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.........

Thursday, November 17, 2011

Spain's borrowing costs...[ 2537 ]


Spain's borrowing costs hit 14-year high

Euro notes, in triangles, holding each other up  
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Spain's borrowing costs have risen over the last few days
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BBC.,17 November 2011 Last updated at 12:16 GMT
Spain's borrowing costs have risen at its latest bond auction, as Spaniards prepare to vote for a new government to tackle its financial crisis.
On money borrowed today, payable in 10 years, Spain has to pay an interest rate of 6.975%, the highest since 1997.
A high rate or yield indicates investors may not have confidence in a government to fully repay its debts.
The figure is perilously close to 7% - the level at which other eurozone countries have had to seek bailouts.
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The average yield on 10-year Spanish government bonds soared from 5.433% in October.
Italian 10-year bond yields passed 7% earlier this month.
Opinion polls indicate that the opposition Popular Party will win Spain's general election on Sunday, ending seven years of Socialist government.
'Dreadful' The Spanish government sold 3.56bn euros (£3.04bn; $4.79bn) worth of bonds out of a maximum target of 4bn euros.
The auction attracted bids worth 1.5 times the securities offered. The so-called bid-to-cover ratio was down from 1.8 in October.

"The result was dreadful. They didn't manage to raise the full amount and the bid-to-cover is really poor," said Achilleas Georgolopoulos, rates strategist at Lloyds in London.
"The fiscal profiles of Spain and Italy are different but their yields seem to be aligning now."
A similar auction in France saw French short-term borrowing costs - for its two and four-year bonds - also rise by about half a percentage point.
The spread between French and German 10-year yields widened to as much as 203 basis points - the widest since the euro was created in 1999, amid fears that France will be the next eurozone country to face a debt crisis.
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ECB role France, whose AAA credit rating has come under threat, has called for the European Central Bank (ECB) to take stronger action.
Many analysts believe the ECB should buy up large quantities of bonds to try to stem contagion in the eurozone.
But Germany has resisted this move, opposing any suggestions for the ECB to become the "lender of last resort", fearing it may lead to rising inflation.
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German Chancellor Angela Merkel reinforced that stance on Thursday. "If politicians think the ECB can solve the euro crisis, then they are mistaken," she said.
Marc Ostwald, analyst at Monument Securities, said the eurozone had to deliver something which was going to calm the markets.
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"At the moment, markets feel like they are being given no comfort whatsoever," he said.
In Italy, new Prime Minister Mario Monti will outline austerity measures later aimed at restoring confidence in the country's economy.
He will present his plans to the Italian senate ahead of a confidence vote in the upper house.

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Even if the Spanish exchequer expropriated and sold superstar footballers such as Fabegras, Villa and Iniesta, there would be only the tiniest dent in its debt mountain”
image of Robert Peston Robert Peston Business editor, BBC News
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