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, October 22, 2011

Eurozone:The key to reduce Athens’ debt...[ 2505 ]

Eurozone finance ministers agree banks should take bigger losses, key to reducing Athens’ debt

Eurozone finance ministers

 By Associated Press, Updated: Saturday, October 22, 11:15 AM





BRUSSELS — Eurozone finance ministers agreed that banks should accept bigger losses on their Greek bonds but would not say Saturday how large the writedowns would be.
The move is a key step in helping Athens eventually dig out from underneath its debt burden. But asking banks to more significantly write down their Greek debt will raise concerns about their ability to withstand the losses. As a result, EU ministers meeting in Brussels are also expected to force the banks to raise billions in capital for their rainy-day funds.

( Virginia Mayo / Associated Press ) - Luxembourg’s Prime Minister and head of the eurogroup Jean-Claude Juncker, left, speaks with Italian Finance Minister Giulio Tremonti during a meeting of eurozone finance ministers in Brussels on Friday, Oct. 21, 2011.
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The chairman of the eurogroup of finance ministers says the delay to a debt crisis creates a “disastrous” image of the eurozone to the outside world. Jean-Claude Juncker, who is also the prime minister of Luxembourg, added that it’s not necessarily just France and Germany that have differences of opinion on how to tackle the crisis.
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Both measures are critical to solving Europe’s debt crisis, which is now threatening to engulf larger economies like Italy and Spain and is blamed for dampening growth across Europe and even the world.
“The crisis in the eurozone is doing real damage to many of the European economies, including Britain,” George Osborne, Britain’s chancellor of the exchequer, said as he headed into Saturday’s meeting. “We have had enough of short-term measures, sticking plasters that get us through the next few weeks.”
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European leaders had promised just such a solution would come from a summit on Sunday, but they have now scheduled another one for Wednesday. Still, this weekend, they appeared to be making progress.
And a not a moment too soon: A new report from Greece’s international debt inspectors said Athens won’t be able to raise money on financial markets until 2021 unless it is allowed to write off more of its debt load.
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In July, banks had tentatively agreed to take a loss of about 21 percent on Greek bonds. But if that percentage doesn’t increase, the inspectors said the country will need as much as €252 billion ($350 billion) in new loans through 2020, according to the report, which was given to the ministers on Friday and seen by The Associated Press.
To avoid having to pour more money into Greece, finance ministers from the 17 countries that use the euro have agreed that the banks need to take on more losses.
“Yesterday we agreed that we need a substantial increase in the contribution from the banks,” said Jean-Claude Juncker, Luxembourg’s prime minister who also chairs the meetings of eurozone finance ministers.
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Austrian Finance Minister Maria Fekter said the eurozone’s chief negotiator with banks had been asked to restart those discussions.
Juncker would not say how big the contribution would be, but Germany is pushing to have Greece’s private creditors take losses of 50 percent to 60 percent
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According to the report, Greece’s debt will peak at 186 percent of GDP in 2013 and only decline to 152 percent by the end of 2020. Germany wants that brought down to 120 percent of GDP.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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