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Eurobank to Sell Turkish Subsidiary

eurobank tekfenEFG Eurobank, Greece’s third largest bank, has agreed to sell its 70% stake in Turkey’s Eurobank Tekfen to Kuwait’s Burgan Bank, the commercial banking arm of Kuwait Projects Co (KIPCO), sources close to the deal told Reuters.

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No Question of Greece Leaving Euro -FM

VENIZELOS-474x327 copy_copy_copyGreece is inextricably tied to the euro, as its partners are committed to providing their support for as long as it need be, Finance Minister Evangelos Venizelos said on Wednesday.

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Grim Outlook for Small Businesses

1(1)One in four Greek businesses, that is, around 180,000, do not rule out closing down in 2012, according to a recent survey by Marc. This would mean a loss of at least 240,000 jobs, of which 106,000 in the first half of the year. A total of 150,000 jobs withered in 2011.

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Roubini Urges Greece to Leave the Euro

nouriel-roubiniAmerican economist Nouriel Roubini, who is credited with having forecast the subprime crisis in the US in 2007, said on Tuesday that Greece should leave the euro in order to restore the competitiveness of its economy.

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Greek Energy Contacts In UAE

634649945452110000maniatis-abu-dhabi 600_375_1863290899Deputy Environment and Energy Minister Yiannis Maniatis held extensive contacts a few days ago with energy sector officials in Abu Dhabi, with a view to attracting the interest of local firms in the tenders for hydroacarbon exploration which Greece recently issued.

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Court Endorses First Bailout Agreement

790359864630913625The Council of State, Greece’s highest administrative court, on Monday ruled that the country’s first, €110 bailout loan –the so-called “Memorandum”- agreed with its international creditors was legal and in line with constitutional provisions.

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Business Leader Snubs Bailout Agreement

mixalos(1)The Greek government’s negotiation of the country’s bailout program was not as successful as it is claimed, a business leader said on Monday.

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Bailout Program Gives Greece a New Chance -FM

venizelos1 2Eurogroup’s approval of the Greek bailout program early on Monday morning is an important development which gives Greece a new chance, Finance Minister Evangelos Venizelos told a press briefing.

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PM Says Agreement Lays Ground For Recovery

Papadimos EurogroupThe agreement on Greece’s second, €130 billion bailout loan and bond swap program, approved by the Eurogroup in Brussels early on Tuesday, is of historic significance as it will dampen uncertainty and increase confidence in the Greek economy, said Prime Minister Lucas Papademos.

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Eurogroup Approves Greek Bailout Program


eurogroup(1)After a 12-hour session, eurozone finance ministers (Eurogroup) approved in Brussels early on Tuesday the €130 billion bailout loan for Greece and the Private Sector Involvement (PSI) scheme in the Greek bond swap program, which aims to reduce the country’s debt to 120.5% of GDP by 2020.

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Aggelos Stagos

Let's Do Our Bit Now

Let's Do Our Bit Now

A Greek sigh of relief should have been heard to the end of the world after Eurogroup’s approval of the country’s bailout program on Monday, which prevented a direct risk...

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Grigoris Nikolopoulos

A Clear Choice

A Clear Choice

Monday’s Eurogroup agreement may not be a cure-for-all Greek ills but it is certainly the best we could have obtained presently.

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Grigoris Nikolopoulos

The Hour of The Private Sector

The Hour of The Private Sector

If Greece’s international creditors, the so-called troika, ultimately succeed in persuading our politicians to shrink the public sector, they will have addressed the core of the country’s problem. For the...

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Grigoris Nikolopoulos

Only One Good Scenario For Greece and Europe

Only One Good Scenario For Greece and Europe

  Europe has been trapped in its own foolishness, incompetence and heartlessness, and will soon be forced to change to avoid dissolution.

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Nikos Chrysoloras

Why The Germans Are Wrong

Why The Germans Are Wrong

Many in Europe –particularly in Germany- wonder why they should continue providing financial support to a country that has failed to honor its commitments with partners and is an international...

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Grigoris Nikolopoulos

A Punitive Program

A Punitive Program

The reduction in incomes which Greece’s new economic program brings would make sense only if we could hope that the problems of recession and the country’s excessive debt could be...

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Aggelos Stagos

No Elbow Room For Politicians

No Elbow Room For Politicians

It’s a curious thing that even at this crucial moment, when the future of the country hangs in the balance, its political class cannot clearly “read” our creditors’ stance and...

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Takis Lainas

Apocalypse Now!

Apocalypse Now!

We are all watching breathless the endless unpopular serial of Greece’s negotiations with the troika, wondering whether our political leaders will finally utter “Yes” or raise the flag of the...

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Aggelos Stagos

Destined to Sink?

Destined to Sink?

The negotiations with Greece’s international creditors –the so-called troika- on the final details of the economic program that will accompany a second, €130 billion bailout loan seem to have developed...

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Nikos Chrysoloras

The "crucial next 48 hours”

The

If I come across the expression, “crucial next 48 hours,” again I think I am going to have a nervous breakdown. Our political leaders are bent on rattling our nerves...

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Grigoris Nikolopoulos

Histrionics

Histrionics

Greek political leaders on Sunday put on their brave faces, in the best of patriotic traditions. They would have us believe that they were resisting the demands of Greece’s international...

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Takis Lainas

Much Ado About Nothing

Much Ado About Nothing

The demand of Greece’s international creditors, the so-called troika, for a lowering of Greek salaries and wages is not just devoid of substance but also dangerous.

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Aggelos Stagos

Do It Like Boutaris

Do It Like Boutaris

There is no doubt that the German proposal for the appointment of an economic overseer, whose main task would have been to ensure the repayment of the country’s debt, was...

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Grigoris Nikolopoulos

European Immorality

European Immorality

Europe is regarded as the world’s ‘ethical force’. Today, however it is in danger of losing this important title because of its immoral choices in tackling the debt crisis.

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Grigoris Nikolopoulos

The truth about the PSI and bank shares

The truth about the PSI and bank shares

Because so much has been heard and written about the PSI which not only affects us psychologically but our investment decisions as well, i.e. the equity markets, it seems important...

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Grigoris Nikolopoulos

Two simple interventions for development

Two simple interventions for development

Whilst we all appreciate that the economic recovery is the only way to solve the problems of Greece’s deficit and debt, the Greek government is not in a position to...

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Aggelos Stagos

The war against Papademos

The war against Papademos

As to whether it is perceived or not, certain individuals, in cooperation with the media, are attempting to destroy Papademos as ‘evil’, ‘merciless’ or even as a ‘failure’.

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Nikos Chrysoloras

Greece's lost wealth

Greece's lost wealth

Αsides from negotiations concerning the private sector’s ‘voluntary’ participation in cutting Greek debt, the essence of Greece’s actual economy has been condensed into one phrase by the Troika.

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Nikos Chrysoloras

A public problem for Greece

A public problem for Greece

The discovery that almost all the national television channel’s journalists who had been on strike for weeks, were paid in full, either because they took sick leave or because they...

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Aggelos Stagos

A lack of restraint flares up again in Greece

A lack of restraint flares up again in Greece

After a respite of relative calm, which many associate with Papademos’ premiership and as a result, the Greek public’s raised expectations, unfortunately jeering and violence have emerged once again.

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Nikos Chrysoloras

Why isn’t Greece competitive?

Why isn’t Greece competitive?

The debate on the Greek economy’s restoration came to the fore once again as it now seems inevitable that labour costs will be reduced through eliminating the 14th salary in...

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Dimitris Kastriotis

Greece’s powerful institutions (It’s just that the banks, the press and the politicians are suffering)

Greece’s powerful institutions  (It’s just that the banks, the press and the politicians are suffering)

Recently, the whole issueof lending – or indeed the refusal to lend funds to Greek media companies, has come to the fore – all based on the political business dealings...

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Aggelos Stagos

Europe wants Greece in the Eurozone on condition that their terms are accepted

Europe wants Greece in the Eurozone on condition that their terms are accepted

If the statements hold any political value – and are in fact reliable, yesterday, Merkel, Sarkozy and Schauble (in the background) made two points clear: They want Greece to remain...

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Grigoris Nikolopoulos

Politicians and the public administration are harming the private sector in Greece

Politicians and the public administration are harming the private sector in Greece

Under the pressure of the present circumstances and that of our partners and lenders and from the parties who are supposedly supporting him, the Prime Minister, Mr. Lucas Papademos has...

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Nikos Chrysoloras

Who will replace George Papandreou?

Who will replace George Papandreou?

Sooner or later, George Papandreou, former Greek Prime Minister and President of the Socialist Party (PASOK), a man whose actions were incompetent and erratic, who probably would never have held...

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Nikos Chrysoloras

The Greek Paradox

The Greek Paradox

In its report on the threats and dangers that our planet faces (2011 Global Risks Report), the World Economic Forum confirmed a paradox: The problems that transcend national borders and...

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Aggelos Stagos

2012 will prove to be a decisive year

2012 will prove to be a decisive year

Forecasts point to the fact that 2012 will be a very difficult year, maybe even more difficult than 2011, if that is even possible.

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