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, November 29, 2012

Euro zone mood cheers up a little...[ 3006 ]


Euro zone economic mood cheers up a little in November


European Commission President Jose Manuel Barroso addresses a news conference at the EU Commission headquarters in Brussels November 28, 2012. REUTERS/Francois Lenoir

By Robin Emmott
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BRUSSELS | Thu Nov 29, 2012 6:28am EST
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(Reuters) - Economic morale in the euro zone improved for the first time in almost a year in November, but industry's reluctance to invest next year bodes poorly for a quick recovery from recession.
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Sentiment towards the bloc's economy rose 1.4 points to 85.7 beating forecasts and ending an eight-month run of falls, the European Commission's monthly business and consumer survey showed on Thursday, with Germany and France gaining strongly.
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The Commission's survey of industry found expectations of a 1 percent fall in real investment in 2013 compared to this year, however, casting doubt on European policymakers' predictions that growth will return next year.
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"The economic outlook for the euro zone remains pretty dreadful," said Jonathan Loynes, chief European economist at Capital Economics in London.
The euro zone fell into a recession in July-September, its second since 2009, as French resilience failed to make up for a slump across Europe and the three-year-old debt crisis dragged on Germany, Europe's economic engine.
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The debt problems that emerged in Greece in late 2009 following the global financial crisis and have since spread through the bloc continue to reverberate around the globe and hold back a lasting recovery.
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The Commission sees 0.1 percent growth in the euro zone economy next year, but the OECD and many international economists see the recession continuing in 2013.
"We expect the euro area to remain in recession in 2013," Citigroup said in a research note this week, predicting more interest rate cuts by the European Central Bank to try to stimulate the economy, which generates a fifth of global output.
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Consumer confidence also fell in the euro zone in November, the survey showed, which is bad news because the bloc relies on shoppers to drive around half of its economic output.
Economic sentiment in November was still better than the decline expected by economists polled by Reuters, and the Commission said confidence in industry increased significantly by the first time since February, helped by orders.
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That may be a sign that the euro zone, while struggling at home with the debt crisis, may be benefiting abroad as the U.S. and Chinese economies regain some strength.
Separately, the Commission's business climate indicator, which points to the phase of the economic cycle, increased by 0.42 points to -1.19, and showed an improved mood across much of the economy, including order books and output expectations.
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(Reporting by Robin Emmott; Editing by Rex Merrifield and Catherine Evans)
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