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.........

Friday, June 29, 2012

Deal on eurozone banks...[ 2878 ]

Merkel defends compromise deal on eurozone banks


Angela Merkel: "The details affecting liability... will have to be discussed... those negotiations are going to be anything but easy"
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BBC,29 June 2012 Last updated at 14:08 GMT
 
Germany's Chancellor Angela Merkel says she is satisfied with a deal to help finance debt-laden eurozone countries.
"I think we found a good compromise," she said after all-night talks which saw her come under heavy pressure from Italy and Spain.
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A new supervisory body will enable the European Central Bank (ECB) to "keep a very close eye on the banks", she said.
Spain is awaiting a 100bn-euro (£80bn; $125bn) recapitalisation of its troubled banks by the eurozone.
Mrs Merkel said the deal on lending would provide sufficient safeguards for the taxpayers' money used by the EU bailout funds.

“Start Quote

The eurozone's bailout fund (backed by taxpayers' money) will be taking a stake in failed banks - risk has been increased”
image of Gavin Hewitt Gavin Hewitt Europe editor
The EU's existing bailout fund - the European Financial Stability Facility - will provide aid under the current rules until the new permanent fund, the European Stability Mechanism (ESM), is ready to take over. The ESM is due to be launched next month.
The funds will not only be able to lend directly to banks. They will also be used to buy bonds of countries like Italy and Spain whose borrowing costs have soared - with the intention that those countries will not have to apply for a formal Greek-style bailout.
Eurozone leaders agreed to begin implementing the decisions by 9 July. However, it could take until the end of the year before the new money becomes available.
Germany, the biggest economic power in the eurozone, is reluctant to continue bailing out debt-laden countries. Its position is supported by the Netherlands, Austria and Finland.
Breaking 'vicious circle'
Announcing the deal, EU Council President Herman Van Rompuy said it would break the "vicious circle" between banks and national governments.
The euro surged against other currencies while European stock markets also rose sharply.
During Friday afternoon trading, the main German and French market were up 3.5%, while in London the FTSE 100 rose 1.8%.
US markets also rose significantly on opening. The Dow Jones industrial average was up 1.5% in early trading.
The BBC's Andrew Walker, in Brussels, says the new loans will not be given "seniority" over private sector loans.
This means that if Spain were to default, those official lenders would not get preferential treatment. The move should make Spanish government debt a little more attractive to private investors, our correspondent says.
Growth stimulus

Europe's press reacts

  • Le Monde (France): "At dawn, a compromise was ripped out with forceps"
  • Die Welt (Germany): "While the Italians were harrying Germany on the pitch, they were also pushing Merkel into a tight spot in Brussels. Together with the Spanish, they put the German chancellor under massive pressure"
  • Der Spiegel (Germany): "As in football, so at the euro summit: Italy has won out on key points in a long night of negotiations in Brussels, Chancellor Merkel gave way"
  • Il Sole 24 Ore (Italy): "Many details remain to be negotiated and could turn out to be difficult, but in substance the eurozone states yesterday put on the table the first piece of a banking union"

Late on Thursday, Spain and Italy withheld support for a growth package worth 120bn euros, demanding immediate EU measures to lower their borrowing costs.
The growth package, including a funding boost for the European Investment Bank, was later agreed.
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The leaders also approved a roadmap for building a more integrated eurozone - what should eventually become a fiscal union. It includes controversial plans for "eurobonds" - mutualisation of eurozone debt.
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Mrs Merkel has resisted the idea of pooling eurozone debt. On Friday she said "details about liability will have to be discussed by the finance ministers and those negotiations will be anything but easy".
The deal came about after new French President Francois Hollande appeared to throw his weight behind Italy and Spain.
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