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.........

Sunday, January 22, 2012

Greek debt talks hit snag...[ 2651 ]

Greek debt talks hit snag

IIF managing director Charles Dallara (L) and Jean Lemierre

The IIF said Charles Dallara and Jean Lemierre left Athens for "longstanding personal appointments"

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The chief negotiators for Greece's private creditors have left Athens without securing a deal to write off some of the country's debts.

The Institute of International Finance (IIF), which represents the creditors, said a technical team would remain to work on the details and negotiations would continue on the phone.

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Greece had hoped an agreement would be in place by the end of the weekend.

It needs a deal if it is to receive the next tranche of bailout funds.

The 130bn euro ($168bn; £108bn) rescue package from the EU and IMF is crucial if Greece is to meet its next debt repayment deadline in two months.

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The Institute of International Finance (IIF), which represents the private creditors, denied that its managing director Charles Dallara and his adviser Jean Lemierre had left unexpectedly on Saturday, saying that they had "longstanding personal appointments".

A deal now seems unlikely before eurozone finance ministers meet on Monday.

Default risk

European leaders agreed in principle last year that private lenders would voluntarily write off 50% of their loans to Greece, but private creditors still need to agree to the terms of the deal.

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Athens and the IIF last week discussed not only the size of the write-off, but also the rate of interest on the new loans, which will be renegotiated and rolled over into new bonds as part of any agreement.

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Reports have suggested that a small number of hedge funds are blocking the deal, either to try to force a reduced write-off or to trigger a default, against which they are insured.

However, analysts say that even if an agreement is reached, there is no guarantee that all bond holders will sign up.

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Without the EU-IMF bailout money, the Greek government could run out of cash and be forced to default on its debts.

Some analysts believe that if Greece did default, the country would be forced to leave the eurozone.

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