Economic Risk in Greece and Other Countries Spooking Investors
Matthew Bandyk

Despite federal spending consuming 27.2 percent of GDP, the United States maintains a Aaa rating. But you can't say the same about Greece and many other countries in both the developed and developing world where continued fallout from the economic crisis is hurting their credit ratings. As a result, investors have viewed the economic situations in these countries as increasingly risky bets.

Barroso defends euro in the face of Greek budget crisis
Strasbourg - The president of the European Commission, Jose Manuel Barroso, stressed Tuesday his faith in the euro, recently shaken by the financial crisis which hit Greece and threatens to spread to ...

Tax policy tweaked as strike action looms
As government officials sought to hammer out the details of a much-awaited tax and income policy yesterday, unionists warned they would stage more strikes, which are expected to disrupt flights in and...

Dogged farmers to meet minister
Representatives from some 18 roadblocks being maintained at key junctions and border crossings by protesting farmers are today to meet Agriculture Minister Katerina Batzeli for talks aimed at finally ...

Law to protect Asopos River from toxic waste
The Asopos River in central Greece, which has long served as a dumping ground for factories in Viotia, could be rescued thanks to government plans to close a legal loophole that has allowed waste to b...

EU working toward a rebound
APEU Council President Herman Van Rompuy (right) looks away as he meets European Investment Bank President Philippe Maystadt, at the European Council headquarters in Brussels, yesterday.By Paul Harrin...

Foreign stakes steady in January
Foreign portfolios accounted for almost 49 percent of the total market capitalization of the Greek equities market in January, almost unchanged from December, according to data made public yesterday.H...

Rise in car registrations just a blip
ANACar registrations posted a yearly increase of 24.9 percent last month, according to figures released by the National Statistical Service. A total of 32,765 vehicles were registered that were either...

Goldman cuts Greek and Italian banks to sell
-13.20% and Greek Postal Savings Bank were cut from neutral to sell on Tuesday at Goldman Sachs, which also cut Italian banks Banca Monte dei Paschi di Siena , Banco Popolare

Yen, Dollar Retreat on Speculation Europe Will Assist Greece
The yen and dollar fell on speculation European officials meeting this week will agree to assist Greece in tackling its deficit, reducing demand for the two currencies as a refuge....

Greece set for wage, tax reform to cut deficit
Reuters - Greece is putting the final touches to the tax reform bill and public sector incomes policy it plans to unveil later this week, part of its drive to increase state revenues and reduce its de...

ECB May Be Forced to Delay Exit Amid Greece Worry
ECB May Be Forced to Delay Exit Amid Greece Concern (Update1) (Adds Trichetâ??s departure from Sydney in the fifth paragraph.) Feb. 9 (Bloomberg) -- The European Central Bank may be forced to delay t...

Asian Stocks Fall on Earnings, Greece Concerns; Bond Risk Rises
Feb. 9 (Bloomberg) -- Asian stocks fell and bond default risk climbed as disappointing earnings reports and Europeâ??s rising budget deficits added to concern the global economic recovery will falter...

Euro Higher on Greek Bailout Hopes but Markets Skeptical on Spain, Portugal
Feb, 08 US Dollar, Japanese Yen May Extend Gains as G7 Disappoints on Greece Bailout Feb, 05 Dollar Hits Five-Month High on Risk Aversion, Euro Spikes Up Against Swiss Franc Feb, 04 British Pound Vola...

Air France-KLM yields remain down year-on-year; Aegean Airlines hit by ATM strike
Passenger traffic at Air France-KLM fell in January by 1.6 percent, but there were fewer empty seats as the airline reduced the number of flights. The Franco-Dutch carrier was also the latest to repor...

Greek fallout will add to company costs globally
Corporate borrowing costs are rising at the fastest pace in more than two months on concern that worsening government finances will slow the global economy and make it harder for companies to meet deb...

World stock markets still fear Greek bond default
GLOBAL stocks extended losses yesterday on nervousness over budget deficits in Greece, Portugal and Spain, but the JSE bucked the trend by a slim margin. Markets might have a â??hard timeâ? until ...

Greeks Back Deficit-Cutting Steps, Poll Shows
2/8/2010, 7:01 p.m. EST (AP) — NATIONAL HARBOR, Maryland - The financial wizards who concocted the complicated mortgage-linked investments that nearly brought down the world economy are trying ...

Greece, others battle debt
Is there any way out of Europe's debt morass? Greece's efforts to restore confidence in its finances have only called attention to its woes, and now investors are fretting debt contagion could spread...

New Migrant Law Tough But Respects Rights
ATHENS, Feb 9, 2010 (IPS) - The newly elected Pan-Hellenic Socialist Movement (PASOK) government's plans to move legislation, that will greatly affect migrants and refugees, have been both welcomed an...

If you think Europe's debt woes are all Greek to you, they're not
WASHINGTON -- Stock trading was volatile on Wall Street and across the globe Monday from fear that a debt crisis is gathering steam in parts of Europe and the Mediterranean.These problems may be far a...

FACTBOX - Greece set for wage, tax reform to cut deficit
Reuters - Greece is putting the final touches to the tax reform bill and public sector incomes policy it plans to unveil later this week, part of its drive to increase state revenues and reduce its de...

Can German wage hikes save Greece
Marco Annunziatahas a diagnosis of what ails the PIGS: Germany has been relying on an export-led growth strategy: With virtually no wage growth over several years, it has rapidly gained competitivenes...

G7's reassurances fail to calm fears of Greek meltdown
The Euro fell to its lowest level since last May yesterday, despite attempts by Europe's finance ministers to soothe fears over Greece's parlous finances. Shorting against the single currency also sho...

Will Britain follow Greece into tragedy
Greece has put the fear of the gods into the markets. The cradle of democracy is threatening to become the Lehman Brothers of Europe. And suddenly the v-shaped recovery doesn't look so certain. We'll ...

If you think Europe's debt woes are all Greek to you, they're not
Stock trading was volatile on Wall Street and across the globe Monday from fear that a debt crisis is gathering steam in Europe. They're symptoms of a...

Greece Says Call for Aid Would Send ‘Worst Signal’
Feb. 9 (Bloomberg) -- Greek Finance Minister George Papaconstantinou said he can’t call for outside aid as his government struggles to cut the European Union’s largest budget deficit.

China finalises high thresholds for index futures
SHANGHAI, Feb 9 (Reuters) - Chinese regulators have finalised high thresholds for potential investors trading the country's first stock index futures, effectively confining them to institutions and we...

Greece - The beef and dairy industry
More so than most other European nations, swathes of Greek agriculture have changed little for hundreds of years, according to the report Greece Agribusiness Report Q1 2010 from Research and Markets. ...

Euro starts the week on weak ground as worries about Greek stability continues
The Euro and growth linked currencies are still on slippery ground as risk appetite remains subdued on the back of mounting fiscal worries in the euro zone and lingering concerns about a global tax on...

G7's reassurances fail to calm fears of Greek meltdown
The Euro fell to its lowest level since last May yesterday, despite attempts by Europe's finance ministers to soothe fears over Greece's parlous finances. Shorting against the single currency also sho...

For the euro, Greece remains the biggest worry
You know a country is in real financial trouble when its leaders start muttering about conspiracies by foreign speculators. The Greeks have already done it and yesterday the Spanish joined in. The Spa...

Cost of insuring European national debts hits new high
The cost of insuring against a potential default on western Europe's debt hit a new record as officials failed for a third consecutive day to reassure investors about the ability of southern European ...

Portugal, Greece, Spain default worries rise
LONDON (MarketWatch) -- The cost of insuring Spanish and Portuguese government debt against default via credit default swaps hit new records Monday, while the cost of insurance for Greek debt also ros...

As U.S. stocks fall again, should Greek debts worry us
WASHINGTON — Stock trading was volatile on Wall Street and across the globe Monday from fear that a debt crisis is gathering steam in parts of Europe and the Mediterranean. These problems may...

Can Greece outrun the lion of default
ATHENS — Even as the European Union and the International Monetary Fund lay the groundwork for a giant first-round bailout, debate is swirling about whether Greece can avoid sovereign default.

Athens’ salvation lies in Paris and Berlin
By Tony Barber in Brussels, Gerrit Wiesmann in Berlin and Ben Hall in Paris Published: February 8 2010 22:40 | Last updated: February 8 2010 22:40

Greek Cyprus govt partner quits in protest to efforts for deal
A junior coalition partner in Greek Cyprus's left-wing government quit, accusing Christofias of making concessions to Turkish Cypriots in reunification talks.

An epic task for Greece | Matina Stevis
The Greek public might just stomach George Papandreou's bold austerity measures â?? as long as tax evaders are forced to pay up After weeks of wild speculation about Greece defaulting or leaving the ...

FACTBOX-Greece set for wage, tax reform to cut deficit
Feb 8 (Reuters) - Greece is putting the final touches to the tax reform bill and public sector incomes policy it plans to unveil later this week, part of its drive to increase state revenues and reduc...

Tourist's texts to Greece save him in New Zealand
A tourist who got lost on a New Zealand mountain was rescued after sending text messages to his family in Greece, newspapers and websites reported on Monday.

Greek crisis hangs over EU economic summit
fiscal emergency in Greece and the turbulence in debt markets are threatening to overshadow this week’s European Union summit on boosting business competitiveness.The problem poses an early leadersh...

Examine the Greek PV Market with This Essential Report as
DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/d98c98/the_greek_pv_marke) has announced the addition of the "" report to their offering.The Greek solar PV ma...

Greece Not Named as New EU President Sets Tone for Summit
Feb. 8 (Bloomberg) -- A European Union summit this week will focus on long-term economic strategy, President Herman Van Rompuy said, making no direct reference to Greece’s fiscal crisis.

EU commission to comment on Greek crisis in Strasbourg on Tuesday
Strasbourg - The European Commission is set to give a statement on the financial crisis faced by Greece on Tuesday in the European Parliament in Strasbourg, the assembly decided on Monday. Greece's ba...

Greek unions promise strikes
ATHENS (Reuters) - Greek civil servants threatened on Monday to stage more strikes in protest at government austerity measures, heightening fears debt-laden members of the euro zone may struggle to de...

STOCKS NEWS EUROPE-Shares slip as NY falls; banks weigh
European shares fall as Wall Street slips in early trade, with banking stocks the major losers in Europe on investor worries about the Greek sovereign debt situation. The pan-European FTSEurofirst 300...

Papandreou Takes on Greek Unions to Push Through Cuts
(Adds ADEDY comments on new walkout in second, 11th paragraphs, stocks in fifth, latest polls from 25th.) Feb. 8 (Bloomberg) -- Greek Prime Minister George Papandreou, armed with European Union backin...

IMF or EU Will Save Greece at Last Minute
Either the International Monetary Fund or the European Union will provide financial assistance to Greece to help that country avoid default, says New York University economist Nouriel Roubini. Greek P...

Greek championship results and standings
Feb 7 (Reuters) - Greek championship results and standings on Sunday Aris Salonika 0 Panthrakikos 2 Atromitos Athinon 1 Panionios 0 Ergotelis 4 Asteras Tripolis 3 Iraklis 1 PAOK Salonika 1 Laris...

Panathinaikos beats Larissa 3-0 in Greek league
ATHENS, Greece (AP)—French striker Djibril Cisse scored twice in three minutes to guide Greek league leader Panathinaikos to a 3-0 victory at Larissa on Sunday. The Athens club now has 52 poi...

59 PREVIEW-Greek Jan inflation seen rising to 2.7 pct y/y
WHAT: GREEK JAN CONSUMER PRICE INFLATION WHEN: TUESDAY, FEB 9, 1000 GMT REUTERS FORECAST: HEADLINE RATE SEEN RISING TO 2.7 PCT Y/Y FACTORS TO WATCH - Greek consumer price inflation is seen ris...

Market Frenzy Over Greece Is Disturbingly Familiar
PARIS — The feeding frenzy in bond markets over highly indebted southern euro zone states recalls the runs on European currencies in the 1990s, before the euro was created. European governments...

Greeks Back Deficit-Cutting Steps, Poll Shows
(AP) — c ()-2010, Bloomberg News ATHENS, Greece-Most Greeks support the government's decision to freeze public-sector wages and hiring to help reduce the euro-area's biggest budget shortfall, ...

48 hours in Athens
Visit Athens before the Olympian hordes arrive in August, says Frank Partridge, who communes with the gods at the Acropolis and finds new treasures along the recently mined vein of the city's metro sy...

Greece readies tax change to fight crisis
Hopes that that Greece won't be allowed to default on its crushing debt load weighed against fears the country's crisis would spread through the 16-country euro zone, as the government worked Monday o...

STOCKS NEWS EUROPE-Swiss Re falls on Greece worries
Swiss Re (RUKN.VX) shares fall nearly 5 percent, with traders citing concerns about possible exposure to debt of Greece and other indebted euro zone countries. 'People are worried that Swiss Re may ha...

GLOBAL MARKETS - Greece haunts investors, European shares reverse
LONDON, Feb 8 (Reuters) - European stocks bucked a three-day losing run on Monday, helping stabilise global shares although euro zone sovereign debt worries remained close to the surface. World equiti...

Greece haunts investors, European shares reverse
By Jeremy Gaunt, European Investment Correspondent LONDON (Reuters) - European stocks bucked a three-day losing run on Monday, helping stabilize global shares although euro zone sovereign debt worries...

Papandreou Takes on Greek Unions to Push Through Cuts
(Adds ADEDY comments on new walkout in second, 11th paragraphs, stocks in fifth, latest polls from 25th.) Feb. 8 (Bloomberg) -- Greek Prime Minister George Papandreou, armed with European Union backin...

Most Asia markets end down amid Greece worries
Asian markets suffered declines Monday on uncertainty over sovereign debt in the euro zone, but bargain-buying in banks and miners limited losses in some markets. Japan's Nikkei 225 fell 1.1% to 9,951...

Tourist's texts to Greece save him in New Zealand
WELLINGTON (Reuters Life!) - A tourist who got lost on a New Zealand mountain was rescued after sending text messages to his family in Greece, newspapers and websites reported on Monday. Marios Symeo...

Greece readies tax change to fight crisis
ATHENS, Greece (AP) -- Hopes that that Greece won't be allowed to default on its crushing debt load weighed against fears the country's crisis would spread through the 16-country euro zone, as the gov...

Greek unions threaten more strikes against govt
Greek civil servants warned on Monday they could call more strikes if the Socialist government unveils tough austerity measures. The ADEDY public sector union already plans a 24-hour strike on Wednesd...

European Stocks Fall for Fourth Day on Greece; Asia Shares Drop
Feb. 8 (Bloomberg) -- European stocks dropped, extending their biggest weekly slump in 11 months, as European finance chiefs failed to ease concern over deficits in Greece, Portugal and Spain. U.S. in...

Greece, Spain default fears ease, Portugal rises
LONDON (MarketWatch) -- The cost of insuring Greek and Spanish government debt against default fell Monday, while the cost of insuring Portuguese debt continued to climb in relatively subdued market c...

How will EURUSD be affected by developments in Greece
... from IDEApro Suite [INT] FX Alert: How will EURUSD be affected by developments in Greece? FX Alert: How will EURUSD be affected by developments in Greece?In the near term, the outlook for the EURU...

Greece readies tax change for crisis
ATHENS: Hopes that that Greece won't be allowed to default on its crushing debt load weighed against fears the country's crisis would spread through the 16-country euro zone, as the government work...

Unions vow strike as Greece finalises deficit plan
Submit your comment Greek unions pledged on Monday to fight austerity measures with a public sector strike this week, the first test of the government's commitment to cut deficits and a ballooning pub...

Greece, Spain default fears ease, Portugal rises
LONDON (MarketWatch) -- The cost of insuring Greek and Spanish government debt against default fell Monday, while the cost of insuring Portuguese debt continued to climb in relatively subdued market c...

Greece to levy 40 percent tax rate on more earners
ATHENS (Reuters) - Greece will lower the current 75,000 euro income threshold that is subject to a 40 percent tax rate as part of reforms to urgently boost government revenues, the country's finance m...

Greece, Spain default fears ease, Portugal rises
LONDON (MarketWatch) -- The cost of insuring Greek and Spanish government debt against default fell Monday, while the cost of insuring Portuguese debt continued to climb in relatively subdued market c...

G7 talk on Greece failes to soothe investors, euro dips
Submit your comment The euro and growth-linked currencies fell on Monday as investors unwound risky trades amid growing worries about eurozone's debt problems, dismissing assurances from European fina...

G7 confident EU can solve Greece woes, says Germany -report
BERLIN, Feb 8 (Reuters) - Members of the Group of Seven industrialised nations are confident that the European Union will sort out Greece's debt problems, German Finance Minister Wolfgang Schaeuble wa...

An SMS to Greece saves man in New Zealand
A tourist who got lost on a New Zealand mountain was rescued after sending text messages to his family in Greece, newspapers and websites reported on Monday. Marios Symeonidis was visiting Mount Ruape...

Bulgaria, Serbia "Vulnerable" to Greek Crisis, Yields Soar
By Laura Cochrane and Michael Patterson Bloomberg Agency The cost to protect Bulgarian debt from default rose to a five-month high and Serbia yields jumped the most since July as analysts said the eco...

Most Asia markets end down amid Greece worries
HONG KONG (MarketWatch) -- Asian markets suffered declines Monday on uncertainty over sovereign debt in the euro zone, but bargain-buying in banks and miners limited losses in some markets.

A response to Andrew Apostolou's abomination, sent on January 22 but not published by the Wall Street Journal
A response to Andrew Apostolou's abomination, sent on January 22 but not published by the Wall Street Journal Date: Wednesday, January 27, 2010, 12:08 PM Dear friends, On January 20, 2010 And...

Protesting farmers remained at Promachonas border post on Monday, blocking trucks from passing through the border
Protesting farmers remained at Promachonas border post on Monday, blocking trucks from passing through the border. The Ormenio checkpoint in Evros prefecture was open however, although farmers kept th...

PM stands by citizenship for immigrants
Prime Minister George Papandreou yesterday put up an impassioned defense of his government's bid to grant second-generation immigrants citizenship, presenting a vision of a country inhabited by Greeks of all ethnic backgrounds and rejecting criticism by s... ...

Tax policy tweaked as strike action looms
As government officials sought to hammer out the details of a much-awaited tax and income policy yesterday, unionists warned they would stage more strikes, which are expected to disrupt flights in and out of the country tomorrow. The provisions on the ref... ...

Mayor heralds city center revamp
Athens Mayor Nikitas Kaklamanis yesterday heralded a series of town-planning projects aimed at revamping the city's run-down historic center which, he conceded, is full of derelict buildings being exploited for illicit purposes. One of the key projects be... ...

Dogged farmers to meet minister
Representatives from some 18 roadblocks being maintained at key junctions and border crossings by protesting farmers are today to meet Agriculture Minister Katerina Batzeli for talks aimed at finally reaching some compromise on their financial demands. Fa... ...

Chinese community...
Tonia Luo, the head of the committee coordinating a celebratory event being organized by the Chinese community in Athens, presents the plans at a news conference yesterday as City of Athens councilor Yiannis Papadimos looks on. The event is due to take pl... ...

Law to protect Asopos River from toxic waste
The Asopos River in central Greece, which has long served as a dumping ground for factories in Viotia, could be rescued thanks to government plans to close a legal loophole that has allowed waste to be poured into the watercourse. Environment Minister Tin... ...

Noble competition
Tomorrow we will finally learn who will fill the stands at Greece's basketball cup final. I do not know many countries that treat a mere sporting event as war. Nor do I know of many countries that brag about being the cradle of sports, in a position to of... ...

Puerile error fuels exploitation
One week has passed since George Papandreou, the Socialist prime minister, announced the government's intention to introduce an increase in fuel tax, as part of its plans to up revenue and trim the burgeoning deficit. However, the administration's proposa... ...

February 9, 1960
FARMERS' PENSIONS: The parliamentary debate to decide whether to grant old-age pensions to farmers entered its third day yesterday. The leader of the Progressive Party, Spyros Markezinis, countered the proposal by Georgios Papandreou (to grant the pension... ...

EU working toward a rebound
BRUSSELS - The European Union, shaken by Greece's fiscal crisis and struggling to get its new institutions into gear, regroups this week as leaders mull improved, coordinated economic governance. Europe's post-recession economic woes, highlighted by the s... ...

Serbia ponders resolution to condemn Srebrenica massacre
BELGRADE (AFP) - Serbia's parliament may adopt a long-awaited resolution condemning the 1995 Srebrenica massacre by early March, its speaker said yesterday, but debate is raging over whether to use the term genocide. In an interview, Slavica Djukic-Dejano... ...

Heavy snow...
Heavy snow caused traffic chaos in Bulgaria yesterday, closing major highways, delaying flights and trains and cutting off electricity. Three districts declared a state of emergency as snowdrifts closed roads and cut them off. The Ruse-Giurgiu border cros... ...

Saving Cypriot snake
NICOSIA (Reuters) - Anglers are being brought in to help rescue a critically endangered Cyprus water snake that has lived on the island for thousands of years, but now faces a major threat from a snappy fish with a big appetite. This month, anglers will b... ...

Balkan Briefs
Father and grandfather in Turkish 'honor killing' may face life in jail, sources say ANKARA (AFP) - Prosecutors in Turkey are seeking life in jail for the father and grandfather of a girl who was buried alive for befriending boys, local judicial sources s... ...

TV Guide
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Selections
Agora In Roman Egypt, female philosopher Hypatia of Alexandria attempts to go against the rising tide of Christianity. Historical drama directed by Alejandro Amenabar, starring Rachel Weisz, Max Minghella, Oscar Isaac, Rupert Evans and Michael Lonsdale. ... ...

Cinema Guide
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WHAT'S ON
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Foreign stakes steady in January
Foreign portfolios accounted for almost 49 percent of the total market capitalization of the Greek equities market in January, almost unchanged from December, according to data made public yesterday. Hellenic Exchanges (HELEX), the holding group that oper... ...

Strikes sustaining investor jitters
As the government puts the final touches to proposed tax reforms aimed at helping solve the country's massive fiscal problems, Greek equities came under renewed pressure yesterday. Greek bond yields spiked and stocks on the Athens bourse tumbled 3.86 perc... ...

Fitch plays down contagion fears
Fellow eurozone countries face no risk of «contagion» from the debt and deficit crises afflicting Greece, Portugal and Spain, the chairman of ratings agency Fitch said yesterday. Marc Ladreit de Lacharriere told Europe 1 radio that while the state of publ... ...

Rise in car registrations just a blip
Car registrations posted a yearly increase of 24.9 percent last month, according to figures released by the National Statistical Service. A total of 32,765 vehicles were registered that were either new or had already been used abroad, against 26,224 vehic... ...

Bank EPS seen 16 pct off in 2010
Greece's banks are expected to show a 16 percent year-on-year drop in earnings per share (EPS) this year versus an estimated 3 percent EPS drop among non-banks, according to a leading brokerage. Piraeus Securities said in an outlook published yesterday th... ...

In Brief
Consumer price inflation picking up, data show Greek consumer price inflation is seen rising further in January to an annual pace of 2.7 percent as favorable base effects from oil wane, economists said yesterday. The median forecast of six economists surv... ...

Greece's Papandreou accepts meeting with Macedonia's Gruevski
ATHENS, Greece -- Prime Minister George Papandreou accepted an invitation to meet with Macedonian counterpart Nikola Gruevski, Greek government spoke...

Greek farmers scale back protests but maintain border blockade
ATHENS, Greece -- Protesting farmers scaled back their blockades of some of the main roads across the country Saturday (February 6th) but kept their...

ECB's Trichet confident of Greek austerity plan success
OTTAWA, Canada -- Eurozone members told a meeting of G-7 members on Saturday (February 6th) that they are keeping a close eye on the situation in Gre...

Papoulias wins second term as Greek president
Greek President Karolos Papoulias was re-elected for a second five-year term in office on 3 February after winning majority support in a parliamentary vote. The 81-year-old former Socialist foreign minister and Member of Parliament was re-elected by an overwhelming majority of 266 votes in the 300-member House among the 298...

Droutsas Clinton discuss national issues
Greek Deputy Foreign Minister Dimitris Droutsas met in Washington on 2 February with US Secretary of State Hillary Clinton saying afterwards that he had expounded on Greeces positions on major national issues as well as Greeces will to help through initiatives in its broader region and primarily in the Balkans...

Tourist arrivals to grow in 2010
Tourist arrivals to Greece are expected to rise by 2-3% this year while tourism revenues will remain on a negative trend which started in 2008 -when the international economic crisis began- the Institute of Tourism Research and Forecasts ITEP said on 1 February. In a report on Greek tourism trends...

Car registrations down 15.1% in January
The Greek car market continued shrinking in January with registrations of new vehicles falling 15.1% in the month compared with the same period last year the Federation of Car Importers and Dealers announced on 2 February. New registrations totaled 26 585 cars down from an average of 31 310 in...

Greece successfully completes bond issue
The Greek government enjoyed a much-needed boost on 25 January as it succeeded in selling €8 billion of bonds although it paid a high price to do so. The government celebrated the success and economists said the strength of demand — which at €25 billion was equivalent to almost half...

PM: Efforts must be made on Greek-Turkish ties
Greek Prime Minister George Papandreou said on 26 January in Strasbourg that Greek-Turkish relations are always difficult for one to judge and mentioned the example of 2004 since it had appeared then that some issues were heading for a solution. He added that many efforts must be made and termed the...

Batzeli outlines national strategy for farming
Greek Agricultural Development and Foods Minister Katerina Batzeli on 26 January presented a package of measures designed to create a national strategy for farming over the coming months after the end of a two-day conference on farming issues in central Athens that was shunned by farmers manning protest road blocks...

Draft law on labor relations
Greek Employment and Social Solidarity Minister Andreas Loverdos delivered to social partners the draft law on labor relations on 26 January. The draft law includes clauses for subsidization by the Manpower Employment Organization OAED for social security contributions for the hiring of young employees over the next four years for...

Papandreou sets Easter and June time limit
Addressing the informal cabinet meeting on 20 January that focused on planning at each ministry with Easter and June being the time limit Greek Prime Minister George Papandreou called for the collective definition of the governments major priorities saying in parallel that the Greek people are showing special maturity and...

TAP establishes country offices in Greece
The Trans Adriatic Pipeline project completed registration of its permanent country offices in Greece Albania and Italy. Country offices will support TAP in liaising with the authorities in the host countries in preparing and submitting all necessary applications as well as in providing information about the project to the local...

PM hails Kallikratis plans reform potential
Greek Prime Minister George Papandreou on 18 January emphasized the critical importance of the Kallikratis plan for local government saying this would bring about fundamental and much-needed reforms to public sector administrative structures. Today 100 days after the elections we are in a position to proceed based on the Kallikratis...

Papaconstantinou optimistic about the course of economy
Greek Finance minister George Papaconstantinou on 21 Janaury expressed optimism on the course of the Greek economy addressing an international conference in Athens on The Future of Banking in Greece organized by the Financial Times magazine The Banker and Boussias Communications. I believe that precisely because we are in this...

Governments foreign policy outlines 2014 agenda
Presenting Greeces main foreign policy goals and directions on 11 January Alternate Foreign Minister Dimitris Droutsas said the government had a difficult start when just 10 days after it was elected the European Commission unveiled progress reports for Turkey and the former Yugoslav Republic of Macedonia FYROM containing several references...

Greece Bulgaria boost economic energy ties
An agreement for the operation of the Thermes-Zlatograd border crossing at the Greek-Bulgarian frontier was signed on 11 January by Alternate Foreign Minister Dimitris Droutsas and visiting Bulgarian Deputy Foreign Minister Marin Raikov. The border crossing which is expected to boost economic and tourism ties even further between the two...

Samaras opposes migrant citizenship bills plan
Greeces main opposition New Democracy will vote against a tabled draft bill changing among others the countrys naturalization code ND leader Antonis Samaras underlined on Monday referring to a high-profile initiative by the government to grant citizenship to eligible second-generation children of migrants. Samaras also pledged to repeal any provisions...

Birbili announces regulation for green buildings
Greek Energy and Climate Change Minister Tina Birbili presented the new Regulation for Energy Efficient Buildings in a press conference on 11 January. The regulation effective after a debate that will last 20 days provides for energy efficiency inspections in all new buildings and in old ones if they are on...

Inflation at 2.6% in December
Greek annual inflation rate jumped to 2.6% in December 2009 compared with the same month in 2008 after an increase of 2% recorded in December 2008 the National Statistical Service announced on 11 January. The statistics service in a report attributed the December increase to an 8.5% rise in transport...

Papandreou Tadic reconfirm their excellent relations
Bilateral relations between Greece and Serbia are excellent Greek Prime Minister George Papandreou said speaking after his meeting with Serb President Boris Tadic in Belgrade on 4 January. Papandreou said that he had excellent talks with Tadic and expressed the wish that relations between their countries will be deepened even...

Economy needs fresh hope says Samaras
Main opposition New Democracy ND leader Antonis Samaras said on 6 January that the economy needs a breath of hope expressing hope that this will be forthcoming from the government. Samaras speaking in his hometown of Pylos where he celebrated the Epiphany blessing of the waters said: Epiphany in our...

Passenger complaints are 13% down
Passenger complaints against airline companies over alleged violations of travelers rights unreasonable delays or flight cancelations as well as overbooking and luggage damages fell by 13% in 2009 in comparison to 2008. According to Civil Aviation Authority figures released on 4 January a relevant office received 556 complaints in 2009...

Purchasing Managers Index increases in December
Greeces seasonally adjusted Purchasing Managers Index PMI jumped to a four-month high in December although it remained below the 50-point threshold. The index rose to 48.8 points reflecting a moderate worsening of the health of Greeces manufacturing sector. Incoming businesses fell slightly in December reflecting adverse economic conditions and negative...

Government vows faster economic reforms
Greek Prime Minister George Papandreou on 5 January called for accelerated government actions primarily on the economy to achieve an economic adjustment program in a period of three years. Speaking to reporters after an inner Cabinet meeting chaired by the Greek premier Finance Minister George Papaconstantinou said talks focused on...

Greeces EU fishing expedition brings up empty nets
When European Commission President Jose Manuel Barroso made his choices for a new Commission in his second term Greece hoped to get one of the more influential positions but had to settle for overseeing Maritime Affairs and Fisheries under Maria Damanaki. Itrsquo;s a spot that potentially could be important or...

OPAP rolls the dice puts powerful tandem at the helm
The Greek stake appointed a new management team to OPAP Europes biggest betting firm. OPAP shareholders approved the appointment of Haris Stamatopoulos a leading former banker as the new chairman and Yannis Spanoudakis a senior Athens 2004 Olympics organizer as chief executive officer the company said on 31 December. Stamatopoulos was president...

PM: social welfare and health are a priority
Greek Prime Minister George Papandreou on 28 December reiterated his pledge that social welfare and health are a priority for his government. We are handing over 77 ICUs to the hospitals with the aim of upgrading the public health sector Papandreou said during his visit to the Attiko Hospital in...

PPC announces investment program
Public Power Corporation Greeces electricity utility plans to increase investments in new mines and production units and to hiring around 2 300 workers Arthuros Zervos PPCs chairman and chief executive said on 29 December. Presenting the corporations investment program Zervos predicted intensified competition in the electricity energy market and lower...

Car circulation fee deadline extended
The deadline for payment of car circulation fees for the year 2010 which originally was due to expire on December 31 2009 has been extended until January 15 2010 the finance ministry announced on 28 December. Fees for the 2010 circulation stickers can be paid in banks or Hellenic Post...

Road toll fee increase as of January 11
A ten-cent increase on road tolls will be in effect for all vehicle categories at the Rion-Antirion Bridge and the Elefsina-Corinth-Patras turnpike in southern Greece. The increase will be effective as of January 11 2010. The Rion-Antirion bridge some 210 kilometers south-west of Athens is the longest cable-stayed suspension bridge...

Papandreou Papaconstantinou urge calm in the face of pressure
Greek Prime Minister George Papandreou met with Finance Minister George Papaconstantinou on 8 December with the latter advising calm in the face of exerted international pressure due to the state of the Greek economy. Papaconstantinou attributed the international pressure to a combination of profiteering which he termed classic and to...

Levitin Reppas boost transport ties
Visiting Russian Transport Minister Igor Levitin and Greeces Minister of Infrastructure Transport and Networks Dimitris Reppas on 9 December discussed further development of bilateral cooperation in the sectors of road rail and air transports. Speaking to reporters after the meeting Reppas noted the traditional good relations between Greece and Russia and...

Lloyds awards to Greek businessmen
The Lloyds Award Personality of the Year 2009 was bestowed on MIG President Andreas Vgenopoulos for his investments in Greek coastal shipping with Superfast and Blue Star Ferries and for his Marfin Banks enhancement of its shipping portofolio. The Lloyds List Greek Shipping awards were presented for the sixth consecutive...

No issue of nuclear energy says Birbili
Greek Environment Energy and Climate Change Minister Tina Birbili was quoted in a press interview published on 6 December as avoiding nuclear energy and coal in favor of renewable sources of energy. Nevertheless if we want to succeed and to achieve our goals we must also add the issue of...

Gerekou announces measures for GNTO
Greek Deputy Culture and Tourism Minister Angela Gerekou on 6 December announced measures to tackle the problems that have arisen in several Greek National Tourism Organization GNTO offices abroad as she said. Gerekou referred to press articles on the condition of GNTO offices abroad and stressed that the image of...

ND: German political model doesnt suit Greece
Main opposition New Democracy ND leader Antonis Samaras outlined his first proposals since assuming the partys helm last week on tackling the endemic problem of corruption in the country in comments published in the edition of Athens Kathimerini newspaper on 6 December....

Giannakou is undeterred about the attempt on her life and will stay in politics – with advice for the EPP and the EU
The first question we have got to ask is after the attempted assassination how are you coping with that? Are you still feeling under threat and have there been any investigations as to the culprits? I was a kind of a target always as a Minister of Education. I changed the...

ING poised to sell 50% stake in Budapests Allee to Allianz
According to market information ING Real Estate Development will soon sell its 50% stake in the recently opened Budapest shopping centre Allee at least it is in talks about such deal with Allianz Real Estate Portfolio Hungary reported on 30 November. Germanys Allianz Real Estate is in talks with ING...

ING poised to sell 50% stake in Budapests Allee to Allianz
According to market information ING Real Estate Development will soon sell its 50% stake in the recently opened Budapest shopping centre Allee at least it is in talks about such deal with Allianz Real Estate Portfolio Hungary reported on 30 November. Germanys Allianz Real Estate is in talks with ING...

Government to submit a reliable stability program
Greek Finance Minister George Papaconstantinou said on 25 November describing the governments efforts to tackle the countrys major monetary problems and to submit a reliable stability program to the European Commission in January that the countrys monetary state is very difficult. We are moving along a tightrope to create order....

Papandreou Zapatero discuss EU presidency
Greek Prime Minister George Papandreou held a working lunch with his Spanish counterpart Jose Luis Zapatero on 25 November with talks focusing on major issues that the Spanish EU presidency is expected to tackle as of Jan. 1 2010. Papandreou referred to the international economic crisis as being the most outstanding...

Credit expansion at 4.4% in October
Credit expansion to Greek enterprises and households slowed significantly in October the Bank of Greece announced on 26 November. The central bank in a monthly report said the private sectors debt to commercial banks surpassed €251.5 billion at the end of October despite the fact that net monthly funding flow...

Loverdos discusses pension and insurance reforms
Greek Labor and Social Security Minister Andreas Loverdos was expected to hold a round of meetings with the main trade union and employer groups to discuss reforms to Greeces social insurance system on 26 November. The meetings were expected to also include Deputy Labor Minister George Koutroumanis and trade unionists...

Papandreou unveils budget plans draft bills
Greek Prime Minister George Papandreou told a Cabinet meeting on 18 November that the draft budget unveiled by the new government was the first and decisive step for rescuing the economy and bringing the country out of the crisis. The meeting in addition to discussing the budget also focused on...

Hellenic Petroleum delivers improved profits
Hellenic Petroleum delivered improved operating profits in the first nine months of 2009 despite the challenging global refining environment in the third quarter the company said in a press release. In the first nine months adjusted EBITDA was up 2% year-on-year to €332 million and adjusted net income increased by...

Minister paves way for wind parks in Evia Cyclades
Greek Environment Energy and Climate Change Minister Tina Birbili on 19 November paved the way for the construction of a 400 MW Aeolic wind energy park in Evia and the Cyclades Islands in a decision released that concerns the construction and financing of a transport network for the produced energy....

Current accounts deficit falls by 25.3%
Greeces current accounts deficit fell by 25.3% or €6.21 billion in the January-September period this year totaling €18.332 billion and in comparison with the corresponding period last year the Bank of Greece announced on November 18. The central bank in a report said this development reflected mainly a major decline...

Piraeus port dockworkers suspend their strike for now
Piraeus port dockworkers early on 11 November suspended their strike after a Piraeus Court of First Instance ruled the ongoing rolling strikes as illegal a day earlier. The decision to suspend strike action was reached after a marathon meeting of the boards of the Federation of Port Workers of Greece...

Education Ministry announces flu measures
Greeces Education Ministry will implement an integrated package of measures to tackle the new flu with the aim of achieving effective prevention the continuous briefing of the educational community and the smooth functioning of schools. The ministry utilizing its existing Internet infrastructure has simplified the process for the daily briefing on...

Slashing red tape and developing green tourism
Speaking here on 9 November within the framework of the World Travel Market WTM international travel trade show Greek Deputy Culture and Tourism Minister Angela Gerekou underlined the necessity for slashing red tape development of what she called green tourism a national strategic marketing planning and the upgrading of the...

Construction down 40.6% in August
Building activity in Greece dropped 40.6% volume in August this year compared with the corresponding month in 2008 while the number of permits issued fell 12.8% in the same period the National Statistical Service said on 9 November. The statistics service said Northern Aegean 65.9% Attica 57.6% and Western Macedonia...

Banks total capital rises in January-September
An enlarged meeting of the Board of the Central Bank of Uzbekistan was recently organized in Tashkent. The board members at the meeting discussed the results of the banking system in the first nine months of the year reads a press release. Monetary policy of the Central Bank aimed at...

Greece is the word
Could Europe kill the chances of a global economic recovery? There are growing concerns about the health of several European nations, most particularly Greece. Standard & Poor's, Moody's Investors Service and Fitch Ratings all downgraded their credit ratings for Greece last month.

Bomb explodes outside Greek parliament; no casualties
A bomb exploded outside Greece's parliament building in central Athens on Saturday evening, a blast near a national landmark that unnerved the country.

Protesters riot in Athens on police shooting anniversary
The anniversary of a fatal police shooting triggered a new riot in Greece's capital Sunday, with protesters occupying a university building and throwing rocks and burning garbage at police.

The surprising Greek film winning fans abroad
For Greek cinema, the shadow of auteur Theo Angelopoulos has cast long over the blue sky of the Cote d'Azur in Cannes.

Greek firefighters get respite, brace for strong winds
The capital of Greece appeared safe from wildfires that have raged for days, firefighters said Monday, but they remained on standby in anticipation of flare-ups caused by strong winds.

Google Street View blacked out in Greece
Internet giant Google has been stopped from gathering images in Greek cities for its Street View service until it provides further guarantees about privacy.

Where the ancient Olympics meet the Wild West
If you want to get away from it all when traveling in Greece, head for the Peloponnesian Peninsula. Studded with antiquities, this land of ancient Olympia, Corinth and Sparta offers plenty of fun in the eternal Greek sun, with pleasant fishing villages, sandy beaches, bathtub-warm water, and none of the tourist crowds that plague the much-scrambled-after Greek Isles.

Dozens arrested in Greece over child porn
Twenty-four Greek nationals, including a priest and a neurosurgeon, have been arrested on suspicion of child pornography, Greek police announced Tuesday.

Gunmen snatch leading Greek shipping boss
Three gunmen have kidnapped a leading Greek shipping magnate, police said Monday.

Greece in belt-tightening budget despite protests
Greece passed a belt-tightening budget Monday, despite weeks of nationwide protests over the economy and jobs enflamed by the fatal shooting of a teenager by police earlier this month.

Riots continue across Greece after teen killed by police
Bursts of tear gas exploded in downtown Athens as police continued to battle hundreds of young self-styled anarchists rioting Sunday in major cities across Greece.

Greek police clash with strikers
Riot police fired tear gas Tuesday to disperse rock-throwing youths amid a nationwide general strike that brought air, rail and ferry traffic to a halt in Greece.

Transport strike brings Greece to a halt
Greece's air, rail and urban transport came to a grinding halt Wednesday as the country's biggest labor union staged a 24-hour nationwide strike in protest of the government's plan to sell off the state's ailing carrier Olympic Airlines.

Richard Deitsch: Daily Briefing, Aug. 13
• Here comes the biggest test of the Games: Can NBC survive without Michael Phelps winning a gold medal? Thankfully there's the Redeem Team, the scrappy band of billionaires who face their first real test of the Games on Thursday (8 a.m. ET) against Greece, an impressive winner over Dirk Nowitzki-led Germany.

Strong earthquake jolts Greece
A strong earthquake jolted western Greece on Sunday, killing at least two people and trapping several people beneath collapsed buildings, according to officials and state-run media.

Girl's Twin Found Inside Her Stomach
A 9-year-old girl who went to hospital in central Greece suffering from stomach pains was found to be carrying her embryonic twin

Carrying a torch for tradition
The Olympic flame on Monday began its 34-day journey around the world ahead of the 2008 Beijing Games. Here are some facts about the centuries-old traditions behind the relay and its modern development.

Major strikes paralyze Greece
Routine activity ground to a halt on Wednesday as protesters from all walks of life staged a general strike over proposed changes to Greece's pension program.

What services does my town need?
Dear FSB: I would like to start a service business in Greece and am looking for ideas. Can you recommend any websites that offer ideas of service businesses that are popular in the United States?

Greece, Lithuania advance to European semifinals
MADRID, Spain (AP) -- Theodorus Papaloukas made a layup with 7 seconds left as Greece scored 10 straight points in the final 1:32 to beat Slovenia 63-62 on Thursday night to advance to the European Basketball Championship semifinals.

Spain routs Greece again; Russia stays perfect
Rudy Fernandez had 20 points and Memphis Grizzlies center Pau Gasol added 15 for Spain in a 76-58 victory over Greece on Friday in the second stage of the European basketball championship.

Last Greek fire under control
The last major fire in southern Greece has been brought under control after flaring up again over the weekend, fire officials said Sunday.

Greece faces flood threat
ATHENS, Greece (AP) -- A massive cleanup, reconstruction and anti-flood effort was being launched Monday for fire-stricken parts of southern Greece as one fire front continued to burn while others abated, officials said.

EU promises aid to fire-hit Greece
European Commission President Jose Manuel Barroso toured fire-damaged southern Greece by helicopter Saturday and promised aid for areas where 64 people died and an estimated 469,000 acres of mostly forest and farmland were destroyed.

Foreign firefighters aid Greece
A small fleet of foreign planes and helicopters is buzzing around Greece to try to battle dozens of wildfires that have killed at least 64 people.

Greek agents probe 'arson plot'
With wildfires raging across the countryside, Greece's government says it has enlisted intelligence and counterterrorism agents to foil what it sees as a deliberate plan by arsonists to destroy Greek forests.

A Political Fire Also Burns in Greece
The Prime Minister's suggestion of sabotage has roiled a country already reeling from the destructive wildfires

Death toll rises from Greek fires
Firefighters rushed helicopters and buses Monday to evacuate more than two dozen villages threatened by towering walls of flames that had killed 63 people while ravaging swaths of forest and farmland in Greece's worst wildfire disaster in memory.

Two charged over Greek wildfires
Greek officials have arrested and charged two individuals in connection with the fires that have scorched southern Greece, razing dozens of villages and killing at least 51 people, Fire Brigade Officer Nikos Tsogas said Sunday.

Official: Greek fires inch closer to Olympic cradle
The wildfires that have scorched southern Greece, killing dozens of people, reached the ancient city of Olympia, birthplace of the Olympic games, an official said Sunday.

Greek leader suggests political extremists set fires
Fires in southern Greece that have razed dozens of villages and killed at least 44 people may have been deliberately set ahead of next month's national elections, the prime minister suggested Saturday.

Best of Feherty
E-mail Feherty a question at feherty@golf.com.

Greece renews fight for lost marbles
Emboldened by the return of two ancient artifacts claimed to have been spirited from Greek soil a decade ago, Greece's Prime Minister has lashed out at the British Museum, saying its grounds for refusing to relinquish possession of Greece's most famous antiquities, the Parthenon Marbles, were "feeble."

Murder of 5 hunters stuns Greece
Greek authorities are investigating one of the country's most mysterious murder cases after a family of hunters was killed over the weekend while pursuing their hobby in the plains of central Greece.

Shipping cabernet from Peloponnese
Forget about that jet-fuel ouzo. Greek wineries are finally getting props from sommeliers, but they need U.S. reps. to market their product.

Deadly train crash in Greece
At least one person was killed and 13 injured when a train struck a van that was illegally crossing the tracks in northern Greece, local officials said.

Strong earthquake rattles Greece
A magnitude 6.7 earthquake struck southern Greece early Sunday afternoon, rattling much of the country, according to the U.S. Geological Survey.

Greece acts to protect on bird flu
Greek authorities have begun the systematic disinfection Wednesday of a farm on a remote Aegean Sea island where a lone turkey was found to be infected with a strain of bird flu.

Greek envoy faces arms trial
Greece on Tuesday said it had recalled its top envoy from Slovakia and ordered an urgent inquest into allegations that the diplomat is involved in arms smuggling.

Greece fears backlash after hijack
The Greek government has appealed for calm, fearing a public backlash against immigrants living in Greece following Wednesday's bus hijacking by two Albanian gunmen.

Greek bus hijacking ends peacefully
Two armed hijackers who had threatened to blow up a commuter bus in Greece released all of their remaining captives early Thursday and surrendered to authorities.

Face Off
Prepare yourself for a summer of hyperinspirational commercials. With the Athens Olympics just a few months away, the five-ring marketing circus is beginning. Some of the 63 U.S. sponsors and suppl...

Olympian task for new Greek leader
Greece's next prime minister has pledged to make this summer's Olympic Games in Athens "the best and safest ever held."

What To Do: March 2004
-- Make your 2003 IRA contribution The maximum amount that you can stash away in an IRA by April 15 is $3,000; the limit is $3,500 for those age 50 or over.

Death Of The Drachma
Having officially joined the European Union on Jan. 1, Greece began phasing out the drachma, Europe's oldest currency and the survivor of some 2,500 years of war and economic turmoil. Below, highli...

E.U. Official Backs Greece’s Deficit-Cutting Plan
Greece's deficit plan is ambitious but achievable, a top European Union official said, adding that Athens may have to take extra measures to shore up its finances.

Europe Weighs Possibility of Debt Default in Greece
After a decade of debt-fueled profligacy, Greece is confronting what amounts to a run on the bank, and European leaders are quietly weighing what to do.

Bank Chief Says Greece Gets No Special Treatment
Greece presented a three-year plan to reduce its deficit to 3 percent of gross domestic product, from 12.9 percent in 2009.

The E.U's Big Challenge: To Bring Greece Into Line
Greece's debt crisis is the biggest credibility test the euro zone has faced since the single currency was created.

Bomb Goes Off Near Greek Parliament Building
A warning call was received before the blast in Athens, which caused no injuries and little damage.

The Worst May Not Be Over for Europe
The latest concern is that Greece or another weak economy might default on its sovereign debt, potentially fracturing the euro zone.

Olive Growers’ Claims Prompt Investigation
Exaggerated subsidy claims in Crete have led to questions about fraud among agricultural cooperatives across southern Europe.

Moody’s Joins Others in Cutting Debt Rating on Greece
The government’s fiscal problems led to the downgrade, but banks led a rally in the stock market in Athens.

A Greek Bearing Promises
Prime Minister George A. Papandreou has promised to reduce Greece’s budget deficit to 3 percent of G.D.P. by 2013, from an estimated 12 percent in 2010.

Greek Leader Offers Plan to Tackle Debt Crisis
Prime Minister George Papandreou announced ambitious measures to reassure Europe and investors that he had an exit route out of the country’s worst crisis in decades.

Bond Traders Put Pressure on Debt-Laden Nations
For Britain, Ireland, Greece and Spain, activist bond traders are making higher costs of borrowing a consequence of deep deficits.

Greece Struggles to Stay Afloat as Debts Pile On
Greece’s problems are being closely watched as other European nations, including Ireland and Spain, struggle to prove they can stimulate growth.

Debate Rages in Greece About Right of Police to Enter University Campuses
A new wave of violent attacks against academics is sweeping across campuses in Athens and Thessaloniki, leading Greek professors to question a law banning police from entering university grounds.

Credit Agencies Downgrade Debt Linked to Greece and Dubai
The fresh downgrades served as a reminder that the effects of the credit crisis are far from over.

At World Cup Qualifiers, Praise for the Little Guys
On Wednesday night, the final curtain fell on more than two years of more than 200 nations playing their hearts out to reach the 2010 tournament finals in South Africa.

The Ramifications of Greece's Economic Crisis

Dubai's Debt: Why It Matters
Are financial tremors in Dubai a sign of a massive earthquake to follow?

The Biggest Heist of All Time
Germany is conquering Europe without firing a shot.

Did the Holy Roman Empire Plan the Greek Crisis?
You are going to see the same kind of financial crises in other European countries. Here’s why.

Europe and the Specter of 1968
France’s President Sarkozy fears a return to the youth riots of 40 years ago.

Who Will Stop the Greece Fires?
How the Greek riots were planned in advance

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Greece, officially known as the Hellenic Republic, is a country in Southeastern Europe, situated on the southern end of the Balkan Peninsula. It borders Albania, FYROM and Bulgaria to the north, and Turkey to the east. The Aegean Sea lies to the east and south of mainland Greece, while the Ionian Sea lies to the west. Both parts of the Eastern Mediterranean basin feature a vast number of islands.

Greece lies at the juncture of Europe, Asia, and Africa. It is heir to the heritages of ancient Greece, the Byzantine Empire, and nearly four centuries of Ottoman rule. Greece has a particularly long and eventful history and a cultural heritage that both shaped and has been shaped by cultures throughout the Middle East, Northern Africa, and Europe.

It is regarded as the birthplace of the first major democracy, Western philosophy, the Olympic Games, Western literature, political science, major scientific and mathematic principles, and Western drama including both tragedy and comedy.

Modern Greece is a developed country, a member of the European Union since 1981, a member of the Economic and Monetary Union of the European Union since 2001, NATO since 1952, the OECD since 1961, the WEU since 1995, and ESA since 2005.

Athens is the capital; Thessaloniki, Patras, Heraklion, Volos and Larissa are some of the country's other major cities.