The Hellenic Navy (HN) (Greek: Πολεμικό Ναυτικό, Polemikó Naftikó, abbreviated ΠΝ) is the naval force of Greece, part of the Greek Armed Forces. The modern Greek navy has its roots in the naval forces of various Aegean Islands, which fought in the Greek War of Independence. During the periods of monarchy (1833–1924 and 1936–1973) it was known as the Royal Navy (Βασιλικόν Ναυτικόν, Vasilikón Naftikón, abbreviated ΒΝ).The total displacement of all the navy's vessels is approximately 150,000 tons.The motto of the Hellenic Navy is "Μέγα το της Θαλάσσης Κράτος" from Thucydides' account of Pericles' oration on the eve of the Peloponnesian War. This has been roughly translated as "Great is the country that controls the sea". The Hellenic Navy's emblem consists of an anchor in front of a crossed Christian cross and trident, with the cross symbolizing Greek Orthodoxy, and the trident symbolizing Poseidon, the god of the sea in Greek mythology. Pericles' words are written across the top of the emblem. "The navy, as it represents a necessary weapon for Greece, should only be created for war and aim to victory."...............The Hellenic Merchant Marine refers to the Merchant Marine of Greece, engaged in commerce and transportation of goods and services universally. It consists of the merchant vessels owned by Greek civilians, flying either the Greek flag or a flag of convenience. Greece is a maritime nation by tradition, as shipping is arguably the oldest form of occupation of the Greeks and a key element of Greek economic activity since the ancient times. Nowadays, Greece has the largest merchant fleet in the world, which is the second largest contributor to the national economy after tourism and forms the backbone of world shipping. The Greek fleet flies a variety of flags, however some Greek shipowners gradually return to Greece following the changes to the legislative framework governing their operations and the improvement of infrastructure.Blogger Tips and Tricks
This is a bilingual blog in English and / or Greek and you can translate any post to any language by pressing on the appropriate flag....Note that there is provided below a scrolling text with the 30 recent posts...Αυτό είναι ένα δίγλωσσο blog στα Αγγλικά η/και στα Ελληνικά και μπορείτε να μεταφράσετε οποιοδήποτε ποστ σε οποιαδήποτε γλώσσα κάνοντας κλικ στη σχετική σημαία. Σημειωτέον ότι παρακάτω παρέχεται και ένα κινούμενο κείμενο με τα 30 πρόσφατα ποστς....This is a bilingual blog in English and / or Greek and you can translate any post to any language by pressing on the appropriate flag....Note that there is provided below a scrolling text with the 30 recent posts...Αυτό είναι ένα δίγλωσσο blog στα Αγγλικά η/και στα Ελληνικά και μπορείτε να μεταφράσετε οποιοδήποτε ποστ σε οποιαδήποτε γλώσσα κάνοντας κλικ στη σχετική σημαία. Σημειωτέον ότι παρακάτω παρέχεται και ένα κινούμενο κείμενο με τα 30 πρόσφατα ποστς.........

Friday, September 18, 2009

EU position for next week's G20 summit [ 434 ]

EU agrees on bonus claw-back call

German Chancellor Angela Merkel and French President Nicolas Sarkozy
European leaders have signalled their desire to crack down on bonuses

(BBC)Thursday, 17 September 2009 21:57 UK

European Union leaders have agreed to seek a global deal for bankers' bonuses to be clawed back if profits fall.

The leaders meeting in Brussels approved the clause as part of a common EU position for next week's G20 summit in Pittsburgh in the US.

They want the threat of sanctions to be used to force banks to link bonuses to long-term performance.

There is concern the current system may encourage short-term risk-taking, which helped trigger the banking crisis.

Speaking ahead of the meeting, UK Prime Minister Gordon Brown said there was broad backing for bonus restrictions.

'Appalled'

"I believe that people have been appalled by the suggestion in some institutions and their practices that they simply want to return to the policies of the past," Mr Brown said.

The president... supports a robust approach to executive compensation but has been reluctant to sort of set individual compensation levels
Mike Froman, US international economic affairs advisor

Bonus reform country by country

"There is no support in any part of the world for failing to take the action that is necessary and I believe that we will be able to agree on a structure for how bonuses should be examined in the future."

But the US and UK have rejected calls for mandatory caps on bonuses.

"The G20 should commit to agreeing to binding rules for financial institutions on variable remunerations backed up by the threat of sanctions at the national level," said the agreed statement.

The EU leaders will also urge the G20 nations to maintain stimulus spending that has prompted some signs of global recovery.

Deadlock

French President Nicolas Sarkozy, who has led the charge against high levels of banker pay, has threatened to walk out of the conference if no stringent compensation rules are passed.

"The bonus bubble burst tonight," said Swedish Prime Minister Fredrik Reinfeldt, whose country holds the EU presidency.

"We have agreed to say that enough is enough and we need to move away from the current culture of compensation based on short-term performance."

But US President Barack Obama has repeatedly said he is against being over-prescriptive on pay.

"The president has been pretty clear that he supports a robust approach to executive compensation but has been reluctant to sort of set individual compensation levels," said Mike Froman, deputy national security advisor for international economic affairs.

Mr Froman said the G20 was most likely to agree a "set of principles" on bonuses.

The UK, Germany, France and Italy are the only official members of the EU in the G20 - which brings together developed and emerging economies.

The EU itself is the 20th member, though Spain and the Netherlands will sit in on the talks.

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