This “incident” cost the government of Cyprus over 3 BILLION euros
Cyprus has the most expensive electricity in Europe.
The Evangelos Florakis Naval Base explosion was the worst peacetime military accident ever recorded in Cyprus. The incident occurred on 11 July 2011, when 98 containers of explosives that had been stored for 2½ years on the Evangelos Florakis Naval Base near Zygi detonated.
The resulting explosion killed 13 people, 12 of them immediately, [...]
Multi-bill approved at committee level, MPs to vote on measures at midnight
Samaras and PASOK leader Evangelos Venizelos spoke several times on Tuesday in a bid to ensure that the two “no” votes expected from the Socialist camp would not grow to four or five and that the coalition’s majority would not drop below 154 in the 300-seat House.
PASOK sources indicated that between 27 and 29 of the party’s MPs would [...]
The so-called “Lagarde List” – the name given by the Greek press to a list containing 1,991 names of wealthy, Swiss-bank-account-possessing Greeks who are being investigated for corruption and tax evasion – is causing a major stir in Greece right now.
Since Friday, two men on the list have turned up dead in apparent suicides.
Here is what has happened in the past few days.
Last Tuesday, October 3, the “Lagarde List” was passed to [...]
According to S & P Greece will seek a further assistance of 7 billions, and this is the reason that proceeded to give a negative outlook at the Greek debt.
The credit rating firm Standard & Poor’s, Tuesday lowered its rating outlook Greece’s debt from “stable” to “negative” because of “delays” in implementing the economic program required by international creditors.
The rating agency that maintains the current rating of Greece in [...]
Wolf Richter www.testosteronepit.com
The new Greek finance minister, Yannis Stournaras, until recently a professor of economics at the University of Athens, hasn’t learned yet the art of extortion that is required to accomplish anything at all during negotiations with the Eurozone. And so, when he went to the meeting of Eurozone finance ministers earlier this week at the Eurogroup—which serves as political control over the common currency—he accomplished absolutely nothing. He wasn’t [...]
“If the country’s budgetary commitments are not honoured, there are appropriate revisions to do, which means either supplementary financing and additional time or mechanisms for an exit, which in this case must be an orderly exit,” Christine Lagarde said in an interview with France 24.
Meanwhile, debt-stricken Greece must hold fresh elections after talks on forming a new government broke up today without agreement.
The new polls, expected on June 17, follow [...]
Greek President Karolos Papoulias has begun talks with party leaders in a last attempt to form a coalition and avert another election.
Leaders of the three main parties – New Democracy, Syriza and Pasok – held a 90-minute meeting with the president and left without commenting.
Mr Papoulias will now start negotiations with smaller parties.
The parties are deeply divided over the EU-IMF bailout and the austerity measures demanded by lenders.
Voters deserted [...]
Remember the headline frenzy from last summer. It’s back. From Athens News:
A shocking and possibly groundbreaking turn of events. According to Net television,Pasok head Evangelos Venizelos has agreed to sign a letter related to the memorandum with Syriza chief Alexis Tsipras. What that letter will say is as yet unknown, but Net are standing by their sources. The temperature in the coalition room just spiked up.
This could go either way: if spun [...]
(Reuters) – Greece sank deeper into crisis on Tuesday when the Leftist candidate for prime minister set conditions for a new coalition which the biggest party said would destroy the country.
Antonis Samaras, leader of the conservative New Democracy party which finished first in Sunday’s election, said Leftist Alexis Tsipraswould drive Greece out of the euro with his demand that pledges made in exchange for an EU/IMF bailout be torn up.
by Tyler Durden
Well – two things: expect to see random stop hunting ramps in the EURUSD and ES on false rumors that despite the math, a pro-bailout coalition government is being formed. It isn’t, but it will take out all FX and ES stops to the upside first as skittish shorts get burned as usual on planted fake headlines. More importantly, and as predicted last week, we will likely see yet [...]
The Bank of Greece is predicting that the Greek economy will contract by 4.5 percent in 2012 and remain in mild recession next year.
In its annual report issued Monday, the central bank also predicted that unemployment would remain above 19 percent this year.
The gloomy predictions were made despite the coalition government successfully negotiating financial rescue deals with both its private creditors and emergency lenders from the eurozone and International [...]
“We owed it to our children and grandchildren to rid them of the burden of this debt,” said Greek Finance Minister Evangelos Venizelos about the bond swap that had just whacked private sector investors with a 72% loss. But the drumbeat of Greece’s economic horror show continued in its relentless manner.
In central Athens, a stunning 29.6% of the businesses ceased operations, up from 24.4% in August; in Piraeus 27.3%, a 10-point jump [...]
Wolf Richter www.testosteronepit.com
“We owed it to our children and grandchildren to rid them of the burden of this debt,” said Greek Finance Minister Evangelos Venizelos about the bond swap that had just whacked private sector investors with a 72% loss. While everyone other than the bondholders was applauding, the drumbeat of Greece’s economic horror show continued in its relentless manner.
In central Athens, a stunning 29.6% of the businesses ceased operations, up from 24.4% [...]
The Greek government’s deadline for the biggest sovereign restructuring in history passed with a majority of investors signaling their readiness to participate in the debt swap.
The euro and stocks gained before the offer’s close at 10 p.m. in Athens today as Greek Prime Minister Lucas Papademos told his Cabinet ministers that Greece had made “an appropriate framework with significant incentives” for bondholders.
“For this reason I look forward to the [...]
As the deadline for participation in a writedown of Greek debt approaches,
six of Greece’s largest banks have reportedly lined up to take part in the deal.
Several pension funds, however, say they will refuse.
Six of Greece’s largest banks and eight insurance funds have confirmed they will accept the massive devaluation of their government bonds, Finance Minister Evangelos Venizelos said on Wednesday.
The six banks – National Bank of Greece, Eurobank, Alpha, Pireaus, [...]
By George Georgiopoulos
ATHENS (Reuters) – Greece approved bitter new austerity measures on Tuesday, slashing the minimum wage and chopping pensions as Athens began implementing measures demanded by international lenders in return for a 130 billion euro (111 billion pound) rescue package.
With creditors pressing for swift action, the cabinet approved the cuts to the minimum wage as part of a package of measures signed off hours before parliament passed a separate set [...]
The eurozone told Greece it must accept tough EU surveillance if it is to unlock a stalled bailout next week and avoid a messy default, despite meeting key hurdles at Wednesday night talks.
A statement from Eurogroup chair Jean-Claude Juncker after a lengthy video conference, during which hardline finance ministers demanded rigid oversight of Greek state revenues and expenditure, avoided any direct mention of the disputed 230-billion-euro ($300 billion) rescue.
Instead, following [...]
Greece will pledge permanent spending cuts, including lower pension payments and a 20 percent reduction in the minimum wage, as the economy contracts this year at a faster pace than originally estimated, according to the draft of a new financing deal with the European Union and International Monetary Fund.
“To restore competitiveness and growth, we will accelerate implementation of deep structural reforms in the labor, product and service markets,” according to the letter [...]
European leaders stepped up pressure on Greek politicians to meet the conditions of a 130 billion- euro ($171 billion) bailout, saying time was running out.
French President Nicolas Sarkozy met German Chancellor Angela Merkel in Paris today as Greece’s interim prime minister, Lucas Papademos, prepared to negotiate with the so-called troika of international lenders in Athens for a second day. A gathering of Greek political leaders was delayed until tomorrow as they struggled for a unified response.
Greek Prime Minister Lucas Papademos struck a tentative deal with political parties on austerity measures demanded by international creditors as European leaders maintained pressure to complete terms for a 130 billion-euro ($171 billion) rescue package.
Chiefs of the three parties supporting Papademos’s interim government were due to meet with the premier at about midday to hammer out details after setting a framework for recapitalizing banks, ensuring the viability of pension [...]
Greek default drama is much like the movie Groundhog Day. If you prefer a quote from Yogi Berra instead, then please consider It’s déjà vu all over again.
Every day for weeks we have heard a “deal is close”. Moreover, on multiple occasions at the end of the week we were informed Greece “had” to reach agreement over the weekend or Greece would default. Let’s hope this time someone really means it.
Once again, Greece [...]
Following up on our report from this morning that according to former Greek defense minister, German submarine chief procurer, and not to mention Jenny Twenty repeat offender, Evangelos “Xanax” Venizelos, we learn that the god of Deus Ex Machinae is about to abandon Greece, after an announcement by that most magic unicorn-infatuated of bureaucrats, Eurogroup head Jean-Claude Juncker made it clear that Greece is all but finished. As Reuters reports, “The possibility of a [...]
Wolf Richter www.testosteronepit.com
Greeks yanked €65 billion out of their bank accounts since 2009, Finance Minister Evangelos Venizelostold parliament on Friday. “Of that total, €16 billion has been legally taken abroad,” he said. The rest? Stashed under mattresses or hauled to Switzerland via the land route. A whopping 20% of GDP! Capital flight of massive proportions. They see a forced conversion of their euros to drachmas. With good reason.
“The case of Greece is hopeless,” said [...]