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 21, 2012

Thw Russian Stocks and the Greek Bailout Deal...[ 2725 ]

Russian Stocks Shrug Off Greek Bailout Deal

Topic: Financial crisis in Greece

Russian stocks ignored a second 130-billion euro deal sealed by eurozone countries and the International Monetary Fund for debt-laden Greece, demonstrating a downside movement in MICEX-RTS trade on Tuesday.

Russian stocks ignored a second 130-billion euro deal sealed by eurozone countries and the International Monetary Fund for debt-laden Greece, demonstrating a downside movement in MICEX-RTS trade on Tuesday.
© AFP/

13:47 21/02/2012

MOSCOW, February 21 (RIA Novosti)

Russian stocks ignored a second 130-billion euro deal sealed by eurozone countries and the International Monetary Fund for debt-laden Greece, demonstrating a downside movement in MICEX-RTS trade on Tuesday.

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Russia’s ruble-denominated MICEX stock index fell 0.73 percent to 1,567.58 while the dollar-denominated RTS was down 0.64 percent to 1,663.53 as of 1:35 p.m. Moscow time (09:35 GMT).

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The ruble gained 1 kopeck against the U.S. dollar to 29.78 but fell 10 kopecks against the euro to 39.54.

Analysts polled by RIA Novosti said the risk of Greece’s possible default had long been priced in the stocks and the Greek news could no longer stir the market.

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Eurozone and IMF officials on Tuesday finalized measures after 12 hours of intensive talks to provide the second 130-billion euro bailout aid package to Greece to help it repay its massive debt and avoid a default.

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The deal requires Greece to reduce its debt to 120.5 percent of GDP by 2020, slightly above the original target of 120 percent, and will allow the country to launch a bond swap with private investors to write off another 100 billion of the country’s massive 360 billion euro debt.

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Eurogroup President Jean Claude Juncker said private bondholders could write off 53.3 percent of Greece’s debt.

Greece needs the funds before March 20 to meet debt repayments of 14.5 billion euros.

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