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.........

Saturday, January 14, 2012

Greece struggles to agree on 'haircut' ...[ 2634 ]

Greek default worries rise as bond swap talks are 'paused'

Crucial negotiations between the Greek government and its private creditors on a bond swap deal needed to avoid default appeared close to collapse on Friday, with representatives of private bondholders saying they had been "paused for reflection."

Greek bond swap impasse sees talks put on hold

Greece struggles to agree details of 50pc voluntary 'haircut' on the country's sovereign bonds with bondholders. Photo: Alamy /AP

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The Telegraph, GMT 13 Jan 2012

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The bond swap aims to reduce Greece's debt by €100bn and is a key part of a second, €130bn international bailout.

Without it, the country could suffer a catastrophic bankruptcy that would send shockwaves through the global economy. The bailout tops a first, €110bn rescue agreed in May 2010, when the country borrowing costs soared to untenable heights.
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Prime Minister Lucas Papademos and Finance Minister Evangelos Venizelos met on Thursday and Friday with Charles Dallara and Jean Lemierre of the Institute of International Finance (IIF), a global banking body representing private bondholders to discuss the deal. Finance ministry officials from the eurozone also met in Brussels Thursday night on the issue.
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The IIF said in a statement: "Unfortunately, despite the efforts of Greece's leadership, the proposal put forward ... which involves an unprecedented 50pc nominal reduction of Greece's sovereign bonds in private investors' hands and up to €100 billion of debt forgiveness - has not produced a constructive consolidated response by all parties, consistent with a voluntary exchange of Greek sovereign debt.
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"Under the circumstances, discussions with Greece and the official sector are paused for reflection on the benefits of a voluntary approach."

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