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.........

Tuesday, February 7, 2012

Austerity agreement and the Greek Default?...[ 2683 ]

Is Merkel Too Comfortable With Greek Default?

Posted 7/2/2012 -Published: Monday, 6 Feb 2012 | 1:09 PM

By: Bob Pisani//CNBC Reporter

Austerity watchers take note: the Prime Minister of Romania resigned today (Monday), the latest European leader felled by anti-austerity fury.

General Economy in Hungary

Bloomberg / Bloomberg via Getty Images

A European Union, left, and a Hungarian national flag, fly outside the Magyar Nemzeti Bank, Hungary's central bank, in Budapest.

Romania was the receiver of a 20-billion euro loan in 2009, on condition of deep austerity cuts.

The euro has rallied on headlines that Greek politicians are getting down to the nitty-gritty, with reports they may be willing to cut 15,000 public sector jobs as part of the austerity package.
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But the talk over the weekend was about the key player, Angela Merkel: is she more comfortable with letting Greece default?
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Oh, she protests, telling German TV today that they will not allow a Greek bankruptcy.
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But at the same time she is digging in her heels: she has insisted it's time for Greece to decide on whether they want in or out. No money without an austerity agreement, and all parties must sign off.
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It's not just Merkel insisting on getting the Greeks to agree on a painful austerity budget. She has also floated a trial balloon for the EU to take over control of the Greek budget.
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The Greeks, obviously, do not want to do that. They may simply choose to default. Surely Merkel must understand that the probability of a default has risen.
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Merkel seems to be calculating that a Greek default might not be all that disruptive. The stock and bond markets seem not to be so worried, and the banking system is certainly in stronger shape than it was three months ago. But is it sufficiently strong?
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If all this is a comfort to you, you should hear the response of the inimitable Art Cashin, who, after I presented the above thesis to him, said: "Merkel may be increasingly comfortable, but they were all comfortable before Lehman Brothers."
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[1603], Δηλώσεις Merkel -Sarkozi…(Greek text)

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