg last week.
Under the $2.5 billion agreement Ankara would receive two batteries of the antiaircraft missile from Moscow within the coming year and then produce two more batteries in Turkey.
At the beginning of June, Russian President Vladimir Putin said Moscow was ready to deliver the missile system, and a Russian military-industry official said an agreement on technical details had been reached in mid-June.
Turkey Leaks Secret Locations of U.S. Troops in Syria
Ankara has long been angered by the alliance between Washington and Kurdish factions. But a new report exposing secret American bases is a dangerous way to strike back.
Roy Gutman
ROY GUTMAN
07.19.17 1:00 AM ET
The Daily Beast
ISTANBUL—In the latest display of Turkish anger at U.S. policy in Syria, the state news agency has divulged the locations of 10 U.S. military bases and outposts in northern Syria where the U.S. is leading an operation to destroy the so-called Islamic State in its self-styled capital of Raqqa.
The list published by the Anadolu news agency points to a U.S. presence from one end to the other of the Kurdish self-administration region—a distance of more than 200 miles. The Anadolu news agency even listed the number of U.S. troops in several locations and in two instances stipulated the presence of French special forces.
Roy Gutman
ROY GUTMAN
07.19.17 1:00 AM ET
The Daily Beast
ISTANBUL—In the latest display of Turkish anger at U.S. policy in Syria, the state news agency has divulged the locations of 10 U.S. military bases and outposts in northern Syria where the U.S. is leading an operation to destroy the so-called Islamic State in its self-styled capital of Raqqa.
The list published by the Anadolu news agency points to a U.S. presence from one end to the other of the Kurdish self-administration region—a distance of more than 200 miles. The Anadolu news agency even listed the number of U.S. troops in several locations and in two instances stipulated the presence of French special forces.
Countries That Broke Ties With Qatar Indicate Some Flexibility on Demands
By RICK GLADSTONEJULY 18, 2017
The New York Times
Senior diplomats from the four Arab countries that have broken ties with Qatar indicated Tuesday that they were no longer insisting on 13 precise demands that the Qataris must satisfy, or on a specific deadline for them to comply.
The remarks by the diplomats from Bahrain, Egypt, Saudi Arabia and the United Arab Emirates seemed to indicate a slight easing in their position and a desire to make some progress in the bitter dispute, which began in early June.
The New York Times
Senior diplomats from the four Arab countries that have broken ties with Qatar indicated Tuesday that they were no longer insisting on 13 precise demands that the Qataris must satisfy, or on a specific deadline for them to comply.
The remarks by the diplomats from Bahrain, Egypt, Saudi Arabia and the United Arab Emirates seemed to indicate a slight easing in their position and a desire to make some progress in the bitter dispute, which began in early June.
How EU Reckons Greece Can Make a Successful Return to Markets
By REUTERSJULY 18, 2017, 10:51 A.M. E.D.T.
Continue reading the main storyShare This BRUSSELS — Greece's imminent return to markets will be a step towards a successful exit from its euro zone-funded bailout programme, but it will not be an overnight change.
The New York Times
The process, European Union officials say, will require a series of successful bond sales and the build-up of a "sizeable" cash buffer.
Euro zone creditors are keen to see Athens develop a strategy to tap the markets well before the end of its current 86-billion-euro financial aid programme, so that when the bailout expires in August 2018 the country will be more likely to stand on its own feet.
Continue reading the main storyShare This BRUSSELS — Greece's imminent return to markets will be a step towards a successful exit from its euro zone-funded bailout programme, but it will not be an overnight change.
The New York Times
The process, European Union officials say, will require a series of successful bond sales and the build-up of a "sizeable" cash buffer.
Euro zone creditors are keen to see Athens develop a strategy to tap the markets well before the end of its current 86-billion-euro financial aid programme, so that when the bailout expires in August 2018 the country will be more likely to stand on its own feet.
Thursday, July 13, 2017
EU Commission Says Greece Public Finances Back in Order
By REUTERS
JULY 12, 2017, 7:57 A.M. E.D.T.
The New York Times
BRUSSELS — Greece's fiscal position has improved and the European Union should end disciplinary procedures against it over its excessive deficit, the EU commission said on Wednesday, paving the way for the country to return to international bond markets.
EU fiscal rules oblige member states to keep their budget deficits below 3 percent of their economic output or face sanctions that could entail hefty fines, although so far no country has received a financial penalty.
JULY 12, 2017, 7:57 A.M. E.D.T.
The New York Times
BRUSSELS — Greece's fiscal position has improved and the European Union should end disciplinary procedures against it over its excessive deficit, the EU commission said on Wednesday, paving the way for the country to return to international bond markets.
EU fiscal rules oblige member states to keep their budget deficits below 3 percent of their economic output or face sanctions that could entail hefty fines, although so far no country has received a financial penalty.
Wednesday, July 12, 2017
Turkey detains academics for alleged links to cleric Gulen
By Associated Press July 10
The Washington Post
ISTANBUL — Turkey’s official news agency says police have detained 42 people, including academics, for alleged links to a U.S.-based Muslim cleric less than a week before the anniversary of the failed coup.
Anadolu news agency said the operations Monday targeted people working at Turkey’s Bogazici and Medeniyet University. Prominent Bogazici academic and government critic, Koray Caliskan, and 19 professors from Medeniyet’s medical school are among the detained.
The Washington Post
ISTANBUL — Turkey’s official news agency says police have detained 42 people, including academics, for alleged links to a U.S.-based Muslim cleric less than a week before the anniversary of the failed coup.
Anadolu news agency said the operations Monday targeted people working at Turkey’s Bogazici and Medeniyet University. Prominent Bogazici academic and government critic, Koray Caliskan, and 19 professors from Medeniyet’s medical school are among the detained.
American tourist killed in Greece was fatally beaten over a selfie, police say
By Kristine Phillips July 11 at 3:17 PM
The Washington Post
American Bakari Henderson was killed by a group of as many as 15 men because of an argument over a selfie at a bar on a Greek island, police said.
A confrontation began after Henderson, who was vacationing with friends, asked to take a picture with a waitress, and quickly escalated into a fistfight involving other customers and two bar employees, Greek police spokesman Theodore Chronopoulos told The Washington Post. Video surveillance shows that the 22-year-old recent graduate of the University of Arizona was fatally beaten in a span of just 30 seconds, Chronopoulos said.
The Washington Post
American Bakari Henderson was killed by a group of as many as 15 men because of an argument over a selfie at a bar on a Greek island, police said.
A confrontation began after Henderson, who was vacationing with friends, asked to take a picture with a waitress, and quickly escalated into a fistfight involving other customers and two bar employees, Greek police spokesman Theodore Chronopoulos told The Washington Post. Video surveillance shows that the 22-year-old recent graduate of the University of Arizona was fatally beaten in a span of just 30 seconds, Chronopoulos said.
Tuesday, July 11, 2017
Greece expects minimum $456 mln offers in gas grid sale - newspaper
Mon Jul 10, 2017 | 7:28am EDT
Reuters
Greece expects potential investors will offer at least 400 million euros ($456 million) for a majority stake in its gas grid operator DESFA, Energy Minister George Stathakis said in an interview with Naftemporiki newspaper.
Greece, under pressure by EU lenders to conclude the sale as it has earmarked about 180 million euros of the proceeds in this year's budget, relaunched the tender in June after a 400 million euro deal with Azerbaijan state oil company SOCAR fell through over gas tariffs among other issues.
Reuters
Greece expects potential investors will offer at least 400 million euros ($456 million) for a majority stake in its gas grid operator DESFA, Energy Minister George Stathakis said in an interview with Naftemporiki newspaper.
Greece, under pressure by EU lenders to conclude the sale as it has earmarked about 180 million euros of the proceeds in this year's budget, relaunched the tender in June after a 400 million euro deal with Azerbaijan state oil company SOCAR fell through over gas tariffs among other issues.
Friends say Texan killed in Greece was easygoing, fun-loving
By Jamie Stengle | AP July 10 at 6:03 PM
The Washington Post
DALLAS — A 22-year-old Texas man who was beaten to death at a bar on a Greek island recently graduated from college and was known to his friends for his fun-loving and friendly demeanor.
Bakari Henderson, of Austin, was beaten to death early Friday at the bar in Lagana on the island of Zakynthos.
Authorities haven’t disclosed a possible motive for the attack, but eight people have been arrested. Greek police said among them were a 34-year-old Greek and a 32-year-old British man of Serbian origin. Serbia’s foreign ministry said six of its citizens were arrested.
The Washington Post
DALLAS — A 22-year-old Texas man who was beaten to death at a bar on a Greek island recently graduated from college and was known to his friends for his fun-loving and friendly demeanor.
Bakari Henderson, of Austin, was beaten to death early Friday at the bar in Lagana on the island of Zakynthos.
Authorities haven’t disclosed a possible motive for the attack, but eight people have been arrested. Greek police said among them were a 34-year-old Greek and a 32-year-old British man of Serbian origin. Serbia’s foreign ministry said six of its citizens were arrested.
Greece: Protest and fire break out at Lesbos migrant camp
By Associated Press July 10 at 10:19 AM
The Washington Post
ATHENS, Greece — Authorities on the Greek island of Lesbos say a fire has broken out at a large migrant camp following a protest at the site.
Police said no injuries were reported from Monday’s protest and that the fire believed to have been set deliberately at the Moria camp is still burning.
The Washington Post
ATHENS, Greece — Authorities on the Greek island of Lesbos say a fire has broken out at a large migrant camp following a protest at the site.
Police said no injuries were reported from Monday’s protest and that the fire believed to have been set deliberately at the Moria camp is still burning.
ESM Urges Greece to Ready Market Borrowing Strategy
By REUTERSJULY 10, 2017, 3:09 P.M. E.D.T.
The New York Times
BRUSSELS — Greece should develop a strategy for its return to market borrowing and raise private finance before its euro zone bailout programme ends in a year's time, the head of the European Stability Mechanism said on Monday.
Klaus Regling told reporters "Greece will not need that much borrowing from the markets in the future" once bailout funding via the ESM ends in August 2018. It would be required only to replace maturing debt, given Athens' predicted fiscal surpluses.
The New York Times
BRUSSELS — Greece should develop a strategy for its return to market borrowing and raise private finance before its euro zone bailout programme ends in a year's time, the head of the European Stability Mechanism said on Monday.
Klaus Regling told reporters "Greece will not need that much borrowing from the markets in the future" once bailout funding via the ESM ends in August 2018. It would be required only to replace maturing debt, given Athens' predicted fiscal surpluses.
Monday, July 10, 2017
Euro Zone Set to OK Release of Loans to Greece This Week-EU Official
By REUTERSJULY 6, 2017, 3:21 P.M. E.D.T.
The New York Times
BRUSSELS — Eurozone creditors are set to give their final go-ahead to the release of loans to Greece on Friday under a political agreement reached in June, a euro zone official said on Thursday.
Greece needs new loans under its current 86 billion euro (76 billion pounds) bailout programme, the third since 2010, to pay debt due this month.
The New York Times
BRUSSELS — Eurozone creditors are set to give their final go-ahead to the release of loans to Greece on Friday under a political agreement reached in June, a euro zone official said on Thursday.
Greece needs new loans under its current 86 billion euro (76 billion pounds) bailout programme, the third since 2010, to pay debt due this month.
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