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.........

Wednesday, October 10, 2012

Keep Greece in Europe ? ...[ 2961 ]

Why Angela Merkel may not be able to keep Greece in Europe

Chancellor Merkel, who faces elections next year, has tied her political fate to the survival of the common currency. But despite her efforts, Greece's economy continues to reel.

By Michael Steininger, Correspondent / October 10, 2012 
 The Christian Science Monitor
Greece's Prime Minister Antonis Samaras (r.) talks with Germany's Chancellor Angela Merkel in Athens, Tuesday, Oct. 9.//Thanassis Stavrakis/AP


Mrs. Merkel has tied her political fate to the survival of the common currency. “If the euro fails, Europe will fail,” she keeps repeating in every speech she gives about the eurocrisis. With general elections in Germany less than a year away, the chancellor needs some progress in the solution of this crisis, but a Greek sovereign default and subsequent exit from the eurozone would be a huge setback for her.
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The problem is this is still a likely scenario. After three years of countless emergency summits, two bailout packages worth €240 billion ($308 billion), and a debt write-off of 75 percent by private creditors as well as heavy cuts in public spending, Greece is still not safe.
“Greece will exit, and Merkel will be proven wrong – I’m willing to bet on it,” says Hans-Werner Sinn, president of the Munich-based Ifo Institute for Economic Research. Mr. Sinn believes that Greece would need financial support for many more years if it were to remain in the common currency – a prospect that German voters and taxpayers would see very critically. “A Greek exit would be better for all.”
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The current rescue measures for Greece are scheduled to end in 2014. By 2015, the country is meant to get access to private capital again. But few believe that this can be achieved. “Greece’s sovereign debt is still extremely high,” says Jens Boysen-Hogrefe of the Kiel Institute for the World Economy. “It will be very difficult to borrow fresh money at sustainable interest rates.”

High debt rate

This year the country's debt rose to 169 percent of GDP, so the country's liabilities surpassed its economic performance by two thirds. The debt rate is expected to rise to 179 percent in 2013 and decline to 152 percent in 2017, according to the International Monetary Fund (IMF). Economists regard sovereign debts which exceed 120 percent of GDP as unsustainable.
At the same time the Greek economy keeps declining. Within the last four years it shrank by 20 percent, this year a further reduction by 6.5 percent is estimated. Without growth Greece will be unable to reduce its debts, in spite of severe cuts in public spending.
Merkel is widely perceived by Greeks as the main force behind the tough austerity measures the country has been going through in the past few years. Even though Mr. Samaras proclaimed the chancellor’s visit meant an “end to Greece’s international isolation,” it is unlikely she won over any of the protesters, given that she had warm words – “My wish is for Greece to stay in the eurozone” – but no announcements of further financial help for the Greeks.
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At home Merkel has just entered the battle for re-election next year. The Social Democrats, her main opposition in Germany’s political landscape, have nominated their candidate for the chancellery, Peer Steinbrück. A former finance minister in Merkel’s first cabinet between 2005 and 2009, Mr. Steinbrück is widely credited with steering the German economy relatively unscathed through the global banking crisis of 2008.
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And Merkel faces increasing opposition to her eurozone policy within her own ranks. Alexander Dobrindt, general secretary of the CSU party, part of Merkel’s coalition government, was the latest of her allies to forecast an imminent Greek exit from the eurozone. “There is no other way,” Mr. Dobrindt told popular tabloid newspaper Bild. “Greece will exit in 2013.”
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But Merkel fears the ripple effect of such an exit. “As a trained scientist, she knows a thing or two about chain reactions,” says Michael Spreng, blogger and political analyst. “She likes to be in control. And Greece has become an risk factor on her way to re-election."

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