NEARCHUS: Greek 8-bln euro loan, approved...[ 2545 ]

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.

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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.........

Wednesday, November 30, 2011

Greek 8-bln euro loan, approved...[ 2545 ]

Eurozone ministers approve 8-bln euro Greek loan

Greek Finance Minister Evangelos Venizelos (L) speaks with German Finance Minister Wolfgang Schauble (2nd L) as President of the Eurogroup Council Jean-Claude Juncker (2nd R) welcomes Italian Finance Minister Mario Monti (R) and EU commissioner for Economic and Monetary Affairs Olli Rehn (CBack) on November 29, 2011

Greek Finance Minister Evangelos Venizelos (L) speaks with German Finance Minister Wolfgang Schauble (2nd L) as President of the Eurogroup Council Jean-Claude Juncker (2nd R) welcomes Italian Finance Minister Mario Monti (R) and EU commissioner for Economic and Monetary Affairs Olli Rehn (CBack) on November 29, 2011//AFP/ John Thys //04:02 30/11/2011

BRUSSELS, November 30 (RIA Novosti)

Finance ministers from 17 eurozone countries (Eurogroup) agreed at a meeting late on Tuesday to provide Greece with an 8 billion euro ($10.7 billion) bailout loan installment to keep the Greek economy afloat.

The Greek authorities earlier said they needed to receive cash before Christmas in order to avoid a looming default.
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“The funds will be available by mid-December,” Luxembourg's Prime Minister Jean-Claude Juncker, who heads the Eurogroup, told reporters after the meeting.
The current installment is part of a 110-bln euro ($150 bln) bailout loan from Eurozone nations and the International Monetary Fund, approved in May 2010.
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At the end of October, eurozone leaders clinched a deal with private banks and insurers to write off 50 percent of Greece's debt, which currently stands at over 360 billion euros or 160 percent of the country's GDP, in exchange for a new austerity program, which Greece must implement in the next few years to get financial aid and prevent a default.

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