Tuesday, February 14, 2017
Germany wants Greece in euro zone, IMF says no special deals
BUSINESS NEWS | Mon Feb 13, 2017 | 5:20pm EST
By Jan Strupczewski and Joseph Nasr | BRUSSELS/BERLIN
Germany on Monday voiced support for Greece to stay in the euro zone and the European Commission dispatched a senior official to Athens to persuade it to take on further reforms to salvage its bailout accord.
International Monetary Fund chief Christine Lagarde, meanwhile, remained firm that as a lender the IMF could not cut any special deals for the crisis-hit country, which has received three bailouts since 2010.
The moves came as the European Commission forecast a large jump in economic growth for Greece of 2.7 percent and 3.1 percent, respectively, this year and next.
Brexit Bulletin: Can Britain Split the Difference?
The U.K. may need to drive a wedge between EU states in Brexit talks. So far the Continent is singing with one voice.
by Simon Kennedy
14 February 2017, 9:30 π.μ. EET
It now looks like Theresa May was a little naive.
Back in October, the U.K. prime minister said she hoped her commitment to start the Brexit process by the end of March would prove enough for the European Union to engage in some “preparatory work” beforehand.
“This is important,” she told the BBC. “It’s not just important for the U.K.; it’s important for Europe as a whole.”
Instead, European officials held their line that there would be “no negotiation without notification” that Britain was definitely leaving.
by Simon Kennedy
14 February 2017, 9:30 π.μ. EET
It now looks like Theresa May was a little naive.
Back in October, the U.K. prime minister said she hoped her commitment to start the Brexit process by the end of March would prove enough for the European Union to engage in some “preparatory work” beforehand.
“This is important,” she told the BBC. “It’s not just important for the U.K.; it’s important for Europe as a whole.”
Instead, European officials held their line that there would be “no negotiation without notification” that Britain was definitely leaving.
Saturday, February 11, 2017
As Ties With U.S. Cool, Europeans Look to Forge Other Alliances
By GARDINER HARRISFEB. 10, 2017
The New York Times
WASHINGTON — The weather, and her reception here, were far colder than when she visited last summer during the Obama administration, but Federica Mogherini, the European Union’s foreign minister, made it clear that she can handle a chill in the air.
“I think we are entering into a different phase of our relationship,” Ms. Mogherini said Friday in a 30-minute interview, adding, “A more transactional approach means Europeans will be more transactional, and we will base our approach on our interests.”
But Ms. Mogherini said she had received important reassurances from top administration officials on the Iran nuclear deal and on Russian sanctions.
The New York Times
WASHINGTON — The weather, and her reception here, were far colder than when she visited last summer during the Obama administration, but Federica Mogherini, the European Union’s foreign minister, made it clear that she can handle a chill in the air.
“I think we are entering into a different phase of our relationship,” Ms. Mogherini said Friday in a 30-minute interview, adding, “A more transactional approach means Europeans will be more transactional, and we will base our approach on our interests.”
But Ms. Mogherini said she had received important reassurances from top administration officials on the Iran nuclear deal and on Russian sanctions.
Thursday, February 9, 2017
The IMF Staff Has It Right on Greece
FEB 8, 2017 2:00 AM EST
By Mohamed A. El-Erian
Bloomberg
When the International Monetary Fund’s board met Monday to discuss Greece, it was heartening to read that “most Executive Directors” agreed with the staff’s view that the country’s debt, at 179 percent of gross domestic product at the end of 2015, was “unsustainable.” Yet “some directors had different views on the fiscal path and debt sustainability.” This division within the board also applied to what Greece still needs to do with its budget. With the medium-term primary fiscal surplus heading to 1.5 percent of GDP, “most Directors agreed that Greece does not require further fiscal consolidation at this time.” But, again, “some Directors favored a surplus of 3.5 of GDP by 2018.”
Brexit Bulletin: Victory, But at What Price?
Theresa May is now a technicality away from starting Brexit.
by Simon Kennedy and Tim Ross
9 February 2017, 9:30 π.μ. EET
Theresa May was celebrating on Wednesday night as the House of Commons voted overwhelmingly to approve starting the Brexit process.
Not only that, but the government managed to avoid any amendment to its 137-word bill, leaving it on track to invoke Article 50 by the end of March. The unelected House of Lords will now debate the legislation, but doesn’t have the authority to derail it.
Brexit Secretary David Davis hailed the 494-122 vote as “historic” and said it was time for the county “to unite to make a success of the important task at hand.” Former UKIP leader Nigel Farage was exultant, as was one-time Tory leadership hopeful Andrea Leadsom.
by Simon Kennedy and Tim Ross
9 February 2017, 9:30 π.μ. EET
Theresa May was celebrating on Wednesday night as the House of Commons voted overwhelmingly to approve starting the Brexit process.
Not only that, but the government managed to avoid any amendment to its 137-word bill, leaving it on track to invoke Article 50 by the end of March. The unelected House of Lords will now debate the legislation, but doesn’t have the authority to derail it.
Brexit Secretary David Davis hailed the 494-122 vote as “historic” and said it was time for the county “to unite to make a success of the important task at hand.” Former UKIP leader Nigel Farage was exultant, as was one-time Tory leadership hopeful Andrea Leadsom.
Wednesday, February 8, 2017
Greece: Priorities for a Return to Sustainable Growth
(From the IMF site)
February 7, 2017
Greece should deepen and accelerate reforms, which, together with further debt relief, are needed to allow the economy to return to a sustainable growth path, the IMF said in its latest annual assessment of the Greek economy.
The IMF’s Article IV report notes that the country has made progress in reining in its fiscal and external deficits, although this has taken a heavy toll on society. The report identifies a path to sustainable growth and prosperity that requires a two-pronged approach: ambitious policies on the part of the Greek authorities and significant debt relief on the part of Greece’s European partners.
The Q&A below highlights some of the key issues about the country’s progress and its reform priorities for the period ahead.
February 7, 2017
Greece should deepen and accelerate reforms, which, together with further debt relief, are needed to allow the economy to return to a sustainable growth path, the IMF said in its latest annual assessment of the Greek economy.
The IMF’s Article IV report notes that the country has made progress in reining in its fiscal and external deficits, although this has taken a heavy toll on society. The report identifies a path to sustainable growth and prosperity that requires a two-pronged approach: ambitious policies on the part of the Greek authorities and significant debt relief on the part of Greece’s European partners.
The Q&A below highlights some of the key issues about the country’s progress and its reform priorities for the period ahead.
Tuesday, February 7, 2017
Το διαμέρισμα της συζύγου του κ Μητσοτάκη στο Παρίσι.
Το άρθρο που ανακίνησε το θέμα είναι αυτό:
http://www.documentonews.gr/article/kyriakos-mareba-se-bolikh-diastash
Αφού το διάβασα (όχι όλο) κατέληξα στις παρακάτω παρατηρήσεις:
Στο κείμενο δίνει τιμή συμβολαίου 1.470.000 Ευρώ τα οποία σύμφωνα πάντα με το κείμενο πληρώθηκαν με 900.000 Ευρώ δάνειο (3.000 ευρώ ανά μήνα δόση) και με 470.000 μετρητά. Το άθροισμα του ποσού του δανείου και του ποσού των μετρητών που καταβλήθηκαν για την αγορά του συγκεκριμένου διαμερίσματος δεν είναι ίσο με το ποσό που αναγράφεται ως τιμή αγοράς στο συμβόλαιο. Συγκεκριμένα το ποσό της τιμής του συμβολαίου είναι κατά 100.000 Ευρώ μεγαλύτερο από το άθροισμα του δανείου (900.000 Ευρώ) και των μετρητών (470.000 Ευρώ).
Επίσης λέει ότι η τιμή στο έβδομο διαμέρισμα του Παρισιού (εκεί όπου είναι το διαμέρισμα) κυμαίνονται στις 20.000-28.000 Ευρώ το τετραγωνικό, και τέλος ότι η επιφάνεια του διαμερίσματος είναι 92 τ.μ. Αν όμως διαιρέσουμε την αξία του συμβολαίου με την μέγιστη τιμή της αξίας του τ.μ. στο έβδομο διαμέρισμα (28.000 Ευρώ), όπως την δίνουν οι συγγραφείς του άρθρου, έχουμε 52,5 τ.μ. Δηλαδή, με την τιμή που δίνει το άρθρο για το τετραγωνικό μέτρο στο συγκεκριμένο διαμέρισμα του Παρισιού, μπορούσε να αγοράσει διαμέρισμα με περίπου τα μισά τ.μ. Επειδή το διαμέρισμα είναι 92 τ.μ. και η αξία του συμβολαίου είναι 1.470.000 Ευρώ συμπεραίνουμε ότι ότι το άρθρο δίνει, κατά προσέγγιση, διπλάσια αντικειμενική αξία για το συγκεκριμένο διαμέρισμα του Παρισιού, όπως αυτό προκύπτει από τα δεδομένα του άρθρου. Η ίδια διαδικασία με την ελάχιστη τιμή για το τ.μ. στο έβδομο διαμέρισμα του Παρισιού δίνει 73,5 τ.μ. για το διαμέρισμα. Με βάση την τιμή του συμβολαίου και τα 92 τ.μ. του διαμερίσματος η τιμή ανά τ.μ. είναι 15.978 Ευρώ ανά τ.μ. Επειδή τα δύο τελευταία στοιχεία (αξία διαμερίσματος σύμφωνα με το συμβόλαιο και επιφάνεια του διαμερίσματος) ήταν γνωστά στους συγγραφείς του άρθρου ήταν γνωστή και η πραγματική τιμή του τ.μ. του διαμερίσματος της κ. Μητσοτάκη. Η τιμή αυτή όμως δεν αναγράφεται στο άρθρο. Αντί αυτής, της πραγματικής τιμής του τ.μ. του διαμερίσματος, αναγράφονται τιμές (20.000 και 28.000) που είναι σημαντικά υψηλότερες της πραγματικής.
Από το ίδιο κείμενο:
“Η τιμή των ακινήτων με βάση το συμβόλαιο είναι 1.470.000 ευρώ. Το 95% του ακινήτου ανήκει στην ίδια και το 5% στον Γιώργο Παπαζήση. Εκτός από το τίμημα αγοράς, πληρώνει ακόμη 80.000 ευρώ σε μεσιτικό γραφείο και 74.823 ευρώ σε φόρους και συμβολαιογραφικά έξοδα. Δηλαδή η Μαρέβα Μητσοτάκη πληρώνει περίπου 2 εκατομμύρια για να αποκτήσει το σπίτι του Βολταίρου.”
Εάν προσθέσουμε το τίμημα αγοράς (1.470.000 Ευρώ), την δαπάνη για το μεσιτικό γραφείο (80.000 Ευρώ) και την δαπάνη για τους φόρους το σύνολο είναι 1.624.823 Ευρώ που απέχει μακράν των “περίπου” 2 εκατομμυρίων που ισχυρίζεται το άρθρο.
Για τους λοιπούς ισχυρισμούς του άρθρου και των συγγραφέων περί υποχρέωσης υποβολής δήλωσης πόθεν έσχες από την σύζυγο σε περίπτωση διάστασης και όχι διαζυγίου, και τα όρια του νόμου που επικαλούνται, μπορώ να υποθέσω ότι είναι το ίδιο πρόχειρα και αυθαίρετα με τα οικονομικά στοιχεία για την αγορά του διαμερίσματος. Ο ίδιος δεν είμαι νομικός για να τα ελέγξω ούτε και έχω τα στοιχεία στην κατοχή μου που θα μου επέτρεπαν κάτι τέτοιο ακόμη και αν ήμουν νομικός.
IMF says Greece should meet lower fiscal surplus target
Mon Feb 6, 2017 | 9:36pm EST
Reuters
By David Lawder | WASHINGTON
The International Monetary Fund said on Monday that Greece's economy would only grow by just under 1.0 percent in the long run given the constraints of its bailout program, but should meet the fiscal surplus target preferred by most IMF directors.
In its annual review of Greece's economic policies, the IMF said most of its board directors favor a Greek fiscal surplus target of 1.5 percent of gross domestic product by 2018, while some directors favor the higher 3.5 percent target sought by Greece's European lender group.
Reuters
By David Lawder | WASHINGTON
The International Monetary Fund said on Monday that Greece's economy would only grow by just under 1.0 percent in the long run given the constraints of its bailout program, but should meet the fiscal surplus target preferred by most IMF directors.
In its annual review of Greece's economic policies, the IMF said most of its board directors favor a Greek fiscal surplus target of 1.5 percent of gross domestic product by 2018, while some directors favor the higher 3.5 percent target sought by Greece's European lender group.
Trump: militant attacks 'all over Europe,' some not reported
Mon Feb 6, 2017 | 9:06pm EST
Reuters
By Steve Holland | TAMPA, FLA.
President Donald Trump on Monday accused the news media of ignoring attacks by Islamist militants in Europe.
Trump, who has made defeating Islamic State a core goal of his presidency, did not specify which attacks were going unreported, which news media organizations were ignoring them, or offer any details to support his claims.
"All over Europe, it's happening. It's gotten to a point where it's not even being reported," he told a group of about 300 U.S. troops at MacDill Air Force Base in Florida.
Reuters
By Steve Holland | TAMPA, FLA.
President Donald Trump on Monday accused the news media of ignoring attacks by Islamist militants in Europe.
Trump, who has made defeating Islamic State a core goal of his presidency, did not specify which attacks were going unreported, which news media organizations were ignoring them, or offer any details to support his claims.
"All over Europe, it's happening. It's gotten to a point where it's not even being reported," he told a group of about 300 U.S. troops at MacDill Air Force Base in Florida.
Syria has secretly executed thousands of political prisoners: rights group
The Washington Post
By Liz Sly February 6 at 8:18 PM
BEIRUT — Syrian President Bashar al-Assad’s government secretly executed between 5,000 and 13,000 people in just one prison as part of its campaign to eliminate opposition to his rule, a new report by the watchdog group Amnesty International has found.
The killings took place over a four-year period between 2011 and 2015 in the notorious Sednaya facility outside Damascus, and the bodies were later disposed of in mass graves, according to the report released Monday by Amnesty.
Split by ‘Brexit,’ May and Merkel Diverge on Wider Issues, Too
By KATRIN BENNHOLD and ALISON SMALEFEB. 5, 2017
The New York Times
LONDON — In another era they could have been allies.
Both vicars’ daughters and born just a few years apart, Chancellor Angela Merkel of Germany and Prime Minister Theresa May of Britain share an understated pragmatism and conservative roots, and have made their way in the still largely man’s world of politics. But there could be so much more.
At a time when President Trump is lashing out at friend and foe, and when the macho politics of strongmen is resurgent from Moscow to Manila, when not just the European Union but high-minded Western values, free trade and security alliances are under attack, the two women might have worked together to defend the liberal global order.
Monday, February 6, 2017
Greece’s Response to its Resurgent Debt Crisis: Prosecute the Statistician
Andreas Georgiou, who became Athens’s statistics chief in 2010 to fix data fraud, now faces repeated accusations he manipulated figures to help impose austerity programs
By MARCUS WALKER
Feb. 6, 2017 10:53 a.m. ET
38 COMMENTS
ATHENS—Greece is struggling under its austerity regime and new questions are mounting as to whether it can satisfy its bailout terms. Some people in high places know just whom to blame—a statistician in rural Maryland.
Before Greece’s debt crisis, its governments manipulated statistics and masked the size of budget deficits, waste and patronage. The statistician, Andreas Georgiou, moved from the U.S. to become Greece’s first independent head of statistics in 2010. The European Union certified he subsequently fixed the omissions and reported the deficit in full.
On the contrary, Mr. Georgiou’s foes claim, he manipulated the deficit figures as part of a plot to force severe austerity on Greece under the 2010 bailout “Memorandum” imposed by the EU and International Monetary Fund.
By MARCUS WALKER
Feb. 6, 2017 10:53 a.m. ET
38 COMMENTS
ATHENS—Greece is struggling under its austerity regime and new questions are mounting as to whether it can satisfy its bailout terms. Some people in high places know just whom to blame—a statistician in rural Maryland.
Before Greece’s debt crisis, its governments manipulated statistics and masked the size of budget deficits, waste and patronage. The statistician, Andreas Georgiou, moved from the U.S. to become Greece’s first independent head of statistics in 2010. The European Union certified he subsequently fixed the omissions and reported the deficit in full.
On the contrary, Mr. Georgiou’s foes claim, he manipulated the deficit figures as part of a plot to force severe austerity on Greece under the 2010 bailout “Memorandum” imposed by the EU and International Monetary Fund.
Russia, Turkey, Iran discuss Syria ceasefire implementation in Astana
Mon Feb 6, 2017 | 12:42am EST
Ruters
Experts from Russia, Turkey, Iran and the United Nations have started a technical meeting in Kazakhstan's capital, Astana, to discuss in detail the implementation of the Syrian ceasefire agreement, Kazakhstan's Foreign Ministry said on Monday.
"Representatives of Jordan are expected to take part for the first time," a ministry spokesman said of the talks.
Ruters
Experts from Russia, Turkey, Iran and the United Nations have started a technical meeting in Kazakhstan's capital, Astana, to discuss in detail the implementation of the Syrian ceasefire agreement, Kazakhstan's Foreign Ministry said on Monday.
"Representatives of Jordan are expected to take part for the first time," a ministry spokesman said of the talks.
U.K. Business Says Brexit Already Having a Negative Effect
by Tim Ross and Lucy Meakin
6 February 2017, 10:22 π.μ. EET 6
Brexit has already damaged businesses even before Prime Minister Theresa May triggers the start of Britain’s withdrawal from the European Union, according to a survey of the country’s largest companies.
More than half -- 58 percent -- of top executives at Britain’s biggest firms said the vote to quit the bloc has had a negative impact on their businesses, the Ipsos MORI “Captains of Industry” poll found. Two-thirds of the chief executives, chairmen and directors interviewed for the survey said they believed the business situation would worsen in the next 12 months.
6 February 2017, 10:22 π.μ. EET 6
Brexit has already damaged businesses even before Prime Minister Theresa May triggers the start of Britain’s withdrawal from the European Union, according to a survey of the country’s largest companies.
More than half -- 58 percent -- of top executives at Britain’s biggest firms said the vote to quit the bloc has had a negative impact on their businesses, the Ipsos MORI “Captains of Industry” poll found. Two-thirds of the chief executives, chairmen and directors interviewed for the survey said they believed the business situation would worsen in the next 12 months.
Friday, February 3, 2017
Germany's Gabriel condemned Berlin's handling of Greece in letter: report
Thu Feb 2, 2017 | 3:31pm EST
Reuters
German Foreign Minister Sigmar Gabriel criticised the German government's handling of Greece in a letter he wrote to Chancellor Angela Merkel last month, a newspaper reported on Thursday.
Handelsblatt newspaper said Gabriel - who swapped the Economy Ministry for the Foreign Ministry last week - had expressed his "great concern" about the talks on Greece's financial rescue and thought the government in Berlin should play a "more constructive role".
Germany wants the International Monetary Fund (IMF) to have a stake in Greece's bailout to give the rescue plan greater credibility, but also opposes granting Athens significant debt relief. The IMF says it will only join in if this rescue is the country's last and it includes significant debt relief.
Reuters
German Foreign Minister Sigmar Gabriel criticised the German government's handling of Greece in a letter he wrote to Chancellor Angela Merkel last month, a newspaper reported on Thursday.
Handelsblatt newspaper said Gabriel - who swapped the Economy Ministry for the Foreign Ministry last week - had expressed his "great concern" about the talks on Greece's financial rescue and thought the government in Berlin should play a "more constructive role".
Germany wants the International Monetary Fund (IMF) to have a stake in Greece's bailout to give the rescue plan greater credibility, but also opposes granting Athens significant debt relief. The IMF says it will only join in if this rescue is the country's last and it includes significant debt relief.
The IMF Should Get Out of Greece
FEB 3, 2017 1:00 AM EST
Bloomberg
By
Ashoka Mody
The International Monetary Fund's involvement in Greece has been an unmitigated disaster: Time and again, its failure to heed crucial lessons has visited suffering upon the Greek people. When the fund's directors meet on Monday, they should agree to forgive the country's debts and get out.
The IMF should never have gotten into Greece in the first place. As late as March 2010, with concerns about the Greek government's ability to pay its debts roiling markets, Europe's leaders wanted the IMF to stay away. Europeans feared that the fund’s financial assistance to one of their own would signal broader weakness in the currency union. As Jean-Claude Juncker famously put it: “If California had a refinancing problem, the United States wouldn’t go to the IMF.”
Syrian army says it will press on against Islamic State near Aleppo
WORLD NEWS | Thu Feb 2, 2017 | 9:08am EST
Reuters
By John Davison and Tom Perry | BEIRUT
The Syrian army signaled on Thursday it would press on with operations against Islamic State northeast of Aleppo, in a veiled warning to Turkey which backs a separate military campaign in northern Syria.
Syrian government forces have rapidly driven Islamic State back in the last two weeks, advancing to within 6 km (4 miles) of the city of al-Bab that the jihadists are fighting to hold.
The army's gains risk sparking a confrontation with Turkey, which has sent tanks and warplanes across the border to support Syrian insurgents who are trying to seize al-Bab in a separate offensive.
Reuters
By John Davison and Tom Perry | BEIRUT
The Syrian army signaled on Thursday it would press on with operations against Islamic State northeast of Aleppo, in a veiled warning to Turkey which backs a separate military campaign in northern Syria.
Syrian government forces have rapidly driven Islamic State back in the last two weeks, advancing to within 6 km (4 miles) of the city of al-Bab that the jihadists are fighting to hold.
The army's gains risk sparking a confrontation with Turkey, which has sent tanks and warplanes across the border to support Syrian insurgents who are trying to seize al-Bab in a separate offensive.
U.K.’s Brexit Plan: Prepare for Failure, Hope for Success
by Tim Ross , Robert Hutton , and Alex Morales
2 February 2017, 11:31 μ.μ. EET
Bloomberg
Prime Minister Theresa May is making plans for emergency laws to protect the U.K. economy in case Brexit negotiations break down without a free-trade deal, as concerns grow that she’ll fail to achieve the sweeping agreement she wants.
In its 75-page plan for Brexit, May’s government said on Thursday that while it was expecting to find common ground with the 27 other members of the European Union, it will prepare contingency measures to avert economic chaos if the discussions collapsed.
Oil edges up on threat of U.S. issuing new Iran sanctions
Fri Feb 3, 2017 | 2:23am EST
Reuters
By Keith Wallis and Osamu Tsukimori | SINGAPORE/TOKYO
Oil prices edged up on Friday on news that U.S. President Donald Trump could be set to impose new sanctions on multiple Iranian entities, firing geopolitical tensions between the two nations.
Comments by Russian energy minister Alexander Novak that oil producers had cut their output in accordance with a pact agreed in December also helped support prices, analysts said.
Reuters reported on Thursday that Trump's administration is prepared to roll out new measures against more than two dozen Iranian targets following Tehran's ballistic missile test, according to sources familiar with the matter.
Reuters
By Keith Wallis and Osamu Tsukimori | SINGAPORE/TOKYO
Oil prices edged up on Friday on news that U.S. President Donald Trump could be set to impose new sanctions on multiple Iranian entities, firing geopolitical tensions between the two nations.
Comments by Russian energy minister Alexander Novak that oil producers had cut their output in accordance with a pact agreed in December also helped support prices, analysts said.
Reuters reported on Thursday that Trump's administration is prepared to roll out new measures against more than two dozen Iranian targets following Tehran's ballistic missile test, according to sources familiar with the matter.
Thursday, February 2, 2017
This Ancient City Would Still Be Among The Wealthiest In The World Today
By Sovereign Man on February 1, 2017 2:02 pm
Value Week
In the year 440 BC, more than two decades into the reign of Pericles, an audit of treasury in Athens showed a massive surplus of more than 9700 “talents”.
A talent was a common unit of measurement in the ancient world, especially for gold and silver.
And, based on today’s precious metals prices and the traditional gold/silver ratio (14:1) used by the ancient Greeks, 9700 talents is equivalent to about $700 million today.
At the time, Athens boasted a population of around 43,000 citizens and 28,500 foreign residents… so on a “per capita” basis, the ancient Athenian surplus amounted to just under $10,000 per person in today’s money.
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