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, November 21, 2012

The euro fell against the dollar,Yen Weakens..[ 2998 ]

Euro Drops Versus Dollar as Greek Aid Talks Falter; Yen Weakens

By Mariko Ishikawa and Kristine Aquino - Nov 21, 2012 10:35 AM GMT+0200// Bloomberg

The euro fell against the dollar, snapping a two-day gain, after European finance ministers failed to agree on a debt-reduction package for Greece during more than 11 hours of talks in Brussels.
The shared currency declined versus 13 of its 16 major counterparts after Luxembourg’s Finance Minister Luc Frieden said euro-area finance ministers will resume discussions next week. The yen weakened beyond 82 per dollar for the first time since April after Japan’s exports dropped for a fifth month. New Zealand’s dollar depreciated after whole-milk powder prices slid, cutting revenue from a key export.
  Euro Drops Versus Dollar as Greek Aid Talks Falter
The euro has declined 6.5 percent during the past 12 months, the second worst performer of the 10 currencies tracked by Bloomberg Correlation-Weighted indexes. Photographer: Simon Dawson/Bloomberg
“European policy makers raised expectations that something would happen on Greece and then they didn’t deliver,” said Ned Rumpeltin, head of Group-of-10 currency strategy at Standard Chartered Group Plc in London. “What we are seeing is European risk coming back on to the agenda. It does put downward pressure on the euro.”
The euro dropped 0.4 percent to $1.2765 at 8:33 a.m. in London after strengthening 0.6 percent during the previous two days. The shared currency was little changed at 104.71 yen. The yen fell 0.4 percent to 82.03 per dollar after depreciating to 82.11, the weakest since April 6.
“We have a series of options on the table on how to close the financing gap,” German Finance Minister Wolfgang Schaeuble told reporters in Brussels. “We discussed the issue very intensively, but since the questions are so complicated we didn’t come to a final agreement.”
A further meeting has been arranged for Nov. 26, and an aid payment for Greece held up since June remains frozen.

Euro’s Decline

The euro has declined 6.5 percent during the past 12 months, the second worst performer of the 10 currencies tracked by Bloomberg Correlation-Weighted indexes. The yen dropped the most, sliding 7.5 percent, and the dollar fell 0.6 percent.
The yen weakened for a sixth day versus the dollar after Japan’s Ministry of Finance said exports fell 6.5 percent in October from a year earlier, leaving a trade deficit of 549 billion yen. The median estimate of economists surveyed by Bloomberg News was for a shortfall of 360 billion yen.
“The trade numbers have added to the case for yen weakness,” said Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney “The struggles of the Japanese exporters are becoming increasingly clear.”
The 14-day relative strength index for the dollar against the yen was above 70 for a fourth day today, the level that some traders see as a sign an asset is about to change direction.

‘Look Overbought’

“Dollar-yen and cross-yen look overbought,” said Yoshitsugu Fujita, assistant vice president of global markets at Sumitomo Mitsui Trust Bank Ltd. in New York. “The weak yen trend will reverse in the not-so-distant future.”
The New Zealand currency dropped against most of its major peers after Auckland-based Fonterra Cooperative Group Ltd., the world’s biggest dairy producer, said milk powder for January delivery fell 2.5 percent.
The near-term contract for the New Zealand product declined to $3,255 a metric ton, the lowest since Oct. 2. Sales of dairy product make up about a quarter of New Zealand exports.
New Zealand’s dollar dropped 0.4 percent to 81.42 U.S. cents after sliding 0.4 percent yesterday.
Markets in the U.S. will be shut tomorrow for a holiday.
To contact the reporters on this story: Mariko Ishikawa in Tokyo at mishikawa9@bloomberg.net; Kristine Aquino in Singapore at kaquino1@bloomberg.net
To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net
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