Fitch Ratings has upgraded National Bank of Greece΄s, Piraeus Bank΄s, Alpha Bank΄s and Eurobank Ergasias΄ Long-Term Issuer Default Ratings to ΄B-΄ from ΄CCC΄, Short-term IDRs to ΄B΄ from ΄C΄ and Viability Ratings to ΄b-΄ from ΄f΄. The agency has also revised the Greek banks΄ Support Rating Floors to ΄No Floor΄ from ΄CCC΄ and affirmed the [...]
About A. Papapostolou
Greek Air Controllers Plan Strike
Greek flight traffic is expected to be disrupted Thursday after Greek air traffic controllers announced plans for a four-hour work stoppage, a decision made to show solidarity with striking teachers forced back to work after the government exercised emergency powers. Several dozen domestic and international flights are expected to be cancelled or rescheduled after air [...]
Samaras: Greece will Emerge from Crisis Soon
Prime minister Antonis Samaras is confident Greece will emerge from its economic crisis with the prospect of long-term development. “In two or three years the memorandum will no longer exist,” Samaras said. “We are leading the country towards economic recovery and putting in place the foundation for a long-term development”. Speaking at the annual assembly [...]
Greek Market Ends Above 1,000
Athens Stock Exchange ends up on Wednesday after 5 day recess, as positive vibes from IMF report and Morgan Stanley’s opinion about Greek GGB’s keeps optimism in the domestic market. Last week΄s 25bps cut in the ECB΄s key interest rate prompted Frankfurt΄s DAX index to climb to an all-time high and now provides support for [...]
Stournaras: “The Worst is Over”
Greece’s crisis-hit economy is finally beginning to heal, according to the country’s finance minister ahead of a crucial report by the International Monetary Fund which is likely to be more positive than in the past. Yannis Stournaras said “the worst is over” and the country had “reached the [bottom of the] trough”. Mr Stournaras’s upbeat [...]
Court Rejects AGET Heracles Request to Lay off Workers in Halkida
Greek authorities have rejected a request made by AGET Heracles Cement Company, a subsidiary of Lafarge Group, to lay off its 229 workers in its plant in Halkida, in western Evia. The Labor Ministry’s Supreme Labor Council turned down the Heracles Cement request, with five votes in favor and one against. The court recommended to [...]
10 Syrian Seamen Missing After 2 Cargo Ships Collide off Southern Greece; 1 Ship Sinks
Greek authorities say ten Syrian seamen are missing after two cargo ships collided off southern Greece and one of them sank. A Merchant Marine Ministry statement says the accident occurred before 7 am (0400GMT) Monday some 78 miles (125 kilometres) southwest of the southern Peloponnese peninsula. It was not immediately clear what caused the collision [...]
Earthquake May Have Destroyed Ancient Greece
The grand Mycenaens, who inspired the legends of the Trojan Wars, The Iliad and The Odyssey, abruptly disappeared around 1200 B.C., signifying the start of the Dark Ages in Greece. The decline of the Mycenaens is a mystery that has baffled many historians; leading explanations include warfare with invaders or uprising by lower classes. However, [...]
Cyprus Partly Eases Capital Controls
Cyprus has further eased capital controls imposed last month to prevent a run on deposits, raising the threshold for transactions that do not require prior approval by the central bank, the finance ministry said on Thursday. With the latest decree, Cyprus has permitted transactions up to 500,000 euros [$650,300] domestically without prior vetting, the ministry [...]
Central Bank: Greek Deposits Steady in March
Greek business and household bank deposits were steady in March despite worries the Cypriot banking crisis would lead to outflows in other indebted southern European economies, central bank data showed on Friday. Bank of Greece data showed deposits slightly rose to 164.08 billion euros at the end of March from 164.02 billion euros at the [...]
AEK Relegated for First Time
AEK Athens were relegated for the first time in the club’s 89-year history on Sunday after conceding a late goal to lose their final Greek Super League match 1-0 against Atromitos (video). Traianos Dellas’ side, who have appealed a three-point deduction for crowd violence, went into the final match hoping to get a win to [...]
Russia Ties Cyprus Loan Terms to Release of Assets
Russia wants to play a bigger part in talks over solving Cyprus’ financial problems but will only restructure its loan to the island if its interests there, especially those related to VTB Bank, are protected, Moscow’s finance minister said. Russian banks and companies have poured money into Cyprus since the 1990s, taking advantage of the [...]
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Calendar – Exhibits, Concerts, Fun
- Edessa Cherries, Wine For Gastronomy Fair May 17, 2013
- Greek Choreographers Festival In Thessaloniki May 17, 2013
- Greece Celebrates International Museum Day on May 18 May 17, 2013
- Taxidi Exhibit 2013 Opens in Cyprus May 16, 2013
