Tuesday, February 7, 2017
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.
Turkey and Greece Trade Jabs in Island Dispute
By PATRICK KINGSLEYFEB. 1, 2017
The New York Times
STANBUL — Turkey and Greece have reignited a decades-old disagreement over the sovereignty of a pair of uninhabited Aegean Islands, in a spat that analysts say risks aggravating other diplomatic disputes between the two countries.
The Greek defense minister, Panos Kammenos, flew over the two disputed islands on Wednesday, the Greek government said, in a pointed response to a visit three days earlier to nearby waters by the commander of the Turkish armed forces, Hulusi Akar.
The exchange is the most public disagreement over the tiny islands’ sovereignty since 1996, when soldiers from both countries landed on them before American-led mediation persuaded both sides to leave the area.
Europe gets creative to win banks after Brexit
Wed Feb 1, 2017 | 10:56am EST
Reuters
By Anjuli Davies, Andrew MacAskill and John O'Donnell | LONDON/FRANKFURT
Regulators in European countries competing for post-Brexit banking business are offering London-based banks a range of short-term workarounds to help them relocate, bankers, regulators and lawyers say.
Global banks have warned they might have to move their European bases from Britain if its departure from the European Union means they lose "passporting" rights to operate across the bloc under the supervision of just one member state's regulator.
Brexit negotiations have yet to start and will take years but big centers like Frankfurt and Paris, as well as smaller ones like Dublin, Amsterdam and Luxembourg, are encouraging banks, insurers and fund managers to consider moving to them.
Reuters
By Anjuli Davies, Andrew MacAskill and John O'Donnell | LONDON/FRANKFURT
Regulators in European countries competing for post-Brexit banking business are offering London-based banks a range of short-term workarounds to help them relocate, bankers, regulators and lawyers say.
Global banks have warned they might have to move their European bases from Britain if its departure from the European Union means they lose "passporting" rights to operate across the bloc under the supervision of just one member state's regulator.
Brexit negotiations have yet to start and will take years but big centers like Frankfurt and Paris, as well as smaller ones like Dublin, Amsterdam and Luxembourg, are encouraging banks, insurers and fund managers to consider moving to them.
Europe’s threat list includes jihadists, Russia — and Donald Trump
By Ishaan Tharoor February 2 at 1:00 AM
Want smart analysis of the most important news in your inbox every weekday along with other global reads, interesting ideas and opinions to know?
The Washington Post
Nothing illustrates the crisis facing the world order more than a letter circulated this week by Donald Tusk, the president of the European Council. Tusk's message, addressed to the leaders of the European Union's member states, pointed to the other Donald, describing the Trump administration as one of the potential "external" threats facing Europe.
Theresa May Gets Parliament’s Backing on ‘Brexit’ Bill
By STEPHEN CASTLEFEB. 1, 2017
The New York Times
LONDON — Easily winning a crucial vote among lawmakers, Prime Minister Theresa May was well on her way Wednesday to winning the parliamentary approval that Britain’s highest court said she needed before she could begin talks on ending more than four decades of European integration.
Wednesday’s vote, in the House of Commons, will not be the final parliamentary verdict on Mrs. May’s plans, but with 498 lawmakers in favor and 114 against, it was emphatic enough to show that any subsequent efforts in Parliament to complicate, or slow, the path to withdrawal would probably be in vain.
Wednesday, February 1, 2017
Η Επιστολή Τσακαλώτου
"Σε απάντηση της προκαταρκτικής αξιολόγησης των θεσμών για το επίδομα για τις συντάξεις και τν ΦΠΑ που ψηφίστηκαν από την ελληνική Βουλή και εφαρμόστηκαν από τις ελληνικές αρχές αλλά και τις απόψεις που εκφράστηκαν στην έκτακτη τηλεδιάσκεψη του Eurogroup στις 20 Δεκεμβρίου, θα ήθελα να καταστήσω σαφές τα ακόλουθα:
Σε ό,τι αφορά το μέτρο για τις συντάξεις, παρακαλώ να σημειωθεί ότι τόσο ο πρωθυπουργός όσο και εγώ ο ίδιος καταστήσαμε δημοσίως ξεκάθαρο, και θα συνεχίσουμε να το πράττουμε, ότι πρόκειται για ένα εφάπαξ ποσό που δεν θα έχει μόνιμη επίδραση στην πρόσφατη μεταρρύθμιση για τις συντάξεις. Σχετικά με την προσωρινή αναστολή της αύξησης του ΦΠΑ στα νησιά για συγκεκριμένα νησιά του Αιγαίου το μέτρο θα εφαρμοστεί μόνο για το 2017 και χρηματοδοτείται πλήρως από τον προϋπολογισμό του 2017.
Οι ελληνικές αρχές δεσμεύονται πλήρως να ακολουθήσουν το δημοσιονομικό πλαίσιο που έχει συμφωνηθεί και που βασίζεται στους στόχους για πρωτογενές πλεόνασμα 0,5%, 1,75% και 3,5% για το 2016, 2017 και 2018 αντίστοιχα. Οι ελληνικές αρχές θα ενεργοποιήσουν τον «δημοσιονομικό κόφτη» που θεσμοτήθηκε στο πλαίσιο της πρώτης αξιολόγησης όπως προβλέπεται στο νόμο 4389/16, σε περίπτωση που τα αποτελέσματα που θα επικυρωθούν από την Eurostat αποδεικνύουν ότι δεν έχουν επιτευχθεί οι στόχοι.
Σε ό,τι αφορά το μέτρο για τις συντάξεις, παρακαλώ να σημειωθεί ότι τόσο ο πρωθυπουργός όσο και εγώ ο ίδιος καταστήσαμε δημοσίως ξεκάθαρο, και θα συνεχίσουμε να το πράττουμε, ότι πρόκειται για ένα εφάπαξ ποσό που δεν θα έχει μόνιμη επίδραση στην πρόσφατη μεταρρύθμιση για τις συντάξεις. Σχετικά με την προσωρινή αναστολή της αύξησης του ΦΠΑ στα νησιά για συγκεκριμένα νησιά του Αιγαίου το μέτρο θα εφαρμοστεί μόνο για το 2017 και χρηματοδοτείται πλήρως από τον προϋπολογισμό του 2017.
Οι ελληνικές αρχές δεσμεύονται πλήρως να ακολουθήσουν το δημοσιονομικό πλαίσιο που έχει συμφωνηθεί και που βασίζεται στους στόχους για πρωτογενές πλεόνασμα 0,5%, 1,75% και 3,5% για το 2016, 2017 και 2018 αντίστοιχα. Οι ελληνικές αρχές θα ενεργοποιήσουν τον «δημοσιονομικό κόφτη» που θεσμοτήθηκε στο πλαίσιο της πρώτης αξιολόγησης όπως προβλέπεται στο νόμο 4389/16, σε περίπτωση που τα αποτελέσματα που θα επικυρωθούν από την Eurostat αποδεικνύουν ότι δεν έχουν επιτευχθεί οι στόχοι.
Turkish servicemen in Greece seek release from custody
The Washington Post
By Associated Press January 30
ATHENS, Greece — A group of Turkish servicemen seeking asylum in Greece have appeared before an Athens court to contest their continued detention despite the rejection of Turkey’s request for their extradition.
The pilots and flight engineers fled to Greece in a military helicopter a day after the failed July 15 military coup in Turkey.
New loans for Greece depend on IMF participation: German Finance Ministry
Tue Jan 31, 2017 | 5:13am EST
Reuters
Further financial assistance for Greece depends on the successful completion of a review of its bailout program and the participation of the International Monetary Fund (IMF), a spokesman for the German Finance Ministry said on Tuesday.
"Further payments depend on the successful completion of the program's review and the participation of the IMF," the spokesman said.
Reuters
Further financial assistance for Greece depends on the successful completion of a review of its bailout program and the participation of the International Monetary Fund (IMF), a spokesman for the German Finance Ministry said on Tuesday.
"Further payments depend on the successful completion of the program's review and the participation of the IMF," the spokesman said.
Tuesday, January 31, 2017
IMF Warns Eurogroup Loan Measures Not Enough for Greek Debt
by Eleni Chrepa and Andrew Mayeda
28 January 2017, 4:07 μ.μ. EET
Bloomberg
Greece’s public debt and financing needs will prove “explosive” in decades to come unless Europe overhauls its bailout program to ease the load, the International Monetary Fund says in a draft report as the country seeks a fresh loan payout.
In the IMF’s baseline scenario, Greece’s government debt will reach 275 percent of its gross domestic product by 2060, when its financing needs will represent 62 percent of GDP, the report obtained by Bloomberg says. The government estimates public debt around 180 percent of GDP at present.
28 January 2017, 4:07 μ.μ. EET
Bloomberg
Greece’s public debt and financing needs will prove “explosive” in decades to come unless Europe overhauls its bailout program to ease the load, the International Monetary Fund says in a draft report as the country seeks a fresh loan payout.
In the IMF’s baseline scenario, Greece’s government debt will reach 275 percent of its gross domestic product by 2060, when its financing needs will represent 62 percent of GDP, the report obtained by Bloomberg says. The government estimates public debt around 180 percent of GDP at present.
Greek Markets Tumble as EU Holds Up Payment Amid IMF Doubts
by Sotiris Nikas and Nikos Chrysoloras
30 January 2017, 3:44 μ.μ.
Government said to admit most bailout actions still pending
IMF says reforms still needed, debt is highly unsustainable
Bloomberg
Greek stocks and bonds fell on Monday after the government in Athens failed to bridge differences with European creditors over the conditions attached to the country’s latest bailout review and the International Monetary Fund warned that its debt is on an unsustainable path.
Almost two-thirds of the actions creditors have demanded for the disbursement of the next tranche of emergency loans have yet to be completed, the government conceded in a memo discussed between Finance Minister Euclid Tsakalotos and bailout auditors last week in Brussels, a person familiar with the matter said.
This could be Greece’s last chance to save itself
Nasos Koukakis, special to CNBC.com
Friday, 27 Jan 2017 | 3:01 PM ET
CNBC
Despite decisive action proposed by the International Monetary Fund to ease Greece's financial burden, more turbulence lies ahead for the debt-ridden European nation, reveals the latest IMF report, which was delivered to the Fund's board members for consultation. CNBC has received the report through a close source to the IMF.
According to IMF deputy spokesman William Murray, the report will be discussed at the IMF's board meeting on Feb.6.
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