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.........

Thursday, July 5, 2012

Greece presses to change bailout terms...[ 2883 ]

Greece presses case to change bailout terms


A man crosses a bridge over a city train station in Athens June 26, 2012. REUTERS/John Kolesidis

ATHENS | Thu Jul 5, 2012 7:44am EDT
(Reuters) - Greece's new government sought on Thursday to persuade skeptical lenders visiting Athens to ease the punishing terms of the bailout that is keeping the debt-laden country solvent but at the cost of driving it deeper into recession.
Senior officials from Greece's trio of international lenders met with conservative Prime Minister Antonis Samaras and Finance Minister Yannis Stournaras for the first time since Samaras's coalition government took power after a June election.
The mission from the "troika" - the European Union, European Central Bank and International Monetary Fund - is in Athens to review Greece's faltering progress on fiscal adjustment and reform under a 130 billion euro ($162.63 billion) bailout deal.
Trying to take advantage of a shift in Europe towards more growth-oriented economic policy measures, Samaras wants to soften the conditions attached to the bailout - withering tax hikes, job losses and wage cuts that have deepened a recession now into its fifth year.
Setting the tone, the fiery leader of the co-ruling PASOK Socialists, Evangelos Venizelos, told party lawmakers: "Savage dismissals (of public sector workers) can't happen and aren't necessary."
The government faces huge public pressure following a re-run election on June 17 that saw radical leftist bloc SYRIZA surge into second place on a promise to tear up the bailout terms, raising the prospect of a catastrophic Greek exit from Europe's single currency.
But the three-party coalition is running into stiff resistance from European partners, notably paymaster Germany, who say that while they are open to adjusting the program, they will not change its main tenets or targets.
Sworn in on Wednesday morning by black robed priests, Stournaras, a liberal economist who helped negotiate Greece's entry into the euro in 2001, was first to meet the troika. The talks ended without statements. Samaras was next up.
DEFAULT?
In Stockholm, Swedish Finance Minister Anders Borg said on Swedish Radio on Thursday there was a major risk Greece would fail to fulfill its obligations to its lenders and end up in "some sort of default".
Greece risks running out of cash within weeks if it fails to secure the next 31.5 billion-euro installment of bailout funds, Greek officials say.
The troika mission chiefs are expected to leave at the end of the week after meeting the new government but technical staff, who have already started work, will remain to review Greece's compliance with the terms of the bailout.
The mission chiefs are expected to return later in July. Only then will lenders decide how to adjust the program to take account of weeks of political paralysis during two elections in May and June and a deeper than expected recession.
The government says it wants tax cuts, a freeze on public sector layoffs, extra help for the poor and unemployed and an additional two years to cut its deficit.
If implemented in full, that program would undo many austerity measures the country agreed to earlier this year to clinch its second bailout since 2010.
It is offering in exchange to expand and speed up the privatization process.
Prime Minister Samaras will present his government's policy at the start of a three-day parliamentary debate on Friday. A vote of confidence on the coalition is scheduled to take place late on Sunday.
The head of the EU taskforce helping to rebuild the country's economy called on the government to urgently pay out a backlog of value-added-tax reimbursements owed to exporters to ease the financing crunch faced by Greek businesses.
The state owed exporters about 450 million euros in reimbursements since 2009, Horst Reichenbach told a conference in Athens.
"This backlog clearly should be cleared as soon as possible in view of the very difficult financial situation in which many of the exporters find themselves," he said.
(Additional reporting by Deepa Babington, Tatiana Fragou and Harry Papachristou; Writing by Matt Robinson; Editing by Catherine Evans)

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