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.........

Saturday, April 2, 2011

The IMF and Greece...[ 2225 ]

IMF wants Greece to restructure debt: report






BERLIN | Sat Apr 2, 2011 10:03am EDT
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(Reuters) - The International Monetary Fund is privately pushing Greece to restructure its debt soon, a German magazine said Saturday, but the Greek government and the European Commission insisted a restructuring would not be discussed.

Without citing any sources, Der Spiegel reported that the IMF had reversed its previous opposition to the idea of a Greek restructuring and now believed the country's fiscal burden was unsustainable.
It wrote that senior IMF officials were recommending this to European governments because Greece's debt mountain was now roughly one-and-a-half times its annual economic output.
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Early in March, IMF European Director Antonio Borges told reporters he was "confident that Greek debt is sustainable," adding that the Greeks had made "quite a bit of progress on their banks" as well.

But since the IMF now believes current measures no longer suffice, it would like to see interest rates on Greek sovereign debt lowered, maturities extended or the amount of principal which Greece has to repay cut, Der Spiegel said.
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European governments and the IMF are jointly contributing to and administering Greece's 110 billion euro ($155 billion) bailout, so a split between them on policy could be damaging to Greece's prospects for recovery.

Greek and European officials have long insisted that Greece can recover without restructuring its debt, and that even discussing a restructuring now would be counter-productive by damaging banks across Europe and causing panic in markets.
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Greek Finance Minister George Papaconstantinou, speaking to Reuters at a conference in Italy Saturday, responded to the Der Spiegel report by saying: "There is absolutely no chance of a restructuring of Greek debt."
He added, "People (who talk about a restructuring) fail to understand that the costs would much outweigh the benefits."
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European Commission spokesman Jens Mester said: "All support measures are in place, and there is no reason now to start thinking of this possibility of restructuring Greece's debt."
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Although the IMF believes Greece should soon begin talks with creditors on a debt restructuring, it is still not willing to call for the move openly out of fear this could increase market pressure on Portugal, Der Spiegel said. Portuguese bond yields have soared in the last several weeks because investors think Lisbon may soon be forced to seek a bailout.
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(Reporting by Christiaan Hetzner, Renee Maltezou, Valentina Za and Charlie Dunmore; Writing by Andrew Torchia; Editing by Ron Askew)

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