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.........

Tuesday, March 2, 2010

EU: Greece must tighten its belt...[ 697 ]

Greece must make more cuts, not clear how much: EU

Jan Strupczewski
BRUSSELS
Tue Mar 2, 2010 9:31am EST
Greece's finance minister George Papaconstantinou (L) welcomes EU Economic Affairs Commissioner Olli Rehn in Athens March 1, 2010. REUTERS/John Kolesidis

BRUSSELS (Reuters) - Greece must tighten its belt further to reach this year's deficit-cutting target, but it is not yet clear by how much, the European Commission said.

Economic and Monetary Affairs Commissioner Olli Rehn on Monday discussed with Greek authorities the need for deficit-cutting measures on top of those already taken by Athens.

No bailout plans were discussed, but "both parties understand ... there is a need for additional measures and these should be presented as soon as possible... in order to make sure that the target of 4 percent is reached," Commission spokesman Amadeu Altafaj said Tuesday.

Greece has committed to cutting its budget deficit to 8.7 percent of gross domestic product this year from 12.7 percent in 2009 and to bring the deficit to below the European Union ceiling of 3 percent in 2012.

Altafaj said he "cannot quantify" how far short of the 4 percent target the measures already announced have left Greece.

The size of the gap was still under discussion between Greek and EU experts and "at this point we are waiting for the new measures to be presented."

The ambitious austerity program hopes to calm debt markets that have been demanding increasingly high premiums for lending money to Greece amid concerns that Athens might at some point not be able to service its debt, which stands at more than 120 percent of GDP.

Market concerns persuaded euro zone countries to issue a statement on February 11 declaring that, if the need arose, they would move to safeguard the financial stability of the 16-country euro zone.

But they gave no details of a potential rescue plan and instead put more pressure on Athens to deliver on its austerity plan.

Monday's discussions with Rehn "were about efforts to correct the fiscal situation in Greece. We did not enter (or) elaborate on scenarios of bailouts and things like that," Altafaj said.

The Commission was pleased to see the Greek government was determined to do what was necessary to reach the 4 percent target, he added.

(Reporting by Jan Strupczewski, editing by Dale Hudson)
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