SEPTEMBER 25, 2017 / 12:04 PM / UPDATED AN HOUR AGO
Reuters Staff
2 MIN READ
BRUSSELS (Reuters) - European Union states decided on Monday to close disciplinary procedures against Greece over its excessive deficit after improvements in Greece’s fiscal position, confirming the country’s recovery is on the right track.
The move, although largely symbolic, sends a new signal that Greece’s public finances are again under control, facilitating the country’s plans to tap markets after a successful issue of bonds in July which ended a three-year exile.
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.
Greece had a 0.7 percent budget surplus in 2016, and is projected to maintain its fiscal position within EU rules’ limits this year.
“In the light of this, the Council (of EU states) found that Greece fulfils the conditions for closing the excessive deficit procedure,” the EU said in a note.
“After many years of severe difficulties, Greece’s finances are in much better shape. Today’s decision is therefore welcome”, Estonia’s finance minister Toomas Toniste said.
The EU states’ decision confirmed a proposal by the EU executive commission in July to end the disciplinary procedure for Greece.
The economics commissioner Pierre Moscovici said the decision was “a recognition of the tremendous efforts and sacrifices the Greek people have made to restore stability to their country’s public finances.”
But he stressed that Greece still needs to positively exit its bailout program which ends in August after a third review of the country’s reforms by international creditors.
“There needs to be constructive cooperation between all institutions and the Greek authorities to ensure a smooth and swift conclusion of the third review, with no unnecessary drama,” Moscovici said.
Monday, September 25, 2017
Like Germany’s Social Democrats, left-wing parties are losing ground across Europe
By Rick Noack September 25 at 3:19 AM
The Washington Post
BERLIN — The 2017 German election fits at least three bigger trends. There was Merkel who convinced Germans to grant her a fourth term in office, reaffirming her position as the preferred choice in the center. The Alternative for Germany (AfD) joined a number of other far-right parties across Europe in gaining seats in parliament for the first time, becoming the most likely choice of those drawn to the political side-lines on the right.
And then there was the Social Democratic Party (SPD) which suffered a humiliating defeat, in yet another indication of the challenges some traditional left-wing groups across the continent are facing.
Denmark’s Social Democrats were ousted by a center-right coalition headed by the mainstream Venstre party in 2015. In Austria, the Social Democrats are similarly facing record-losses in upcoming elections, and France’s Socialist Party remains in a deep crisis following its defeat earlier this year.
The decline of Europe’s social democrats is closely associated with the rise of the far-right, experts said.
In Germany, core issues usually believed to play into the hands of the Social Democrats, such as social justice and fair wages, have become less of a concern over the last four years. Instead, immigration and security are now some of the most dominating topics.
“The core competencies of the Social Democrats currently don't really play a big role,” said Timo Lochocki, a political researcher with the German Marshall Fund, an American think tank.
“The last year really did mark a collapse of the social democrats across Europe, as the immigration debate gained momentum,” agreed Tarik Abou-Chadi, a researcher at Humboldt University in Berlin. “Many European social democratic parties are quite divided on the issue of immigration, which is why they are refraining from discussing it,” he said.
As the social democrats mostly remained silent, many voters shifted either to right-wing populist parties or to more outspoken parties on the left.
Other trends, such as a growing number of higher education graduates and a shift away from traditional industries has further eroded social democrats’ support base. Despite that process having dragged on for decades, the social democrats were still able to win elections in the past, however. Prior to the Merkel era, Social Democrat Gerhard Schröder achieved victories with record margins over the conservatives only a little more than a decade ago.
In Great Britain, the Labour Party still appears to be able to make significant gains even today, as it showed during general elections in June. Their unexpected rise in the polls may not be a sign of a social democratic revival more generally, however.
“The momentum created by Britain’s decision to leave the European Union makes Britain a special case which is hard to compare. The U.K.’s electoral system also clearly favors the biggest parties — which makes it distinct from many other European nations,” said researcher Abou-Chadi.
“It also probably has to do with the fact that Theresa May is so deeply unpopular among many in Britain. Of course, Germany’s Merkel is in a far different position,” he said. 68 percent of Germans stated in a recent Gallup poll, conducted prior to Sunday’s vote, that they were satisfied with Merkel’s leadership.
Yet, only a little more than 30 percent of the population ended up voting for her party, the CDU, and Bavaria’s CSU.
Instead of voting for the mainstream alternative, the SPD, some of them chose the far-right instead.
At a leftist protest against the far-right on Sunday evening, hundreds encircled the AfD’s election party location near the Alexanderplatz in central Berlin. “All of Berlin hates the AfD,” some protesters were shouting, as others held up posters with slogans such as “Not my party.”
Responses by protesters here reflected the dilemma the Social Democrats are now in. “I just hope that the response of mainstream politicians to today’s result won’t be a shift toward the right. Simply adopting the same policy positions won’t solve the problem,” said 29-year old designer Henrik Dagedorn. Elsewhere in Europe, some social democratic parties have experimented with adopting more anti-immigration positions, but faced a backlash by its urban and young supporters.
There was uncertainty among the protesters about how to stop the rise of the far-right instead, however.
“I fear that they might stay in parliament longer than we expect, because there won’t be any imminent solution for the problems that got them elected in the first place,” said Martina Schnepka, 51, a nurse.
For Germany's Social Democrats, there does not appear be any imminent solution, either.
The Washington Post
BERLIN — The 2017 German election fits at least three bigger trends. There was Merkel who convinced Germans to grant her a fourth term in office, reaffirming her position as the preferred choice in the center. The Alternative for Germany (AfD) joined a number of other far-right parties across Europe in gaining seats in parliament for the first time, becoming the most likely choice of those drawn to the political side-lines on the right.
And then there was the Social Democratic Party (SPD) which suffered a humiliating defeat, in yet another indication of the challenges some traditional left-wing groups across the continent are facing.
Denmark’s Social Democrats were ousted by a center-right coalition headed by the mainstream Venstre party in 2015. In Austria, the Social Democrats are similarly facing record-losses in upcoming elections, and France’s Socialist Party remains in a deep crisis following its defeat earlier this year.
The decline of Europe’s social democrats is closely associated with the rise of the far-right, experts said.
In Germany, core issues usually believed to play into the hands of the Social Democrats, such as social justice and fair wages, have become less of a concern over the last four years. Instead, immigration and security are now some of the most dominating topics.
“The core competencies of the Social Democrats currently don't really play a big role,” said Timo Lochocki, a political researcher with the German Marshall Fund, an American think tank.
“The last year really did mark a collapse of the social democrats across Europe, as the immigration debate gained momentum,” agreed Tarik Abou-Chadi, a researcher at Humboldt University in Berlin. “Many European social democratic parties are quite divided on the issue of immigration, which is why they are refraining from discussing it,” he said.
As the social democrats mostly remained silent, many voters shifted either to right-wing populist parties or to more outspoken parties on the left.
Other trends, such as a growing number of higher education graduates and a shift away from traditional industries has further eroded social democrats’ support base. Despite that process having dragged on for decades, the social democrats were still able to win elections in the past, however. Prior to the Merkel era, Social Democrat Gerhard Schröder achieved victories with record margins over the conservatives only a little more than a decade ago.
In Great Britain, the Labour Party still appears to be able to make significant gains even today, as it showed during general elections in June. Their unexpected rise in the polls may not be a sign of a social democratic revival more generally, however.
“The momentum created by Britain’s decision to leave the European Union makes Britain a special case which is hard to compare. The U.K.’s electoral system also clearly favors the biggest parties — which makes it distinct from many other European nations,” said researcher Abou-Chadi.
“It also probably has to do with the fact that Theresa May is so deeply unpopular among many in Britain. Of course, Germany’s Merkel is in a far different position,” he said. 68 percent of Germans stated in a recent Gallup poll, conducted prior to Sunday’s vote, that they were satisfied with Merkel’s leadership.
Yet, only a little more than 30 percent of the population ended up voting for her party, the CDU, and Bavaria’s CSU.
Instead of voting for the mainstream alternative, the SPD, some of them chose the far-right instead.
At a leftist protest against the far-right on Sunday evening, hundreds encircled the AfD’s election party location near the Alexanderplatz in central Berlin. “All of Berlin hates the AfD,” some protesters were shouting, as others held up posters with slogans such as “Not my party.”
Responses by protesters here reflected the dilemma the Social Democrats are now in. “I just hope that the response of mainstream politicians to today’s result won’t be a shift toward the right. Simply adopting the same policy positions won’t solve the problem,” said 29-year old designer Henrik Dagedorn. Elsewhere in Europe, some social democratic parties have experimented with adopting more anti-immigration positions, but faced a backlash by its urban and young supporters.
There was uncertainty among the protesters about how to stop the rise of the far-right instead, however.
“I fear that they might stay in parliament longer than we expect, because there won’t be any imminent solution for the problems that got them elected in the first place,” said Martina Schnepka, 51, a nurse.
For Germany's Social Democrats, there does not appear be any imminent solution, either.
Friday, September 22, 2017
As Crisis Ebbs, Tsipras Promises Doubters a 'New' Greece
By REUTERSSEPT.
21, 2017, 9:57 A.M. E.D.T.
ATHENS — Greek Prime Minister Alexis Tsipras has found a precious commodity he hopes can help him and the nation turn a corner after years of crisis and austerity -- time.
Since taking power in early 2015, he has spent most of his days and nights in firefighting mode, battling Greece's creditors to renegotiate the harsh terms of a series of bailout deals.
Wednesday, September 20, 2017
Merkel’s Problem: Booming German Economy Is So 20th Century
Low unemployment and high exports are masking a backlog in technology and investment.
By Rainer Buergin and Tony Czuczka
Bloomberg
20 Σεπτεμβρίου 2017, 6:00 π.μ. EEST
Germany’s steady economy is a boon for Chancellor Angela Merkel as she seeks a fourth term on Sunday. Even the diesel-vehicle emissions scandal is barely denting national pride in German high-end manufacturing. Yet a closer look reveals a backlog in 21st-century benchmarks such as broadband and education, pointing to costly catch-up efforts facing the next government.
By Rainer Buergin and Tony Czuczka
Bloomberg
20 Σεπτεμβρίου 2017, 6:00 π.μ. EEST
Germany’s steady economy is a boon for Chancellor Angela Merkel as she seeks a fourth term on Sunday. Even the diesel-vehicle emissions scandal is barely denting national pride in German high-end manufacturing. Yet a closer look reveals a backlog in 21st-century benchmarks such as broadband and education, pointing to costly catch-up efforts facing the next government.
It's Bailout-Review Time in Greece and Markets Are Wary - Again
By Sotiris Nikas and Viktoria Dendrinou
20 Σεπτεμβρίου 2017, 5:00 π.μ. EEST
Bloomberg
Crunch time for Greece as review tests bailout-exit capability
IMF demands on Greek banks, debt relief among review issues
The moment of reckoning may soon be upon Greece.
As the country enters the final year of its bailout, questions remain on whether it will be able to stand on its own feet when the rescue program ends. In the immediate term, with creditor representatives descending upon Athens last week for the third review, other concerns loom large: Will this review of the bailout program be different from the previous two? What role will the International Monetary Fund play? Will Greece complete the 95 measures in the review in time?
20 Σεπτεμβρίου 2017, 5:00 π.μ. EEST
Bloomberg
Crunch time for Greece as review tests bailout-exit capability
IMF demands on Greek banks, debt relief among review issues
The moment of reckoning may soon be upon Greece.
As the country enters the final year of its bailout, questions remain on whether it will be able to stand on its own feet when the rescue program ends. In the immediate term, with creditor representatives descending upon Athens last week for the third review, other concerns loom large: Will this review of the bailout program be different from the previous two? What role will the International Monetary Fund play? Will Greece complete the 95 measures in the review in time?
With Combative Style and Epithets, Trump Takes America First to the U.N.
By PETER BAKER and RICK GLADSTONESEPT. 19, 2017
The New York Times
UNITED NATIONS — President Trump brought the same confrontational style of leadership he has used at home to the world’s most prominent stage on Tuesday as he vowed to “totally destroy North Korea” if it threatened the United States and denounced the nuclear agreement with Iran as “an embarrassment” that he may abandon.
In his first address to the United Nations General Assembly, Mr. Trump framed the conflicts as a test of the international system. The bombastic flourishes that generate approving roars at political events were met by stony silence, interrupted a few times by a smattering of applause, as Mr. Trump promised to “crush loser terrorists,” mocked North Korea’s leader as “Rocket Man” and declared that parts of the world “are going to hell.”
The New York Times
UNITED NATIONS — President Trump brought the same confrontational style of leadership he has used at home to the world’s most prominent stage on Tuesday as he vowed to “totally destroy North Korea” if it threatened the United States and denounced the nuclear agreement with Iran as “an embarrassment” that he may abandon.
In his first address to the United Nations General Assembly, Mr. Trump framed the conflicts as a test of the international system. The bombastic flourishes that generate approving roars at political events were met by stony silence, interrupted a few times by a smattering of applause, as Mr. Trump promised to “crush loser terrorists,” mocked North Korea’s leader as “Rocket Man” and declared that parts of the world “are going to hell.”
Tuesday, September 19, 2017
Greece Must Complete Most Pending Bailout Reforms by November-PM
By REUTERSSEPT. 18, 2017, 6:48 A.M. E.D.T.
The New York Times
ATHENS — Greece must complete most of the pending reforms agreed with its official creditors by November in order to speed up the conclusion of a key progress review and exit the bailout in time, Prime Minister Alexis Tsipras told his cabinet on Monday.
Greece's bailout progress is being reviewed by its lenders on a quarterly basis and the next review is expected to start in October. Tsipras has promised to make the country financially independent by 2018, when its third rescue programme expires.
The New York Times
ATHENS — Greece must complete most of the pending reforms agreed with its official creditors by November in order to speed up the conclusion of a key progress review and exit the bailout in time, Prime Minister Alexis Tsipras told his cabinet on Monday.
Greece's bailout progress is being reviewed by its lenders on a quarterly basis and the next review is expected to start in October. Tsipras has promised to make the country financially independent by 2018, when its third rescue programme expires.
World Wildlife Fund sues over Greece oil spill from tanker
By THE ASSOCIATED PRESS ATHENS, Greece — Sep 18, 2017, 3:37 PM ET
The World Wildlife Fund filed a lawsuit Monday over extensive pollution to the coastline outside Athens following the sinking of a tanker near Greece's largest port.
The environmental group's Greek branch filed the lawsuit in the port city of Piraeus against "anyone found responsible," a common practice when a party that could be held legally accountable has not been identified formally.
The World Wildlife Fund filed a lawsuit Monday over extensive pollution to the coastline outside Athens following the sinking of a tanker near Greece's largest port.
The environmental group's Greek branch filed the lawsuit in the port city of Piraeus against "anyone found responsible," a common practice when a party that could be held legally accountable has not been identified formally.
The IMF Needs to Stop Torturing Greece
The fund should write down the country's debt, not demand another bank recapitalization.
By J. Kyle Bass
19 Σεπτεμβρίου 2017, 7:30 π.μ. EEST
“Beware of Greeks bearing gifts,” wrote the ancient Roman poet Virgil. In the 21st century, it’s the Greeks who should have been more careful about accepting offerings -- specifically from the International Monetary Fund, which is now torturing the country in a misguided effort to get its money back.
Greek officials have worked hard to shore up their economy and finances. From 2010 through 2016, the government achieved the all-but-impossible task of shrinking its primary budget deficit by nearly 18 percent of gross domestic product, and is finally in surplus. After a brutal contraction of almost 30 percent, the economy is exhibiting positive signs in almost every area -- industrial production, new automobile registrations, construction permits, tourist arrivals.
By J. Kyle Bass
19 Σεπτεμβρίου 2017, 7:30 π.μ. EEST
“Beware of Greeks bearing gifts,” wrote the ancient Roman poet Virgil. In the 21st century, it’s the Greeks who should have been more careful about accepting offerings -- specifically from the International Monetary Fund, which is now torturing the country in a misguided effort to get its money back.
Greek officials have worked hard to shore up their economy and finances. From 2010 through 2016, the government achieved the all-but-impossible task of shrinking its primary budget deficit by nearly 18 percent of gross domestic product, and is finally in surplus. After a brutal contraction of almost 30 percent, the economy is exhibiting positive signs in almost every area -- industrial production, new automobile registrations, construction permits, tourist arrivals.
Thursday, September 14, 2017
Breakingviews - Dixon: No escape from debtors’ prison for Greece
SEPTEMBER 11, 2017 / 4:51 PM
Hugo Dixon
6 MIN READ
Reuters
Tinos, GREECE (Reuters Breakingviews) - Alexis Tsipras is desperate to avoid “suffocating supervision” of Greece’s actions when the country’s third bailout programme ends next August. At the weekend, he promised as much. But the best the Greek prime minister can hope for is that Athens will move from its current high-security prison to an open one – and that will happen only if he behaves.
Hugo Dixon
6 MIN READ
Reuters
Tinos, GREECE (Reuters Breakingviews) - Alexis Tsipras is desperate to avoid “suffocating supervision” of Greece’s actions when the country’s third bailout programme ends next August. At the weekend, he promised as much. But the best the Greek prime minister can hope for is that Athens will move from its current high-security prison to an open one – and that will happen only if he behaves.
Greek PM urges IMF to decide on bailout participation by end of year
George Georgiopoulos, Angeliki Koutantou
Reuters
ATHENS (Reuters) - The International Monetary Fund should decide whether it will fund Greece’s current bailout program by the end of the year and help Greece conclude a key bailout review on time, Prime Minister Alexis Tsipras said on Sunday.
Euro zone governments in June approved another 11th-hour credit line for Greece, worth nearly $10 billion, after the IMF said it would join the country’s current bailout, the third since 2010, in principle.
Reuters
ATHENS (Reuters) - The International Monetary Fund should decide whether it will fund Greece’s current bailout program by the end of the year and help Greece conclude a key bailout review on time, Prime Minister Alexis Tsipras said on Sunday.
Euro zone governments in June approved another 11th-hour credit line for Greece, worth nearly $10 billion, after the IMF said it would join the country’s current bailout, the third since 2010, in principle.
Greece: Oil from tanker's sinking prompts beach warnings
Updated 5:27 pm, Wednesday, September 13, 2017
San Francisco Gate
ATHENS, Greece (AP) — Greek authorities have appealed to swimmers to stay away from some popular beaches on the coast of Athens after oil spilled from a sunken tanker started to reach the area.
Small slicks were reported at beaches in the suburbs of Glyfada and Piraeus Wednesday. Glyfada Mayor Giorgos Papanikolaou says municipal workers have set up floating booms offshore and used chemicals to try to dissolve the oil.
The small Agia Zoni II tanker sank Sunday while anchored off the coast of Salamina island, just off Greece's main port of Piraeus. It was carrying 2,200 tons of fuel oil and 370 tons of marine gas oil.
Merchant Marine Minister Panagiotis Kouroumplis says divers have sealed the ship's cargo holds and work is due to start on pumping out the remaining fuel.
San Francisco Gate
ATHENS, Greece (AP) — Greek authorities have appealed to swimmers to stay away from some popular beaches on the coast of Athens after oil spilled from a sunken tanker started to reach the area.
Small slicks were reported at beaches in the suburbs of Glyfada and Piraeus Wednesday. Glyfada Mayor Giorgos Papanikolaou says municipal workers have set up floating booms offshore and used chemicals to try to dissolve the oil.
The small Agia Zoni II tanker sank Sunday while anchored off the coast of Salamina island, just off Greece's main port of Piraeus. It was carrying 2,200 tons of fuel oil and 370 tons of marine gas oil.
Merchant Marine Minister Panagiotis Kouroumplis says divers have sealed the ship's cargo holds and work is due to start on pumping out the remaining fuel.
Greece to Beat Budget Target, Plans More Bonds-Finance Ministry Official
By REUTERS
SEPT. 13, 2017, 7:48 A.M. E.D.T.
ATHENS — Greece expects a larger-than-targeted primary budget surplus this year and plans to tap bond markets again within seven months, a senior finance ministry official said on Wednesday.
Athens is keen to quickly conclude a third bailout review with its international creditors, helping smooth its return to market financing, as its rescue programme ends next August.
Greece returned to bond markets for the first time in three years in July. It sold 3 billion euros of new five-year bonds alongside a tender to buy back outstanding 5-year paper issued in 2014.
SEPT. 13, 2017, 7:48 A.M. E.D.T.
ATHENS — Greece expects a larger-than-targeted primary budget surplus this year and plans to tap bond markets again within seven months, a senior finance ministry official said on Wednesday.
Athens is keen to quickly conclude a third bailout review with its international creditors, helping smooth its return to market financing, as its rescue programme ends next August.
Greece returned to bond markets for the first time in three years in July. It sold 3 billion euros of new five-year bonds alongside a tender to buy back outstanding 5-year paper issued in 2014.
Tuesday, September 12, 2017
Greece: Where Literally Sitting on Goldmine Is Not Enough to Make Money
By Sotiris Nikas , Paul Tugwell , and Danielle Bochove
11 Σεπτεμβρίου 2017, 3:50 μ.μ. EEST 11 Σεπτεμβρίου 2017, 8:31 μ.μ. EEST
Bloomberg
“Irrespective of what will happen next, the damage for Greece as an investment destination is done and it is very significant,”
Eldorado Gold Corp. has put Greece on the spot.
The Canadian mining company’s decision on Monday to suspend all its operations in Greece, citing delays in acquiring routine permits, puts the Syriza government of Prime Minister Alexis Tsipras in a difficult position. Eldorado Gold is the largest foreign investor in Greece and its decision comes as the country, which is working on creating a sustainable path to exit its bailout program, tries to lure foreign investments.
11 Σεπτεμβρίου 2017, 3:50 μ.μ. EEST 11 Σεπτεμβρίου 2017, 8:31 μ.μ. EEST
Bloomberg
“Irrespective of what will happen next, the damage for Greece as an investment destination is done and it is very significant,”
Eldorado Gold Corp. has put Greece on the spot.
The Canadian mining company’s decision on Monday to suspend all its operations in Greece, citing delays in acquiring routine permits, puts the Syriza government of Prime Minister Alexis Tsipras in a difficult position. Eldorado Gold is the largest foreign investor in Greece and its decision comes as the country, which is working on creating a sustainable path to exit its bailout program, tries to lure foreign investments.
Friday, September 8, 2017
Why Europe's Central Bank Shouldn't Worry About the Euro
Instead, it should focus on increasing flexibility in the conduct of monetary policy.
By Ferdinando Giugliano
8 Σεπτεμβρίου 2017, 9:30 π.μ. EEST
The European Central Bank has spent much of this decade convincing markets that the euro is irreversible. It is therefore mildly ironic that policy makers in Frankfurt may be in trouble because of the sudden return of confidence in the single currency.
By Ferdinando Giugliano
8 Σεπτεμβρίου 2017, 9:30 π.μ. EEST
The European Central Bank has spent much of this decade convincing markets that the euro is irreversible. It is therefore mildly ironic that policy makers in Frankfurt may be in trouble because of the sudden return of confidence in the single currency.
Thursday, August 31, 2017
Greece Offers Latest Effort to Reform Public Sector, a Key Bailout Demand
Aug. 30, 2017, at 1:08 p.m
US News
ATHENS (Reuters) - Greece's government presented a three-year plan to overhaul the country's public sector on Wednesday, the latest attempt to fix a problem that helped plunge the country into its worst crisis in decades seven years ago.
Athens, which has signed up for three international bailouts since 2010, has promised its lenders to shrink and modernize its administration to cut costs, make it more efficient and end a legacy of patronage hiring.
The leftist-led government says it aims to evaluate and educate state workers, distribute staff according to the sector's needs and seek candidates with digital skills, create online databases and simplify regulation by 2019.
US News
ATHENS (Reuters) - Greece's government presented a three-year plan to overhaul the country's public sector on Wednesday, the latest attempt to fix a problem that helped plunge the country into its worst crisis in decades seven years ago.
Athens, which has signed up for three international bailouts since 2010, has promised its lenders to shrink and modernize its administration to cut costs, make it more efficient and end a legacy of patronage hiring.
The leftist-led government says it aims to evaluate and educate state workers, distribute staff according to the sector's needs and seek candidates with digital skills, create online databases and simplify regulation by 2019.
UPDATE 1-Greece's Eurobank, Piraeus profitable in Q2, bad debt levels ease
AUGUST 30, 2017 / 7:43 PM / 15 HOURS AGO
Reuters Staff
4 MIN READ
* Eurobank posts 8.8 percent rise in Q2 profit
* Non-performing loans ease to 34.6 pct of book
* Piraeus Bank swings to 7 mln euro profit in Q2 (Adds Eurobank, Piraeus CEOs comment, details)
By George Georgiopoulos
ATHENS, Aug 30 (Reuters) - Greece’s Eurobank reported a sixth straight quarterly profit on Wednesday and Piraeus Bank swung back into the black, pointing to a recovery from the nation’s economic crisis as banks slowly reduce their pile of bad debts.
Greek banks have been struggling with problem loan portfolios after a protracted recession pushed unemployment to record highs, making it hard for borrowers to service debts.
Reuters Staff
4 MIN READ
* Eurobank posts 8.8 percent rise in Q2 profit
* Non-performing loans ease to 34.6 pct of book
* Piraeus Bank swings to 7 mln euro profit in Q2 (Adds Eurobank, Piraeus CEOs comment, details)
By George Georgiopoulos
ATHENS, Aug 30 (Reuters) - Greece’s Eurobank reported a sixth straight quarterly profit on Wednesday and Piraeus Bank swung back into the black, pointing to a recovery from the nation’s economic crisis as banks slowly reduce their pile of bad debts.
Greek banks have been struggling with problem loan portfolios after a protracted recession pushed unemployment to record highs, making it hard for borrowers to service debts.
Wednesday, August 30, 2017
First on CNN: US troops exchange fire with Turkish-backed rebels in Syria
By Ryan Browne, CNN
Updated 1927 GMT (0327 HKT) August 29, 2017
(CNN)US troops in northern Syria came under direct attack last week by Turkish-backed rebels, a military official with the coalition fighting ISIS told CNN Tuesday. The official said that while US troops returned fire there were no casualties on either side.
The coalition believes the attackers are part of the Turkish-backed opposition forces, a loose grouping of Arab and Turkmen fighters that have helped the Turkish military clear ISIS from the Turkish-Syria border area.
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.
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